Architecture useful in Accountancy course? Why or why not?
Q: Record the necessary adjusting journal entry at December 31, 2020 for Purple Company using the blank...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Nottaway Flooring produces custom-made floor tiles. The company’s Raw Material Inventory account con...
A: The question is based on the concept of Cost Accounting.
Q: The chart below is an example of a Strategy Vistalization Data. Analytics AppliedBusie Multiple Choi...
A: Chart is a graphical representation of data which makes it more appealing and easy to understand.
Q: Problem 8-4 Modified Accelerated Cost Recovery System (MACRS) (LO 8.2) On June 8, 2021, Holly purcha...
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its u...
Q: March 2025, Wyoming Company filed a suit against DC Company seeking P2,000,000 damages for patent in...
A: Ans. 0
Q: Multiple choice: 1. With special journal, summary postings of column totals are made to appropriate ...
A: Special journals are journals that record transactions only related to the special journal. Sales jo...
Q: Which of the following is not a special journal?
A: 1. A. Unadjusted trial balance Real accounts are presented in what formal report is unadjusted trai...
Q: NOTE 1: DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PROPERTY AND EQUIPMEN...
A: Straight-line depreciation=Cost of Asset-Residual ValueUseful Life
Q: Use the information provided to compute the ending inventory using the retail method. Sales $800,00...
A: Ending inventory using the retail method = Ending inventory at retail x Cost to retail ratio where...
Q: Multiple choice: 1. The term ‘present obligation’ connotes A. Liability B. Asset C. Income D. Equity...
A: Obligation is a term used for denoting that a person is in a condition of being legally bounded.Owne...
Q: The following information came from the books and records of ABC Corporation and its branch. The bal...
A: UnRealized profit in the ending inventory= 210000/1200000*500000 = $ 87500 Realized profit to be adj...
Q: On January 1, 2018, ACJ Partnership entered into liquidation. The partners' profit and loss ratios ...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: elow) Based on the information provided, what amount will be reported for Ordinary Share in the comb...
A: Ordinary Shares of Octane = P150000 Par Value per Share = P5 Number of Share = P150000 ÷...
Q: At December 31, Hawke Company reports the following results for its calendar year. Cash sales $ 6...
A: Balance Sheet (Extracts) ASSETS Current Assets: Accounts Receivable $4,80,000 Less: All...
Q: The entity had been renting their office space for more than 10 years already. The Company President...
A:
Q: xpress the total costs, net profit (NP) in money and as a percentage in the table below. Sales Fo...
A: Net profit means the difference between the income and expenses. Financial statement means the tradi...
Q: Considering the competence of a firm should include consideration of whether the audit firm personne...
A: The auditor should have necessary competence to carry out the audit work of the client. If he has no...
Q: a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in tra...
A:
Q: Dover’s management has decided to declare an additional $220,500 dividend. The date of declaration i...
A: Journal entries are often used to keep track of costs transactions. To create a journal entry, you e...
Q: Use the following information for the next two (2) questions: During 2026, Raven Company became inv...
A: Accrued liability is the estimated amount accrued which arises from any past events or obligation ar...
Q: 4. ABC Company operates a branch. +tוווש Operating data for the home office and the branch for 2021 ...
A: Inventories, December 31,2008 Acquired from outsiders 5,500 Acquired from home office 26,000
Q: Problem 2 James Co. purchased equipment on January 1, 2017 for $1,200,000 cash. The company uses the...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: ABC Company reports the following cost information for December:Cost of goods manufactured P135,800;...
A: Cost of goods manufactured means total costs incurred on manufacturing and production of goods.
Q: On January 1, 2019, Drennen Inc. issued $5 million face amount of 10-year, 14% stated rate bonds whe...
A: Given: Face value= $5,000,000 i (Stated interest rate) = 14% n (Time period)= 10 x 2 = 20 Market int...
Q: ABC Company operates a branch. At the end of the year, the Branch account in the books of the home o...
A: S.no Description Debit (P) Credit (P) a. Goods sent to branch Branch (Goods are still in tr...
Q: Instruction: For the following transactions, determine the date gfthe adjustments and make an approp...
A: 1) March 31. Rent A/c Dr. 9000 To prepaid rent. 9000 ...
Q: Information related to plant assets, natural resources, and intangible assets at the end of 2022 for...
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...
Q: Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up ...
A: Partnership is one of the agreement between two or more than two persons, in which they invest their...
Q: ABC Company Fair Value XYZ Company Book Value Book Value Fair Value P 125,000 120,000 220,000 P 125,...
A:
Q: During 2020, Sarasota Furniture Company purchases a carload of wicker chairs. The manufacturer sells...
A: Gross profit realized during 2020 26048 Amount of inventory of unsold straight chairs 71442
Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...
A: Goodwill can be define as an asset for a company which can not be touched or see instead of this it ...
Q: Multiple choice: 1. A business purchased equipment for ₱10,000 but deliberately reported it as ₱100,...
A: 1. On a company's balance sheet, most long-term assets are listed at their historical cost.One of th...
Q: If the partners opted to continue the books of the sole proprietor and the Merchandise inventory has...
A: Partnership is one of the agreement between two or more than two persons in which they invest their ...
Q: Required information [The following information applies to the questions displayed below.] On Januar...
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...
Q: Quinto Capital (Sept 1) P20,000 (Jan 1) P165,000 (Apr 1) 75,000 Requirements: Prepare journal entrie...
A: note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: XI. Direct Finance Lease – Lessee (PFRS 16) Problem 13. SMC Inc. leased a machine on January 1,2011...
A: What is meant by leases? A Lease agreement is a contract between the lessor and the lessee whereby t...
Q: On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $10,000 down and ...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Brokeback Towing Company is at the end of its accounting year, December 31, 2021. The following data...
A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current pe...
Q: Explain the advantages of an electronic billing cycle
A: The electronic billing cycle is the use of of technology. it is the process in which the bills are s...
Q: Bally Incorporated has identified the following cost drivers for its expected overhead costs for the...
A: Overheads are the indirect costs related with the production and manufacturing of goods. These costs...
Q: Dolfo and Poldo formed a partnership. Dolfo contributed cash of P600,000, desktop computer of P70,00...
A: Wokring note :- As per standard practices we will consid...
Q: Contribution Margin Ratio, Break-Even Sales Revenue, Sales Revenue for Target Profit Schylar Pharmac...
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...
Q: X, Y, and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000; P300,000, r...
A: Calculation of Closing Balance of Capital Balance of X X's Ending Capital = Beginning Capital + Addi...
Q: 4. ABC Company operates a branch. Operating data for the home office and the branch for 2021 are as ...
A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and p...
Q: 6. ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is ...
A: The profit percentage is calculated as profit divided by total cost.
Q: On January 2, 2021, X Co. acquired all the ordinary share of Y Co. for P2,060,000. On that date, Y C...
A: Goodwill is calculated when Purchase consideration paid to acquire a company (acquiree) is greater t...
Q: On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of...
A: Expenses- Expense is a cost incurred in the course of conducting business, such as selling and distr...
Q: During 2019, Analee Company filed suit against another entity seeking damages for patent infringemen...
A: A contingent asset is an economic gain that is contingent on future events that are mostly outside a...
Q: D, E, and F are partners with a profit and loss ratio of 5:4:1, respectively. The par be liquidated....
A: Given Information: Profit and loss ratio = 5:4:1 Cash = P80,000 Other assets = P720,000
Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...
A: Solution Current asset means all assets of the company that are expected to be sold or used as a res...
Is Architecture useful in Accountancy course? Why or why not?
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