Accounting Question
Q: The buyer received an invoice from the seller for merchandise with list price of RO 3500 and credit ...
A: Amount of discount=Invoice amount×Rate of interest=RO 3500×2%=RO 70 Thus, the amount of discount tha...
Q: financial accounting please give me the answer of this question thnaks
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: Mandy is an aspiring entrepreneur and your friend. She is having difficulty understanding the purpos...
A: Financial statements are defined as those statements which contain the written records of the activi...
Q: Selling expense of business are related to a. Expansion of business b. Marketing and promotion of ...
A: Example of Selling expenses Advertisements Salesman's Salary Sales Commission etc
Q: In connection with the audit of financial statements, an independent auditor could be responsible fo...
A: Option A is the correct answer.
Q: The following information was excerpted from the records of a nonprofit. All account balances are as...
A: A financial statement prepared for the not for profit entities is known as statement of activities.
Q: 22-Golden Furniture in Muscat follows periodic inventory method. The business sold Merchandise 100 s...
A: The goods returns can be provided full allowance or returns or some part of allowance.
Q: 39-Which of the following statement is TRUE for a Multi-Step Income Statement? a. It divides both...
A: Multi-Step Income Statement is prepared to classify the revenues and expenses on various grounds suc...
Q: 2. Which of the following may not be equal to the contract rate of interest? a. stated rateb. nomina...
A: Contract rate of interest is the defined rate of interest on bonds, notes or loan.
Q: financial accounting please give me the answer of this question thnaks
A: In financial accounting, adjusting entries are the journal entries that are recorded at the end of a...
Q: 2. Factory utilities $17,000, Direct labor $73,700 Depreciation on factory equipment 13,150, Sales s...
A: Manufacturing overheads are those overheads which are incurred to convert raw material into finished...
Q: Windsor, Inc. reported a net loss of $12900 for the year ended December 31, 2022. During the year, a...
A: Given, Net loss = $ 12900 Depreciation (Non-cash expense) = $ 7740
Q: C3.7
A: A note payable is a written liability that agrees to pay a certain sum of money at a later date or o...
Q: What is the journal entry to assign indirect raw materials to a job a. Debit Work in Process account...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Explain the term Explicit and Implicit costs. Give examples
A: Explicit cost means the cost which is actual cost and paid to an outsider. Implicit cost means the c...
Q: Which of the following would normally be classified as a Selling expense of Merchandising business? ...
A: Merchandising business means business of purchase of goods from market and sale of goods to market. ...
Q: The management accountant at Miller Merchandising & More, Odail Russell is in the process of pre...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: 17. Baron, Inc., issued $100,000 of its 8%, five-year bonds on January 1, 2016, at 98. Interest is p...
A: Given, Jan 01, 2016 8% 5 year Bonds issued @ discount ($98) Face value = $ 100000 April 01, 2018 C...
Q: Choose the best
A: Total cost = (Raw material + labor cost + overhead cost) x no. of units produces + Fixed costs
Q: Orange and Lemon share profits and losses equally. They decided to liquidate their partnership when ...
A: The partners share profits and losses equally. The net assets were sold at book value so there is no...
Q: A Merchandise business uses Multi Step income statement. The business receives OMR 8,200 interest i...
A:
Q: 6. When is interest expense more than interest paid? a. when bonds are sold at a premiumb. when bond...
A: Conditions of premium or discount arises when either interest expense is more or interest paid is mo...
Q: Concord Corporation has 6500 shares of 5%, $100 par value, cumulative preferred stock and 13000 shar...
A: Annual dividend to preferred stock=No. of share×Par value×5%=6500×$100×5%=$32,500
Q: What is wrong in the following scenario?Jack O.A. Trade is an accountant is a small enterprise. Asid...
A: In the provided scenario, the accountant retains the authority over all cash and other enterprise da...
Q: An auditors would vouch copies of sales invoices to shipping documents in order to determine that: A...
A: The auditing is a process to analyze the financial statements of the business.
Q: 3. Ziman received a 100-day promissory note for RM5,000 dated 10th September 2015.The simple interes...
A: Part a: 10th September 2015 to 30th September 2015 : (30-10) = 20 days 1st October 2015 to 31st Octo...
Q: Sarasota Corp. retires its $928000 face value bonds at 105 on January 1, following the payment of an...
