REQUIRMENTS: 1. Compute the Gross Exclusive Properties. 2. Compute the Gross Conjugal/Community Properties. 3. Compute the Vanishing Deduction.

Q: The difference between book value of the asset with the proceeds receive from its sale, with result…

A: Assets:   It refers to the economic value of all resources owned by the business at a given point in…

Q: What is meant by the following terms? You should provide an example of each to support your answer.…

A: Revenue Income: Revenue is the term used by any entity which earns income from its main operation…

Q: The Can-Do Co. is analyzing a proposed project. The company expects to sell 12,000 units, give or…

A: The net income is the net profit of the company earned during the period. The net income includes…

Q: When we reduce Total expenses from Revenue , the result is called as ........... a. Cost b. Revenues…

A: Revenues is the total receipts of the business irrespective of the cost incurred. Expenses are the…

Q: An example of an expense classifi cation by function is: B . interest expense

A: An example of an expense classification by function is

Q: The possible answers for option D are:Cost of Goods SoldDepreciation ExpenseEarned RevenueIncome Tax…

A: Step1:The likely income statement account that will be used to adjust unearned revenue (balance…

Q: Distinguish between liquid and illiquid assets, and list some assets that are liquidand some that…

A: Liquid asset: It is a resource or asset that can be effortlessly transferred over into cash in a…

Q: Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of…

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of…

Q: (d) Based on (c), what will be the ending balance in AFDA? What is net realizable value of A/R?

A: Accounts Receivables - Accounts Receivables are the amount unpaid by the customer for the service…

Q: Gain contingencies are usually recognized in the income statement when: a. realized…

A: Introduction: Contingency relates to the actual situation in which there is a chance of making or…

Q: What are the effects of depreciation on the profit and loss account and balance sheet?

A: INTRODUCTION: A depreciation plan or chart makes it easier for organizations to keep track of…

Q: Executory costs include Select one: a. insurance. b. property taxes. c. maintenance. d. all…

A: In case of leased assets there are certain expenses incurred Upto the economic life of the asset,…

Q: Fringe benefits are reported as on the income statement. Multiple Choice Assets Expenses Liabilities…

A: Fringe benefits -  These are the benefits offered to employees apart from the salary given to…

Q: Th e valuation technique under which assets are recorded at the amount that would be received in an…

A: There are many valuation technique like cost method, market value method, base stock method, present…

Q: In its first year of operations, Maria Corp. earned $48,100 in service revenue. Of that amount,…

A: Net income is the amount of income earned by an entity after reducing the expenses from the…

Q: Part A. Capitalize vs. expense A company had the following expenditures. A. First, sort each…

A: Amount to be capitalized: All expense which are incurred to bring the assets into working conditions…

Q: Which valuation method is dependent on a calculation of terminal value? a) DCF b) Comparable…

A: Option C is correct.

Q: Explain how to determine the cost of an asset.

A:

Q: Which of the application of of a. Presenting a the related s b. Deducting fe gains and pr c.…

A: Presentation of Financial Statements PAS 1 describes the basis for presenting the general purpose…

Q: Return on assets

A: Return on assets is computed as net income upon total assets of the company.

Q: Explain the accounting for gain and loss ­contingencies.

A: Contingencies:   Contingency is a situation where the outcome becomes uncertain and is resolved in…

Q: Land is classified on the Income statement in the Revenue section as income earned. True or False

A: Assets: Assets are those items that provide value for money and future economic benefit for an…

Q: Explain the historical cost principle and discuss its advantages and disadvantages compared to other…

A: The historical cost principle is an accounting concept that requires assets to be recorded on the…

Q: 1. How do we decide whether to capitalize (record as an asset) or expense a particular cost? 2.…

A: ANSWER   Cost: The cost of the long-lived assets refers to all the expenditures made in order to…

Q: Cost of property asset minus the residual value is equal to net book value.

A: Cost of Property -  It Includes the purchase Price of the Property. stamp duty, and other cost…

Q: the difference between a current asset and a non-current asset? Provide examples of each.

A: Current asset and non current assets both are shown under the asset of the company balance sheet

Q: The generally accepted accounting principle that supports recording the value of a property at the…

A: Correct answer is option 'D' i.e. cost principle. Explanation:  Under US GAAP As per cost principle…

Q: How is the term ‘net realizable value’ defined as used in the acronym LCNRV?

A: Inventory: It implies the current asset that is presented on the balance sheet of the company and…

Q: Alex and Hagi decided to open a home cleaning service company, H@L „ The following information is a…

A: Trial Balance:  The trial balance is the statement which shows the balances after the debit and…

Q: Depreciation is a process of Select one a. asset valuation 5. cost alocation Cost accumulation. e…

A: When an asset is purchased  and started  using its  value depreciates due to wear and tear,time…