Comment on the current and potential impact of creative accounting and discuss its management methods.

Q: Fred is considering three job offers in advertising. • A full-time position as a coordinator that…

A: Social Security Tax: 6.2% Medicare Tax: 1.45% Federal Income Tax: 15% Average Sales: $100,000…

Q: Topper Toys has developed a new toy called the Brainbuster. The company has a standard cost system…

A: Lets understand the basics. Material price variance is a variance between the standard price at…

Q: Roberts Company produces two weed eaters: basic and advanced. The company has four activi- ties:…

A: Activity-based costing (ABC) is a way of allocating overhead expenses more precisely by attributing…

Q: A partnership in which a parent transferred a 40% interest by gift to a child generated a profit of…

A: GIVEN   A partnership in which a parent transferred a 40% interest by gift to a child generated a…

Q: Zoey Company produces a product that undergoes three processes and the completed items at end of…

A: Total Units to account for TUTAF (Total Units Transferred After Finishing) = 23500 units  Hence…

Q: Nixon

A: In this question, we have to find out the gain on the sale of the plant by deducting carrying cost…

Q: Determine the selling price for goods sold on credit

A: All other information are not required. Cost of goods sold on credit and profit percentage are given…

Q: For each of the following, give two examples of physical control that the client can use to protect…

A: Physical control includes how the organization prevents unauthorized use of the asset and also…

Q: Budgeted Income Statement Coral Seas Jewelry Company makes and sells costume jewelry. For the coming…

A: Gross margin = Sales - cost of goods sold Net income = Gross profit - operating expenses

Q: 2. Explain how information asymmetry causes market failure in the market for accounting information.

A: Accounting information is the information regarding the company of the financial statements and the…

Q: Which of the following describes the order in which the four types of budgets must be prepared?a.…

A: Budgeting is the process of estimation of expected revenues and expenses of the entity over a…

Q: Differential Analysis Operate Warehouse (Alt. 1) or Invest in Bonds (Alt. 2) July 1 Operate Invest…

A: Differential analysis shows difference between revenues and expenses of two alternatives. In this…

Q: You are considering two job offers: Job 1 is a full-time position that pays $58,000 annually and Job…

A: Pretax earnings are the earnings of a corporation after subtracting all operating expenses,…

Q: Income Statement (SM) 2019 Revenue 372 Depreciation Other Operating Expense 12 271 Income Before…

A: Formula: Net profit margin ratio: = ( Net Income / Revenues ) x 100

Q: Hodge Co. exchanged Building 24 which has an appraised value of $6,400,000, a cost of $10,120,000,…

A: Journal entries are the primary reporting of transactions occurring in the business.

Q: During 2012, Orly company purchased marketable equity securities as short-term investment to be…

A: Introduction Equity shares are the long term financing sources that is issues by company for meeting…

Q: On 1 January 2014, Lystra entered into a lease agreement with Trina to rent an asset for a 6 year…

A: As per IFRS 16, The lease liability ia to be measured at commencement date. It is present  value of…

Q: e answer within 30 min

A: In this question, we have to calculate deferred compensation under two different cases by using the…

Q: The day count convention used in PH Bond Market 30/365 Actual/365 30/360

A: 30/360 is the correct answer. The Day count convention is called Day Count Fraction and in laymen's…

Q: On 1/1/21, Elliott Company leased machinery with a fair value of $1,185,000 from Greene Corporation.…

A: Lease is an agreement between leaser and lessee in which leaser allows lessee to use her land…

Q: What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?

A: Tax evasion is a criminal crime that occurs when a person or business willfully fails to pay a…

Q: What is the amount of inventory on March 31 using the moving average cost flow technique? During…

A: Moving Average Cost method of Inventory Valuation is a method of Perpetual System i.e. the unit cost…

Q: At the beginning of the current year, Bert Company purchased a mineral mine for P26,400,000 with…

A: Lets understand the basics. Depletion needs to calculate when there is extraction of mineral…

Q: The following statement suits best the definition of ASSETS: O a. The assets are expenses incurred…

A: Assets are considered as the resources of the business used to run the daily activity of the…

Q: During 2020 Chua Company became involved in a tax dispute with the BIR. At December 31, 2020, Chua’s…

A: An accrued liability is an expense that a firm has incurred but has not covered yet.

