7. The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales Discounts for P36. b. debit to Sales Revenue for P1,764. c. credit to Accounts Receivable for P1,800 d. credit to Sales Revenue for P1,800

Q: 20.Which of the following items is not a sub-category of shareholders’ equity?   a. Share capital b.…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: An entity included the following items in inventory at year-end: Goods out on consignment at sales…

A: An entity included the following items in inventory at year-end: Goods out on consignment at sales…

Q: Question 2. Duluth Ranch, Incorporated, purchased a machine on January 1, 2021. The cost of the…

A: ANSWER STRAIGHT LINE DEPRECIATION METHOD UNDER STRAIGHT LINE DEPRECIATION METHOD ,THE SAME AMOUNT OF…

Q: Chuck sold a tractor to a dealer for $16,000. He bought the tractor for $25,500 several years ago…

A: Ordinary income, also known as earned income, is money earned through business or employment. These…

Q: Indicate which activities of Stockton Corporation violated the rights of a stockholder who owned one…

A: a. The right to sell or dispose of the stock was breached by the corporation. b. No stockholder…

Q: 1. Marcy, a single woman, makes $544.25 a week as a veterinary assistant. If she claims 1 allowance,…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: Glendale Company is using process costing system. The following were taken from the books for…

A: Material could also refer to raw materials used to manufacture of finished goods.  Natural…

Q: Weight each of those factors using Altman’s bankruptcy prediction weights to arrive at Altman’s Z…

A: Introduction:- Altman's Z score uses financial metrics to predict bankruptcy of any company. This…

Q: .For each item indicate the type of adjustment (prepaid expense, revenue receivedin advance, accrued…

A: Adjustments entries: If adjustments entries are not recorded or adjusted in concern accounts then…

Q: Note: If E=P28,091.16 and N = P11,213.00, what is the value of D? E= Total Earnings D- Deduction N=…

A: Formula used : Net pay = Total earnings - Deductions

Q: Under marginal (Variable) costing system, which of the following cost items is NOT considered in…

A: Answer: c) Advertising expenditure

Q: Henna Company produces and sells two products, Carvings and Mementos. It manufactures these products…

A: Carvings   Mementos Sales Units   44000   44000 Sales  44000*17.6 774400 44000*17.6 774400…

Q: Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Favreau Corporation…

A: A bond is a borrowing security issued by a company to raise funds from the market by making an…

Q: Coroid Corporation used the following data to evaluate their current operating system. The company…

A: Formula used: Static budget variance = Actual variable cost - Budgeted variable cost

Q: 2. On June 30, 1984, the original issue date, T. Taylor purchases $300,000 of 20-year, 7%…

A: Journal is maintained in an orderly manner. The journal ledger maintained has five columns which are…

Q: You are given the following • Total sales 40 • Total fixed cost 2 • Net profit 28  What is the TOTAL…

A: In order to determine the contribution margin per unit, the variable cost per unit is required to be…

Q: To make a product it costs $24 per liter. The importation cost is a fixed cost of $ 150 additional…

A: Introduction: Average costs: The average total technique sets the value of inventory items by…

Q: Robin states that 'voluntary disclosure of information in financial reports can help resolve the…

A: Voluntary disclosure of information means there is no compulsion for disclosure of information. In…

Q: Ken company which was dealing with high level computer chips issued a 10 year P1,810,000 FV, 6%…

A: Diluted earnings per share used to assess an entity's profitability after taking in to consideration…

Q: Department A had 4,000 units in Work in Process that were 69% completed at the beginning of the…

A: In process accounting material is converted into useful goods and transferred to another process…

Q: hat earnings after interest and salary allowances would be divided in the ratio of 2/3 and 1/3 to…

A: Partnership Equity Statement Definition The statement of partnership equity is a financial statement…

Q: Use the following information for questions The following information is available for Cuyi Company…

A: Current Assets   Accounts Receivables 1500 Cash 2600 Short Term Investment 1000 Total…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Variable costing: Under variable costing method, fixed manufacturing overhead costs are not…

Q: Following is the chart of accounts of the C. Gervais Clinic: Assets Revenue 111 Cash 411…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Cadux Candy Company's income statement for the year ended December 31, 2021, reported interest…

