How is the accounting treatment of an event that occurred on the date before the report was authorized for issue?

Q: Prince Rupert fish company buys and sells fishes. The following is the report for Prince Rupert fish…

A: Under Variable Costing Method, only the Variable Cost of manufacturing are considered while…

Q: 32. Determine the monthly breakeven sales in dollars before adding nachos. 33. Determine the monthly…

A: Aydesurv Company currently sells hot dogs. During a typical month, the stand reports a profit of…

Q: Use the Stockholders' Equity section of FSB's Balance Sheet to answer the questions below. FSB…

A: Answer 3) Calculation of Average Price per share of Preferred Stock Total Paid-in Capital = (Number…

Q: Mr. Hamed of Baltimore Company is contemplating to invest Samsung, Inc., a Korean based company. He…

A: ANSWER   )GAAP guidelines require businesses to prepare financial statements according to the…

Q: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year…

A: Formula: Return on plan assets = Ending fair value of Assets - Beginning fair value of assets +…

Q: A Co. is authorized to issue P5,000,000 of 6%, 10 year bonds dated July 1, 2021 with interest…

A: The premium on bonds payable refers to the amount received from the bondholders over the face value…

Q: Which of the following scenarios would be most appropriate for a Section 85 rollover?

A: Solution:- Section - 85 Rollover :- A section 85 Rollover is a special election field with the CRA…

Q: Dividend payments to shareholders are classified as A. Cash outflow for financing activities B.…

A: Cash flow statement (CFS) is the one which is used to report the cash flows of the entity.

Q: On December 1, 2000, Marimar, a lessee paid P 18.000 to XYZ Company representing the rent for 3…

A: An Unearned Revenue refers to an income collected before they have actually become due and is in the…

Q: er. (N. Melumad, adapted) Gormley Precision Tools makes cutting tools for metalworking operations.…

A: Operating income refers to the concept which evaluates how much a company's revenue will result in…

Q: Q1 (a) Identify each of the following cash items whether it is fixed cost, variable cost, sunk cost,…

A: Based on their nature, Cost can be classified as under: Fixed Variable Semi Variable  Sunk…

Q: • Balance per the bank statement in November 1 showed the amount of P 80,161 • Deposits of P 5,460…

A: given   Balance per the bank statement in November 1 showed the amount of P 80,161 Deposits of P…

Q: Over/Under: Alpha's bookkeeper made a mistake by erroneously recording a loan from Beta Bank as a…

A: Every transaction has dual effect on the accounting equation. Total Assets = Total liabilities +…

Q: Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and…

A: Taxable income is the base income, which we earn from various fields and we pay tax on it . The…

Q: Oceanic Company has 30,000 shares of cumulative preferred 2% stock, $50 par and 50,000 shares of $25…

A: Annual Dividend to Preferred shareholders = No. of preferred share outstanding x Par value per share…

Q: 6.The purpose of the ledger is to   a. Chronologically record the day’s transactions. b. Keep a…

A: A ledger is the summarized information from journal.

Q: 0/0,000. c. Cash repayment of loan obtained from a bank, P70,000. d. Cash disbursements for drawings…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: 10.Which of the following accounts would be increased with a debit?   a. Withdrawals account. b.…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Bretton Associates, a law firm, had revenue from two sources - $734 000 from fees earned, and $19…

A: The question is related to the Income Statement for the year ended July 31st,  2017.

Q: Benson Airline Company is considering expanding its territory. The company has the opportunity to…

A: Payback period is the time taken by an investment to recover the investment amount paid on an…

Q: Pretty Pillows, Mfg., manufactures silk throw pillows. Last month the company produced 3,890…

A: Direct costs: Direct costs are the amounts that can be easily traced in the production process. It…

Q: D6) Describe and explain the matters which the remuneration committee should consider when preparing…

A: Remuneration- Remuneration is the whole amount paid to an employee. It may contain a salary or…

Q: Salary Expense 70,500 Accounts Receivable 90,000 Accumulated Depreciation-Equipment 14,800 Supplies…

A: Formula: Net income = Revenues - Expenses

Q: The following information relates to EAZ Company for the year ended December 31, 2018: Raw materials…

