Accounting Question
Q: You are required to prepare the Trial Balance for the year ended, 31 st Decemvber, 2020.
A: Trial balance is a statement of all the debit and credit balance of accounts of the books.
Q: 17. Beth, Luz and Ana divide profit and loss in the ratio of 2:1:1 respectively, after giving a mont...
A: A partnership is regarded as a group where two or more persons join together to attain a specific go...
Q: A $1000, 6.5% coupon, 20-year Government of Canada bond was issued on Jun 15, 2016. At what price di...
A:
Q: Topic: Payroll and Promissory Notes
A: July 26- Interest Receivable = 52,500 x 10% x (60/365) = 360 July 21- Interest Expense = 36,000 x 6%...
Q: A company has purchased equipment whose first cost is Tk.3,00,000 with anestimated life of 10 years....
A: Sum of year digit method: In this method asset's expected useful life is considered for the calculat...
Q: The Shareholders' Equity of M. Gangoso Corporation at Jan 1, 2019, appears below: 8% Preference shar...
A: T-Accounts-: A T-Account is the graphic indication of a common ledger that documents a company's tra...
Q: Q.3.1 Complete the table below: Item Standard Zero-rated Exempt Non- Rate allowable e.g. Life assura...
A: Zero rated goods: In this case, the government would provide VAT credits to lower the price of the g...
Q: 1. Prepare necessary adjusting journal entries. 2. Record the admission of Cañete assuming: a) she p...
A: A partnership is a kind of business and a formal agreement between two or more people.
Q: Why costing procedure is different for spoiled or defective material?
A: Spoilage means loss occurred during the production. It occurs due to sub-standard material, Negligen...
Q: Prepare the bank reconcilation statement (Format in the picture added)
A: The bank reconciliation statement is prepared to equate the balances of cash book and pass book with...
Q: ABC Corporation resells one type of candle. It has 250 working days. Each day, it sells an average o...
A: Ggg
Q: Ibra Co. purchased advertising supplies costing OMR 50,000 on May 7. An inventory count at the close...
A: The adjustment entries are made to adjust the revenue and expenses of the current period.
Q: Required: 1.Prepare a memorandum entries to record these transactions.2.Prepare the share capital se...
A: Dividends refers to the sum of money distributed from the profits of the company to its shareholders...
Q: When are ordinary shares issued as part of a business combination included in the earnings per share...
A: Answer:
Q: Briefly describe about partnership. What fundamentals of partnership agreement are necessary in the ...
A: Partnership-: It is an agreement between two or more individuals to oversee business undertakings an...
Q: Question No 2: The following unadjusted trial balance is prepared at month-end for Trey Company: TRE...
A: Adjusting entries are those entries which are passed at the end of the year to accurately reflect th...
Q: Sterling's records show the work in process inventory had a beginning balance of $4,000 and an endin...
A: Direct Labor = (Ending Inventory + COGM) - (Beginning Inventory + Materials used in Production + Ove...
Q: The following unadjusted trial balance is prepared at month-end for Trey Company: ...
A: Financial statement is prepared from the trial balance which include :- Profit and loss and oth...
Q: Vignette 6.3 DEAD-END JOB Following several reports of internal control problems in an insurance com...
A: 1) The problems that have been pointed out by the junior manager will have to addressed in a systema...
Q: a. Accounts Payable. 1,830 Cash... 1,830 b. Accounts Receivable. 3,080 Cash.... 3,080 C. Accounts Re...
A: Accounts receivable Account DR CR Particulars Amount Particulars Amount Cash 3,08...
Q: What are the major assumptions made by economic order quantity (EOQ) model?
A: Economic order quantity It refers to the quantity of goods that should be purchased by an organizat...
Q: The following selected transactions pertain to L. Lewis Corporation: Jan. 3 Issued 100,000 shares, $...
A: Note : Since you have posted a 2 different questions, as per our guidelines we are allowed to solve ...
Q: LLP sells copiers. At December 31, 2001. LLP’s inventory amounted to $400,000. During the first w...
A: The balance in inventory is recorded at purchase price.
Q: Mino Corporation had the following investment at FVTPL at the beginning of the current year: ...
A: XYZ CORPORATION Shares Cost Carrying Amount Beginning 10,000 P1,000,000 P1,200,000 Feb 28 ...
Q: What connection, if any, does a firm’s market value have with its liquidation and/or going concern ...
A: Liquidation is the term which is defined as stopping the present operation of the business and conve...
Q: XYZ Inc. has 3,600,000 ordinary shares outstanding on December 31, 2019. An additional 800,000 ordin...
A: Earnings per share shows the company’s earning per outstanding share. It is generally calculated on ...
Q: Accounting Question
A: The adjustment entries are prepared to adjust the revenue and expenses of the current year.
Q: What are the different types of SSS loans? How is it being used by its members?
A: Loan is referred to an amount which is provided by a person, or an institution who has surplus money...
Q: Given the following figures - what is closing capital? Opening Capital £250,000 Net Profit £32,000...
A: The closing capital is calculated after adjustments of net profits and drawings to opening capital.
Q: On January 1, 2018, an entity purchased a machine for P7,200,000 and depreciated it by the straight ...
A: Since there are multiple questions, we will solve first for you. To get the remaining questions solv...
Q: 1. The income statement provides investors and creditors information that helps them predict * d. ...
A: SOLUTION- 1 INCOME STATEMENT- IT IS A STATEMENT WHICH REPORTS AND PRESENT AN ENTITYS FINANCIAL TRANS...
Q: Answer in a memorandum entry
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in ...
Q: 9) What are the sources of funds received by the Not-for-Profit Organization?
A: Business is considered a commercial institution that is engaged in the attainment of business object...
Q: Samina normally works a 35 hour week, and is paid Rs.5 per hour. In one week she works 12 hours of o...
A: Overtime rate = $5 per hour * 1.5 = $7.5 per hour Over time pay = 12 * $7.5 = $90
Q: 1. Armand Giroux (single; 0 federal withholding allowances) earned weekly gross pay of $1,500. For e...
A: Under wage bracket method, federal withholdings are calculated on the basis of number of allowances,...
Q: 1. Warren Cavanagh (single; 0 federal withholding allowances) earned weekly gross pay of $620. For e...
A: There are 2 methods for calculating the federal tax withholding:- Wage bracket method or Percentage ...
Q: 3. Jordan Peters (single; 3 federal withholding allowances) earned monthly gross pay of $2,300. He c...
A: There are 2 methods for calculating the federal tax withholding:- Wage bracket method or Percentage ...
Q: On April 25th, provided service for OMR 6,000 on the account. The Journal Entry :should be اخترأحد ا...
A: Preparation of journal entry as follows under:-
Q: Calculate the adjusted trial balance, income statement, and balance sheet on the Worksheet based on ...
A: Adjusted trial balance: The trial balance that reflects the adjusted balances of all the accounts is...
Q: Sarah just received a letter from a major stockholder. Thestock-holder asks about the company’s divi...
A: Dividend Payout Ratio is ratio of Dividend paid per share to Earnings Per Share of company. Earnings...
Q: The following balances were extracted from the books of Lenga Ltd. For the year ended 31" March 2019...
A: The manufacturing account is prepared to find the manufacturing expenses incurred during the period.
Q: The partnership of Rivera, Colorado and Reyes share profits and losses in the ratio of 5:3:2 respect...
A: Partnership:- Partnership is defined as the firm in which more than two partners can run the busines...
Q: The budgeted conversion costs for a just-in-time cell are $202,400 for 4,000 production hours. Each ...
A: Raw material means the material purchased and still not enter in to the production lines. Work in pr...
Q: Write your answer in the space provided. Show computations IN GOOD FORM after each problem. (3 to 5 ...
A: Bank reconciliation statement is prepared to reconcile or rectify the errors or omission in recordin...
Q: a) Falco Inc. is considering a debt issue and is trying to determine the appropriate amount to issue...
A: (a) As can be seen from illustration, weighted cost of capital is least when a borrowing of $ 8 Mill...
Q: Please do 4.1.1 and please use the following table of cashbook payments - ( second picture )
A: Computation of VAT Cash Purchases dated 6th Feb = 8,000 x 15% = $ 1,200 Cash Purchases dated 23rd Fe...
Q: What are the major assumptions made by economic order quantity (EOQ) model?
A: Step 1 Economic order quantity (EOQ) is the ideal order quantity a company should purchase to minimi...
Q: XYZ Company hired you as an internal control officer to help the company in developing the internal ...
A: Internal controls are the systems utilized by a company to manage risk and diminish the prevalence o...
Q: The following information relates to the Muscat Company at the end of 2019. The .accounting period i...
A: Total Service Revenue = OMR 48,000 Total Revenue to be recognized = OMR 48,000 x 636 = OMR 8,000
Q: Required: 1.Memorandum entry of transactions2.Post to the Shareholder’s equity Accounts3.Prepare the...
A: Jan. 10 Cash ( 10000 * 35 ) 350000 Common stock ( 10000 * 10 ) 100000 Additional PIC In ...
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