8. A company purchased $4,000 worth of merchandise. Transportation costs were an additional $350. The company later returned $275 worth of merchandise and paid the invoice within the 2% cash discount period. The total amount paid for this merchandise

Q: Instructions Fees earned $1,470,000 Office expense 309,000 Miscellaneous expense 26,000 Wages expens...

A: Closing Journal Entries No. Account Titles and Explanation Debit Credit 1 Fees Earne...

Q: A company purchased a computer system on January 1, 2021 for S 1,600,00 and sold it one year later o...

A: journal entry to record depreciation are as follows

Q: The corporation records included the following shareholders equity accounts: Preference share par150...

A: Issued and outstanding shares is equal to total shares issued and whit are outstanding till year end...

Q: ted. Does the expected loss meet the definitio

A: Conceptual Framework A conceptual framework is a written or visual representation of how variables s...

Q: Walmart Inc. is an American multinational retail corporation that operates a chain of hypermarkets, ...

A: Note: As per the norms of Bartleby, in case of questions with multiple sub parts, the first 3 subpar...

Q: (a) Briefly explain TWO (2) methods of payment for the issuance of share. (b) MOLLY Berhad decided t...

A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...

Q: On January 2, 2021 PAMIGAY CORP paid P380,000 cash and issued 120,000 new shares of its P5 par value...

A: Consolidated financial statements are the one which are prepared when one or two subsidiaries are ac...

Q: 2. The following items were deduced from the accounting records of JC Company's income statement for...

A: Administrative expenses are those business expenses which are used in office and by the administrati...

Q: At the beginning of the year, Morgan Company had total assets of $425,000 and total liabilitiesof $2...

A: The accounting equation depicts the interaction of assets, liabilities, and capital. It serves as th...

Q: merchandise to

A: Given: Accounts receivable $109,000 doubtful accounts $10,000

Q: The following cost have been estimated based on sales of 30,000 units Direct materias P300,000 (100...

A: Introduction:- Calculation of variable cost per unit as follows under:- Calculation of Variable cost...

Q: On January 1, 2021, PCO purchased 70% ownership of SCO which resulted to a gain on acquisition of P1...

A: Cost of goods sold=Beginning inventory+Net Purchases-Ending inventory

Q: Break-Even in Units and Sales Dollars, Margin of Safety Drake Company produces a single product. La...

A: Contribution margin per unit = Contribution margin / Number of units Contribution margin ratio = Con...

Q: Tracing for several days before and after year-end to recorded purchases is designed to test 1. the ...

A: An auditor must check the authenticity of the transaction and it can be done by getting sufficient a...

Q: an company XYZ offers compounded annually. What loan company will you borrow money, then justify why...

A: Simple interest rate is the rate of interest that is being charged on the principal amount of a loan...

Q: Based on the information below: a. Seller sold merchandise on account to the buyer, $4,750, terms 2/...

A: The perpetual inventory system records the sales and cost of goods sold as and when they are incurre...

Q: MC Packaging Limited (“MC") makes aluminum cans for the food processing industry. It produces the ca...

A:

Q: cultural and behavioural expectations of studying for a degree in accounting and financial managment...

A:   Cultural and Behavioural expectations would be: setting and promoting guiding values and an ethic...

Q: Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Inco...

A: A common size income statement is an income statement in which each line item is expressed as a perc...

Q: Which of the following is true about the operating cycle concept? It causes the distinction between...

A: Lets understand the basics. Operating cycle is a cycle of converting inventories into cash. It inclu...

Q: Dexter company manufaturing costd were as follows: Direct material and Direct Labor P 100,000 Depr...

A: Prime cost is the direct cost of the company related to material and labor. Manufacturing overhead i...

Q: On 30 June 2019, TIIE Ltd acquired a machine for $180 000 cash, with an expected useful life of 9 ye...

A: The revaluation of assets and liabilities leads to the creation of revaluation reserve by the amount...

Q: The accountant for Murphy Company prepared the following analysis of its inventory at year end:     ...

A: Solution Ending inventory is the amount of the inventory which is not sold during a financial year a...

Q: Following is the shareholders' equity section of the balance sheet of the Optimum Corporation: Share...

A: A common stock dividend is the dividend paid to common stock owners from the profits of the company....

