1. Before deduction, your total salary is $90,758 on your pay slip. That amount would be your 2. gross pay. is deducted out of your 3. To move monies from one account to another electronically is called
Q: X8. The bonds were purchased at 100 plus accrued interest. Interest is paid semi-annually on 30 June…
A: In the present case accounting to investment in bond has been discussed, how to record the different…
Q: Assume that a company expects to produce 10,600, 11,600, and 13,600 units of finished goods in…
A: Direct Material Purchase Budget :— This budget is prepared to estimate the direct material to be…
Q: The trial balance for Oriole Advertising is shown below. Cash Supplies Prepaid Insurance Equipment.…
A: Adjusting Entries:- Adjusting Entries are journal entries made at the end of accounting period to…
Q: Profit Center Responsibility Reporting XSport Sporting Goods Co. operates two divisions—the Winter…
A: An income statement is a financial statement that represents the financial performance of the…
Q: Pretzelmania, Incorporated, issues 5%, 20-year bonds with a face amount of $59,000 for $52,232 on…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Assume the following exchange meets the necessary requirements and thus qualifies for tax purposes…
A: A like-kind exchange is a transaction by replacing a property or asset of similar nature and…
Q: Describe TWO (2) substantive testing procedures an auditor could employ to verify each of the…
A: i. Revenue and Accounts Receivable: 1. Analytical Review: The auditor would examine the changes in…
Q: On September 5, 20x4, a fire damaged the warehouse of Texas company. All inventory items and many…
A: Cost of goods available for sale means the cost of opening inventory and cost of goods purchased…
Q: Partially completed budget performance reports for Garland Company, a manufacturer of light duty…
A: Actual cost refers to the amount that an industry incurs when it produces a product. This cost…
Q: Phoenix Corporation acquired the business Sun Systems for $315,000 cash and assumed all liabilities…
A: Goodwill is the difference between the identifiable net assets acquired and the amount paid in…
Q: Which of the following statements related to the multiple-step income statement is false?…
A: Income statement is the financial statement which is prepared to depict the profits of the entity.…
Q: Order 204 off bracket Material costs type A123 @ £45 unit sale price £545 Production cost centres…
A: Total Selling Price = Sales Quantity x Per unit selling price Total Cost = Labour cost + material…
Q: Discount Pizza retires its 7% bonds for $59,000 before their scheduled maturity. At the time, the…
A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…
Q: Yozamba Technology has two divisions, Consumer and Commercial, and two corporate service…
A: Divisional income statement is the statement which is prepared for the purpose of finding out the…
Q: Company applies overhead to jobs using a predetermined overhead rate based on machine hours. At the…
A: Predetermined overhead rate is the formula of determining overhead rate by dividing the total…
Q: A production machine purchase amounts to 800000€ . Its economic lifetime is 10 years. Residual value…
A: a) Net Present Value method is (-174875€ ) b) Annuity method c) Internal rate of interest method is…
Q: The board of directors of Mountain Hotels has declared a dividend of $1,500,000. The company has…
A: The dividend is declared to all the shareholders from the retained earnings of the business. The…
Q: Joe's Soup plant has a monthly capacity of 2,000 cases. Joe's Soup plant has jus special order to…
A: Lets understand the basics. When any special order situation arise then management chooses to accept…
Q: Accounts Receivable Bliss Co. 5/12 SJ1 50 5/25 CRJ1 20 Rowe Co. 5/18 SJ1 60 Accounts Receivable 1200…
A: Accounts receivable is the amount of owed by the customer of the company. The goods are provided to…
Q: I have questions about whether purchased funds are recorded as an asset or liability on a bank's…
A: Whether purchased funds are recorded as an asset or liability on a bank's balance sheet depends on…
Q: age Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019,…
A: Pension expense is the sum that a company deducts from revenue in order to cover its obligations for…
Q: Edward Chance sold his 1/3 interest in CCS Partnership to Greg Randall for $112,000 cash on January…
A: When you sale the assets that you have or hold some time ago and than later on you sold the interest…
Q: A Company reported the following balances on its unadjusted trial balance as of December 31, 2021:…
A: A balance sheet is a financial statement that represents the financial position of a company as on a…
Q: a. Consider a bank that has $1M in equity, and $10M in assets. Draw the bank's balance sheet and…
A: Leverage Ratio - It compares the assets to debt and calculated with dividing of total debt by the…
Q: Required information [The following information applies to the questions displayed below.] Brooks…
A: General journal entries are recorded directly in the general ledger.
Q: The following information pertains to Montana Corporation's outstanding stock for 2024: Common…
A: for the calculation of earning per share of the company it is important to consider the ordering of…
Q: COST TYPE Head office-related. (in Detroit station) Roadbed, track, and signaling equipment-related…
A: A cost Statement is a statement showing the output of a particular period with a break-up of costs…
Q: Required Information [The following information applies to the questions displayed below.] The…
A: As per the question, we need to provide the appropriate journal entry for the variable overhead…
Q: You are getting ready to start a new project that will incur some cleanup and shutdown costs when it…
A: In order to calculate NPV, we must first determine the present value of all cash inflows and the…
Q: No matter what cost drivers are chosen, the applied overhead rates are usually changed yearly…
A: Overhead rate is the predetermined rate which is used to assign the estimated overhead costs to the…
Q: The equity sections for Atticus Group at the beginning of the year (January Stockholders' Equity…
A: Stockholders equity represent ownership in a firm. Included in the stockholders equity section is…
Q: The Cambridge Company uses Job Order Costing. AT the beginning of May, two jobs were in process:…
A: A T- account is an informal term for a set of financial records that use double entry bookkeeping.…
Q: Which financial statement would you look at to understand a company's revenues, cost of goods sold,…
A: The purpose of financial statements is to provide information about a company's operations and…
Q: Better Buy Ltd. sells notebook computers, that come with a 90-day manufacturer's warranty, as well…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Should we accept this project:?
A: NPV and IRR are the techniques to evaluate the available projects and to select the feasible project…
Q: Davidson Company reports using LIFO inventory costing. The following information is taken from their…
A: A system of inventory accounting known as last in, first out registers sales of the most recently…
Q: Cost-Volume-Profit Problems Problem 1 Step 1: Follow the formula: Break Even Sales in…
A: Introduction: Break-even sales are the level of sales where the contribution margin is equal to…
Q: Prepare an income statement for the three months ended December 31, 2021. Revenue BUSINESS SOLUTIONS…
A: An income statement is a financial statement that represents the financial performance of the…
Q: The allocation base of the company is machine-hours and the estimated amount of the allocation base…
A: Lets understand the basics. Management calculates predetermine overhead rate in order to allocate…
Q: Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes.…
A: Product cost is the cost incurred on the manufacture or making of the goods. It includes the costs…
Q: Listed below are the following August 31, 2021 accounts and information for the Moses Bosco Company.…
A: Total assets are the resources which are controlled and owned by the entity which provides future…
Q: Assuming that a decedent left no valid last will and testament, which one of the following assets…
A: The correct answer is: (D) Assets held by the decedent and his or her spouse as community property…
Q: Instructions Modern Lighting Inc. manufactures lighting fixtures, using lean manufacturing methods.…
A: A. Budgeted cell conversion cost per hour = $205,000 / 2,050 hours…
Q: Suppose that there is an increase in the equilibrium price (=rent) and quantity (=units rented) of…
A: A change in demand will cause equilibrium price and output to change in same direction. So- 1. An…
Q: A hospital reported the following uncollectible amounts: $15,000 for services rendered to homeless…
A: The service revenue is the amount of revenue earned by the business. The amount that seems to be…
Q: Figy Co entered into a 4-year lease agreement on 1 January 20X5. The agreement meets the definition…
A: CALCULATION OF RIGHT OF USE Assume Initial Direct Cost = $10,000 ROU ASSET The initial amount…
Q: Last month, Kaitlin's average daily balance on her credit card was $1,927.72. The annual interest…
A: A credit card refers to a plastic card that is used for purchasing goods or services from the seller…
Q: 5. Savings Mart is a national retail chain. To entice the company to open a mega store in its…
A: Donation refers to any amount that is received in the form of gift. Donation can be in form of cash…
Q: Name at least 3 similarities between Horizontal Analysis vs. Vertical Analysis. Name at least 3…
A: In contrast to horizontal analysis, which illustrates fluctuations over time, vertical analysis…
Answer these questions
Step by step
Solved in 2 steps
