If someone buys a business but hires professional managers to run it so they don’t have to be involved in the operations, are they an entrepreneur?

Q: Cash Accounts Receivables Allowance for Bad Debts Office Supplies Prepaid Insurance Merchandise…

A: Income Statement - The income statement includes Income earned and Expenses incurred during the…

Q: Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $745. For each…

A:

Q: A businessman borrowed P 50,000 today from bank with interest rate of 8% compounded quarterly…

A: Answer : Quarterly interest rate = 8%/4 = 2% Number pf quarter in 10 years = 10*4 = 40 Loan amount =…

Q: blem 3 East Company submits the following data for May, 2022 Direct labor cost Cost of goods sold…

A: Cost of goods sold means actual cost of goods that are being sold to the customers. It includes…

Q: Which of the following statements is false?   A.   Mutual funds are pool investor funds to…

A: Working capital is the capital which is required to operate day to day working of a business. It…

Q: Help fill in statement sheet

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: Question 1 Use the 2020 Federal Tax Rates for Individuals to calculate the estimated taxes for a…

A: TAX LIABILITY  Tax liability is the total amount of tax owed in a given period, by individuals and…

Q: Restoring balance to the nitrogen cycle is one of the challenges facing engineers. Improving the…

A: Concept of Discounted Cash flow:-  This is the concept related to discounted cash flow.  The…

Q: Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of…

A: Preparation of sales budget , production budget , Direct material purchase budget and labor cost…

Q: Laughlin files as single on her tax return and earned weekly gross pay of $625. She does not make…

A: Federal income tax refers to the compulsory form of charge levied by the government over the sum…

Q: 4. The cost of a home is financed with a $120,000 30-year fixed-rate mortgage at 4.5%. a. Find the…

A: Monthly Payments = L[c(1 + c)^n]/[(1 + c)^n - 1], where L stands for "loan," C stands for "per…

Q: Segment X sells its product at SP of 300 per unit. Variable Cost to produce per unit is 120 per…

A: Transfer price is a mechanism employed in those entities that have multiple divisions. It assists in…

Q: David and Lilly Fernandez have determined their tax liability on their joint tax return to be…

A: Introduction: A tax refund is a sum of money provided to a taxpayer to offset any overpayments made…

Q: Mr. George opened a janitorial services business called "George Johnny" on January 1, 2021. The…

A: Journal entries are recorded in first step of accounting cycle process, under which atleast one…

Q: Interest from City of Bloomington Bonds 500 1,500 Interest received on the U.S. Government bonds…

A: Adjusted gross income (AGI) is a term used in the United States tax code for the sum of all a…

Q: What is the correct journal entry for the following transaction? A firm sells a car for $40 cash.…

A: Cash is an current asset of the company. PP&E is non- current asset of the company. Net property…

Q: Q2: The designer of the penstock for a small hydroelectric cogeneration station has the option of…

A: Present Value  Given a certain rate of return, present value (PV) is the current value of a future…

Q: P4.4A (LO 1, 2, 4) Financial Statement Rusthe Management Services began business on January 1, 2020,…

A: Journalization of adjusting entries and preparation of post closing trial balance are as follows. As…

Q: Food $175 Entertainment $100 Bills $91 Charitable donations $100    d. To the nearest degree,…

A: In order to manage the expense it is important to have sufficient income which is inflow. The…

Q: Blossom Bikes could sell its bicycles to retailers either assembled or unassembled. The cost of an…

A: The differential analysis is performed to compare the different alternatives available to the…

Q: On January 1, 2022, Last Chance Mine (LCM) purchased a coal deposit for $1,000,000. LCM estimated it…

A:

Q: A company has only one deductible temporary difference due to the use of the current expected credit…

A: Deferred tax liabilities are the amounts of income taxes payable in future periods in respect of…

Q: 7.2. Calculate the annual depreciation at 16% per year over five years on new equipment which was…

A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…

Q: he divisions. The annual depreciation of the equipment is P6,400; and the annual cost to operate the…

A: Sunk cost are those cost that do not affect future business decisions. This is because of the nature…

Q: Linda and Richard are married and file a joint return for 2021. During the year, Linda, who works as…

