what is the fair value?? long definition

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A: Cost Benefit Analysis is a part of cost accounting wherein the organization has an option to deviate…

Q: Highland Company produces a lightweight backpack that is popular with college students. Standard…

A: Variance analysis is a part of management accounting which helps in identifying the causes due to…

Q: What is the different between real and personal property? Include examples

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Q: Ehrlich Corporation has issued 3,000 shares of common stock and 400 shares of preferred stock for a…

A: Shareholder's fund: Shareholder's fund is the term used to describe the total amount invested by…

Q: The BRS Corporation makes collections on sales according to the following schedule: 40% in month of…

A: Given, 40% of April sales are collected in June 55% of May sales are collected in June 40% of June…

Q: Calculate the current residual income for each distribution channel. (If the residual income is a…

A: A)   Retail Interest Catalog         Residual Income  $5,11,600.00 $8,41,600.00 -$33,200.00…

Q: On January 1, Year 2, Kincaid Company's Accounts Receivable and the Allowance for Doubtful Accounts…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : There…

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A: It has been provided: Part a. Paid to day care center = $2,000  AGI = $50,000 (all salary). Part b.…

Q: 35,000 $455,000 Ey secured by the land equals

A: Answer : Calculate gain or loss Kevan will recognize :

Q: View Policies Current Attempt in Progress On January 1, 2022, Ivanhoe Corporation had $1,470,000 of…

A: Journal entry is the primary step to record the transaction in the books of accounts. The stock…

Q: Mc Cufad Trucking In its first year of operation, the Mc Cufad Trucking has the following summarized…

A: Trial balance means the statement prepared from ledger account where all debit and credit balance…

Q: be reasonably estimated. robable.

A: If a liability is likely to occur on a future date and the amount can be reasonably estimated , it…

Q: Wen was recently granted 1,000 shares of restricted stock from his employer when the share price

A: Employess gives the stock options to the employees so that they are motivated to work for the…

Q: 12. Required: Calculate Ms. Taylor’s Net Income for Tax Purposes with proper formatting. Ms.…

A: Winnings from the lottery is a speculative income and are subject to tax. Losses from any head…

Q: Flexible Budget for Assembly Department Cabinaire Inc. is one of the largest manufacturers of office…

A: The total costs of production are classified as fixed and variable costs. The fixed costs remain…

Q: Sweet Company’s outstanding stock consists of 1,700 shares of cumulative 5% preferred stock with a…

A: The dividend is declared out of the retained earnings. The preference shareholders will received…

Q: b. If Connie receives a 5 percent profits interest only, how much income must she report, and what…

A: Requirement:-b Calculation of her tax basis in the LLC interest if  Connie receives a 5 percent…

Q: yayai’s Lawn Service needs to purchase a new lawnmower costing $7,756 to replace an old lawnmower…

A: An annuity is used in case of a future annuity  suppose an equal sum of money is invested in the…

Q: Journalize the entry to record the payment of the second installment the following June 30

A: Interest is charges on the maximum balance payable. Interest = Principle Outstanding x rate of…

Q: axable income and applicable tax rates for C.J. Company’s first four years are shown below. For each…

A: Income Tax Payable on income after adjustment of all carry forward of losses.  Taxable income is the…

Q: 3. Using the following information please prepare the 3 financial statements in proper form with…

A:

Q: Sweet Dates Company offers a premium to its customers—a glass bowl (cost to Sweet Dates is $0.90)…

A: Balance sheet represents the assets, liabilities, and stockholders' equity which shows the…

Q: A company's classified balance sheet shows current assets of $8,650 and current liabilities of…

A: The current ratio is a type of liquidity ratio that measures the company's ability to settle the…

Q: The manufacturing overhead budget at Franklyn Corporation is based on budgeted direct labor-hours.…

A: Flexible budget is prepared to analyze the profitability of the business at different levels of…

Q: 4 5 6 7 All of the following statements are correct about a multiple-step income statement except:…

A: 4. ans.   It provide less information than a single step income statement. ( Explanation: multiple…

Q: Record the disposal of computers that had cost $4,520 and their accumulated depreciation to the date…

A: Each year depreciation expense on the asset is recognised. And each year it is added to a account…

