1. What is a compensating balance?

Q: is counted only every month-end. All sales are made on account and mark up on cost is 25%. The follo...

A: Sales during June = Collections made in June + Ending accounts receivable - beginning accounts recei...

Q: Denzel Brooks opened a Web consulting business called Venture Consultants and completed the followin...

A: A journal entry is used to record a business deal in a company's accounting records.  A journal entr...

Q: 11. BTS Company reported the following increase(decrease) in the account balances for the current ye...

A: Effect on equity, increase in all current assets is an increasing effect on equity, and a decrease i...

Q: How to identify and monitor the IT control in the course of an audit engagements?

A: Answer: IT system when implemented should regulate proper access controls so that the system has str...

Q: ou are a merchandising company.  Please make a random list of accounts with their balances that you ...

A: Merchandising company is that company which deals in purchase and sale of merchandise and this type ...

Q: Use the high-low method to estimate the fixed and variable portions of store costs based on revenues...

A: High-Low method is the method which is used by the company in order to know and calculate the fixed ...

Q: esearch articles that deal with the benefits which might be derived from the Statement of Cash Flows...

A: In accounting cash flow statement is that financial statement that shows different soucres of cash c...

Q: 24 Paid the shop assistant for the one week salary, P3,600. 25 Cash service income for the week, P8,...

A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...

Q: Qinto Company sells two types of products: basic and deluxe. The company provides technical support ...

A: Technical support activity rate = Budgeted overhead cost/Budgeted support calls

Q: The premium on a four-year insurance policy expiring on december 31, 2034 was paid in total on Janua...

A: Prepaid assets is one of the current asset of the business, which means expenses which are related w...

Q: Exercise 4-3 (Algo) Income statement format; single step and multiple step [LO4-1, 4-3, 4-5) The fol...

A: Lets start with basics. Income statement can be prepare using two methods which are, (1) Single step...

Q: Age of Customer Debt Amounts owed Estimate of % that (including GST) will not be collected. 1-30 day...

A: Answer a  Journal Entry Account Titles and Explanations  Debit Credit Bad Debts Expense...

Q: Activity Cost Pools Customer Product Customer Total Cost Orders Development Relations Other Total Pr...

A: For allocating the cost pools we will multiply the percentage of Activity cost pools with the amount...

Q: In preparation for a new season, a buyer determined a 58% initial markup was required for total purc...

A: Introduction:- In order to fulfil her 50 percent gross margin objective, the buyer concluded that a ...

Q: Refer to the arrangement in part (b). It would help YellowCard secure lease agreements with students...

A: Journal entry is a process of recording and classifying business transactions into books of accounts...

Q: 2. For the year ended Dec. 31, 2020, Taehyung Company paid interest totaling P prepaid interest expe...

A: Answer: Given is the interest paid for year ended 2020 and some adjustments of prepaid expenses. Sol...

Q: Question 2 Kimono Bhd purchased a piece of land and a building near the Menara Kuala Lumpur for RM20...

A: 1. Computation of initial valuation of each asset Kimono Bhd.   Particular RM Land and Building...

Q: relates to CEE Company: (Refer to image). Assuming CEE Company used the conventional retail inventor...

A: The value of goods still available for sale and held by a company at the end of an accounting period...

Q: . State and explain briefly five (5) factors or reasons that may influence a country’s decision to a...

A: IFRS or international financial reporting standards are the set of standards that now used by most o...

Q: The Shoe Place sells a style of shoes for $110. Their overhead is 24% of cost and the normal operati...

A: Answer: Sales = $110 Overhead = 24% of cost Profit = 18%

Q: The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $6...

A: Concept - The first Step of accounting is preparing the journal entries from the Source documents, t...

Q: Multiple choice 1. The main reason/s for the use of special journals A. Convenience and division of ...

A: Special journal are books maintained for each type of transactions. Where transaction of particular ...

Q: Headland Corporation was formed 5 years ago through a public subscription of common stock. Daniel Br...

A: Note:- Since you have posted a question with multiple sub-parts, we will solve first three sub-parts...

