NEED ASAP
Q: Assessing a firm's overall solvency is best accomplished by evaluating current ratio Odebt to assets…
A: Solvency Ratio :— A solvency ratio is one of many metrics used to determine whether a company can…
Q: QUESTION 1 B. Suhaimi, a senior auditor in charge, is called upon to audit a client, Panda Motor…
A: Audit Risk Although the audit opinion declares that the financial reports are devoid of any…
Q: Mike sold the following assets during the current year: Painting Stamp collection Car Antique desk O…
A: Sale price of Painting: 2508 Cost price of Painting: 885 Sale price of stamp collection: 600 Cost…
Q: Casual Company entered in a franchising contract with a franchisee on January 5, 2021. The contract…
A: Casual Company entered in a franchising contract with a franchisee on January 5, 2021. The contract…
Q: Asset 3 Date PLANT ASSET RECORD No. Description Filing Cabinet Bought_January 3, 2001 Date Estimated…
A: The formula for Annual Depreciation Expense using the Straight-line depreciation method: Annual…
Q: Heather will receive $13,000 at the end of every year for the next 15 years as a payment for a new…
A: PV analysis = Present value analysis help to find out the aggregate Cash Flow associated with…
Q: What characteristics of a plant asset make it different from other assets? Why does GAAP require…
A: Introduction: A plant asset is a group of assets that are used in a manufacturing process, such as a…
Q: How much is the Continuing Franchise Fee Revenue to be recognized in 2021?
A: Given in the question: Royalty 5% Franchise Outlet opened May 1, 2021 Average…
Q: nstructions: The audit profession is considered one of the important professions for society due to…
A: The audit professional bodies play a critical role in society and the best way to understand their…
Q: What are c Post-audit Tasks?
A: Post-audit tasks are required for some SORs who have not successfully demonstrated adherence to the…
Q: The following information pertaining to X Co.'s manufacturing operations: Inventories March 1, 2021…
A: The total cost of a product is calculated and it comprises various components which are required to…
Q: Required: a. What is the total manufacturing cost assigned to Job 413? b. What is the unit product…
A: Manufacturing Cost = Total Cost which is Incurred to Manufacturing the product. Total Manufacturing…
Q: QUESTION 5 A. You work as a manager at Fynn & Partners, an audit firm that provides various services…
A: Issues while accepting contract with Client The auditor needs to look into the client's background,…
Q: What is the unearned interest income on January 1, 2022?
A: Given in the question: Lease term (in Years) 8 Annual Rental Payable in advance 767600…
Q: Which one of the following normally has a net debit balance? A. Contributed capital that is in…
A: The accounts prepared in the accounting system usually have two kinds of balances, debit balance and…
Q: Analyze the capital gains and the growth in share price for the five year period.
A: Total equity shares = 4,000,000 / 0.40 = 10,000,000 shares Right shares = (10,000,000 / 4) * 2 =…
Q: How much is the net income in 2021?
A: Net income refers to the income amount or value which is earned through the business or entity…
Q: Compute the cost of ending inventory for the best selling purse based on the following:
A: Special Identification Method: The Specific identification method identifies the cost of each item…
Q: Discuss the above situations regarding the conflict of interest, treats of independence, and…
A: It is given in the question that Rusdi, who is the senior manager at Gucci and Company which is a…
Q: 1.Dale, a senior accountant, references the company’s accounting statements as the basis for a…
A: Budget :— It is the estimated plans for revenue and expenses for specific future period. Shedule…
Q: Milano Gallery purchases the copyright on a painting for $480,000 on January 1. The copyright is…
A: Copyright :— A copyright is the Legal Privileges given to Owner to Publish & Sell. Copyright…
Q: The present worth of a multiyear investment with all positive cash flows (incomes) other than the…
A: Minimum acceptable rate of return (MARR), is the minimum required rate of return or target rate that…
Q: Smatter Corporation purchased land for a new building. Which of the following costs would not be…
A: Introduction: Plant assets are fixed assets with a useful life of more than a year that a company…
Q: For the diagram shown, the respective values of n for the following equation are: PO =100( P/A, 10…
A: Present Value represent the worth of money that we will get in the future years. For computing…
Q: Determine the net present value of the investment in the machine. 2. What is the difference between…
A: The net present value refers to the present value of cash flows at different times by taking…
Q: B, C D are partners in a firm. Their Balance Sheet as on 31/12/2021 is as follows: Liabilities R.O…
A: Calculation of amount payable to the legal representative of C Particulars Amount (R.O) C's…
Q: Calculate earnings per share. Earnings per share = $Answer b) Calculate the dividend yield.…
A: Earning per share :— It is the value of earnings available to equity shareholders per number of…
