25.Adjusting entries   a. Bring asset and liability accounts to correct balances. b. Assign revenues to the period in which they are earned. c. Help to properly measure the period’s net income or net loss.

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Other changes may affect comparability but not consistency in the use of accounting principles and…

A: The question is related to Auditing. Accounting Principles are specific guidelines and principles…

Q: Everything else held constant, would it be better to depreciate a project with DDB depreciation or…

A: Working capital, also known as net cash flow (NWC), is the difference between a company's current…

Q: Prepare the General Journal for January 11–29, page 2. If an amount box does not require an entry,…

A: Journal Entry is the primary step to record the transaction in the books of account. It consists of…

Q: Do requirement 1. d, e, f

A: Cash system of accounting means where all expenses , losses , income and gain are recognized on the…

Q: What nominal rate compounded semiannually will yield the effective rate 6%? 2.  Find the effective…

A: Effective annual interest rate = (1 + (nominal rate / number of compounding periods)) ^ (number of…

Q: record the share in the profit

A: A partnership is a form of business in which two or more persons come together with a common…

Q: On August 1, Pure Joy Corporation (a U.S.-based importer) placed an order to purchase merchandise…

A: The foreign exchange rate is the current market rate at a certain time period. The current rate…

Q: RIGgy Company provided you with the unadjusted selected accounts on December 31, 200E. Sales Less:…

A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.

Q: Contingent liabilities are not recorded in the financial statements. True False

A: As per IAS 37, Provisions, contingent assets and contingent liabilities  A contingent liability is a…

Q: Which of the following is a red flag of inventory theft: an increase in uncollectible sales an…

A: Inventory theft is defined as the extra amount of inventory stated in accounting records but no…

Q: quivalent Units of Materials Cost he Rolling Department of Kraus Steel Company had 2,900 tons in…

A: Since materials are introduced in the beginning of process, both the beginning work in process and…

Q: Date Spot Rate Forward Rate (to January 31, 2021) October 1, 2020 $ 0.25

A: Since the forward exchange rate is utilized to measure the reasonable estimation of the firm…

Q: The following standards have been established for a raw material used in the production of product…

A: Formulas: Material price variance = (Actual material price per pound - Standard material price per…

Q: Compute the discounted payback statistic for Project C if the appropriate cost of capital is 8…

A: The question is based on the concept of Financial Management. Discounted payback period is the term…

Q: After the tangible assets have been adjusted to current market prices, the capital accounts of…

A: A partnership is a form of business in which the founders have unlimited personal liability for the…

Q: An investment will pay you $10,000 in 10 years, and it also will pay you $400 at the end of each of…

A: The amount to be paid for the investment is calculated as the present value of annuity plus the…

Q: Over/Under: Alpha's bookkeeper made a mistake by erroneously recording a loan from Beta Bank as a…

A:

Q: $393,110 Use the table of annual $8,252 Рayroll Advertising expenses to calculate the category…

A: Percentage of payroll can be calculated as: = Payroll expenses / Total expenses * 100

Q: The ability to lower overall inventory warehousing costs is an advantage of which type of system…

A: There are various methods to store inventory by devising a suitable system to reduce the costs…

Q: See Clear Company manufactures clear plastic CD cases. It applies variable overhead based on the…

A: Amount Favourable/Unfavourable Variable Overhead Rate Variance $9000 Favorable Variable…

Q: Tom and Faith are in a partnership sharing profits and losses in the ratio of 3/5 for Tom and 2/5…

A: Partnership means where two or more person comes together to do joint business and share the common…

Q: n December 1, a six-month liability insurance policy was purchased for $876. Question Content Area…

A: Trial balance means the statement prepared from ledger account where all debit and credit balance…

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A: Lease Asset: The term "leased asset" refers to an asset that has been leased by its owner to another…

Q: P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 Sales Sales Returns…

A: Cost of goods available for sales include the beginning inventory, and purchase of inventory during…

Q: Anthony has just won the Flyball Lottery. He has two options for receiving his prize. The first…

A: Present value is  the concept that states an amount of money today is worth more than that same…

Q: why do exporters and importers use bill of exchange?

A: A bill of exchange is a written order that binds one party to pay another party a predetermined sum…

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A: Cost reduction is the process of reducing cost by eliminating non value added expense. Generally,…

Q: Benson Airline Company is considering expanding its territory. The company has the opportunity to…

A: Payback period is the time taken by an investment to recover the investment amount paid on an…

Q: The IASB is the international counterpart to the IFRS. * True False

A: International Financial Reporting Standards (IFRS): These include a set of rules and guidelines that…

Q: .All of the following affect the owner’s equity except

A: given   All of the following affect the owner’s equity except is

Q: file his annual ITR on February 2019. On May 2020, he received a notice of assessment from BIR for…

A: X files annual return on Feb 19. On receiving notice from BIR for underpayment, X can file amended…

Q: INGAT Company showed the following information related to the accounts receivable in order to…

A: The accounts receivable are reported in the financial statement at the carrying value. The carrying…

Q: 2) A purchase of equipment for $18 000 also involved freight charges of $500 and installation costs…

A: Formula: Asset value = Equipment purchase value + Freight charges + Installation costs

Q: es:

A: Here PQR corporation is the entity and  the question is about the taxable income.   There is…

Q: On July 31, the end of the accounting period of Jigi Company. the unadjusted trial balance showed…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: (b) What is the break-even sales in RM for an operation that sells 615 products at RM 17.50 if each…

A: Break even sales in RM = Fixed cost/Contribution margin ratio

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A: Net present value (NPV) refers to the difference of present value of cash inflows and present value…

Q: Based on the following adjusted trial balance of Lyndon Company on December 31, 200C, the end of the…

A: Opening  inventory will not form part of assets as on December 31. Closing inventory will form part…

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Q: Time: 0 1 2 3 4 5 Cash flow: −$11,000 $3,350 $4,180 $1,520 $0 $

A: Payback period method is used to evaluate the time period  should take for an investor to get back…

Q: Rayan Corporation was organized on January 1, 2020, with an authorization of 1,200,000 ordinary…

A: The total number of share premium as of December 31, 2020 = Cost of Treasury shares - Cost of…

Q: implied value of a reporting unit to its carrying amount (goodwill excluded). fair value of a…

A: Steps for determining the goodwill impairement includes  If unit fair value is less than carrying…

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A: The goal of retirement planning is to provide a steady stream of income once you retire. It entails…

Q: U Bee docs.google.com @ P Corporation issued 10,000 shares of common stock with a fair value of $25…

A: The difference between purchase consideration and net assets leads to goodwill.  In the given case,…

Q: stion 3: What do by audit evidence ? What are you Unclerstand the poctors to be ansidered when…

A: audit evidence evidence that support and verify the information that has been provided by the…

Q: A business received cash of P3,000 in advance for services that will be provided later.  The cash…

A: Adjusting journal entry (AJE) refers to the entry which the business made in the general ledger due…

Q: 24. A building that cost P120,000 has accumulated depreciation of P50,000.  The book value of the…

A: Book value of asset is the carrying amount of asset , i.e. cost of asset less accumulated…

Q: The distributable net income (DNI) for the Oshiro estate is $27,000, including $4,800 of tax-exempt…

A: Deduction- Deductions are expenses that occur during the fiscal year and are deducted from an…

Q: On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.