Accounting Question
Q: f the selling price is $32 per unit, the variable cost is $24 per unit, and total fixed cost is $320...
A: Break even point = Break even point is a point, where "no profit no loss". for a business it is said...
Q: Earned Value Management (EVM) is a method or an approach in measuring the project performance throug...
A: a. 100 units are planned to be supplied in 200 days. So, Number of units planned to be supplied on e...
Q: 2. An engineer bought a brand-new car that cost P1,500,000 with a useful life of 5 years. The salvag...
A: >Accounting principle states that the cost of the long term assets (like equipment) is to be capi...
Q: In which of these areas does California not conform to federal law? a. Rules for who is an activ...
A: Under California law for the traditional IRA maximum deduction is smaller of: 100% of the compensat...
Q: DETERMINING THE BEGINNING AND ENDING INVENTORY FROM A PARTI ALSPREADSHEET: PERIODIC INVENTORY SYSTEM...
A: The cost of goods sold is calculated as difference between cost of goods available for sale and endi...
Q: The capital cost of a property is $5900000. A CCA rate of 20% is applied. The tax rate is 30%. Take ...
A: A) Closing book value of Property Year Opening value ($) CCA @ 20% Closing Value ($) 1 5900000 ...
Q: THREE COLUMN CASH BOOK Enter the following transactions in the Three Column Cash Book of M/s. Shree...
A: Three column cash book is the book prepared by the entities to record all the cash receipts, cash pa...
Q: Stop , Look and Listen formed a partnership on January 1, 2019 with capital contributions of P300,00...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Concord Corporation purchased the assets of Ivanhoe Company at an auction for $5640000. An independe...
A: Total of Relative fair values Land $1830000 Building 2910000 Equipment 2250000 Trucks 32500...
Q: B. Activity Analyzing Transaction - Basic Accounting Equation Jesus Goyal Computer Company entered i...
A: Accounting is the process of recording, classifying and summarising accounting transactions. These t...
Q: Budget expense for production 5000 unit in a factory are given below ...
A: Budgets are the estimates or forecasts that are made for future period of time. These are the quanti...
Q: iscussion Questions: 1. Why did the strategic plans adopted by companies like Level 3, Global Crossi...
A: Strategic planning seems to be the procedure through which organisational leaders decide their visio...
Q: The GHI Company has the following Fixed Asset. The company prepares statements on a calendar year ba...
A: Calculation for depreciation are as follows.
Q: 1. Calculate the net income of each partner for the year ended 30 June 2021. 2. If Kevin had only ...
A: Profit sharing ratio: Daune = 60% , Kevin = 40% Net partnership income = $ 1,20,000 Daune share = $...
Q: nternally to the Western division of the same company. The quoted external price in industry publica...
A: Market-based Transfer Pricing is demonstrated in the example above. Units are transferred/sold a...
Q: Sweet Sugar is a manufacturer which producing candy in various flavour. The sales price for each fla...
A: Break even point(units) = Fixed cost/ contribution margin per unit Contribution margin per unit ...
Q: Sun shine inc. bills a costumer for $ 500 in service revenue o April 1. On April 15, Sun Shine recei...
A: The journal entries are prepared to record day to day transactions of the business.
Q: The following capital accounts are shown in the statement of financial position of George Corporati...
A: Profit and loss account is an account which records incomes and expenses of the business. It tells t...
Q: On January 1, 20x1, an entity issues a 3-year, noninterest bearing, note payable amounting to P1,600...
A: Working note: Computation of present value of note as on January 1, 20x1:
Q: A firm ships its products to foreign subsidiary and charges a price that may increase import duties ...
A: In case of international transfers The most reason if effecting the transfer price is
Q: A company grants 100 Share appreciation rights (SAR), payable in cash, to an employee on 1/1/Y1. The...
A: Stock appreciation right (SAR) - Entitles an employee to receive stock/cash if the entity's stock...
Q: Employee benefits given by an employer to an employee may be recognized by the employer as I.Asset I...
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Dominique Fouque owns and operates Dominique’s Doll House. She has a small shop in which she sells n...
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...
Q: To journlizing the entry use Perpetual Inventory System for Moving Weighted Average Cost Method and ...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost t...
A: Estimated warranty expense = $394,000 x 7.5% = $29,550
Q: Which of the following best describes the articles of partnership agreement? Multiple Choice The art...
