Accounting and business management are two distinct disciplines
Q: If the selling price per unit is $80, the variable expense per unit is $40, and total fixed expenses…
A: Formula: Break even sales dollars = Break even units x Sales price per unit
Q: Part 1: Prepare a General Journal entry for the following transaction: On December 17, On Your Mark…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Problem 27-3 (IAA) At the beginning of current year, Definite Company acquired the following assets:…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Question 7 Part A: Choose the correct formula for the Double-Declining Balance depreciation method.…
A: Fixed assets will face reduction in their value over the period of time. Depreciation is charged to…
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A: Payroll entry is made to record the gross salary along with incentives being paid to the employees…
Q: ABC Company has an equipment acquired on January 1, 2018 at a cost of P2,200,000 with estimated…
A: Given, 1/1/18 - purchased equipment worth P2200000. residual value = P200000. estimated useful life…
Q: Which is not part of the description of PPE?
A: PPE refers to property, plant and equipment which are considered as fixed assets. These are used in…
Q: John has an income of 160000 , What would be his total tax liability based on the tax structure ?…
A: Given income of John is 160000 In case of slab rate of tax, tax liability has to be calculated based…
Q: The prepaid insurance account had a beginning balance of $3,755 and was debited for $6,755 of…
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…
Q: What company is better in short term investment?
A: Answer:- Investment meaning:- An asset or object purchased with the intention of generating income…
Q: If a business firm has assets worth $170,000 and liabilities that total $40,000, what is the value…
A: The accounting equation states that assets equal to sum of liabilities and equity. Assets =…
Q: Could the accountant be sure that all dividends due on the client's marketable securities have been…
A: Dividends is the amount which are received by the shareholder on the shares which have been hold by…
Q: Pringle Corporation a
A:
Q: Earnings per share Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow:…
A: Earnings per share can be defined as the ratio of net income available for common shareholders and…
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A: Economic Order Quantity- The EOQ model is used when demand for goods and services remains constant…
Q: Your friend, Gerald, has asked you to help him with his bank statement. He is sure there are some…
A: Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…
Q: Problem 1. The Evergreen Company produces tools on a job order basis. During May, two jobs were…
A: Overtime refers to the amount of time which someone works beyond the normal hours of working and…
Q: On January 1, 2021, Sub Company, an 80% owned subsidiary of Parent Company, sold to Parent Company…
A: Calculation of excess depreciation on sale of equipment by parent to subsidiary:
Q: XYZ Ltd. has the following costs for 1,000 units: Total Cost Direct materials € 1.500 Direct labour…
A: Formula used: Direct materials cost per unit = Total cost / Number of units produced. Division of…
Q: For the raw materials used to make its stoves, Kleslia, SRL has a standard price of $10.92 per gram…
A: Materials price variance = (Standard price x Materials purchased) - Actual cost
Q: . How much is the net income for distribution to partners? A. P 2,750,000 B. P 2,900,000 C. P…
A: 7. Net Income for Distribution to partners D. P 5,750,000 is correct option. Explanation: Gross…
Q: If the selling price per unit is $50, the variable expense per unit is $20, and total fixed expenses…
A: Formula used: Break even sales dollars = Break even sales units x Sales price per unit
Q: Explain in details what the textbook means by a “cost hierarchy.”
A: The cost hierarchy is a classification system used in activity-based costing that assigns activities…
Q: 1. TechGate makes PS4 games with a selling price of P1,040.00 per CD with a variable cost of P624.00…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: In 2020, Regina moved across the country from the east coast to the west coast. She was moving…
A: Lets understand the basics. For calculating AG, we need to consider income which are actually earned…
Q: ) Glen, Maria's friend, sees a pair of running shoes on sale in the same store in Duluth for…
A: Glen Should buy pair of shoes for $109.99 as he thinks its value is reduced by $9.01. as the Glen is…
Q: How do the major provisions of the Sarbanes-Oxley Act affect a public company’s audit procedures?
