DENNIS, A SOLE TRADER, REPAID A BANK LOAN OF $10,000 WITH A PERSONAL CHEQUE OF $4,000 AND THE BALANCE WITH A BUSINESS CHEQUE. WHAT IS THE EFFECT OF THE TRANSACTION ON THE ACCOUNTING EQUATION?
Q: Yukon Co. acquired 75% of the voting common stock of Ontario Corp. on January 1, 2015. During the…
A: Step 1: Key InformationCost of goods sold by Yukon to Ontario: $320,000Sales price from Yukon to…
Q: Financial accounting question
A: Step 1: Define Total Overhead CostsTotal overhead costs include both fixed and variable components.…
Q: A delivery service recorded beginning petty cash of $500, received reimbursements of $1,200, and…
A: Concept of Beginning Petty Cash Balance: The beginning petty cash balance is the amount of cash…
Q: A college's food operation has an average meal price of $9.20. Variable costs are $4.35 per meal and…
A: FEEL FREE TO ASK FOR CLARIFICATIONS
Q: Need help with this accounting questions
A: Step 1: Definition of Selling PriceThe selling price is the amount at which an item is sold. It is…
Q: Need Answer
A: Concept of Net Sales: Net sales represent the total revenue a company earns from its business…
Q: For the current year ended March 31, Cosgrove Company expects fixed costs of $579,000, a unit…
A: Explanation of Break-Even Sales:The break-even point in units is the number of units a company must…
Q: What is the capital gain rate if the company maintain a constant dividend?? General accounting
A: To calculate the capital gains rate, we can use the formula for total return: Total Return=Dividend…
Q: Provide answer financial accounting question
A: Step 1: Definition Income from Continuing Operations: The profit generated from the company's…
Q: 1. Current assets 400000 2. Total assets 895000
A: Explanation of Gross Profit:Gross profit represents the amount of revenue that remains after…
Q: In a certain standard costing system, the following results occurred last period: total labor…
A: Explanation of Labor Variances:Labor variances are used to measure the difference between standard…
Q: The Up-Towner has sales of $913,400, costs of goods sold of $650,300, inventory of $136,500, and…
A: Explanation of Inventory Turnover Ratio: This is a financial ratio that shows how many times a…
Q: ??
A: Explanation of Current Ratio: Current Ratio is a financial metric that measures a company's ability…
Q: Help
A: Explanation of Current Assets: Current Assets are resources that a company expects to convert to…
Q: General Accounting Question please answer
A: Step 1: Define Gross Profit PercentageThe gross profit percentage is a profitability metric that…
Q: I need answer
A: Explanation of Total Manufacturing Cost:The total manufacturing cost represents the total expenses…
Q: What amount should stellar corp recognize as compensation expense for 2020 on these general…
A: Step 1: Define Stock Option Compensation ExpenseStock option compensation expense is the cost…
Q: Will recognize on the sale ? General accounting
A: Explanation: The gain or loss on sale will be calculated as = Amount realized for sale - Basis in…
Q: Need help
A: Step 1: Define Unrealized Inventory ProfitUnrealized inventory profit arises when goods are…
Q: Department W had 2,609 units, one-third completed at the beginning of the period, 12,776 units were…
A: Key Information:Beginning inventory: 2,609 units (one-third completed).Units transferred to…
Q: Financial Accounting Question please answer
A: Step 1: Formula Quick ratio = Quick assets/ Current liabilitiesQuick ratio = (Cash + Accounts…
Q: Please solve this question general accounting
A: Step 1: Define Contribution Margin RatioThe contribution margin ratio shows the contribution margin…
Q: Provide answer
A: Explanation of Variable Costs:Variable costs are costs that change in direct proportion to the level…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation allocates the cost of an…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Explanation of Factory Overhead: This represents all manufacturing costs that cannot be directly…
Q: Solve this following requirements on these general accounting question
A: Step 1: Define Annual Credit SalesAnnual Credit Sales represent the total revenue generated by a…
Q: Expert of general account.
