Accounting Question
Q: Last Ltd has two divisions, Time and Leisure. Each of these is regarded as a separate CGU. At 31 Dec...
A: Impairment: Asset is impaired when carrying value on the balance sheet is higher than fair value of ...
Q: 7. Which of the following is least likely to be a financial security? O a. Bonds b. Preferred stocks...
A: A financial instrument refers to the monetary contract made between the parties. This is evidence of...
Q: Stewart Holdings Ltd. is a Canadian controlled private corporation (CCPC) that has a fiscal period o...
A: Here in this scenario Stewart Holding Ltd is a Canadian controlled private Corporation (CCPC) has th...
Q: he annual production capacity of Enterprise A is 20,000 units. For the year 2020 of the enterprise; ...
A: Fixed cost are of two types (1) Individual fixed cost or specific fixed cost (2) common fixed cost (...
Q: 5. The MTN Company has assembled the following data pertaining to certain costs which cannot be easi...
A: a. Variable cost per hour = (Highest activity cost - Lowest activity cost) / (Highest activity units...
Q: L, E, and A are partners with capital balances of P787,500, P945,000, and P315,000, respectively. Th...
A: Particulars Amount L 7,87,500 E 9,45,000 A 3,15,000 Total ...
Q: S1: All assets invested in the partnership become the property of the partners and not the partnersh...
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: The unadjusted net income for the year 2019 is?
A: Net income before any adjustment is known as unadjusted income. Any expense or revenue which is not ...
Q: Kyrie Company produces different sizes of basketballs. The following costs were incurred during the ...
A: Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new quest...
Q: Problem 3-2 (ACP) 600,000 Receipts per bok Noveber olecttion from ctomer. P100.000 ded as PI0.000) D...
A: A bank reconciliation statement refers to a summary of the transactions that are used to match or ve...
Q: What is the correct amount that must be disclosed as proceeds from (repayment of) loans from shareho...
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how efficien...
Q: The following income statement and selected balance sheet account data are available for Satelllite ...
A: The management of the companies is required to prepared books of records, one of them is a cash flow...
Q: Financial accounting = Economic truth + error + manipulation. Briefly explain
A: Financial accounting is a type of accounting that entails documenting, summarizing, and reporting tr...
Q: Aren't we being too restrictive on focusing only on the numerical results of not just the financial ...
A: The ledger accounts will be prepared taking the journal as the source document. The ledger accounts ...
Q: Tamarisk Company sells a machine for $6,720 with a 12-month warranty agreement that requires the com...
A: 1.Calculation of Sales Made Sales Value = Units x Sale Price Sales Value = 440 x 6,720 = 2,...
Q: In 2019, NMD Inc. tapped you to audit its financial statements for the first time. You completed the...
A: Note : (1) Since no specific information is given, it has been assumed that, Salesmen's commission i...
Q: The following data are obtained from the single-entry records kept by Jefford Merchandising for 2019...
A: Net Sales is computed by adding both cash and credit sales less discount less returns.
Q: based on the images, what is the correct amount that must be disclosed as increase (decrease) in tra...
A: Cash flow statement is the statement which shows cash generated from operating activities, investing...
Q: Peter and Paul formed a partnership on January 1, 2020, and agreed to share net income and losses 90...
A: Interest on Peter's capital = P250,000 × 5% = P12,500 Paul's Salary = P10,000 × 12 months = P120,0...
Q: What does the debit remainder of the Trade Goods Account show in the perpetual inventory method ? ...
A: All the options are explained as under: 1) Cost of available goods: Cost of available goods ref...
Q: The process of entering transactions in the journal is known in accounting as
A: The financial records of the organization are important in order to provide the overall information ...
Q: What is the name given to the products that are lower in quantity or of economic value compared to t...
A: By-product are the secondary product which is incidentally produced, along with the main product. It...
Q: On June 1 of the current year, Jocson and Gomez form a partnership. Jocson is to invest certain busi...
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: On January 1, 2019, Hippo, Inc. acquired 40% of the outstanding common stock of Campus Co. for $276,...
A: Introduction If any entity acquires significant influence over the another entity then such investme...
Q: Timex Company provided the following data relating to the cash transactions and bank account for the...
A: A bank reconciliation statement unifies a corporation's bank account with its financial records by s...
Q: Short-Term Notes Payable 300 Retained Earnings 2377 Sales Revenue 19385 SG&A Expense 2600 2018 Tax R...
A: Income statement shows profit earned or loss incurred by a corporation during an accounting year.
