Pls indicate if the statements are true or false.
Q: From the following information on the income statement and the balance sheet, what is free cash flow...
A: Free Cash Flow: Following the payment of operational costs and capital expenditures, free cash flow ...
Q: Nicki Fenty Corporation manufactures a variety of beauty products in several departments and evalua...
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...
Q: 11. T, a 40% owner, has a basis in a S Corporation's stock of $12,000 and in a note receivable from ...
A: T, 40% owner has a basis in an S Corporation's Stock = $12,000 T, 40% owner has a basis in an S Corp...
Q: NA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after di...
A: The difference between estimated ending inventory and actual inventory available at storage house is...
Q: Consider the strategies used by your government, in the country your currently reside and current ma...
A: Answer:- Followings are some of the exchange rate policy managed by government:- 1. Floating exchang...
Q: 00. The following information is ma Product B Product C Proc P1,650,000 P1,700,000 P1,50 825,000 780...
A: Cost of goods sold refers to the expenses involved while the goods or services provided by the compa...
Q: How much is the budgeted balance for Accounts Payable at October 31, 2022?
A: Account payable means the amount owed by business to outsider for the goods received and services r...
Q: Compute for the net sales that would be reported in LIVA company's Income Statemen
A: Net Sales are the total Sales after all adjustments made for any discounts made available to custome...
Q: 1. How much is the annual deposit to the fund? 2. How much is the fund balance as of December 31, 20...
A: Balance at the end which is required at the end of the specified period, the investor or company hav...
Q: ONETTE Company uses the FIFO approach in stimating its inventory. The following information is made ...
A: The cost of ending inventory is calculated as difference between cost of goods available for sale mi...
Q: The unearned rent account has a balance of P36,000. If P4,000 of the P36,000 is unearned at the end ...
A: Adjusting entries are recorded in the books in order to add the correct effect of transactions in th...
Q: Tveslor Elliot buys shares of stock A for $10,000, while investor Michael takes a short -osition in ...
A: Solution Note : As per Q&A guideline we are required to answer first question only . Please repo...
Q: How much shall be reported as interest income for 2022? 90,000 96,836 120,000 129...
A: Interest Income - It is the amount of money paid by the borrower to the lenders on the amount of mon...
Q: On January 1, 2022. TGIG sold equipment with historical cost of P10,000,000 and accumulated deprecia...
A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the an...
Q: products reports Company Value. On December 31, 2021, IJUN reported an inventory of P5,500,000 and a...
A: As per accounting standard of inventory valuation Inventory should be values at cost of Ner realizab...
Q: Sandy Company owns 15,000 of the 100,000 ordinary shares of X Corporation. The investment is account...
A: Answer: If she opted to receive cash instead of share dividend, then she will receive deividend @ P2...
Q: How much were the discounts lost?
A: Solution Concept Discount term 3/10 net 30 means that if the payment is made within 10 days of invoi...
Q: t the date of financial statements, ordinary shares issued would exceed ordinary shares outstanding ...
A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question...
Q: Ending Inventory at Cost 739,160 Goods Available for Sale at retail 3,930,000 16,000 48,500 Sales Di...
A: Under Retail Method, the cost to income ratio is calculated using the following formula: Cost to Inc...
Q: ment for the month ended August 31st, the owner’s equity statement and a Balance Sheet as at that da...
A: a) The trial balance is given as, PARTICULARS DEBIT CREDIT CASH 123036 CAPITAL 150000 S...
Q: A. White Castle Company makes miniature circuit boards that are components of wireless phones and pe...
A: Solution: A (i): Inventory Turnover Ratio: Formula = Cost Of Goods Sold / Average Inventory Hence: 1...
Q: Homeyer Corporation has provided the following data for its two most recent years of operation: ...
A: All indirect expenses involved during the manufacturing process are referred to as manufacturing ove...
Q: LO 2.2Rose Company has a relevant range of production between 10,000 and 25,000 units. The following...
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...
Q: Problem 18-7A Required Compute the weighted-average contribution margin without the new equipment. B...
A: Solution Contribution = sales - variable cost . Break even point in composite units = fixed cost / c...
Q: 9. Diorio Corporation keeps careful track of the time required to fill orders. The times recorded fo...