A: Introduction: The balance sheet, also known as the statement of financial position, is the third…

Q: DALLAS Corp. is preparing the December 31, 2020, year-end financial statements. Following are…

A: A Journal entry is a primary entry that records the financial transactions initially. The…

Q: For its most recent year a company had Sales (all on credit) of P830,000 and Cost of Goods Sold of…

A: Average inventory = (Beginning value + ending value) / 2 Accounts Receivable Turnover = Net credit…

Q: If a business decides to switch from the indirect method to the direct method for reporting cash…

A: Cash Flows Statement - Cash Flow Statement shows the movement of Cash in the company for the…

Q: Kavita purchased a machine for Rs. 80,000 on 1st April, 2015. She charges depreciation on  SLM basis…

A: The straight-line method is a way of determining the depreciation. Under this method, the original…

Q: 21. Boussard Company, which uses normal job costing, incurred the following costs last period di (A…

A: Job costing is a method of costing. In this type of costing we keep track of the revenue and…

Q: The Polaris Company uses a job-order costing system. The following transactions occurred in October:…

A: Introduction: Journal entries will not be used to record routine transactions like customer billings…

Q: 22. Which of the following is not included on the statement of changes in stockholders’ equity?   a.…

A: Statement of changes in stockholders' equity is a part of financial statements to show the changes…

Q: Interest paid on preferred stock is deductible from gross income of the paying corporation

A: Disclaimer: "Since you have asked multiple questions in a single question so we solve the first…

Q: 2019: Sales =5,600,000, Profit/(Loss) =800,000 2018: Sales= 4,400,000, Profit/(Loss) = 500,000…

A: Formulas: P/V ratio= [Change in profit / Change in sales] * 100 Fixed cost=[Sales * P/V ratio] -…

Q: Harvest Inc. produces and sells a single product. The selling price of the product is $200.00 per…

A: Formula: Break even units = Fixed cost / Unit contribution margin.

Q: Required: a. Show the effect of these transactions on the basic accounting equation. b. Prepare the…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: Following balances taken from the books of paul and adam Ltd. for the year ending March 31, 2017,…

A: Introduction: A trading account that's any investing group that exposes money and perhaps other…

Q: What is the variable cost per unit using the high-low method (to two decimal places)? $

A: High-low method refers to a technique used by the company to determine the variable cost component…

Q: Anthoney Inc's trial balance contains the following balances: Cash $535 Accounts Receivable $278…

A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial balance to…

Q: Which of the following is not a true statement about variable costs? O a. Total cost is known to…

A: Variable Cost Variable cost which is described as the cost which are incurred to the business entity…

Q: 9. En Vogue Boutique sells blouses for $26.21. If the cost per blouse is $11.21, what is the amount…

A:

Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…

A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…

Q: On January 1, 2008, Bray Company purchased for 240,000 a machine with a useful life of ten years and…

A: Depreciation of an asset means reducing the value of the asset due to the normal wear and tear in…

Q: The following items appear on the balance sheet of a company with a one-year operating cycle.…

A: Current liabilities are those liabilities which are likely to pay with the operating cycle of the…

Q: Direct Labor $300 Variable Overhead $40 Fixed Overhead $100 SixthZ incurs no variable selling and…

A: Introduction: Operating income is the money left over after deducting operating expenses and the…

Q: Ramona Company reported the following data. Price per unit = $10 Sales price Variable cost per unit…

A: Introduction: Net income: Deduction of all expenses from revenues derives the Net income. Ne income…

Q: Chalmers Ltd is a parent company that prepares consolidated financial statements. On 1 July 2019…

A: Consolidation journal entries are the entries in the books of accounts of the group of companies…

Q: Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note. 1. On…

A: Lets understand the basics. When any cash is borrowed against the notes then interest is need to pay…

Q: Net income Preferred dividends Average stockholders' equity Average common stockholders' equity…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…

Q: On August 31, 2010, Harvey Co. decided to change from the FIFO periodic inventory system to the…

A: Introduction:- FIFO means First-in-first-out It is one of the inventory valuation method. As per…