is the below correct? Requirement:-is statement correct? Statement of Profit or Loss For the period ending 30 June 2023 Account Name Revenue Other Revenue Interest Received Total Revenue Dr Cr 86,000 890 86,890 Expenses Advertising Expense 1,700 Depreciation Expense - Equipment 3,276 Phone Expense 1,228 Motor Vehicle Expense 4,590 Supplies Expense 52,104 Total Expense Profit (Loss) 62,898 23,990
Q: 1. Sold and issued 18,000 ordinary shares for cash at 90 per share to FAITH. 2. Sold and issued…
A: Treasury shares:The shares outstanding that are repurchased by an issuing company are known as…
Q: At December 31, 2023, Sandhill Corp's general ledger includes the following account balances:…
A: Intangible Assets to Include:Copyrights: $52,500Trademarks: $106,000Intangible Assets to…
Q: f Officer Ellis receives a tip from a reliable source that Jaidyn is dealing drugs out of her…
A: References: Fourth Amendment of the U.S. Constitution:…
Q: How much withholding tax on compensation will Near Eastern University. withhold on the salary of…
A: Income tax: The income tax refers to the amount that is paid by the taxpayer to the tax authority of…
Q: Garza Company had sales of $155,000, sales discounts of $2,325, and sales returns of $3,720. Garza…
A: Step 1:The net sales are computed by deducting sales discounts and sales returns from the total…
Q: Filimonov Inc. has the following information related to purchases and sales of one of its inventory…
A: Approach to solving the question: For ease of understanding, I have provided solutions in both text…
Q: Exercise 16-43 (Algo) Variable Cost Variances (LO 16-5) The records of Heritage Home Supplies show…
A: Part 2: Explanation:Step 1: Calculate the standard direct labor cost per unit of output:Standard…
Q: A company purchased $12,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping…
A: Step 1: Calculate the balance after the return Purchase$12,000Less: Purchase return 2,400Balance…
Q: am. 118.
A: The objective of the question is to prepare the operating expense budget for ABC Company for the…
Q: On September 1, 2023, Tipton Enterprises borrowed $400,000 on a mortgage to purchase land and a…
A: Calculate the balance in the Mortgage Payable account after the October 31 payment using Excel as…
Q: 2011 During 2011, its first yearof operations, Eli-Wallace Distributors reported pretax accounting…
A: Part 2: Explanation:1. Income Tax Expense on the Income Statement: - The income tax expense is…
Q: The following information is presented for Setlagole Catering, a business in providing luxury…
A: To calculate the net profit or loss made on the simultaneous liquidation of Setlagole Catering, we…
Q: A company purchased $9,700 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it…
A: Step 1:Computation of the amount due for merchandise purchase on payment date i.e. June 24:Amount…
Q: Whispering Company has a stock portfolio valued at $3,800. Its cost was $3,200. If the Fair Value…
A: Step 1:To prepare the journal entry at year-end for the given scenario, we need to adjust the value…
Q: None
A: When faced with the decision to make or buy a product, businesses must carefully evaluate the costs…
Q: None
A: Answer information:Step 1:1.Calculation of Estimated warranty liabilityEstimate warranty liability =…
Q: Widmer Company had gross wages of $309,000 during the week ended June 17. The amount of wages…
A: Step 1: Preparation of entry for payroll of the week.DateAccount Titles and…
Q: North Ltd. purchased a building in 20X5 for $1,450,000. Straight-line depreciation was used, with a…
A: The objective of the question is to calculate the depreciation expense for the year 20X8 under two…
Q: Determine the tax liability for tax year 2021 In each of the following Instances. In each case,…
A: "Since you have asked a question with sub-parts more than three, as per guidelines, the first three…
Q: Problem 13-62 (LO 13-2) (Static) In 2023, Nital (age 40) contributes 10 percent of his $100,000…
A: Step 1: Calculate Nital's annual contributions.His contribution: 10% * $100,000 = $10,000AY…
Q: Consider the following table for an eight-year period: Year T-bill return Inflation 123L 7.41% 8.59%…
A: The answer is shown in the following table:| **a. Treasury bills** | **Inflation rate** || --- | ---…
Q: am. 115.
