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Question - On December 31, 2021 the advertising account of Green company had a balance of P146,000 before any year-end adjustment relating to the following: Brochures and leaflets for a sales promotional campaign in January 2022 amounting to P15,000 was included in the P146,000 balance. Airtime for the radio advertisements during December 2021 for P9,000 was billed to Green on January 2, 2022. Green paid the full amount on January 9, 2022. What amount should Green report as advertising expense in its income statement for the year ended December 31, 2021?
Yellow company owns an office building and leases the offices under a variety of rental agreements involving rent paid in advance monthly or annually. Not all tenants make timely payment of their rent. The following data were taken from the trial balance of Yellow: Rentals receivable were P96,000 and P124,000 for 2020 and 2021 respectively; Unearned rentals were P320,000 and P240,000 for 2020 and 2021 respectively. During 2021, Yellow received P800,000 cash from tenants. What amount of rental revenue should Yellow record for 2021.
A local CPA, who has been in practice for several years, has recently met with a local Internet Service Provider to determine the feasibility of developing a website for her CPA firm. The CPA has been reluctant to develop an online presence, but is o..
On January 1, 2015, Piper Co. issued ten-year bonds with a face value of $3,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield 12%. Calculate the issue price of the bonds.
How the machine meets the definition of an asset provided in the conceptual framework. Calculate accumulated depreciation on the machine at 30 March 2018.
Calculate the cost of goods sold and ending inventory for Nov 2020 using both the Weighted Average cost and First in, first out (FIFO) method
Jim bought a $1000, 6% Boeing Aircraft bond on January 1, 2002, with a maturity date of Dec 31st 2006. Equivalent bonds were also yielding 6%. Calculate market price of the bond (5 years' interest, paid semi-annually).
nbsppreparation of bank reconciliation statement.prepare a bank reconciliation as of august 31 from the following
Which would NOT cause a company's cash flow from operations to exceed its net income? A gain on the sale of fixed assets. / Depreciation expense.
Enter the following in the three-column cash book of an office supply shop. Balance-off the cash book at the end of the month and show the discount accounts in the general ledger.
Analysis of various Discounted Cash Flow methods - Why do many operating managers still use payback and accounting return on investment despite their drawbacks?
Will there be any bank that experiences a surge in the demand for its loans? Will there be any bank that experiences a surge in the demand for its deposits?
If the payments were received at the beginning of each year, what would you be willing to pay for this investment
The desired ending inventory of plastic is 30 pounds. How many pounds of plastic should be budgeted for purchasing during the coming period?
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