A: Answer with explanation are as follows.
Q: Bond discount should be presented in the financial statements of the issue as a(n) Contra liability ...
A: >Bond discount is recorded in the books of account as the difference between Face value of Bond a...
Q: 22. A company grants 100 Share appreciation rights (SAR), payable in cash, to an employee on 1/1/Y1....
A: In accounting, the process that the company uses to record SAR agreements is to accrue a liability a...
Q: Sales - P1,000,000 Cost of sales - P500,000 Interest income from bank deposit, Philippines - P40,000...
A: Gross income is the income which is computed by reducing the cost from the total revenues. When oper...
Q: On February 1. Mini Company purchased 1000 shares (2% ownership) of Win Company common stock for $30...
A: Journal entry shows the recording of the transactions during an accounting year and every transactio...
Q: Consider a piece of equipment that costs $60,000. The estimated salvage value after six years is $9,...
A: Double Declining Balance Method the depreciation is computed by the formula: DDB = 2Useful life of a...
Q: Mang Carding is a minimum wage earner. To augment his earnings, he put up a mini store under his nam...
A: 1) The income received from 13th and 14th month will not be taken from taxable value , due to that i...
Q: Urban Glam Cosmetics made purchases of lipstick in the current year as follows: Jan. 1 Beginning Inv...
A: The cost of goods available for sale is as follows. You may kindly note that all amounts are in $.
Q: Beginning inventory, purchases, and sales data for tennis rackets are as follows: April 3 Inventory ...
A: Perpetual inventory is a method of accounting for inventory that records the sale or purchase of inv...
Q: A county has an external investment pool for cities in the county to invest excess resources. The ci...
A: Investment: Investment is an item that is purchased or invested in order to accumulate wealth and sa...
Q: On April 8, 2019, GODLY Corporation declared and issued a 25% ordinary share capital dividend. Prior...
A: Dividend refers to the amount that is distributed to the shareholders as a reward for the profit tha...
Q: ADJUSTMENTS AND WORK SHEET SHOWING A NET LOSS Val Nolan started a business called Nolan’s Home Appra...
A: Accounting is the process of recording, classifying and summarising accounting transactions. Account...
Q: 3. If a company has more than one revenue source, how would it reports revenue and cost of goods sol...
A: Revenue is the proceeds received from delivery of goods and services by the business. Revenue can be...
Q: An aging of a company's accounts receivable indicates the estimate of uncollectible receivables tota...
A: Adjustment required to record the bad debt expense = Estimated Uncollectable receivables -credit bal...
Q: Which of the following statements with respect to capital gains is correct? Select one: OA The favou...
A: Answer: C . The inclusion rate for taxable capital gains has always been one- half of the capital ga...
Q: TRUE OR FALSE 1. All transactions must be posted before preparing a trial balance. 2. A manual works...
A: The accounting is a process to record the business transactions, post the transactions to the ledger...
Q: The following balances are opening balances for the 1st june for Sanlucas Itd. BALANCES ON 1ST JUNE ...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: Ghana has of late signed a number of double taxation Agreements with some countries. The concerns pe...
A: Double taxation agreements refer to the tax treaty signed between the domestic company with any fore...
Q: Which of these is the first step in the closing process?(a) Close revenue account(s). (c) Close the ...
A: Introduction:- A closing entries are made at the end of the accounting period to transfer of all the...
Q: A businessman invest in a medium scale business which cost him P57,000.00 The net annual return is...
A: Initial cost (PV) = P57,000 Annual return (C) = P14,000 Number of annual returns (n) = 7 Interest ra...
Q: ACTIVITY 3-1 Prepare an amortization schedule for a three year loan of P90,000. The interest rate is...
A: A loan refers to the amount that is borrowed by the individual or organizations from another person,...
Q: A factory owned by XYZ Inc. was destroyed by fire. XYZ inc. lodged an insurance claim for the value ...
A: Insurance is a type of contract in which the insurance company promises to make the loss of the insu...
Q: Direction: Prepare a Statement of Financial Position using the following ac- counts: Any form will d...
A: Accounting is the process of recording, classifying and summarising accounting transactions. Account...
Q: Journalize the transaction and post to ledger using T-account format. (Please refer to the pictu...
A: Accounting is the process of recording, classifying and summarising accounting transactions. Account...
Q: A schedule of machinery owned by Crane Company is presented below: Estimated Estimate...
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...
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