Problem: 2-53 A change in accounting estimate is applied? a) Prospectively b) Retrospectively c) Both prospectively and retrospectively d) Neither prospectively nor retrospectively
Q: Answer?
A: If variable cost is 45% of revenue, then contribution margin is 55% (100% revenue - 45% variable…
Q: Sooner industries charges a price of solve this question answer general Accounting
A: Calculation of Contribution Margin per unitContribution Margin per unit = ( Fixed Cost + Operating…
Q: Need answer the general accounting question please answer
A: Step 1: Define Stockholders' EquityStockholders' Equity represents the residual interest in a…
Q: i need this question answer general accounting
A: Step 1: Define Cash Coverage RatioThe cash coverage ratio refers to the financial ratio that shows…
Q: Question
A: Solution= beginning owner's equity + net income - ending owner's equity= $47,000 + $53,000 -…
Q: Total assets balance?
A: Step 1: Calculation of Average Total AssetsStep 2: Calculation of ending total assets
Q: Don't give me incorrect solution
A: Given data:Debt-Equity Ratio = 0.56Return on Assets (ROA) = 9.27% = 0.0927Total Equity = $923,000(a)…
Q: Dolce Co. estimates its sales at 180,000 units in the first quarter and that sales will increase by…
A: Step 1: Understand the given dataFirst-quarter sales: 180,000 units.Sales increase by: 18,000 units…
Q: Subject:- General Account
A: Step 1:Ending inventory means the stock lying unsold at the end of accounting period. When the goods…
Q: What is Nicole 's total stockholder equity?
A: Explanation of Stockholders' Equity:Stockholders' equity represents the portion of the company's…
Q: Help
A: Step 1:The budgeted amount for direct material is calculated as follows: Budgeted amount of direct…
Q: NO WRONG ANSWER
A: Concept of Raw Materials Inventory: Raw materials inventory refers to the basic materials that a…
Q: expert of general account. Solve
A: Step 1: Calculate Total Units Available• Formula: Beginning Inventory + Units Transferred In• This…
Q: How many pounds of raw materials should be purchased in February on these general accounting…
A: Step 1: Introduction to budgetingBudgeting is defined as the process of preparing a financial plan…
Q: Sweet Treats Bakery bought 3 mixers: first for $2,000, second for $2,400, and third for $2,800. A…
A: Step 1:First calculate the total purchase discount: Total purchase discount = Total purchase price *…
Q: Solve this following requirements on these general accounting question
A: Part a: Break-even Sales in Units• Step 1: Use the Break-even sales in units Formula • Step 2:…
Q: Accounting problem
A: Concept of Financial Guarantee Contract:A financial guarantee contract is a promise made by an…
Q: What is the total amount of capital raised on these financial accounting question?
A: Step 1: Define Municipal BondsMunicipal bonds are debt securities issued by municipalities to…
Q: Help general account expert
A: The correct answer is:a. product and direct material cost. Explanation:Aluminum in Soda Can…
Q: Sarter Corporation is in the process of preparing its annual budget. The following beginning and…
A: To determine how much raw material should be purchased, use the following formula: Raw Material…
Q: General accounting
A: Step 1: Definition of Average Number of Days' Sales in Accounts ReceivablesThe Average Number of…
Q: None
A: Step 1: Define Net Operating IncomeA company's net operating income is its gross profit minus its…
Q: Hello tutor please solve this question
A: To compute the requested values using the DuPont formula, we'll break it down step by step. The…
Q: The increase in sales? General accounting
A: Step 1: Define SalesSales is an activity performed by a company in which goods and services are sold…
Q: The increase in sales?
A: The actual example can be traced from the report that the Family Restaurant chain bought new ovens…
Q: Please provide solution for this general accounting question
A: Step 1: Define Cash Conversion Cycle (CCC)The cash conversion cycle (CCC) measures the time it takes…
Q: Subject :- General Account
A: To calculate the net asset value (equity) of Middy Garden Services, we use the accounting equation:…
Q: Please provide answer this general accounting question
A: Step 1: Define Contribution MarginThe contribution margin per unit is the amount remaining from…
Q: In Bramble Corp.'s income statement, they report a gross profit of $44,000 at standard and the…
A: To calculate Bramble Corp.'s actual gross profit, we adjust the standard gross profit by considering…
Q: General Accounting 3.25.74-If sales are $420,000, variable costs are 72% of sales, and operating…
A: Approach to solving the question: Review and Analysis Detailed explanation:Operating leverage can be…
Q: Solve this cost accounting question
A: Explanation of Contribution Margin per Unit:The contribution margin per unit is the amount remaining…
Q: Do fast answer this general accounting question
A: To find the stock's beta (β\betaβ), we use the Capital Asset Pricing Model (CAPM) formula: E(R) = Rf…
Q: Answer this General Accounting Question
A: Concept of Overhead Rate per Hour:The Overhead Rate per Hour is the predetermined cost assigned to…
Q: Need help
A: Given:Net Sales = $1,750,000COGS = $1,365,000 Gross Profit: This represents a company's profit after…
Q: Do fast answer of this general accounting question
A: Step 1: Define Variable Cost RatioIt is the total variable cost borne by a company expressed as a…
Q: What is the return on equity?
