, Alaska Corporation purchased P1,000,000 10% bonds for P1,051,510 (including broker's commission of P20,000). Interest is payable an

Q: Weinsterin Inc. produces chemicals for large biotech companies. It has the following data for manufa...

A:

Q: 22. The account "wages payable" would appear in the income statement True O False 23. Buying goods a...

A: Solution In accrual accounting , expenses and revenues are recognized  in the period when they are e...

Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000 Allow...

A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit = S...

Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...

A: Formula: Raw materials used = Beginning inventory + Net purchases - Ending inventory

Q: The books of Spaghetti Company disclosed a cash balance of P691,720 on June 30. The bank statement a...

A: Sometimes due to certain reasons, the balance of the company cash book doesn't matches with the bank...

Q: Which of the following sentences regarding the statement of cash flows is false?a. The statement of ...

A: Cash flow statement summarizes the movement of  cash and cash equivalent that come in and go out of ...

Q: On January 1, 2022, Estrime Company purchases an investment property at a cost of P50,000,000 includ...

A: Solution Investment property is the property which is purchase by a person with the intention to ear...

Q: ase r

A: In this question, we have to solve different parts according to the question.  

Q: Jones Industries received $600,000 from issuing shares of its common stock and $400,000 from issuing...

A: A cash flow statement appears to be an accounting statement that summarises all cash inflows into a ...

Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in $30,00...

A: Cost of goods sold = Beginning inventory  + Purchases - Purchase returns and allowances  + Freight-i...

Q: The standard output time is 10 hours and rate per unit is 2 rials, Mr.Mohammed actual time taken for...

A: Standard time = 10 hours standard rate per unit  =2 rials  Actual time taken = 7 hours Time wages ea...

Q: Speedy Delivery Company provides next-day delivery across the southeastern United States.During May,...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Trotman Company had three intangible assets at the end of 2019 (end of the accounting year):   Comp...

A: 1. Amortization of Intangible assets have been correctly stated based On straight line method.   2. ...

Q: A credit sale of $3.600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...

A: Formula: Cash received = Sales amount - Discount amount

Q: Given the dual effects of accountable events, an decrease in an asset cannot possibly be accompanied...

A: Assets = Liabilities + Stockholders equity Every transaction has dual effect .  The question is rela...

Q: Use the following information to calculate total ending cash and equivalents: Beginning Cash and Equ...

A: Ending cash & cash equivalent will be equal to sum of beginning cash & cash equivalent and c...

Q: INCOME STATEMENT, SINGLE STEP INCOME TATEMENT AND BALANCE SHEET (EXTRACTS) Walmart Inc. is an Americ...

A: Note: As per the norms of Bartleby, only first 3 sub parts of the question can be answered in a sing...

Q: Cobb Company's accounting records show the following at the year ending on December 31, 2015: Purcha...

A: Cost of goods sold = Cost of goods available for sale - Ending inventory where, Cost of goods availa...

Q: Gelbart Company manufactures gas grills. Fixed costs amount to $16,192,800 per year. Variable costs ...

A: Lets understand the basics. Break even point is a point at which no profit/no loss condition arise. ...

Q: A layoff is considered to be temporary when: Multiple Choice The employee is encouraged to retrain s...

A: Temporary lay-offs happen when your employer doesn't have enough work, so they ask some of the workf...

Q: The following data were taken from the accounting records of Biko Lamps, Inc Balance at January 1, 2...

A: Using average method, the cost per unit is calculated as total cost of goods available for sale divi...

Q: Erie Company reported the following comparative balance sheets:                                     ...

A: Statement of cash flows forms a part of financial statements and is prepared with a view to ascertai...

Q: 1. Under a negotiated contract of Php 178M, a contractor actually spends Php 152M upon completion of...

A: Profit In accounting, profits refer to the actual money left out in the business after accounting fo...

Q: May 21st Transaction: Bought a laptop, paying $15751 cash as a down payment and signed a 8 month $52...

A:

Q: Euclid acquires a 7-year class asset on May 9, 2021, for $80,000 (the only asset acquired during the...

A: Calculation of cost recovery deduction are as follows

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A: The question is based on the concept of Cost Accounting.

Q: Following is the shareholders' equity section of the balance sheet of the Optimum Corporation: Share...

A: A common stock dividend is the dividend paid to common stock owners from the profits of the company....

Q: Gross profit rate based on cost 25% Accounts receivable, December 31, 2021 P 120,000 Allowance for b...

A: Account receivables are the amount which is to be received by the company from its customers. Allowa...

Q: January 3 Purchased equipment for $55000, paying $45000 in cash and signing a 10000, 4-month, 10% no...

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

Q: For Dingle Corporation, the following amortization table was prepared when $400,000 of 5-year, 7% bo...

A: Solution Journal is the company's primary book in which all business transactions are recorded accor...

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A: From this clue, we can say that Anita is not the owner of the utility stock and Tony is not the owne...

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A: Current Assets Total = Accounts Receivable + Trading Securities + Cash + Inventory + Prepaid Expense...

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Q: Determine the treatment of a loss on rental property under the following facts: Basis $650,000 FMV b...

A: Calculation of loss amount Particulars Amount FMV before the loss 800000 FMV after the loss 2...

Q: At what amount should the biological assets be recognized on December 31, 2022?

A: Biological assets are those assets which are having the feature of living like the cows and the plan...

Q: ullumber Markets imports and sells small bear-shaped piñatas. In planning for the coming year, the c...

A: preparation of contribution margin income statement are as follows

Q: In 2022. Windsor Ltd recelved a grant for 200 million to defray the cost of purchasing research equi...

A: Grants- Grants are financial assistance to institutions that are supporting some specifically stated...

Q: Superior Skateboard Company, located in Ontario, is preparing to adjust entries on December 31, 2020...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

Q: A business operated at 100% of capacity during its first month and incurred the following costs: Pro...

A: Under variable costing system, the inventory would consist of only variable expenses.

Q: equired: 1. A. Prepare a multiple-step income statement for the year ended December 31, 2016, concl...

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Q: An invoice of OMR 15000 with the terms 6/10, 3/15, n/30 is dated on June 15. The goods are received ...

A: Given: OMR 15000 invoice terms 6/10, 3/15, n/30 dated 15 June. June 23, such goods were received. B...

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A: To keep track of financial transactions, journal entries are utilized. You enter transaction informa...

Q: On January 01, 2022, DEF Company provided the following information:    Ordinary share capital, P5...

A: Diluted earning per share- Diluted earnings per share (EPS) informs existing equity investors of the...

Q: On January 15, 2020 bieber co purchased 30,000 shares of Hand Co. at $35 per share, paying $10,000 i...

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

Q: What is the present value of $73,000 in 11 years if the interest rate is 8% compounded              ...

A: Formula of Prsent value interest factor = 1(1+rm)m×t where; r = annual interest rate m = number of c...

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A: Direct Labor Variance: Direct labor cost variation is defined as the difference between the standard...

Q: double-entry bookkeeping system which of the following may be used as basis for ecognizing income an...

A: Double entry bookkeeping system is the system of accounting in which every transaction has effect on...

Q: Cobb Baseball Bats sold 45 bats for $50 each, plus an additional state sales tax of 6%. The customer...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: In the lecture video I used Lay's Potato Chips and an imaginary company (Smith Co.) as examples to e...

A: Process costing is an accounting technique under which all the products produced by a company have t...

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.