Accounting Question
Q: answer the following
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: The following data are from the financial statements of Burkee Wines, Inc. Total revenues: $3.500.00...
A: Formula: Profit margin = ( Net income / Total revenues ) x 100 Net income = Revenues - expenses
Q: PB1. LO 15.3 The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary ...
A: Partnership: A partnership is an agreement in which all types of rights and profits and losses of th...
Q: Evaluating Firm Solvency The following financial information is taken from the balance sheets of the...
A: Debt to Total Assets ratio = Debt/ Total Assets
Q: Knuckle makes t-shirts. It uses the FIFO approach to process costing and has a single-stage Work-In-...
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for you...
Q: Production information shows the following costs and units for the smoothing department in August. ...
A: The equivalent units are calculated on the basis of the percentage work completed during the period....
Q: What is the difference between the cash basis and the accrual basis of accounting?
A: As per the cash basis of accounting revenue or expenses are recognized on the basis of cash received...
Q: Question 1 B: Answer for question (ii)
A: If there is an error in the financial statement then, the auditor should discuss it with the managem...
Q: 16) Briefly outline how the presentation of assets and liabilities on the statement of financial pos...
A: Government enterprise are set as a social entity, which is a not for profit organization, while typi...
Q: Coat-All Paint Company used a predetermined overhead allocation rate to allocate $80,000 and $50,0...
A: Given, Costs allocated to Coloring = $80,000 Costs allocated to Mixing = $50,000
Q: How to journalize a signed a 7-year lease for equipment, fair value of $300,000. Equipment transfers...
A: The following lease transaction is journalized in the records of Caledonia Construction.
Q: Dasher Company acquired a truck for use in its business for $25,500 in a cash transaction. The truck...
A: We know that depreciation is the wear and tear of an asset . Under production units method number of...
Q: PB3. LO 15.5 Match each of the following descriptions with the appropriate term related to partnersh...
A: Partnership: It is a legal form of business formed by a group of people who conducts and manages the...
Q: Selected accounts from the December 31, 2021 trial balances of DEF Corp. and its branch follow: B Br...
A: The computation of markup price is as follows: Markup price = Shipment from home office - Shipment t...
Q: X Corp. reported the following data for 2017. Total net sales – P4,000,000; Goods purchased – P2,400...
A: 1. Net sales = P4000000 Goods purchased = P2400000 Beginning inventory = P400000 Ending inventory = ...
Q: ending inventory was overstated by $7,700.
A: We know that in trading and profit and loss account opening stock is debited and closing stock is cr...
Q: Using the details below, compute for the cost of goods sold using the conservative retail and averag...
A: Cost of goods sold include the entire amount related to cost like direct material, direct wages, dir...
Q: Journalise the following transactions 1. provided consulting services to bob and billed the customer...
A: Journal entry : Date Account title and explanation debit credit Apr 15 Account receivable-Jones...
Q: Question Description Assume that you are the accountant of ABC Company. The company’s home office i...
A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want...
Q: 1. A watch store owner decided to offer a 20% discount for a particular brand of watchthat sells at ...
A: 1. Normal sell price of the watch is PhP 35,000 Cost price of the watch is PhP 22,000...
Q: Q:The public subscribes for 50,000 shares of a company of Rs. 200 each. The company calls up Rs. 100...
A: Subscribed capital refers to the part of capital being subscribed/taken by the members of the compan...
Q: A statement of financial affairs created for an insolventcorporation that is beginning the process o...
A: The order for distribution of realization proceeds that will be received on liquidation are: 1) Proc...
Q: You purchased a piece of property for $30,000 nine years ago and sold it for $83,190. What was the a...
A: The present value method is used to evaluate the different levels of investment projects. With the h...
Q: Mercedes is a recipient of Ulirang Inay Award in Baguio City. She received aplaque and cash prize of...
A: Step 1 On sources from within the Philippines, certain passive income like interest from any Philipp...
Q: The Delta company uses a periodic inventory system. The beginning balance of inventory and purchases...
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods sol...
Q: Use the following information for the next three questions:The ledger of COLTISH UNDISCIPLINED Co. i...
A: Current Assets:- These are those assets of the company which get received within 1 year and recorded...
