a. provide 5 facts about financial statements (with explaination) b. complete the table below.

Q: .T.Challa set up his firm on 1 Jan 2018. The total amount of Trade Receivables in the books was…

A: Doubtful debts are those accounts receivables from which it is doubtful that whether due amount will…

Q: Until its involvement as Enron’s auditor, Arthur Andersen was recognized as one of the most…

A: Financial statement fraud refers to the willful misrepresentation of financial statements by one or…

Q: Supreme Hardware Store completed the following merchandising transactions in the month of May. At…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Answer no. 2 and 5 question.

A: Contribution margin per unit is the contribution which has come from the sales per unit which…

Q: nership of Len, Gray has the ability to exercise significant influence over Len's financial and…

A: Disclaimer :   “Since you have asked multiple question, we will solve the first question for you. If…

Q: MORGAN Merchandising is preparing its Production Budget for the 3rd Quarter of 2020. Its Sales…

A: Lets understand the basics. Management prepares master budget and various budgets based on the…

Q: 25. Corp. A purchases and pays 100% of the premium cost for life insurance on all of its employees.…

A: If an employer pays life insurance premiums on an employee’s behalf, any payments for coverage of…

Q: The following selected accounts and their current balances appear in the ledger of Kanpur Co. for…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: Butterfly Co. targets to sell 12,000 units of their newly launched line of product in April. If the…

A: Inventory means the goods to be sold by the business in order to earn profit.

Q: In 2020, Angela Company held the following investments in ordinary shares: •     25,000 shares of…

A: When company receives dividends from its investment, dividend income gets credit to dividend income…

Q: HRMG 3400 LTD Lab Activity_ Vocabulary: Qualifying period, aka elimination period, aka waiting…

A: The face value of the insurance policy is known as the benefit volume. This is calculated using the…

Q: In Step 1, operating income. I understand where the 84,000 comes from but where does the 6,000 come…

A: Solution: Return on investment is computed as = Net operating income / Average operating assets…

Q: Miller Company's allowance for doubtful accounts was P1,000,000 at the end 20XX and P900,000 at the…

A: Allowance for doubtful debts is the amount of reserve which is most probably not paid by the debtors…

Q: Knights Technologies is considering changing its credit terms from 2/15, n/30 to 3/10, n/30 to speed…

A: Outstanding sales days is a measure that shows how long it takes for a company to get money for a…

Q: Louise Lewis, age 72, is married and supports her mother, age 96. During 2021. Louise pays $1,300…

A: Since their AGI is $100000, then medical expenses over 7.5% of AGI is only deductible. In this case,…

Q: 23. TRUE or FALSE: Partnerships are tricky and are sometimes difficult to know if one exists. Group…

A: A partnership firm is a firm wherein two or more persons come together and form a joint partnership…

Q: Batik Company presents the following summarized balances of its projected 2021 balance sneet:…

A: calculation of external fund batik company needs are as follows

Q: Research about the meaning of the culture of an organization. Explain how it is related to building…

A: Meaning of culture in an organization  : Culture is a value and belief that are followed by the…

Q: rrent Attempt in Progress an inexperienced accountant for Cheyenne Ceramics made the following…

A: For the error in 1st subpart we should  credit  sales revenue account inorder to correct.

Q: On July 1, 2021, ABC Co. purchased a franchise for $78,000. The franchise has a remaining legal and…

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

Q: Five year property costing $25,000 was placed in service on January 11, 2021 and $75,000 of five…

A: Introduction: Depreciation is the process of dispersing the cost of a physical item over its useful…

Q: Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31 75,000…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Problem No. 4 On December 31, 2014, YEN Inc. issued a 3-year P4,500,000 serial bonds payable with…

A: The bonds payable are issued at premium as market rate is lower than the coupon rate of bonds…

Q: Use the given statement of comprehensive income below in answering the question. DEF Company, Income…

A: Percentage change in net profit means the change in the net profit in the current year as compared…

Q: Problem No. 3 On July 1, 2014, LINE Inc. issued a 4-year, P1,000,000 bonds payable dated January 1,…

