As provided by our authors, please explain the reason that a minimum of two accounts are impacted by every transaction.

Q: On January 1st, 20x0 "ABC" Company borrowed $150,000 for 4.00 years from a local bank. According to…

A: The interest paid over the term of a loan can be computed by deducting the amount borrowed from the…

Q: Activity 2: The transsactions for DEF Company for the month of April, 2021 are shown below. (Assume…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: On January 1, 2014, Heart Company signed an agreement to operate as a franchisee of Ace Company for…

A: Acquisition cost of franchise  = cash paid + Present value of future 4 annual payments discounted at…

Q: Crane Bramble Sales $24,200 $15,900 Allowance for doubtful accounts, Jan. 1 72.0 117 Allowance for…

A: Accounts receivable turnover is one of the efficiency ratio which shows efficiency in collection of…

Q: The Delap Company accounts for non-current assets using the cost model. On 25, April 2016, Delap…

A: The impairment loss included in the statement of comprehensive income amounts to the difference in…

Q: their interest in the partnership to Wendy? 5

A: Ratios of Partners before admission: Ratios                                      Erza          Carla…

Q: What are the strengths and weaknesses that you see in the AIS system and ways that you would improve…

A: AIS stands for accounting information system that is a computer based method used by the company in…

Q: Edmonds expected Corporation's sales are to increase by 10% from $4.75 million in 2016 to 5.225$…

A: Answer:-  External financing meaning:- Any kind of business investment which is obtained from…

Q: Glassworks Inc. produces two types of glass shelving, rounded edge and squared edge, on the same…

A: Activity-based costing is a costing approach in which a company's activities are identified and the…

Q: Petrus Framing's cost formula for its supplies cost is $1,790 per month plus $10 per frame. For the…

A: Supplies expense is the cost of consumables used during a fiscal quarter. This might be one of the…

Q: On January 1, 2020, Faye Company purchased Che Company at a cost that resulted in recognition of…

A: As per IFRS on Intangible Assets and Goodwill, Expenditure associated with the following costs is…

Q: Which of the following is true regarding consolidation of net income? A. Parent net income is…

A: Adjusted Consolidated net income means, for any period, the aggregate net income or loss of the…

Q: Parker's chief financial officer (CFO) wishes to determine the effects that a change in the value of…

A: You have posted multiple part question, so as per our policy only first three parts are answered. If…

Q: What was the amount of the ending inventory?

A: Ending inventory refers to the inventory or stock of goods that is left unsold at the end of the…

Q: A lorry load of material of mixed goods was purchased for $.1,00,000 Later on these were sorted out…

A: Sales price is the actual price on which goods are being sold in the market. Cost of sales means…

Q: The total amount to be reported as cash and cash equivalent as of December 31, 2020 is

A: Cash and cash equivalents are the assets of the business. Cash means the amount of money we have in…

Q: Kappa SA in 2021 had pre-tax profits of 100,000, equity 450,000 and return on equity of 20%. How…

A: Return on Equity (ROE) :   = (Profit After Tax ÷ Shareholder's equity) × 100   This indicates the…

Q: The following data pertaining to the cash transactions and bank account of Ella Company for the…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Trent Co. uses the retail inventory method. The following information is available for the current…

A: Solution:- Given, Trent Co. uses the retail inventory method and we have the information of cost and…

Q: What is the net tax consequences of these dispositions?

A: The disposition of the assets means sales, exchange, or donation of the assets. The disposition of…

Q: ! Required information E4-8 (Algo) Recording Seven Typical Adjusting Entries LO4-1 [The following…

A: Working notes.    b) supplies used during the year Opening balance of office supplies= $530 Add…

Q: A farm that produces corn is looking to hedge their exposure to price fluctuations in the future. It…

A: Loss on future contract = [Actual market price on Sept 30 - Future contract per bushel] x 44,000 =…

Q: On January 13, 20xx, Karl Co. sold on account goods with selling price of P300,000 with terms of…

A: The term FOB shipping point refers to the free on board, which means that the sale completes when…

Q: Design a salary slip for the month of December 2021 with information given below.

