Realization Test Principle/Theory.
Q: What are the three different kinds of income tax systems? (Explain each)
A: Income tax is a direct tax which is levied on the income. Taxes are the fees which are charged by…
Q: ITH THAT ANSWER
A: This question is related to the topic of basics of proof of cash and here there are multiple-choice…
Q: In 1989 Tom died and provided in his will that certain assets with a Fair Market Value of $6,100,000…
A: On the death of a person, all the properties he has are subject to estate tax and inheritance tax.…
Q: On June 30, 2020, Happy Corporation reported the following information: Equipment at cost…
A: On June 30 2020 Cost 30000000 Accumulated Depreciation 10500000 On Dec 31 2020…
Q: Dream Corporation is trying to improve its inventory control system and has installed an online…
A: As per Given Question, Ordering Cost = P4 per unit Carrying Cost = P1.008 per unit If Company…
Q: Accounting Why do expense and expenditures (only) sometimes equal each other?
A: Both the terms expense and expenditure are used in the accounting which refers to the costs done…
Q: Dream Corporation is trying to improve its inventory control system and has installed an online…
A: Economic Order Quantity represents the optimal quantity to be purchased while placing every order…
Q: A static budget report
A: Introduction:- A Static budget is forecast a fixed amount in sales, revenue and expenses over a…
Q: The following information has been extracted from the financial statements of Muggie Pty. Ltd., a…
A: Net profit is the net income of the business after considering all the expenses and all the incomes…
Q: A Worker's wage for a guaranteed 44-hour per week is $0.75 per hour. Estimated time to produce one…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: On January 1, 2021, Byrd and Gates own equally (nfty percent (50W) of the stock of Boudreaux…
A: The answer for the multiple choice question and relevant working are presented hereunder : Byrd and…
Q: The SEC notes, with respect to materiality, that Group of answer choices Professional judgment…
A: The auditor is responsible for forming an opinion on the financial statement audited. The auditor…
Q: - Active Auditor
A: An active auditor is an auditor who issues a list of audit messages related to the data files. The…
Q: The company's asset turnover is 0.9 payout ratio is 0.60 and price earnings ratio is 10, the…
A: Formulas: Asset turnover = Sales / Average total assets Payout ratio = Dividend per share / Earnings…
Q: Botiating to acquire Het assets öf Magenta Company. Purple is willing to pay goodwill computed by…
A: Under the super profit method of calculation of goodwill, first of all, super profit is calculated.…
Q: On January 1, 2021, Morrow Inc. purchased a spooler at a cost of $40,000. The equipment is expected…
A: Depreciation expense per unit = (Cost- residual value)/Total expected units to produce
Q: Compute NET Profit margin ratio Income Statement (SM) 2019 Revenue 372 12 Depreciation Other…
A: Lets understand the basics. Net profit margin ratio indicates the net income generated in compare to…
Q: Required: - general ledger
A: Ledger is a principal book that includes all the accounts such as Assets Accounts, Liabilities…
Q: What are the different type of income tax?
A: The answer for the question on the different types of income tax is discussed hereunder : Taxes are…
Q: Read the case study below and answer the questions that follow. Hendry Limited produces a…
A: Using absorption Costing, both fixed and variable manufacturing costs are included in the product…
Q: Lens Junction sells lenses for $44 each and is estimating sales of 15,000 units in January and…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: On March 1, 2021, a Philippine company sold merchandise to a foreign customer in Singapore dollars…
A: Foreign currency transaction should be recorded using the exchange rate prevailing on the date of…
Q: A and B were partners sharing profits and losses in the ratio of 3:2. They admit C for 1/5th share…
A:
Q: 28) Stockholders of a corporation directly elect A) the president of the corporation. corporation.…
A: Introduction: A stockholder is a person, business, or other entity who owns any quantity of a firm's…
Q: Amounts entered on the left side of an account in the journal are called what? Group of answer…
A: A journal record the business transaction with debit credit.
