Accounting Question

Q: Blackburn Inc. uses Otavalo Manufacturing and Piura Company to buy two precision machined parts used...

A: Calculation of cost per activity is as follows: Cost per activity(Testing parts)=Total cost per acti...

Q: Reporting Financial Statement Effects of Bond TransactionsOn January 1, 2016, McKeown, Inc., issued ...

A: Bonds: Bonds are long-term promissory notes that are issued by a company while borrowing money from ...

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on Janu...

A: Consolidate income: When the company is acquired by another company at the fixed percentage of ratio...

Q: 8. A contractor has a contract to construct the sanitary sewer, water line, storm drain, and street ...

A: Introduction: Budget: Budget can be defined as the statement that reflects the revenue and expenses ...

Q: NSA Company produces baseball bats. Each bat requires 3 pounds of aluminum alloy. Management predict...

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Q: You have accepted the engagement of auditing the financial statements of the C. Reis Company, a smal...

A: Introduction: Auditing: The process of independent examination of the financial information of the c...

Q: Ken Francis is offered the possibility of investing $2,745 today; in return, he would receive $10,00...

A: Interest rate: It can be defined as the percent of the principal loan balance, charged by the lender...

Q: At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $250,000. It is e...

A: Depreciation: Decreasing value of fixed assets over its useful life period.

Q: What are the auditor's responsibilities for 'going concern assumptions’'?

A: Going concern concept: This concept is based on the assumption that the company will continue its bu...

Q: Chapter 6 - Question 49 :  Production Report, Weighted Average Mino Inc. manufactures chocolate syr...

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Q: Accounting Question

A: Predetermined overhead rate: Predetermined overhead rate is calculated befor the period begins. This...

Q: please check my answer : Chapter 6 - 1st questions - true or false:  A partially completed unit cann...

A: True. Because proper cost allocation requires allocation of production cost between units fully comp...

Q: Ассо STATEMENT OF OWNER'S EQUITY REPORTING NET INCOME Efran Lopez started a financial consulting ser...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: Perfumes Ltd has two divisions: The Perfume Division and the Bottle Division. The company is decentr...

A: Transfer Price: This is a price which is charged by one sub-unit of an organization to another sub-...

Q: Indicate whether the following items would be added (1) or subtracted (2) from the company’sbooks or...

A: Organizing items on the Bank Reconciliation:   Reconciling Items Bank Statement Company's Book...

Q: Consumption Ratios Zapato Company produces two types of boots: vaquero and vaquera. There are four a...

A: Excel workings:

Q: Howe and Duley’s company is organized as a partnership. At the prior year-end, partnership equity to...

A: Definition: Partnership: Partnership firms are started by two or more individuals joining together. ...

Q: Sol purchase lands as an investment on Jan 12, 2015 for $85,000. On Jan 31, 2019 Sold sold the land ...

A: Nature of gain: 1 Long-term gain: It is the non-reoccurring and capital gain. Example : Gain on long...

Q: The T-account showing the manufacturing overhead activity for Kenneth Corp. for 2018 is as follows: ...

A: Manufacturing overhead costs: Manufacturing overhead costs means costs which do not relate directly ...

Q: The Windshield division of Fast Car Co. makes windshields for use in Fast Car’s Assembly division. T...

A: Transfer price: It can be defined as a price at which the goods and services are transferred between...

Q: The purchase of treasury stock is reported on the statement of cash flows as aa. negative cash flow ...

A: In this question has covered the concept of financing activities under Cash Flow Statement.

Q: Question to creating a journal and t account for accounting.

A: Journal is record of transaction in accounting records and all the journal entries are then posted i...

Q: Which of the following best describes the effect of a contingent fee arrangement on the auditor's in...

A: The contingent fees rule has been defined in Section 1.510 of the AICPA’s revised Code of Profession...

Q: Exercise 5-70Allowance for Doubtful Accounts At the beginning of the year, Kullerud Manufacturing ha...

A: The account receivables are also known with the name of debtors. These are the values due to a firm ...

Q: On October 1, 2021, Pastina signed a $50,400 note that requires interest to paid annually on Septemb...

A: Journal Entry is record of a transaction in accounting records. Signing of Note is a liability for P...

Q: Dividing Partnership Net Loss Lynn Carpenter and Matthew Fredrick formed a partnership in which the ...

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Q: Adjusting entries affect at least one balance sheet account and at least one income statement accoun...

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the accou...

Q: Brief Exercise 12-65Profitability Ratios Tinker Corporation operates in the highly competitive consu...

A: Return on Equity: Return on equity (ROE) is a measure of financial performance calculated by dividin...

Q: [The following information applies to the questions displayed below.] Laker Company reported the fol...

A: The Four inventory methods are: LIFO FIFO Weighted Average Specific Identification

Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E) us...

A: Accounting Information system:  The Accounting Information System is a system that a business uses f...

Q: [The following information applies to the questions displayed below.]  Laker Company reported the fo...

A: Inventory valuation: As per the value of inventory at the end and cost of goods sold is computed for...

Q: Dividing Partnership Income Black and Shannon have decided to form a partnership. They have agreed t...

A: An agreement between partners for sharing profit or losses of the business in an agreed ratio refers...

Q: Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receiv...

A: In this Numerical Has Covered the Concept of Accounts Receivable . 

Q: Brief Exercise 12-65 Profitability Ratios Tinker Corporation operates in the highly competitive con...

A: Return on equity indicates the company's ability to earn a profit on its equity.It can be calculated...

Q: What are analytical procedures? Describe how they can be used assubstantive tests in an audit.

A: Analytical procedures are the procedure used by auditor at planning and execution stage to analysis ...