Accounting Question
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions ...
A: "Since you have posted a question with multiple sub-parts. We will solve only first three sub- parts...
Q: ABFA1173 Principles of Accounting Statements of Financial Position as at 31 December. Year 1 Questio...
A: Formuale: Gross Profit Ratio=Gross ProfitSales×100 Net Profit Ratio=Net ProfitSales×100 Inventory Tu...
Q: Roboclean Ltd makes two types of robotic vacuum cleaner: iClean and HiClean. Both products offer a h...
A: ‘’Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for ...
Q: 1) The following transactions took place in June for the Holista Corporation: June 1 Issued 1,000 sh...
A: Preferred shares= Number of share×Per share=1000×$100=$100,000
Q: On January 1, 2020, Sarasota Company issued 10-year, $1,810,000 face value, 6% bonds, at par. Each $...
A: Computation of Diluted Earnings per share: =[Net income + Interest after tax] / [ Number of equity s...
Q: Crane’s unit production cost under variable costing is $22, and $29 under absorption costing. Net in...
A: The income statement is prepared to estimate the net income or loss incurred during the period.
Q: A few years ago, Leonardo Asti set up a successful business in the UK called Amoretti Ltd. The compa...
A: Inventory Account of Amortti Ltd for the month of July 2018 by FIFO method [Amount...
Q: SkyChefs, Inc., prepares in-fight meals for a number of major airlines. One of the company's product...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: For each of the items, indicate the type of business activity–operating, investing, or financing. Ty...
A: The cash flow statement is prepared to record the cash flow from various activities into the busines...
Q: The cash account in ABC Co.’s ledger showed a balance at December 31, 2020 of P 4,415,000 which was ...
A: The line item on the balance sheet that reflects the amount of a corporation's assets which are cash...
Q: since glue is not generally the main final product, it becomes an indirect material. Indirect materi...
A: Solution: Manufacturing overheads are indirect manufacturing costs that indirectly related to manufa...
Q: Explain the following four Financial Statements as it relates to the Management of a Small and Mediu...
A: Financial statements includes all such statements which provides all necessary financial information...
Q: Briefly describe various variances relating to factory overheads. How material, labor and overhead v...
A: Variance The difference between the standard/budgeted and actual figures of costs, profits, or sales...
Q: The equipment, which manufactures Easter baskets, costs $74,000 and can be leased over seven years w...
A: Lease Payment While taking the decision of purchase of assets to the business whether it is benefici...
Q: Kansas Enterprises purchased equipment for $74,500 on January 1, 2021. The equipment is expected to ...
A: Solution: Annual depreciation using SLM = (Cost - Residual value) / Useful life
Q: A company purchased land and building from a seller for $900,000. A separate appraisal reveals the f...
A: Formula: Land would be recorded at =[ total amount paid × appraisal value of land/total appraisal v...
Q: related parties of the reporting entity,
A: Related parties are associations or resources with which the entity or its officials are interested ...
Q: QUESTION 3 The IFAC international Ethics Standards Board for Accountant (IESBA) Code of Ethics for P...
A: Five Major threats identified in the code of ethics: 1.Self Interest Threat 2.Self-review threat 3.A...
Q: Sub Station and Planet Sub reported the following selected financial data ($ in thousands). Sub Stat...
A: Return on Assets (ROA): This ratio calculated to understand on how much percentage of profit/gains b...
Q: Your first major assignment after your recent promotion at Ice Nine involves overseeing the manageme...
A: Account Receivables: The amount of money owing to a company for products or services provided or uti...
Q: Under PAS 1, which of the followingitem is not included in the computation of profit? Finance co...
A: PAS 1 : It is an accounting standard under Philippines Accounting Standards, the standard ...
Q: Maple & Co, chartered accountants, is suffering from declining revenue, and as a result of this, ano...
A: Profitability means the excess of incomes over the expenses.
Q: The following information was extracted from the financial statement of Barry for the year ended 31 ...
A: Formula: Inventory turnover days = 365 days / Inventory turnover ratio.
