16. Revenue cannot be recognized unless delivery of goods has occurred or services have been rendered. True False

Q: Central Avenue Company reported net income of P700,000 for the year 2021. The entity declared and pa...

A: Lets understand the basics. Retained earning is a net income that is retained every year after payin...

Q: The following information relates to manufacturing business Direct materials 5 kgs x S8 per kg Direc...

A: Labor rate variance  = (Actual hours×Actual rate) - (Actual hours× Standard rate)

Q: AA and BB are parthers who have capital of P600,000 and P480,000 sharing profits in the ratio of 3:2...

A: Bonus method gives the additional capital to the incoming partner in case of goodwill brought by the...

Q: On January 1, 2021, PARKSOOYOUNG acquired all the outstanding shares of SUNGJAE for P600,000. The sh...

A: An asset refers to the resources that are generally used for generating the cash flows that help in ...

Q: A civil engineer who is about to retire has accumulated 750 000 in a savings account that pays 6% p...

A: The question is based on the concept of Financial Management. Annuity refers to the series of equal ...

Q: The Statement of Financial Position of Oliver Ltd as at 30 June 2021 showed the following assets and...

A: Deferred tax: Deferred tax is the effect of timing or temporary differences. The difference between ...

Q: What are the characteristics of real estate, stocks, and mutual funds. Also give the similarities be...

A:   What are the characteristics of real estate, stocks, and mutual funds. Also give the similarities ...

Q: ABC Corporation presented the following information in its 2021 statement of financial position: Com...

A: treasury stock is the stock purchased by the company from the open market.  treasury stock will redu...

Q: Fox Corporation had the fölloWing Preferred Stock, 5%, $40 par, 30,000 shares authorized, 10,000 sha...

A: Journal Entries    S. No. Particulars Ref Debit  Credit 1 Cash A/C                             ...

Q: I. DIRECT COST AND OVERHEAD COST VARIANCE ANALYSIS Goldilock Inc. produces safe deposit boxes. Durin...

A:

Q: On December 1, 2021, Bramble Corp.issued 680 of its 8%, $1.000 bonds at 104. Attached to each bond w...

A: Compound financial instruments are instruments with both debt and equity component. Therefore, the e...

Q: Cullumber Company's break-even point in sales dollars is $650,000. Assuming fixed costs are $195,000...

A: Sales revenue needed to earn target net income = (Fixed costs + target net income) / Contribution Ma...

Q: Common shareholders are considered the residual owners of a corporation. The term residual means tha...

A: A common shareholder would be someone who actually owns one common stock of a corporation. Ordinary ...

Q: Calculate the amount that must be invested at the end of each year at 9.3% compounded annually in or...

A: 1) Amount invested is calculated using PMT formula in excel A)

Q: Make a journal entry for both of these bonding actions. Be sure to include relevant infomation like ...

A: Bond Issued: Corporate bond issuance is one method of raising capital for a company. A bond serves t...

Q: Record the journal entries on each transaction. Refer to the Chart of Accounts for exact wording of ...

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The...

Q: Effect of Errors on Adjusted Trial Balance For each of the following errors, considered individually...

A: The adjustment entries are prepared to keep the record of day to day transactions of the business. 

Q: CengageNOWv2 | Online teachirn X ow.com/ilrn/takeAssignment/takeAssignmentMan.uo?invoker=&takeAssign...

A: Operating income/(loss) percentage=Operating income/(loss)Sales×100

Q: On January 1, 2020, QuickPort Company acquired 90 percent of the outstanding voting stock of NetSpee...

A: Given:Outstanding voting stock = $ 1,125,000Common stock = $ 1,170,000Retained earnings = $ 58,500No...

Q: Lupe made a down payment che purchase price, she has monthly. Under the terms of

A: All sorts of future cash flows in respect of adding interest on present value are known as future va...

Q: Last month, senior management decided to recharge head office costs to the divisions. Consequently, ...

A: An operating budget is a detailed prediction of a company's revenue and expenses over a set period o...

Q: 28 Total sleep time of college students. In Example 4, the total sleep time per night among college ...

A: Solution:- Given, Mean μ = 6.78 hours  Standard deviation σ = 1.24 hours SRS of size n = 150     

Q: Beginning inventory, purchases, and sales data for tennis rackets are as  follows: April  3   Inven...

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell ou...

Q: Instructions On June 1, 20Y2, Herbal Co. received $50,400 for the rent of land for 12 months. Journa...

