Explain the IAS-10 (Events after reporting period).
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A: Lets understand the basics. Allowance for bad debt account is created by using percentage of the…
Q: Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing…
A: In the context of the given question, we are required to compute the answer to those questions.…
Q: O P40,040.00 O P42,140.00 O P2,100.00 P1,158.00
A: Introduction:- ABC costing means Activity based costing. It is used to allocation of manufacturing…
Q: Antolini Enterprises produces men's sports coats that are sold by popular department stores. Each…
A: The answer is stated below:
Q: Charles and Clement are partners with capital balances of P 24,500 and P 15.500, respectively. The…
A: The profit and loss on realisation is distributeed to parners in PSR ( profit sharing ratio) and…
Q: From the following information, furnished by Ms. Anucampa pertaining to the financial year ended as…
A: In the context of the given question, we are required to compute the total income of Ms. Anucampa…
Q: Boy Car Repair Shop started the business with total assets of P200,000 and total liabilities of…
A: The balance of capital at the year-end is determined by adding the capital invested during the year…
Q: Financial Statements of a Manufacturing Firm The following events took place for Rushmore Biking…
A: The material to be used in the production during the period becomes part of work-in-process besides…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: Theory concept: Net profit: Net profit is a income statement item. In income statement all the items…
Q: The following table shows the balances in the three main accounts of a country's balance of payments…
A: Current account = Capital account + financial account
Q: Which of the following is a question that might be answered by an MIS system? What are employment…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Task 2.3: Mann, Haney and Young are partners. Haney, who has a capital balance of $140 000, has…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common…
A: Under the equity method, consolidated balance of the investment will be the sum of its initial…
Q: Compute for the Economic order quantity, assuming the no of units of materials required annually…
A: Given: - Annual requirement=20,000 Ordering cost=29.00 Carrying cost=5.4
Q: Using Moving Average method compute for the June 20 cost per unit Date Transaction 01-Jun Inventory…
A: Under the moving average method of costing inventory, the cost per unit changes with every purchase.…
Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…
A: Formula used: Direct labor efficiency variance = ( Standard hours - Actual Hours ) x Standard rate
Q: Item Nos. 19 to 21 are based on the following information: Partners Bruce, Charlie, and Demi share…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Hi Tutor, Can you please write some comment for revised contribution margin I mean how it came and…
A: The difference between an actual measured outcome and a basis, such as a budgeted amount, is known…
Q: Response containing written narrative, figures, and charts. Milano Co. manufactures and sells…
A: The breakeven point is the amount of production at which a product's expenses equal its revenues.…
Q: 17. The total cash distributed to the partners in the first installment was: a. P 12,500. C. P…
A: Here discuss about the details of total cash distribution which are made to the partners at the time…
Q: The following transactions took place in May 2021. May 1-5C's began the business by investing P…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been…
A: Non cash assets means the assets other than cash and bank balances. Any amount received more or less…
Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…
A: Net profit is the amount the money made by your business after deducting all operating, interest,…
Q: ILLUSTRATE THE CASHFLOW DIAGRAM FOR PLAN R AND PLAN S A utility company is considering the…
A: Capital budgeting is a method to select either the most profitable or the least cost alternatives…
Q: ancis, Gary, and Joel are partners who share profits and losses in the ratio of 2:3:5. The partners…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: A company entered into the following transactions Match sach transaction with the appropriate…
A: 1. General journal - It records transactions relating to adjustment entries, opening stock,…
Q: Your firm plans on purchasing an existing rental property with a remaining service life of 30 years.…
A: The term "annuity" refers to insurance policies sold by financial organisations with the goal of…
Q: e-half of her equity. After the admission of Mitch, the total partners' equity in the records of the…
A: When a new partner purchases the existing partners capital share , it is a personal transaction and…
Q: whether this is a desirable investment by using the present worth method.
A: Present worth method means the difference between PV of cash inflow & Cash outflow. Decision…
Q: Cash Accounts Receivable Inventory Long-term Assets Accounts Payable Wages Payable Long-term…
A: Lets understand the basics. Working capital is capital required to run day to day business activity.…
Q: 1. Assuming there were no inventory transactions between the companies, what balance for inventory…
A: Option D - P210000 is correct Since the book value and the fair value of the assets/liabilities of…
Q: The FernRod Motorcycle Company invested $150,000 at 4.5% compounded monthly to be used for the…
A: The value of the investment (made in the current period) after a certain period of time would be…
Q: Using Use the data given in Exercise 12-9, except assume that on November 1, Sitco Products entered…
A: Speculation Forward Contract: The contract which pursue the counterparties to buy or sell an assets…
Q: Martinez Co. borrowed $69,589 on March 1 of the current year by signing a 60-day, 6%,…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…
Q: Sold goods to G George, invoice detailed 60 items @ R80 exclusive per item) Mark up is 150%.…
A: Sales=Units sold×Selling Price Cost of sales=Sales(100%+markup %)
Q: £900. There are two bidders. The dealer believes that there are only three possible values, £7,200,…
A: Bidders are buyers in a group, who are willing to purchase the commodity for which they bid…
Q: LP Corporation uses an activity-based costing system with the following three activity cost pools:…
A: Cost allocated to fabrication activity - Wages and salaries = P460,000 x 5% = P23,000 Depreciation…
Q: Joan, Joey, and Justin share profits and losses in the ratio of 3:2:1. As of June 30, the capital…
A: Lets understand the basics. Liquidation may happen voluntarily or by compulsion. when liquidation…
Q: Note: If E=P28,091.16 and N = P11,213.00, what is the value of D? E= Total Earnings D Deduction N =…
A: Formula: Net pay = Total earnings - Deductions All the deductions are to be deducted from total…
Q: Primrose Corp purchased a 70 percent interest in Starman Corp. on January 1, 2020 for P15,000,000…
A: Consolidated retained earnings refer to the total retained earnings of a whole group of companies…
Q: Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car…
A: The documentary stamp tax is a tax that is charged on the sale or purchase of the property. This is…
Q: Partners Soul and Mate who have been dividing profits and losses in 2 points the ratio of 3:2.…
A: First, we will calculate the loss on realization Particular Amount Capital Soul P40000 Add:…
Q: In a review engagement, the CPA issues a report with: a-moderate assurance. b-limited…
A: review engagement provides moderate level of assurance that the information subject to review is…
Q: Item Nos. 15 and 16 are based on the following information: On January 2, 200C, Glad, Happy, and Joy…
A: Ques 15: Joey's Opening Capital : 45000 Joey's Share of Cash : 7500 Hence, Joey's share of Loss on…
Q: On Sep. 1, 2010 Bros Company purchased 10000 of Handle production Ins.. %9 Bonds lace value 100 $…
A: The bond investment is recognized in the books of accounts at fair value adjusted by the transaction…
Q: Jennifer, the manager of Pharoah Company is given a bonus based on net income before taxes. The net…
A: The net income before tax is calculated as sum of net income and income tax.
Q: . On January 1, 20x1, ABC sold a used vehicle with a historical cost of P2,000,0000 and accumulated…
A: Carrying Amount is the book value of an Assest which is recorded in financial Statement . When the…
Q: Mixing Company manufactured 2,200 units of its only product during 2022. The inputs for this…
A: Partial operation productivity is a measure where the output of the production unit is to a single…
Q: The Ludel Company acquired the net assets of the Girl Conrad Company on January 1, 2018, and made…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Julie, Olga, and Yen were partners in JOY textile distribution business sharing profits and losses…
A: In the context of the given question, we are required to compute the final cash distributed to Yen.…
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