Q: a. Radiant Age Berhad acquired 30% of the ordinary shares of Glitter Berhad on 1 January 2022.…
A: One firm can gain control of another by acquiring or owning common stock. If one firm purchases a…
Q: 1. Write the total revenue equation. 2. Write the total cost equation. 3. Determine the breakeven…
A: Total Revenue is the total sale proceeds of the goods sold by the Entity. Total Cost is the sum of…
Q: Please answer all three sunbparts
A: Formula Contribution Margin Ratio = Net Profit Ratio/Margin of Safety Ratio Variable Ratio = 1 -…
Q: gross income MINUS adjustments to income EQUALS adjusted gross income adjusted gross income TABLE…
A: An itemized deduction seems to be one that is subtracted from your AGI in order to minimize your…
Q: A. If i buy a car from a dealership for $27000 with 2.5% paying monthly for a total of 3 years how…
A: Future value :— It is the value of present money in the future date. Future value = Present Value…
Q: Exercise 8-7 Cash Budget [LO8-8] Garden Depot is a retailer that is preparing its budget for the…
A: Cash Budget :— It is the budget made by company to estimate the flow of cash & cash equivalents…
Q: Sam (Jessica's husband) home has a replacement value with a deductible. A couple of years ago he…
A: Total amount reimbursed = amount of loss x amount of insurance actually carried /( 80% x replacement…
Q: TB MC Qu. 5-63 (Algo) Manufacturing overhead: Metal Company Metal Company budgeted $564,000…
A: The traditional method of overhead allocation is based on a predetermined overhead rate. The…
Q: Obrey Company uses the direct write-off method. March 11: Dexter determines that it cannot collect…
A: Solution Obrey Company is using write-off method. The following are the journal entries for the…
Q: QUESTION 4 A. An internal auditor needs to be competent, capable and objective if their services are…
A: Internal Auditing The purpose of internal auditing is to offer value and enhance an organization's…
Q: An engineer for a mining company is called upon to examine a mining property which is for sale and…
A: During the first year, the risky mine will produce $50,000,000 worth of ore. The ore that is…
Q: What is the firm's net income in the current year? (5547.00?) What is the firm's dividend…
A: Profits earned by the Companies is transferred to the Retained Earning Account. Retained Earnings…
Q: Required: 1. Prepare Comparative Statement 2017, 2016 & 2015 (Increase, Decrease) 2. Prepare…
A: Comparative statement is a form of analysis under which we compare the financial figures of the…
Q: Fresh-start accounting must be adopted by certain debtors emerging from chapter 11 bankruptcy. When…
A: Fresh start accounting is a method of accounting used by organizations that have just emerged from…
Q: The following items are related to Berjaya Bhd's financial statements for the year ended 30 June…
A: Change in accounting estimates or an error states the results from new information or new…
Q: PROBLEM 7-6 Bin Tai Fung entered into a franchise agreement with CAFamilia on January 1, 2019. The…
A:
Q: Callaho Inc. completed the following petty cash transactions during May and June in 2014 May 1: Drew…
A: Petty cash :— It is the amount of fund used for the payment of small day to day expenditures.…
Q: Fast Wire Incorporated manufactures a scrambling device for cellular phones. The main component of…
A: The productivity ratio can be calculated by dividing the number of phones manufactured by total…
Q: How about these questions: 1. how much is the Net Income (Loss) in 2021? 2. assuming the…
A: Lets understand the basics. For calculating requirement, we need to use below formula. Net income…
Q: Operating profit earned by M/s Arora & Sachdeva in 2016-17 was $ 17,00,000. Its non-operating…
A: Introduction: The amount of money your business produces over a certain time period after deducting…
Q: During the most recent month, the company started and completed two jobs--Job B and Job K. There…
A: Pre Determined OH :— A predetermined overhead rate is an allocation rate that is used to apply the…
Q: Li Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal,…
A: The cash receipts journal follows the basic rule of accounting, which states that you should debit…
Q: Raylan received a $69,000 cash advance payment on June 1, Year 1, for consulting services to be…
A: The process of recording business transactions in the books of accounts for the first time is…
NEED ASAP
Step by step
Solved in 2 steps with 2 images
- Lime Co. incurs a $4,000 note with equal principal installment payments due for the next eight years. What is the amount of the current portion of the noncurrent note payable due in the second year? A. $800 B. $1,000 C. $500 D. nothing, since this is a noncurrent note payableEntries for installment note transactions On January 1, 20Y2, Hebron Company issued a 175,000, five-year, 8% installment note to Ventsam Bank. The note requires annual payments of 43,830, beginning on December 31, 20Y2. Journalize the entries to record the following:Proceeds from notes payable On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of 150,000. A. Determine the proceeds of the note, assuming the note carries an interest rate of 10%. B. Determine the proceeds of the note, assuming the note is discounted at 10%.
- Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Comprehensive Notes Receivable On January 1, 2019, Seaver Company sold land with a book value of 23,000 to Bench Company. Bench paid 15,000 down and signed a 15,000 non-interest-bearing note, payable in two 7,500 annual installments on December 31, 2019, and 2020. Neither the fair value of the land nor of the note is determinable. Benchs incremental borrowing rate is 12%. Later in the year, on July 1, 2019, Seaver sold a building to Hane Company, accepting a 2-year, 100,000 non-interest-bearing note due July 1, 2021. The fair value of the building was 82,644.00 on the date of the sale. The building had been purchased at a cost of 90,000 on January 1, 2014, and had a book value of 67,500 on December 31, 2018. It was being depreciated on a straight-line basis (no residual value) over a 20-year life. Required: 1. Prepare all the journal entries on Seavers books for January 1, 2019, through December 31, 2020, in regard to the Bench note. 2. Prepare all the journal entries on Seavers books for July 1, 2019, through July 1, 2021, in regard to the Hane note. 3. Prepare the notes receivable portion of Seavers balance sheet on December 31, 2019 and 2020.Non-Interest-Bearing Notes Payable On November 16, 2019, Clear Glass Company borrowed 20,000 from First American Bank by issuing a 90-day, non-interest-bearing note. The bank discounted this note at 12% and remitted the difference to Clear Glass. Required: 1. Prepare the journal entries of Clear Glass to record the preceding information, the related calendar year-end adjusting entry, and payment of the note at maturity. 2. Show how the preceding items Would be reported on the December 31, 2019, balance sheet. 3. Next Level What is Clear Glass Companys effective interest rate?
- MAGIGING CPA AKO Co. uses the installment method. MAGIGING CPA AKO Co.'s records show the following balances: Installment Receivables - Jan. 1, 2020 0 Installment Sales 1,000,000 Cost of Sales 800,000 Installment Receivables - Dec. 31, 2020 600,000 How much is the realized gross profit for the year 2020? How much is the deferred gross profit on December 31,2020?65. Borrowed P100,000 by issuing a 1-year note with 7% annual interest to Century Savings Bank on October 1, 2021. What is the adjusting entry on December 31, 2021? A. Debit: Interest Expense and Credit: Interest Payable P1,750 B. Debit: Interest Expense and Credit. Interest Payable P7,000 C. Debit: Interest Expense and Credit: Interest Payable P3,500 D. Debit: Interest Expense and Credit: Interest Payable P5,250The following data for Roco Corp. Are available for 2021: Installment accounts, receivable 12/31/21 100,000 Installment sales for 2021 350,000 Gross profit on installment sales 40% 1. Using the cost recovery method of reporting installment sales, the realized gross profit for 2021 is 2. Using the installment method of reporting installment sales, the realized gross profit for 2021 is
- on June 8th Alton Co issued in 62700 8% 120 Day note payable to seller Co. Assume that the fiscal year of seller co ends june 30. using a 360 day year in your calculations, what is the amount of interest revenue recognized by seller in the following year? When required, round your answer to the nearest dollar.1. FDN Trading received the following promissory notes from various customers during 2020 in the course of selling its merchandise: One-year 20% note for P103,000 Four-month 12% note for P85,000 180-day 18% note for P80,000 All these notes were collected at their maturity dates during the year. How much is total interest income to be recorded by FDN Trading during 2020? 2. On November 1, 2021, FDN Trading accepted a 90-day, 8% P4,000,000 note from ABC Co. FDN immediately discounted with recourse the note to a bank that offers a 12% discount rate. FDN assumes the interest expense associated with this transaction. How much interest expense should FDN Trading debit on its records? Calculate the total interest expense and NOT the net interest expense. 3. The total assets of the business amounted to P1,500,000 and liabilities amounted to P200,000. The owner withdrew cash amounting to P70,000. How much is the total liabilities and owner’s equity after the withdrawal?17 Assume that on 15th January 2019 Mustafa and Sons LLC sold OMR 15000 goods to Ibri traders on credit. As the amount is too large, the company asked Ibri traders to give Promissory note and Ibri traders accepted to give 90 days’ promissory note by mentioning 10% annual interest. Compute maturity date and maturity value of the notes receivables. ( Assume 28 days for the month of February and 360 days in a year) a. maturity date April 17th and Cr maturity value OMR 15375 b. Maturity date April 17 and Maturity value OMR 15000 c. Maturity date May 15th and Maturity value OMR 15000 d. Maturity date April 15 and Maturity value OMR 15375
