Which of the following would NOT be shown in the Statement of Profit or Loss? Expired portion of insurance Withdrawal of supplies by the ow Depreciation of fixed assets for the period owner Services rendered to a customer on account
Q: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…
A: Auditing is the verification of financial statements by the auditor who then provides judgmental…
Q: a. Journalize the transactions of July 9, September 22, and November 23. If an amount box does not…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Entries for Issuing Par Stock On January 22, Jefferson County Rocks Inc., a marble contractor,…
A: The shareholders equity comprises of issued capital, retained earnings, etc. The total paid in…
Q: Assume that rent of P14,400 was paid on September 1, 2021 to cover a one-year period from that date.…
A: Prepaid rent is the amount of rent paid in advance. Rent of 14,400 is for 1 year paid in advance on…
Q: FDN Company sold goods to a customer with terms 3/10, 2/20 n/30, FOB Shipping Point amounting to…
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to…
Q: s enacted tax rate is 23% for 2017, and 27% for 2018. mount should ABC report in its 2017 balance…
A: Solution: Deferred tax liability is created for taxable temporary differences that results in future…
Q: True or False A firm should be able to trace amounts through the accounting records and back to…
A: Accounting books: Accounting books is one the important part of accounting process where many books…
Q: On December 31, 2017, Bulldog Company approved a restricted stock share plan for a number of…
A: The journal entries can be defined as the measure of recording the business transaction in the…
Q: harles had the following income during the year: a. 13th month pay, 18,000 b. SSS, Pag-ibig and…
A: Tax on Income: It is the tax on the income of the individuals/ company/ corporations/ firms levied…
Q: Long-term investments include cash that will be used to support current operations. True or False…
A: the correct answer with proper explanation are as follows
Q: True or False Transactions are recorded in either a journal or a ledger, but not in both.
A: Introduction:- An accounting cycle is a process of recording, identifying, and analyzing accounting…
Q: ) IDENTIFY THE REPORTING FINANCIAL STATEMENT (IS Income Stmt) OR S Balance Sheet). ) IDENTIFY…
A: Nature of Accounts : According to Traditional Approach there are three types of accounts that are:…
Q: A company had net income of $2,680,000, net sales of $25,100,000, and average total assets of…
A: calculation of return on total assets are as follows
Q: 1. 2. Statements 4. The case, a landmark case of liability under the Securities Act of 1933,…
A: Introduction; Securities act of 1933: (1933) required that a corporation issuing securities file…
Q: In its Department R, Recyclers, Inc., processes donated scrap cloth into towels for sale in local…
A: Inventory- An essential current asset for a manufacturing company is its inventory. Inventory is the…
Q: Sydney Retailing (buyer) and Troy Wholesalers (seller) enter into the following transactions.…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: The following information applies to the questions displayed below.] Simon Company’s year-end…
A: Solution: Days sales uncollected is computed as = Average accounts receivables * Nos of days in year…
Q: Use the following information for the Exercises below. (Algo) Skip to question [The following…
A: Introduction: A general ledger item made at the end of the accounting period to indicate any…
Q: The following information relates to three possible capital expenditure projects. Because of capital…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: please answet the following question thanks
A: Minimum transfer price is the amount which is paid to one division by the other after purchasing the…
Q: Cobe Company has already manufactured 18,000 units of Product A at a cost of $15 per unit. The…
A: The main objective of every business enterprises is to earn profit by satisfying the customers…
Q: 9 Asset-liability management (ALM) is the process of planning, organizing, and controlling asset and…
A: Assets- Assets are required for the company's survival. These assets are recorded in the balance…
Q: Anna has the following income for the quarter:
A: Assuming Anna is resident citizen of Phillipines :- As per…
Q: What is the difference between Operating and Investing Cash Flow? (one answer) What is the most…
A: Answer:- Operating cash flow comes from regular business, Investing cash flow goes into assets…
Q: On July 2, 2022, Howard Co. consigned 3,200 books costing P60 and retailing for P100 each to Ines…
A: The actual books sold by Ines Co. will be total sales divided by sales price after deducting…
Q: On January 1, 2022, Gobert Corp. leases equipment from Mitchell, Inc. The lease calls for annual…
A: Gobert Corp leases machine from Mitchell Inc.. According to IFRS 16, the lessee has to record the…
Q: An asset's book value or carrying value is its: Multiple Choice O accumulated depreciation. cost…
A: The book value or carrying value of the machine is the value that carries on the balance sheet of…
Q: Below you will find the closing stock prices for eBay over a three-week period. Calculate the simple…
A: 3 days moving average=(Today price + Yesterday price + Day before yesterday price)3 5 day moving…
Q: Which of the following descriptions could be applied to the IT costs in question four? ( previous…
A: Please see Step 2 for required information.
Q: all is wrong, but august...
