If a customer buys good or services amounting to R3 000 from a business that uses only traditional cash registers, would a cash slip be appropriate as a source document? What would distinguish this document from a full tax invoice
Q: La Barte Company manufactures commuter bicycles from recycled materials. The following data for July…
A:
Q: Current Attempt in Progress On December 31, 2021, the Allowance for Doubtful Accounts has an…
A: Bad debt expense on December 31,2021 =( $94700×10%)+1020 =$9470+$1020 =$10490
Q: The cost of an asset is $1,070,000, and its residual value is $220,000. Estimated useful life of the…
A: Formula: Depreciation rate = ( 100 / Useful life years ) x 2
Q: Exercise 8-1 Schedule of Expected Cash Collections [LO8-2] Silver Company makes a product that is…
A:
Q: On January 1, 2019, ABC Company leased an office building with the following terms: Annual rental at…
A: Lease: A lease is an agreement between a property owner and other party party who wants to utilize…
Q: In 2020, Maxton Company sold its services on credit in the amount of $988,400. Total cash…
A: Bad debt expense is amount not able to recovered by entity or individual from its debtors.
Q: What is the share in joint cost for Products X and Y? A. 60,000 and 45,000 B. 53,933 and 47,191 C.…
A: Joint cost are those costs which has been incurred by the company in a one go and requires to be…
Q: Company A acquired 37% investment in Company B for R196 000. During the first year after acquieition…
A: Business Combination: A business combination is a transaction in which the acquirer gains ownership…
Q: The percentage-of-receivables basis of estimating uncollectible accounts receivable emphasizes…
A: Accounts receivables is the amount to be received from the customers on account (Credit sales).…
Q: Familiarization of investment types. Identify keywords if it is; Deposit Fund Bond Stock Property 1.…
A: 1. Collateral. - Property 2. Shareholder - Fund 3. Creditor - Bond 4. Debtholder - bond 5. Equity…
Q: Roanoke Company produces chocolate bars. The primary materials used in producing chocolate bars are…
A: The total cost of direct materials would be calculated as sum of costs for cocoa, sugar and milk.…
Q: Webworks purchases supplies worth $120 on account. At the beginning of September, Webworks had 19…
A: As per Bartleby guidelines, in the case of multipart questions, we are only allowed to answer the…
Q: Vhembe Limited manufactures and sells lawnmowers online to the public. The company produced a profit…
A: Tax accounting is the branch of accounting that deals with preparing and paying taxes. Individuals,…
Q: The following data are taken from the books of a dealer in securities: Selling price, shares held as…
A: Output tax shall be computed on sales price of shares held as inventory less acquisition cost
Q: Paterson Ltd manufactures a laboratory product for the UK market. The following budget and actual…
A: Variance means the difference in the actual results from the operations as compared to the standards…
Q: Question 4 Based on the following information provided by Max Trading Company on December 31, 200C,…
A: Net income can be calculated as: = Net Sales - Cost of goods sold + Other Income - Other expenses -…
Q: which of the following transactions will result in the increase and decrease in liability? a.…
A: Liability is increased when the amount is borrowed when the liability is paid it is decreased by…
Q: investigative techniques used to uncover the fraud.
A: Fraud is defined as a false portrayal of the facts that cause the victim of the fraud to suffer harm…
Q: On January 2, 2021, Power Company acquired 90% of the outstanding shares of Solar Inc. at book…
A:
Q: Statement of cost of goods manufactured for a manufacturing company Cost data for Johnstone…
A: The cost of goods sold is referred to as the total direct cost which is incurred in order to prepare…
Q: collected in full in the first month following the sale. The company budgets sales of $518,000 for…
A: Jasper company Company schedule of cash receipts April May June Sales 518,000…
Q: What are the 3 main sections of the CAFR?
A: CAFR is a set of financial statements for a state or other government entity that must conform with…
Q: P Company acquired 70% of the ordinary shares of S Company at a time when S Company’s book values…
A: Here P company aquired 70% ordinary shares of S. So here P is the parent company. Directly given…
Q: This deals with the determination of the fairness of the accountin reports and whther they are in…
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: If ankle braces are priced at cost plus 60 percent, what is the dollar cost of purchases for April.