A: Journal entry is a record of financial transaction in the books of accounts of a business. It has a ...
Q: Identifying the appropriate net asset classification For each of the following transactions, identif...
A: Identifying the appropriate net asset classification :- 1. Donor A gave the nonprofit a cash gift of...
Q: On Jan. 1, 2021, Muta Co. received a P1,200,000, noninterest bearing note in exchange for land with ...
A: On 01.01.2021, Muta company received non interest bearing note in exchange of land = P1200000 Carryi...
Q: The following information pertains to Quest Co.'s Gold Division for the year just ended: Sales $31...
A: The following information pertains to Co.'s Gold Division for the year just ended: Sales ...
Q: The subject is Managerial Accounting
A: Material used=Raw material, beg. + Purchase-Raw Material, Ending=$1,500+$800-$900=$1,400
Q: What is the expansion of LIFO in the context of valuing Merchandise Inventory of a Merchandise busin...
A: Introduction: LIFO and FIFO Are used for Inventory valuation. Apart from LIFO and FIFO another metho...
Q: 20-Which of the following formula is correct for Gross Margin of a Merchandise Business under multi-...
A: Gross margin: Difference between the net sales and the cost of goods sold is called gross margin.
Q: The business purchased a stationery items for office use for OMR 78. This transaction was entered o...
A: Supplies has been over-debited by OMR 9. So it can simply be credited by OMR 9 to nullify the effect...
Q: If the auditor concludes that there is a high likelihood of material misstatement in accounts receiv...
A: Auditing means the independent checking of company operation by outsider.
Q: The following are the ending balances of accounts at December 31, 2021, for the Valley Pump Corporat...
A: Balance sheet is one of the financial statement of business which indicates about the financial posi...
Q: Cheyenne Corp. issues 840, 10-year, 8%, $1000 bonds dated January 1, 2020, at 97. The journal entry ...
A: Cash proceeds from bonds issuance = Face value of bonds x issie price/100 = (840*$1000) x 97/100 = $...
Q: Godhi's 2014 financial statements reported the following items-with 2013 figures given for compariso...
A: Average Total assets = (Beginning Total assets + Ending Total assets)/2 =(33538+29562)/2 = $31,550
Q: Nizwa Supplies LLC is trading wholesale merchandise business in Muscat. The Business have more Supp...
A: Supplier or vendors are the parties from whom business has purchased goods for use in business. Thes...
Q: The cost of a machine is RO 18000 with a salvage value of RO 3000 at the end of its six years of lif...
A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life o...
Q: The board of directors of Tamarisk, Inc. declared a cash dividend of $2.25 per share on 30000 shares...
A: Journal Entries are the entries to be recorded in the accounting books of the business for all the f...
Q: Choose the best
A: Interest expense is usually a non-operating expense which an entity has to pay on loans, bonds etc.
Q: You invested on a special pizza oven for $60,000 which has a useful operating life of 50,000 hours. ...
A: Depreciation under hourly method is an approach where the asset is depreciated using its hours of us...
Q: The following information is available for AVS-CVN Company: Credit sales during 2019 Accounts recelv...
A: 22) The amount to be charged as bad debt expense is shown below: Opening balance of allowance fo...
Q: Ms. Ameena an MBA degree holder from UK, worked as a Chief Accountant in a Manufacturing industries ...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Which of the ff needs an adjustment to the A/R account of ABS company?a. goods in transit of the rep...
A: Under the FOB destination point sale, the seller can record its sales only after the buyer takes the...
Q: 4. Cristian Punzalan has the following deposit accounts in a closed bank: Cristian Punzalan's busine...
A: Maximum deposit insurance coverage - It is deposit protection which is measure implemented to protec...
Q: Problem 3 (Variable Costing Income Statement; Reconciliation) During Floppy'Company's first two year...
A: There is a much differences between the variable costing and absorption costing. Variable costing in...
Q: A manufactured product has the following information for June. Standard Actual Direct materi...
A: Standard cost per unit = Direct material per unit +Direct labor per unit + Overhead per unit
Q: Chaffee Corporation staffs a helpline to answer questions from customers. The costs of operating the...
A: Variable cost means the cost which vary with the level of output and fixed cost means the cost which...
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