Accounting Question
Q: 68. In the accrual basis income statement for the current year Maria Company reported revenue of P3,...
A: Solution: Under cash basis amount should be reported as revenue = Cash collection from customers = B...
Q: Reeves Co. filed suit against Higgins, Inc., seeking damages for copyright violations. Higgins' lega...
A: Financial accounting requires to follow certain assumption and principle of accounting. One of such ...
Q: Super Splash issues $910,000, 7% bonds on January 1, 2021, that mature in 10 years. The market inter...
A: The bonds are issued at premium when market rate is lower than the current yield.
Q: The information listed below refers to the employees of Lemonica Company for the year ended December...
A: Given: Employer's phone number: (613)555-0029. Employer's State D reporting number 00596. Using The ...
Q: Bettancort Inc. Comparative Balance Sheet December 31, 2016 and 2015 Dec. 31, 2016 Dec. 31, 2015 Ass...
A:
Q: Electronic Boutique NO INTEREST & ΝΟ PΑΥΜΕNTS" FOR 12 MONTHS on all 3-D TVs *Offer is subject to cre...
A: Here given the details of the advertisement which are related to the sale of electronic Boutique whi...
Q: X Ltd Co. wants to know working capital by operating cycle methods when : Estimated Sales 20,000 uni...
A: Total Operating Expenditure for the year R.M. (20,000×2.5) $50,000 Labor (20,000×1) $20,000 Ov...
Q: I need help with this
A: ‘’Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts ...
Q: Project 1 requires an original investment of $91,100. The project will yield cash flows of $14,000 p...
A: a. Net present value of Project 1 = Present value of annual cash inflows + Present value of residual...
Q: Nolan Company's cash account shows a $29,193 debit balance and its bank statement shows $28,152 on d...
A:
Q: Narra Company manufactures different designs of love seats. At the start, the company built a large ...
A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed wh...
Q: A stock has an expected return of 11 percent, the risk-free rate is 6.1 percent, and the market risk...
A: Beta: The volatility of a stock in relation to the entire market is measured by its beta. Individual...
Q: The following accounts were taken from the trial balance of Cole Company as of December 31, 2015: G...
A: The adjusting entries are made at the year end to adjust the revenues and expenses of the current pe...
Q: Huy is single, age 40, and operates a sole proprietorship.In 2020, Huy's sole proprietorship generat...
A: Given: The proprietorship generated income of $200,000, and the deductible business expenses totaled...
Q: Pranks, Inc. Pranks, Inc. is a manufacturer of joke and novelty products for perpetr. practical joke...
A: Preferred stocks are those shares or stock of the company under which the dividends are paid to the ...
Q: This is for accounting information system class please help me figure how to do this step in excel.a...
A: Horizontal analysis is one of comparative analysis which is performed by companies for reviewing the...
Q: Cash flows from operating activities-indirect method The net income reported on the income statement...
A: Cash flows from operating activities shows all cash inflows and cash outflows from business from all...
Q: Cosby Company uses a process costing system. The company adds all materials at the beginning of the ...
A: Equivalent units of products concept came in to existence when some units are not fully completed at...
Q: Which of the following is an example of an extraordinary repair? Multiple Choice New tires for a tru...
A: Extraordinary Repair: It is the Major Repair that increase the Useful life of the Assets. Option 1...
Q: What types of actions may an auditor be liable to a client under common law? Why would the clients ...
A: Auditor liability is becoming more of a concern, not just in terms of audit quality and the professi...
Q: Net Present Value Method The following data are accumulated by Paxton Company in evaluating the pur...
A: Solution a: Computation of NPV - Paxton Company Particulars Period Amount PV Factor (15%) Pres...
Q: Problem 5-1 Redlands Inc. sells one product for $5. The variable cost per item is $3, and the fixed...
A: Guideline “Since you have asked multiple question, we will solve the first question for you. If youw...
Q: GENERAL LEDGER/REPORTING SYSTEM. Please explain how each cycles in the business process/transaction ...
A: General Ledger Reporting system The preparation of the general Ledger is one of the important proces...
Q: 4. Find the marginal revenue product (MRP) for each value of L, assuming the price of a pizza is $10...
A: The term "marginal revenue product" (MRP) refers to the extra revenue earned by putting an additiona...
Q: Which of the following items is reported on a statement of cash flows prepared using the direct meth...