Q: 8. In any transaction, the total peso amounts of debits must equal the total peso amounts of credits...

A: 8. In the Double Entry System, in any transaction total of debits always equals to total of credits....

Q: Paid secretary's salary for the first half of the month, Php3,500. A. Debit Cash, Credit J. Ilagan, ...

A: Journal is a book of original records wherein transactions are recorded for the first time.

Q: Below is a summary of all transactions of Mason Furniture for the month of August 2021.           ...

A: Introduction cash flow statement is statement that tells about cash and financial position of compan...

Q: Calculate the current ratio and the quick ratio for the following partial financial statement for To...

A: Ratio analysis involves computing the ratios using the elements of financial statements in order to ...

Q: Meiji Isetan Corporation of Japan has two regional divisions with headquarters in Osaka and Yokohama...

A: Return on investment (ROI)=Net Operating IncomeAverage Operating Assets×100 Residual Income=Net Oper...

Q: Accounting Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month a...

A: A cash budget details the predicted sources as well as uses of cash over a given time period. This b...

Q: The distribution of a dividend that represents a partial return of the original investment made by t...

A: Dividend is the disbursement of profit in consideration to the shares purchased by the shareholders....

Q: Common shareholders are considered the residual owners of a corporation. The term residual means tha...

A: A common shareholder would be someone who actually owns one common stock of a corporation. Ordinary ...

Q: Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $38,100 and hasthe follo...

A: Retained earnings seem to be the earnings that remain with the firm just after the disbursement of d...

Q: f the utility stock purchased their shares through an online brokerage, whereas Tony and the owner o...

A: From this clue, we can say that Anita is not the owner of the utility stock and Tony is not the owne...

Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an o...

A: Companies maintain detailed records of their balances, whether they be revenues, costs, or liabiliti...

Q: Staley Inc. reported the following data:Net income $396,200Depreciation expense 61,250Loss on dispos...

A: Statement of cash flows forms a part of financial statements and is prepared with a view to show the...

Q: A credit sale of $3.600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...

A: Formula: Cash received = Sales amount - Discount amount

Q: The following selected accounts appear in the ledger of Parks Construction Inc. at the beginning of ...

A: Journal is the book of original entry in which all the transactions relating to business are recorde...

Q: The VAT on government is described as a final withholding system creditable system no answer is corr...

A: VAT is the value added tax . It is a flat tax levied on an item. It is an indirect tax  and a separa...

Q: BC Corporation has an investment of 4,000,000 shares in XYZ Corporation. On December 31, 2021, ABC d...

A: Shareholders also invest money in the company and in return they become the owners in proportion to ...

Q: The following items were deduced from the accounting records of JC Company’s income statement for th...

A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question ...

Q: Quantitative information is found А. В. С. D. only in the face of the financial statements. Yes No Y...

A: Financial Statements Financial statements provide the actual performance of a corporation. The balan...

Q: 0 Variable Manufacturing Overhead ……………. $7.00 Fixed Manufacturing Overhead…………........................

A: The margin of Safety : The premise behind the margin of safety is that an investor should only acqui...

Q: Sage Hill Company reports the following costs and expenses in May. Factory utilities   $13,600   D...

A: A. Manufacturing overhead = Factory utilities + Depreciation on factory equipment + Indirect factory...

Q: The profit before tax, as reported in the Statement of Profit or Loss and Other Comprehensive Income...

A: Profit before tax: The amount of a company's net earnings prior to adjustment of income taxes is cal...

Q: Crandall Distributors uses a perpetual inventory system and has the following data available for inv...

A: Solution   Calculation of goods available for sale- = (110*7.1)+(575*7.2)+(680*7.5)+(230*7.7). = 117...

Q: Drake Company produces a single product. Last year's income statement is as follows: Sales (21,000 ...

A: Break even point : It refers to that point where total cost is equal to total revenue,   i e. It is ...

Q: A company purchased a con January 1, 2022, for $ 500,0 expected life of five years am

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Doogan Corporation makes a product with the following standard costs:     Standard Quantity or Hou...

A: Lets understand the basics. Labor efficiency variance is a variance between the standard hour that s...

Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose var...

A: Units sales to attain target profit = (Fixed expenses + Target Profit)/Contribution margin per unit ...