O payable to? b. On December 31, 2019, foreign currency contract value option amounted to? c. On December 31, 2018 net foreign exchange gain or loss amounted to? d. The January 30, 2019 expiration date, net foreign exchange gain or loss amounted to? e. The January 30, 2019, expiration date, foreign contract value option amounted to?
Q: thcheck Corp. manufactures an antacid product that passes through two departments. Data for June for…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax…
A: Deferred tax asset is the amount that represents the overpayment or the advance payment of tax, the…
Q: es Selected financial data regarding current assets and current liabilities for Duchess's Line, a…
A: CURRENT RATIOCurrent Ratio is the Ratio Between Current Assets & Current Liabilities.Current…
Q: Upon inception in 2019, AVX Corp. (AVX) set up its business in a small office building in Toronto…
A: The term "financial statement impact" describes the changes or impacts that a certain event,…
Q: Question A The basic needs standard for a family of four is $420.00. The total income for the…
A: The income refers to the money earned. The entity earns by providing goods and services. The…
Q: At the end of 2023, Payne Industries had a deferred tax asset account with a balance of $30 million…
A: Answer - Deferred tax assets arise when the tax amount has been paid to the department or has been…
Q: Plug Corporation holds 80 percent of Socket Company's common stock. The following balance sheet data…
A: Basic earnings per share (EPS) is a financial term that calculates the amount of profit given to…
Q: Eliminating Entries, Goodwill Polaris Company acquires all of the stock of SSC, Inc. for $60 million…
A: Elimination journal entries are used in accounting to eliminate inter company transactions between…
Q: Ms. Taylor Milden is provided with an automobile by her employer. The employer acquired the…
A: When an employer provides an employee with a company car that the employee can use for both…
Q: The IASB is made up of 24 members, and to issue a new standard, 51 percent of them must agree. True…
A: IASB means International Accounting Standards Board. It is a non-profit organization. It is…
Q: Selling price less estimated profit margin may be used to arrive at cost if this gives a reasonable…
A: The cost of the inventories which has been sold out by the company can be estimated and computed by…
Q: On August 1, Cairle Company's work-in-process inventory consisted of three jobs with the following…
A: A cost accounting system that involves tracking and allocating expenses to individual projects,…
Q: Logan and Jonathan exchange land, and the exchange qualifies as like kind under § 1031. Because…
A: Amount realized = Fair market value + cashA recognized gain is the amount of taxable income. A…
Q: Presented below is pension information related to Sheridan Company as of December 31, 2021:…
A: Pension expense is one of important employee benefit expense. This is generally paid at the time of…
Q: Crane, Inc. leased equipment from Tower Company under a 4-year lease requiring equal annual payments…
A: In the question, Crane Inc. leased the equipment for 4 years and made the leased payment of Rs.…
Q: The trial balance of Plano Company included the following accounts as of December 31, 2024:…
A: A single step income statement shows line by line the items of revenues costs and expenses with no…
Q: [The following information applies to the questions displayed below.] Carlberg Company has two…
A: Under weighted average method, cost per equivalent unit is calculated by adding the beginning work…
Q: included a number of proposals to make the child support system fairer Which of the following was…
A: The term "Child Support Package" refers to a group of legal changes made by the federal government…
Q: 9 Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility…
A: Flexible budget :— This budget is prepared to calculate budgeted costs on actual units produced. It…
Q: 9. The present value of a bond is also known as its face value. b) market price. c) future value. d)…
A: The present value of a bond is known as it's market value, whereasFace value is the value for which…
Q: A machine was bought on 3rd October 2015 for $20,000. It was sold for cash for $10,000 on 2nd…
A: Depreciation expense is charged against the cost of long-term physical assets. It is a method of…
Q: 2 QS 18-6 (Algo) Computing ending work in process inventory LO P1 Compute ending work in process…
A: SCHEDULE OF COST OF GOODS MANUFACTUREDSchedule Of Cost Of Goods Manufactured are those costs which…
Q: Required: Prepare any journal entries that are necessary on La Fondue's books to record required for…
A: Loss on Purchase Commitment
Q: Sophia's Restaurant served 5,500 meals last quarter. Sophia recorded the following costs with those…
A: The quantity of output that is generated has an effect on the variable costs that are incurred.…
Q: The following selected accounts and their current balances appear in the ledger of Fernandez Co. at…
A: Lets understand the basics.income statement is prepared to know the net income of the business. It…
Q: Shutterpics reported net income of $453 million in 2021 (tax rate 25%). The Company's capital…
A: Earnings per share is the ratio of net income available for the common shareholders divided by the…
Q: Using the adjusted trial provided below, prepare an income statement, statement of owner's equity,…
A: Income statement in the business shows all incomes and all expenses of the business and at the end,…
Q: How does the cash basis method of accounting benefit small business owners, if at all? Under…
A: "Since you have asked three independent questions, the first question was answered for you. If you…
Q: Mannassass Company manufactures chairs. The following information was given for the company: Units,…
A: The equivalent units are calculated on the basis of the percentage of the work completed during the…
Q: Compute bank B's new equity after bank A's failure.