Q: Compute (a) the margin of safety in dollars and (b) the margin of safety ratio with the given detail...
A: Margin of safety can termed as an difference between the sales of an product and break-even sales.
Q: Section 3: Required: Question 1 (a) Calculate the cost of the machine. (b) Compute the annual deprec...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: PA4. LO 8.2 April Industries employs a standard costing system in the manufacturing of its sole prod...
A: Direct Material Price Variance is calculated as: = Actual Quantity Used * (Standard Price - Actual P...
Q: Several years ago Brant, Inc., sold $800,000 in bonds to the public. Annual cash interest of 8 perce...
A: Journal Entry - It is record of every business transactions whether it is economic or non economic f...
Q: Activity 2 Use the information in the sum following General Ledger acco systems
A: Ledger Account The purpose of preparing the ledger account is to know the actual balance which are p...
Q: Copper Industries (a sole proprietorship) sold three § 1231 assets during 2019. Data on these proper...
A: Profit on sale of assets considered as long term asset when the asset is held for the period for mor...
Q: Identify fraud risk factors or red flags.
A: The various fraud risk factors or red flags are: Inventory shrinkage: While it's natural to lose a f...
Q: 1. Day and Night contributed the following in forming a partnership business: Day 280,000 Night Cash...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: TRUE or FALSE The accounting for partnerships differs from the accounting for sole proprietorship...
A: Partnership Account - A partnership is a mutual agreement enter into two or more entities for the pu...
Q: 7 Date Transaction Description July 1 Began business by making a deposit in a company bank...
A: The financial statements of the business includes balance sheet and income statement.
Q: Consider the balance-of-payments accounting the table below. All values are in billions of dollars a...
A: The export represents the capital inflow whereas, the import represents the capital outflow.
Q: Dexter owns a large tract of land and subdivides it for sale. Assume thatDexter meets all of the req...
A: All amounts are in dollar.
Q: A partnership is relatively easy to form but also easy to dissolve.
A: The partnership formation is relatively easy as the registration of the firm is not compulsory. al...
Q: What is partnership
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: Indicate which principles are violated. The owner manager bought a computer for personal use. The ...
A: Accounting's goals include keeping a systematic record of all financial transactions in a book of ac...
Q: Hughes Limited manufactures two models of electric motors which are installed on commercial drones. ...
A: 1. Direct Material Cost = Units * D.M Cost per unit Standard = 25,000 x 85 = 2,125,000 Super= 15...
Q: Accounting Question
A:
Q: not an advantage of the NPV investment appraisal technique
A: Option A is wrong because increase in shareholder wealth is an advantage of NPV investment appraisal...
Q: FMC Inc. provides its employees with a defined benefit pension plan. Details are as follows: Prese...
A: The term "actuarial gain" or "actuarial loss" alludes to a rise or reduction in the estimates used t...
Q: Accounting Question
A: Cash flow statement is one of an important financial statement which helps stakeholders to find the ...
Q: ABC Company has two projects: A: It is considering to purchase an equipment to be attached with the ...
A: Since we answer upto three sub-parts, we shall answer first three. Please resubmit a new question st...
Q: The Pita Pit borrowed $197,000 on November 1, 2021, and signed a six-month note bearing interest at ...
A: Formula: Interest expense = Principal amount x Interest rate x Time period
Q: Explain the environmental factors that lead to national differences in accounting.
A: Accounting seems to be the concept of documentation and categorizing commercial transactions and occ...
Q: According to PAS 18 Revenue, which of the following is not a criterion to be satisfied before revenu...
A: As Per PAS 18, Criteria of Revenue recognition is as follows: The outcome of the transaction is pro...
Q: Company cell phone bill received, but not paid, $80 what will be the general entry?
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: 1. Triangle, Square and Round formed a partnership. Triangle contributed cash of P80,000. Square con...
A: Partnership is an agreement or arrangement between two or more than two persons who invest capital f...
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions ...
A: The financial statements of the business include the income statement and balance sheet of the firm.
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