Accounting Question

Q: Concord Corporation applies overhead on the basis of 200% of direct labor cost. Job No. 305 is charg...

A: Total manufacturing cost is that cost which consists of direct cost which includes material cost, la...

Q: An employee of Company x received the following loans (rate and amount) from their employer on Janua...

A: Formula: Interest Amount = Principal amount x Interest rate x Time period  Multiplying principal amo...

Q: Yellow Manufacturing Company purchased a machine for TL 1.000.000 on January 1 2020. Expected useful...

A:

Q: Why wouldn't a service business have a "Sales revenue" account?  They are just selling their service...

A: THE REVENUE IS THE FIRST SECTION OF AN INCOME STATEMENT AND IT CONTAINS BOTH THE REVENUE GENERATED B...

Q: A sole trader had opening capital of $10,000 and closing capital of $4,500. During the period, the o...

A: Sole trader's Opening capital = $10000 Closing capital = $4500 Owner's additional capital = $4000 Wi...

Q: REQUIREMENT:Compute the combined net income.

A: The main purpose of the income statement is to show how much profit or loss an organization generate...

Q: Below are the merchandise transactions of Yellow Company for the month of January        2019.  ...

A: Weighted average costing is commonly used in situations where: Inventory items are so intermingled t...

Q: Company A issues 15,000 8% noncumulative, retractable preferred shares for $100 per share. The share...

A: Journal entry is the primary entry that records the financial transactions initially.

Q: What would the adjusted journal entries k-p be recorded as as of December 31?

A: Journal entries: It is the duty of the accountant to record business economic and no-economic transa...

Q: Inc. adjusts its accounts on a monthly basis. Below table shows the adjusted balances for end of Sep...

A: Introduction: Income statement: All revenues and expenses are recorded in income statement. It tells...

Q: PQR operates a branch in Baguio City. The following information are provided for 2021: Home Office B...

A: Combined net income of head office and branch will be total of net income of head office and net inc...

Q: A company’s balance of retained earnings on January 1 was $35 million. During the year,sales revenue...

A: Net Income = Sales revenue - Expenses = $82 million - $50 million = $32 million

Q: Sheffield Corp. provided the following information from its accounting records for 2019. Expecte...

A: The following computations are done for Sheffield Corporation.

Q: Question: Quality Service Inc. has the following accounts balances in their charts of accounts balan...

A: June 1. Increase assets and increase in payable. June 4.  Increase in assets and decrease in case. J...

Q: Classifying Costs as Materials, Labor, or Factory Overhead Indicate whether the following costs of P...

A: The cost applied in production can be classified as Direct materials, direct labor and factory over ...

Q: ABC Ltd acquires 100 per cent of RedCarpet Ltd on 1 July 2021. ABC Ltd pays the shareholders ofRedCa...

A: There under existing generally accepted accountability rules, the acquirers of companies must accoun...

Q: What is the difference between accounting income and cash flow?

A: Basis of accounting: It can be defined as the methodology that is used by the business to record the...

Q: Selected financial data for Wilmington Corporation is presented below.   WILMINGTON CORPORATION...

A: Net Operating Asset Turnover ratio measures that how effectively operating assets of the business ar...

Q: An asset having a cost of $200 000 and accumulated depreciation of $40 000 is revalued to $240 000at...

A: Journal entry is a process of recording business transactions in the books of accounts for the first...

Q: Consider the following costs that were incurred during the current year and determine whether the co...

A: Meaning of Product Cost:- Product costs include all the direct and indirect costs of producing a pro...

Q: Justin Allen, a product engineer for L’Oso Gaming, is designing a new electronic game. Market resear...

A: Target Cost: A target cost is the maximum amount of cost that can be incurred on a product, however,...

Q: 7. The following information pertains to Mekka Company. a. Cash balance as per bank, July 31, RO 14,...

A: Bank reconciliation statement is prepared by almost every organization at a particular time. It is a...

Q: A sole trader had opening capital of $10,000 and closing capital of $4,500. During the period, the o...

A: We have the following information: Opening Capital: $10,000 Closing Capital: $4,500 Capital Introdu...

Q: Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made sales ...

A: Sales discount = Sales value x rate of interest = $45,000 x 2% = $900

Q: Al Jabel Corporation sells WIFI speakers and offers 2-year warranty contract to customers. During 20...

