ABC Company collected 30,000 on August 31 representing 6 months rent. The Comapany is using the Liability method on advance payment. determine the following: 1. What account was credited on august 31,2020? _________ 2. What is the account to be credited on the adjusting entry on Dec 31, 2020 _________ 3. how much is the amount to be credited on dec 31, 2020 ________________ INSTRUCTIONS: choose from the following accounts for the journal entries: deferred revenue rent income cash

Q: Using ABC, compute the cost of each unit of Product A? The following data are available for X Corp:

A: Unit Cost=Total CostUnits Completed

Q: 11. How much is the interest expense for the year 2023? a. 463,890 c. 483,307 d. 600,000 b.473,972…

A: Given in the question: Face value of bonds = P5,000,000 Bond Coupon Rate = 12% Bonds are issued for…

Q: If actual fixed overhead was P54,000 and there was a P1,300 unfavorable spending variance and a…

A: Spending variance is the difference between budgeted and overhead and actual overhead incurred.

Q: Prepare the Cash flow from operating activities section ONLY of the statement of cash flows for…

A: Particulars Calculation Amount( in Pounds) Profits for the year 17440   Add: Corporation Tax…

Q: After completing a horizontal and vertical analysis of the Balance Sheet and Income Statement.  It…

A: The answer is stated below:

Q: SINGLE Persons If the Adjusted Wage Amount (line 1d) is The tentative amount to withhold is……

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

Q: On January 1, 2021, Orange Inc. reported the following shareholders' equity:   Preference share…

A: Following journal entry is required to be passed for depreciation expense: Date…

Q: Post the Journal Entries to the General Ledger and Subsidiary Ledgers. Amounts to the Accounts…

A: A general ledger is an account in which the total of all accounts are posted and the total of this…

Q: This year, Amy purchased $2,000 of equipment for use in her business. However, the machine was…

A: Equipment is the asset reported under the head plant, property, and equipment in the balance sheet…

Q: Information related to Burns Iron Works appears below. What is the ending balance in the finished…

A: Cost of goods sold is calculated by following formula: Cost of goods sold = Beginning finished goods…

Q: 5,500 @ ksh. 49 7 4,000 @ ksh. 50 11 7,000 @ ksh. 61  12 5,000 @ ksh. 50  13 6,000 @ ksh. 47…

A: Inventory valuation is the techniques of valuing the inventory in the store so as to maintain a…

Q: Corporation owns percent any's stock. On July 1, 20X4, Neptune sol e of equipment to Pluto for…

A: Consolidated financial statements give a complete picture of a company's financial health, including…

Q: C Opti Systems needs 85,000 optical switches. By outsourcing them, Opti Systems can use its idl-…

A: In making or buy decision-making process the company should choose that option that provides lowest…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Introduction: Income statement: All revenue and expenses are to be shown in income statement. It…

Q: Bank balances for Nana Kofi business are as follows: Balance as per bank statement, 31 July 2012…

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

Q: Material handling Material insertion Automated machinery Number of parts Number of parts Finishing…

A: Activity-based costing is where overheads are allocated to various products on the basis of the…

Q: use the calculations arrived at from the time value of places as displayed in the factor table…

A: Explanation of Concept Bond is that debt instrument which is used by the organization to finance its…

Q: The key difference between a forward and a futures contract is: A forward contract is bought and…

A: Here discuss about the details of forward contract and future contract which are related with the…

Q: What the annual charge against profit will be: (ii) One way in which the statement of comprehensive…

A: The charge against profit is actually the provision for the something which a company have to make…

Q: Corporation XYZ Income Satement For the year that ends in December 31, 2022 Sales $ 660,000 Cost of…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Can you help with the second part?

A: Cost of goods sold is the cost of the value of the inventory which has been sold during the period…

Q: The following information relates to production activities of Mercer Manufacturing for the year.…

A: Direct Material Price Variance (SP − AP) × AQ  Direct materials quantity variance                =…

Q: how the requisite journal entries to correct the balance.

