What should be reported in a hyper-inflationary statement of financial position prepared on December 31, 2021, as the carrying amount of the equipment? A. ₱ 3,200,000 B. ₱ 9,240,000 C. ₱ 8,960,000 D. ₱ 7,800,000
Q: When a firm has no debt, then such a firm is known as: I) an unlevered firm; II) a levered firm;…
A: The debt-equity ratio, commonly known as the leverage ratio, is frequently used to assess a…
Q: Calculate the capitalized cost of a project with a P3,000,000 beginning cost and an extra P850,000…
A: Capitalized cost would be present value of all cost that are going to occur in future course of time…
Q: Ignoring income tax, by what amount should shareholders’ equity be increased for 2021 and 2022 in…
A:
Q: Labor-related overhead costs assigned to Model O are (E) a. $240,000 C. $217,000 $192.000 b $232.000…
A: Introduction:- The activity rate is calculated as estimated overhead (activity cost pool) by the…
Q: E3.17 (LO 2, 3) Total factory labour costs related to factory workers for Vargas Company during the…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: According to IAS 37 Provisions, Contingent Liabilities and Contingent Assets how much should…
A: Solution Concept As per the provisions of IAS 37 , if the outflow of resources is more likely than…
Q: On January 1, 2016, Pedro Reyes invested PHP250,000 on a delivery van. The car is expected to last…
A: Depreciation means the amount fixed assets written off due to normal wear and tear , normal usage ,…
Q: after she is told. Determine the cost of executing the assignment by each way based solely on salary…
A: The costs which are associated with the cost of work which are going to be done by the employee…
Q: 3- On 1/1: 500,000 shares of C/S are outstanding. 1/4, 100,000 shares are issued. 1/7, a 10% stock…
A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…
Q: When studying a project, the following variable costs were estimated for a normal production…
A: The Break-even point (BEP) indicates the level of sales (in units or value) that a company should…
Q: On January 31, 2022, RUBY Company agreed to pay the former president P300,000 under a deferre…
A: In the given question the company has not recorded compensation expense of P 300,000. Had this been…
Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…
A: Dilluted eps (Diliiuted earning per share) is used to calculate profitability of company on the…
Q: On January 1, 2018, CRIMSON Company purchased machineries for $10,560,000 and depreciated it by the…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:…
A: LIFO - Last in first out means all the purchases which have been purchased lately will be sold first…
Q: Projected benefit obligation 5,500,000 Unrecognized actuarial gain 850,000 The transactions for the…
A: The practice of assessing a long-term amount reliability or foreign exchange in a financial…
Q: The balance in the supplies account before adjustment on December 31, 2007 is $3,000. The amount of…
A: The supplies expense for the period = supplies account before adjustment on December 31, 2007 -…
Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…
A: Diluted earnings per share (Diluted EPS) : Diluted EPS is the company's earnings per share if all…
Q: How assets, liabilities, provisions and foreign exchange transactions are recorded in the books of…
A: Accounting is the process of recording a company's financial transactions. Summarizing, analyzing,…
Q: Refer to the previous item, what is the projected ROE under the restricted policy? Use 2 decimal…
A: Return on equity is the return which has been earned by the company and which are available to the…
Q: Indicate if the statement is TRUE or FALSE. Additionally, assess if the word "may" is the most…
A: IFRS 7 on statement of cash flow recommends how a statement of cash flow should be prepared and…
Q: Star Company provided the following data for the preparation of statement of cash flows for the…
A: Statement of Cash Flow - Statement of Cash Flow shows the movement of cash in the financial year. It…
Q: arts in three s
A: It is a process cost summaries showing the details of producing a product.
Q: iv) Why are two break-even points in the above diagram?
A: The vertical distance between TR and TC measures the profit or loss associated with any specific…
Q: Under which basis of accounting are revenues and expenses reported in the income statement in the…
A: Accrual Accounting - Under Accrual Basis of accounting revenue is recorded only if earned and…
Q: Clampett, Inc., has been an S corporation since its inception. On July 15, 2020, Clampett, Inc.,…
A: Answer:- Income definition:- In simple words income can be defined as the amount of money received…
Q: As of December 31, 2021, the books of GOV Partnership showed the following balances: G – P400,000; O…
A: For calculation of cash available to partner we need to calculate to Balance sheet before…
Q: 2. What should be reported in a hyper-inflationary statement of financial position prepared on…
A: The carrying value of the assets is inflated as per the inflation index to be shown in the…
Q: E7.1 (LO 1) (Determine Cash Balance) The controller for Wallaby plc is attempting to determine the…
A: Cash and cash equivalent represent the balances of accounts representing cash and bank-related…
Q: ter for rupees 50000. He invested rupees 80000 in PPF. One of his existing life insurance policy got…
A: The taxable income of taxpayers is the income liable to tax and it is the income used to determine…
Q: ____ are held for the purpose of meeting short-term cash commitments rather than for investment or…
A: Short term highly liquid investments that are readily convertible into known amounts of cash and…
Q: Find the maturity value on a loan of $2,500 at 11.5% interest, for 84 months. Use the formula MV =…
A: The maturity value of loan will be the aggregate of Amount of loan and Interest on loan.