A: Cost Reconciliation ReportA Cost Reconciliation Report is used in process costing to ensure that the…
Q: I won't to this question answer general accounting question
A: Solution= accounts receivable beginning + sales - accounts receivable ending= $1,375 + $10,000 -…
Q: Fixed assets price
A: Explanation of Net Fixed Assets:Net Fixed Assets represent the original cost of all long-term…
Q: What is ROE on these financial accounting question?
A: Step 1: Define Return on EquityThe total return generated by the company during a financial year for…
Q: During its first month of operation, Peter's Auto Supply Corporation, which specializes the sale of…
A: Step 1:First pass the journal entry: DateAccount Titles and ExplanationDebit ($)Credit ($)July…
Q: General accounting question
A: Given:Budgeted variable maintenance costs = $300,000Actual variable maintenance costs =…
Q: A college's food operation has an average meal price of $9.20. Variable costs are $4.35 per meal and…
A: The question requires the determination of the number of meals to sell in order to achieve a desired…
Q: Provide correct answer general accounting
A: Step 1: Define Sales of A Target ProfitIn accounting, the level of sales (in dollars or in units) of…
Q: For Flynn Company, variable costs are 70% of sales, and fixed costs are $195,000. Management's net…
A: Step 1:First, calculate the contribution margin ratio: Contribution margin ratio = 100% - Variable…
Q: During the current year, merchandise is sold for $589,000. The cost of merchandise sold is $266,360.…
A: Explanation of Sales Revenue: This represents the total amount of money received or to be received…
Q: Please provide solution for this general accounting question
A: Step 1: Define EquityEquity represents the residual interest in the assets of a business after…
Q: Answer this general accounting 4 marks problem fast
A: Explanation of Cost of Asset:The cost of an asset refers to the total expenditure incurred to…
Q: The total manufacturing costs incurred for the year are $278,000. The overhead cost was 62% of the…
A: Calculation of Total Manufacturing CostLet the Direct Labor Cost be $A Total Manufacturing Costs =…
Q: Provide correct answer general accounting
A: Step 1: Define Cash Conversion CycleAbbreviated as CCC, Cash conversion cycle is the calculation of…
Q: ANSWER THIS FINANCIAL ACCOUNTING PROBLEM
A: Explanation of Revenue: Revenue represents the total amount of money earned by a business from its…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Total Cost of ProductionThe total cost of production includes all costs…
Q: Calculate the cost of goods sold ??? General accounting
A: Step 1: Define Cost of Goods SoldThe cost of goods sold is the sum of all direct expenses incurred…
Q: Kindly help me with accounting questions
A: Step 1: Definition of Stockholders' EquityStockholders' Equity represents the residual interest in…
Q: Need help with this general accounting question
A: Step 1: Define Variable CostingDetermining product cost using the variable costing technique is done…
Q: Answer this accounting problem
A: Explanation of Return on Assets (ROA):Return on Assets (ROA) is a financial metric used to measure…
Q: Subject: General Accounting
A: Explanation: As per high-low method, the variable cost per unit is calculated using the following…
Q: Purchases for February will ??
