The control premium in business combinations is (A) Expensed immediately ? (B) Included in goodwill calculation (C) Recorded separately (D) Ignored in valuation
Q: On December 31, 2022, Akron, Incorporated, purchased 5 percent of Zip Company's common shares on the…
A: 1.) Amount of equity income Akron should report for 2024Equity income formula:Equity Income=(Zip's…
Q: problem related to accounting
A: Explanation of Contribution Margin: Contribution margin is the difference between selling price and…
Q: Answer? ? Financial accounting
A: Step 1: Define Overhead AllocationOverhead Allocation is the process of distributing indirect costs…
Q: I want to this question answer general Accounting
A: Step 1: Define Cash ReceiptsCash Receipts represent the cash collected from sales made on account,…
Q: Calculate the amount paid for goodwill? General accounting
A: Step 1: Definition of GoodwillGoodwill is an intangible asset that arises when a company acquires…
Q: Explain the concept of conservatism in accounting. How does the principle of conservatism affect the…
A: Definitions Related to the QuestionConcept of Conservatism in Accounting:The principle of…
Q: Right answer
A: The gross margin is calculated with this formula:Gross margin = Sales - Cost of goods sold With the…
Q: Financial accounting question
A: Step 1: DefinitionStandard Material Cost Per Unit: The planned cost of raw materials needed to…
Q: ??
A: Explanation of Consolidation Method :The consolidation method is an accounting technique where a…
Q: Which of the following statements is incorrect regarding manufacturing overhead? Multiple Choice…
A: The incorrect statement is: "Actual overhead costs are used in the cost accounting process." As a…
Q: general account
A: Direct Materials Usage VarianceThe direct materials usage variance measures the difference between…
Q: Compute the net income for the year?
A: Step 1: Definition of Retained EarningsRetained earnings represent the portion of net income that a…
Q: Activity-based costing systems ?: a) Use a single overhead rate b) Ignore overhead costs c) Use…
A: Concept of Activity-Based Costing SystemsActivity-Based Costing (ABC) systems allocate costs by…
Q: Correct answer
A: Prime costs are the sum of direct materials and direct labor, while conversion costs are the sum of…
Q: The balance sheets of Davidson Corporation reported net fixed assets of $830,000 at the end of Year…
A: Explanation: In the given case, we are required to calculate the fixed-asset turnover ratio for Year…
Q: Need Answer
A: Step 1: Calculate the variable costs from the increased salesStep 2: Determine the contribution…
Q: Discuss the accounting treatment for foreign currency transactions. How do changes in exchange rates…
A: Accounting Treatment for Foreign Currency TransactionsForeign currency transactions occur when the…
Q: Financial Accounting: Last year Vaughn Corp. had sales of $306,000 and a net income of $19,335, and…
A: Explanation of Return on Equity (ROE):Return on Equity (ROE) is a financial ratio that measures how…
Q: What is the receivables turnover ratio? General accounting question please solve
A: Step 1: Definition of Receivables Turnover RatioThe receivables turnover ratio measures how…
Q: Please solve @ general account
A: Direct Labor Cost Budget for AugustIsner Racket Company needs to prepare a direct labor cost budget…
Q: hello tutor, give answer general accounting question
A: Given:Each unit requires 4 pounds of aluminum.The cost of aluminum is $3 per…
Q: Punch Manufacturing Corporation owns 80 percent of the common shares of Short Retail Stores. The…
A: First, we need to calculate the consolidated net income. This is done by adding the net income of…
Q: None
A: To solve the problem, we use the loan payoff formula: N=log(1/(1−Pr/M)) / log(1+r) where:P=2000…
Q: Please answer this question general accounting
A: To calculate the dividend payout ratio using the residual dividend model, we follow these steps:…
Q: Please given correct answer general accounting
A: Step 1: Define CostThe cost of a producer is the opportunity cost of producing the commodity along…
Q: What must the sales be?
A: Approach to solving the question: Step 1: To get the sales dollar and units, we first compute the…
Q: What is the answer
A: Explanation of Sales Revenue:Sales revenue is the total amount a company earns from selling its…
Q: The degree of opereting leverage?
