Accounting Question
Q: arket value of
A: Depreciation is a demunition [reduction] in the value of an asset on ac...
Q: During 2016, Snow Company acquired/received the following assets: Land D acquired for P220,000. In ...
A: Land D Particulars Amount Purchase Price 220,000 Agent's Commission 15,000 Cost of Cl...
Q: 1. The tests of details of balances procedure to ‘foot the payables list for interest- bearing debt ...
A: Auditing means the inspection of financial accounts of the company to determine if the records are a...
Q: Maira Corporation has set various goals and the management is taking various appropriate actions to ...
A: Note: Since you have asked multiple question, we will solve the first question for you. If you want ...
Q: JPIA Company began operations on January 2, 2021. During the year, the company entered into a contra...
A: Solution: % completion during the year = Cost incurred during the year / Total estimated costs = P96...
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: This is the question that has the extra, extra five points that I added to total points. (Ignore inc...
A: We have to find out present value of both trucks and from that we can get net present value. Given...
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: The President of Paroy, has asked you to gather some statistics about his Company’s solvency. You ha...
A: (note: Net income means before deduction of interest and taxes) 1) Time interest earned ratio = (Ear...
Q: On January 1, 20x1, Entity A received a land with fair of P200,000 from the government conditioned o...
A: Government grants are recognized in the financial statement over the period of fulfilling the condit...
Q: Which of the following best describes costs assigned to the product under absorption costing method?...
A: Absorption costing includes cost of a unit of product as direct material, direct labor and both fixe...
Q: You are a member of external audit team for Hadi International Limited. Payroll was assigned to you ...
A: Audit Procedure: A specific procedure undertaken by an auditor to procure evidence in a particular a...
Q: 1. How many shares are outstanding at December 31, 2018? _____________ 2. Using the s...
A: The outstanding shares are the shares that are issued and outstanding for the shareholders.
Q: Contribution Margin and Contribution Margin Ratio For a recent year, Wicker Company-owned restaurant...
A: Under cost volume profit (CVP) analysis, contribution margin is a concept which provides information...
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: How much is the transaction price when the contract was entered into on July 1, 2021? 20,825,000 ...
A: Transaction price when contract was entered into on July 1, 2021 = Total billings to client + Penalt...
Q: The following items were gathered from Rindt Industries’ general ledger: Sale of marketable secu...
A: The cash flow statement is prepared to find net cash inflow or outflow from the business from variou...
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: Enter the following in the three-column cash book of an office supply shop. Balance off the cash boo...
A: Cash book is a statement which shows the cash receipts and cash payment for the reporting period. On...
Q: Panabee sells computer peripherals. At December 31, 2018, Panabee’s inventory amounted to $520,000. ...
A: Merchandise inventory refers to the cost of goods that are readily available for sale at some random...
Q: irm issues a $10,000, 5-year, 10% bond with interest payable annually suance, market rates are 9%. J...
A: The bonds should be valued at amortized cost
Q: Aug. 1: Received amount owed on June 2 note plus interest at the maturity date. Description Debit Cr...
A: Solution: 1) Preparing the Journal Entries for the Selected Transactions: Date General journal...
Q: On January 15, 2018, Walmart sold 1,700 fishing reels to Costco. Immediately prior to this sale, Wal...
A: Inventory valuation of a firm can be done under two different system; 1) perpetual inventory system ...
Q: The ultimate purpose of assessing control risk is to contribute to the auditor’s evaluation of the: ...
A: Control Risk: It is also known as internal control risk; this risk arises due to the inefficiency o...
Q: You have been assigned the task of evaluating Mariano, ’s management of merchandise inventory and re...
A: Note: In this question, the amount of Beginning accounts receivable and ending accounts receivable i...
Q: Joe is interested in purchasing a café in Hillcrest, primarily catering to the student market. Assum...
A: The process by which financial transactions of the business are recorded and communicated with the e...
