Accounting Question
Q: Classify costs Cromwell Furniture Company manufactures sofas distribution to several major retail ch...
A: The financial position of the company can be arrived from the income statement prepared by the manag...
Q: Labor Rate and Efficiency Variances Tico Inc. produces plastic bottles. Each bottle has a standard ...
A: The variance is the difference between the standard and actual production data .
Q: 71. During 2019, Dew Company, a service organization, had P200,000 in cash sales and P3,000,000 in c...
A: Solution: Amount should be reported as sales on cash basis income statement = Cash sales + Cash coll...
Q: . UNMI Company had the following account balances at December 31, 2020: Cash in banks P 2,700,000 Ca...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Consider the following information as breakeven analysis: 1 Coot of Duving:
A: Break even is defined as the balance point where the company experience no loss or profit for the pe...
Q: 73. Black Company which began operations on January 1, 2018, has elected to use cash basis accountin...
A: Accural sales = cash sales + closing accounts receivable - opening a...
Q: Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The dema...
A: Contribution Margin: It is the profit before fixed cost and tax and covers fixed costs and profits o...
Q: Delta Company produces a single product. The cost of producing and selling a single unit of this pro...
A: Solution 1: Computation of financial advantage (Disadvantage) from special order Particulars A...
Q: Boone Manufacturing had worked on two jobs, job 101 and Job 102 last year. The estimated manufacturi...
A: Total Spending Variance: The difference between the actual (or projected) amount of a cost is referr...
Q: During the month of July, Clanton Industries issued a check in the amount of $845 to a supplier on a...
A: Solution: As check is not cleared in July in bank statement it means check remain outstanding, there...
Q: Identify and explain as an example at least 3 scenarios (related with ethics in management accountin...
A: Managerial accounting is an enclosed enterprise feature to blame for managing an organization's econ...
Q: Accounting Question
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: 56. Harper Inc. incurred an inventory loss from market decline of P840,000 on June 30, 2019. What am...
A: Explanation: If a company incurred an inventory loss from a market decline then it has to report, th...
Q: Required: Analyse Rara's financial statement. Include the following ratios for 2020 and discuss your...
A: Ratio Analysis The purpose of calculating the ratio analysis to analysis the financial statement to ...
Q: Analysis of receivables methodAt the end of the current year, Accounts Receivable has a balance of$2...
A: Doubtful accounts are those accounts receivables from whom it is doubtful that whether amount due on...
Q: ABC Marketing sold an item worth 200,000 for 250,000. As agreed 20,000 will the down payment while t...
A: A loan amortization schedule is a schedule prepared to know the annual payments, annual interest pay...
Q: Entries for stock dividends Healthy Life Co.is an HMO for businesses in the Fresno area. The follo...
A: Stock dividend means when shares of the company are distributed as dividends or part of profits of t...
Q: On January 1, 20x1, HYBE acquired a machine by using a 3%, P4,000,000 note due on January 1, 20x4. I...
A: Given; i = 12% / 2 =6% n= 3 x 2 = 6 Note value = $4,000,000
Q: Gaw Company owns 15% of the common stock of Trace Corporation and used the fair-value method to acco...
A: Under fair value method of recording investment, net income includes only dividend amount received. ...
Q: On May 1, 2021, AAA and BBB formed a joint operation to acquire and sell a special type of merchandi...
A: Two or more persons come together for a short term business operation with an intention to make prof...
Q: Income statement for a manufacturing company Two items are omitted from each of the following three...
A: Cost of goods sold means how much cost is belonging to goods that are being sold in the open market.
Q: Journalise the following transactions of Mr.N: August 1-Commenced business with 75,000 Aug 5-Bough...
A: Journal entries are used to record various accounting transactions of business and it involves an de...
Q: Bang, Bing and Bong formed a joint venture in 2010 to sell computers. They assigned Bing as the mana...
A: Given, Bang's Capital P32,500 Amount received by Bang P5,300 Bong's Capital is P15,600
Q: a company uses a standard cost system. The ending balance in the Manufacturing Overhead account Is a...