Q: What kind of assets are relatively long-lived and depreciate over time?
A: Asset is a resource tangible or otherwise on which owner has control and benefits accrue to the…
Q: Calculate the cost of capital of the bond!
A: Cost of capital refers to cost of raising and using money Formula I(1-t) + (fv-np)n---------------.…
Q: What is the liability created by receiving revenue in advance called (before it is actually earned)?…
A: Revenue receipts in Advance is shown as unearned revenue.
Q: Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019 Account Title…
A: Liabilities are the obligation of the company that has to be paid by sacrificing the assets of the…
Q: If the four activity are used to allocate overhead costs, total overhead allocated to Job 500 would…
A: Overhead costs means all type of indirect costs being incurred in business either related to…
Q: ABC Corp showed the following information: Beginning inventory, 60,000 Purchases, 500,000 Purchase…
A: Cost of goods sold equals sum total of beginning inventory and purchases less the ending inventory ,…
Q: A 16 year old student orally entered into a 5-year contract of lease of car at a rent of P500/year…
A: A minor is someone who has not reached the age of majority. In the Philippines, the majority age is…
Q: Samsung, Nokia and Apple are partners who share P&L as follows: 45%:15%: 40%, respectively. The…
A: In case of liquidation of Partnership, the cash is distributed in the following sequence:…
Q: ANSWER IN 20 MINUTES Sunstar Manufacturing Company produces special kitchen utensils using the…
A: The cost of sales is the overall of all prices incurred withinside the manufacturing of an offered…
Q: Sophia and Anna are partners operating a chain of retail stores. The partnership agreement provides…
A: The agreement between/ among the partners must be to share the profits and losses of the business.…
Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…
A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…
Q: ABC Corp purchased goods on account from XYZ Corp for P10,000. Terms: 10%, 2/10, n/30 FOB Shipping…
A: Under net method, inventory is recorded in the books after taking the effect of any discount if…
Q: bl contr ntributes property with a $10,000 basis and a $60,000 book value to a partnership for 25%…
A: Partnership- A partnership is a business that involves two or more people who are equally…
Q: At the beginning of current year, BLACKPINK Company had 480,000 $60 par value ordinary shares and…
A: Diluted earnings per share (Diluted EPS) : Diluted EPS is the company's earnings per share if all…
Q: The balances of Paradise Travel Service's accounting equation items for the year ended May 31, 20Y6,…
A: Introduction: The balance sheet records every transaction since the beginning of the business and…
Q: How much is the cumulative effect of this change that should be reported in the income statement for…
A: The question is related to Change in Accounting Policy. Accounting Policy are the principles and…
Q: INCOME STATEMENTS Net sales COGS (excl. depr.) Depreciation Other operating expenses EBIT Interest…
A: Debt to Asset is a leverage Ratio that compares a company's total liabilities (both short-term…
Q: anies Act
A: The Companies Act 2013, which was passed by Parliament, received the President's assent on August…
Q: The following information pertains to Dallas Company. Assume that all balance sheet amounts…
A: return of shareholder's equity = (net income/ shareholder's equity) * 100 shareholder's equity =…
What should be reported in a hyper-inflationary
Step by step
Solved in 2 steps
- Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising 2020 2019Cash P150,000 P120,000Equity investment at FVPL 260,000 230,000AR, net 360,000 400,000Inventories 705,000 635,000Prepaid Expenses 130,000 128,000Accounts payable 182,000 136,000Other current liabilities 141,000 125,000Bonds Payable 200,000 200,000Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020? 30,000 800,000 Answer not given 140,000 700,000Aluminium Manufacturing Co., income for the year 2018 and 2019 were OMR 400,000 and 600,000 respectively. The following pretax earnings are depreciation on plant and machinery every year OMR 200,000 and extraordinary gain 2019 OMR 150,000. What is the expected average future earnings. Select one: a. OMR 325,000 b. OMR 275,000 c. OMR 375,000 d. OMR 225,000Data for 19 and 20 Ahn Jung Ha Company provided the following information for 2020: Current asset, Jan 1- P240,000; Property, Plant and Equipment, Jan 1- P1,600,000; Non-current liabilities- P580,000; Property, Plant and Equipment, Dec 31-P1,700,000; Current liabilities- P130,000. All assets are reported at year-end. Working capital of P90,000 remained unchanged. Net income for 2021 was P60,000. No dividend was declared during the year and there were no other changes in the shareholders' equity. 19. How much is the amount of current assets on Dec. 31, 2020? A. P40,000 B. P90,000 C. P130,000 D. P220,000 20. How much is the shareholders' equity on Dec. 31, 2020? A. P1,050,000 B. P1,080,000 C. P1,110,000 D. P1,210,000
