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Problem 1: An end-of-period adjustment involves
a. a change in an account balance that is neither an accrual or a deferral.
b. a recognition of the extra cash flows related to the year-end delivery of goods and services.
C. an adjustment that results in revenues or expenses being reported in a different time period from the associated cash flows.
d. an exchange of resources between two departments in an organization.
Problem 2: Based on 2019 sales of music recorded by an artist under a contract with Therese IndieMusic, the artist earned P200,000 after an adjustment of P16,000 for anticipated returns. In addition, There is paid the artist P150,000 in 2019 as a reasonable estimate of the amount recoverable from future royalties to be earned by the artists. What amount should Therese report in its 2019 income statement as royalty expense?
a. P200,000
b. P216,000
C. P350,000
d. P366,000
Boscan Corporation purchased machinery on January 1, 2014, at a cost of $326,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $27,400. The company is considering different dep..
The preferred stock pays an annual dividend of $5 pershare. Compute XYZ's basic and diluted EPS
Kim Co. purchased goods with a list price of $175,000, subject to trade discounts of 20%, How much should Kim Co. record as the cost of these goods
Determine the amount of income that must be recognized in each of the following cases. Ramona is a production supervisor for White Company.
a proposed engineering control is expected to cut the accident rate by 40 percent for a given process that was recently
Question - What is the T-accounts, journal entry and trial balance of this question? March 2-paid the rent of the shop space for the month, P 4,500
From the following information prepare Departmental Revenue Accounts in the form you consider most helpful.
Which of the following is not an example of a common activity in an AIS?
Determine the projected amount of total manufacturing costs per unit for the units in job no. 110. (Round your answer to 2 decimal places. Omit the "$" sign in your response.) Calculate two separate department overhead rates using Machine Hours on pr..
Allocate the inspection cost between the two products assuming that it is driven by (a) unit-level activities, (b) batch-level activities
Journal entries to correct the cash account
What is the unit product cost for the month under variable costing? For the activity level of 8,900 units, compute: (a) the total variable cost
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