A: Sales = Cost price + Gross profit Per unit Sales price for the month of April = Total Sales/…
Q: hich is subject to interest of 6% per annum (effective), and that interest is earned in an…
A: The question is based on the concept of calculating the future value of cash flows in a project at…
Q: Calculate the merchandise purchases budget in units of ankle braces for May.
A:
Q: Question 11 Inventory management refers to the formulation and administration of plans and policies…
A: Inventory is the goods or merchandise held by a company for selling purpose to earn profit.…
Q: Explain in details what the textbook means by a “cost hierarchy”
A: Expenditure hierarchy is a classification system that assists in the allocation of costs. It helps…
Q: For the quarter ended September 30, 2021, how much should GREEN report as net income?
A: Financial statements are those statements which are prepared at the end of accounting period. The…
Q: monopoly, arguing that its costs would go down to a marginal cost of 20. Would the…
A: In business finance, mergers and acquisition are activities in which the ownership of companies,…
Q: which asset never depericate in value
A: The question is related to the Non-Depreciating Asset.
Q: Chris’s House of Music wants to purchase TransposeIt, a system that transposes any song in its…
A: Calculation of depreciation Software = (10600-200)/5 = $ 2080 laser printer= $ 4100/5 = $ 820
Q: Jan 21 Investment in Company Shares 3733.8
A: 1. Investment in company = Number of shares * Price per share…
Q: Question 8 Golden Corporation have the following information from its books: Sales P1,600,000 Credit…
A: The average day sales tells about the number of days taken by business to convert inventory into…
Q: 2. Budget planners for a certain community have determined that $7,271,000 will be required to…
A: Introduction:- The following Basic information as follows under:- Total assessed property value in…
Q: Sell at Solit-of or Process Further Decsion, Alternatives, Relevant Costs Vihaan Chemicals Company…
A: Answer 1) The decision of further processing of joint products is based in incremental analysis. If…
Q: You have taken a loan of $6,000.00 for 3 years at 2.9% compounded monthly. Fill in the table below:…
A: Loan Amount = $6000 Year = 3 years Compunded monthly = 2.9% CI = P(1 + (r/12) )12t - P where, P…
Q: REQUIRED: Prepare full (absorption) and variable income statements for the year 2019 and 2020.
A: 2019 2020 Sales 160,000 275,000 Less: Variable expenses Direct material 50,000 60,000…
Q: The most important exemption from the prospectus requirement are the "Accredited Investors"…
A: The Securities Act defines Accredited Investors as an Individuals and their spouses owning net…
Q: Financial information for a company for 2013 is provided. The company has a December 31 year- end.…
A: Statement of Cash Flow - Statement of cash flow shows the movement of cash for the financial year.…
Q: Question 25 The minimum cash balance may be set based on the desired number of days' of operations…
A: Certain amount of cash has to be maintained in the business so that any unforeseen events or…
Q: In case of sale of real properties classified as capital asset, who is liable to pay the capital…
A: As per our protocol we provide solution to the one question only but as you have asked more than one…
Q: Apportionment of Real Estate Taxes. On May 1 of the current year, Tara sells a building to Janet for…
A: a. Real property taxes Janet may deduct = Annual property tax paid x 61 days / 181 days…
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…
A: Net income- The balance left over after subtracting the cost of products sold and expenses from a…
Q: 00 %24 1 Problem Set: Module Eight CengageNOWv2 | Online teachi x Cengage Learning + x…
A: CASH FLOW FROM OPERATING ACTIVITY IS THE SECTION OF A COMPANY’S CASH FLOW STATEMENT THAT REPRESENTS…
Q: Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts…
A: We are supposed to answer only one question in case of multiple seperate questions in one time…
Q: What is the revenue to be recognized by Entity A for the year ended December 31, 2020?