Q: Watches R Us specializes in designer watches and leather goods. Watches R Us uses the perpetual inve...
A: Under the FIFO method, the inventory purchased first are assigned to cost of goods sold first, howev...
Q: Question 2 B : Answer for question (a)
A: The main assertions for audit of revenue and accounts receivables are as follows:- Occurrence Comple...
Q: Michael is single and 35 years old. He is a participant in his employer's sponsored retirement plan....
A: Roth IRA - It is a retirement account of an individual which gives tax -free basis after taking into...
Q: The Rizal Marketing Company is expecting an increase of fixed costs by P78,750 upon moving their pla...
A: Break-Even Sales:- It is a point where the company earns no profit no loss, after this point company...
Q: if the beginning work in process equivalent units are 2500 units, work done in current period equiva...
A: Equivalent units: These include all the partially completed units at the closing of the period on wh...
Q: a. Determine the (1) current ratio and (2) quick ratio for both years. Round to one decimal place.
A: Refer Working note in step 3
Q: Ana, a self-employed resident citizen provided the following data for 2018 taxable year:Sales P2,800...
A: Ana, a self employed resident citizen for year 2018 are : Sales = P3800000 Cost of sales = P1125000 ...
Q: Yolksbaggin has one cost pool (General Plant), one service department (Sanitation), and two producti...
A: Particulars Departments Total Sanitation Collection Packaging Direct labor hours 2,000...
Q: Fidelity, Inc., a financial company, reported income tax expense of $2,648 million for 2020, compris...
A: Cash payments for income taxes paid during 2020 = Beginning income taxes payable + current taxes - i...
Q: Robin Corp. had the following in 2020: Taxable Income: $330,000 Federal income tax: $69,300 Interest...
A: E&P refers to Earnings & Profits. It is generally the amount of earnings and profits compute...
Q: 31. The total retained earnings balance typically is not affected by * a. Net Income b. A prior pe...
A: Retained earning means the amount of profit accumulated over a period of time which has not been uti...
Q: Calculate earnings of worker Mehmood and Saeed under straight piece rate system and Taylor's Differe...
A: Straight piece rate system- Under this rate per unit is fixed based on the standards set by the ent...
Q: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account...
A: A trial balance is an Accounting worksheet which consists of balances of the accounts maintained in ...
Q: What is a calendar year? What is a fiscal year?
A: The question is based on the concept of accounting theory
Q: omitted adjusting entries f
A: Adjusting entries are made as per accrual basis of accounting generally at the end of the accounting...
Q: Record journal entries for the following transactions of Barrera Suppliers. May 12: Sold 32 deluxe ...
A: Journal: Recording of a business transactions in a chronological order. Entries: Workings: Total sa...
Q: Fill in the missing amounts for the following 4 companies. Each case is independent of the others. A...
A: Break-even analysis is a technique used widely by the production management. It helps to determine t...
Q: Describe the three functions of accounting
A: “Since you have asked multiple questions, we will solve the first question for you. If you want a s...
Q: 11. Jared wants to invest money in a 6% savings account that compounds semiannually. Jared would lik...
A: "Since you have asked multiple question, we will solve the first question for you . if you want any ...
Q: The Victoria Corporation uses a standard costing system for its manufacturing operations. Standard c...
A: Victoria corporation uses standard costing system for manufacturing operations. Standard cost of dir...
Q: Dividends Per Share Lightfoot Inc., a software development firm, has stock outstanding as follows: 1...
A: Dividend on preference shares = 15000 shares * $ 25 * 4% = $ 15000 Dividend per share = Dividend ...
Q: In preparing combined financial statements, which of the following accounts are eliminated in the co...
A: There are three kind of Branches 1. Dependent Branch: They don't maintain separate books of account...
Q: Anna bought a life insurance policy on her own life for a premium of P50,000 per annum for 10 years....
A: Return on capital (ROC) is a ratio that can be used in ascertaining an organization's profitability ...
Q: Relay Corporation manufactures batons. Relay can manufacture 300,000 batons a year at a variable cos...
A: Particulars Amount($) Sale price 3 5*(1-0.40) Less: Incremental cost 2.5 (750000/3...
Step by step
Solved in 4 steps
