Financial audit Q&A What is the inspection activities to ensure the shipping or Destination Point in the recording of the financial statements is correct in accordance with the fragments?
Q: Ether trading unit given the following information for the year ended Marc 31, 2020 for one of its s...
A: The closing entries are prepared to close the temporary accounts of the business.
Q: 2.X Y, & Z are partners with the following capital contributions of P300,000, P300,000 and P500,000,...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: ordinary shares and outstanding at December 31, 2021. On July 1, 2022, an additional 40,000 shares w...
A: Diluted Shares can be referred as the total number of shares which the corporation has at the specif...
Q: All of the following statements regarding charitable remainder annuity trusts (CRATs) and charitable...
A: A charitable remainder trust refers to the gift paid in cash or in property to an irrevocable trust....
Q: The following data relate to a piece of equipment owned by ABCD Company, a calendar-year company. T...
A: Steps to calculate depreciation under Sum of the years' digit method - 1) calculate the depreciable ...
Q: Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow palid $...
A: Machinery is the non-current asset for an entity that can used for running the business operations.
Q: In a Section 351 transaction, Moustapha transfers property to a corporation with a fair market value...
A: Non taxable transaction under Section 351 only if all the contributors of cash + property have 80% o...
Q: On January 1, 2018, Bie Corp. purchased a new building at a cost of P3 million. Depreciation was com...
A: Revaluation Surplus To Calculating the Revaluation surplus first to calculate the Carrying amount of...
Q: XYZ Inc. manufactures a component D12, and two main products F45 and P67. The following details rela...
A:
Q: Company bought a new equipment for P800,000. The equipment has an estimated salvage value of P20,00...
A: Solution Depreciation is the reduction of the recorded cost of a fixed asset in a systematic manner ...
Q: Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,...
A: Introduction: Trial Balance: All the final ledger accounts balance are posted in Trial balance to ch...
Q: Fanning Company makes a product that sells for $30 per unit. The company pays $19 per unit for the v...
A: A margin of safety is an investing principle that states that an investor should only purchase secur...
Q: Payroll entries. Total payroll of Walnut Co. was $1,840,000, of which $320,000 represented amounts p...
A: (a) the journal entry for the salaries and wages paid. Particulars Debit Credit S...
Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share....
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: (Ignore income taxes in this problem.) Your Company uses a discount rate of 10%. The company has an ...
A: Introduction:- Present value (PV), also known as present discounted value, is the value of a project...
Q: The following income statements illustrate different cost structures for two competing companies: In...
A: Total fixed cost does not changes with the change in the level of output Variable cost per unit will...
Q: Q. No. 1. From the following information of Albert Company as on 31t December 2018: Noncurrent asset...
A: Working notes : 1) Non current assets to turnover ratio = 8 times or Revenue / Non current assets =...
Q: -Tek Manufacturing, Inc., makes two types of industrial component parts—the B300 and the T500. An ab...
A: Solution 1: Total Manufacturing Overhead 608000 /Total Direct labor 304000 Prede...
Q: On December 31, 2021, Alexis Company has an item of machinery with a cost of P4,500,000 and an accum...
A: The question is related to Impairment of Assets. The Impairment Loss is Excess of Carrying Amount ov...
Q: ntences are 4. How to Prevent Cheating (1) Teachers should take steps to prevent students from cheat...
A: Unity: All parts of the paragraph work together as a unit to express and support one main idea. Cohe...
Q: Lone Star Company is a calendar-year corporation, and this year Lone Star reported $122,000 in curre...
A: Captain Gain is a source of income gained from the profit from the sale of property or an investment...
Q: The following information is related to Windsor Company for 2017. Retained earnings balance, Janu...
A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization i...
Q: Pro Accountants Inc. (PAI) had the following transactions in 2021: A total of $1,450,000 was billed ...
A: *As per Bartleby Policy, if the question are not related then answer first only. As per accrual basi...
Q: The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income r...
A: Given, Net Profit = P600,000 Income of X, Y and Z = 50%, 30% and 20% Z's share from the net income o...
Q: Deemer Corporation has an activity-based costing system with three activity cost pools--Processing, ...
A: Solution Working note Total overhead cost = Equipment expenses + indirect labor . = 59000+ 12700 =...
Q: Evaluate the three strategies reducing income, increasing deductions, and taking advantage of tax cr...
A: ANSWER A tax strategy is a plan to reduce tax. It is ethical and moral because, we ensure to pay t...
Q: Six situations are given below concerning a plant asset currently used in operations. CA-Carrying am...
A: Impairment loss = Carrying value of the asset - Recoverable value of the asset The concept of impai...
Q: The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed for...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: On January 1, 2021, Lynne Company has equipment having a useful life of 10 years with the following ...
A: Impairment loss = Carrying value of the assets - Recoverable value of the assets where, Recoverable ...
Q: Total manufacturing costs assigncd to job XYZ is OMR950; the job includcd 10 units. If the company u...
