Accounting Question
Q: Burger King granted a franchise to Shakers where Shakers will have to pay franchise fee of P5,000,00...
A: The franchise royalty is 5% of the gross amount of sales of the previous month and other franchise f...
Q: What is vouching? Discuss its importance in auditing.
A: Voching is the backbone of auditing
Q: Granting the exclusive right or privilege to another party for the performance of certain functions ...
A: Intangible assets are those assets which can not be seen or touched.
Q: On January 2, 2021, Sinovac Co. sold merchandise to Astra, Inc. for P1,200,000. The cost of items to...
A: Present value of instalments and interest = annual instalments x no. of instalments = P192,000 x 5 ...
Q: suppose a certain a government employee earns a cna of 18,000 290 1.0.9 at 13th month pay of 27891 h...
A: The Collected Negotiation Agreement (CNA) between the government and government empl...
Q: Ivanhoe Company begins operations on April 1. Information from job cost sheets shows the following: ...
A: Given : Manufacturing Costs Assigned Job Number April May June Month Complet...
Q: Question 5
A: Variable cost = Direct labor cost + Direct materials cost + Packaging cost
Q: Accounting Question
A: For computing the taxable income of any taxpayer, the sources of income for individual m...
Q: Accounting Question
A: Natural person means the human being i.e. living person. Assessment year refers to the year in which...
Q: Answer at least 400 words. suppose your audit firm is in the intitial planning phase for the audit o...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: In the following summary of data for a payroll period, some amounts have been intention- ally omitte...
A: Accounting is essential to operating a company since it allows businesses to track income and expens...
Q: On March 01, 2021, WX entered into a franchise contract with YZ. The franchise agreement required th...
A: The amount of non-refundable fees is allocated to the separate performance obligation based on their...
Q: Please show the solutions in good accounting form.
A: Financial statements are the records that provides information about the company's performance durin...
Q: On January 2, 2021, Capcom Co. sold merchandise to , Nintendo Inc. for P1,200,000. The cost of items...
A: The question is related to sale of goods on installment. In the given question the goods were sold f...
Q: Hans, Sam and Mia are partners who share profits and losses in the ratio of Sam and Mia respectively...
A: Liquidation of Partnership: The event of liquidation of a partnership firm, when the partners mutua...
Q: On August 1, 2021, Stucko Company borrowed $21,000 on an 8-month, 3%, short-term note payable. Which...
A: Interest expense on note = Amount borrowed x rate of interest x no. of month /12 = $21,000 x 3% x 8/...
Q: The following events occur for Morris Engineering during 2021 and 2022, its first two years of opera...
A: Account Receivable Account: 2/2/2021 34,400 $24,000 7/23/2021 12/31/2021 10,400 ...
Q: Edmonton corp. is Canadian Controlled Private Corp. It has Dec 31 year-end. The following informatio...
A: The aggregate investment income is considered as the passive income for corporates, it inc...
Q: The beginning warranty liability was $25,000. Sales of $5,000,000 were made, and 1% of sales is the ...
A: Estimated warranty cost = 1% of sales = $5,000,000 x 1% = $50,000
Q: Partner A, B, C, and D, who share profits 5:3:1:1 respectively, decided to liquidate their partnersh...
A: Realization A/c Particulars Am...
Q: On January 2, 2021, Sinovac Co. sold merchandise to Astra, Inc. for P1,200,000. The cost of items to...
A: Present value of instalments and interest = annual instalments x no. of instalments = P192,000 x 5 ...
Q: You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK Lim...
A: The question is based on the concept of verification of assets and liabilities in auditing.
Q: ‘One effect of the recent globalisation of business is that it is now easier for owners and managers...
A: In business, globalization refers to the companies operating internationally or on a g...
Q: High-Low Method for a Service Company Boston Railroad decided to use the high-low method and operati...
A: Variable cost changes on basis output
Q: What is proportionate consolidation? and how will it affect the JV?
A: The proportionate consolidation is the method in which the company reports the assets and liabilitie...