A: Computation of the Net Present Value of the investment in the machine Given,Cost of the machine is…
Q: Sagar
A: Part 2: Explanation:Step 1: In this step, we find the reciprocals of the proportions of service used…
Q: Account$ 51,000Accounts payable$33, 700 Land Notes payable49,000Accounts receivable 71, 2000perating…
A: To determine the amount of owner's equity, you need to calculate the total assets and total…
Q: Garden Depot is a retailer that provided the following budgeted cash flows for next year: 1st…
A: Step 1: Show formula version of the solution sheet for a better understanding of the calculations:…
Q: For each of the following independent cases, fill in the missing amounts in the table: Note:…
A: Step 1:CaseDirect Labor Spending VarianceA= Direct Labor Rate Variance(U) + Direct Labor Efficiency…
Q: Dinesh
A: For the first option, the present value of receiving $74,000 immediately is straightforwardly…
Q: None
A: Step 1:Given:Sample size, n = 8MonthUnits ProducedMixed…
Q: ! Required information [The following information applies to the questions displayed below.] Greer…
A: To calculate Greer Utsey's employee share of taxes for the third weekly payroll of the year, we need…
Q: A company must decide between scrapping or reworking units that do not pass inspection. The company…
A: Scrapping the units will generate a revenue of $37,700.Reworking the units will incur additional…
Q: Maria Am Corporation uses the weighted-average method of process costing. The Baking Department is…
A: Cost of unit transferred out= Total cost to be account for - Cost of Ending WIP…
Q: Manufacturing Decisions Whenever the units manufactured differ from the units sold, finished goods…
A: Completing the Table (Question 1)Here's the completed table with operating income under absorption…
Q: Calculate the Taxes Payable for the following scenario assuming in all cases a $200,000 investment,…
A: Taxable Payable- Income tax payable is a liability reported for financial accounting purposes. It…
Q: Exercise 2-28 (Algo) Analyzing changes in a company's equity LO P1 Compute the missing amount for…
A: The above answer can be explained as under - The Equation for equity is explained as under - Ending…
Q: Urmila
A: Computation of the amount of revenue and gross profit (loss) according to the percentage of…
Q: 1 2 Stanley Manufacturing Company, which sold 16,000 units of product at $20 per unit, collected the…
A:
Q: Knowledge Check 01 Which of the following is not a benefit of self-imposed budgets?
A: The objective of the question is to identify a disadvantage or a non-benefit of self-imposed…
Q: None
A: Number of units available for sale :Beginning balance + Units purchased during the year= 50 +…
Q: aaa Ltd acquires 100% interest in YYY Ltd. On 1 July 2022 aax Ltd sells an item of plant to YYY Ltd…
A: 3. Adjust the carrying value of the plant in aaX Ltd's accounts: Dr. Accumulated Depreciation…
Q: Exquisite Homes Company is considering the acquisition of Condominiums, Inc. early in 2020. To…
A: Accounting classifies intangible assets as those that are not observable to the naked eye, that is,…
Q: None
A: Step 1:Computation of the contribution margin per unit on units sold to outside…
Q: Ladbrecks was founded by members of the Ladbreck family in the 1880s. The first store opened under…
A: Sales Impact AssessmentThe Percentage Change in Sales, depicted in Figure 1, showcases the temporal…
Q: None
A: Step 1: Determine the actual borrowing cost Step 2: Find the average carrying amountStep 3: Find…
Q: A company preparing for a Chapter 7 liquidation has listed the following liabilities: Note payable A…
A: Step 1: Calculation of Free assets after payment of liabilities with priority.Free assets…
Q: None
A: Maximum Gain:My previous explanation contained an error. The maximum gain of $60,400 is incorrect.…
Q: Own 1,000 shares of common stock from Milkshake inc which is an S corporation and has 100,000 shares…
A: TaxThe amount of money paid by the government on the income or gains earned by a company or…
Q: PROBLEM 1 Ms. Mabunina Mae Galisfa, a famous licensed lawyer, had the following transactions, in…
A: Part 2: Explanation:Step 1: Compute Output TaxOutput tax refers to the VAT collected from customers…
Q: None
A: VIKKAGE OF SEASIDE PINESENTERPRISE FUNDReconcilliation of Operating Income toNet Cash Provided by…
Q: On the first day of the fiscal year, Shiller Company borrowed $32,000 by giving a 5-year, 11%…
A: The objective of this question is to understand how to journalize the entries for the issuance of an…
Q: None
A: An evaluation of the applicability of Section 351 of the Internal Revenue Code (IRC) is necessary in…
Step by step
Solved in 2 steps
