Accounting Question

Q: what is the difference between prime costs and conversion costs?

A: SOLUTION-   PRIME COST = PRIME COST ARE THE COMBINATION OF THE TWO DIRECT PRODUCT COSTS: 1-DIRECT MA...

Q: On January 2, 2020, Quezon Inc. purchased equipment with a cost of P10,500,000, a useful life of 12 ...

A: The impairment loss =   = Carrying Amount - Recoverable Amount  Where Recoverable Amount = 1) Fair V...

Q: rance, Inc., earned pretax book net income of $1,693,000 in 2020. Prance acquires a depreciable asse...

A:                       Working notes :-                                                          Depr...

Q: Passive income is income that requires minimal labor to earn and maintain. In the Philippines, certa...

A: Passive income - These are those income where the tax payer has not actively participated in the ear...

Q: Airflow Inc. produces ceiling fans for home and industrial use. The parts for the different styles o...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: XYZ Inc. presented the following info regarding its two divisions classified as investment A Divisio...

A: Economic value added (EVA) refers to a measure of evaluating the companies performance based on the ...

Q: On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $3,500,000. The ...

A: Bonds are a form of loan or debt that is being issued by the company, on which regular interest paym...

Q: Broncos, Inc. has prepared a year-end 2020 trial balance.  Certain accounts in the trial balance do ...

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

Q: Which table would show the largest factor for an interest rate of 3% for seven periods? Future val...

A: Under the ordinary annuity, payments are made at the end of the relevant period while under annuity ...

Q: A, B, and C formed a joint operation. The joint operators shall make initial contributions ₱40 each....

A: ●1.How much is the joint operation’s sales?   Debits: Purchases =40 X 3 =₱ 120 Expenses =20 + 8 + 12...

Q: Part 2 – Statement of Cash Flows Tax Consultants Inc. began operations on January 1, 2019, when it i...

A: Statement of cash flows is the statement which shows all cash inflows and cash outflows of the busin...

Q: The first day of the fiscal year, a company issues a $350,000, 6%, 10-year bond that pays semiannual...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Al Darby wants to withdraw $21400 (including principal) from an investment fund at the end of each y...

A: In the given case, an amount of $ 21,400 will be withdrawn at the end of each year for next 5 years....

Q: If you invest $48500 to earn 7% interest, which of the following compounding approaches would return...

A: Compounding in simple language means the interest on the previous interest. So if the compounding ha...

Q: BEJ03 (LO2D Hanson Company (see BEJ0D borrowed $,00g,o00 On March I on a 5-Year 12% note to help fin...

A: Borrowing cost means the interest cost of the finance which is used in constructing a capital asset....

Q: A CPA firm’s quality control procedures pertaining to the acceptance of a prospective audit client w...

A: CPA is the Certified public accountant which is generally appointed in order to perform audit proces...

Q: Accounting Question

A: The earnings per share is calculated as net income divided by number of outstanding shares. 

Q: Waterway Corporation has 41,500 shares of $10 par value common stock outstanding. It declares a 15% ...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: EJ0.11 (LO1,3) (Entries for Equie. Aconisitions) Geddes Enginnering CorForation Purchased conve Yor ...

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: The Outdoors Corporation, which sells camping and hiking equipment, had the following adjusted accou...

A: All amounts are in dollar ($).

Q: Net income example Formula: Net Income = Revenue – Expenses   Total assets are $2,500,000, and yo...

A: Given that, Total assets = $2500000 Current liabilities = $800000 Long term Liabilities = $200000   ...

Q: hester Inc. issued shares of its $6.60 par value common stock for $17.00 per share. In recording the...

A: SOLUTION- SHARES MEANS A COMPANY'S CAPITAL IS DIVIDED IN TO SMALL UNITS OF A FINITE NUMBER .EACH UNI...

Q: Presented below are four different transactions related to materiality. Explain whether you would cl...

A: Most of the companies and the auditors has made the rule that any item which is under 5% of net inco...

Q: Karla Tanner opens a Web consulting business called Linkworks and completed the following transactio...

A: The Journal entries are prepared to record the daily transactions of the business.

Q: Dividend Per Share Swilley Furniture Company has 50,000 shares of cumulative preferred 2% stock, $75...

A: The question is based on the concept of Financial Accounting.