Based only on the information given, how much was BLUE’s 2021 net income

Q: Milano Pizza is a small neighborhood pizzeria that has a small area for in-store dining as well as o...

A: SOLUTION FLEXIBLE BUDGET IS A BUDGET THATS ADJUSTS TO THE ACTIVITY OR VOLUME LEVELS OF THE COMPANY. ...

Q: Larkspur Inc. has projected sales to be 18,000 units in January; 22,000 units in February; 14,000 un...

A: Budget means the expected value of future. Budget is not affected by the actual value as it is prepa...

Q: On January 1, 2010, WPK Co. sold a transportation equipment with a historical cost of P1,000,000 and...

A: Net cost of the equipment = Historical cost - Accumulated depreciation Present value of note = Face ...

Q: Jellicent Corporation is an 80% owned subsidiary of Frilish Corporation. During 2018, Jellicent sold...

A: solution given % holding in Jellicent 80% unrealized profit at December 31, 2018 on sales ...

Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's liabili...

A: The company believe that they would liable to pay damages of P300000, therefore the company has to m...

Q: Which of the following expenses is usually listed last on the income statement?  a. Advertising expe...

A: The income statement is one of the financial statements of the business. It tells about the profitab...

Q: What impact does an increase in expenses have on net income

A: In accounting we say that: Net income = Total revenue - total expenses  

Q: A city maintains an internal audit department and accounts for it in its general fund. In the coming...

A: The calculation statement is given in the following steps for your reference. 

Q: 1. Lower of cost or market is used to value inventories. Choices: a. Full disclosure principle b. Ti...

A: As per The conservatism principle/constraint ignore all anticipated profit and provide for all possi...

Q: The CB Company owns 65% of the HD Company. On their separate financial statements, CB Company has Tr...

A: Consolidated statement of financial position is one of the consolidated financial statement which co...

Q: The following financial statement information is from five separate companies. Company A Company B C...

A: Equity is the difference of total assets and total liabilities of an entity.

Q: nise; expires payment on leasehold (term of lease is 2 y 2019 including incorporation fee, P3,000 a ...

A: The balance sheet is given as,  

Q: 10. The cost of beverages taken home for the personal use of the owner is recorded as a withdrawal b...

A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first questi...

Q: At the beginning of current year, Baket Company started business and issued share capital, 60,000 sh...

A: GIVEN   At the beginning of the current year, Glasgow Company started business and issued share capi...

Q: Ms. QWE began a business on April 1, 2021, contributing to the business the following assets: Cash 3...

A: The transactions in the business effects two or more accounts.  The accounting equation states that ...

Q: HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two p...

A:

Q: MATCHING TYPE: Harry Potter started a Food business to be known as "Harry Delights". He performed th...

A: As per the accounting equation sum of assets= sum of liabilities + owner's equity

Q: A restaurant does not reduce the value of its glassware to liquidation value because of the ______ p...

A: While preparing accounting statements, there are some basic principles which are followed universall...

Q: Required: Preparing the cash budget for 2022 on the months of July, August and September, with comm...

A: Data for the monthly cash budget preparation is given for the month of July, August and September. T...

Q: What is the balance of the ending capital? 2. How much is the increase in the capital of choy after ...

A: Accounting equation is an expression which is used to describe the relationship between asset, liabi...

Q: Req 3A: Compute the unit product cost for Year 1, Year 2, and Year 3. (Round your intermediate calcu...

A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...

Q: As the audit associate, you were asked by the senior associate to check the completeness of confirma...

A: SOLUTION A voucher is a document recording a liability or allowing for a payment of a debt or debt h...

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of  Wir...

A: A perpetual inventory system is a program that continuously estimates your inventory based on your e...

Q: Marin, Inc. leases a piece of equipment to Bucks Company on January 1, 2020. The contract stipulates...

A: Lease receivables = the minimum lease payments The minimum lease payments will include annual lease ...