A: The manufacturing overhead may be underapplied or overapplied depending on the actual overheads incu...
Q: Empty fields company pays its salaried employees monthly on the last day of each month The annual sa...
A: Social security taxes are the tax which is deducted from the employee's salary at the time of payrol...
Q: How will you explain the different types of audit opinion (e.g., Unqualified, Qualified, Adverse, an...
A: Audit opinion refers to the opinion given by the auditor of the entity on examination of the financi...
Q: Journalise the following transactions in the journal of Mr.Jesu and Mr.Ravi. 2004, as partners the...
A: Journal entries are used to record various transactions which was performed by the business during i...
Q: Transaction a. Issuance of shares b. Retirement of shares C. Profit Effect on equity Decrease Increa...
A: Equity: Stockholders' equity means the net assets available to shareholders after deducting all the ...
Q: Make a Decision: Analyze CSR initiatives at Gree Manufacturing (from Chapter 14)Obj. 5 Green Manufac...
A: Given: Initial Added CostVariable CostVariable SavingsRecycle and reuse production materials$ 5,0...
Q: DRraftys of the condensed income statement and balance sheet of Allofe Co.for the current year are s...
A: Manufacturing accounting refers to statements that is used through the manufacturing companies into ...
Q: Fields Finance Ltd. (FFL), a leasing company that reports under ASPE, is in the process of preparing...
A: (A) To be classified as capital lease any one of below conditions should be met : transfer of owner...
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: Imperial Jewelers manufactures and sells a gold bracelet for $409.00. The company’s accounting syste...
A: Manufacturing overhead is irrelevant for decision making
Q: A company receives an advance payment for special-order goods to be manufactured and delivered withi...
A: Whenever business receives amount for the services or goods that are to be provided or delivered in ...
Q: Sales-related transactionsAfter the amount due on a sale of $28,000, terms 2/10, n/eom, is receivedf...
A: Terms 2/10 means that 2% discount will be allowed if payment is made within 10 days, otherwise full ...
Q: Willard Company established a $400 petty cash fund on September 9, 2020. On September 30, the fund h...
A: Established petty cash = 400 Petty cash debit 400
Q: ENDING INVEJ\'TORY COSTS Sandy Chen owns a small specialty store,named Chen's Chattel,whose year-end...
A: The inventory valuation takes place at the end of the accounting period. There are two methods of va...
Q: Elaborate auditing process in
A: Auditing: Auditing is outlined as the method of evaluation of the formal financial documents present...
Q: The BBB Corporation, a small plastic toy manufacturer, wants to determine the present value of an or...
A: The formula of present value of the annuity identifies 3 variables .i.e., the interest rate, cash ...
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: Two gas stations, A and B, are locked in a price war. Each player has the option of raising its pri...
A: A payoff matrix is a way to express the results of players' choices during a game. A payoff matrix d...
Q: Debt Securities - These securities are in the form of debt or borrowings which have to be repaid by...
A: Debt Securities or Debt Instruments - Debt securities are financial instruments that provide their o...
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: Transform the raw data into an ordered trial balance. Then pass adjusting entries in pure journal fo...
A: Adjusting entries are entries that are prepared at the end of the period in order to accurately refl...
Q: How does financial statements help employees in decision making?
A: Financial statements are statements or reports that are prepared at the end of the accounting period...
Q: what is the most critical risks in enrollment process in a school and what should be the internal co...
A: Internal control refers to the process of exercising and formulating various policies incorporated b...
Q: Given:Avarege trade receivables of afirm is40.000,average finished goodsis 50.000, cost of goods sol...
A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any...
Q: Ms Rivera with four qualified dependent children had a net taxable compensation income of P 450,000 ...
A: A tax is a government-imposed fee or monetary charge on an individual or an organization in order to...
Q: Explain the following terms: a. Dishonoured cheques b. Credit transfer c. Standing orders d. U...
A: Note: Since you have posted a question with multiple subparts only the first three sub-parts have be...
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