Accounting Question
Q: Information for question located in pictures attached. a. Assume Delph uses departmental predeterm...
A: Departmental overhead rate: (Fixed overhead cost/Number of Machine hours) + Variable overhead cost p...
Q: A pump cost $1000 and has a salvage value of $100 after a life of 5 years. Using the straight-line d...
A: Depreciation decreases the value of assets every year.
Q: Accounting Question
A: Closing entries are used to transfer the balance from a temporary account to a permanent account. We...
Q: On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $10,600 cash. At the time o...
A: The below computations are done for Prairie Enterprises.
Q: Leon has in his investment a portfolio that paid him the rate of returns of 14 %, -13%, 15.6%, 17% a...
A: Portfolio management refers to the management of a portfolio under which the returns, deviation of t...
Q: Which is an example of an adjusting journal entry for a deferral? Expensing wages and salaries that...
A: Deferrals relates to adjusting entries for revenues and expenses. It includes the expenses are paid ...
Q: industries recorded and paid $1,400 advertising bill for the current month. Which occurred? current ...
A: The Question has covered the concept of Expenses.
Q: Explain in 6 sentences the flow of funds in financial system
A: Financial system is a market where the financial products are bought and sold by the market particip...
Q: Deer Inc. is a Canadian Corporation and has a fiscal year end of December 31. The corporation curren...
A: Deer Inc. is a Canadian corporation and has fiscal year end 31.12. On 01.02.2021, All shares of Deer...
Q: The changes in account balances of Smile Co. during 2020 are as follows: Assets: P133,500 increase L...
A: Net income is the worth which is ascertained by deducting all the operating expenses from the gross ...
Q: The table below shows monthly data collected on production costs and on the number of units produced...
A: Variable cost is the cost that varies with the change in the output. Whereas, fixed cost is the cost...
Q: Briefly explain the Mercantilist’s perspective on the role of Government in the economy and with pra...
A: Mercantilism: To reduce the trade deficit and to generate surplus the government and the merchants w...
Q: Provide Journal entries necessary to record Topsails investment in Charlie companys bonds from Janua...
A: Step 1 Journal is the part of book keeping.
Q: Which of the following should show a profit in order for a financial institution to give a the compa...
A: When a financial institution has to provide a loan to the business, then it needs the financial stat...
Q: Quality Service Inc. has the following accounts balances in their charts of accounts balances as at ...
A: Accounting equation says that total assets should always be equals to total liabilities and equities...
Q: A friend of yours bought a small apartment building for $100,000 in a college town. She spent $10,00...
A: Cost of the apartment building= $ 100000 Paid by own= $ 10000 Balance be financed through a mortgage...
Q: what are the accounting standards codification and how companies apply them to their activities?
A: Accounting standard: It is a set of basic rules and principles which is set by the Financial Account...
Q: Complete the 20xx balance sheet for ABD Industries using the information that follows it. Balance Sh...
A: Ratio:- Ratio helps in evaluating the financial performance of the company during the period. It als...
Q: A machine is classified as seven-year MACRSproperty. Compute the book value for tax purposesat the e...
A: MACRS stands for Modified Accelerated Cost Recovery System. For the purpose of tax, MACRS depreciati...
Q: Ginger Ltd is marketing a ‘surfing bundle’ in which, for $2200, it provides customers with a surfboa...
A: Transaction Price:- A transaction price is referred as the price which is expected by the firm on go...
Q: Find the percentage method income on Darcie Love's weekly gross earnings of $2,920. She has no adjus...
A: = Wage Expenses - ( One time Allowances × total no. allowances claimed by form W-4)=$2920 -( $77.90 ...
Q: For each of the following cases, indicate the filing status for the taxpayer(s) for 2020 using the f...
A: Tax return: A document submitted to the taxation authorities that contains information relating to t...
Q: Which of the following accounts is not one of the accounts transferred to the credit of the 690 peri...
A: - Exchange profits are always credited to the P&L to realise the gains - Returns from sales is a...
Q: Is "true and fair view" the same as truth? Give reason for your answer.
A: true means that it is in accordance with truth or reality. fair means to be without any bias
Q: (1), computing a partner Ordinary income fror Non-deductible fine Distribution of cash Separately st...
