Accounting Question
Q: Ana invested P100,000 in domestic stocks. She sold them at a later date for P150,000 through the Phi...
A: Tax on stock sold through Stock Exchange: In Philippine country, tax on the stock sold through the s...
Q: 1) If the overtime premium is charge to specific job, it should be debited to: A. General expense ac...
A: Overhead means the cost incurred indirect in factory for the production of goods. Job costing means ...
Q: TRUE OR FALSE 1. WHEN OBTAINING AN UNDERSTANDING OF CONTROL ACTIVITIES OF A RELATIVELY SMALL CLIENT,...
A: Auditing is the process of checking and verifying the truthfulness and authenticity of books of acco...
Q: Identify and discuss the chronological steps of the accounting cycle and preparation of the financia...
A: The accounting is a process of identifying, classifying and recording the transactions of the busine...
Q: accrual basis t.
A: As per accrual basis of accounting, revenue is not recognized until it is earned and expense is not ...
Q: On January 1, 2017, Shay issues $380,000 of 9%, 15-year bonds at a price of 97.25. Six years later, ...
A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is ...
Q: What is the major advantage of using a perpetual inventory system? a. It minimizes error in posting ...
A: ●6. What is the major advantage of using a perpetual inventory system? Answer Option c:It provides e...
Q: CONTRAST THE CIRCUMSTANCES IN WHICH THE AUDITOR WOULD CHOOSE NOT TO TEST CONTROLS WITH THOSE IN WHIC...
A: The test of controls in auditing are the procedures used by the auditors to evaluate the internal co...
Q: A company issued 5-year, 9% bonds with a par value of $98,000. The company received $95,947 for the ...
A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds.
Q: A company issued 7%, 5-year bonds with a par value of $50,000. The market rate when the bonds were i...
A: Interest expense for first semiannual interest period = Issue value of bonds x market rate of intere...
Q: what is the cost of the units issued under the FIFO costing method?
A: FIFO is first in first out inventory valuation method in which inventories purchased first will be s...
Q: arvis is a single individual who is working on filing her tax retur e received $107,000 in salary. e...
A: Tax liability refers to the tax levied by the authorized government on the net income or profit earn...
Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...
A:
Q: A company has bonds outstanding with a par value of $100.000. The unamortized discount on these bond...
A: SOLUTION- FORMULAS- 1- CARRYING VALUE = PAR VALUE - UNAMORTISED DISCOUNT . 2- GAIN OR (LOSS) = C...
Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...
A: Contribution margin ratio is the difference between company's sales and variable cost, expressed as ...
Q: Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns ...
A: The Manufacturing Overhead Control account records all the costs that are incurred in the production...
Q: Gomez maintains a law firm and registered as non-VAT taxpayer. For a particular client, the amount o...
A: Here in this situation Mr. Gomez operates a law firm and registered the company as non VAT taxpayers...
Q: 7. The following data on XYZ Corp workers idle time are as follows: Normal Idle Time Abnormal Idle T...
A: Particulars Classification Normal Idle Time Wage Rate per hour Cost Type Hans Factory Supervisor 6...
Q: Big Company manufactures electric drills to the exact specifications of various customers. During Ap...
A: Job costing is a method of costing in which all costs are assigned and calculated on the basis of jo...
Q: Classifying an Operating Activity, Investing Activity, Financing Acticity. + is cash inflow, - is ca...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: Problem 4-37 (LO. 2) Drake Appliance Company, an accrual basis taxpayer, sells home appliances and s...
A: As per accrual concept of accounting, all incomes and expenses for the particular period should be r...
Q: What is capital? Give the composition
A: Capital means the amount that belong to the business or owner of the enterprise. Capital means the o...
Q: goal of the corporation
A: The ultimate goal of the corporation is to maximize profits, not market value.
Q: How do I answer this problem? How to compute all blank tables? Problem: The dining room at the Ro...
A: Vertical analysis in business shows each item of the income statement as a percentage of total reven...
Q: Date December 2020 Particulars Post Ref Amount $ Dr Amount $ Cr 1 Cash - Dr Motor Vehicle -Dr ...
A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...
Q: Questions: a. What is the net income under variable costing method? b. What is the net income unde...