A: Introduction: Fixed ratio: The amount of replies required to receive reinforcement is referred to as…

Q: 2. How much is the donor's tax In January 2018, Don Nor donated commercial land to his second…

A: Donation tax is calculated at the rate of 6% on the amount of gift donated less the exempted gift…

Q: How much is the business tax if the business is radio station Narcissus owns a non-VAT registered…

A: As per National Internal Revenue Code of Phillipines and Republic act following is the correct…

Q: $125,930 $125,930 The president of Anderson Company has asked you to close the books (prepare and…

A: The closing entries are prepared to close the temporary accounts of the business such as revenue and…

Q: Factors affecting investment decisions

A: Introduction: The Investment decision is the decision taken by shareholders or top-level management…

Q: Instructions. Answer the following problems below: The following information were taken from…

A: Income Statement - This statement shows the income earned and loss incurred by the organization in…

Q: According to Anna, the value of an ABC share is P50.00 while according to Bob, it should be P50.10.…

A: Valuation of Share: The process of determining the worth of a company's shares is referred to as the…

Q: Depreciation expense 15,200 15,200 15,200 15, 200 156,600 157,800 Total operating expenses 174,440…

A: There are two type of costs being incurred in business. Fixed costs are costs that do not change…

Q: Which of the following statements best differentiates multinational firms from domestic firms? a.…

A: A multinational corporation is a company that operates in its home country, as well as in other…

Q: Goods in process inventory, 1/1 25,000 Goods in process inventory, 12/31 21,920 Indirect labor 4,600…

A: Answer:-  Income statement meaning:- An income statement is a financial statement of the company…

Q: WOODBRICKS CORP. decided on September 1, 2021 to dispose of a component of business.  The component…

A: As per IFRS 5, Non-current assets held for sale and discontinued operations, Discontinued operation…

Q: Alvin and Aldrin are partners sharing profits 60% and 40% respectively. The average profits for the…

A: In the context of the given question, we are required to compute the aggregate capital of Alvin and…

Q: In December 2005, SHOWEE Company exchanged an old machine, with a cost P6,000,000 and 50%…

A: Here discuss about the details of exchange of machinery which can be incurred the exchange price…

Q: Prepare the journal entry for the following transactions (1) Geysler Company sold some old equipment…

A: Initial cost of equipment= $30000 Accumulated depreciation= $25000 Carrying value of equipment=…

Q: Amortization entries Instructions Chart of Accounts First Question Journal Instructions Kleen…

A: >Intangible assets are the assets that do not have any physical existence and cannot be seen,…

Q: Max and Jake file MFJ. Max received $15,424 and Jake received $27,452 in social security benefits.…

A: Taxable benefits: Minimum of (g, h)

Q: f the functional currency is determined to not be the foreign entity's local currency, translation…

A: Currency translation is needed when the business operated overseas. The functional currency of the…

Q: On June 1, 20x10, HEAD and ACHE decided to form a partnership contributing their existing…

A: Adjusted capital balance of a partner at the time of beginning the partnership business will be…

Q: QUESTION 12 The journal entry to record the payment of long service leave to an employee is OA Dy…

A: Journal means the book of original entry where the entry is passed for the very first time after…

Q: The capital account to be credited to BJ:

A:

Q: how much is recorded as outright se?

A: in case of bussiness combination if additional information recevied within a Measurment period…

Q: PJ, Ian, and Lemuel are partners in an accounting firm. Their capital account balances at year-end…

A: The profits among the partners are distributed in profit sharing ratio after adjusting for salaries,…

Q: In the discounted cashflow method, the discount rate is used for the following reasons EXCEPT a. it…

A: Discounted Cashflow Method: The discounted cash flow (DCF) approach is a method of valuation that is…

Q: 5 E8-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the…

A: Inventory Valuation Methods are methods of valuation of inventory. There are three methods of…

Q: On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An…

A:

Q: Economics (a) Which would you choose as the priority for ethical behaviour in the accounting…

A: Comment; We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: net share in the profit of the associate would b

A: The Carrying value of the Investment account on Dec 31,20X1 is : The acquisition Amount : P70,00,000…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.