Q: The managing directors of Kings PLC are considering what value to place on Dragon PLC, a company tha...
A:
Q: Superfast Bikes is thinking of developing a new composite road bike. Development will take 6 years a...
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...
Q: As part of your annual audit plan, you will be conducting an audit of the Purchases-Payables cycle. ...
A: Flow Chart:
Q: Jimmie’s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel...
A: Inventory valuation is used to find out the ending inventory and cost of goods sold. It is basically...
Q: Description Debit Credit . 31: The pension cost for the year was $190,400, of which $139,700 was Des...
A: Journal entry: Journal entry is a set of economic events which can be measured in financial terms. T...
Q: Korean Corporation issued $2 million, 10-year, 6% bonds on January 1, 2021. 1) Prepare th...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Discuss the importance of reporting the transactions of cash flows in the correct period for a cash ...
A: There are two methods of recording transactions which is cash basis and accrual basis. Cash basis re...
Q: A variable cost of $7 per unit of product is equal to 70% of the selling price. The fixed cost for t...
A: The Break-even point is that level of sales, where the total cost i.e variable and fixed both are eq...
Q: arranty payable is a current liability. mayable: wility $7,140 iability 3,360 pension liability is a...
A: Balance sheet: Balance sheet is a list of the balance between all of a company organiization’s asset...
Q: How much is the total free assets? 992,250 953,575 1,114,750 1,059,625
A: Free assets of the business means those assets which can be used or utilised in business without any...
Q: Cost Flow Methods The following three identical units of Item JC07 are purchased during April: ...
A: Solution:- Calculation of the gross profit for April and ending inventory on April 30 as follow:-
Q: Marwick Innovations, Inc. produces exercise and fitness gear. Two of its newer products require a fi...
A: This question deals with the theory of constrain. As the name suggest, constrain is a lack resources...
Q: what factors influence home affor whether the purchase of a home i For each, provides details as to ...
A: Housing affordability is influenced by more than one factor. For buyers and sellers, understanding t...
Q: Novak, Inc. has a fiscal year ending April 30. On May 1, 2020, Novak borrowed $10,728,000 at 11% to ...
A: Interest to be capitalized to building since it is a qualifying asset
Q: Sensor Systems manufactures an optical switch that it uses in its final product. The switch has the ...
A: Make optical switch Outsource optical switch Difference (make-difference) Variable cost: ...
Q: Required:1. Prepare the following statements of the company from the data given above: Incom...
A: Financial statements are the statement prepared by an entity at the end of the reporting period to d...
Q: Budgets are half-used if they serve only as a planning device? Explain.
A: The financial position of the company can be arrived from the income statement prepared by the manag...
Q: Roque Company has been accumulating operating data in order to prepare an annual profit plan. Detail...
A: The accounting items that are reported as financial records include assets, liabilities, e...
Q: Assuming the investment is appropriately recognized as a financial asset intended to collect contrac...
A: Interest income: Interest income is that the amount paid to an entity for lending its cash or lettin...
Q: _______________ has internal and external stakeholders and the communication needs to be in line wit...
A: Option a is wrong because the term legal is not associated with corporate governance or communicatio...
Q: Elaborate types of Audit reports?
A: The answer for the theory question on types of audit reports is discussed hereunder : What is Audit ...
Q: Which is the arrangement often used by small sport organizations to receive an appealing tax arrange...
A: Option (B) is the correct answer
Q: PROBLEM 2 The Strawberry Bread Company buys and then sells (as bread) 2.6 million bushels of wheat a...
A: Economic order quantity is the quantity at which the inventory should order where both ordering and ...
Q: According to the Standards for the Professional Practice of Internal Auditing, internal auditors mus...
A: The internal audit activity must be independent, and internal auditors must be objective in performi...
Q: Received interest of $6,000 from the Solstice Corp. investment in (f). Description Debit Sold Solsti...
A: Journal entry Journal entry is a set of economic events which can be measured in financial terms. Th...
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