Accounting Question
Q: 2) Choose the appropriate definition for the terms below. a. a business owned by a single owner b. a...
A: Accounting is a process of recording, summarising, and classifying business transactions and informa...
Q: Ann's car has been repossessed by Bob Finance without any notice after Ann defaulted on two consecut...
A: Hire purchase is a method of purchasing high-priced consumer items in which the buyer pays security ...
Q: Peterson, Inc. purchased a machine under a deferred payment contract on December 31, 20x1. Under the...
A: Present value means the actual amount is adjusted with the interest rate so as to get the present va...
Q: Bonita Company manufactures a product with a unit variable cost of $43 and a unit sales price of $75...
A: If the special order is covered under the present capacity of the business then it will not attract ...
Q: 2) During 2016-2020, IPO Corporation had the following issuances of shares outstanding for the entir...
A: Dividend is the return which is paid to the shareholders for their investment in the shares of an en...
Q: Alexander Corporation involves in school supplies business. The entity measured the inventory at the...
A: The company's transactions will be tracked, and the first book to record these transactions is the j...
Q: 8. Katelyn receives stock in Kite Corporation as a gift from her father, which she sells four months...
A: a. Gain or loss is not recognised if the donee sells the given property for less than the donee's ba...
Q: calculate the cost of ending inventory using the FIFO costing method:
A: Under the FIFO method of inventory costing it is assumed that the first goods purchased are also the...
Q: Prepare the December 31, 2021, consolidation worksheet for Pikes and its variable interest entity Ve...
A: Consolidation is a process in which financial statements of subsidiary company is aggregated by the ...
Q: 4. Give examples of business transactions, identify what type of business activities (investing, fin...
A: The cash flow statement represents the flow (inflow as well as outflow) of cash during a period. Suc...
Q: 1. Learning is Fun Company had current assets amounting to Php 100,000. Noncurrent assets for the ye...
A: As posted multiple independent questions we are answering only first question kindly repost the unan...
Q: .In a security agreement, the ___________is the party who owes money and the ____________is the enti...
A: In a security agreement debtor is the party who owes money and secured creditor has has a security i...
Q: Which of the following options is/are correct with respect to Entity-Relationship (E-R)? I. An entit...
A: The answer for the multiple choice question and relevant explanation are presented hereunder: Entity...
Q: 6. You are approached by Ms Mare of Pyramid Limited with the following investment proposal. For a mi...
A: Risk premium means the extra return over and above the risk free rate of return. If any investment i...
Q: On January 1, 2020, Metro Inc. issued a five-year bond with a face value of $700,000. The bond bears...
A: Discount or Premium on Bond Issue: A premium bond has a coupon rate that is greater than the market ...
Q: Which of the following audit procedures is aimed most directly at testing the completeness assertion...
A: For acco payable auditor should perform appropriate audit procedure for testing completeness as...
Q: Which of the following describes a taxpayer with a hobby? a) Sara, an independent seller for a cosm...
A: Tax refers to the amount charged by the government on the income earned from the individual and comp...
Q: Martinez Company's relevant range of production is 7.500 units to 12,500 units. When it produces and...
A: Formula: Total manufacturing cost=Variable manufacturing overhead per unit×Number of units produced+...
Q: 8) On December 31, 2020, James Company has an accounts receivable balance of $324,000 before any yea...
A: Uncollectible Account Expense = Required Allowance - Beginning Balance
Q: atent purchased this year from Miller Co. on January 1 for a cash cost of $5.600. When purchased, th...
A: Acquisition cost is the cost which states all the cost related to asset purchase and its involves th...
Q: On January 1, 20x1, Mr. Angot and Ms. Banglo agreed to form a partnership and share profits and loss...
A: This question concern with the concept of partnership. When any partnership is formed between the pa...
Q: What is FIFO ? Explain FIFO in Process Costing in details.
A: The FIFO approach of process costing transfers expenses to the next division and then to completed i...
Q: Earnings per share.. BRENNER INSTRUMENTS, INC. Balance Sheets Dec. 31, 2019 Dec. 31, 2018 $ 18,300 4...
A: Ratio Analysis is a great tool for the business to compare different results of the business and so ...
Q: Investing activities include Multiple Choice Purchase of non-current assets Lending and collecting o...
A: Accounting's goals include keeping a systematic record of all financial transactions in a book of ac...
