Accounting Question

Q: [The following information applies to the questions displayed below.]  Laker Company reported the fo...

A: Inventory can be valued using the following methods:- Specific identification method Weighted avera...

Q: its a matching thing

A: Effect on balance sheet: When the section of balance sheet which are assets,  liabilities and owners...

Q: Assume a partner withdraws from a partnership and receives assets of greater value than the book val...

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Q: Education Tax Credits (LO 7.5) Jasper is single and a computer software consultant with a college de...

A: The lifetime learning credit may be defined as the tax credit provided to the taxpayer upon the expe...

Q: On December 31, 2020, ABC Co. had outstanding 12%, P5,000,000 face value bonds maturing on December ...

A: Bond conversion:   The process of in which the changing of a bond takes into shares is said to bond ...

Q: City Health Limited has installed a new payroll module to its existing accounting system which integ...

A: Payroll software is an application used to manage, optimize, organize, and automate the employees’ p...

Q: On Jan. 1, Year 1, Foxcroft Inc. issued 110 bonds with a face value of $990 for $112,200. The bonds ...

A: Interest is paid to the bondholders on the basis of coupon rate mentioned on the bond document eithe...

Q: Activity-Based Supplier Costing Clearsound uses Alpha Electronics and La Paz Company to buy two elec...

A: Manufacturing overhead: It is the indirect cost incurred as a part of manufacturing the products. Th...

Q: PA3. LO 8.5Domingo Company started its business on January 1, 2019. The following transactions occur...

A: Journal entry refers to any entry to record a transaction that is financial in nature.

Q: Sol purchase lands as an investment on Jan 12, 2015 for $85,000. On Jan 31, 2019 Sold sold the land ...

A: Nature of gain: 1 Long-term gain: It is the non-reoccurring and capital gain. Example : Gain on long...

Q: Accoring to the AICPA Code of Professional Conduct, which of the following activities result in an a...

A: All the AICPA members are obligated to follow all the norms of the code of professional conduct. It ...

Q: Charlie McBride and Ian Jordan, who have ending capital balances of $90,000 and $40,000 respectively...

A: a) Journal Entries Particulars Debit Amount Credit Amount   C's Capital $27,000   [ 90,000 * 30...

Q: On December 1, $18,000 was received for a service contract to be performed from December 1 through A...

A:   Unearned revenue : Unearned revenue is money received by an individual or company for a service or...

Q: Match (by letter) the correct reporting method for each of the items listed below. Reporting Method ...

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Q: You have the following information for Coronado Industries for the month ended October 31, 2022. Cor...

A: Periodic inventory system: It is inventory system which involves the physical counts of goods at a s...

Q: After closing the temporary owners' equity accounts into Income Summary, and after allocating the ne...

A: When a partner of a firm decides to retire due to health issues, old age or other reasons. When part...

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on Janu...

A: Consolidate income: When the company is acquired by another company at the fixed percentage of ratio...

Q: Adjustment for Prepaid Expense The prepaid insurance account had a beginning balance of $6,750 and w...

A: Journal: Recording of a business transactions in a chronological order.

Q: (a) Jessica Ltd sold inventory during the current period to its wholly owned subsidiary, Amelie Ltd,...

A: Please note- Since you have asked multiple questions, we have solved a first question. To get the re...

Q: When is LIFO Inventory a preferred method?   **In regards to Financial Accounting.

A:   LIFO (Last in, First out ) : It is an accounting method that an organization uses to determine the...

Q: Which of the following best describes the indirect method of preparing the operating activities sect...

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Q: On July 1, 2020, Tamarisk, Inc. pays $20,100 to Kalter Insurance Co. for a 3-year insurance contract...

A: In the given information the insurance contract is for 3 years for which Tamarisk, Inc. pays $20,100...

Q: [The following information applies to the questions displayed below.] Laker Company reported the fol...

A: Calculation of cost assigned to ending inventory and COGS as per specified identification is as foll...

Q: Identify the following questions as most likely to be asked by an internal (I) or an external (E) us...

A: Accounting Information system:  The Accounting Information System is a system that a business uses f...

Q: Prior to the adjusting process, accrued expenses have Select one: a. been incurred but not yet pa...

A: Accrued expenses: The expenses which are occurred but not recorded in books. Even cash is not paid a...

Q: Hawk Company uses a single-column purchases journal, a cash payments journal, and a general journal ...

A: Purchase Journal Date Particulars Inventory Dr.     Accounts Payable Cr. 5-Oct H Company $...

Q: Medical Expenses (LO 5.6) In 2019, Margaret and John Murphy (age 66 and 68, respectively) are marrie...

A: Hello, since your question has multiple parts we will solve the first question for you. If you want ...

Q: Cost Accounting; Mobility Partners makes wheelchairs and other assistive devices. For years it has m...

A: Differential cost analysis is a technique used to choose between available alternative while making ...

Q: Aqua Ltd issues a prospectus inviting the public to subscribe for 30 million ordinary shares of $2.0...

A: Given: Amount of ordinary shares = $ 2.00 Number of shares = 30 million Received applications = 36 m...

Q: The ABC system improves the allocation of​ ________.   A. direct materials   B. sales ...

A:   ABC system: Activity based cost system is widely used in the manufacturing industry. Under this me...

Q: If a company makes a journal entry that records a debit to "Rent Expense," that journal entry also c...

A: Rent expense refers to the rent for any building space or space taken by the company. Journal entry ...

Q: Atlantic Surf manufactures surfboards. The company’s sales budget for the next three months is shown...

A: Budgeting is an important part of the business process. Without budgeting a business cannot track it...

Q: What category of audit report will be issued if the auditor concludes that the financial statementsa...

A: Given: The issue to the auditors if the unfair financial statements are concluded.  

Q: Inner Resources Company started its business on April 1, 2019. The following transactions occurred d...

A: A journal is a detailed account that records all the financial transactions of a business, to be use...

Q: You are the audit senior working on the audit of Reef Building Supplies Limited (RBS), a large suppl...

A: An audit is assessing vouchers, books of accounts record to see that they are accurately and complet...