A serious exposure in the ordering process of the expenditure cycle is increased inventory costs. What is the related threat and applicable control procedure that address this exposure? A. mistakes in counting; do not inform receiving employees about quantity ordered B. paying for items not received; requiring that all supplier invoices be matched to supporting documents C. purchasing at inflated prices; review of purchase orders D. theft of inventory; periodic physical counts of inventory and reconciliation to recorded quantities E. mistakes in posting to accounts payable; reconciliation of detailed accounts payable to the general ledger control account

Q: What is the due date of a 220-day loan made on Feb. 12? Group of answer choices Sep 20 Sep 21 Aug 2...

A: Given that  Starting date of loan = 12th Feb  When counting a time period, both the start date and e...

Q: PROBLEM 1: The following events and transactions relate to the shareholder's equity accounts of the ...

A: Legal capital refers to the total number of shares of all categories issued by the company at par va...

Q: Three partners A R and C shared the profit in a software busin

A: The meaning of partnership business is two or more persons bringing the capital to form the business...

Q: Robertson Company had purchased an equipment on January 1, 2019 for P 4,800,000. The entity used the...

A: Depreciation is the amount of expense which is shown in the income statement to show the decrease in...

Q: Find the payment made by the ordinary annuity with the given present value. $216,967; quarteriy paym...

A: Ordinary Annuity (End) = r * P / {1 – (1+r)-(n)} Working:

Q: Grand Company reported the following on its income statement: Income before income taxes$ ,000 Incom...

A: Lets understand the basics. Times interest earned ratio indicates the companies ability to pay inter...

Q: If the statement of financial position error is discovered in the year of error, what action is to b...

A: Errors mean the data entered in the financial system is not as per accounting standard. There has be...

Q: peg. on to view the additional information.) e Income and Part I Federal Tax Payable for the Sebago ...

A: Taxable income refers to the total sum of money earned by an entity that is subject to the mandatory...

Q: The actual return on plan assets __is equal to interest expenses accrued each year on the projecte...

A: Plan assets refer to long term assets held for the benefit of employees. It includes long term inves...

Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer S...

A: This error is a self balancing error. One account is credited instead of other. It auto balances the...

Q: If it is impracticable to determine the cumulative effect of an accounting change to any of the prio...

A: There are situations when company adopt to new method of accounting due to which changes occur in ac...

Q: 4

A: Balance of Trade is the difference between exports and imports of physical goods. It does not includ...

Q: Required 1. Enter the balances as of 11/30/2021 in the general ledger. 2. Prepare journal entries to...

A: Journal Entry The purpose of preparing the Journal entry to enter the required information into segr...

Q: Question: Prepare her income statement for the first month We are at the end of the first month of ...

A: Income Statement: As a part of the Financial Statement, the Income statement shows the total income ...

Q: EXERCISE 2.1 Make the TABLE to show the division of net income/net loss and give the CLOSING ENTRIES...

A: A partnership firm refers to where the partners do business and share the profit and losses that are...

Q: Find out from the following a scientific and accurate method of factory overhead absorption: Percent...

A: Factory Overhead Absorption is an important matter in pricing a product or determining total cost of...

Q: 2: Martin Hughes earns net self-employment income of $157,100. He works a second job from which he r...

A: Taxes are forced contributions imposed by a agency on individuals or corporations, whether municipal...

Q: Standards deals with the principles and methods of determining depreciation and amortization cost: C...

A: The correct answer for the above question is given in the following steps for your reference.

Q: Discuss the importance of reflective approach to learning in the accounting & finance discipline, de...

A: Performance Evaluation: Performance evaluation is characterized as a formal and useful system to qua...

Q: Depreciation of equipment during 2021 was understated by P 12,000. What would be the adjusting entry...

A: In 2021 depreciation expense is understated which means Accumulated depreciation is understated and ...

Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estima...

A: The budgeted income statement contains all of the line items found in a typical income statement, wi...

Q: Under non-integrated accounting system, the account made to complete double entry is: General ledger...

A: Non-integrated accounting system is the system of accounting in which seprate set of accounts are ma...