A: To calculate the Return on Equity (ROE), we use the formula:ROE=Net Income/Equity Step 1: Calculate…
Q: (Accounting Problem 6.9) 5 point
A: Explanation of Book Value: Book value, calculated as $9,530 for the truck, represents the accounting…
Q: Please help me with this financial accounting question
A: Calculation using required formula:a. Equity Multiplier Equity Multiplier=1+Debt-Equity RatioEquity…
Q: Quick answer of this accounting questions
A: Step 1: Definitions of Gross Profit on Sales:The Gross Profit is calculated as the difference…
Q: What is the firm's price earnings ratio?
A: The question requires the determination of the price earnings ratio. The price-to-earnings (P/E)…
Q: Hi experts please provide answer this general accounting question
A: Step 1: Define Rate of Return on Pension Plan AssetsThe rate of return on pension plan assets is…
Q: Equivalent units of production are equal to: a. The number of units that could have been started and…
A: The correct answer is:a. The number of units that could have been started and completed given the…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Straight-Line DepreciationStraight-line depreciation is a method of allocating…
Q: A production department's output for the most recent month consisted of 20,000 units completed and…
A: Step 1: Understand the Weighted Average MethodThe weighted average method combines work done in the…
Q: Knight Company reports the following costs and expenses in May. Factory utilities $ 17,200 Direct…
A: Step 1:a. The total amount of manufacturing overhead is calculated as follows: ParticularsAmount…
Q: Based on this information, company B's return on sales
A: 1. Identify the Relevant FiguresWe need the Net Income and Sales Revenue for Company B from the…
Q: Please give me answer general accounting question
A: To calculate free cash flow (FCF), we use the following formula: FCF=EBIT(1−Tax…
Q: PROVIDE General Accounting Answer
A: To determine the amount of liabilities at the end of the year, we use the accounting equation:…
Q: What is the opereting cash flow at this level of output?
A: The operating cash flow at the break-even point can be calculated using the formula: Operating Cash…
Q: Solve this accounting problem
A: Step 1:First calculate the value of total assets: Total assets = Cash + Accounts receivable +…
Sub: Financial Accounting
Step by step
Solved in 2 steps
- A change in accounting policy requires what kind of adjustment to thefinancial statements? A. Current period adjustmentB. Prospective adjustmentC. Retrospective adjustmentD. Current and prospective adjustmentA change in accounting estimate is accounted for by Prospective application Retrospective application Retrospective restatement Any of the aboveWhich of the following is true regarding whether IFRS specifically addresses the accounting and reporting for effects of changes in accounting policies? Direct Effects Indirect Effects a. Yes Yes b. No No c. No Yes d. Yes No
- Adoption of ASC Topic 606 related to revenue recognition represents a Multiple Choice voluntary change in accounting principle Omandatory change in accounting principle. O voluntary change in accounting estimate. mandatory change in accounting estimate.Which of the following accounting changes is always accounted for prospectively? correction of an error change in accounting estimate change in accounting principle change in reporting entityWhich of the following is not one of the approaches for reporting accounting changes? The change approach. O The retrospective approach. The prospective approach. O All of these answer choices are approaches for reporting accounting changes.
- How should the following changes be treated, according to PAS 8? I. A change is to be made in the method of calculating the provision for uncollectible receivables.; II. Investment properties are now measured at fair value, having previously been measured at cost. Change (1) Change (2) * Change of accounting policy Change of accounting policy Change of accounting policy Change of accounting estimate Change of accounting estimate Change of accounting policy Change of -current cost accounting estimate Change of accounting estimateWhich type of accounting change should always be accounted for in current and future periods? Change in accounting policy Change in reporting entity Change in accounting estimate Correction of an errorWhy should the beginning retained earnings be adjusted for prior period errors and effects of change in accounting policy?
- how does the change in accounting of nonrecurring items?Generally accepted methods of accounting for a change in accounting principle includeCorrections of errors that occurred on a previous periods financial statements are called ________. A. restrictions B. deficits C. prior period adjustments D. restatements