23. TRUE or FALSE: Partnerships are tricky and are sometimes difficult to know if one exists. Group of answer choices True False

Q: Question 4 Mr Johnson has just retired at 65 with a defined contribution pension pot £125,000. He is…

A: Annual Pension of Mr. Johnson will be as follows :  At the age of 65 years,  If the pension pot of £…

Q: Glenn is an accountant who races stock cars as a hobby. This year Glenn was paid a salary of $80,000…

A: Introduction:- The following basic I formation as follows under:- Glenn have hobby of races stock…

Q: Why did you put 2019 and 2020, when all expenses incurred in 2021 or 2022?

A: Taxable income refers to the base upon which an income tax system imposes tax. In other words, the…

Q: Sales budget data for Paige Company are given in BE9.2. Management desires to have an ending…

A: Solution: Budgeted production units is computed as = Budgeted sales units + Desired ending inventory…

Q: 17 I: The primary purpose in preparing pro-forma financial statements is for cash planning.  II:…

A: Statement I is False Pro forma, a Latin term that means “for the sake of form” or “as a matter of…

Q: Under the installment method of liquidation, the partner with least cash priority is

A: Liquidation is the process through which the company or the partnership business liquidates the…

Q: wing is information on two alternative investment projects being considered by Tiger Company. The…

A: Net present value is difference between the present value of cash flow and initial investment. It…

Q: Melissa, an individual, owns a business and has the following assets in service at the end of 2021.…

A: Total Cost Recovery Cost recovery ratio. Because it is the ratio of fare income to total operating…

Q: Looking from a managerial perspective, why would a firm use a balanced scorecard in evaluating…

A: A balanced scorecard (BSC) is a strategic management performance metric used to identify, control…

Q: Select the journal entry that represents a bond issued at 102. Select one: Cash Discount on bond…

A: If Bonds having face value of $ 100 are issued at $ 102, it can be said that bonds have been issued…

Q: In preparation for the quarterly cash budget, the following revenue and cost information have been…

A: Cash receipts means the amount of cash that is to be received by the entity from sale, services or…

Q: Educator's Training and Assessment Center Income Statement December 31, 2018 Revenue: PHP 9,033,305…

A: Income statement:  It is a  financial statement which shows the income and expenditure of an…

Q: In Step 1, operating income. I understand where the 84,000 comes from but where does the 6,000 come…

A: Solution: Return on investment is computed as = Net operating income / Average operating assets…

Q: Sy Co. has the collection schedule of 65% during the month of sales, 15% the following month, and…

A: Lets understand the basics. Cash collection schedule is prepared by management to know the cash…

Q: John is the manager of a small computer sales and support chain. He has stores located throughout…

A: Here discuss about the details of the fraud which are committed in the financial reporting system…

Q: Gobozana Limited has a receivable from its parent Ntuli Limited. Can this receivable be separately…

A: Accounts Receivables: The amount of money that is owed to a company by its customers for products or…

Q: The following are forecasts of sales and purchases for KWANGYA Company: Sales Purchases April…

A: Cash payment is the amount of money paid in order to recompense the expenses.

Q: Devil Red Corp. has the following items in the stockholders' equity portion of its statement of…

A: " Since you have posted a question with multiple sub-parts, we will solve the first 3-sub parts for…

Q: Which of the following elements are used in calculating Costs in a Flexible Budget?   a. Budgeted…

A: The flexible budget performance report is prepared to compare the actual data with flexible Budget…

Q: The maximum amount of Work opportunity tax credit in 2021 is a) 24,000 b) 6,000 c) 2,400 d) None…

A: Work opportunity tax credit which is also written as WOTC, is a federal tax credit which is given to…

Q: I: Vertical analysis all accounts are presented as percentage of total assets in Balance sheet II:…

A: Vertical analysis means the analysis which is done with the figures of one financial year. For…

Q: What is a trial balance?

