Accounting Question
Q: C.) If you borrow cash from your neighbor at 12% simple interest, determine the present worth of P20...
A: Present value is the current value of a future sum of money given at a specified rate of return. Pre...
Q: Which of the following statements is/are not true? Interest expense on the lease liability will incr...
A: PFRS 16 talks about Recognition, Classification, Measurement and Disclosure of Leases in Financial S...
Q: Which of the following is/are true with regard to accounting for short-term employee benefits? Unpai...
A: Short-term employee benefits refer to those employee benefits that are supposed to be sorted out ent...
Q: QS 2-15 Computing and using the debt ratio L A2 O In a recent year's financial statements, Home Depo...
A: Debt ratio shows that liabilities consist of how much percentage of total assets in the business.
Q: 9. Is manufacturing overhead underapplied or overapplied for the year? By how much? 13. Assuming th...
A: Overheads applied are the overheads calculated as follows: Predetermined overhead rate × Actual dire...
Q: the assets if equity
A: Assets = Liabilities + Equity
Q: Consider the following information by WriteUps Limited, a company that manufactures cardboard paper,...
A: SOLUTION- PRIME COST ARE A FIRM'S EXPENSES DIRECTLY RELATED TO THE MATERIALS AND LABOR USED IN PRODU...
Q: Due to the covid-19 pandemic, TRUE has experienced extreme financial pressure and has been in defaul...
A: Working note: Computation of fair value of note after extinguishment: The fair value will be the di...
Q: Footfall Manufacturing Ltd. reports the following financial information at the end of the current ye...
A: Solution:- a)Preparation of Income Statement of Footfall Manufacturing Ltd. for the year ending Dece...
Q: Prepare the adjusting entries at July 31 assuming that adjusting entries are made monthly (Credit ac...
A: Depreciation expense for July 31 = Total depreciation x no. of months/12 = $6240 x 1/12 = $520
Q: Which of the following is not accomplished by an adjusting entry? A. Updating liability and asset...
A: Adjusting entries are made to allocate income and expenses to their proper period.
Q: Assume a sales price per unit of $25, variable cost per unit $21, and total fixed costs of $154560. ...
A: Contribution margin per unit = Selling price - Variable cost Contribution margin ratio = Contributio...
Q: that had not previously been recorded. C. Adjusting entries can be used to record
A: An adjusting journal entry is a journal entry made at the conclusion of an accounting period in the ...
Q: Engberg Company installs lawn sod in home yards. The company's most recent monthly contribution form...
A: 1. Degree of operating leverage = Contribution margin Net operating income = $80,400$65,400=1.23 ti...
Q: . What is the major advantage of using a perpetual inventory system? a. It provides efficient inter...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: In a job-order costing system, the net cost of spoilage that is common to all jobs should be charged...
A: In Every Manufacturing Industry, it is very common that they will incur the spoilage of the product....
Q: Part 1- Using the trial balance provided below prepare a Classified Balance Sheet for Useh Tele Solu...
A: Balance sheet presents the financial position at any particular point of time. The balance sheet equ...
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: Below are the accounts of J.L Laundry for the month ended March 31, 2015 Instructions: Prepare a sta...
A: The financial position states the balance of the assets and liabilities of the entity as of 31 March...
Q: Sheridan Inc. sells a product for $106 per unit. The variable cost is $64 per unit, while fixed cost...
A: Break Even Point is the level of Sales in which activity level where there is neither a profit nor a...
Q: A company selling televisions has monthly operating costs of $34750 and it costs the company $475 to...
A: operating cost 34750 cost per unit 475
Q: On May 31, 2020, VIOLET Company issued 6% bonds with face amount of ₱4,000,000 for net proceeds of ₱...
A: Solution: Interest expense for the year ended December 31, 2020 = Proceeds of issue of bonds* Market...
Q: The following independent statements may be true or false. Discuss the circumstances whereby the sta...
A: Goodwill on Acquisition: For the purposes of accounting, goodwill is created when a buyer purchases ...
Q: Four factory workers and a supervisor make a team in the Machining Department. The supervisor earns ...
A: Per hour wage of each supervisor= P100 Total number of Supervisors= 1 Combined hourly charge of 4 wo...
Q: Swoot, Inc issued serial bonds on January 1, 2020 that mature 5 years later on December 31, 2024. Th...
A: Bonds are a form of loan or debt issued by the corporation, on which regular interest payments needs...
Q: arvis is a single individual who is working on filing her tax retur e received $107,000 in salary. e...
A: Tax liability refers to the tax levied by the authorized government on the net income or profit earn...
Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds wit...
A: What is meant by Journal entries? It is the first step to record the financial transactions in the b...
Q: What is the journal entry to record raw materials used in production? (If no entry is required for a...
A: To charge raw material inventory to work in progress, the Work in Progress inventory is debited and ...
Q: Due to the covid-19 pandemic, TRUE has experienced extreme financial pressure and has been in defaul...
A: The gain or loss on extinguishment is determined by deducting the fair value of note after extinguis...
Q: state the effect on planned evidence (increase or decrease) of changing each of 'AN INCREASE IN TOLE...
A: A tolerable misstatement states the amount by which a financial statement line item can differ from ...
Q: bility ratios: - Return on assets 0.10 cents - Return on equity 0.71 cents - Profit margin...
A: Profitability ratios refer to the refers to those ratios which evaluate the potential or capability ...
Q: Dana Rand owns a catering company that prepares banquets and parties for both individual and busines...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Kervin Company acquired three items of machinery as follows: During 2021, the entity purchased a ma...
A: Cost refers to the amount at which the goods are exchanged and purchased in the market by the custom...
Q: Check my wa At January 1, 2021, Rothschild Chair Company, Inc., was Indebted to First Lincoln Bank u...
A: Answer: Date Account title Debit($) Credit($) January 1,2021 No entry is required. ...
Q: Activity #3 Ruiz Med-care Inc, is a health insurance company. The following account balances appear ...
A: ●1. Journal entries:
Q: What is the standard variable overhead rate and standard fixed overhead rate?
A: The overhead rate is calculated by dividing total indirect costs (also known as overhead) for a cert...
Q: Give a situation where you are adopted a holistic view in looking at a problem or situation
A: Adopting a holistic view of a problem means that we look into the main reason behind all of the issu...
Q: 1. Revenues $27,000; Expenses-$18,000; Dividends- $,2000; Accrued Revenues - $4,000; Net income = 2,...
A: 1. Accrued revenues increase the net income according to the accrual concept of accounting. Dividend...
Q: Windsor, Inc. began operations in July 2022. At the end of the month, the company prepares monthly f...
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately...
Q: Portmann Company, operating at full capacity, sold 1,000,000 units at a price of $189 per unit durin...
A: A break-even point seems to be the moment where a given firm's total cost and total income are equal...
Q: On August 31, 2021, DASHER Company issued at 104 plus accrued interest, three thousand 10% bonds wit...
A: The carrying value of a bond is the par value or face value of that bond plus any unamortized premiu...
Q: LIABILITIES+ (0 R' Cash Laundry Laundry Accounts Accounts King Capltal Advertising King Withdrawals ...
A: Accounting equation in the business says that total assets must be equal to total liabilities and eq...
Q: NUBD Co. presented the following data for 2021: Sales Variable manufaduring costs Fixed manufacturin...
A: Under the Variable costing method, fixed production costs are considered period costs and are not in...
Q: TM and SJ, having capital balances of Php980,000 and Php525,000 respectively, decided to admit GD in...
A: Admission of New Partner into Partnership Firm: a new partner can only be admitted to the firm with ...
Q: Wages in excess of the regular rate paid for work after normal closing time is: Overtime premium P...
A: A worker receives the payment as per his/her hours worked. More the hours more the pay, a worker rec...
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: Sheridan Inc. sells a product for $106 per unit. The variable cost is $64 per unit, while fixed cost...
A: Contribution margin per unit = Sales price - variable cost = $106 - 64 = $42 per unit
Q: Johnny Lee Incorporated produces a line of small gasoline-powered engines that can be used in a vari...
A: The total cost comprises of fixed cost and variable cost incurred during the production. The variabl...
Q: EX 5-12 Sales-related transactions Obj. 2 After the amount due on a sale of $28,000, terms 2/10, n/e...
A: Hi student Since there are multiple questions, but as per question requirement we will answer 5-12 o...
Q: Dasket Whose selling price is $11 per unit and whose variable expense is $9 per unit. The company's ...
A: The break even sales are the sales where business earns no profit no loss during the period.
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