2. Which of the following is not a financial asset? a. investment in bonds b. investment in held for trading securities c. prepaid income tax d. interest receivable
Q: I will give an upvote if you follow my instructions. thank you. please skip if you have already done…
A: The question is related Classification of Cost. It means the grouping of costs according to their…
Q: For Sheridan Company, variable costs are 60% of sales, and fixed costs are $193,000. Management's…
A: Net income = Contribution - Fixed costs $99,000 = Contribution - $193,000…
Q: Dmitry had $42,000 of income from wages and $1,550 of taxable interest. Dmitry also made…
A: Taxable income is the income calculated after multiplying the tax rate by the net income and…
Q: On april foreman electric installs wiring in a new home for 2300 on account however on april 27…
A: The net revenue is calculated after adjusting for allowance and discounts from gross revenue.
Q: Crane Corporation had the following transactions during its first month of operations: 1. Purchased…
A: No General Journal Debit Credit 1 Raw material $69,700 Accounts payable $69,700 (to…
Q: required: (d) What is the new Residual income if Proposal 1 is selected? (e) What is the new…
A: The residual income can be defined as the income earned over and above the opportunity cost of the…
Q: McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the…
A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…
Q: Mike Sweet opens a web consulting business called Sweet Consulting and completes the following…
A: Income : Cash received from client on Mar 6 $5900 Amount receivable from client for service…
Q: Problem 7 On March 1, 2018, X and Y formed a partnership. The partners contributed the following X Y…
A: Partnership is one of the form of business organisation. Under this, two or more than two persons…
Q: 25. Production records show: beginning work in process of 10,000 units (50% material, 80%…
A: Process costing is one of the important method of cost accounting being used in business. This is…
Q: Bicol Company uses approximately 200,000 units of raw material in its manufacturing operations.…
A: Call Option: It is an option or contract provided to an investor who can buy an underlying assets at…
Q: Dance School reports the following information
A: Ratio analysis is a very important tool used in management accounting to make an analysis of various…
Q: Addison had $80,000 of income from wages and $1,850 of taxable interest. Addison also made…
A: Head of household can claim dependent allowance up to $2000 per child dependent on him in the year…
Q: Mema Inc. branch in Cebu began operations on January 2, 2022. During the first year of operations,…
A: In dependent branch a branch is dependent upon head office for goods and cash. And books of Accounts…
Q: Question 1 Which of these would be a reason for adopting a predominantly substantive approach?…
A: An auditor should choose a predominantly substantive approach when he is aware about the internal…
Q: [CLO-6] A company XYZ with a capital investment-$80,000, and the projected yearly savings are tabled…
A: The payback period is the amount of time an asset's takes to pay back the amount invested in it.…
Q: Q.1 Company offered 10,000 ordinary shares of Rs. 10 at Rs. 12. Company received 8,000 shares…
A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals also…
Q: Amber gears sells gears to HTC Car Repair during 2018.It offers rebates of 2% on purchases up to…
A: Normal purchase made in parts during the year= $300,000 Purchases on March 25, 2018= $74,000 of…
Q: Native Wood Products Ltd sells hand-made coffee tables. The shop owner has divided sales into two…
A: We know that contribution margin equals sales minus variable expenses .However when we calculate the…
Q: 1 Dec1, 2020 Jimmy, the business owner input cash $ 7,000 and $2000 computer into the business 2…
A: Journal entries show the recording of transactions during an accounting year and every transaction…
Q: Mariette, age 29, earns $200,000 per year. Her employer, Taxes Are Us, sponsors a qualified profit…
A: Every employee and in-fact every person wants to save something for the future which the period of…
Q: Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of…
A: Income statement: The income statement shows the company's revenues and expenses earned during the…
Q: Eryn Ltd is a forestry company that owns a plantation forest of silver firs trees. Typically, silver…
A: Earnings before interest and taxes is the net operating income less the operating expenses including…
Q: Jorioz Co makes joint products X and Y. $120,000 joint processing costs are incurred At the…
A: If the cost of the further processing is higher than the additional revenue of product Z, it will be…
Q: Current Attempt in Progress Carla Vista Distributors has the following transactions related to notes…
A: Notes receivable is a negotiable instrument that provides interest to the holder of the receivable.…
Q: IFRS11-1 On May 10, Romano Corporation issues 1,000 shares of $10 par value ordinary shares for cash…
A: A record is often kept in the accounting records, but it can also be kept in a single account,…
Q: Net income? Units sold = 8700 games units Selling price per unit = $ 69 Variable expenses = $ 49…
A: Under Marginal costing (variable costing) contribution percentage or contribution per unit of…
Q: The bank statement for Farmer Co. indicates a balance of $7,735 on June 30. After the journals for…
A: Introduction: Bank Reconciliation statement: To reconcile the differences between bank book and cash…
Q: a) Describe the risks associated with the audit of Ajio under the headings inherent risk, control…
A: Introduction: There are several forms of risks that arise from various conditions. We have liquidity…
Q: Numble leathers and tanners uses SLM for property, plant and equipment which consisted of the…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: Street Cellular Company recently received its bank statement for the month of February, 2012 from…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: monetary working capital
A: Working capital is the capital that keeps revolving around the business. This is the capital that…
Q: Question III Lay-Z-Sofa Inc., whose fiscal year ends on December 31, is in the business of selling…
A: The journal entries in the books of Lay - Z Sofa Inc. under the Allowance method and the specific…
Q: I still need a little help this part : Please Journalize and post the adjusting entries. a.…
A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred…
Q: Which of the following shows the effects of paying a cash dividend on the accounting equation?…
A: When cash dividend is paid the following accounts are affected: Cash will reduce with the amount of…
Q: DIFFERENTIAL ANALYSIS AND DECISION MAKING…