Q: Tala Nicole Dimaapi Valdez made a 2-month advance rent payment to Sunwoo Han on October 1, 2022. On…
A: Advance rent is the amount of rent received before the due date.
Q: esearch, development and e time was spent in actual ent office to be submitted
A: Any intangible asset developed internally should be recognized in the books of accounts if it…
Q: King Mattresses sells both mattress sets and bed frames. Last quarter, total sales were $62,000 for…
A: Total Return on Sales: Return on sales is a financial statistic that determines how well a firm is…
Q: Sun Manufacturing Company is negotiating a loan with AUS Bank, in order to purchase raw material.…
A: Here discuss about the details of the amount which can be determine the collateral securities which…
Q: Kate commenced business as a sole trader under the name “Mug Lover” on 1 December, 2020. Mug Lover…
A: Introduction:- Ledger is the process of transferring the entries from journal to particular ledger…
Q: 6. Prosperous Bank has the following data for the first half of 2018: 1" Qtr. P 4,000,000 2nd Qtr. P…
A: Gross receipts tax refers to the tax imposed on the compiled gross sales of a company without…
Q: B. While examining the accounts of Granny Co. on December 31, 2020, the following errors were…
A: Part1: Corrected Net Income of 2019 Unadjusted Net Income of 2019…
Q: Please solve part B
A: In case of liquidating contribution, partner's basis must be reduced to zero in all cases. Cash,…
Q: Required: a) Assuming that P 650,000 is available for the first distribution, show how the available…
A:
Q: Memphis Wholesale Market applies the lower of cost or net realizable valuation to individual…
A: The net realizable value is calculated as selling price minus costs to sell.
Q: What is the name of the system of accounting for recording transactions, based on recording…
A: Solution: Double entry accounting system is a system of accounting that ensures that every financial…
Q: The chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable,…
A: Services are provided on account. So accounts receivable is increased and fees earned is increased.
Q: i. Explain why the process costing approach is appropriate for this barbershop. ii. Calculate the…
A: A Local barbershop providing hair cutting services belongs to the service sector which is more of…
Q: What is a business owned by one individual called and the easiest legal form of business to organize…
A: Solution: Limited liability company, partnership and corporation needs more than one individual to…
Q: ) Appiah Company is a manufacturer of office desks. It uses a standard absorption costing system to…
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Please answer the number 2 problem. Thank you!
A: There are two type of cash balances that is being maintained in business. One is cash balance as per…
Q: Problem 1. Our company is considering investing $5 million in R+D for a new product. There is a 50%…
A: Part 1: Should we go ahead with R&D? The R&D cost is $5 millions. Even if the company is…
Q: Montana manufactures bookcases for colleges and universities to use in dorm rooms. Each bookcase…
A: Solution: Budgeted sales revenue for a month can be determined using formula = Budgeted Sales Units…
Q: Which of the following types of messages might the Active Auditor display? Question 9 options:…
A: The active auditor displays all the messages listed above. Warning messages alert potential…
Q: w accounts will be uncollectible en and selling costs are 78%, am me income taxes of 30% and a…
A: The company gives more credit period to increase the sales but the new credit policy will be cost…
Q: kindly post the solution to the question thanks
A: Total cost of the product comprises of material cost, direct labor cost, variable as well as fixed…
Q: The partnership accounts of Guess, Jag and Levis are shown below as of December 31, 2019. Profits…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Domebo Corporation has entered into a 8 year lease for a piece of equipment. The annual payment…
A: When payments are to be made at the beginning of each period, then it is called as Annuity Due…
Q: Which of the following are correct statements about the nontax characteristics of a charitable lead…
A: A charitable lead trust is an irrevocable trust designed to provide financial support to one or more…
Q: The BEP is 5000 units, the price per unit is P60 and the variable cost per unit is P20. What is the…
A: Formulas: Break even point = Fixed costs /Contribution margin per unit where, Contribution margin…
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