Haste Company another entity. Number of shares Cost 20,000 40,000 In 2020, the entity received 60,000 rights to purchase one 2018 2019 2,000,000 3,500,000 share at P80. Five rights are required to purchase the share. At issue date, rights had a market value of P5 each. The entity used rights to purchase 10,000 additional shares
Q: 1)Find the forecast for 2012 using the time series trend method. Period Demand 2007 200 2008 150 200...
A: Answer 1. Time series trend method:- Time series analysis basically refers to a subset of particula...
Q: Production data show 35,840 units were transferred out of a stage of production and 6,200 units rema...
A: Inventory is the accounting of commodities, component components, and raw materials used or sold by ...
Q: CHAPTER 20 /| FORECASTING CASH FLOWS 34 Example: A month-by-month cash budget in detail Now you have...
A: Cash budgets are prepared from operational budgets and capital funding and other programs. It is pre...
Q: On July 1, 2021, Focus Company purchased 30,000 shares of Eagle Company's 100,000 outstanding ordina...
A: The profit made from assets including property and investment securities is known as investment inco...
Q: What do you understand by Capital cost Allowances (CCA)? What is accelerated CCA? Also, can you expl...
A: Capital cost allowance A capital cost allowance is a form of depreciation of a capital asset used ...
Q: the auditor confirms the receivable of the entity to the entity's customers: a. existence b. compl...
A: The auditor collects the evidence to confirm the following financial assertions :- Existence Comple...
Q: Tenggiri Bhd (TB) began business at the start of the current year and maintains its accounting recor...
A: Given that, Tenggiri Bhd started business in the current year. There is no beginning finished goods ...
Q: a. Prepare a vertical analysis of Midnight Enterprises' income statements. If required, round percen...
A: Solution:- a)Preparation of Vertical analysis as follows under:- Note:- Income statement vertical an...
Q: Overview The purpose of this discussion is to give you practice calculating and interpreting percent...
A: Sales tax is the percentage of tax to be charged on the amount of the sales of goods or services to ...
Q: If you deposit 10, 000 in a bank account that pays 10% interest annually, how much will be in your a...
A: Amount after 5 years = P×1+rn Where, P = Principal amount i.e. 10,000 r = Rate of interest i.e. 10% ...
Q: Briefly explain any TWO (2) similarities between job order and process costing
A: Job order costing and process costing are two systems of cost accounting. In job order costing syste...
Q: ABC began operations at the beginning of the current year and keeps absorption-cost accounting recor...
A: Total units produced = Units sold + Units in ending inventory = 35,000 + 12,000 ...
Q: Complete Cash Flow Summ
A: Cash flow statement refers to the statements which reflect all the cash that comes and goes out of t...
Q: ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Manag...
A: 1) Predetermined overhead rate = Estimated manufacturing overhead/Estimated direct labor hours 2) ...
Q: Company discloses supplemental operating segment information. The following information is available...
A: Solution Total common expense = 1800000 + 1200000+ 600000+400000 . = 4000000. Total sale of the comp...
Q: Bee and Barney Mayberry have $71,500 in gross income and enough allowable deductions to itemize. Det...
A: Ans. B Form 1040 Bee and Barney can use form 1040, because they have enough itemize deduction and...
Q: Sales reported on the income statement were $690,000. The accounts receivable balance declined $39,0...
A: The account receivables are the current assets of the business and are recorded in the balance sheet...
Q: (2 pounds @ $13) (0.5 hours @ $42) Direct materials $26 Direct labor 21 /ariable overhead is applied...
A: Solution: Budgeted contribution margin per unit = Selling price - Variable cost per unit = $210 - ($...
Q: 2. The entry to assign the costs of indirect labor for the janitor responsible for cleaning the fact...
A: Let's understand the basic WHAT IS INDIRECT LABOR COST: Indirect labor is the cost of any labor tha...
Q: On January 1, 2021, Horton pays Damian a refundable deposit of $100,000 and agrees to four installme...
A: The accrual principle is one that suggests recording each expense and revenue in the period in which...
Q: sing the married filing jointly status and their income and expense statement, calculate the 2017 ta...
A: In 2017 the standard deduction for married filing jointly was $ 12,700....
Q: a. This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 201...
A: Gift tax due= $0
Q: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. ...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Markie is employed by Holy Cross as an ambulance driver with a salary of Php. 20,000 a month. In add...
A: Answer: Given Monthly salary = P 20,000 Meal= P 4500 Living quarters = P 2000
Q: How much is the adjusted cash balance as of June 30? In connection with your examination, the AB...
A: Solution Bank reconciliation statement is a summary of banking and business activity that reconcile...
Q: Make a Financial transaction worksheet that summarizes the effects of these transactions on the acco...
A: Solution Concept Accounting equation is expressed as Asset = liabilities + equity Assets include...
Q: Harry, Hermione, and Ron formed an S corporation called Bumblebore. Harry and Hermione both contribu...
A: The amount of your capital investment in property for tax purposes. The basisis used to figure dep...
Q: A heavy planner was purchased 12 years ago for P 50,000 with no salvage value. As the life of the pl...
