ce of BIR rulings ce of revenue memorandum circula ce of revenue regulations
Q: Bonds Payable has a balance of $1,135,000 and Discount on Bonds Payable has a balance of $11,350. If...
A: The discount on bond is an expense for the issuer which denotes the lesser amount that the issuer re...
Q: a.)Pharoah Company’s net income for 2020 is $709,000, and 94,000 shares of common stock were issued ...
A: A) 94,000 shares was outstanding for period 12 months Net Income for 2020 $709000 stock o...
Q: PROBLEM 2: Barone's Repair Shop was started on May 1 by Nancy Barone. A summary of May transactions ...
A: Tabular analysis is other words uses any analysis that uses tables to analyze a particular data in t...
Q: Instructions On January 1, the first day of the fiscal year, Shiller Company borrowed $79,000 by giv...
A: Notes Payable - Notes Payable is amount owed by the company. Which is repayable at fixed period and ...
Q: n 2021 Lena invests $30.000 for a 20% limited
A: Leena is not a material participant in the partnership. It means she is not...
Q: Explain the term outstanding stock. d) Is it true or false that corporations muse issue common stock...
A: Corporation is also written as company. It is the form of business in which it acts as a seprate leg...
Q: A manufacturing company plans to replace an existing production line with a newer and more energy ef...
A: Savings in expenses refers to the amount by which a particular expense or a set of expenses are redu...
Q: Harry, the owner of Harry Pte Ltd, was finalising his company accounts for the year ending 31 Decemb...
A: As we follow Accrual Basis of acounting we have to pass entries when the expenses and...
Q: Penny Pincher Discount Grocers has issued a bond with a coupon rate of 11%. It recently closed at a ...
A: Answer) Calculation of Current Yield Current Yield = Annual Coupon Payment/ Current Market Price Cur...
Q: , Shyam Construction Co. entered into a contract with a customer for the construction of a building....
A: Under percentage completion method , revenue is recognized as the % of completion. The % of completi...
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, S10,000; Accounts receivab...
A: Formula: Accounting equation: Assets = Liabilities + Owners equity
Q: Steve Osbourne is considering opening a business, but the major decision faced is how to organize th...
A: The question is related to Characteristics of Companies. A corporate is an artificial person created...
Q: QT, Inc., and Elppa Computers, Inc., compete with each other in the personal computer market. QT ass...
A: Answer 1) Calculation of Inventory Turnover Ratio Inventory turnover ratio = Cost of Goods Sold/ Ave...
Q: Dillon Products manufactures various machined parts to customer specifications. The company uses a j...
A: The journal entries are prepared to record day to day transactions of the business on regular basis.
Q: how solutio
A: This is a multiple-choice question in which we have to select the correct option.
Q: The company is desirous of comparing serval financial transactions and possible outcomes to assist i...
A:
Q: Jones Manufacturing Inc. sponsored a defined benefit pension plan effective 1 January 20X7. The comp...
A: The pension plan is the retirement benefit plan for employees’ retirement. All the contributions are...
Q: Velstrom Ltd is considering outsourcing one of its products rather than producing it in its factory....
A: Relevant cost seems to be a phrase used in management accounting to indicate avoidable expenditures ...
Q: The company Dolce Vita SA has hired him as a financial advisor, and as a first function, he has been...
A: Factoring of Accounts Receivable Factoring of accounts receivable which helps to the business entity...
Q: You are required to write a essay for no less that 300 words on all the users of accounting infornat...
A: User of accounting information 1. Investors 2. Employees and labour unions 3. Lenders 4. Suppliers 5...
Q: 17. Complete the following balance sheet. Cash $30,000 Accounts Receivable $2,000 Inventory $5,000 F...
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: Yummy Food is expanding its business and wants to open a new facility to make frozen lasagna, which ...
A: Lease payment is the rentals to be paid by the lessee for using the asset of the lesser for certain ...
Q: Penny Pincher Discount Grocers has issued a bond with a coupon rate of 11%. It recently closed at a ...
A: The question is based on the concept Security Valuation
Q: rder costing system. The company has two departments through which most jobs pass. Overhead is appli...
A: Job Order Costing System : Job order costing is a method of calculating the cost of manufacturing ...
Q: In July 2017, Lenux Corporation (a calendar-year taxpayer) purchased $2,140,000 of new office furnit...
A: The office furniture is put to use in July 2017. therefore half-year convention is used. An office f...
Q: Using the Train act shown below, how much annual tax will be paid by a salesman who earns a basic sa...
A: The Tax Reform for Accelaration and Inclusion Law [TRAIN Law] ...
Q: The T accounts below summarize the ledger of Simon end of the first month of operations. Cash No. 10...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Teoh, Meng and Chen are partners sharing profits and losses equally. The business performs has the f...
A: Solution Ledger Account contains a record of business transaction . It is a separate record within t...
Q: LGM will purchase all of the net assets of DMF by transferring its shares in YYZ. Because of the con...
A: The answer for the multiple choice question and relevant explanation are presented hereunder : LGM w...
Q: Steve Osbourne is considering opening a business, but the major decision faced is how to organize th...
A: In the context of the given, Steve has faced confusion that how to organize a start-up business. he ...
Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to productio...
A: Materials quantity variance = (SQ - AQ used) * SP Material price variance = (SP - AP) * AQ purchase
Q: 2022 VR
A: Given:
Q: The assets and liabilities of Matt Wesley Auto Shop are as follows: Cash, s10,000; Accounts receivab...
A: Formula: Owner’s Equity = Assets – Liabilities
Q: Matt Corpn bonds mature in 8 years, have a par value of S1,000, and a coupon rate of 6.7%. The marke...
A: Coupon amount = 1,000 x 6.7% = 67
Q: Is it true or false that corporations muse issue common stock, but may or may not decide to issue pr...
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If ...
Q: Account Amount Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Acco...
A: The transactions in the business effects two or more accounts as debit and credit. The debit balance...
Q: A VAT-registered enterprise sold goods to a person with disability. The amount of sale was 1,120, wi...
A: Person with disability will get a 20% discount and exemption from paying VAT.
Q: QUESTION ONE 1.1 Calculate the economic order quantity (EOQ) per annum. Economic order quantity Star...
A: Economic Order Quantity is a level of Quantity where Goods are ordered at a minimum cost which are b...
Q: ad assets with a book value of $240,000 and a market value of $195,000, outside liabilities of $70
A: Book value=$240,000 market value= $195,000outside liabilities =$70,000 partner Able =$20,000 Able ...
Q: please answer with explanation
A: FIFI is First In First Out method of inventory valuation. In this method g...
Q: ABADDON Tool Company uses a process cost system with a fifo cost assumption to account for the produ...
A: The first step is to calculate equivalent units Units Reconciliation Units to account for Fab D...
Q: Is it true or false that corporations muse issue common stock, but may or may not decide to issue pr...
A: When two or more than two persons as a group form a business to operate it, the formation is known a...
Q: Common shares, 600,000 authorized, 60,000 shares issued $500,000 Contributed surplus (from a 2010 ...
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...
Q: Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: ...
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...
Q: "Gardenia Company uses the weighted-average method. It had P8,000 of conversion cost in the beginnin...
A: Under weighted average method :- Cost per equivalent unit for conversion costs = Total conversion co...
Q: The company is desirous of comparing serval financial transactions and possible outcomes to assist i...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Copy of 65000 Payables Drawings Delivery vehicles Land and Buildings Capital Receivables 15000 10000...
A: Lets understand the meaning of equity. Equity is a capital that is bring by the owner of the company...
Q: Quarterly income tax payments made by a non-resident citizen taxpaye nay be claimed as O neither a n...
A: Tax credit means amount can be substrate from total payable tax and offset overall liabilities.
Q: On January 1, 2020, Junibond issued 5-year 10%, P10,000,000 for P10,246,744. Interest and principal ...
A: Amount of Annual installments = Issue value of the bonds / Present value factor at yield rate Carryi...
Q: The treasury department maintains the custody over the company's investments. Both the accounting an...
A: Answer:- Reconciliation :- Reconciliation is a procedure where two sets of records are compare with...
Which of the following is an exercise of the Bureau of Internal Revenue of its quasi-legislative functions?
Step by step
Solved in 2 steps
- The following are issued by the Commissioner of Internal Revenue, except:a. Revenue Memorandum Circularsb. Revenue Memorandum Ordersc. Revenue Regulationsd. Revenue RulingsWhich of the following government-wide accounts reflects amounts owed between governmental activities and business-type activities? Transfers OOPEB liability None of these Internal balance InterfundC. Using the contents presented in the Units supported by information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.
- Using information in the relevant IPSASs, give a comprehensive definition (with examples) of revenue and expenditure appropriate for a Central Government.Which of the following groups sets standards for audits of federal financial assistance recipients? a. U.S. General Accounting Office b. U.S. Office of Management and Budget c. Governmental Accounting Standards Board d. Financial Accounting Standards BoardWhat is the role of commission on audit in fiscal administration?
- GENERAL PROVISIONS, BASIC STANDARDS AND POLICIES OF GOVERNMENT ACCOUNTING IMPORTANCE AS A WHOLE AND SUMMARYWhich of the following is an expense recognition criterion for recording a government transfer payment as an expense under Section PS 3410 in the CPA Canada Public Sector Accounting Handbook? A. All stipulations have been met by the recipient. B. All eligibility criteria have been met by the recipient. C. All eligibility criteria and all stipulations have been met by the recipient. D. All conditions required by the recipient for recognizing the transfer as revenue have been met.Why does a government determine the net expenses or revenues for each of the functions within its statement of activities?
- Government-wide financial statements make a distinction between program revenues and general revenues. How is that difference shown? Choose the correcta. Program revenues are offset against the expenses of a specific function; general revenues are assigned to governmental activities and business-type activities in general.b. General revenues are shown at the top of the statement of revenues and expenditures; program revenues are shown at the bottom.c. General revenues are labeled as operating revenues; program revenues are shown as miscellaneous income.d. General revenues are broken down by type; program revenues are reported as a single figure for the government.Briefly expalin what is government accounting and what are some good features on government accountingDiscuss the government structure of the Ghana Revenue Authority