Q: winter provided the following shareholders’ equity on December 31, 2021: Preference share capital...

A:

Q: A building was purchased for $400,000 and depreciated for 10 years on a straight-line basis under th...

A: Depreciation formula as per straight-line basis: Annual depreciation=Cost-Salvage valueUseful Life

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...

A: Manufacturing overhead costs seem to be the total of all indirect expenses involved during the produ...

Q: Harry Potter started a Food business to be known as "Harry Delights". He performed the transactions ...

A: Accounting equation of the business says that total assets in the business must be equal to total li...

Q: Mr. Ravi Kumar keeps his books on single entry. His position on 31st December,  2019 was as follows:...

A: Single-entry accounting techniques only note down one side of each transaction. This really is due t...

Q: You are tasked to perform cut-off procedures for expenses and its related payable. In testing the c...

A: Cut-off procedures means all transactions are recorded is related to correct accounting period. Gene...

Q: Discuss cost functions and assess the importance of causality in estimating cost functions/relations...

A: Cost Function which are explained in the cost Accounting which can be determine the mathematical cal...

Q: Prepare the following: • Statement of Financial Position • Trial balance

A: Financial statements are the set of records of the financial transactions and position of a business...

Q: the audit of loans payable, which of the following audit procedure would be most likely performed to...

A: Assertion  is representation made by the management . it ensure that the financial  records are accu...

Q: Omicron Ltd. has a petty cash fund for $2,750 when established. When financial statements are prepar...

A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the...

Q: In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which cos...

A:                                  Normally for accounting we follow two methods viz Cash Basis and Ac...

Q: I need the double declining balance for 5 years based on the following statement, I have the first t...

A: Thw Depreciation expense is charged on fixed assets as reduced value of the fixed usage and the pass...

Q: Which of the following questions cannot be answered when analyzing the information presented in an i...

A: Answer: Income statement is the statement which shows the profit or loss when the revenue and expens...

Q: 1. Harry potter invested a capital of 15,000 into his business. 2. Acquired an equipment for 5,000 c...

A: solution working note let us first journalize the transactions Harry potter invested a capital of 1...

Q: ou are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel for...

A:

Q: A parent company purchased all the outstanding bonds of its subsidiary. Will this cash transaction a...

A: consolidated statement of cash flows is the aggregate of operating, financial and investing activity...

Q: s, which were 1% on the old sakes, would amount to 2% only on incremental sales. Variable Cost is 70...

A: Given data, Sales =P2,000,000 Days sales outstanding = 2 weeks New sales =50% increase Bad debts =2%...

Q: Discuss the nature of this lease for both the lessee and the lessor. This is a select a type of lea...

A: Leases is a form of agreement or arrangement between two persons, in which one party provides its as...

Q: 1. Bought furniture for 1,500 cash for business use. 2. Sold food for 800 on credit, the cost of pro...

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets = Liabi...

Q: ratio: 2.61x quick ratio: 2.56 cash ratio: 0.85 2. Accounts receivable turnover: 4.08 Ave collectio...

A:  working capital Management is important for company to operate smoothly and efficiently. A good amo...

Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Ch...

A: Accounting equation of the business is one of the important element of accounting. This says that to...

Q: Please respond promptly:                                                                            ...

A: Introduction:- Internal control means:- Internal controls are company policies and procedures and ru...

Q: Identify the accounting assumption, accounting principle, or reporting constraint that mos appropria...

A: Accounting principles are those rules, regulations and guidelines which are used by the accountants ...

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...

A: It is given that:company’s overhead rate - $14.25 Raw materials - $634000 Where, Raw materials use i...

Q: What is the difference between tangible and intangible assets?

A: The tangible assets are those types of assets that are physically present, hence they can be seen or...

Q: 3. In the audit of loans payable, which of the following audit procedure would be most likely perfor...

A: Answer: Audit procedures are performed to test the assertions for the financials. The assertions are...