A: Stock Prices are given and three months simple moving average is required. It is calculated by…
Q: On 2/1/2012, the Union Company issued an amount of 1,500,000 dinars in the form of bonds with a…
A: Callable bonds are those bonds which can be called by the company, at any time prior to maturity,…
Q: Alexandra, single with no dependents, has waterfront rental property in Maine, but she is a…
A: Income Taxes- Taxes at the federal and state levels are imposed on the income of people, businesses,…
Q: Water Works Plumbing Company is a small owner-managed plumbing services company that serves the…
A: Fixed cost refers to those cost which remains same at each level i.e. fixed cost doesn't changes…
Q: Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current…
A: Given that, Current assets for the year ending december 31, 2021 = $62,574 2020 = $41,881 2019 =…
Q: Nissan Inc. prepared an aging of its accounts receivable at December 31,2020 and determined that the…
A:
Q: related to making this part are $89,000 per year, and allocated fixed costs are $76,000 per year.…
A: calculation of above requirement are as follows
Q: Prepare year-end adjusting journal entries for M&R Company as of December 31 for each of the above…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: On June 1, 2022, FDN Company sold merchandise to ABC Trading worth P40,000 with credit term of 2/10,…
A: The 2/10 n/30 is a term that is used by the company to calculate the amount of the discount under…
Q: Cathy Company sold a segment of its business at a gain of $150,000 on December 31, 2021. Cathy…
A: In the income statement, revenue from discontinued operations is shown along with its corresponding…
Q: 1) The following accounts and normal balances existed at year-end. Make the four journal entries…
A: A journal entry is the act of recording any transaction, whether one that is commercial or not. An…
Q: Based on experience, Margenta Bhd estimates that stages up to wiring, plumbing and door frame can be…
A: Here discuss about the details of the revenue recognition whether to incurred the point in time or…
Q: The carrying amount of an item of property, plant and equipment shall be derecognized 1. On disposal…
A: Assets- A company has a lot of resources, both monetary and non-monetary. However, only resources…
Q: Marshall Company purchases a machine for $240,000. The machine has an estimated residual value of…
A: Residual value, also referred to as salvage value, is the value of an asset at the end of its…
Q: A company acquired equipment for $150,000 by signing a $150,000 note payable. The $150,000 is…
A: Introduction: Financing activities include deals involving long-term liabilities, owner ’s equity,…
Q: Entries for Issuing No-Par Stock On May 15, Helena Carpet Inc., a carpet wholesaler, issued for cash…
A: Introduction: A stockholder is also referred to as a shareholder or an individual who owns at least…
Q: Ines Company consigned twenty five (25) calculators, with cost of P800 each, to Hola Company for a…
A: Under consignment sales one party gives their goods to another party for selling. The one who gives…
Q: The amount of cash received by Faura is
A: Consignment refers to an agreement between two parties in which the goods or merchandise are…
Q: At his bank, Davide put $25,000 into his Registered Retirement Savings Plan (RRSP). He lives in…
A: A retirement funds plan, or RRSP, is one that you create, which we then register, and to which you,…
Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…
A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…
Step by step
Solved in 2 steps
- Which of the following accounts should normally be classified as a current liability? Multiple Choice Dividends declared Deferred revenue Wages expense Accumulated depreciationQ:How is accidental loss of goods treated in final account in case: a: Goods had not been insured or Goods have been insured and the insurance company has claims associated with it.Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciation
- Which of the following situations does not base an accounting measure on a present value? Prepaid insurance , leases, pensions or sinking fundsWhich is a valid statement regarding recognition of liabilities? a. A non-interest bearing note is initially recognized at face value. b. A provision should not be recognized for future operating losses. c. For accumulating compensated absences, an entity should recognize the expense and related liability during the period the absences are incurred by the employees. d. The estimated future costs of supplying awards for customer loyalty program shall be recognized as an expense in the period the award credits are availed of by customers.When a loss contingency is recognized, where is it reported on the income statement?
- Describe when and how a net operating loss carryforward and a net operating losscarryback are recognized in the financial statementsWhich of the following items is not being considered in the computation of recovery percentage of unsecured creditors without priority? a. Assets reserved for fully secured credits b. Assets reserved for partially secured credits c. Unsecured portion of partially secured liabilities d. Assets not used as collateral for any liabilityWhich of the following is a characteristic of a current liability but not a long-term liability? a. Liquidation is reasonably expected to require use of existing resources classified as current assets or create other current liabilities. b. Unavoidable obligation. c. Transaction or other event creating the liability has already occurred. d. Present obligation that entails settlement by probable future transfer or use of cash, goods, or services.
- 18. Which of the following contingencies is usually not accrued in the accounts? a. uninsured risk of property loss by fire or other hazardsb. guarantees of indebtedness of othersc. noncollectibility of receivablesd. agreements to repurchase receivables that have been soldA statement of affairs measures a deficiency – traceable to unsecured creditors without priority – as the difference between the estimated net realizable value of the assets and the amount due those creditors True or False41.Which of the following shall be taken into consideration when measuring and recognizing impairment loss on receivables?A. Past experiences on the collectability of the receivablesB. Present condition of the debtor, including the present economic environmentC. Future expectations based on information that are available without undue cost and effort a. A, B and C b. A and B only c. A only d. B only