Q: For each of the following transactions for Dela Cruz Services, a sole proprietorship, fill in the sp...
A: As per Accounting Equation,Assets =Liabilities +Owner's equity Accounts are classified as: Assets a...
Q: Assignment X and Y are partners sharing profit and loss in the ratio of 7:3. their capital accounts ...
A: Profit and Loss Appropriation account in partnership shows distribution of net income of partnership...
Q: A firm uses machine hours to allocate fixed overhead. During the period, budgeted fixed overhead is ...
A: Standard costing means where standard is set for various cost element and actual cost is then compar...
Q: The controller at TellCo is examining her books. She determines that at the breakeven point of 5,000...
A: Break Even Point: The Breakeven point (BEP) is an accounting term that defines a circumstance in whi...
Q: What is the audited net sales balance? A. P5,280,000 B. P5,700,000 C. P6,080,000 D. P6,400,000
A: Net Sales = Cash Sales - Credit Sales - Sales Return
Q: Boxta company distributed $20,000 as cash dividends. The closing entry to required for dividend acco...
A: The closing entries are prepared to close the temporary accounts of the business.
Q: A firm is a dog food producer. Currently, they have remaining inventories for sale with a total cost...
A: Cost accounting means the recording of different cost in different account and to find out the cost ...
Q: The payroll of Pearl Company for September 2019 is as follows. Total payroll was $444,000, of which...
A: Working note: Computation of FICA taxes payable: Computation of FUTA and SUTA tax payable:
Q: The Following selected inteomation is Jorm Money Conpany's Cooperative balance sheets At decombeo 31...
A: To record the reduction in performance of the asset, the company will charge depreciation each year....
Q: As the external auditor of the firm, you are tasked to compute whether the gross sales presented to ...
A: Gross sales are the Total sales before adjusting for any discounts, sales returns and allowances. Im...
Q: Document analysis of sole proprietorship
A: The business can be run in any form like sole proprietorship, partnership firm, or a company. To for...
Q: amount paid as transportation and insurance cost
A: The cost of a fixed asset include its purchase price and all other costs incurred to bring it into t...
Q: 29. What is the correct amount that must be disclosed as proceeds from (repayment of) loans from sha...
A: Introduction Cash flow from financing activity Loan obtained or repaid should be disclosed in cash f...
Q: Problem 7 P 200 per unit Sales price Fixed costs: Marketing and administrative Manufacturing overhea...
A: The variable costs includes the costs that remains constant per unit and fixed costs remains in tota...
Q: - Which of the following accounts does not include a reflection account in cost accounts ? a) Ma...
A: Cost accounting is a term referred to analyze all the expenses the company incurred in terms of cost...
Q: The data below is the sales of MGM Co. The accountant of the company has provided you with the follo...
A: Net sales means the amount of revenue earned and it is calculated by deducting the sale return , all...
Q: On July 1 of the current year, the assets and liabilities of Logan W, BWW, are as follows: Cash, $27...
A: Total assets = Cash + Accounts Receivable + Supplies + Land = $27,000 + $12,300 + $3,100 + $35,000 =...
Q: Power break 5.8 INDIVIDUAL Required 30 November 2016. 30 November 2016. Receipts Payments 3 650 Wage...
A: Non profit organization means the organization which is not running for business purpose but for the...
Q: Trial Balance Account Title Debit Credit Cash 12400 Capital 115000 Equipment 55000 20000 30000 Suppl...
A: The trial balance becomes the base for the preparation of the Income statement, balance sheet, etc. ...
Q: The following summarized transactions occurred in December 2020 in Syco Co. Dec 1 Purchased plan...
A: The journal entry seems to be the process of recording or keeping track of any financial or non-fina...
Q: The following data are obtained from the single-entry records kept by Jefford Merchandising for 2019...
A: 1. Here we will prepare the Accounts receivable A/c where We will calculate credit Sales as Balance ...
Q: PR 4-4A Ledger accounts, adjusting entries, financial statements, and closing entries; optional spre...
A: The question is based on the concept of final accounts.
Q: On June 30, 2020, Wisconsin, Inc., issued $315,450 in debt and 18,100 new shares of its $10 par valu...
A: A set of consolidated financial statements comprises of reports that illustrate a parent company's a...
Q: Problem 2- Pearl Company maintains a ch statement included the following information: Balance, July ...
A: The bank reconciliation statement is prepared to adjust the bank balance and cash balance to make th...
The question is based on the concept of Financial Management.
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