A: Step 1: Define Cost of Goods Sold BudgetThe cost of goods sold budget is prepared by merchandising…
Q: Harrison tools inc. Manufactures drills that sell for... Please answer the general accounting…
A: Step 1: Define Total Manufacturing CostThe total manufacturing cost per unit includes all costs…
Q: Baltimore Company's assets and liabilities are: Accounts Receivable $2,550 Equipment $ 8,000…
A: Step 1:First calculate the value of total assets: Total assets = Accounts receivable + Equipment +…
What is the effect of the transaction on the
Step by step
Solved in 2 steps
- Mr Jacky has not kept proper bookkeeping records, but he has kept notes in diary form of the trasactions of his business as at 31 May 2021. THe following transactions relate to financial year ended on 31 May 2021. a. THe sales are mosly on credit basis. No record of sales has been made, but N$ 14 200 has been received, N$ 9 700 by cheque and N$ 4 500 by cash, from debtors. b. Amount paid by cheque to suppliers during the year amounted to N$ 5 500. c. Mr. Jacky took N$ 2 600 cash for the year for personal use. d. The following payments was made for the year by cheque, Telephone Expense N$ 1 250, Transport Expenses N$ 840, Rent Expense N$ 2 200 and by cash, General Expense N$ 250 and Municipal Expense N$ 450. e. Assets was acquired on 31 March 2020, as: Motor Vehicle N$ 24 600 and Furniture and Fittings N$ 18 400. Depreciation of 10% straight line for 31 May 2021 f. THe following information is available: at 31.05.2020…b) Carole Stoke receives her April 6 2024, bank statement showing a balance ofR910.55, her cash book balance is R1 002.85.The bank statement shows an ATM charge of R29.20, Overdraft fee of R33.50,earned interest of R2.55, and Carol’s R656.50 refund check which was processedby the SARS and deposited in her account.Carol has two checks that have not cleared-Number 115 for R672.95 and Number116 for R230.60. There is also a deposit in transit for R1 952.65.Required:Prepare Carol’s bank reconciliation for the month of April 2024. (14 marks)The bank statement would function as the primary source document for which two of the following transactions? Select more than one: a. Monthly bank fees b. Sale made to a customer, using his debit card c. Interest received on current account balance d. Purchase from a supplier, by cheque
- 5) The following data have been gathered for Rocky Candi Corporation for the month ended September 30, 2020. Prepare a bank reconciliation based on the following information: · The bank statement reveals a balance of $8,936. · The September 30, 2020, book balance was $3,200. · There was an EFT deposit of $1,800 on the bank statement for the monthly rent from a tenant. The bookkeeper had erroneously recorded a $50 cheque as $500. The cheque was to settle an account payable. · The bank statement revealed $50 in service charges. · Cheques #322 and #330 for $260 and $285 were not returmed with the bank statement. · A deposit made on September 29, 2020, for $1,250 did not appear on the bank statement. A deposit of $500 made on September 10 was erroneously credited to Rocky Candi's account by the bank for $5,000. A bank debit memo indicated an NSF cheque for $259.Sam and Robert are identical twins. They opened identical businesses and experienced identical transactions. However, they decided to estimate uncollectible accounts in different ways. Sam elected to use the percentage of sales method, and Robert elected to use the percentage of receivables method. Listed below are the beginning balances of Cash, Accounts Receivable, and Allowance for Doubtful Accounts [items (a)–(c)], and summary transactions that occurred during the year [items (d)–(g)] for both businesses. Remember, both businesses experienced the same events: credit sales, collections of receivables, and write-offs. The only difference between the businesses is the method of estimating uncollectible accounts. Robert (a) Balance of Cash, January 1, 20-- $300,000 (b) Balance of Accounts Receivable, January 1 50,000 (c) Balance of Allowance for Doubtful Accounts, January 1 5,000 (d) Sales on account during 20-- 550,000 (e) Collections on account during 20--…B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.
- On March 31 of the current year, Fresh Flowers received a bank statement dated March 30. Prepare a bank statement reconciliation. Use Mar. 31 of the current year as the date. The following information is obtained from the March 30 bank statement and from the records of the business.When are liabilities recorded under the accrual basis of accounting? When incurred When paid At the end of the fiscal year When bank accounts are reconciledNugget discovered that cheque 735 written in March for $767 and cleared the bank was recorded in their books as $676
- Entity Cake is preparing its February 28, 2023 bank reconciliation statement. The following information was determined: • Cash balance per accounting books, Feb. 28, 2023- P260,000 • Cash balance per bank statement, Feb. 28, 2023- P205,000 When investigating the difference, the accountant determined the following: a. A customer deposited P30,000 to Entity Cake's bank account as payment for an account receivable. This is not yet recorded in the books of accounts. b. A P102,500 check deposited by Entity Cake during the month is not yet credited Cake's account. Entity c. A check drawn in the amount of P22,500 is not yet presented to the bank for payment. d. The bank returned a check deposit amounting to P5,000 because of insufficiency in the funds of the drawer. The check was received from a customer as payment for accounts receivable. How much is the adjusted cash balance on February 28, 2023?I need help with questionWhich one of the following would not appear on a bank statement for a chequing account? a.Deposits b.Interest earned c.Service charges d.Outstanding cheques
