Accounting Question
Q: Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a c...
A: Solution:- Preparation of the journal entries correctly records the sales revenue as follows:: Intr...
Q: Adams Co. uses a job order costing system and the following information is available from its record...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Atlanta, Inc., which uses the high-low method to analyze cost behavior, has determined that machine ...
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest ...
Q: 2019 Actual Results 2019 Planned $ 24 Net Sales $19,550 100% $22,560 100% Cost of Goods Sold $9,384 ...
A: Indirect expense ratio (actual) = Indirect expenses / sales Similarly, other ratios can be calculate...
Q: For each separate case below, follow the three-step process for adjusting the Supplies asset account...
A: Supplies include stationery, postage, and small-value items. These are classified as current assets....
Q: In 2017, Blue Spruce Corporation discontinued its retail store operations to focus on its online opp...
A: Given, Income from continuing operations = $3,080,000 Loss from discontinuing operations = $600,000 ...
Q: In Fulbright County, the Culture and Recreation Department constructed a library in one of the count...
A: There are two types of organisations that exists. One is profit making entity and other is not for p...
Q: Kent Co. filed a voluntary bankruptcy petition on August 15, 2008, and the statement of affairs refl...
A: The question is related to bankruptcy of a company. The details of statement of affirs are given as ...
Q: Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct mat...
A: (a) Standard direct material per unit of finished goods = 4 lbs Finished Goods = 1,010 units Standar...
Q: what would these expenses total at sales of a. P168,000? b. P16,800. c. P35,000. d. P44,800. e. P51...
A: Variable cost: Variable cost is the cost that will change according to the sales. If the sales incre...
Q: ABC Inc. is a Corporation with a focus on Garment and textile manufacturing in the UAE. They are now...
A: Ratio analysis is very important technique of management accounting, in which decisions are being ma...
Q: On January 1, 2020, Jackie Company issued a note with a face amount of P5,000,000. The note carried ...
A: SOLUTION- WORKING NOTES- 1- COMPUTATION OF FAIR VALUE OF NOTE AFTER MODIFICATION OF TERMS UNDER SC...
Q: Concord Corporation applies overhead on the basis of machine hours. Given the following data, comput...
A: Formula: Predetermined overhead rate = Estimated annual overhead cost / Estimated machine hours
Q: Problem No. 1 Viance Queen Company Statement of Financial Position As of December 31 2019 2018 87,40...
A: The question is related to Ratio Analysis. The statement of financial position and statement of comp...
Q: Accounting Question
A: Lease is a contract between two parties in which one party is lessor and other party is lessee. Less...
Q: Which of the following are examples of a mixed cost? I - A building that is used for both manufactur...
A: The costs incurred in the production, can be classified as variable cost, fixed cost and mixed costs...
Q: On January 1, 2021, BLITZEN Company issued 10% bonds dated January 1, 2021 with a face amount of ₱8,...
A: Issue Price of the bonds = Present value of principal + Present value of interest payments = face va...
Q: Accounting Question
A: Lease is a contract between two parties in which one party provides its assets for use to another pa...
Q: QUESTION ASSETS Transactions Received cash trom owner as an investment. 2. Bought supplies on accoun...
A: The accounting equation is a mathematical representation of the transactions. It shows that total as...
Q: On May 31, 2020, VIOLET Company issued 6% bonds with face amount of ₱4,000,000 for net proceeds of ₱...
A: Interest payment on December 31, 2020 = Face value of bonds x rate of interest x no. of months/12 = ...
Q: In 2017, Flint Corporation discontinued its retail store operations to focus on its online opportuni...
A: Income statement of the business shows all incomes and all expenses of the business for the particul...
Q: Mark Jacobs established Jacobs Services in August by contributing $30,000 cash from his personal sav...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre ha...
A: The average annual percentage return is calculated by dividing the average annual dividend by the in...
Q: s1. The actual overhead cost incurred during the month was: s2. What is the total manufacturing co...
A: s1) Actual overhead incurred = Applied overhead - Overapplied overhead s2) Total manufacturing cost ...
Q: Gretchen's Short-Term Budget Worksheet Spending Purpose Income Date Source Amount $423.52 | 6/03/20 ...
A: Insurance expenses, Rent Expenses, and Telephone bills are generally the same from month to month as...
