Accounting Question

Q: Please answer the question. I provided two picture's so I do not have to type out everything!

A: Aging Approach for determination of bad debts expense: Under this method, the amount of expected bad...

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal contr...

Q: An example of an event occurring in the period of the auditor’s field work subsequentto the end of t...

A: Auditing is basically an inspection or checking of books of accounts maintained by the business. Aud...

Q: The following is the adjusted trial balance for Nadia Company. Nadia Company Adjusted Trial...

A: Step 1 Income statement is the statement is the state expenses over revenue for a specific period.

Q: Please answer all the subparts a,b,c,d,e.if answered within 45mins,it would be helpful!!thank you

A: “Since you have posted a question with multiple sub parts, we will be solving the first three sub-pa...

Q: The overhead variance for the current period is $40,000 underapplied, and the amount is material. Ma...

A: Overhead Variance: When the actual overheads incurred are more or less than applied overheads, there...

Q: An insurance policy premium of USD 1,200 was paid on 2020 September 1, to cover a one-year period fr...

A: Insurance will be treated as an expenses from the date of policy upto the date of ending of financia...

Q: Atlas Furniture Company manufactures designer home furniture. Atlas uses a standard cost system. The...

A: Standard cost per dining room table = Standard Material cost + Standard labor cost + Standard variab...

Q: Factory Overhead Variance Corrections The data related to Shunda Enterprises Inc.’s factory overhead...

A: Overhead Variance:-Overhead variance occur when there is a difference between the standard overheads...

Q: Exercise 7-13: On October 1, 2016, Chicago Corp. purchases 1,000 shares of the preferred stock of De...

A: Journal entries are recording of the transaction in the accounting journal in a chronological order....

Q: For each engagement described below, indicate whether the engagement is likely to be conducted under...

A: Hello, I am only answering first three sub-parts  of the questions as per the policy  and if you wan...

Q: Urban Window Company had gross wages of $200,000 during the week ended July 15. The amount of wages ...

A: Payroll tax expense is the holding account which is used for tracking the employer contributions bal...

Q: Please provide a narrative when doing questions 1-4. Thank you.

A:

Q: Accounting Question

A: Retail inventory method:  Under this method, the closing stock of inventory is measured using cost t...

Q: 8.  Rus exchanged a number of used trucks plus cash for semi-truck. The used trucks have a combined ...

A: In a situation where commercial substance exists, the asset acquired should be recorded initially at...

Q: I need help with a few problems from the past chapters im still stuck with.

A: Budget: It is an estimation of revenue and expenses over the specified future period of time and is ...

Q: Please answer the question. I provided two picture's so I do not have to type out everything!

A: Formulas:

Q: The Dunce Company expects to have sales of 30,000 in January, 33,000 in February, and 38,000 in Marc...

A: A cash receipt is a proof which is received by a customer when a product or service is purchased wit...

Q: During 2021, a company sells 470 units of inventory for $94 each. The company has the following inve...

A: Average cost per unit = Cost of goods available for sales / Total units available for sale = $41,053...

Q: Finders Investigative Services is an investigative services firm that is owned and operated by Stacy...

A: Answer 1

Q: Calculate Payroll An employee earns $32 per hour and 1.75 times that rate for all hours in excess of...

A: Introduction: Payroll accounts are maintained separately to record the salaries paid to everyone in ...

Q: According to a summary of the payroll of Guthrie Co., $600,000 was subject to the 6.0% social securi...

A: Payroll Tax refers to those taxes that employers withhold from the wages or salaries of the employee...

Q: a. Should preference shares be disclosed as ‘equity’ or as ‘debt’? b. ) ‘Income tax shall be paid on...

A: Note: Since you have posted multiple questions, we will solve the first question. Please submit a ne...

Q: Entries for bond (held-to-maturity) investments Demopoulos Company acquired $150,000 of Marimar Co.,...

A: Journal is the original book of entry in which all the financial transactions of the business are in...

Q: I need help with a few problems from the past chapters im still stuck with.

A: Wages and salaries = $34,300 + $1.64q = $34,300 + $1.64*43000 = $104,820 Miscellaneous expense = $5,...

Q: A plant operation has fixed costs of $2,000,000 per year, and its output capacity is 100,000 electri...

A: Break-even chart is the graphic presentation depicting the break-even point. It consists of fixed co...

Q: Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that is...

A: Taxable income refers to that amount of individuals income or business which is used to calculate th...

Q: Assume a company's direct labor budget for July estimates 10,000 labor-hours to meet the month's pro...

A: Budgeted cash disbursement for fixed manufacturing overhead =  Budgeted fixed manufacturing overhead...

Q: Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $26,900...

A: Period available to pay the amount : 60 days if it is paid in 10 days, 2% discount available Discoun...

Q: Activity-Based Costing and Customer Profitability Schneider Electric manufactures power distribution...

A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products. Th...

Q: The following data relates to a bank, Tolland Union. The bank earned $3.530B of in interest revenue ...

A: Net Interest Margin is Difference between Interest Income earned by Bank and Interest it pays to its...

Q: A bank loan approved for the business that has been paid into the bank account will have the followi...

A: Accounting Equation is the primary principle of accounting  and also an important element in the bal...

Q: 9.  JK Corp traded some used Machinery with book value of $60,000 (accumulated depr $50,000) and a F...

A: Formulas:

Q: Pine Village needs some additional recreation fields. Construction will cost $300,000, and annual O&...

A: cash flow: Cash flow can be defined as inflow and outflow of cash through different activities of en...

Q: A university spent $1.7 million to install solar panels atop a parking garage. These panels will hav...

A:   Present value refers to the current value of future sum of money given in a specified rate of retu...

Q: The assistant accountant of Dorman Home Builders prepared the balance sheet of the company while the...

A:  Balance Sheet Statement Asset Amount Liabilities Amount Cash $2,000 Notes payable $16,000 Ac...

Q: Sunland Company follows the practice of pricing its inventory at LCNRV, on an individual-item basis....

A: In This Numerical has covered the concept of Inventory Valuation. Here Lower Of Cost Or Net Realizab...