Q: On 1/1/21, Elliott Company leased machinery with a fair value of $1,185,000 from Greene Corporation.…

A: The lease is an agreement in which the owner of the property referred to as the lessor transfers the…

Q: Using examples describe the following categories of e-commerce i.  B2C ii. B2B iii. C2C iv. G2C

A: E-commerce seems to be the purchase and sale of products or services through the internet, as well…

Q: FORD, INC., a dealer of household appliances, sells washing machines at an average price of P8,100.…

A: Current liability is described as the obligation which is to be paid within a period of one year.…

Q: The average and FIFO process costing methods differ in that the average method: a. Can be used…

A: ANSWER : An average cost method of process costing differs from the FIFO method of process costing…

Q: At the end of the month, the schedule of accounts payable (a list of ending amounts

A: In schedule of accounts payable,  name of vendor, invoice number, date of sale, due date of bills ,…

Q: shall be reported at what amount? The Bar Corporation applies the lower of cost or net realizable…

A: Accounting standard for valuation of inventory Valuation of Inventory shall be done as cost or net…

Q: Clarke Corporation placed in service the following assets over the last 6 years. The company didn’t…

A: The maximum amount of depreciation for any asset is the total sum of depreciation that should have…

Q: On July 1, 2020, Philip Company acquired the net assets of Shayne Company for a consideration…

A: The exact net fair value could not be ascertained on the date of acquisition. The net assets of…

Q: 1 Required: 2 Compute the following liquidity ratios for 2016. Round to the 3 required number of…

A: The ratio is used to establish a relationship between two variables. In accounting, ratios are…

Q: Which is typically not considered a crucial cost driver: 1. Marketing intensity 2. Capacity…

A: The cost drivers are used to allocate the costs of overhead to the number of produced units, in…

Q: On January 7, 2019, Rey Co., acquired a 35% interest in Joanne Co., for P4,300,000. Rey already held…

A: It is the excess of purchase price of a business over the fair market value of the business's assets…

Q: The beginning work in process inventory in the Assembly Department of the Love Company or March 1…

A: Work in process units means those units which are in process or not completed yet. Equivalent units…

Q: In the beginning of the year Fiji Co. entered into a contract with a customer which specifies that…

A: Revenue recognition is the recording of income in the records. Revenue recognition is very crucial…

Q: according to kaplan and norton, what characteristics/features make the balance scorecard so special…

A: Answer:-  Balanced Scorecard:- The balanced scorecard is basically an effective approach converting…

Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04,…

A: In the given question, A-one Supplies has offered a trade discount of 5% and 2%: It implies that…

Q: At the end of the month, the schedule of accounts payable (a list of ending amounts owed to…

A: Accounts payable is a part of current liabilities which shows the amount due to creditors in respect…

Q: Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to…

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

Q: OB. Large companies are the biggest contributors to the presidential eléclions IR the 88URly.

A: Tax incentive refers to a process of a country’s tax code that is designed to encourage economic…

Q: Complete the  FLASH TRUCKING SERVICES UNADJUSTED TRIAL BALANCE DECEMBER 30, 2014

A: Unadjusted trial balance is the summary of all general ledger account balances of the business…

Q: The sales journal records the daily transactions of a business pertaining to: O a. Sales…

A: Sales journal  records revenue from sale of  goods or services.

Q: The Matilda produces two products, Alpha and Beta, and uses the conventional method of allocating…

A: Activity based costing is one of the costing method under which all indirect costs are being…

Q: Anne LLC purchased computer equipment (five-year property) on August 29, 2018 for S36,000. Anne LLC…

A: Introduction:- Depreciation is expense, which is charged on fixed assets over useful life of the…

Q: In the trial balance the balances of accounts are classified as follows, except one statement: a.…

A: Trial balance is the list of all ledger accounts which is written in the debit or credit side…

Q: maximum profit u

A: Production level refers to the chances of an increase in the special requests of customers for a…

Q: vable retention must be included in the calculations for the collection period? True or false. If…

A: Account receivable retention is period for which the amount of time for which money is held by the…