Q: QUESTION 1 For each of the items below, indicate how it is reported on the balance sheet or income s...
A: Income statement and Balance sheet are two important financial statements of business in which there...
Q: NUBD Co. incurs annual fixed costs of P250,000 in producing and selling a single product. Estimated ...
A: Solution:- Calculation of variable costs per unit as follows under:- Introduction:- The following ...
Q: 1 Which of tha following statements is NOT a characteristie of quantitative research? A The results ...
A: Quantitative research seems to be the process of collecting and analyzing numerical data. It might b...
Q: Based on the following sensitivity analysis, which of the following products would be considered mos...
A: ●1. Answer: Option C: Product_3 Explanation: Calculation of range of each product: Range=Allowable i...
Q: If NUBDCompany achieves its projections, what will be its degree of operating leverage? * Sample for...
A: Contribution margin = (sales price - variable costs) x no. of units = (7-2)*60000 = P300000 OPERATIN...
Q: Glacier Bicycle Company manufactures commuter bicycles from recycled materials. The following data f...
A: Direct Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Dir...
Q: Belowis an income statement for NUBD Company: P 400,000 (120.000) Contribution margin P280,000 (200,...
A: Contribution Margin Ratio = Contribution MarginSales × 100 = P280,000P400,000×100 = 70% Break Even S...
Q: Statement of Financial Position A Company December 31, 2010 Liabilities & Owners' Equity Assets Curr...
A: Statement of financial position shows all assets, all liabilities and equity balances as on date.
Q: No.2 The Medvedev Company, a merchandising firm, has planned the following sales for the next four m...
A: Schedule of cash receipts shows how much amount is expected to be received from customers from credi...
Q: Peter loves dogs and cats. For the past several years, he has owned and operated Homeward Bound, whi...
A: The question is based on the concept of Cashflow Statement.
Q: Lin Corporation has a single product whose selling price is $135 per unit and whose variable expense...
A: Formula: Contribution margin =Selling Price - Variable cost Contribution margin Ratio = Selling Pr...
Q: How many total units would the company have needed to sell to break even? * NUBD Corporation manufad...
A: Breakeven Sales = Fixed cost / Weighted contribution margin per unit
Q: A company that uses the perpetual inventory system purchased inventory for $1,130,000 on account wit...
A: A perpetual inventory system seems to be an application that constantly assesses your inventory depe...
Q: Software Solution (SOS) helps subscribers solve software problems. All transactions are made over th...
A: 2021 Total Salary=$48,000×8=$384,000
Q: Your supervisor has asked you to research a potential tax deduction for a client, Nancy Fradette. Na...
A: Dear student in this question, we have to prepare a letter regarding the tax implications of travel ...
Q: Assets= 300% of total liabilities Liabilities= 50% of Owner's Equity Owner's Equity= 80% of total ...
A: Solution : Let the total liabilities be X Then , Assets = 300% of total liabilities ...
Q: Assume NUBD produced and sold 5,000 units. At this level of activity, it produced a profit of P19,00...
A: Sales = Cost + Profit Cost = (P2*5000) + (P4*5000) + P11,000 + P15,000 = P56,000 Profit = P19,000 ...
Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...
A: Formula: Degree of operating leverage = Contribution margin / Net operating income.
Q: Gross profit is calculated as the difference between net sales revenue and ________. A. cos...
A: Revenue- Revenue refers to the quantity of cash that a corporation actually received during the part...
Q: The trial balance before adjustment for Phil Collins Company shows the following balances. Dr....
A: The question is based on the concept of Business Transaction Analysis.
Q: ring questions about his practice after the first month of operations sets of the practice? SO Requi...
A: The service revenue is earned by providing services to the customers.
Q: break-even point in CVP analysis
A: Option 1 is wrong because at break-even point, there is no relation between output units and input u...
Q: On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance ...
A: A bank reconciliation statement refers to the statement that matches the balance as per the bank acc...
Q: What is accounting explain briefly?
A: Accounting is the process of planning, recording, analyzing and interpreting financial information. ...
Q: he following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of...
A: The journal entries are prepared to record the daily transactions of the business.
Variable costing is a method of costing in which only all the variable costs are taken into account for calculation of product cost. Variable costs are costs that changes with change in level of activity.
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