A: Delivery cycle time is the span between the acceptance of an order to the delivery of the item to th...
Q: CASE 2-32 Break-Even Analysis for Individual Products in a Multiproduct Company L02-5, LO2-9 Cheryl ...
A: Product Selling price per unit Variable expense per unit Contribution Margin per unit Vel...
Q: At the beginning of the school year, Katherine Malloy decided to prepare a cash budget for the month...
A: Cash budget refers to a document which is prepared to estimate cash inflows and outflows for a speci...
Q: Transactions for the Flounder Company, which provides welding services, for the month of June are pr...
A: Flounder company provides Welding services. The question requires to provide the journal entries for...
Q: 4. A company had supplies worth P15,000 in its unadjusted trial balance at the end of the year which...
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is pr...
Q: Sheffield Limited uses the average cost formula in a perpetual inventory system. Fill in the missing...
A: Perpetual inventory system is the one whereby the inventory records are maintained on regular basis.
Q: (a) Mr. Talukder retired very recently receiving 70% lump sum of his total retirement payment of 5 M...
A: a). To see whether the decision was right or not, we need to calculate the return he was able to ear...
Q: Choose
A:
Q: d. On February 28, 20x2, a building with carrying amount of P1,800,000 on December 31, 20x1 was tota...
A: Here asked about the various situation which are reflecting the ending balance of the net profit whi...
Q: YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after d...
A: Cost of goods sold = Sales / (1 + markup) Estimated ending inventory = Inventory on hand, February ...
Q: At the end of 2018, ABC Company has 18,000 shares, P 20 par ordinary shares that were all issued at ...
A:
Q: Morris County's general fund has the following balances as of the beginning of 2020, pertaining to u...
A: Solution A journal is a company's official book in which all business transactions are recorded in c...
Q: The following items were presented for the purpose of determining comprehensive inc Profit for the y...
A: Comprehensive income refers to the income which includes net income as well as unrealized income lik...
Q: The following tables contain financial statements for Dynastatics Corporation. Although the company ...
A: Solution Balance sheet is a statement of business assets , liabilities and owners equity as of any ...
Q: YES Partnership started operations on January 1 , 2016 with the following capital balances : Yves P8...
A: Profit Sharing Ratio (PSR) is the ratio in which partners distribute their Profits and Losses and ot...
Q: Ending Inventory at Cost 739,160 3,930,000 Goods Available for Sale at retail Sales Discount Net mar...
A: Answer) Calculation of Net Sales Net Sales = Gross Sales – Sales Discount Net Sales = 2,843,000 – 16...
Q: LAVARN Company sells milled rice in Isabela Province. On September 15, a flood destroyed the company...
A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit ratio
Q: Computing the Proceeds from the Sale of Notes Receivable Below are several customer notes receivable...
A: Maturity Value = Face Value of Note + Interest to Maturity Proceeds = Maturity Value - Discount All ...
Q: Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total co...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: The rate of interest actually earned by bondholders is called the Select one: O a. effective rate. O...
A: Solution Concept If the coupon rate of bond is greater than the market rate of interest , bond is pr...
Q: Several items are omitted from the income statement and cost of goods manufactured statement data fo...
A: Direct materials used= Materials beginning + materials purchased - materials ending Total manufactur...
Q: Stellar Inc. sells an irrigation system that cost $184,000 to McGraw Company for $365,000 on March 2...
A: The question is based on the concept of Financial Accounting.
Q: Maria Addai has been offered a future payment of $750 two years from now. If she can earn an annual ...
A: PV = FV / [(1+r)^n] PV = Present value FV = Future Value = $ 750 r= interest rate = 6.5% n= no. of y...
Q: Beauty Spa & Co. manufactures a specialised luxury spa that is supplied to five-star hotels around t...
A: The budget is prepared to estimate the requirements for the future period.
Q: Hepson Company is specializing on sale of printers and related gadgets, including ink cartridges. Th...
A: Discount lost = Total discount available if the payment were made within 10 days - cash discount tak...
Q: Elsinore Electronics is a decentralized organization that evaluates divisional management based on m...
A: It is given that, Home sells to outside price- $72 Units – 89000 Labour hour – 3 Direct labour cost ...
True or False
Pls indicate if the statements are true or false.