A: In order to take make or buy decisions in case of a product, a company should compare the purchase…
Q: What else is bookkeeping, and how does it relate to the corporate world
A: Accounting is the process of recording, summarizing, reporting the financial transactions that take…
Q: Required information [The following information applies to the questions displayed below] The…
A: Posting transactions to : Cash Accounts receivable Allowance for Uncollectible Accounts
Q: 1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended December…
A: Income statement is one of the financial statement which shows all incomes and expenses of the…
Q: Corbin(20) is a full time student eligible to be claimed as a dependent on his father's return. This…
A: Education credit or the country’s opportunity tax credit is the amount of deduction which can be…
Q: Good Toys Company produces a toy product. Data concerning the company’s operations last year appear…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: .DEPLORABLE BAD Co. acquired a machine on October 5, 20x1 for a total cost of P160,000. The machine…
A: Sum of year digit Method: The sum-of-the-years'-digits technique is a streamlined approach of…
Q: compute for the total fixed costs under period 1. 5. using the data, compute for the fixed cost per…
A: when calculating the fixed cost , this is cost is associated with with the cause that does not…
Q: Accounting Abacus Ltd undertook the following transactions during May 2022. May. 1…
A: Perpetual Inventory System – Under the Perpetual inventory system on every sales transaction cost of…
Q: General General Requirement Trial Balance Income Statement St Owners Equity Balance Sheet Impact on…
A: JOURNAL ENTRIES IN THE BOOKS OF MILK SWEET LMT ON MARCH
Q: Kong operate a distribution firm with a margin of 1 / 3. At the end of May he…
A: The following information given in the question: 1. Firm with a margin of 1 / 3 2. Sales of…
Q: Famous detergents 2019 income statement showed pretax accounting income of 1,500,000. To compute…
A: Deferred tax can be future tax liability or asset for an organisation with respect to differences…
Q: The company's total assets are $40,000. The following is a listing of the company's accounts and…
A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…
Q: Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of…
A: Calculation of Revenue earned during the year Increase in balance of Retained earnings = Revenue…
Q: A special right often granted to preferred stock is additional voting privileges. True or False True…
A: Stock refers to the unit issued by the company to raise funds from the market by providing ownership…
Step by step
Solved in 2 steps
- Which of the following would be included in the financing section? A. loss on sale of investments B. depreciation expense C. increase in notes receivable D. decrease in notes payableWhich 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 payable1. Which of the following is not a financial instrument? a. accounts receivable b. accrued utilities payable c. cash d. advances to suppliers 2. Which of the following is not a financial asset? a. investment in bonds b. investment in held for trading securities c. prepaid income tax d. interest receivable 3. Which of the following is a financial liability? a. income tax payable b. unearned revenue c. warranty obligation d. lease liability
- Fair value is used to value which of the following balance sheet accounts? a. Prepaid expenses; patents; property, plant, and equipment b. Capital lease obligations, bonds payable c. Receivables net of allowance for doubtful accounts d. Debtsecurities available for sale, trading securitiesDirections: Please select the appropriate answer on the statement below;B - If the statement is trueS - When the statement is false or part of the statement is false Equity is the residual interest in the company's assets after deducting all liabilitiesTRUE OR FALSE 1.Investments are assets held by an entity for the accretion of wealth through distribution, for capital appreciation or for other benefits to the investing entity. 2.Accounts Receivable, Notes Receivable, and Loans Receivable are financial assets because these represents a contractual right to receive cash in the future 3.Financial assets at fair value through profit or loss include both equity securities and debt securities.4.Financial assets at amortized costs include only debt securities. 5.Equity security represents an ownership interest in an entity. 6.Equity security represents an ownership interest in an entity. 7.If the financial asset is held for trading or if the financial asset is measured at fair value through profit or loss, transaction costs are expensed outright. 8.Significant influence is the power to participate in the financial and operating policy decisions of the investee entity but not control or joint control over those policies. 9.Amortization of…
- Which is a correct statement below? A. Equity is the residual interest in the liabilities of the entity after deducting all of its assets.B. Subscriptions receivable shall preferably be reflected as a deduction from the related subscribed share capital.C. Share premium is also known as capital stock.D. A deficit is a credit balance in retained earnings.What is incorrect here? Available options are: Accounts Payable, Accounts Receivable, Accumulated Depreciation, Bond Premium, Bonds Payable, Building, Cash, Common Stock, Cost of Goods Sold, Delivery Expense, Depreciation Expense, Discount on Bonds Payable, Dividends Declared, Finance Costs, Goodwill, Intrest Expense, Intrest Income, Intrest Payable, Intrest Receivable, Land, Merchandise Inventory, Micellanious Expense, Other Expenses, Sales, Sales Discounts, Sales Returns and Allowances, Finance Costs, GoodwillFAST PLZ - Which of the following is a contra-liability account? a. Notes Payable b. Discount on Notes Payable c. Accumulated Amortization d. Taxes Payable
- Classifying Financial Statement Amounts For the following six items, indicate which financial statement category would be affected: (1) net income or (2) other comprehensive income. a. Realized gain on sale of AFS debt investment. b. Realized loss on sale of HTM debt investment. c. Unrealized gain on an AFS debt investment. d. Unrealized loss on a TS debt investment. e. Unrealized gain on an AFS debt investment accounted for using the fair value option. f. Unrealized loss on an equity investment measured at FV-NI.Debt issuance costs are: Accounted for as a deduction from the equity balance on the balance sheet Recognized initially as a current liability on the balance sheet Amortized over the term of the related debt liability Expensed on the income statement when the transaction occurs Which one is the correct answer please?How are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at all