A: A different method of depreciation: 1) SL method of depreciation: It is a method of calculating depr...
Q: YSL Corporation acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2022 for P...
A: Non-controlling interest is the position where the shareholders own less than 50% of the organizatio...
Q: In 2021, AAA made the mistake of not amortizing the Premium in Bonds Payable account. Indicate the e...
A: While issuing bonds for raising funds; market yield is analyzed and when the coupon rate provided on...
Q: PROBLEM 3 For each of the following, determine the missing amounts Sales COGS Gross Profit Operating...
A: 1) COGS = Sales - Operating expenses - Net income Gross profit = Sales - COGS 2) Sales = COGS + Gr...
Q: Hig-Tech Co is a successful company in developing the video games. Due to its popularity, the compan...
A: The question is related to Intangible of Assets. As per MFRS there are two phase in case of internal...
Q: José Ruiz starts a company that makes handcrafted birdhouses. Competitors sell a similar birdhouse f...
A: Planned Selling Price = Total Cost + (Total Cost X Markup)
Q: Compute ABC's cost of goods sold using absorption costing.
A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory: Begin...
Q: 1. For the Ski department only, prepare a departmental income statement. 2. & 3. For the Ski departm...
A:
Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...
A: Share in net income will be For company S Gain on sale of equipment $63,000 Net income from.operati...
Q: On July 1, 2017, Snow Corp purchases a sleigh (property, plant, and equipment) and agrees to make 10...
A: An asset is recorded at the original cost at the time of purchase. The initial cost paid by the buye...
Q: Explain the limitations imposed on itemized deductions, especially the 2% floor for miscellaneous it...
A: Deduction- A deduction is an amount allowed by the Internal Revenue Service that is subtracted from ...
Q: The inventory sheets as at 31/12/2021 put the value of inventory at GHS129,500. Allowance for doubtf...
A: Statement of financial Position as at 31st December, 2021 Liabilities Amount Assets Amou...
Q: P company bought 60% of common stock of S company on January 1, 20x4. On January 1 20x5, there was a...
A: Calcualtion of NCI share in net income of S in year 20x6: Net income of S in year 20X6 ...
Q: KYZ is a religious entity. The following summarizes some of the entity's ransactions for the current...
A: Answer: As per Q/A guidelines, first question has been answered. Please repost remaining questions. ...
Q: \BC Company provided the following information about assets in Freestanding trees Land under trees 5...
A: Solution Biological assets means are basically the assets that are living and it includes living pla...
Q: Campbell Bicycle Manufacturing Company currently produces the handlebars used in manufacturing its b...
A: The relevant cost per unit has been made as follows: Relevant cost per unit=Material per unit+Labor ...
Q: If you deposit money today in an account that pays 6.5% annual interest, how long will it take to do...
A: Future value factor required (FVF) = 2 Times Interest rate (r) = 6.5% Period = t
Q: Question 10 What is the value of total costs allocated to Job 1? Question 10 options: $240,00...
A: 10. Value of total costs allocated to Job 1 = 88,000 So, correct option is C. 11. Value of total cos...
Q: On January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker's commis...
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value o...
Q: Problem 2. The following transaction occurred during year 2022 for Z Corporation: 80,000 60,000 10,0...
A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...
Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...
A: Activity rate = Total cost of the activity / total activity Cleaning is based on hours. Job support...
Q: tate department of health is considering a public awareness campaign to encourage vaccination. It de...
A: Solution Formula for benefit cost ratio =present value or the benefit / present value of cost Discou...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- 12. On January 1.2020. Animosity Compony purchased 50000 shares of another enfify for P3,800,000. On October 1,2020, frie enfify ieceived 50,000 stock rghts Trom the investee. Each right entities the holder to acquire one share for P80. he market price of investee's stiares wos Pi00 mmediafely before fhe rights were- 15Sued and P90 immediotely ofter the rights were issued. On December 1.2020. ihe entity exercised aff stock rights. On Decembe 31,2020, the antity sold 25,000 shares at P90per share. The stock rights are not accounted for separately. If the FIFO approach is used.whatis the gain on sale of investment that should be recognized in 20207 a. 350.000 b. 300,000(A) For letters a to d, identify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: a. Dec. 1, 2020 - Bought 3,000 X Corp. shares at P200 per share. The total ordinary shares outstanding of X is 100,000 and each had a par value of P150. b. Jan. 1, 2021 - Bought an additional 15,000 shares of X Corp. for a total price of P3,800,000. The original shares are valued at P250 each. On the same date, ABC started providing essential technical information to X and that both corporations have an interchange of managerial personnel. Significant influence is established. There were no changes in the ordinary shares outstanding. c. Net income reported for the year by the associate was P2,500,000. Adjust net income with data from letter d. d. Dividends declared by X are P2,000,000. It has 90,000 6%, P100-par value preference shares outstanding which are cumulative and participating. No dividends were declared in the previous…Question: The total amount reported in 2019 profit or loss is? On January 1, 2019, an entity purchased 15,000 shares of another entity representing a 12% interest for P2,500,000. The entity elected to measure the investment at FVOCI. The investee reported net income of P3,000,000 and paid dividends of P15 per share in 2019. The fair value of the investment was P2.800.000 on December 31, 2019. On January 1, 2020, the entity paid P3,000,000 for 16.250 additional shares of the investee. The fair value of the 12% interest did not change on this date. The fair values of the identifiable net assets of the investee equal carrying amount of P15,000,000 on such date except for land whose fair value exceeded carrying amount by P3,000,000. For the year ended December 31, 2020, the investee reported net income of P6,000,000 and paid dividends of P20 per share.