A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…

Q: Differentiate between a profit center and an investment center

A: Profit center is a responsibility center where the manager is responsible for both revenue and costs…

Q: Majestic Aircraft Corporation is considering purchasing composite wing fixtures for the assembly of…

A: Net annual cash flow = Revenue per year - annual operating cost

Q: On January tof the current year, the furniture account had a balance of P 24.000 with accumulated…

A: Net book value of the assets = Total cost of the assets - Accumulated depreciation where,…

Q: ased a computer for $5,500 in cash. 5/12: Received cash for programming services performed,…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Shown below is the sales forecast for Cooper Inc. for the first four months of the coming year Feb…

A: Lets understand the basics. Management calculates the cash inflow and outflow so as to understand…

Q: What is the percent change from $499 to $299? 67% 16% 40% None of the above

A: The percentage change is calculated as change in value divided by original value

Q: Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500…

A: Income Statement is a part of Financial Statements. It includes all the revenues earned and expenses…

Q: A firm can use which method of financing for an acquisition structured as either an asset or stock…

A: In order to acquire an asset or stock, the firm can use the following financing option Either…

Q: Once the age and service requirements are met, an employee must begin participating no later than…

A: As per our protocol we provide solution to the one question only and you have asked two questions in…

Q: K. Corporation A43 in one of products. The company's A Department reports the following costs of…

A: It is a question of decision-making. Relevant costs are to be considered while making the decision.…

Q: Share premium is an income to the company. Select one: True False

A: Solution: Share premium is the amount in excess of par value received by the company on issue of…

Q: r preparation of the balance sheet. b. Ensure that the ledger is in balance for the start of the…

A: Post closing trial balances includes only permanent accounts . Permanent accounts are balance sheet…

Q: In community what are the examples of decisions or questions that can be supported by accounting…

A: Ans. Accounting information helps in decision making in many ways. Some of them are discussed as…

Q: A family friend has asked your help in analyzing the operations of three anonymous companies…

A: Formulas: Net operating income = Average operating assets x ROI Dollar amount = Average operating…

Q: n January 1, 2021, the Mason Manufacturing Company began construction of a building to be used as…

A: Solution: Under specific interest method, interest is capitalized firstly till the amount of…

Q: stion 3: What do by audit evidence ? What are you Unclerstand the poctors to be ansidered when…

A: audit evidence evidence that support and verify the information that has been provided by the…

Q: Pretty Pillows, Mfg., manufactures silk throw pillows. Last month the company produced 3,890…

A: Cost of goods manufactured: It means total manufacturing costs, including all direct materials,…

Q: On January 1, 2020, Toot Company sold a piece of equipment costing P1,500,000 with accumulated…

A: Basic Accounting  Non Interest bearing note, Valuation and amortization

Q: Revenues €800,000 Income from continuing operations Comprehensive income Net income 100,000 120,000…

A: Income Statement - Statement of Income in case of multi step income statement dividend into detailed…

Q: An employee earned $44,800 during the year working for an employer when the maximum limit for Social…

A: Formula: Social security tax amount = Earnings x social security tax rate

Q: d at the beginning of the year vely. A withdrawal of $2,000 at the end of 6 months, and ar

A: Discounting is a technique which is used to compute the present value (PV) of future amount by using…

Q: Levi is 27 years old and he saw a bank offering a time deposit plan with 6% interest. He does not…

A: The $20,000 is the future value and the required deposit today can be calculated with the help of…

Q: A device costs $20,000. After 7 years, it is expected to be worth $6,000. Using the SL method, find…

A: Given cost of asset = $20,000 Salvage value = $6,000 Life of asset = 7 years

Q: Is it right to avoid taxes as much as you can?

A: Taxation- The laws and regulations that govern the financial services industry are referred to as…

Q: 31.When a net loss has occurred, Income Summary is:

A: 31.When a net loss has occurred, Income Summary is: Ans - b. credited and owner’s capital is…

Q: Documentation is required in helping varying degrees of user sophistication in using the information…

A: Accounting software is the software which is used by the company or any business be it a small…