Accounting Question

Q: Sylvestor Company issues 9%, five-year bonds, on December 31, 2016, with a par value of $180,000 and...

A: Given that, Par value of bonds issued = $180000 Interest is payable on June 30 and Dec 31. Rate of i...

Q: The payroll of Swifty Company for September 2019 is as follows. Total payroll was $ 444,000, of whi...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: On December 7, Oklahoma City Thunder sold a $96 ticket to a basketball game to be played in March. T...

A: The revenue or expenses are said to be recognized when they are incurred irrespective of cash transa...

Q: Use the following information to answer 1-2: You are auditing general cash for the Christian Company...

A: The reason for the differences  in BRS are: Direct credit by a bank Interest payment Cheque dishono...

Q: ixed expenses were $36,900. Required: 1. What is the company's contribution margin (CM) ratio? 2. Wh...

A: Contribution Margin Ratio is  percentage difference between corporate revenues and variable costs. T...

Q: Determine the effects of the following on a cash basis taxpayer's gross income for 2021 and 2022. If...

A: The Gross income recognition criteria:   A On the basis of constructive receipt B The check has...

Q: . Comparability (consistency). 5. Neutrality.

A: The accounting process is based on various accounting principles and it has various characteristics ...

Q: Capacity in units Selling price to outside customers on the intermediate market Variable costs per u...

A: Transfer pricing is a form of accounting that represents when goods or services are exchanged betwee...

Q: Capity Tea Products has an exclusive contract with British Distributors. Calamine and Capity are two...

A: Calamine contribution margin for the flexible budget = Actual sales in pounds x Budgeted contributio...

Q: On March 1, 2021, RED Corporation issued at 103 plus accrued interest, 1,000 of its 9%,₱1,000 bonds....

A: Solution : Given : Number of bond              =1000 Face value                        =P 1000 Issue...

Q: Assume that both the Parent and Subsidiary adopt 31 December as their financial year-end. Further as...

A: Intragroup transactions are transactions that occur between entities in the group. They can be eithe...

Q: Determine the effects of the following on a cash basis taxpayer's gross income for 2021 and 2022. If...

A: Gross Income: The whole amount of salary a person receives in their paycheck before any deductions o...

Q: Madison Ironworks made 400 defective units last month. Fortunately, the units were identified as def...

A: Relevant cost : It is a cost that is relevant to a particular decision and differs between alternati...

Q: Company A and its divisions are engaged solely in manufacturing operations. The following data perta...

A: Segment Reporting means the reporting of the operating segments of the company in the disclosures of...

Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...

A:

Q: The following transactions took place during the year ended 31 December 2020: On 1 March 2020, a di...

A: Stockholders' equity represents the shares of the company held in hands of the shareholders of the c...

Q: On January 1, a company issued and sold a $420.000, 3%. 10-year bond payable, and received proceeds ...

A: In order to determine the discount on bonds payable, the amount received from proceeds is required t...

Q: Capity Tea Products has an exclusive contract with British Distributors. Calamine and Capity are two...

A: Calamine contribution margin for the flexible budget = Actual sales in pounds x Budgeted contributio...

Q: a. Interest on notes payable should be accrued b. Services performed but unbilled C. Salaries earned...

A:  Under accrual basis of accounting transactions need to be recorded as and when they occur.

Q: bility ratios:      -  Return on assets  0.10 cents -  Return on equity  0.71 cents -  Profit margin...

A: Profitability ratios refer to the refers to those ratios which evaluate the potential or capability ...

Q: Property, plant and equipment are: A. Tangible assets used in the operation of a business that have ...

A: Property, plant, and equipment is considered as long term assets and it is presented in the balance ...

Q: "Disk  City,  Inc.,  is  a  retailer  for  digital  video  disks.  The  projected  net  income  for ...

A: Variable Cost per disk = Purchase Price per disk + Handling Cost per disk Contribution Margin per di...

Q: Break-Even Sales Under Present and Proposed Conditions Portmann Company, operating at full capacity...

A: Fixed cost are those costs which remain constant on volume basis and decreases on per unit basis as ...

Q: Rutro Corp. makes 59,000 units per year of a part it uses in the products it manufactures. The unit ...

A: Make or Buy Decision: A make-or-buy choice is one in which a company decides whether to manufacture ...

Q: he following information is related to Nash Company for 2020. Retained earnings balance, January 1,...

A: The income statement is prepared to find net income or losses incurred during the period.

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: Revenue and cash receipts journals; accounts receivable subsidiary and general ledgers Transactions ...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company's ...

A: Adjusting entries are entries that are passed at the end of the period in order to accurately reflec...