A: Step 1: Define Operating leverageOperating leverage is a cost accounting measure that reflects the…
Q: Help me with this accounting question
A: Step 1: Identify the UnitsBeginning Work in Process (BWIP): 5,300 units (already started in the…
Q: Financial accounting question
A: To calculate the cost of internal equity for Red River Corporation, we use the Capital Asset Pricing…
Q: Expert give solution of this question
A: To calculate the overall effect on the company's monthly net operating income from the change in the…
Q: provide correct solutions
A: To determine the total actual costs incurred for direct material, direct labor, and variable…
Q: (FINANCIAL ACCOUNTING PROBLEM)
A: Given:Investment Outlay = $505,000Future Cash Inflow = $660,000Cost of Capital Rate = 13% 1. Cost…
Q: What is summits net income for the year? General accounting
A: The return on assets (ROA) formula is: ROA = Net Income / Average Total Assets Rearranging the…
Q: Correct answer
A: Explanation: In the given case, it is stated that the reported net income before adjustments was…
Q: Platz Company makes chairs and planned to sell 4,100 chairs in its master budget for the coming…
A: To calculate the volume variance for sales revenue, we need to compare the budgeted revenue at…
Q: Need help this question general accounting
A: Step 1: Definition of Gross Profit PercentageThe gross profit percentage measures the percentage of…
Q: What is the answer
A: Step 1: Increase in contribution margin Increase in contribution margin = Increase in sales x (Sales…
Q: Given correct answer general Accounting question
A: Step 1: Define Overhead Cost Allocation RateThe overhead cost allocation rate is the amount of…
Q: Manzana Company produces apple juice sold in gallons. Recently, the company adopted the following…
A: Detailed explanation:Given:Direct Materials Standard Price, 128 oz @ $ 0.05 = $ 6.40Direct Materials…
Q: Please provide answer to this question
A: Biological assets refer to living plants or animals that are part of agricultural activity. Examples…
Q: financial accounting
A: Beginning Balance = $75 millionEnding Balance = $82 millionBenefits Paid = $7 millionContributions =…
Q: The investor receives a dividend
A: We are givenInitial purchase price = $50Selling price = $54Dividend received = $2.50 Steps:Calculate…
Q: What is the firm's P/E ratio?
A: Step 1 Dividend Yield Formula. Dividend Yield=Price per ShareAnnual Dividend per Share×100…
Q: Sub, GENERAL ACCOUNT
A: Workers' compensation for an injury received while working: Workers' compensation benefits are…
Q: Accounting
A: Step 1:Calculate the standard cost of leather for the given production as follows:Standard cost of…
Q: What was Profit?
A: Calculate Cost of Goods Sold (COGS):Beginning Inventory: $3,200Purchases: $14,000Ending Inventory:…
Q: Silver stream Pumps, Inc. Manufactures pumps for... Please answer the general accounting question
A: Let's break this question into steps to determine whether the manufacturing overhead was…
Q: What is margin ratio?
A: The contribution margin ratio is calculated using the formula: Contribution Margin Ratio = (Sales -…
Q: What is the amount of overhead allocated to job 8-45 ?? General accounting
A: The amount of overhead allocated to job 8-45 can be calculated using the following formula: Overhead…
Accurate Answer
Step by step
Solved in 2 steps
- Provide AnswerWhich of the following would trigger a subtraction in the indirect operating section? A. gain on sale of investments B. depreciation expense C. decrease in accounts receivable D. decrease in bonds payablesome examples of items that would be adjusted directly against equity, rather than beingincluded as part of profit or loss.
- Financial Asset at Fair Value under OCI would have its gain or loss reported at what Financial Statement? Income Statement Cash Flow Changes in Owners Equity Balance SheetWhich of the following is not one of the components of other comprehensive income? a. changes in revaluation surplus b. remeasurements of the net defined benefit liability (asset) unrealized gains and losses on FVPL c. translation gains and losses on foreign operation d. effective portion of gains and losses on hedging instruments on a cash flow hedgeProvide some example of items which would be adjusted directly against equity rather than being as part of profit or loss
- Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process must be completed. B. A product or service must be provided. C. Cash must be collected. D. GAAP requires that the accrual basis accounting principle be used in the revenue recognition process.What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesMatch the correct term with its definition. A. cost principle i. if uncertainty in a potential financial estimate, a company should err on the side of caution and report the most conservative amount B. full disclosure principle ii. also known as the historical cost principle, states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition C. separate iii. (also referred to as the matching principle) matches expenses with associated revenues in the period in which the revenues were generated. D. monetary iv. business must report any business activities that could affect what is reported on the financial statements E. conservatism v. system of using a monetary unit by which to value the transaction, such as the US dollar. F. revenue vi. period of time in which you performed the service or gave the customer the product is the period in which revenue is recognized. G. expense vii. business may only report activities on financial statements that are specifically related to company operations, not those activities that affect the owner personally.
- Also known as the historical cost principle, ________ states that everything the company owns or controls (assets) must be recorded at their value at the date of acquisition. A. revenue recognition principle B. expense recognition (matching) principle C. cost principle D. full disclosure principleHow should negative goodwill be shown on the consolidated financial statements of the acquirer? Group of answer choices As a liability on the statement of financial position As a loss on the statement of comprehensive income As a separate amount under shareholders' equity on the statement of financial position As a gain on the statement of comprehensive income1. On reporting date, they are measured at market value.2. Initially measured at purchase price, which is the fair value at purchase date.3. Initially recognized at purchase price plus transaction costs.4. Generally, dividends received or receivable are recorded as dividend revenue.5. Change in fair value is not recognized unless there is permanent impairment in value.6. Dividends received are reported as a decrease in the carrying amount of the investment.7. Impairment loss and reversal of impairment are not separately accounted for.8. Bonus issue is not separately recognized in a formal accounting entry.9. Any difference between the cost of investment and the share i the fair value of the net identifiable assets is amortized and is considered an adjustment to the recognized income from this investment.10. At the date of the disposal of the securities, the equity account accumulated in other comprehensive income may be transferred to another equity account.11. The income recognized in…
