Accounting Question

Q: Discuss the uses and advantages of budget.   Explain the concept of control and budgetary control.

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

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of...

A: Net sales = Cash sales + Sales on account = $95,500 + $1,315,000 = $1,410,500

Q: Discount Amortization On the first day of the fiscal year, a company issues a $9,000,000, 11%, 7-yea...

A: Introduction: Journal: Recording of a business transactions in a chronological order. First step in ...

Q: In good accounting form, what amount should be debited to Factory overhead control to record spoilag...

A: Journal entry is a process of recording business transactions in the books of accounts for the first...

Q: Average Rate of Return, Cash Payback Period, Net Present Value Method for a Service Company Spanish ...

A: Requirement a:

Q: Alternative Inventory Methods Garrett Company has the following transactions during the months of Ap...

A: Since you have posted a question with multiple sub-parts, we will solve the first four sub-parts for...

Q: The following information is available from the current period financial statements: Net income ...

A: Cash Flow Statement is a part of the Financial Statement of a company. It literally means a statemen...

Q: Determine the (a) current ratio, and (b) quick ratio. Round your answers to one a. Current ratio b. ...

A: Current Ratio = Current Assets / Current Liabilities Quick Ratio = Liquid Assets/ Current Liabilitie...

Q: Old Mills's income statement appears as follows (amounts in thousands): E (Click the icon to view th...

A: Cost of goods sold are the total cost incurred while manufacturing the goods that are sold during th...

Q: The Curing Department of Harmon Company reported the following information for the month of November...

A: It shows the amount of work done on the output that is partially completed at the end of an accounti...

Q: Options purhcases cash disbursements sales cash receipts general

A: Introduction Specialty journal:  Specialty journal is the journal which records financial transactio...

Q: Record each transaction in a journal entry. Explanations are not required.

A: Journal entries are used to keep a record of the transactions of the business.

Q: Amenity Hotels Inc. is considering the construction of a new hotel for $63 million. The expected lif...

A: Annual depreciation = (Cost of assets - residual value) / Life of the assets =(63-0)/8 = $7.88 milli...

Q: Calculate current ratio from the following information: $ $ Stock 50,000 Cash 30,000 Debtors 40,000 ...

A: We have the following information: Stock: $50,000 Cash: $30,000 Debtors: $40,000 Creditors: $60,000...

Q: K. Mello Company has three employees—a consultant, a computer programmer, and an administrator. The ...

A: Social tax security is a compulsory contribution of employer and employee. It funds the retirement, ...

Q: An item of inventory was purchased for $10. However, due to a fall in demand, its selling price will...

A: We have the following information: An item of inventory was purchased for $10 Due to a fall in dema...

Q: Ecco Company sold $155,000 of kitchen appliances with six-month warranties durin September. The cost...

A: Warranty expense is the expected cost to be incurred for the repair or replacement of goods that hav...

Q: Why is the receipt of cash so rarely excluded from a taxpayer’s gross income? If an employer gave an...

A: Salary:-  Salary is a pay that we get monthly for providing our services to the company. This salary...

Q: Berea Resources is planning a $75 million capital expenditure program for the coming year. Next year...

A: A cash flow statement is a statement that is prepared to know the cash position of the company.

Q: Options for blank spaces in the second picture

A: Bank reconciliation: It is a statement which is prepared to reconcile the balance as per cash book a...

Q: Use this information for Kellman Company to answer the questions that follow. ​ The balance sheets a...

A: Ratio analysis: This is the quantitative analysis of financial statements of a business enterprise. ...

Q: Following information is available for the year 2005, calculate gross profit ratio: $ Cash Sales 25,...

A: Formula: Gross profit ratio: Gross profit ratio = ( Gross profit / Net sales ) x 100 Division of Gro...

Q: Please help me with the following question with correct answer provided, "$4920

A: Net property income is a metric that is used for determining the financial health of property. It ca...

Q: Hel Edison Co. reported the following for the current year: Net sales Cost of goods sold Net income ...

A: Average Total assets = (Beginning Total assets + Ending Total assets) / 2 =(60000+68000)/2 = $64,000

Q: Net Present Value Method, Present Value Index, and Analysis First United Bank Inc. is evaluating thr...

A: Net present value is the difference between the present value of cash inflows and present value of c...

Q: Sun Minerals, Inc., is considering issuing additional long-term debt to finance an expansion. Curren...

A: Interest coverage ratio: This is the ratio between an entity's interest expense and its earnings bef...

Q: Record each transaction in a journal entry. Explanations are not required.

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of journ...

Q: 1.  a.  We are doing our budgeting for 2021.  In 2021 we will apply overhead based on machine hours....

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

Q: Medhurst Corporation issued $92,700 in bonds for $90,000. The bonds had a stated rate of 10% and pay...

A: Premium (Discount) on bonds issue = Selling price of the bonds - Face value of bonds = $90,000 - $92...

Q: Assuming Top That uses the weighted average method to account for inventories, the equivalent units ...

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect...

Q: The following information was taken from the statement of realization and liquidation of Jury and Jo...

A: When an entity is being liquidated, we can establish the net gain by applying logic of assets and li...

Q: pecial Deductions and Limitations (LO 11.3) Beech Corporation, an accrual basis calendar year taxpay...

A: Deduction means a decrease in the taxable income of the taxpayer. Deductions are provided against th...

Q: Jane and Kathy are joining their separate business to form a partnership. Cash and non-cash assets a...

A: It is assumed that fair value is used to record the assets and rest cash is taken as balancing figur...

Q: In good accounting form, assume that FIFO process costing is used, what is the cost per equivalent u...

A: FIFO means first in first out. For calculating cost per equivalent unit of conversion , we need to f...

Q: Give a numerical example of: Current liabilities. Long-term liabilities

A: Introduction: Current liability: These also called as short term liabilities. Liabilities which are ...

Q: The amount of Maintenance Department costs distributed to producing A Department for June was: P8,00...

A: Since  ABC Corp. distributes service department overhead cost directly to producing deparments witho...

Q: You can find below a list of accounts and their amounts for DigitalCom Co. The accounts are presente...

A: Financial Statements are prepared by the management for reporting purposes. These are the essential ...

Q: Accounting Question

A: The net present value method is used to evaluate the investment projects. We can evaluate the projec...

Q: Comparative balance sheets for 2021 and 2020, a statement of income for 2021 and additional informat...

A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business dur...

Q: Evie Inc. issued 49 bonds with a $1,400 face value, a five-year life, and a stated annual coupon of ...

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is ...

Q: On October 29, 2016, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpet...

A: Warranty expense is the expense recorded in the debit side of the income statement which is calculat...

Q: On July 1, 2016. Elm Company purchased cash eight P 1,000 , 9%  bonds of Celebrity Corporation at ...

A: Investment: It is an asset or item which is purchased and held to generate income or for appreciatio...

Q: Materials and Labor Variance Analysis   Upuan Company uses a standard cost system to help control c...

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

Q: DaQuan recently began work as a senior accountant at Mad Coffee Company. He learned he would be resp...

A: A budget comprises of the company's planned revenues and expenditures within a particulars period of...

Q: Prepare journal entries to record the transactions in 2018 and 2019. a. Using only the information p...

A:

Q: Ponderosa, Inc., produces wiring harness assemblies used in the productionof semi-trailer trucks. Th...

A: Budgeting: It is a process of planning the work to be performed. Under this process a formal plan is...