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: 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: 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: .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: 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: 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: 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: Zachary owns a successful furniture distribution store. He purchases dining tab sets at $230 each fr...

A: Regulat selling price  = cost price  × 120%

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: 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: 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: (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: 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: 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