A: Particulars Stand-alone amount Revenue Royalty $25000 Non-Refundable Fees: Construction…
Q: 1. Calculate the missing information for the purchase. Item Selling Price Sales Tax Rate Sales Tax…
A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any…
Q: Shown below are comparative statements of financial position for Blue Spruce Corporation. BLUE…
A: The cash flow statement is prepared to record cash flow from various activities during the period.…
If a customer buys good or services amounting to R3 000 from a business that uses only traditional cash registers, would a cash slip be appropriate as a source document? What would distinguish this document from a full tax invoice
Step by step
Solved in 2 steps
- If a customer buys good or services amounting to R3 000 from a business thatuses only traditional cash registers, would a cash slip be appropriate as asource document?Assume that Oman Formaldehyde Chemical Company LLC sold the chemical of OMR 540 to the customer and received the check to the same amount. The cheque deposited in the bank immediately but the cheque received from the customer was misreported in the cash receipts journal as OMR 450. Therefore while preparing the Bank Reconciliation statement, what adjustment the accountant will do? Choose the correct answer from the following given options. a. Add OMR 540 to the cash book balance b. Deduct OMR 90 from the cash book balance c. Deduct OMR 540 from the cash book balance d. Add OMR 90 to the cash book balance Clear my choiceHow can money be deposited into a Spruce account? Tax refund. Direct deposit. Linked bank account. All of the above.
- In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Pina Colada Corp. enters sales and sales taxes separately in its cash register. On April 10, the register totals are sales $37,000 and sales taxes $1,850. 2. Cullumber Company does not segregate sales and sales taxes. Its register total for April 15 is $22,896, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for each client. Omit the cost of goods sold entry.Which of the following statements is false? A.Prepaid expenses are fully deductible when paid for a cash basis taxpayer. B.Reasonableness is most often considered in the context of compensation. C.Inventory can not be deducted when paid. D.You are considered to have paid at the date you pay with a credit card, even though you still owe the bank.Which account is debited if a client pays 5,000 by check? A cash of 875 is taken from the bank account of the business and placed into petty cash, which account is credited?
- What happens when an employee records a fictitious refund of goods at his cash register49. All of the following are considered valid cashless disbursement except Purchase of goods using an electronic card issued by Citibank Payment of payables using a non-Cash Availment Authority Remittance of taxes withheld to the BIR through Tax Remittance Advice Online payment through LBP’s eMDS Payment to a supplier through LBC PadalaA cheque drawn by the business from RM609 for payment of a liability was recorded in the journal as RM906. This item would be included in the bank reconciliation as a/an _____?
- In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales. 1. Sunland Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales $31,500 and sales taxes $1,575. 2. Crane Company does not segregate sales and sales taxes. Its register total for April 15 is $23,850, which includes a 6% sales tax. Prepare the entry to record the sales transactions and related taxes for Sunland Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Apr. 10 enter an account title to record the sales transactions and related taxes for Sunland Company on April 10 enter a debit amount enter a credit amount enter an account title to record the sales transactions and related taxes for Sunland Company on April 10 enter a debit amount enter a…Which of the following is true of an endorsement? a.It is made only when the receipts are more than $500. b.It is used only when payment is made to an individual. c.It transfers title to the money. d.It authorizes receipt of the check.1. Assuming that B issues the following checks, when may she be chargeable for violation of the special law on anti-bouncing checks? A. B issues an ante-dated check for P10,000 as a gift, without the knowledge that she does not have sufficient funds with drawee bank. B. B issues a check for P15,000 for a second-hand laptop believing to have P7,500 in credit with the drawee bank. C. B issues a check for P20,000 as a donation to the church, which was dishonored by the drawee bank pursuant to a garnishment ordered by a court. D. B issues a check for P10,000 as payment for debt and it was dishonored by the drawee bank upon its presentment 120 days from the check's date. 2. Assuming that B is an insider and he wants to sell or buy a security of an issuer, WHAT ARE HIS DEFENSES TO PROVE THAT HE IS NOT INVOLVED IN “INSIDER TRADING”? A. A purchase or sale of a security of the issuer made by an insider, his/her spouse, or relatives by affinity or consanguinity within…
