12-Mr. Salim Mr Salman are running a restaurant business in Nizwa. Which of the following would be classified as an expense for their restaurant business? a. Salary paid for restaurant employees b. Furniture in the restaurant c. Inventory of tea & coffee d. Cash in hand in the restaurant
Q: A projected income statement of Hailwork’s company for the coming year follows: Sales $50630...
A: “Since you have asked multiple sub-parts, we will solve the first three sub-part for you. If you wa...
Q: Plz solve its timed!!
A: In case of partnership form of business, whenever any partner retires then new profit sharing ratio ...
Q: 1. On January 1, 202X, Yanna Corporation acquired the net assets of Migo Corporation by issuing 100,...
A: On 01.01.202X, Yanna corporation acquired the net assets of Migo corporation. Purchase consideration...
Q: 29. What is the doubtful accounts expense for the year 2021? 30. What is the net realizable valu...
A: What is meant by Receivables: It is the total amount of credit sales that are pending to collect fro...
Q: When the quantity of materials purchased is not equal to the quantity of material used, most compani...
A: Variance analysis:- Variance analysis helps to compare the actual outcomes with the standards set by...
Q: A. Fernando Corporation is authorized to issue 400,000 shares of P85 par value ordinary shares. Jour...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: What net amount (book value) should appear in the statement of financial position as of September 30...
A: Depreciation represents the estimated fall in the value of the historical cost due to the normal cou...
Q: Jack files married filing separately, and in 2020 his taxable income is $278,300, as computed below....
A: The amount being paid to the tax authority or government as their revenue is known as tax. It is pai...
Q: Directions: Analyze the transactions of Kim as the owner of Chinita Girl Spa Services. Record the tr...
A: Accounting process: It is a process of recording financial information in a systematic format. This ...
Q: The U.S. Company purchased Laptop from a company domiciles in japan. The contract was denominated in...
A:
Q: Part g
A:
Q: David Palmer identified the following bonds for investment:Bond A: A $1 million par, 10% annual coup...
A: = Bond C Value3.68= $ 1,000,0003.68 = $271,250
Q: The cost of the building is OMR 20,000. The salvage value OMR 2,000. Estimated useful life of the bu...
A: Depreciation means the loss in value of assets because of usage of assets , passage of time or chang...
Q: Please help me answer this problem regarding our cost accounting subject.
A: The equivalent units are calculated on the basis of percentage of work completed during the period.
Q: Balance Sheet Year 2014 & 2015 (amounts in $) 2014 2015 Cash 140 210 Accounts receivable 340 380...
A: Dividend payout ratio is the ratio which says that out of total earnings how much has been paid as d...
Q: 1. Muscat Inc. is working on its cash budget for December. The budgeted beginning cash balance is $1...
A: Answer
Q: Q2. Following are balances from the books of East & West Insurance on 31/12/2017 (in JDs); Rein...
A: Income statement is a part of financial statements of a company. It shows the company’s income and e...
Q: Required information [The following information applies to the questions displayed below.] Each gall...
A: Inventory: It refers to the items held by an organization which were in various forms like raw mater...
Q: Plz solve
A: Revaluation account is usually prepared to report the variations in the worth of assets and obligati...
Q: Plz solve!!!! It’s timed
A: Realization means the amount that has been received from sale of the assets of the company due to li...
Q: Identify the three financial statements found in the annual report.a) Allb) The statement of cash fl...
A: Annual report: It is a report which consists of all the activities that it involves into in the year...
Q: Montague Auto Repair specializes in the repair of foreign car transmissions. To encourage business, ...
A: Following is the answer to the given questions
Q: An equipment is listed at OMR 12,500 and a series of discounts was given as 20%, 15% and 5%. Which o...
A: Discounts:- The term discount usually means a reduction in the usual price of something. Discount in...
Q: Accounting Question
A: As the questions asked have more than 1 question, the first question is answered. If you want the an...
Q: Need help with the one i got wrong
A: Ending inventory Lumber Beginning inventory $56000 Add: Purchase $346100...
Q: think of other sectors in the hospitality industry. What other sectors indentify fixed and variable ...
A: Fixed Cost -:A fixed cost is a cost that does not differ in a period usually in the short term, even...