A: Warranty consists of the services provided by seller after sale of product for certain duration peri...

Q: Compute the following: (a) Other income & expenses, (b) Financing Cost, (c) Income Tax, (d) Disconti...

A: 1.Discontinued operations = Income From operations - Income from Continuing operations. 2. Financing...

Q: 4. With the aging of receivables schedule below, estimate the bad debt expense for Kirchofff Industr...

A: Bad debt expense = Sum of (Account Category * Percent Uncollectible)   as shown below:

Q: Letter c is the correct answer can you please elaborate it and show the solution? Thanks.

A: Pay as you earn system or tax deduction at source in some countries are the advance tax payment syst...

Q: The following is Cullumber Company’s income statement for the past year. Sales revenue   $336,00...

A: Total cost = Cost of goods sold + Operating expenses = 134,400 + 145,600 = $280,000

Q: Acme Corp has fixed has fixed overhead of $250,000 for its plant and salaries of $350,000. It sells ...

A: Break-even analysis is a technique widely used by the production department. It helps to determine t...

Q: problem session purchases and sales of a particular product during the year are shown below:   m...

A: LIFO Method: The Last in First Out method says that Inventory purchased in the last will be sold out...

Q: A company expected its annual overhead costs to be $3000000 and direct labor costs to be $1500000. A...

A: Predetermined overhead rate: It is a projected ratio of overhead costs, which is determined at the s...

Q: On January 1, 2021, Red Flash Photography had the following balances: Cash, $26,000; Supplies, $9,40...

A: Revenue calculated under income statement is the sum of service revenue and deferred revenue.  = 49,...

Q: My question is just to see a simple explanation of how to figure out the answer it's quite confusing...

A: Cost of goods sold is the value at which the sold inventory is purchased by the organisation.

Q: ANSWER THE FOLLOWING INDEPENDENT QUESTIONS (SHOW COMPUTATION): ASSETS = LIABILITIES + EQUITY If acc...

A: Comments; Multiple Questions asked  Given,      Accounts receivable = 25% of Total Assets           ...

Q: On January 1, 2019, Post Corporation acquired 80 percent of Star Company's common stock for $160,000...

A: Given Information :  Book value of Star company = $160,000 Net income for 2019 = $60,000 Net income ...

Q: Below are transactions for Hurricane Company during 2021.  On October 1, 2021, Hurricane lends $7,...

A: Adjusting entries are made at the end of each year to reflect the true position and performance of b...

Q: what are the nine steps in determing the finanical health of a company

A: Determining the financial health of the business is a very important function for taking various dec...

Q: Suppose a certain car manufacturer's incentive program designed to reduce inventory of certain low-s...

A: Factors to be considered while purchasing a discontinued brand of Vehicle are described below:-  1) ...

Q: JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Offi...

A: JKL Co. operates number of branches in Baguio. On 30.06.2021, Home office account balance = P27350 I...

Q: Hello please just fill out the blank of the exercise  Bonita Inc. reported income from continuing op...

A: Meaning of Continuing Operations:- Continuing operations means the Income from Operations and any in...

Q: Water and Power Co. (W&P) had sales of $1,790,000 last year on fixed assets of $345,000. Given t...

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: A resident company pays a fully franked dividend of $700 to a resident shareholder. Advise the incom...

A: INTRODUCTION: A Franked dividend is an arrangement that eliminates the double taxation of dividends....

Q: Industrial Robots does not manufacture its own motors or computer chips. Its premium product differs...

A: Following is the allocation of overheads 

Q: Presented below is information related to Sohar Inc at December 31, 2020. Revenues $1,200,0...

A: Statement of Income comprise information about the performance of an entity. It shows the result (wh...

Q: 85 The followinga tables show the value (in billions of dollars) of U.S. international trade in good...

A: Exports seem to be the goods and services manufactured in one nation and bought by another country's...

Q: Can you please check my work

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in ...

Q: During the month, Warwick Co. recived $515,000 in cash and paid out $375,000 in cash. b. if the bala...

A: Closing balance of cash = Beginning balance of cash + Cash received - Cash paid

Q: REQUIRED: ANSWER THE FOLLOWING QUESTIONS IN POINT FORM • What is the difference between book value a...

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...

Q: Can you please check my work

A: Depreciation is a reduction in the value of assets due to the usage of that asset. We can evaluate t...