- Question: The carrying amount of the investment on December 31, 2020? On January 1, 2019, an entity purchased 15,000 shares of another entity representing a 12% interest for P2,500,000. The entity elected to measure the investment at FVOCI. The investee reported net income of P3,000,000 and paid dividends of P15 per share in 2019. The fair value of the investment was P2.800.000 on December 31, 2019. On January 1, 2020, the entity paid P3,000,000 for 16.250 additional shares of the investee. The fair value of the 12% interest did not change on this date. The fair values of the identifiable net assets of the investee equal carrying amount of P15,000,000 on such date except for land whose fair value exceeded carrying amount by P3,000,000. For the year ended December 31, 2020, the investee reported net income of P6,000,000 and paid dividends of P20 per share.1. On January 3, 2020, Castle Corporation purchased the following equity securities as an investment: Number of Cost of Total Company Shares Share $20 Cost $ 8,000 24,000 600 ,7ב 400 2,000 800 B 12 22 These securities are classified as available for sale. Required: a. Prepare the journal entry to record the acquisition of the stock. b. On June 30, 2020, C Company paid dividends of $3.00 per share. Prepare the journal entry that would be used by Castle to record the dividend receipt. c. On December 31, 2020, the market values per share were: Company Market Value A $22 B 12 20 Prepare any journal entry or entries necessary to record these changes in market value. d. On March 14, 2021, Castle sold 800 shares of C Company for $18 per share. Prepare the journal entry to record the sale.SUKON Company acquired equity securities at the beginning of 2020. SUKON Company provided you the following information: Security. No. of shares Acquisition Cost AKO Co. shares 100,000 shares P5,250,000 AKO shares were acquired and were designated as financial asset at fair value through OCI. The shares were acquired at P52.50 per share which included a P2.50 per share transaction cost. Half of the AKO shares were sold at P58 per share on July 1, 2021. Fair value, Fair value, Dec. 31, 2020 Dec. 31, 2021 P55/share P62/share How much is the carrying value of the Investment on December 31, 2021? O 2,900,000 O 2,500,000 O 3,100,000 O 2,750,000
- 6. ABC Corp holds 1,000 shares of XYZ Corp.'s shares since 2019. The following are data available at Dec 1, 2020: Cost per share P3.00 Transaction cost per share (upon acquisition) P1 Most recent transaction price per share P2 Transaction cost per share (current) P.50 If ABC classified these shares as investment in stocks-FVOCI, how much is the adjustment for the change in fair value? FVPL 2,000 FVOCI 1,000 FVOCI 1,500 FVOCI 2,000In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVPL, how much is the unrealized gain in 2021?In 2021, Milka Company purchased an investment in equity securities. The related data of December 31, 2021: Security No. of shares Initial Cost Fair value Transaction cost A 6,000 P300,000 P295,000 P15,000 B 8,000 280,000 260,000 20,000 C 10,000 400,000 458,200 20,000 The entity sold 2,400 shares of Security B on January 5, 2022, for P82,500. If measured at FVOCI, how much is the net effect on retained earnings in 2022?
- Benevolent Company had the following transactions: 2020 Aug. 1Purchased 1,000 shares of Star Company for P60,000. Oct. 1Purchased 8,000 shares of Star Company for P560,000. 2021 July 1Purchased 6,000 shares of Star Company for P480,000. Oct. 1Sold 5,000 shares of Star Company for P500,000. Use FIFO. 2022 Feb. 1Received 50% share dividend.Nov. 1Received share rights to purchase one new share at P60 for every 5rights tendered. On this date, the right is quoted at P10. Dec. 1Sold all share rights at P15 per right. Required:a.Prepare journal entries to record the transactions using average and FIFO. The share rights are accounted forseparatelyIdentify how much to add or deduct from the Investment in Associate account of ABC based on the following transactions or events: Dec. 1, 2020 - ABC Bought 3,000 X Corp. shares at P200 per share. The total ordinary shares outstanding of X is 100,000 and each had a par value of P150.6. On January 2, 2020, Theodora Company purchased 40,000 shares of Byzantine, Inc. stock at P100 per share. Brokerage fees amounted to P120,000. A P5 dividend per share of Byzantine, Inc. shares had been declared on December 15, 2019, to be paid on March 31, 2020 to shareholders of record on January 31, 2020. The shares are designated as FVTOCI. On December 31, 2020 the investment has a fair value of P4,200,000. How much should be recognized in the 2020 other comprehensive income related to these securities? Group of answer choices P280,000 P200,000 P400,000 P80,000