A: Introduction: Sarbanes-Oxley Act: In reaction to many financial scandals in the early 2000s,…
Q: depreciation is used. Determine the value of a specially built delivery truck for ABC Piano Moving…
A: Under straight line depreciation method, the depreciation for each year would be same. The decrease…
Q: D Question 39 If the selling price per unit is $10, the unit contribution margin is $5, fixed…
A: Cost volume profit analysis is one of the important analysis being performed in cost accounting.…
Q: ew merchandising business, Dazzle Corporation started its operations last January 1, 2020. Presented…
A: Income Statement: This statement is also known as Statement of Profit and Loss or Profit and Loss…
Q: How do you determine the dollar amount of owners’ equity for a sole proprietorship, or a…
A: The accounting equation states that assets equal to sum of liabilities and equity. Assets =…
Q: Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of…
A: Bad Debt Expense The account for bad debt expense is the account in which that amount is recorded,…
Q: DePaul Corporation has acquired 600 machines in a business combination. DePaul does not intend to…
A: Here discuss about the details of the determination of the fair value using the different market…
Q: Rumpi Company purchased $50,000 of 7 percent bonds of Evermistress Corporation on January 1, 2015,…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: On October 1, Takei, Inc. exchanged 8,000 shares of its ₱25 par value ordinary share for a parcel of…
A: Carrying value of land=No. of shares×Fair value per share
Q: Calculate the debt-to-equity ratio. Ernst Company's balance sheet shows total liabilities of…
A: Formula: Debt to equity = Total liabilities / Total stock holders equity
Q: Ernst Company's balance sheet shows total liabilities of $32,500,000, total stockholders' equity of…
A: Introduction: Debt ratio is the financial ratio that thus measures a company's degree of leverage.…
Q: Meltzer Corporation is presently making part 013 that is used in one of its products. A total of…
A: Introduction: A transfer cost is an amount paid by one split of a corporation to another division of…
Q: On January 1, Lumia Company’s liabilities are $70,000 and its equity is $50,000. On January 3, Lumia…
A: The transactions of the business effects two or more accounts of the business. The accounting…
Q: Plum Inc. acquired 90% of the capital stock of Sterling Co. on 1/1/X1 at a cost of $540,000. On this…
A: Total percentage of holding of plum Inc in sterling is 95%
Q: Gen-X Ads Co. produces advertising videos. During the current fiscal year, Gen-X Ads Co. received…
A: Notes Receivable Notes receivable is consider to be the important source of revenue liquidity into…
Q: On January 1, 20X5, Potter Corporation started using a wholly owned subsidiary to deliver all its…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Question 2 4 Considering whether to use historical cost or fair value relates to which of the…
A: Accounting Policies refer to specific accounting principles and methods of applying these principles…
Q: Exercise 8. Lola Company's accounting year ends on December 31, 2016. On December 1, Lola signs a…
A: Adjusting journal entry: At year-end when the company finalizes its accounts, any unrecognized…
Q: What is meant by Owners’ equity?
A: The balance sheet is the financial statement of the business which represents the financial position…
Q: Over the past year Meredith and Shunt Manufacturing had an average quarterly sales for the past 5…
A: Total average= Total seasonal average/4 Seasonal index= Season average/Total average
Q: In the month of June, Jose Hebert's Beauty Salon gave 3,800 haircuts, shampoos, and permanents at an…
A: Formula: Total Contribution margin = Contribution margin per unit x Number of units
Q: The following information relates to a company Hoar 0 0.30 0.318 0.339 Camings per share (5)…
A: Dividend Payout Ratio = Dividend per share / Earnings per share The screenshot of the excel along…
Q: Describe business activities that affect a firm’s cash flow.
A: The cash flow statement is a financial statement which is prepared to record the cash flow from…
Q: Taxpayers who use the personal exemption in 2021 may benefit from charity grants and funding…
A: Income tax: Income tax is the tax that an individual is responsible for on their earned income. It…
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