1. The dividends paid by the subsidiary are completely eliminated from the consolidated financial statements because only dividends paid to the parent company stockholders represent a distribution of consolidated net assets.
2. The worksheet eliminations remove the recognition of the investment in the subsidiary from the parent’s financial records.
3.
Step by step
Solved in 2 steps
- Answer with true or false. 1. The computation of consolidated retained earnings do not include non-controlling interest. 2. The investment in subsidiary account is recorded in the separate financial statement of parent entity. 3.Which one of the following statements is incorrect with regards to non-controlling interests? 1. Non-controlling interests can be calculated using the analysis of owners’ equity of the subsidiary. 2. The retained earnings total in the consolidated statement of changes in equity does not include the non-controlling interests amount. 3. Non-controlling interests reduces the profit of the owners of the parent in the consolidated statement of profit or loss and other comprehensive income. 4.Non-controlling interests are presented as an asset in the consolidated statement of financial position.A subsidiary's additional paid-in capital ledger accounts always are eliminated in the preparation of a consolidated balance sheet for the parent company and the subsidiary Select one: True False
- Consolidation accountinga. eliminates all liabilities.b. reports the receivables and payables of the parent company only.c. combines the accounts of the parent company and its subsidiary companies.d. all of the aboveHow is the Non-Controlling Interest displayed in a consolidated balance sheet? a. As a separate item in the stockholder’s equity section b. By means of a note to consolidated financial statements c. As a separate item between the liabilities and stockholder’s equity d. As a deduction from goodwill, if any e. Non-controlling interest is never presented in consolidated balance sheet.2. Statement 1: The dividends paid by the subsidiary are completely eliminated from the consolidated financial statements because only dividends paid to the parent company stockholders represent a distribution of consolidated net assets.Statement 2: Allocated excess/purchase differential amortizations are the allocation over time of the difference between the market value and the book value of the subsidiary’s assets and liabilities at the acquisition date. a. Only statement 1 is trueb. Only statement 2 is truec. Both statements are trued. Both statements are false
- Parents paid-in capital ledger accounts always are eliminated in the preparation of a consolidated balance sheet for the parent company and the subsidiary Select one: True FalseWhich of the following is incorrect regarding consolidated financial statements? A. Consolidation involves adding similar assets, liabilities, income and expenses of the parent and its subsidiaries.B. The subsidiary’s equity is eliminated and replaced with non-controlling interest.C. A parent is exempt from consolidation if it is in itself a subsidiary, its securities are not traded, and its parent produce PFRS consolidated financial statements.D. The consolidated profit pertains only to the parent.True or False Pls indicate if the statements are true or false. 1. The worksheet eliminations prepared subsequent to acquisition remove the allocated excess/purchase differential amortizations from the consolidated financial statements. 2. Allocated excess/purchase differential amortizations result in the Investment Income account disclosing the income that would have been allocated to the parent had the subsidiary’s financial records disclosed the market value of its assets and liabilities. 3.
- Answer with true or false. 1. The non-controlling interest is presented in the statement of financial position as an asset. 2. Foreign subsidiaries need not be consolidated in preparing the consolidated financial statements if they are reported as a separate operating group under segment reporting. 3. Consolidated financial statements is needed if the investor has significant influence over the investee company.Which of the following accounting treatments for costs related to business combination is incorrect? Group of answer choices The costs related to issuance of financial liability at fair value through profit or loss shall be recognized as expense while those related to issuance of financial liability at amortized cost shall be recognized as deduction from the book value of financial liability or treated as discount on financial liability to be amortized using effective interest method. The costs related to issuance of stock or equity securities shall be deducted/debited from any share premium from the issue and any excess is charged to “share issuance cost” reported as contract-equity account against either (1) share premium from other share issuances or (2) retained earnings Acquisition related costs such as finder’s fees; advisory, legal, accounting, valuation and other professional and consulting fees; and general administrative costs, including the costs of maintain an…Choose the correct. The noncontrolling interest represents an outside ownership in a subsidiary that is not attributable to the parent company. Where in the consolidated balance sheet is this outside ownership interest recognized?a. In the liability section.b. In a mezzanine section between liabilities and owners’ equity.c. In the owners’ equity section.d. The noncontrolling interest is not recognized in the consolidated balance sheet.