From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $6,000 for the year. $ 8,000 2,600 6,000 7,000 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $2,800 2,600 10,000 14,200 Cash Prepaid rent Prepaid insurance Office equipment (net) *What the owner supplies to the business. Replaces common stock and retained earnings section.

Q: Explain consistency concept.

A: Consistency: Consistency principle emphasizes that companies should adhere to same accounting…

Q: Define BOM along with an example.

A: There are different types of BOM based on the specific engineering used in the design process or…

Q: Describe about the LIFO and FIFO method.

A:

Q: Explain IO and PO Strips?

A: Interest only (IO) strips are a financial product shaped by unraveling the principal and interest…

Q: briefly explain what is meant by breakven points

A: Cost accounting is the part of accounting that helps in determining the total cost of production. It…

Q: Explain Matching Principles?

A: Matching concept is an accounting principle which explains the need to match revenue with the…

Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…

A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.

Q: Explain Destination principle in relation to VAT.

A: The destination principle is a principle in Value Added Tax (VAT) that determines the taxation of…

Q: pos.

A: This statement is also known as Statement of Profit and Loss or Profit and Loss Account. Income…

Q: Describe the functions and powers of ASIC

A: Australian securities and investment commission is a commission made in 1998 of Australian…

Q: Explain

A: LCNRV method means Lower of cost and net realizable value method.

Q: Define Reconciliation method

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

Q: Explain an example of internal users.

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Show me the function

A: Nominal Return: It is the rate of return earned on an investment prior to any deductions regarding…

Q: Could someone please explain the DCF model

A: Introduction : Discounted cash flows (also known as discounted cash flows): As discounted cash…

Q: Explain the benefits of JIT.

A: Just-in-time manufacturing system: Just-in-time (JIT) manufacturing system is an approach to…

Q: can you do the spreedsheet solution of this?

A:

Q: Explain an example of faithful representation.

A:

Q: Define management by exception.

A: Management by exceptions: Management by exceptions determines that the managers should not focus if…

Q: please show a clearer solution

A: Here, Investment Amount (PV) is P100 Value of Investment Amount after one year (FV) is P112.55…

Q: Discuss the correction of errors in more detail.

A: Errors in Accounting: Error is a mistake committed in book keeping.

Q: Define value drivers

A: Introduction: Value drivers are related to concept of free cash flow valuation model. This helps the…

Q: Summarize what are the MACRS guidelines?

A: The MACRS (Modified Accelerated Cost Recovery System) is the current tax depreciation system in the…

Q: Define embedded options

A: Embedded options are considered to be very much beneficial for both individuals as investors &…

Q: Describe the steps taken to Switch from the DB method to the SL method?

A: Depreciation:- Depreciation is allocating the value of the fixed (long lived) assets over the period…

Q: explain using the IRAC model.

A: IRAC model refers to Issue, Rule, Application as well as conclusion which is considered as an…

Q: Describe the features of JIT.

A:

Q: Identify special issues related to LIFO.

A: LIFO (Last in First out): In this method, the units bought last are sold first. In other words, in…

Q: How can forwardrates be used for hedging purposes?

A: SOLUTION:- Risk management is the main stimulus for forward contracts. Forward contract is a…

Liquidity Risk Exposure

Answer: c