Q: Requlred Information [The following Information applies to the questions displayed below.] George an...

A: Comment -Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...

Q: Which of the following is not a characteristic of non-counterbalancing error? Group of answer choic...

A: Non counter balancing errors are those errors which will not be automatically corrected in the next ...

Q: 1: A-1 Framing employs three workers who, as of the beginning of the current pay period, have earned...

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

Q: Pikotaro's annual rental fee for his condominium unit is P180,000. On November 30, 2021, He paid 3 m...

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

Q: Milan Company reported pretax income of P 6,500,000 on December 31, 2021. During your audit, the fol...

A: To obtain correct pretax income we have to make adjustment of following expenses and incomes  : 1. ...

Q: The change in accounting policy includes all of the following, except:

A: Accounting policy are the rules and principles which are used for recording the financial transactio...

Q: During your audit of the books of Alarcon Corporation for the year ended December 31, 2021, you disc...

A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...

Q: The following are budgeted data: January February March Sales in units 15,600 21,200 18,600 Producti...

A: Formula: Purchase of raw materials = Total produced units + Ending inventory - Beginning Inventory  

Q: ision as discontinued operation. For the year ended December 31, 2022, the disposal group incurred t...

A: Loss from discontinued operation is reported as separate line item below the income from continuing ...

Q: Vaughn Manufacturing has outstanding accounts receiva year of $6.50 million. There is also a debit b...

A: When the amount of money is no longer collectible and the amount remains due is known as bad debt.

Q: Please show working of how rent expense and prepaid rent were calculated on adjusted trial balance

A: The adjustment entries are prepared to adjust the revenue and expenses for the current period.

Q: For Sheridan Company, variable costs are 70% of sales, and fxed costs are $179,400. Management's net...

A: Formula: Required sales in dollars = ( Fixed cost + Targeted income ) / contribution margin ratio

Q: Barnes Books allows for possible bad debts. On May 7, Barnes writes off a customer account of $11,00...

A: Bad debt recovered should be recorded with an increase in a cash account and a decrease in account r...

Q: An income statement is one of the three (along with balance sheet and statement of cash flows) major...

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

Q: 1.Find the Weighted Average Contribution Margin Ratio

A:                In Marginal Costing we arrive at contribution margin by deducting variable costs from...

Q: I buy house on credit. The operation will Select one: O a. not change my total assets O b. decrease ...

A: The assets are the accounts which are owned by the business. The assets have debit balance.  The lia...

Q: Trevor is a single individual who is a cash-method, calendar-year taxpayer. For each of the next two...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first3. Please resubmit the question ...

Q: Colorado Corporation for the year ended December 31, 2021, you discovered that certain accrued incom...

A: Accrued expenses  is expenses incurred but not paid  Accrued income is income earned but not receive...

Q: ABC company had the following transactions and events during the ycar ended 31 March 2022. The compa...

A: Cost of goods manufactured = beginning WIP + costs incurred - ending WIP Cost of goods sold = Beginn...

Q: A vendor

A:

Q: I short stoc

A: The correct option is explained as,  

Q: Find the payment made by the ordinary annuity with the given present value. $216,967; quarterly paym...

A: Present Value of Ordinary Annuity (End) = r * P / {1 – (1+r)-(n)} rate of interest= 8% Per quarter i...

Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...

A: Liquidation of Partnership For liquidating the partnership it settle the all expenses and dues which...

Q: A Bank granted a loan to a borrower in the amount of P5,000,000 on January 1, 2021, The interest rat...

A: Solution Carrying amount is the cost of an asset less accumulated depreciation.

Q: Depreciation of equipment during 2021 was overstated by P 16,000. What would be the adjusting entry ...

A: An adjusting journal entry is a journal entry made in a company's general ledger at the end of an ac...

Q: Calculating the Direct Labor Mix Variance Mangia Pizza Company makes frozen pizzas that are sold thr...

A:   Mix varaince = [Actual Mix - Standard Mix] x Standard Price If actual mix is less than standard mi...

Q: What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for ...

A: The ratio analysis helps to analyse the financial statements of the business. Current ratio = curren...