A: Here to made the correction entry to clear the suspense account which was incurred shortage due to…

Q: On January 1, 20x1, ABC Bank extended a P1,000,000 loan to XYZ. Principal is due on December 31,…

A: Loan definition:- Loan is basically lending of money by persons, entities or organizations to other…

Q: On January 1, 20x1, ABC Co. extended a P1,000,000 loan to one of its officers as part of ABC’s car…

A: Formula: Interest income for the year ended December 31,20x3 = Carrying value of the note at the end…

Q: O a. on a ba O b. on an in O c. on a sta t

A: Vertical Analysis is used to know what is happening within Financial Statement of the company , like…

Q: Industrious Inc. disclosed the following information:   Accounts payable, after deducting debit…

A: Current Liabilities: - Current Liabilities are those liabilities that are due within one year or…

Q: Gem Factory produces two similar products - small lamps and desk lamps. The total plant budget is…

A: Factory overhead that should be allocated per hour = Total plant budget/Estimated direct labor hours…

Q: In May, the cost of raw materials sent to the production and dönemsonu stock remaining in raw…

A: FIFO method assumes that first unit goes out first. LIFO method assumes that last unit goes out…

Q: The guaranteed wage for the production of 25 units of chairs P 12,500 per day. Compute the gross pay…

A: Gross pay is the total payment received by the labor of the company. Whereas, net pay is the amount…

Q: Given the future cash flows (from cost savings) of an equipment for the next three years, use a…

A: 1. Profitability Index - It is the ratio that measures the return on investment made in the years by…

Q: Month No of Units Total Cost anuary 19 P 15,200 February 11 P 13,200 March 46 P 40,800 April 17 P…

A: The high low method is important to separate the fixed and variable costs from the mixed costs of…

Q: Following the information and additionally considering that £3,000 of purchases have not been paid…

A: Note: There is a mistake in the Income Statement. The Insurance Expense to be charged = 32400*6/24 =…

Q: The following balances were extracted from the books of Good, Gooder & Goodest Limited at December…

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred…

Q: Jason Rover, Sara Down, and Cam Pret each have a $240,000 capital balance. They share profits and…

A: A journal entry is being used to record a commercial activity in an organization's accounting…

Q: The standard number of hours that should have been worked for the output attained is 10,000 direct…

A: Variance analysis is defined as the procedure followed by the management to study the deviations…

Q: Assume that in September, Joplin Designs customers actually return $150,000 of inventory. Using the…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: For the coming year, Cleves Company anticipates a unit selling price of $92, a unit variable cost of…

A: Formula: Break even sales units = Fixed costs / Unit contribution margin

Q: Interbank borrowing is collateralized borrowing the main source of funds for most banks is subject…

A: Interbank borrowings is the market in which bank lends funds from one another . In this maturities…

Q: ABC Company has a policy of maintaining an inventory of finished goods equal to 25% of the following…

A: Units available for sale = Units sold during period + ending inventory

Q: Unearned revenues O a. are recorded as assets when cash is received. O b. are referred to as future…

A: Introduction: Unearned revenue: Revenue earned in advance called as Unearned revenue.

Q: A total of 6,850 kilograms of a raw material was purchased at a total cost of 20,550. The material…

A: Introduction: A Material Price Variance occurs when the actual price billed for materials used in…

Q: B on 6/30/2021 for $660,000. The useful life of the patent is estimated to be six years. On…

A: Given that Fair market value = $250,000 Carrying value = $275,000

Q: Perseverance Inc. began the current year with the following:   Accounts receivable 2,000,000…

A: Using cash basis accounting, the sales and expenses are recognised when cash transactions are…

Q: Discuss the concept of professional skepticism and its importance in audit.

A: Professional skepticism is defined as a questioning mindset, being aware of events that may signal a…

Q: How do your answers in parts (a) and (b) relate to the theory of constraints? Explain.

A: Introduction:- Constraints theory used to identifying the most important limiting factor that…

Q: Division X of Cathy Corporation makes and sells a single product which is used by manufacturers of…

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

Q: The form of employees compensation ir relevant to tax deductibility of the firm true? or false?

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: ABC Co. purchased goods with invoice price of P1,000 on account on Dec. 27, 2019. The related…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: Clever Computers has a five-day workweek and pays the office staff $3,050 each week. If the month…

A: Lets understand the basics. Adjustment entry is required to pass to record correct amount of revenue…