A: “Since you have posted multiple questions, we will provide the solution only to the first question…
Q: In 2022, Liane Stanfield has net income of $102,000. This includes foreign non- business income of…
A: The foreign nonbusiness tax credit is the amount of credit that is available based on the amount of…
Q: Cliff, Jay, and Henry are partners who share profits and losses in the ratio of 40:30:30,…
A: It is an agreement between two or more parties to conduct the business and share the profits and…
Q: actor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount Oriole Corp…
A: The practice of identifying and disclosing lease transactions in a company's financial statements is…
Q: In New Zealand, what is GAAP? Select one alternative: O The space between the train and the…
A: GAAP stands for Generally Accepted Accounting Principles. It is the set of accounting standards and…
Q: The following condensed balance sheet is for the partnership of Gulian, Singh, and Zahiri, who share…
A: Liquidation is the process of closing a business and distributing its assets to claimants in…
Q: 14 DUFFLE Corp. had the following data ascertained before liquidation: Total book value of the…
A: Anything which are owned by the company are that means the ownership right is with the company then…
Q: 3-7. (Working with income statement and balance sheet) Prepare an income statement and a balance…
A: An income statement is prepared by the business entities so as to know how much amount of gross…
Q: Brite Ideas, Inc., mass-produces reading lamps. Materials used in constructing the body of the lamp…
A: FIFO METHOD :— Under this method, equivalent units is calculated by adding equivalent units in…
Q: Nokia Corporation is a global leader in providing integrated communications and electronic solutions…
A: Financial Leverage is one of useful leverage ratio being used in business. This is calculated by…
Q: Required information Substantive Procedures for Debt Read the overview below and complete the…
A: There are two different kinds of auditing techniques, These are:1. Test of Controls: Internal…
Q: Ivanhoe Clark opened Ivanhoe's Cleaning Service on July 1, 2022. During July, the following transact…
A: Income statement is the one which is prepared by the entity to determine the net income or loss. It…
Q: t of Atlanta Corporation’s financial statements at December 31, 2025, the chief accountant of the…
A: Non-current liabilities, additionally referred to as long-term liabilities, are commitments or debts…
Q: Date of purchase: January 1, 2021 Purchase price: P4,200,000 Principal amount: P4,000,000 Cash…
A: Financial Asset is asset that generates regular cash flow and held as investment or liquid asset…
Q: NSTSYN867 Company has a Components Division which produces parts for product divisions within the…
A: Variable costs are those costs which changes along with change in sales activity level. Fixed costs…
Q: full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each…
A: Journal entry refers to entries which records the transactions of the business into the books of the…
Q: 25. Vadel Inc., a Canadian public company, has 1,000,000 shares outstanding with a total PUC of…
A: Non-eligible stock dividends are the type of dividends that didn't qualify for lower tax rates as…
Q: Exercise 6-4 Alternative cost flow assumptions-perpetual inventory system LO2 Sport Box sells a wide…
A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…
Q: Listed below are 10 causes of temporary differences. For each temporary difference, indicate whether…
A: Temporary differences refer to the differences between the carrying amounts of assets and…
Q: A partnership is considering possible liquidation because one of the partners (Bell) is personally…
A: According to the question given, we need to prepare the statement of liquidation.Partnership…
Q: The account balances of Wildhorse Company at December 31, 2024, the end of the current year, show…
A: The allowance for doubtful accounts has normal credit balance. The allowance for doubtful accounts…
Step by step
Solved in 3 steps with 3 images
- 1. FDN Trading received the following promissory notes from various customers during 2020 in the course of selling its merchandise: One-year 20% note for P103,000 Four-month 12% note for P85,000 180-day 18% note for P80,000 All these notes were collected at their maturity dates during the year. How much is total interest income to be recorded by FDN Trading during 2020? 2. On November 1, 2021, FDN Trading accepted a 90-day, 8% P4,000,000 note from ABC Co. FDN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FDN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense. 3. The total assets of the business amounted to P1,500,000 and liabilities amounted to P200,000. The owner withdrew cash amounting to P70,000. How much is the total liabilities and owner’s equity after the withdrawal?Luna Company reported the following figures: 2020 2019 Net Credit Sales Account receivables at end of year $572,000 $38,700 $600,000 $46,100 Required: 1) Compute Luna's collection period of receivables for 2020. (Round to the nearest day) 2) Suppose Luna's normal credit terms for a sale on account are "2/10, n/30". How well does Luna's collection period compare to the company's credit terms? Is this good or bad for Luna Company?11. Record journal entries for the following transactions of Telesco Enterprises. Jan 1, 2018 Issued a $330,700 note to customer Abe Willis as tems of a merchandise sale. The merchandise's cost to Telesco is $120,900. Note contract terms included a 36-month maturity date, and a 4% annual interest rate. Dec. 31, 2018 Telesco records interest accumulated for 2018. Dec. 31, 2019 Dec. 31, 2020 Telesco records interest accumulated for 2019. Abe Willis honors the note and pays in full with cash.
