n computing for the comprehensive income, the revaluation surplus will be deducted from the net inco

Q: purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping c...

A: Under FOB shipping terms of the shipment, Freight is to be borne by the buyer of goods. Therefore it...

Q: 6. Engineers who design cars for a car manufacturing company submit their timesheets. The entry to r...

A: Following entry will be passed to record direct labour cost incurred on job : Work in process inven...

Q: Rifle Co. is a distributing company selling toy guns to retailers at 10/15, 5/20, n/30 and it provid...

A: Answer) Under ageing of receivables method, the allowance for uncollectible accounts is calculated b...

Q: Theresa and Oliver, married filing jointly, and both over 65 years of age, have no dependents. Their...

A: Adjusted Gross Income: Adjusted Gross Income (AGI) is characterized as gross pay short acclimations ...

Q: Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on ...

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or ba...

Q: 0. Presented below is a list of items that may or may not be reported as inventory in a company’s De...

A: Solution Concept Goods on consignment is included in the inventory of the consignor Goods sold on in...

Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacturer would be consider...

A: Direct material cost is cost incurred in relation to material purchased for the process of productio...

Q: What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual...

A: Solution Concept FIFO method :  Under this method the goods in opening inventory is sold first LCNRV...

Q: ABC Company had the following capital structure during 2020 and 2021: Preference share capital, P10 ...

A: Answer) Calculation of Basic Earnings per Share Basic earnings per share = Earnings available for Co...

Q: \BC Company provided the following information about assets in Freestanding trees Land under trees 5...

A: Solution Biological assets means are basically the assets that are living and it includes living pla...

Q: Sheffield Corp. includes one coupon in each bag of dog food it sells. In return for eight coupons, c...

A: Given   2020 Bags of dog sold 520000 Leashes purchased 19000 Coupons redeemed ...

Q: We-Win Law Services received a payment of $56,000 as a retainer for a legal client for services to b...

A: Solution: Unearned revenue at year end will revenues unearned at the end of the year after adjusting...

Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follo...

A: Using FIFO method, goods Purchased first are to be sold first and ending inventory consists of goods...

Q: lex Company reported an impairment loss of P5,200,000 in its income statement for the year 2016. Thi...

A: Solution Given Impairment loss on 2016 5200000 Cost of building acquired 80000000 Da...

Q: The work in process inventories of Love Manufacturing, Inc. were completely destroyed by fire on Jun...

A: Introduction: The term inventory refers to both raw materials used in manufacturing and completed go...

Q: Rainbow Company has the following information pertaining to its biological assets for the year 2021....

A: Biological assets are measured at fair value less cost to sell. It is pertinent to note that biologi...

Q: P čôrporátióñ, ân SME, paid for a 90% inte The stockholders of S Company included share capita P1,00...

A: Consolidated financial statements are financial statements of an entity with multiple divisions or s...

Q: On January 1, 2020, Prospero Games Inc. granted stock options to managers and key employees under wh...

A: Employees stock option Plan Employees stock option plan which is considered to be the best option pl...

Q: . On January 1, 2019, Tarlac Company acquired a machine for P4,500,000. The machine has a useful lif...

A: Depreciation is a method of accounting that distributes the expense of a tangible or physical asset ...

Q: Net inc

A: Share in net income will be  For company S

Q: Dear Bartleby, Can you please assist with the horizontal model and calculations, thank you Permabil...

A: The journal entries are prepared to record day to day transactions of the business. The accounting e...

Q: The work-in-process inventories of ABC Manufacturing, Inc. were completely destroyed by fire on June...

A: Work-in-progress (WIP) is a product and supply management phrase that refers to partially finished i...

Q: Required information Problem 10-55 (LO 10-1, LO 10-6) (Algo) [The following information applies to t...

A: Solution Formula  Special basis adjustment = Basis in partnership interest - inside basis of partner...

Q: Conceptual Framework and Reporting Standard: Small and Medium Sized Enterprise 1. Certain topics ar...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: On January 1, 2020, JJ Company purchased factory equipment for P3,000,000. Estimated useful life of ...

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...

Q: Wright Company's cash account shows a $30,100 debit balance and its bank statement shows $28,400 on ...