A: Number of months between June 1 to December 31 20Y2 = 7 months  

Q: Early August Maker USA anticipated the purchase of inventory around October 2020 from a foreign comp...

A: Solution Journal  is used to record the business transaction in chronological order . 

Q: Comfort Foods Inc. uses activity-based costing to determine product costs. For each activity listed ...

A: Given:

Q: The following questions are based on the material in Chapter 15: 19. Ledger Account balances (prior ...

A: Balance day adjustment reflects the adjustment in certain accounts for unrecorded revenue and expens...

Q: Easy Company provided the following statement of financial position at year-end and income statement...

A: IFRS 8- "Operating Segment," tells about all are the requirements for the disclosure of operating se...

Q: 3. NASA is considering two materials for use in a space vehicle. The costs are shown beloW. Which sh...

A: Present Worth=-Intial cost-Annual cost×(P/A,i,n)+Salvage value×(P/F,i,n)

Q: Which of the following is true about the operating cycle concept? It causes the distinction between...

A: Operating Cycle: The operating cycle is the time required for a company's cash to be put into its op...

Q: Requirements: 1. Based on the activity cost and volume data, determine the amount of cost assigned t...

A: Answered:

Q: As of December 31, 2015, the books of Ton Partnership showed capital balances of: TP40,000; O, P25,0...

A: Solution Partnership is an agreement between two or more peoples who agree to share business profit ...

Q: 10. An increase in an expense is always recorded as a debit. True O False 11. An account balance is ...

A: 10. An increase in expense is always recorded as a debit. 11. An account balance is the difference b...

Q: d to deduct a share of head office costs in its operating statement before arriving at ‘net profit’,...

A:  Budgeted operating statement  Businesses can use an operational budget to help them plan and achiev...

Q: Partners Mel and Jay each have 200K capital balance and share profit and loss in a ratio of 3:2 resp...

A: The liquidation is a situation where existing partnership comes to an end.

Q: ABC Company accounted for noncurrent assets using the cost model. On December 31, 2021, the entity c...

A: Non current assets are the assets which held by the form for a longer term investment horizon and ge...

Q: For Dingle Corporation, the following amortization table was prepared when $400,000 of 5-year, 7% bo...

A: Solution Journal is the company's primary book in which all business transactions are recorded accor...

Q: 19.Design cycle time is an example of a(n): Financial performance measure Service-after-sale process...

A: When there are no interruptions, the DESIGNED CYCLE TIME is the calculated time it takes for a works...

Q: ABC Corporation has an investment of 4,000,000 shares in XYZ Corporation. On December 31, 2021, ABC ...

A: Normally dividend in form of stock is to be issued when company has less cash reserves.   

Q: Drake Company produces a single product. Last year's income statement is as follows: Sales (21,000 ...

A: Break even point is the units sold at which the company is in no-profit, no-loss situation. This mea...

Q: On July 19, 2021, SUNOB acquired 60% of the outstanding shares of YSAE. The business combination res...

A: When Non controlling interest is measured at fair value them the resulting goodwill or gain on barga...

Q: Firebird Corp. prepares monthly bank reconciliations of its checking account balance. The bank state...

A: Bank reconciliation statement is prepared with a view to reconcile the balance as per entity's recor...

Q: What mechanisms operate the chain of building relationship equity?

A: The answer is stated below:

Q: $ 338, 400 194, 400 144,000 103, 500 $ 40, 500 Sales (7,200 units) Variable expenses Contribution ma...

A: Formula: Sales price per unit = Total sales / Number of units

Q: A company reported the following reconciliation in the MD&A section of its 2020 Net cash provided by...

A: GAAP standardizes the financial reporting as well as provides the constant rules and format set in o...

Q: Crane Ltd. incurs these expenditures in purchasing a truck: invoice price $42,860; installation of a...

A: The question is based on the concept of Financial Accounting.

Q: Undeclared dividends (in arrears) to cumulative preferred stockholders must be filed to. in the note...

A: Dividends are payments made by a company to its shareholders in the form of cash, stock, or other pr...

Q: Which of the following statements regarding intellectual and tangible objects is TRUE? A. Intellectu...

A: Intellectual property or intangible property means something which is not in a physical form but is ...

Q: Mike is single, age 67, and has gross income of $150,000. His expenses are as follows: Alimony paid ...

A: Taxable income refers to base income on which person is liable to tax . It include some or all items...

Q: The controller of New Wave Sounds Inc. prepared the following product profitability report for manag...

A: Activity Based Costing (ABC) decreases the likelihood of product cost variances on their respective ...