A: The question is based on the concept of Cost Accounting.
Q: Dana Rand owns a catering company that prepares banquets and parties for both individual and busines...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Indicate whether the following is true or false: If all transactions and record keeping are done acc...
A: Accounting Standards is a set of rules and guidelines, issued by the accounting institutions or bodi...
Q: Assuming all the ownership and use requirements are met, which of the following is correct with resp...
A: If a married couple sale their personal house then gain should be recognized for tax purpose. For Th...
Q: Hours and rate 42 hours worked at P40/hr Earnings to date P14.00 Overtime rate 1 and % times the reg...
A: Net Pay: Gross pay is the amount an employee receives after all taxes, benefits, and other payroll d...
Q: . Comparability (consistency). 5. Neutrality.
A: The accounting process is based on various accounting principles and it has various characteristics ...
Q: Accounting Question
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: The relevant factor(s) in computing depreciation include: A. Cost. B. Residual value. C. Useful life...
A: Depreciation is a use of an asset. It is the value of an asset which has been utilized in the period...
Q: Has Tollowing data for the onth of Ma Gross Payroll Employee's deductions: sss Contribution Philheal...
A: In the given question we are given the data of the JYD corporation for the month of March 2021. We...
Q: Branch A-A person has had a child, and on his second birthday the father deposits a sum of money in ...
A: The given question is related to the calculation of the present value of a future value. In the give...
Q: 3. Partial balance sheet- total liabilities P 1,089,000 45,000 Accounts payable Advances to employee...
A: Balance sheet means where all assets , liabilities and capital is shown. Current liability means the...
Q: Capacity in units Selling price to outside customers on the intermediate market Variable costs per u...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: Big Company manufactures electric drills to the exact specifications of various customers. During Ap...
A: Job costing is a method of costing in which all costs are assigned and calculated on the basis of jo...
Q: You are engaged to audit the books of Zumba Enterprises. From the records of the company, you gather...
A: In the given question we have provided data of Zumba enterprises for the month of 31 Dec 2017. With...
Q: 5. In which year "Zero Based Budgeting" started India ? [A] 1960 [B] 1983
A: Zero-based budgeting (ZBB) refers to the method of budgeting which reflects and evaluates all the ju...
Q: ABC Company produced 3,000 units and sold 2,500 units. Total fixed manufacturing overhead cost is $1...
A: Under absorption costing, the fixed overheads are consumed for the goods sold during the period.
Q: 1. Beginning total assets and total liabilities were P 64,520 and P 46,250, respectively. If assets ...
A: Accounting Equation of the business shows total assets should be equal to total liabilities and equi...
Q: Determine the following: a. Net Sales b. Net Purchases c. Cost of Goods Sold d. Bad Debts Expense
A: The cost of goods sold refers to the direct costs of manufacturing the commodities supplied by a fir...
Q: Big Company manufactures electric drills to the exact specifications of various customers. During Ap...
A: JOB COSTING: It is an accounting method designed to help you track the cost of individual projects a...
Q: T Accounts 1. Cash A/c PARTICULAR DEBIT PARTICULAR CREDIT To Capital 180,0...
A: Adjusting entries PARTICULAR DEBIT CREDIT Salary Expense 19,500 Salary Payable 19...
Q: Presented below are changes in all the account balances of Sheffield Furniture Co. during the curren...
A: Change in assets = Change in laibilities + Change in Stockholders'equity Change in stockholders' equ...
Q: On June 1, 2021, VIXEN Company received P1,077,200 plus accrued interest for 12% bonds with face amo...
A: Once a bond is issued at a premium, the amount will be amortized over the years through to its matur...
Q: MNO Manufacturing Company which uses the periodic inventory system showed the following transactions...
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods sol...
Q: if the overtime premium is charge to specific job, it should be debited to: Work in process accoun...
A: Job costing is a specific type of costing system in which all indirect costs or overhead costs are c...
Q: A is trying to decide whether to accept a salary of P40,000 or a salary of P25,000 plus a bonus of 1...
A: A is to receive P40000 out of which P25000 is salary and balance will be bonus i.e. P15000 Salary of...
Lease is a contract between two parties in which one party provides its assets for use to another party.
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