Q: Last year, Stone Builders, Inc. started work on a P10,600,000 construction contract which was comple...
A: Amount of contract recognized = Contract revenue * % of completion % of completion = cost incured ...
Q: rerpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follo...
A:
Q: Burger King granted a franchise to Shakers where Shakers will have to pay franchise fee of P5,000,00...
A: Ans: P 125000 + P 67000 = P 192000 franchise fee earned by burger king. (notes )
Q: On January 1, 20x1, Entity A received a land with fair of P200,000 from the government conditioned o...
A: Government Grant is the financial assistance provided by the government to an entity to buy an asset...
Q: Sandvik Mining uses a periodic inventory system. One of the company’s products is a special equipmen...
A: Date units per unit cost Jun 1 Sale 22 143 3146 34 145 4930 40 149 5960 Total 96 1403...
Q: Aug. 1: Received amount owed on June note plus interest at the maturity date. Description Debit Cred...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: h. Purchased 40,000 shares of Pinkberry Co.'s common stock directly from the founders for $24 per sh...
A: Journal Entries Event Particulars Debit Credit h Investment in Pinkberry Co $960,000.00 ...
Q: Assignment 2 The following trial balance was extracted from the books of Gilber Ltd, a manufacturing...
A: What is meant by a manufacturing account? The account which shows the accumulation of all the manufa...
Q: On July 1, 2021, Emerald Corporation sold a set of washing machine and a dryer for a total contract ...
A: Solution: Total amount interest earned in 2021 = ($160,000*2%) + ($160,000 + $3,200 - $28,564) * 2% ...
Q: During 2009, Mason Construction, Inc. started work on a P 5,200,000 fixed-price construction contrac...
A: % completion of projectm in 2019 = Cost incurred / (Cost incurred + Estimated cost to complete) = P ...
Q: On January 1, 2021, AST Company sold an inventory costing P110,000 for P150,000. A 10% down payment ...
A: P33750 paid on 4 equal installments on semi annual basis. Market rate of interest is 6% (12%/2) sinc...
Q: You are a trainee in audit firm and you have been assigned to verify the follow balances for IJK Lim...
A: trainee in an audit firm and you have been assigned to Sales
Q: Three independent alternatives (X, Y and X) were ranked by the B/C method, in terms of increasing co...
A: The benefit-cost ratio (BCR) compares the benefits derived with the related costs of a proposed proj...
Q: High-Low Method The manufacturing costs of Ackerman Industries for the first three months of the yea...
A: Formula: Variable cost per unit = Difference in total cost / Units produced
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: On May 1, 2010, Jollibee Inc., a franchisor, entered into a franchise agreement with Session Delight...
A: Deferred revenue can be defined as the prepayment that is made by the customers for goods or service...
Q: Cost Flows Through Journal Entries The Mixing Department performs a series of processes in which a f...
A: General Journal Ref. Description Debit Credit (1) Work in Progress Mixing Department $160,000 ...
Q: Accounting Question
A: The financial position of the company can be arrived from the income statement prepared by the manag...
Q: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item Foxtrot are as fol...
A: LIFO (Last in First Out): As per LIFO method, units purchased last are sold first.
Q: Using account analysis, Pymble Co. wishes to estimate employees' automobile expenses as a function o...
A: Variable cost can be defined as that cost which changes with the change in the production activity l...
Q: Can you please help me?
A:
Q: The following were extracted from the books of Nairobi Exports Limited. Compile debtor’s ledger and ...
A: Ledgers are the set of accounts for the financial transactions made during the period. First of all,...
Q: XYZ Co. makes and sells product AB. The company provides the following data about its selling and ad...
A: Answer 1) Number of unit sales 18,000 Variable costs Sales commission (0.75*18,000) ...
Q: he partnership of A and B was formed on March 31, 2021. On this date, A invested P50,000 cash and of...
A: Total capital = Total assets brought in - Total liabilities
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