- On January 1, 2020, Beckham acquired a 2,000,000, 5 year bond, 10% bond for 2,169,329. Transaction cost is 4,500. The ongoing interest rate on the date of the acquisition of the bonds was 7.8859%. The fair value of the bond at the end of each year are listed below: Dec 31, 2020 Dec 31, 2021 Dec 31, 2022 101 98 105Use attachment to answer the following Assume all assets are operating assets; all current liabilities are operating liabilities. Return on net operating assets for 2006 is: a) 11.30% b) 11.03% c) 9.93% d) 11.19Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted? A. net income B. retained earnings C. EBITDA D. EPS
- 38. The current asset section of a balance sheet most likely will include: a. goodwill arising in a business combination accounted for as acquisition b. all deferred income taxes resulting from interperiod income tax allocation c. rent receivable for a security deposit on a lease d. a receivable from a customer not collectible for over one yearPrior (Past) service cost is included among OCI items in the statement of comprehensive income and thus subsequently becomes part of AOCI where it is amortized over the average remaining service period using a. U.S. GAAP. b. IFRS. c. Both U.S. GAAP and IFRS. d. Neither U.S. GAAP nor IFRS.Listed below are nine technical accounting terms used in this chapter:Unrecorded revenue Adjusting entries Accrued expensesBook value Matching principle Accumulated depreciationUnearned revenue Materiality Prepaid expensesEach of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer “None” if the statement does not cor-rectly describe any of the terms. a. The net amount at which an asset is carried in the accounting records as distinguished from itsmarket value. b. An accounting concept that may justify departure from other accounting principles for pur-poses of convenience and economy. c. The offsetting of revenue with expenses incurred in generating that revenue.d. Revenue earned during the current accounting period but not yet recorded or billed, whichrequires an adjusting entry at the end of the period.e. Entries made at the end of the period to achieve the goals of accrual accounting…
- Classify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired GoodwillPlease prepare a cost by nature/expense by nature income statement for the following points. In particular please explain whether point a) (first point) should be included in the income statement. In point a), Is there sufficient information for write-off expenses to be recorded in the income statement and should write-off of assets be included in the income statement? a) Write off (in minus) of short-term financial assets 9 000b) Other costs by nature 4 000c) Change in inventories of traded goods + 2 000d) Revenue from sale of building 50 000e) Income tax 10%f) Revenue from sale of traded goods 12 000g) Retained profits from previous years 10 000h) Accumulated depreciation of building 49 000i) Historical cost of building 102 000Calculate the EBIT which should be used for the EV / EBIT multiple given the information below: Net revenues Cost of sales Gross Profit Selling, general and administrative expenses Amortization expense Restructuring costs Acquisition-related costs Asset impairment charges Gain on sales of assets Operating income Interest expense, net Loss on early extinguishment of debt Other expense, net Income (loss) before taxes (Benefit) provision for income taxes Net income (loss) Select one: 1,394,8 1,444.4 1,474.3 S 1,419.6 5,248.1 1,746.0 3,502.1 2,027.8 During fiscal 2050, the company sold assets relating to the Cutey brand for a total disposal price of $29.2. The Company allocated $4.2 of goodwill to the brand as part of the sale. The Company recorded a gain of $24.8 which has been reflected in Gain on sales of assets in the Consolidated Statement of Operations for the fiscal year ended June 30, 2050. 79.5 86.9 174.0 5.5 (24.8) 1,153.2 81.9 3.1 30.4 1,037.8 (40.4) 1,078.2
- How is the valuation of cuIrent assets affected if the company follows IFRS? ( OValuation is based on historical cost. OValuation is based on market adjustments. OValuation is based on LCM accounting. O Assets are expensed immediately. Aliability created for receiving cash for future services to be provided is termed O service revenue. O estimated warranty payable. Ounearned revenue. Oaccrued liability.Also known as the historical cost principle, ________ states that everything the company owns orcontrols (assets) must be recorded at their value at the date of acquisition.A. revenue recognition principleB. expense recognition (matching) principleC. cost principleD. full disclosure principle29 - Which is operating expense?A) 632. General Administrative ExpensesB) 689. Other Extraordinary Expenses and LossesC) 657. Rediscount Interest ExpensesD) 660. Short Term Borrowing ExpensesE) 654. Provision Expenses