Apply internal control principles to cash receipts andpayments.

Q: Discuss the major principle that describes recording expenses.

A:

Q: SafeData Corporation has the following account balances and respective fair values on June 30:  ...

A: When the company is acquired to another company on the basis of the fully acquired then the company ...

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Equipmen...

A: Equipment: It is the fixed asset of the organization.

Q: A consumer products company reported a 25 percent increase in sales from last year to this year.Sale...

A: Given information is: A consumer products company reported a 25 percent increase in sales from last ...

Q: Attached below is my homework question and the Bartleby Answer. I don't understand why the answer is...

A: Cash flow from operating activities =$  50,000   Net Income = $ 115,000

Q: Assume that Cane expects to produce and sell 80,000 Alphas during the current year. One of Cane’ssal...

A: Since the costing information is not given, my answer would be based on revenue. 

Q: how to correct a credit invoice (issued by the business) has not been recorded at all?

A: When customers return goods due to various reasons like damaged goods within the warranty period, pu...

Q: When auditing merchandise inventory at year-end, the auditor performs audit proceduresto obtain evid...

A: Given information is: When auditing merchandise inventory at year-end, the auditor performs audit pr...

Q: NewBank started its first day of operations with$155 million in capital. A total of $92 million inch...

A: Balance sheet: This sheet is shown the financial position of the business, it's given the complete i...

Q: Explain how XBRL differs from HTML and how XBRL is being used in financial reporting. Do you believe...

A: Definition: XBRL means xtensible business reporting language is a software standard developed to com...

Q: Boilermaker House Painting Company incurs the following transactions for September.1. Paint houses i...

A: Given transactions are: Boilermaker House Painting Company incurs the following transactions for Sep...

Q: Kosher Pickle Company acquires all the outstanding stock of Midwest Produce for $19 million. The fai...

A:

Q: On January 1, 2019, when its $30 par value common stock was selling for $80 per share, Ivanhoe Corp....

A: Convertible Debentures: A debenture holder is a creditor of the company.Any debenture is a long term...

Q: Question 3. Choose the best piping systems as shown in the table below using Annual Worth method (MA...

A: AW Analysis: The annual value of all expected receipts (incomes) and disbursements (cost) during the...

Q: “The principal purpose of the cash budget is to see how much cash the company will have in thebank a...

A: Given statement is: The principal purpose of the cash budget is to see how much cash the company wil...

Q: On January 1 of the current year, the assets and liabilities of Chol James, aa Public Health consult...

A: Final accounts are prepared to assess the financial position of a company for a specified period.

Q: izzo Goal Inc. produces and sells hockey equipment, often custom made for online orders. The company...

A: a.  New customer retention rate is calculated as follows:      New customer retention rate = Current...

Q: (Analysis of Given Ratios) Picasso Company is a wholesale distributor of packaging equipment and sup...

A:  

Q: Double-Declining-Balance Depreciation A building acquired at the beginning of the year at a cost of ...

A: Depreciation is decrease in the value of assets over time due to normal wear and tear. There are man...

Q: Total cash inflow in the operating section of the statementof cash flows should include which of the...

A: Statement of cash flows: Statement of cash flow is a financial statement that shows the cash and cas...

Q: how does the accounting process help address issues caused by information asymmetry? What is informa...

A: Since there are multiple question asked, answer will be given for first question only, to get all qu...

Q: Alexander Company purchased a piece of equipment for $12,000 and depreciated it for three years over...

A: Annual Depreciation  = (Cost of the assets - Residual value) / Expected life of the assets

Q: Do you think it would be ethical for a CPA to have someone else do for her that which she is prohibi...

A:

Q: You are explaining time value of money factors to your friend. Which factor would you explain as bei...

A: Time value of money concept dictates that if there is opportunity to earn a rate of return on the mo...

Q: On January 2, 2020, Ayayai Company purchases a call option for $310 on Merchant common stock. The ca...

A: Journal entries are recording of the transaction in the accounting journal in a chronological order....

Q: Depreciation of equipment was estimated to be $7,200 for the year

A: Depreciation refers to an estimated amount of reduction in the value of asset during an accounting y...

Q: During 2020, Carla Company started a construction job with a contract price of $1,580,000. The job w...

A: The G.P is calculated to be disclosed in the accounts of Carla Company.

Q: What risks are associated with letting employees use their favorite app to perform various tasks?

A: Risk: is a situation where the positive results are not same if we compare the actual desired outcom...

Q: Buffalo BBQ Restaurant is trying to become more efficient in training its chefs. It is experimenting...

A: (1) Average hours of employee training per chef: Program A: Employee Hours of basic training Hour...

Q: The balance sheets for Plasma Screens Corporation, along with additional information, are provided b...

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for ...

Q: Parramore Corp has $12 million of sales, $3 million of inventories,$3.25 million of receivables, and...

A: Cash conversion cycle: It can be defined as the financial measure that is used by the business in de...

Q: On December 21, 2020, Vaughn Company provided you with the following information regarding its equit...

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

Q: Monty Inc. has 5,400,000 shares of common stock issued and outstanding. On April 1, the board of dir...

A:

Q: Simko Company issued $600,000, 10-year, 5 percent bonds on January 1, 2015. The bonds wereissued for...

A: Payment of interest = Face value of bonds x rate of interest x time = $600,000 x 5% = $30,000 Total ...

Q: A new machine with a purchase price of $99,636, with transportation costs of $7,636, installation co...

A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to ...

Q: Cycle Wholesaling sells merchandise on credit terms of 2/10, n/30. A sale for $800 (cost of goodssol...

A: Journal entries for part 1, 2 and 3 were as follows:

Q: On January 2, 2011, Jansing Corporation acquired a new machine with an estimated useful life of five...

A:   Straight Line method of depreciation:  

Q: On January 17, Papa’s Pizza signs a contract with Bug Zappers for exterminating services related to ...

A: Matching principle: According to this principle, the expense should be recognized when it is actuall...

Q: items appear on the balance sheet of a company with a one-year operating cycle. Identifythe proper c...

A: Current liability: Current liability is a debt that the companies need to pay the debts from existi...