- For 2020, Sheridan Company reports beginning of the year total assets of $892000, end of the year total assets of $1170000, net sales of $1100000, and net income of $200000.Sheridan’s 2020 asset turnover is 0.94 times. 0.25 times. 0.27 times. 1.07 times.Balance Sheet Calculations Dawson Company's balance sheet information at the end of 2019 and 2020 is as follows: 2019 2020 Current assets $ (a) $25,000 Long-term liabilities (b) 34,900 Total contributed capital (c) (g) Long-term investments 19,200 (h) Retained earnings 50,300 61,100 Total liabilities (d) (i) Intangible assets 10,400 9,000 Current liabilities 14,500 12,000 Common stock, $5 par (e) 20,000 Total assets 142,800 (j) Additional paid-in capital 15,000 (k) Property, plant, and equipment (net) 85,700 92,800 Accumulated other comprehensive income 7,000 6,000 Total shareholders' equity (f) (l) Additional information: The company did not issue any common stock during 2020. Required: Next Level Prepare the correct balance sheet. All the necessary information is provided. (Hint: It is not necessary to calculate your answers in alphabetical order.)Closure, Inc. has prepared the following comparative statement of financial position for 2019 and 2020: 2020 2019 Equipment $1,260,000 $1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153,000 174,000 Prepaid expenses 18,000 27,000 Inventory 150,000 180,000 Accounts Receivable 159,000 117,000 Cash 297,000 153,000 $1,587,000 $1,326,000 Share capital-preference $ 129,000 $ 66,000 Share premium-preference 582,000 0 Share capital-ordinary 153,000 153,000 Retained earnings 105,000 42,000 Mortgage payable 0 450,000 Accounts payable 120,000 135,000 Accrued liabilities 498,000 480,000 $1,587,000 $1,326,000 Additional Information: 1. The accumulated depreciation account has been credited only for the depreciation expense for the period. 2. The…
- Closure, Inc. has prepared the following comparative statement of financial position for 2019 and 2020: 2020 2019 Equipment $1,260,000 $1,050,000 Accumulated depreciation (450,000) (375,000) Patent 153,000 174,000 Prepaid expenses 18,000 27,000 Inventory 150,000 180,000 Accounts Receivable 159,000 117,000 Cash 297,000 153,000 $1,587,000 $1,326,000 Share capital-preference $ 129,000 $ 66,000 Share premium-preference 582,000 0 Share capital-ordinary 153,000 153,000 Retained earnings 105,000 42,000 Mortgage payable 0 450,000 Accounts payable 120,000 135,000 Accrued liabilities 498,000 480,000 $1,587,000 $1,326,000 Additional Information: 1. The accumulated depreciation account has been credited only for the depreciation expense for the period. 2. The…Barker, Inc. had reported the foilowing details for the year ended December 31, 2019 Net sales $26,550,000 Total assets 16,100,000 Total liabilities 10,200,000 The company's beginning total assets and liabilities were $15,700,000 and S8,200,000, respectively. Calculate the asset turnover ratio for 2019. (Round your answer to two decimal places.) mp.pd Cla Enr O A. 128 times B. 1.67 times OC. 1.93 times OD. 1.46 times Cla EnreAssume the following general ledger account balances for Xenon Inc. for December 31, 2019 Accumulated Depreciation 50,000 Building 70,000 Depreciation Expense 20,000 Equipment 53,000 Land 90,000 Unused Supplies 3,000 What is the carrying amount of the company’s plant and equipment section of thebalance sheet at December 31, 2019?
- Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: Statement of Financial Position (extract) as at 30 June 2020The following item has been extracted from the ledger of Jonaz Trading for the year ending September 30, 2020. Cash 12,100Account receivable 27,700Inventory 1 October 2019 55,200Supplies 6,200Machine 120,000Accumulated Depreciation- Machine 36,000Lorry 180,000Accumulated Depreciation- Lorry 72,000Notes Payable 40,000Account payable 48,500Loan 56,000Owner’s Capital 88,000Drawings 5,000Sales 758,800Sales Return and Allowances 15,800Purchases 489,200Purchase returns and Allowances 16,500Salaries and Wages Expense 136,000Advertising Expense 22,100Utilities Expense 14,000Maintenance and Repair Expense 12,100Rent Expense 18,000Prepaid Insurance 2,400 Additional information as at 30 September 2020: • Stock on 30 September 2020 was valued at RM70,000.• Supplies on hand at 30 September 2020 total RM540• Invoice representing RM7,500 sales in September has not been recorded.• The insurance policy is for a year ending 30 April 2021.• Machine and lorry were depreciated at 10% of the cost each year.…Lepat Trading prepared its account on 30 June every year. On 30 June 2019, the statement of financial position of Lepat Trading showed the folowing. Statement of Financial Position as at 30 June 2019 RM RM Non-Current Asset Machinery 100,000 Accumulated depreciation 20,000 80,000 Motor vehicles 160,000 Accumulated depreciation 96,000 64,000 During the year ended 30 June 2020, machinery worth RM20,000 and motor vehicles worth RM60,000 were purchased by cheques. The machinery was depreciated at 10% Prepared by: Puan Siti Nor Junita Mohd Radzi per annuum using the straight line method and the motor vehicles at 20% per year using the reducing balance method. Required: Show the following for the year 2020: a) Machinery account Motor vehicles account Accumulated depreciation accounts for machinery and motor vehicles…