A: Sometimes the balance shows in the cash book and in the bank statement doesn't matches. In order to ...

Q: 18. The property, plant and equipment account of Toy Shop Manila was revisited by its property offic...

A: Answer : B. credit Loss from Derecognition, P350,000. Explanation: When PPE is to be derecognised, a...

Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity re...

A: Solution: Under FIFO method of inventory, inventory purchased first is considered as sold first. Und...

Q: 9. The balance of work in process inventory account as of December 31, of the current year of Purewo...

A: Balance of WIP = P480,000 Selling price = P450,000 Cost of completion = P10,000 Cost to sell = P5,00...

Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...

A: Calculation of percentage of current assets on total assets are as follows.

Q: Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accoun...

A: Allowance for doubtful accounts is considered as the contra asset account. It is used to decrease th...

Q: a. Prepare a vertical analysis of Midnight Enterprises' income statements. If required, round percen...

A: Solution:- a)Preparation of Vertical analysis as follows under:- Note:- Income statement vertical an...

Q: Andrea is depositing P4, 000 each month in an ordinary annuity that pays 2% interest compounded mont...

A: Monthly deposit amount (D) = P4000 Interest rate = 2% Monthly interest rate (r) = 2%/12 = 0.16666666...

Q: Mazie Supply Co. uses the percent of accounts receivable method. On December 31, it has outstanding ...

A: Doubtful Debts- Doubtful debts are those debts which a company or entity is improbable to be able to...

Q: tement of Cash Flows (Indirect Method) eWolff Company's income statement and comparative balance she...

A: Calculation of Change in Cash Flow during the year Change in Cash flow = Ending Balance of Cash Flow...

Q: Hunter Appliances sells refrigerators for $1,500, which includes a two-year warranty that requires t...

A: The first, systematic recording of all monetary business transactions is called a journal entry. The...

Q: Sandhill Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,490...

A: A comparative income statement is an income statement that deals with and compares multiple periods ...

Q: IMOlal WSPRS produces two types of metal lamps. Syracuse manufactures 19,000 basic lamps and 5,300 d...

A: Solution..   Direct labor hours per lamp  Basic =  0.60  Designer = 0.90  Units produced  Basic  = 1...

Q: Entity G acquired a 40% interest in Pokus Corp. for P1,700,000 on January 1,2021. The shareholders' ...

A: Equity Method: The equity method of bookkeeping is the most common way of treating interests in part...

Q: The following events took place for Collins Manufacturing Company during March, the first month of i...

A: Gross profit = Sales - Cost of goods sold Net Income = Gross profit - Total operating expenses Work ...

Q: An analyst expects a company to have AED 20,000 in total assets at year-end and AED 12,000 in liabil...

A: Formula: Accounting Equation: Assets =Liabilities + Owners equity

Q: n October 17, Nikle Company purchased a building and a plot of land for $836,900. The building was v...

A: Assets which comes in will be debited with their value. Assets which goes out or liability which is ...

Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door ope...

A: Cost variance is a disparity between the expense that was actually incurred and the expense that was...

Q: Required information [The following information applies to the questions displayed below.] Forten Co...

A:

Q: Journal Entry: 9/19 - Issued a 60-day, 5%, $22,500 note to a customer 11/18 - The note issued on 9...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: The Statement of Comprehensive Income for the year ended 31 December 2014 Parent plc Subsid plc 235,...

A: Introduction:- Individuals or enterprises (taxpayers) pay an income tax depending on their earnings ...

Q: At the end of October 2018, there were 9,000 units of a product manufactured by Renault Trucks. The ...

A: The two main techniques in costing to ascertain the cost and determination of income are marginal (v...

Q: Georgio Corporation has the following data as of December 31, 2021. Product C Product D Units Produc...

A: Inventory  refers to all the goods  and material  sold by the market to earn a profit.

Q: Q. In January, a company incurred a total product cost of $465,000, Conversion costs were 70% of ove...

A: The total product cost omprises of direct materials, direct labor and overhead cost. 

Q: Required: Prepare in a suitable form for publication, a. Income statement for the year ended 31st De...

A: