A corporation existing in fact but not in law   Choices; De facto corporation De jure corporation Domestic corporation Foreign corporation

Q: TB EX Qu. 7-204 Nate's Hot Dogs exchanges long-term assets with Lizzy's. Nate's Hot Dogs exchanges…

A: The exchange transactions are incurred by acquiring an assets by giving old assets from the…

Q: Sales Volume in Hundreds April May June Chicken Fish Ham Monthly revenue, in hundreds, from the…

A: In accounts we know that revenue = selling price per unit * no. of units sold. This equation gives…

Q: Kim Corporation holds 10,000 shares of its P10 par common stock as treasury stock, which was…

A: Treasury stock: Shares which are bought back by the company from the open market but not retired…

Q: A company sells its products for S80 per unit and has per-unit variable costs of $30. What is the…

A: Contribution margin is the excess of sales price over the direct costs of a product. The…

Q: A company reports the following beginning inventory and two purchases for the month of January. On…

A: Under LIFO Method, using perpetual inventory system, value of ending inventory is calculated on the…

Q: A company sells its products for $80 per unit and has per-unit variable costs of $30. What is the…

A: Introduction: Contribution margin per unit: Deduction of variable cost from Sales price per unit…

Q: manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of…

A: Solution: Budgeted cash receipts includes cash collection from sales or from accounts receivable.…

Q: Company A has current sales of $4.000.00 and a 45% contribution margin. Its fixed costs are…

A: Formula: Degree of operating leverage = Total Contribution margin / net income

Q: The following data have been taken from the accounting records of ABD Corporation for the just…

A: Cost of goods sold is the direct cost involved in producing the goods sold by the company. The…

Q: Which of the following is not an example of control procedures over accounts receivable?…

A: Option A is the answer Analysis B) Sending monthly statements to customer who take a credit:  Where…

Q: Farouk bought an electric appliance through an instalment plan which he paid RM200 down payment. He…

A: Interest means the amount charged for the loan extended by one party to another party. It is an…

Q: Cadre, Inc., sells a single product with a selling price of $120 and variable costs per unit of $90.…

A: Answer A) Calculation of Breakeven point in units Breakeven point in units = Total fixed Cost/…

Q: Create a T-Accounts and General Journal. Note: Office supplies has a P575 balance at the end of the…

A: Journal is a book in which all business financial transactions are recorded when they occur. All…

Q: 1. Platinum Trophy, Inc. projects sales of 45,000 brass plaques for 201X. The estimated January 1,…

A: The budgeted unit of production is the estimated unit of production. It is the target unit to be…

Q: 80,000. By the end of the year inventory on hand are valued at $48,000 transfer price. Parent…

A: Journal entries (JF) refers to the original books of accounts which reports the event occurred in…

Q: The following were taken from the books of AMihan Company December 31, 2017: Long-term payable Notes…

A: The question is related to classification of Assets and liabilities and preparation for Statement of…

Q: An entity reported the following assets at year-end: Franchise - 1,000,000 Computer Software -…

A: Answer -    Calculation of total amount that should be reported as intangible assets -…

Q: You noted the following items relative to the company's intangibles assets of Pete Corporation at…

A: Intangible Assets: Intangible assets are a part of total assets of a company which are reported in…

Q: IMA Manufacturing has just purchased a difference in conditions (DIC) policy with a $5 million…

A: Deductible amount that policy holder have to pay before the insurance company start up. So first pay…

Q: During the audit of Financial Year ended at 30-06-2021, an accounting record of a manufacturing…

A: 1000 210 210000 900 200 180000 1200 210 252000 700 200 140000 2000 180 360000 1800…

Q: ou invested $5,000 into a certificate of deposit (CD) today and agreed to leave it in the CD for the…

A: Future Value Future value is what a sum of money invested today will become over time, at a rate of…

Q: always decrease. The beta of ABC and XYZ is 1.95 and 0.88, respectively. This information implies…

A: Beta in a portfolio indicates the volatility of risk for a portfolio when compared with the market…

Q: How do the NOCLAR standards change the traditional practice of maintaining confidentiality of audit…

A: Auditing is defined as onsite validation activities such as: Inspection or investigation of…

Q: Problem 10-3A (Algo) Straight-Line: Amortization of bond premium LO P3 Ellis Company issues 8.0%,…

A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable.…

Q: Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of…

A: A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity…

Q: 1- The small capital base of banks makes them sensitive to negative earn True False

A: Basic Concept of Banking

Q: d the local tax

A: Below information Given, taxable income of $7,060,373.  In this question, we will find out the Tax…

Q: Which of the following is true regarding the banning of mandatory retirement? It reduces the…

A: Retirement is the stage when a person stops working, different companies has set different ages of…

Q: A merchant is offered a 5% discount for immediate payment of a bill which is due in 90 days. What is…

A: 1. Merchant was given 5% cash discount for immediate payment, otherwise he can pay the bill amount…

Q: Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of…

A: Donal Electronics April'30, 2019 Income Statement Revenues:   Fees Earned        139,275…

Q: The amusement tax due

A: Quarterly PercentageTax Rates Table Coverage Taxable Base Tax Rate Non-VAT registered…

Q: Direct Materials Purchases Budget Marshall Inc. budgeted production of 40,000 personal journals in…

A: Direct material purchase budget is used to estimate the units should be purchased for the…

Q: uring the month of April, Orison Supply Store sold $39,000 of inventory, with $25,000 sold on credit…

A: Sale value is the amount at which inventory is sold. The cash and credit sales together makes the…

Q: 1. Inventory Cost. Lester Company provides the following data with respect to ins inventory: Goods…

A: The term inventory refers to both the raw materials utilized in production and the finished goods…

Q: The ledgers of Gerry's Photo Mart showed the following balances October 31, 2020: General Ledger:…

A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…

Q: 34. Dissolution is always followed by liquidation. . 0 The amount of asset revaluation when a new…

A: partnership  between partners to share profit and loss and contribute capital in the aggred ratio .…

Q: The following information is taken from the balance sheet of Atlanta Company: S 810 Property, Plant…

A: Formula used: Current ratio = Current Assets / Current liabilities

Q: Static Budget versus Flexible Budget The production supervisor of the Machining Department for…

A: The flexible budget is prepared to estimate the production cost for actual units produced on the…

Q: 1. One aspect that partnership differs from sole proprietorship is the plurality of capital and…

A: Partnership is a form of business in which two or more persons come together and operate a business.…

Q: Ada is running a store to sell soft-drink and snacks. For one soft-drink, given the daily demand is…

A: The question is related to the Inventory Management. In this question first we will calculate…

Q: Homework created question Save You want to purchase a new car for a price of $31,250. Your finance…

A: The question is based on the concept of Financial Management.

Q: A corporation has a taxable income of $2,564,306. At this income level, the federal income rate is…

A: Introduction: Income tax deductions of various types can be utilized to lower taxable income. Tax…

Q: Conversion of Personal Asset to Business Use. Sid purchased an automobile for personal use on…

A: Here discuss about the MACRS deprecation which are applicable for the assets which are incurred to…

Q: At the beginning of current year, Lake Company was organied and with par value of P100 1. Received…

A: An equity statement is a financial statement that a company needs to prepare and other important…

Q: onsider an economy facing a recessionary gap in the short-run.  Expansionary fiscal policy leads to…

A: Basic Concept related  to of the state of market and its correction

Q: f. Compute the amount of the cost of finished goods g. Compute the amount of the year-end balance in…

A: The inventory consists of work in process, finished goods, and raw materials. Cost of goods sold =…

Q: Sleeping Bear Travel, Incorporated, is trying to decide between the following two alternatives to…

A: The income statement is prepared to determine the operating results of the business. The income…

Q: an employer is competitive in the labour market: It has to pay at least the going wage. The wage…

A: Market A market refers to the place where buying and selling activities of goods, products, or…

Q: assive Losses. During the current year, Juan, a single individual, before taking into account any…

A: Concept of Income Tax Passive Income from real estate rental activity

Q: ABC company projected sales of 100,000 books for 2021. The estimated January 1, 2021, finished goods…

A: Budgeted production = Projected sales + Ending inventory - Beginning inventory