- On June 8, Williams Company issued an $75,972, 6%, 120-day note payable to Brown Industries. Assuming a 360-day year, what is the maturity value of the note? When required, round your answer to the nearest dollar. Oa. $75,972 Ob. $77,491 Oc. $80,530 Od. $4,558 > Other fav tAt the end of 2020, the business has a notes payable with maturity value of TL60.000. The maturity date of the note is April 30, 2021. If the discount rate is 20%, which adjusting entry is made on December 31, 2020 by using maturity value method? a.TL4.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/P b.TL56.000 debit to 647-Discount Interest Revenue and credit to 322-Discount on N/ c.TL56.000 debit to 322-Discount on N/P and credit to 647-Discount Interest Revenue d.TL4.000 debit to 322-Discount on N/P and credit to 647-Discount Interest RevenueOn March 31, 2020, Company A issued 18% bearing note payable in ten semi-annual instalments every September 30 and March 31 starting September 30, 2020; P 5,0000,000. The market interest rate for this type of transaction is 10%. Get: Present Value/ Carrying Value Beg. Carrying Value December 31, 2022
- Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following:Customer nameTotal outstandingCredit limit0-30days31-60days61-90daysOver 90 days£ £ £ £ £ £A Ames 16 200 15 000 2 000 8 700 2 500 3 000B Bristow 18 300 25 000 18 300C Chen 4 700 4 800 2 000 2 700TOTAL 39 200 - 20 300 10 700 5 200 3 000Notes:• The company offers 30 days credit to its customers.• The credit is offered to the customers based on words of mouth• Ames is disputing the quality of some of the goods and refusing to pay, no decision hasbeen made yet (£3,000 over 90 days)• Chen has just put in an order for £5,000, he is a good friend of the directorRequired:What are the key points arising from the credit controller's review in respect of each trade receivable balance and what suggestions can be made to improve the aged analysis reportStarlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?On January 1, 2020, Company A issued 18% bearing note payable in ten semi-annual instalments every June 30 and December 31 starting June 30, 2020; P 5,0000,000. The market interest rate for this type of transaction is 10%. Get: Present Value/ Carrying Value Beg. Carrying Value December 31, 2022
- On January 1, 2019, Bank Nizwa issued CD in Muscat Securities Market which will mature in October 30, 2020. The CD pays 6% interest rate. Calculate the interest earned on this CD with face value(FV) of 50000. Assume all month to be of 30 days. Select one: O a. 1856.57 OMR O b. 1972.60 OMR O c. None of these O d. 1965.90 OMR Next page Windows bu 直 G a 4) ^On January 1, 2019, Bank Dhofar issued CD in Muscat Securities Market which will mature in October 30, 2020. The CD pays 8 % interest rate. Calculate the interest earned on this CD with face value of 100000. Assume all month to be of 30 days. Select one: a. None of these b. 4835.50 OMR C. 5325.40 OMR d. 5260.27 OMRQ4. National Bank of Pakistan agrees to lend Rs. 100,000,000 on September 1, 2020, if PepsiCo. signs a Rs. 100,000, 000 12.5%, four-month note maturing on January 1. Instructions Prepare the entry on September 1st. Prepare the adjusting entry on Dec. 31st, assuming monthly adjusting entries have not been made. Prepare the entry at maturity (Jan. 1, 2015).