A: 5)       Cash received received by LINE Inc. on July 1, 2014:               Amount PVF @ 12%…

Q: Selected current year-end financial statements of GENESIS Corporation follow. All sales were on…

A: (Note: Since you have posted a multi-part question, we will solve the first 3 sub-parts. For the…

Q: Instructions Journalize the selected transactions. Selected transactions completed by Equinox…

A: Common stock represents the ownership portion of the stockholder over the business and its resources…

Q: B, a United States Shareholder, acquires its 70% interest in foreign corporation F’s shares on March…

A: Ownership of shares is the number of shares owned and determined by the company , It owns as…

Q: On July 1, 2020, Ron Company purchased 25% of Buck Company's ordinary shares. No goodwill resulted…

A: As per the equity method of accounting for investment in associates the investor's share in…

Q: The following inventory date have been established for Warriors Company: Order must be placed in…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: The total fixed cost and Operating Income are incorrect.       Total fixed costs 27450…

A: Solution: Total fixed costs = Fixed manufacturing costs + Fixed selling and administrative expenses

Q: From the following balances taken from the books of Simmi and Vimmi Ltd. for the year ending March…

A: Gross profit is the profit a company makes after deducting the costs of manufacturing, selling, and…

Q: What exactly is negative working capital?

A: Working capital is the difference between a bank's assets (cash, accounts receivable/unpaid customer…

Q: In preparation for the quarterly cash budget, the following information have been compiled. Month…

A: Cash budget means the expected cash receipts and expected cash payment for the next year. Cash…

Q: Consider the following summarised balance sheet and associated average interest rates for RBK bank…

A: You have posted multiple part-question, so as per our policy only the first three parts are…

Q: · An analysts wants to project the financial statements of a company in 2020. He has gathered the…

A: The current liabilities are the amount due to be paid within one year. The current liabilities can…

Q: 1. For each account listed in the trial balance, enter the balance in the appropriate Balance column…

A: We are given the unadjusted trial balance of Lakota Freight Co as at 31st March, 20Y4 for which a…

Q: I need answers for my worksheet like the format of the other picture. Thank you.

A: Worksheet is a 10 column sheet which is prepared in order to assist preparation of financial…

Q: 1. A Machine costs P80,000 and an estimated life of 10 years after 5 years using the following…

A: Answer to (A) Calculation of book value of asset after 5 years using straight line method: Original…

Q: Classify each of the following as direct or indirect with respect to traceability to product and as…

A: Direct costs are costs that are directly with the production and manufacturing of goods. Indirect…

Q: Q66. A, B and C were partners in a firm sharing profits in the ratio of 2:2:1. Cwas guaranteed to be…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Find a company that committed a change of accounting principle/estimation or error

A:

Q: Mary sells her passive activity in 2020 for $450,000. She bought the activity in 2018 for $600,000.…

A: Passive activities are those activities from which income is earned by an individual but he was not…

Q: an. Sold Private car for a 4000 and bought a nw one for burines from proceed plus f S000. from ofice…

A: Introduction: Journalising is the practice of maintaining financial transactions in the books of…

Q: Current assets $745,000 $820,000 Property, plant, and equipment 1,510,000 1,400,000 Current…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Sales revenue for Hy Marx Tutoring was $620,000. The following data are from the accounting records…

A: Introduction: The term "revenue" refers to the quantity of money earned. It is the entire amount of…

Q: an. Sold Private car for aF 4000 and bought a nw one for buines from proceed plus 7 S000. from fice…

A: A new document is being used to record a business transaction in an organization's accounting…

Q: What is the role of Cost Accounting in Price Determination ?

A: The primary difference between fixed as well as variable costs is made in cost accounting.…

Q: 26. TRUE or FALSE: Joint and severally liability for partners in a partnership means that a creditor…

A: Partnership is one of the agreement or arrangement between two or more than two persons, under which…

Q: Bramble Company has the following equivalent units of production for July: materials 20000 and…

A: The charges incurred when a corporation manufactures things are referred to as production costs.…