A: Partnership according to section 3 (1) of the partnership act 1961 is known as the relation between ...
Q: Coffeecup (Pty) Ltd operates a chain of coffee shops, with each shop making their own breads. The ma...
A: Coffee cup Ltd.'s Estimated sales price per unit = R20.00 Variable cost per unit = R8.00 Fixed cost ...
Q: cost accounting
A: Cost: In accounting, the cost is related to monetary value spend on raw material, services, and prod...
Q: Prepare a trial balance with the 10 activities listed below: The owners invested $8,500 from their ...
A: Trial balance refers to the statement or workbook in which all the closing balances of ledgers are m...
Q: a. Compute the depreciation expense for each of the four years, using double-declining-balance depre...
A: Depreciation or the depletion in the book value of the asset is due to its usage and wear and tear. ...
Q: What is meant by the term gross margin? Describe costing inventory using first-in, first-out. Addres...
A: What is meant by the term gross margin?
Q: How to compute manufacturing overhead?
A: In order to manufacture the product, various indirect expenses are incurred such as indirect materia...
Q: A Corp has a net income per books of $108,750. The following book-tax differences were found: Federa...
A: Capital loss: It is the difference of book value and market selling value of any asset.
Q: is when the activities in the stage must stop because thereis no place to deposit the item just comp...
A: Blocking is when the activities in the stage must stop because there is no place to deposit the item...
Q: During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 millio...
A: Accrual concept- it states that revenue and expenses are recognized in the period in which the trans...
Q: Read the following case situations and answer the questions that follow: Fewa Securities Inc. has de...
A: There are two parties to a lease transaction, namely, the lessor and the lessee. The lessor is a per...
Q: The stockholders' equity section of Flounder Corporation shows the following on December 31, 2021: ...
A: Cumulative preferred stocks are those stocks that receive dividends every year, if any dividend paym...
Q: Firms borrows additional funds for two reasons
A: There are two main sources of funds are available for a company to choose one is equity and other on...
Q: Sorter Company purchased equipment for $320,000 on January 2, 2019. The equipment has an estimated s...
A: Depreciation refers to the actual decrease in the fair value of an asset, over time due to use, wea...
Q: Dignity Company had the following consignment transactions during the current year:Inventory shipped...
A: Consigned inventory: It can be defined as a model of supply chain whereby a product is sold by a ret...
Q: A large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget a...
A: Cost of Goods Sold: The cost of goods sold are the direct expenses such as direct materials, direct...
Q: Matthew, Inc., owns 30 percent of the outstanding stock of Lindman Company and has the ability to si...
A: (A) amount of equity method income would Matthew recognize in 2021 from its ownership interest in L...
Q: On January 1, 2021, Ellison Company granted Sam Wine, an employee, an option to buy 1,000 shares of ...
A: Compensation expense: It is the part of operating expense and it includes salaries, payroll taxes, e...
Q: For their mutual accommodation a draws A bill for RS. 5,000 on B for three months. B accepts it and ...
A: Meaning of Accommodation Bills. Bills of Exchange are usually drawn to facilitate trade transmission...
Q: 1. How much manufacturing overhead was incurred during the year? Is manufacturing overhead undera...
A: Manufacturing overheads are the common costs incurred by the entity which has to be allocated to uni...
Q: Kamiya is at Sweet Frog and put a total of 7 chocolate candies and fruit pieces on her frozen yogurt...
A: Cost is the total value of money that has been spent for the goods purchased or rendering of service...
Q: 1. “Hassen Constructions SAOG”, the company is situated in Al Khuwair. The organiza...
A: Let’s evaluate every information in tabular form for better understanding, Evaluation of the Revenu...
Q: Accounting Question
A: Equity 2017=Total assets-Total liabilities=$84,524-$10,177=$74,347 Equity 2018=Total assets-Total li...
Q: In January 2020, Domingo, Inc., acquired 20 percent of the outstanding common stock of Martes, Inc.,...
A: The equity method indicates determining the value of the investment by considering the income and ex...
Q: PART B An electrical component manufacturer has selected direct labour hours as an application base....
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: In July 20X2, a company sold goods at standard sales tax rate with a net value of $200,000, goods ex...
A: Sales tax payable on Sales is an output tax for the business and sales tax receivable on purchases i...
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