Q: Zachary owns a successful furniture distribution store. He purchases dining tab sets at $230 each fr...
A: Regulat selling price = cost price × 120%
Q: On July 1,2021, Phantom Corporation purchased the rights to a mine for a total purchase price of P10...
A: Net cost of mine = Total purchase price - value of land = 10000000 - 1000000 = 9,000,000
Q: 3) State the increase side (debit or credit) for each of the following accounts. a. Inventory b. Ret...
A: Revenue/Income have credit balance Expenses have debit balance. Equity have credit balance
Q: 12. In which of the following cases is a debenture selling at a discount? 1. The coupon rate is less...
A: Bonds selling at a discount refers to the situation when bonds are sold at the desired price that is...
Q: FMC Inc. provides its employees with a defined benefit pension plan. Details are as follows: Prese...
A: The term "actuarial gain" or "actuarial loss" alludes to a rise or reduction in the estimates used t...
Q: A production department has a budgeted production overheads of $180,000 and budgeted activity of 45,...
A: The overheads are said to be overapplied, if applied overheads are more than the actual overheads.
Q: A company’s standard product cost is $9 per unit. Actual production costs were $11 per unit. The fir...
A: Cost of goods sold = No. of units sold x Actual production costs per unit
Q: Consider the balance-of-payments accounting the table below. All values are in billions of dollars a...
A: The export represents the capital inflow whereas, the import represents the capital outflow.
Q: province 500,000 con and 20,000 preferred shares. Listed below are selected accounts from the genera...
A: The shareholders equity section shows the total equity relating to shareholders.
Q: ECEIVABLES INVESTMENT Ewan Industries sells on terms of 3/10, net 40. Total sales for the year are $...
A: Average amount of receivables = total sales × days sales outstanding/365
Q: You are the plant accountant for a company that makes a popular brand of basketball shoes. Currently...
A: Cost volume profit (CVP) analysis is an accounting practice which determines the relationship betwee...
Q: Dividends Per Share Oceanic Company has 15,000 shares of cumulative preferred 1% stock, $100 par and...
A: Solution:- 1) Calculation of Dividend per share for Preferred and Common stock for 3 years as follow...
Q: Give some suggestion to enhance the qualitative characteristics of financial statement that would m...
A: Financial statements are the main source to disclose the profitability and condition of the business...
Q: Orange County Inc. sells its only product for $5 per unit. The variable cost per unit is $3 and the ...
A: Required sales in dollars= (fixed cost + desired profit)/contribution margin ratio
Q: A friend has a medical condition but did not inform the insurance company when he purchased the poli...
A: One of the main causes for claim denial is failure to disclose a pre-existing medical problem. Such ...
Q: (b) The budgeting section of-the corporate finance department of Atlas Products Company has received...
A: Cash Budget Worksheet December January February March Budget of receipts from sales...
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions ...
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: Last month, Kaitlin's average daily balance on her credit card was $1,180.81. The annual interest ra...
A: Given average balance B =1180.81
Q: Flexible Budgeting and Variance Analysis I Love My Chocolate Company makes dark chocolate and light...
A: Actual quantity of cocoa(AQ) = 152300 Actual price of cocoa(AP)= $4.8 Standard price of coca (SP)= $...
Q: The information given below has been taken from the costing records of an industry in respect of job...
A: All amounts are in (TK) currency.
Q: Marginal cost = Variable cost Production units and Selling price Fixed cost sold to external market ...
A: While determining the price of the product in the transfer pricing, selling unit will quote its mini...
Q: Problem 7-18 Relevant Cost Analysis in a Variety of Situations [LO 7-2, LO 7-3, LO 7-4] Andretti Com...
A: Relevant cost is variable selling cost per unit
Q: The Balance Sheet of Tata motors Inc is given below Liabilities Share Capital Retained Eamings Accum...
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how efficien...
Q: Wilson Pharmaceuticals has done very well in the stock market during the last three years. Its stock...
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts f...
Q: Crush Ltd. is a dealer in fast moving consumer goods. The Company has warehouses throughout the coun...
A: Audit evidence means the supporting things for the auditor to form an opinion.
Q: ou are the plant accountant for a company that makes a popular brand of basketball shoes. Currently,...
A: Break even sales volume refers the sales volume that needs to be achieved to cover the fixed cost ex...
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