Q: Schuepfer Incorporated bases its selling and administrative expense budget on budgeted unit sales.…

A: The expenditures associated with running a firm are referred to as operating expenses, often known…

Q: Expo Lube is interested in producing and selling an industrial line of oil filters. Market research…

A: Target cost is the estimated cost by deducting the desired profit margin from the competitive market…

Q: When preparing Statement of Cash Flows, the following items can be classified as investing…

A: A cash flow statement indicates cash inflow and cash outflow information for a particular time…

Q: ​Verge, Inc. has two products—LeCadre and La Bougie. Financial data for both the products​ follow:…

A: Solution: Computation of Contribution margin for each product Particulars Le Cadre Le Bougie…

Q: LO.6, 8 Ramon had AGI of $180,000 in 2020. He is considering making a charitable contribution this…

A: Note: As per our guidelines, we will solve the first three subparts for you.   a. The $95,000 cash…

Q: Required a. Prepare a bank reconciliation for Sullivan Company at July 31. b. Prepare the journal…

A: SOLUTION:- a.                                                      SULLIVAN'S BANK RECONCILATION…

Q: Way Corporation disposed of the following tangible personal property assets in the current year.…

A: Depreciation expense refers to the charges by which the asset value decreases over its useful life.…

Q: Required information [The following information applies to the questions displaye This year,…

A: Answer : When Darrel does not materially participates in the partnership, ordinary business income…

Q: Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used…

A: Annual Contribution Per Year:

Q: Which of the following investments will experience the largest change in its market value as a…

A: A Treasury Bill is a short term debt obligation by US govt which is backed by the Treasury…

Q: At the end of the month, the adjusting journal entry to record the use of supplies should include:…

A: Adjusting entries: Usually, but not always, on an accrual system, adjusting entries are made at the…

Q: Schedule of Cash Collections of Accounts Receivable Pet Supplies Inc., a pet wholesale supplier, was…

A: The budget is prepared to estimate the requirements during the period. The cash collection schedule…

Q: Problem 6-3 (Algorithmic) Accounting Methods (LO 6.2) Geraldine is an accrual-basis taxpayer who has…

A: Accrual basis means where the expenses and income are recognized in books on due basis and not on…

Q: Obj. 4 EX 2-16 Trial balance The accounts in the ledger of Seaside Furniture Company as of August…

A: A general ledger's accounts are listed in an unadjusted trial balance, before any adjustment entries…

Q: Accounting Information System is a option: a) manual system b) computer-cased system required:…

A: AIS (accounting information system) is defined as a system that contains various items of the…

Q: Bank Reconciliation On July 31, Sullivan Company's Cash in Bank account had a balance of $10,103.24.…

A: Bank reconciliation statement The statement of business and banking activities known as a bank…

Q: On January 1, Year 1, Friedman Company purchased a truck that cost $32,000. The truck had an…

A: Under the double declining method, the asset is depreciated at a double rate. Under this method,…

Q: If there is a 20% chance we will get a 16% return, a 30% chance of getting a 14% return, a 40%…

A: Expected rate of return: It implies to an estimated rate at which the returns will be distributed…

Q: The GST reporting period for a company with $800,000 of revenues would be: Annually Quarterly…

A: The GSTR 1 form is a return form for the regular taxpayers who have to file details of outward…

Q: On 1 January 20X1, ABC company acquired a building with the total cost of CU 300 000. As of 31…

A: ANSWER Fair value model is described under IAS 40 Investment Property. Under this model the assets…

Q: Loban Company purchased, on January 1 for cash, four cars for $9,000 each and expects that they will…

A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

Q: Fun Bakery has three shops in town             Total Shop 1 Shop 2 Shop 3 Budgeted overhead €…

A: Overhead costs are those costs that can’t be directly attributable to each department/ product. Such…

Q: PVE Inc. has $15 million of debt outstanding with a coupon rate c the firm's tax rate is 35%, what…

A: Yield to maturity is the rate of return realized on bond when held till maturity and is the before…

Q: a d. December 9. Used debit card to buy supplies, $120.00. Memorandum No. 12. e. December 14. Paid…

A: Journal refers to the detailed account which reports all the financial transactions of the business…