Accounting Question

Q: Authorization of transactions is considered a key control in most organizations. Authorizations shou...

A: Internal control: Internal control is a process which ensures continuous reliability of accomplishme...

Q: Jarvis owns 30% of McLintock. During the year to 31 December 20X4 McLintock sold $2 million of goods...

A: We have the following information: Jarvis owns 30% of McLintock During the year to 31 December 20X4...

Q: see image

A: Petty cash: Petty cash fund is eastiblished to pay insignifinant amount small expenses like office s...

Q: Tik Tok Company manufactures customized coffee tables. The following relates to Job No. X10, an orde...

A:

Q: Why is adjusting entries necessary in Accounting?

A: Adjusting entries are the journal entries that are recorded at the close of the accounting year for ...

Q: see image please

A: Bank reconciliation: Bank statement is prepared by bank. The company maintains its own records from ...

Q: Oriole Company bought equipment for $290000 on January 1, 2016. Oriole estimated the useful life to ...

A: Depreciation expense for 2016 = Cost - Salvage Value / Useful life Depreciation expense for 2016 = (...

Q: A company sells $180,000 (sales price) of goods and collects sales tax of 8%. What current liability...

A: Solution:- A) Sales tax payable of $14,400 is the correct answer Explanation:- What Is Sales Tax Pay...

Q: RutgersFriends Corporation (RFC) started business on December 10, 2011 by issuing 30 shares of $100 ...

A: Financial statements are prepared to assess the company's operations and financial position during t...

Q: Record the following transaction: Provided $350 of services to customer on account. Please show solu...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: An internal control system consists of all policies and procedures used to protect assets, ensure re...

A: Controls are the rules, procedures, and activities which are implemented within an organization for ...

Q: Determine taxable income in each of the following independent cases. In all cases, the company was v...

A: INTRODUCTION Net operating losses occur when operating incomes are less than operating expenses duri...

Q: Problem 17-01 Presented below is an amortization schedule related to Stellar Company’s 5-year, $180...

A: Hello , I am only answering first three sub-parts as per the policy and if you want others to be ans...

Q: Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and ...

A: As posted multiple sub parts we are answering only one kindly repost the unanswered question as a se...

Q: True or False 1. Regulatory tax is intended to achieve some social or economic end. Special assessme...

A: “Since you have asked multiple question, we will solve the three question for you. If you want any s...

Q: Acme Factories had net sales of $356,040 and the cost of goods sold was $193,500. Operating expenses...

A: The net profit margin is calculated by dividing net profit by net sales. It shows as to what percent...

Q: The supplies adjustment records the office supplies used for the month. A co-worker asks you to reco...

A: Given case is: The supplies adjustment records the office supplies used for the month. A co-worker a...

Q: Below is information about Adam Ltd’s cash position for the month of May 2020.   The general ledger...

A: 1. The cash receipts CR and payments are adjusted as:   Formulation: Computation:  

Q: Use the following information from Sketchers, Inc.'s financial statements for the fiscal year ended ...

A: Answer: d. $2,820 million.

Q: A bond with a par value of P3,000 and with a bond rate of 10% payable annually is to be redeemed at ...

A: Selling price of bonds = Present value of all Annual interest + Present value of maturity amount Whe...

Q: What do the A's and S's mean in the Consolidated Balance Sheet? Thank you.

A: A consolidated balance sheet is a balance sheet prepared in addition to the regular balance sheet of...

Q: Objective 2 - Explain why plantwide and departmental overhead costing may not be accurate., 3 - Prov...

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...

Q: Basil acquired 60% of Parsley on 1 March 20X9. In September 20X9 Basil sold $46,000 worth of goods t...

A: We have the following information: Basil acquired 60% of Parsley on 1 March 20X9 In September 20X9 ...

Q: 9. Butterfly, Inc, purchased merchandise from a supplier on October 1, 2020, for $50,000 on account,...

A: Perpetual Inventory System: Perpetual inventory systems track the sale of products immediately thro...

Q: On January 1, 2020, Tom Co (A seller-lessee) sells a building to MacCo (an unrelated buyerlessor) fo...

A: This is a case if sale and lease back and will be covered under IFRS 15

Q: Explain how ratio analysis and industry comparisons can be useful to the auditor identifying potenti...

A: Ratio Analysis is a tool by which an auditor can examine the data for the two financial years and ca...

Q: Prepare a journal entry for the following:  Applied overhead at the rate of 155% of direct labor cos...

A: Applied overheads: Applied overhead is a type of overhead that is recorded under the cost-accounting...

Q: E 14-7 Devon Harris Company sells 10% bonds having a maturity value of $2,000,000 for $1,855,816. Th...

A: As posted multiple independent questions we are answering only first question kindly repost the unan...

Q: Assignment Q. = Ken recieved 30000 of interest from corporate bonds and money market accounts. Ans &...

A: Step1 Form no 1040 is the IRS form for the Individuals of United States, in this form individuals su...

Q: Fred owns 25% of Eaton and at January 1, 2020 has a balance in its Investment account of $40,000. In...

A: Opening balance: The balance when the accounting period begins. Last period balance carried over to ...

Q: I need help with question number 2 , 3 and 4

A:

Q: On June 1, Maui Travel Agency, Inc., was established. The following transactions were com- pleted du...

A: Accounting equation: It is the base on which the financial statements are prepared like income state...

Q: 11.1Selected accounts from Han Corporation’s trial balance are as follows. Prepare the detailed sche...

A: Property, Plant, and Equipment is a fixed assets head under the Balance Sheet assets side that shows...

Q: Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', nonves...

A:

Q: On 1 March 2020 Holmes Ltd enters into a binding agreement with a New Zealand company, which require...

A: Agreement is the mutual consent between a couple of parties or more to perform a particular task. Th...

Q: How are non-controlling interests affected by intra-group transactions?

A: Intra group transactions and balances are those transactions which effect the items of statement of ...

Q: The opportunity cost of making a component part in a factory with excess capacity for which there is...

A: Definition of opportunity cost: In simple terms , the cost for the opportunity lost called opportuni...

Q: Jaguar Ltd purchased a machine on 1 July 2016 at the cost of $640,000. The machine is expected to ha...

A: Definition: Journal entry: Journal entry is a set of economic events that can be measured in monetar...

Q: Moss County Bank agrees to lend the Pharoah Company $575000 on January 1. Pharoah Company signs a $5...

A: Journal entry:   It is a systematic record of a financial transaction of an organization recorded in...

Q: Please answer questions 4-5

A: Prepare journal entry as follows: Result:

Q: GEM Limited has a single product Flicks. The company normally produces and sells 80,000 units of Fli...

A:   a) Minimum acceptable price per unit Particulars Amount workings Relevant cost     Direct M...

Q: Why would a company wish to reduce its bond indebtedness before its bonds reach maturity? Indicate h...

A: bonds payable: Bonds payable is a long-term debt that is not payable within a period of one year. It...

Q: INCOME STATEMENT,OWNER EQUITY AND BALANCE SHEET The following selected accounts and their current ba...

A: 1.                                                                                           Kan...