Q: A. Fernando Corporation is authorized to issue 400,000 shares of P85 par value ordinary shares. Jour...
A: Given that, Fernando Corporation is authorized to issue 400,000 shares Par value per share = P85
Q: On September 1, 2020, Elizabeth bought a $10,000 three-year bond that pays 9% interest per year, com...
A: Since, the interest is earned each year, thus, the recognition should be done every year.
Q: If the cost of the truck is OMR 30,000 and the annual depreciation expense OMR 2,000. How much will ...
A: Book Value = Cost of Truck - Depreciation Expense
Q: Exercise 10-4, pg. 456: Record the following transactions in general journal form using the PERIOD...
A: Journal Entry Date Particulars Amount (Dr) Amount (Cr) Jun-15 Accounts Receivable A/c - Wilso...
Q: On January 12, 2008 Best buy purchases a lot for $48000. The business made a partial payment of $100...
A: Amount due is also known as amount outstanding. This is the amount which is required to be paid to s...
Q: Cridland Company's operating expenses for last year totaled $220,000. During the year the company's ...
A: The statement of cash flows direct method uses actual cash inflows and outflows from the company's o...
Q: Ed Co. manufactures two types of O rings, large and small. Both rings use the same material but requ...
A: Variance analysis is the analysis in which deviations are determined by comparing the standards set ...
Q: Mash Inc. had cost of goods sold of $114,000 for the just completed year. Shown below are the beginn...
A: Cost of goods sold adjusted to a cash basis = Cost of goods sold + (Ending inventory - beginning inv...
Q: Statement 1 : Expenses associated directly with revenue are matchedagainst revenue in those interim ...
A: Revenue recognition may be defined as a principle that says that revenue will be recorded in books o...
Q: The Boxwood Company sells blankets for $ 38.00 each. The following was taken from the inventory reco...
A: Using FIFO method, old goods are sold first and newer goods are sold later.
Q: Which of the following is the correct calculation of selling price? O a. Cost + Mark-up O b. Expense...
A: Selling price is price at which goods and services are sold to customer. This selling price includes...
Q: On January 8th, Azam purchased a new car listed at OMR 10,000. To encourage him to pay quickly, the ...
A: Discount Paid- It is type of expense which is incurred by the seller for increasing its sale. For ex...
Q: All requirements if possible
A: Ratio analysis: This is the quantitative analysis of financial statements of a business enterprise. ...
Q: Saud, Salim and Sulaimon started a partnership firm on January 1, 2019. They contributed RO. 50,000,...
A: The form of business organization being established by two or more individuals is known as Partnersh...
Q: An equipment is bought for OMR 20,000 and its depreciation is charged at 10% per annum (p.a.) at wri...
A: Depreciation at the end of first year = cost of the assets x arte of depreciation
Q: Q1: Pak China Railroad reported net income of $770 millionafter interest expenses of $320 million in...
A: Following is the FCFF
Q: You are an accounting intern working for SpringFit Corporation. You have recently been assigned to h...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Why and when the generally accepted accounting principles were established?
A: Generally accepted accounting principle- It contains the set of rules, regulations and criteria for ...
Q: 4. MANGO Company acquired 4,000 shares of KIWI Corporation ordinary shares on April 2, 2020 at a cos...
A: Investment- It is an asset which is made by the entity in other institutions by purchasing their sha...
Q: Win Company, which uses the FIFO inventory method, had 300,000 units in inventory at the beginning o...
A: The correct option is C. $5,000,000
Q: 2/120? а. 36 b. 8 С. 24
A: Factors for 152: 1, 2, 4, 8, 19, 38, 76, and 152 Factors for 120: 1, 2, 3, 4, 5, 6, 8, 10, 12, 15, 2...
Q: Balance Sheet of A and B as on April 1, 2020 Liabilities Amount (OMR) Assets Amount (OMR) Sundr...
A: The revaluation Account is prepared by partnership firm's whenever there are changes in value of ass...
Q: LIME Co. decided to construct a building to expand its operations. The entity decided to obtain a 5-...
A: Assets are the investments that are made by the business with an intention of making a profit from i...
Q: b. Complete the income statement and balance sheet for a Company by using following Additional Infor...
A: Financial Ratio:- It is a ratio which helps in analyzing the performance of a company and helps in c...