Q: 0-year term with an interest rate of 24% per annum, compounded quarterly. The insurance company has ...

A: Given, Loan taken 10,000,000 with 20% interest. After 5 years, refinanced with 20 year loan at 24% p...

Q: displayed below.] The transactions of Belle Company's appear below. 1. D. Belle created a new busine...

A: The T-accounts are prepared as posting the transactions from journal to specific T-accounts of the b...

Q: Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020, the fo...

A: GIVEN   Sandhill Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2020...

Q: At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month, t...

A: Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid fo...

Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund...

A: All candidates, political parties, and party-list groups are required to remit  5% creditable withho...

Q: of TR Inc., which provides mining of precious metals. Amount of

A: Cash flow from financing activates includes transaction of debt , equity and their related cost. Cas...

Q: QUESTION TWO c. The IASB Conceptual Framework for Financial Reporting has identified certain qualit...

A: Solution Concept The six qualitative characteristics as per IFRS are                 -Relevance     ...

Q: Multiple choice

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: [The following information applies to the questions displayed below.] Carmen Camry operates a consul...

A: Shareholder's Equity: It is important to understand that shareholders' equity (also known as corpora...

Q: Assume that in addition to the original facts, Jeremy has a long-term capital gain of $4,000. What i...

A: Taxable income refers to the amount to which tax is imposed. It is arrived at after allowing certain...

Q: What did Dennis Kozlowski of Tyco do that was so unethical or illegal in the world of business and a...

A: The answer for the question on unethical or illegal doings of Dennis Kozlowski of Tyco is discussed ...

Q: 14. Which of the following accounts is not used to account for merchandise sales transactions? a. Sa...

A: The term Merchandise means activity which increases sales especially increase sales from retailer to...

Q: ulie, a single taxpayer, has completed her 2020 Schedule C and her net loss is $40,000. Her only oth...

A: Taxable income is the portion of a person's or a company's income that is used to calculate how much...

Q: A review of the ledger of Blue Spruce Co. at December 31, 2022, produces the following data pertaini...

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...

Q: Why are the board members of the IASB limited only to 14 people? Aren't they bombarded with workload...

A: solution concept IASB board members                 IASB stands for international accounting standar...

Q: Indicate the financial statement on which each of the following items appears: income statement, sta...

A: >Accounts are shown as Revenue, Expense, Assets, Liabilities or Equity account based on their nat...

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wire...

A: Perpetual Inventory System – Under Perpetual inventory system on every sales transaction cost of goo...

Q: The following data were taken from the balance sheet accounts of Carla Corporation on December 31, 2...

A: A journal entry is an act of keeping and recording all the business transactions in the books of acc...

Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $16,000 cash in ...

A: The practice of capturing commercial transactions for the first time in the account books is known a...

Q: 5. What is the role of IT auditor in the Strategic Planning, Project Management and Software Acquisi...

A: An auditor may be a person authorized to review and verify the accuracy of monetary records and make...

Q: 1. On December 31, 2019, what is the consolidated net income? 2. How much is the carrying value of g...

A: William Corp has acquired 80% shares of Kate company and hence is the holding company of Kate Compan...

Q: ordinary share capital and accumulated profits of P Company and S Company are as follows: S Company ...

A: Consolidated Shareholders equity = P 11,991,000 

Q: My question is on auditing where I want to know whether the audit evidence is sufficient and appropr...

A: Answer: There is one standards on audit for audit evidences which describes that audit evidence shou...

Q: The IS audit function as a whole will normally require which of the following skills: а. Data analys...

A: Audit is the examination and verification of books of accounts and financial information in order to...

Q: Problem 5. Operating Lease- Lessor On January 1, 2 0x1, Lessor entered into operating lease. an Info...

A: Security deposit shall not be treated as income  Additional rent = 10% x (1100000 -1000000)         ...

Q: Carter, Inc. uses a traditional volume-based costing system in which direct labor hours are the allo...

A: This question is regarding computation of costs under Traditional Costing System and Activity Based ...

Q: purchase price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book S...

A: