Accounting Question
Q: Calculate gross profit from the following? Sales OMR 50000, Cost of goods sold OMR 30000 and Return ...
A: Formula: Net sales = Sales - return inwards Deduction of return inwards from sales derives the net s...
Q: Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019. Cash in ...
A: Here to Prepare the whole Ledger account, Three column Cash Book and Trial balance after entering th...
Q: Apple mart in Nizwa had faced a serious working capital issues during the last year due to the pande...
A: Cost of goods sold = opening stock + purchase - purchase return - Closing stock =10000+40000-4000-16...
Q: Which among the following statements is prepared to know the financial position of the business? a....
A: Option d is correct. Statement Shows Income statement Financial performance of company Bal...
Q: Entries for Issuing Bonds and Amortizing Discount by Straight-Line Method On the first day of its fi...
A: Discount on bonds payable is contra account of bonds payable. Number of semiannual periods = 5 years...
Q: useful information" Relevent, Reliable, Complete, Timely, Understandable, Verifiable, Accessible." I...
A: Characteristics of useful information is relevant, reliable, complete, timely, understandable, veri...
Q: BTL Company purchased a tractor at a cost of $90,000. The tractor has an estimated salvage value of ...
A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life o...
Q: As the world’s population grows, business activity expands, and the globe seemingly shrinks, million...
A: Environmental Cost Management helps a company to minimize the costs that is related to the damages o...
Q: This is the financial position of Hospital AMIH, Inc. regarding the repayment of its debts. These ar...
A: Solution: Introduction: Cash flow to total debt ratio represents a business organization's flow of c...
Q: Ena Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented ...
A: Sales revenue includes the amount that has been earned due to the sales of the product or providing ...
Q: What is return on assets(roa)?
A: In general terms, ROA is similar to Return on Investment.
Q: Ameen trading company is a popular distributor in the Nizwa region having years of experience in the...
A: Ratio analysis means where different ratio of various years of years companies has been compared and...
Q: The following costs were incurred in May: Direct materials $42,700 Direct labor $29,400 Manufacturin...
A: Conversion cost is the total of manufacturing overhead and direct labor cost.
Q: Ahmeds Business had a Service revenue of RO 5000, Commission revenue of RO 1000. Salary Expenses amo...
A: Net profit (loss) = service revenue + commission revenue - (salary expense + rent expense + insuranc...
Q: The following categories of people are recognized as users of the information contained in financial...
A: Owners: stockholders or investors need financial information for knowing the current profitability r...
Q: Steve Drake sells a rental house on January 1, 2019, and receives $100,000 cash and a note for $50,0...
A: Please find the answer to the above questions below:
Q: Which of the following states that a transaction is not recorded in the books of accounts unless it ...
A: The accounting system is based on various accounting principles.
Q: DSSS CorporationDSSS Corporation is considering a new project to manufacture widgets. The cost of th...
A: Operating cash flow = Net income + Deprecation expense
Q: lcuin, Langwith and Halifax are firms involved in the production and sale of highquality technical ...
A: Langwith entered into a four-year lease contract for a new machine used in the production with a co...
Q: In 2020, Bianca earned a salary of $189,000 from her employer. Determine the amount of FICA Social S...
A: Answer The Social Security withholding rate is gross pay times 6.2% up to the maximum pay level for...
Q: Sizemo Elektroniks sells semiconductors that are used in games and small toys. The company has been ...
A:
Q: Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following...
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...
Q: Unearned revenue is: a. A liability account. b. All the options are wrong c. An asset account. d...
A: Unearned revenue is the cash received in advance for the work to be done in the future.
Q: Question 10 All of the following are characteristics of a corporation, except: has one or more owner...
A: corporation - the corporation is a business entity, which is owned by the shareholders and managed b...
Q: Enter the following transactions in a cash receipts journal. Use a 5% sales tax rate. Total and rule...
A: Cash receipts journal: This journal is used for recording cash transactions of a business which incl...
Q: kindly solve part-b. please accurate
A: (b) Positive effects of the proposal : 1. Ownership of the existing shareholders who opt out for buy...
Q: (Allocate Transaction Price, Returns, and Consignments) Ritt Ranch & Farm is a distributor of ra...
A: Journal entries are prepared to record the financial and non-financial transactions of the business ...
Q: Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following...
A: Contribution margin is the difference of sales revenue and variable costs. Contribution margin = Sa...
Q: The liability created by a business when it purchases Materials from its suppliers on credit is term...
A: Accounts payable refer to money owed by a entity to its creditors or suppliers from whom the entity ...
Q: Direction: Prepare what is asked. 1. Y Agency held a financial asset at fair value through surplus o...
A: As per IFRS 9 "Financial Instruments", an organization shall measure a financial asset or financial ...
Q: All of the following are characteristics of a partnership, except: O A. is not considered a separate...
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: Haleem trading company is a popular distributor in Salala, having operations in the entire Oman. Ove...
A: 1. CURRENT RATIO : = CURRENT ASSETS / CURRENT LIABILITIES CURRENT ASSET = STOCK + DEBTORS + INVEST...
Q: Question 5 Definite business life and separate legal entity are characteristics of a corporation. O ...
A: Corporation is a business form in which various members or shareholders invest capitals, limited lia...
Q: Exercise 1 Mention the financial statements used to perform an analysis of the financial situation a...
A: Financial statememnts mainly include - - income statement - balance sheet - cash flows statement ...
Q: On December 31, 2015, Company A reported total assets of $ 4,500,000 and total equity of $2,345,000....
A: Total Assets = Total Liabilities + Total Equity $4,500,000 = Total Liabilities + $2,345,000 Total Li...
Q: Accounting Question
A: Cash Discount is given on entire invoice amount (including freight charges) if amount is paid within...
Q: AMoving to another question will save this response. Question 15 Prepare adjusting entries for the f...
A: Given that, the global company did not receive a rental income of BD30500 from one of its customers.
Q: Select one:
A: Answer:
Q: Jeff's Widget Corporation produces and sells a part used in the production of bicycles. The unit cos...
A: Increase in operating income = Increase in revenue * ( Sales per unit - Variable per unit )
Q: The accounting records of Hampton Company provided the data below ($ in thousands). Net income Depre...
A: The cash flow statement is an essential part of the financial statements of the organization. It is ...
Q: April 1 Beginning Inventory 100 units e $4 April 2 Sales 50 units April 3 Purchases 300 units e 56 A...
A: Total no. of units sold = 50 + 250 + 200 = 500 units
Q: Suppose that you own 8000 shares worth $20 each. Premium is $4. How can put options be used to prov...
A: Options It is the derivatives which drive their value from an underlying asset Call option It give...
Q: Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING...
A: The correct option is A. 120000
Q: Looking for answers asap. Thanks! Analyze and review the following items and determine the approp...
A: The last balance sheet is prepared on the date of December 31, 2020. Therefore, Accrued interest is ...
Q: Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following...
A: The contribution margin is calculated as excess of sales revenue over total variable cost.
Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0; W...
A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in in...
Q: Unearned rent revenue is reported on: OA Expenses section in the income statement O B. O OD. Liabili...
A: unearned rent revenue is the rent amount received during the year but the rental income is related t...
Q: For each of the following, explain whether the issue would require you to prepare a journal entry fo...
A: Solution:- Preparation of journal entries as follows under:-
Q: Tyson's Beauty Salon utilizes an activity-based costing system to determine the cost of services. Th...
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing over...
Q: Name and briefly explain four methods of depreciation.
A: Their are different types of Deprecation method to determine book value of the asset at the end of t...
Step by step
Solved in 2 steps