A: According to AS 3 on cash flow statement, cash flow statement deals with the provision of info...
Q: Explain how a firm loses value during the bankruptcy process from both a creditors and a shareholder...
A: Bankruptency process Bankruptency process which are needed in the firm whether the firm are facing t...
Q: Julie James is opening a lemonade stand. She believesthe fixed cost per week of running the stand is...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: ending ratio guidelines are as given in the table below. Lending Ratio Guidelines Mortgage Type Hous...
A: Given: Carlos earns a gross income of $5,690 per month and applies for a mortgage with a monthly PIT...
Q: On January 1, 2020, Orange Co. purchased a 35% interest in Lemon Co. for $800,000. Orange reports th...
A: A company can purchase the equity shares of another company for the purpose of investment. If the in...
Q: Find the total number of compounding periods and the interest rate per period for the investment. Te...
A: Given data: Term of Investment = 8 years Nominal Annual rate = 4% p.a. Interest compounded = Quarter...
Q: Bank reconciliation and entries 1. Adjusted balance: $ 189,281 The cash account for Pala Medical Co....
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: Accounts Payable and Cash Discounts Byrd Company had the following transactions during 2019 and 2020...
A: The net price method would be used to report supplier bills after the applicable discounts have been...
Q: A clinic uses clilent-visits as Its measure of activity. During January, the clinic budgeted for 3,3...
A: Given, Clinic Budgeted = 3,300 client-visit
Q: I am not sure how to answer this question. Can please help me undetstand whyIn a consolidation, why ...
A: When a corporation acquires another corporation, the accounting treatment of the invested capital or...
Q: QUESTION 3 What are the 4 C's? Costs, cash, capital, and control. O Cash, control, credit, capital O...
A: Healthcare refers to almost any medical practice that is aimed to enhance an individual's well-being...
Q: A disposal group may qualify as discontinued operation if a. it is component of an entity b. meets ...
A: A disposal group may qualify as discontinued operation if: 1. It is component of an entity 2. Meets ...
Q: 75. King Company began the current year with accounts receivable of P1,000,000 and allowance for dou...
A: In cash basis of accounting, the transaction is recorded only when it is actually received or paid b...
Q: explain the factors that can impact the liquidity of firm
A: Factors that can impact the liquidity of the firm The amount of cash inflow or outflow has an impact...
Q: Michael Sanchez purchased a condominium for $94,000. He made a 20% down payment and financed the bal...
A: (a) Debt = $94,000×80%=$75,200 Period = 30 years Rate = 5% Monthly payment (using the table given) =...
Q: The annual inventory of Bargain Bonanza, Inc. shows the following information for jackets: Date Qty ...
A: Under FIFO method, is an inventory valuation method where the inventory produced or acquired first a...
Q: A company that was to be liquidated had the following liabilities: Income taxes $ 10,400 Notes payab...
A: Total assets available = current assets and Fixed aseets
Q: Banana Company's outside marketing consultant prepared the following probability distribution descri...
A: Probability can be defined as the branch of mathematics that concerns with the numerical description...
Q: 57. On March 15, 2019, Milo company paid property taxes of P180,000 on the factory building for cale...
A: Solution: Amount of these expenses to be reported in quarterly income statement ending June 30, 2019...
Q: Valuation of Inventory The inventory on hand at the end of 2019 forReddall Company is valued at a co...
A: Under the FOB shipping point, goods sold by the seller become the property of the buyer once shipped...
Q: at are special decisions areas required to marginal co
A: Marginal costing: Marginal cost is the rise or reduction in total cost which happens with a small ch...
Q: Emersyn Industries makes Elsa dolls. Emersyn likes to have 20% of the next month's sales needs in en...
A: Cash collection is the amount collected from sales in a specific month or year.
Q: Product Profitability Analysis Galaxy Sports Inc. manufactures and sells two styles of All Terrain V...
A: Contribution Margin Ratio: The contribution margin ratio is the percentage difference between a comp...
Q: Bond Investment Premium Amortization Schedule Mercer Corporation acquired $400,000 of Park Company’s...
A: The bonds are issued at premium when market rate is lower than current rate and bonds are issued at ...
Q: Jason is investing his money in a financial institution whose interest rate is 15% compounded Monthl...
A: Per month interest rate = 15/12 = 1.25%
Q: What events cause the dissolution of a partnership?
A: A partnership is a type of business where there are two or more owners of the business known as part...
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