A: The accounting is a process to classify the transactions, record the transactions and post the…

Q: RYN steel works bought an innovative equipment for steel beam manufacturing. The company expects to…

A: Present worth = Future value / (1+r)^n

Q: On November 10, 2014, Flash Trucking Services started its operation with its location in Baguio…

A: Journal entries represent recording day-to-day business-related transactions that are in monetary…

Q: The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as…

A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…

Q: ds of a domestic corporation: 2018 2019

A: Taxable income is the income on which an individual calculates tax after all deductions in a given…

Q: A fixed asset costing $80,000 and having an estimated salvage value of $6000 has a life expectancy…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: The operating expenses is deducted from Gross profit but the company should figure out which are the…

A: Operating expenses are the costs incurred in connection with the daily running of business.

Q: 48.ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on…

A: The highest cash discount possible is 3%.

Q: Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales…

A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shown…

Q: Erin, an lowa resident, has a personal auto policy with liability limits of $20,000/$40,000/$15,000…

A: The limit under Lowa insurance policy is $20,000/$40,000/$15,000. This means that limits for bodily…

Q: HRMG 3400 LTD Lab Activity_ Vocabulary: Qualifying period, aka elimination period, aka waiting…

A: The face value of the insurance policy is known as the benefit volume. This is calculated using the…

Q: Select the journal entry that represents a bond issued at 102. Select one: Cash Discount on bond…

A: Bonds are issued by the company for raising finance. The interest on bonds is a tax-saving item and…

Q: Rules recently established by the Securities and Exchange Commission include a "say on pay rule that…

A: Shareholders are considered owners of the shares of the company. They do not participate in the…

Q: ven below is a list of balances of Raul Raul, a public company, as at 31 December x6. Debit Credi…

A: Financial statement is the statement which is prepared through the company at the end of period and…

Q: Distinguish between qualitative and quantitative decision analys

A: As per the guidelines, only one question is allowed to be solved so I am answering the 2nd question…

Q: Instructions Journalize the selected transactions. Selected transactions completed by Equinox…

A: Common stock represents the ownership portion of the stockholder over the business and its resources…

Q: On January 1, 2020, ABC Company reported the following shareholders' equity Share capital, 250,000…

A: The retained earnings is the accumulated profits for the number of years till date. The retained…

Q: Transaction Asset Liability Capital (g) The owner takes out $100 cash for his personal use.

A: Since basic accounting equation is Total assets = Total liabilities + owners equity

Q: Prepare the following: Post-closing Trial Balance

A: The question is related to Trial Balance. Trial Balance is the third stage of Accounting. After…

Q: P2. Coyote Company uses a flexible budget for manufacturing overhead based on direct labor hours.…

A: A flexible budget represents the budget prepared by the management by analyzing and considering all…

Q: Elna Company provided the following information for 200B: Sales 3,000,000 Purchases 1,900,000…

A: Price index shows increases of prices from one year to another year. This helps in calculating…

Q: Make a journal entries for the parent company

A: If the consideration paid is lower than the net assets value, then the difference will be treated as…

Q: i. If your predecessor ordered tricycle units, four (4) times a year i.e. 1000 units every quarter,…

A: Cost of keeping inventory which is the cost which are associated with the inventory of holding the…

Q: . A payment on account for $230 was credited t

A: A trial balance is used to test the arithmetic accuracy of the books as the sum of all debits should…

Q: NhyiraCapital Limited began research into the software it has used over a period. The software has…

A: Answer:-  Research and development expenses meaning:- The direct expenditures pertaining to a…

Q: 18. Which of the following statements is Incorrect? * The fair value of investment property shall…

A: Investment- Investment is defined as the purchase of an asset in order to generate income or capital…

Q: QUESTION 39   On January 1, 2020, ABC Company signed a three-year lease for the acquisition of…

A: Given: - Monthly lease payment: - $2,000 Number of periods: - 3 years * 12 months = 36…

Q: transaction asset liability capital we paid supplier $1900 by cheque

A: Paid to suppliers decreases the value of assets and and also the value of liabilities.

Q: ical   Surgical   Rehab   Rehab   Equipment   Supplies   Equipment   Supplies Selling price $ 260…

A: For applying the rule of lower  of cost or net realizable value , cost is the purchase cost of the…