- 1: Create own budget for the month of April 2021. This must include Fixed and Variable expenditure plans; and the sub-heads within each of these two. Please remember to make margin for miscellaneous expenses and some savings as well. 2:At the end of the month, would compare the Budgeted vs Actual figures for the month- using the correct calcuations. 3: Reflections/experience on how their budgeting experience went Whether they maintained the budget as per plan- how did they achieve this; Whether they exceeded the planned expenses or managed to save some money- - how did they manage this; What they would like to do in the future to plan their budget effectively. STUDENT NAME DATE BUDGET MONTH 01-30 April 2021 MONTHLY INCOME BUDGETED (AED) ACTUAL (AED) Earned Income Any other Income TOTAL INCOME (1) MONTHLY EXPENDITURE BUDGETED (AED) ACTUAL (AED) FIXED EXPENSES…The members of Networx Ltd decide to prepare a Cash Budget for November and December 2018. The following information is available:Actual BudgetedAugust RSeptember ROctober RNovember RDecember RSales:CashCredit194 500287 300235 700350 000275 000410 000250 500400 400368 000697 000Purchases 510 000 490 000 495 000 520 000 680 000Salaries & Wages 72 600 72 600 72 600 72 600 72 600Sundry Expenses 17 800 18 400 22 000 22 600 25 700 Required:Prepare a Cash Budget for the period 1 November and 31 December 2018The members of Networx Ltd decide to prepare a Cash Budget for November and December 2018. The following information is available:Actual BudgetedAugust RSeptember ROctober RNovember RDecember RSales:CashCredit194 500287 300235 700350 000275 000410 000250 500400 400368 000697 000Purchases 510 000 490 000 495 000 520 000 680 000Salaries & Wages 72 600 72 600 72 600 72 600 72 600Sundry Expenses 17 800 18 400 22 000 22 600 25 700Additional information:1. Cash in respect of credit sales is collected as follows: 50% within 30 days 30% within 60 days 15% within 90 days The balance is written off as irrecoverable. BAD DEBT - IGNORE2. The following discounts are allowed on sales: 10% on cash sales 7.5% on credit sales if accounts are settled within 30 days.3. All salaries, wages and sundry expenses are paid in cash.4. Sundry expenses include depreciation of R4 200 per month. Exclude depreciation5. Seventy-five (75%) of all purchases are on credit and paid within 30 days. The balance is paid…
- Q. Prepare a revenues budget for the year, assuming that Ever Clean charges customers $0.60 per square foot.A4) Create a budget on a spreadsheet supposing you earn $45,000 a yearThe amount of prepaid expense reflected in the disbursement section of the cash budget is the same amount that is found on the monthly operating statement. True False
- This is Ben’s budget. Use his budget to determine the answer to the following question: Calculate the amount of income tax Ben owes monthly using the tax rate of 25%.The following information was taken from Nash's Trading Post, LLC cash budget for the month of June Beginning cash balance $51000 Cash receipts 69000 Cash disbursements 87000 If the company has a policy of maintaining an end of the month cash balance of $44000, the amount the company would have to borrow is $11000. $27000. $18000. $0.The Brandon household has monthly income of %5,630 on which to base their budget. They plan to save 10% and spend 32% on fixed expenses and 56% on variable expenses. What amount do they plsn to set aside for each budget section in Savings, fixed expenses, and variable expenses?
- Required:(a) Prepare a cash budget for Greatfone Style Limited, on a monthly basis, for the six-month period commencing 1 May 2015, clearly showing the closing cash balance at the end of each month.(b) Outline TWO benefits of cash budgets.(c) Explain the following terms:(i) Flexible budget(ii) Zero based budgetingThe controller of the Stump Company is preparing the budget for 2021 and needs to estimate a cost function for delivery costs. Information regarding delivery costs incurred in the prior 2 months are: LOADING... (Click the icon to view the information.) Requirements 1. Estimate the cost function for delivery. 2. Can the constant in the cost function be used as an estimate of fixed delivery cost per month? Explain. Requirement 1. Estimate the cost function for delivery. Delivery costs = + ( × ) Delivery costs = + ( × ) Requirement 2. Can the constant in the cost function be used as an estimate of fixed delivery cost per month? Explain. The cost function in requirement 1 is an estimate of how costs behave ▼ outside of within the relevant range, not at cost levels ▼ outside within the relevant range. If there are no months with zero miles driven represented in the delivery cost…What is the amount of budgeted cash payments if purchases are budgeted for $420,000 and the beginning and ending balances of accounts payable are $95,000 and $92,000, respectively?