A: Calculator fringe benefit  that included in Linda and Richard's gross income on their 2021 tax…

Q: Please answer with reason for all why the option is correct and why the other options are incorrect…

A: Independence in Auditing Independent auditors are chartered or certified public accountants who look…

Q: exceeded the units produced, then income under direct costing will be higher than absorption costing…

A: In throughput costing , only direct raw material is considered as a variable cost. It is the only…

Q: 7. Uni Corporation expected to sell 150,000 games during the month of January. The following…

A: Net Operating Income :— It is calculated by substracting total operating expenses from operating…

Q: castor borrowed today from Chuchu P100,000.00 and agreed to repay the loan with 3 equal monthly…

A: Time value of money :— According to this concept, the value of money in present day is greater than…

Q: GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 Prepare journal entries to record the following…

A: Income Statement - Income Statement includes income earned and expense incurred during the financial…

Q: P3.1 (LO 1, 2, 3) (Multiple-Step Statement, Retained Earnings Statement) The following infor- mation…

A: Multi Step income statement is one of the financial statement which shows all incomes and all…

Q: 19. The business collects cash of $6,000 from customers who purchased goods on account.. Which…

A: Credit Sales - Credit Sales is the sales made by the company on account. Means sales are made…

Q: An offshore banking unit had the following offshore banking transactions within the Philippines…

A: Philippines is set to be tax heavens for offshore banking transaction because there is very low and…

Q: follows. 1) The adjusted trial balance columns of the worksheet for Auburn Company are as Account…

A: Income Statement :- It is a part of financial statement of a company in which revenue and expenses…

Q: Assume that markup is based on selling price. Calculate the dollar markup and cost. Note: Round your…

A: Markup Price - Markup price is the difference between the Cost of the product and the selling price…

Q: At January 1, 2021, Café Med leased restaurant equipment from Crescent Corporation under a nine-year…

A:

Q: F Corp. has P3,000,000 worth of investment in 10%, 7-year bonds, which the company acquired in 2018.…

A: 7-year bonds, which are acquired in 2018 sold on 31 December 2020. the bonds are held for less than…

Q: Analysts and investors often use return on equity (ROE) to compare profitability of a company with…

A: Financial ratios help in determining how efficiently a firm or company is operating. It helps in…

Q: Which of the following is different about capitalizing interest under U.S. GAAP and IFRS? GAAP…

A: Interest: It usually reflects the return that is generated by the lender from lending the funds or…

Q: Explain why is variable cost said to constant and fixed costs are said to fluctuate in relation to…

A: Variable Cost/Fixed Cost A cost that varies in reaction to variations in production levels is…

Q: Record the foreign exchange loss for the third quarter.

A: Foreign exchange loss is the loss which has been incurred to the company when the translation or the…

Q: 4. Average collection period 5. Asset turnover ratio 6. Profit margin on sales + days %

A: Introduction:- Ration analysis is used to identify financial health of company. It is measured from…

Q: answer numbers 12-15 with complete solution. incomplete answer will be given down vote

A: 12.Prevention cost: Quality engineering                   P65000 Quality circles…

Q: Monica's Cleaning Service completed the following transactions during December 2022: Dec. Monica's…

A: Golden Rules of Accounting : Account Debit Credit Personal Accounts The Receiver The…

Q: How important is it to trace costs appropriately?  Explain. As you are beginning to think about the…

A: Solution:- 1)Discussion of How important is it to trace costs appropriately as follows under:-…

Q: PSb 3-8 Calculate Federal (Wage-Bracket Method - Pre-2020 Form W-4), State, and Local Income Tax…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The long-term liability disclosure note to the Year 2 annual report of Penguin Pilots Inc. included…

A: Businesses can issue debentures as marketable securities to get long-term funding without putting up…

Q: KEW Enterprises began operations in January 20X1 to manufacture a hand sanitizer that promised to be…

A: Preparation of worksheet are as follows

Q: Patriot Company manufactures flags in two sizes, small and large. The company has total fixed costs…

A: The Break-even point indicates that total units are to be sold by the business entity to recover its…

Q: Do you have the work sheet and financial statement for the attached homework. Critical thinking…

A: Worksheet is 10 column sheet which is being prepared in accounting to show unadjusted ledger…