Step by step
Solved in 2 steps
- 1-Bank Overdraft is an example of a. Current asset b. Current liability c. Non-current asset d. Non-current liability 2-Mr. Salim Mr Salman are running a restaurant business in Nizwa. Which of the following would be classified as an expense for their restaurant business? a. Salary paid for restaurant employees b. Furniture in the restaurant c. Inventory of tea & coffee d. Cash in hand in the restaurant 3-It is the list of all invoices sent out to Customers each day by your business a. Cash receipt journal b. Cash disbursement journal c. Sales day book d. Purchase day book 4-The allowance or concession granted to a retailer by the wholesaler or dealer is a. Sales b. Profit c. Discount d. Purchase 5-Which of the following is an example of Error of Commission? a. Electricity expense of OMR 150 was entered in OMR 150 in Telephone expenses account b. Purchase of goods of OMR 15000 entered twice in the accounts c. Purchase of goods OMR 15,000 were…Scenario 1: Kerry owns and operates a small community pharmacy. John is the pharmacist and he employs a clerk to assist with collecting, reconciling, and depositing the proceeds collected each week. Kerry leaves all the cash handling procedures to the clerk and simply confirms that cash was deposited at the end of the week. Scenario 2: Alex is also an entrepreneur who owns a business. Alex ensures that the employee who accepts payments and issues receipts is not the same person to prepare the deposits. Deposits are prepared and reconciled by another (more senior) employee who confirms cash collected based on the cash totals (from the register, receipt book, or AIS). Question 1: Compare the controls applied by the two scenarios.Scenario Jane is the accounts payable clerk for ABC Corporation. One of her job duties is to process the travel expenses of the chief financial officer and pay the associated business credit card bill. Jane has noticed lately that the CEO’s expense reports are steadily increasing in amount and frequency. From receipts and other documentation that Jane processes, she suspects the CEO is running personal expenses through the company; however, she is not 100% sure. Questions 1. What responsibility or role does the accountant have in this process? 2. Should information provided by management and other non-accounting personnel be assumed accurate or is it the accountant’s responsibility to investigate each item submitted for legitimacy? 3. In the situation that follows, does Jane have any responsibility to find out the legitimacy of the expenses she is processing or is her job to just pay the bill?
- Assume that you are going to start a Business after graduation. Describe 10 transactions that the. business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use BasedAssume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. JournalJack Brown Campus Cleaners launders the shirts of customer Bobby Baylor, who has a charge account at the cleaners. When Bobby picks up his clothes and is short of cash, he charges it. Page 5|9 Later, when he receives his monthly statement from the cleaners, Bobby writes a cheque on his bank account and mails the cheque to the cleaners. Identify the two business transactions described here. Which transaction increases the business’s owner’s equity? Which transaction increases Jack Brown Campus Cleaners’ cash?
- Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. LedgerAssume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Financial statement24-Ms. Asma Al aamri is a trader of textile business. Which of the following transactions will be recorded in her cash receipt Journal? a. Sold clothes worth RO 30,000 to ABC Textiles LLC 2/10, n/30 b. Cash paid to Nizwa textiles LLC for RO 12,500 c. Received cash from ABC Textiles LLC for RO 12,500 d. Bought clothes worth RO 18,000 from Sohar textiles LLC for cash
- Question No: 2 Al Salam trading company is a newly started company with 50 employees. The company has its head office in Muscat and 5 branches in other parts of the country. Each branch has an accountant who take care of the following functions in addition to the normal accounting functions. a. Receiving and issuing goods b. Maintenance of stock register c. Maintenance of cash book d. Preparation of purchase order e. Preparation of sales bills As an auditor of the company, comment on the internal control system of the company. (Note: Explain with not less than 150 words)All of the following events at a sandwich shop are transactions excepta. A customer purchases a sandwich.b. A delivery of coffee beans purchased on account from the local roaster is received.c. A representative from the local university contacts the manager of the shop to get a listof catering services.d. The accountant for the sandwich shop pays the electric bill.Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions: Started business with cash Goods purchase for cash Goods purchased on credit Any asset purchased and paid cash Any asset purchase on credit Sold goods for cash Sold goods on credit Paid any bill Paid salary to staff Cash withdraw from business for personal use Based on your own 10 transactions, prepare: 1. Trail Balance