A: Lets understand the basics. For calculating sale price per unit, we need to use below formula. Formu...
Q: Which of the following are nontax characteristics of a qualified terminable interest property (QTIP)...
A: A Qualified Terminable Interest Property Trust enables the grantor to provide for his surviving spou...
Q: ☐ May 4 – Hazel purchased an advertisement in the local newspaper which also ran online. The ad cos...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: The Willsey Merchandise Company has budgeted $45,000 in sales for the month of December. The company...
A: The purchase Budget is prepared to estimate the requirements for the purchase during the period. End...
Q: Type your response on the space provided: FACTS: You are a wedding dress maker. You obliged yourself...
A: Since the dress maker has not delivered the dress within the stipulated time, he will be liable to p...
Q: Skittles Pet store provides a dog wash service. Its highest and lowest bills of $3800 and $2400 were...
A: The answer for the multiple choice question and relevant working are presented hereunder : 500 dogs ...
Q: Chickadee had the following external transactions. Required: Using the external transactions below, ...
A: Retained Earnings: It is the accumulated net income of the corporation that is retained as at the e...
Q: calculate her gross pay for the last pay period.
A: Solution:- Given, Whitney receives a semi-monthly salary of $2,800 and has 40-hour workweeks. So, Wh...
Q: Please show full solutions and state the formula used. Thank you so much tutors.
A: The main advantage of using the ABC method is its impact on profitability, it helps in improving pro...
Q: BTS Company has some old equipment that cost P700,000 with an accumulated depreciation of P400,000. ...
A: List price (i.e., P 800,000) is the price listed on the machine. The initial cost of machine will be...
Q: anet Company purchased a machine on April 1, 2017 for P750,000. At that time, was determined that t...
A: Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of the f...
Q: Q1. State whether these statements are true or false. Discuss why the false statements are false. a....
A: a. True b.True c. False AICPA authoritative standards publications provide accounting professionals ...
Q: On January 1, 2018, the Danelle Company leased a portion of the commercial building owned by Joseph ...
A: Carrying amount of the leasehold improvement on January 1, 2021: The leasehold improvement should be...
Q: 3.The Mark Company acquired a helicopter in 2018. At the time of acquisition, the cost of the jet fr...
A: Solution Depreciation refer as the reduction of the recorded cost of fixed assets in a systematic ma...
Q: Düring the months of January, Pearson Corporation sold goods to cus events was as follows: Date Tran...
A: Gross profit is one of the operational performance indicators. Higher the GP % better is the perform...
Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...
A: Formula: Ending capital = Beginning Capital + share in Net profit - Withdrawals
Q: MUNOZ COMPANY Income Statement For the Year Ended December 31 Sales revenue (6,500 units x $164) Cos...
A: Variable costs are those costs which changes with change in level of activity. Fixed costs are costs...
Q: Line Company exchanged a car from its inventory for a computer system to be used in its technologica...
A: Solution: In case of exchange of assets having commercial substance, assets received and asset given...
Q: ow to find the values for year 2Y15. the only value i knew how to calculate was the available for sa...
A: A balance sheet refers to the financial document which reflects the position of a company in terms o...
Q: TOuonals? January 8 Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No....
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Required information Use the following information for the Exercises 6-8 below. (Algo) [The followin...
A: On May 5 th, Cost of goods sold = $5000
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- Financial audit Q&A What is the audit assertion underlying the tracing procedure?Financial audit Q&A What is the audit assertion underlying the vouching procedure?Auditing and Assurance Services T321 Which one of the following services provides a moderate level of assurance about the client's financial statements? Select one: O a. review O b. forecasts and projections O c. compliance O d. audit
- The auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. JudgementWhen auditing the accounts receivable account on the balance sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence.b. Completeness.c. Presentation and disclosure.d. Rights and obligations.In auditing the accrued liabilities account on the Balance Sheet, an auditor’s procedures most likely would focus primarily on management’s assertion ofa. Existence or occurrence.b. Completeness.c. Presentation and disclosure.d. Valuation or allocation.
- 1. An auditor most likely would review an entity’s periodic accounting for the numerical sequence of shipping documents and invoices to support management’s financial statement assertion of a. Valuation b. Completeness c. Existence and occurrence d. Rights and obligationsDoes computerization of data processing affect the objective of financial statement audit? Discuss.In determining whether transactions were really exist, the direction of the audit testing should be from the A. Financial Statements B. Original Source Documents C.General Ledger Balances. D.General Journal Entries
- In the audit of accounts receivable, the most important emphasis should be on thea. Completeness assertion.b. Existence assertion.c. Rights and obligations assertion.d. Presentation and disclosure assertionFinancial audit Q&A What is the file type of the customer confirmation that is related to the outstanding balance the client has?Explain how management assertions, general balance-relatedaudit objectives, and specific balance-related audit objectives are developed for anaccount balance such as accounts receivable.
