Beginning inventory - 18,850.00 Payable, beginning - 7,500.00 Payable, November 30 - 1,980.00 Payments to supplier - 51,450.00 Transportation in - 4,760.00 Purchase returns - 1,570.00 Sales up to November 30 - 75,200.00 Sales returns - 5,300.00 Sales discounts - 3,300.00 GPR based on sales - 25% Additional information: Goods in transit as of November 30, 20x1 amounted to P5,000 and materials damaged by flood can be sold at a salvage value of P2,580. Inventory loss is

Q: Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase…

A: Assets are the resources owned by an entity in order to run its business operations.

Q: As per APES 110, an auditor may not: Select one: perform advisory services for any audit client be a…

A: Concept of Profession ethics of professional accountant as per AEPS 110

Q: Basic bank services do not include: Multiple Choice Checking. Bank deposits. Bank accounts. Cash…

A: Bank services are the services that are usually offered by banks. These are provided to attract more…

Q: As per APES 110, an auditor may not: Select one: perform advisory services for any audit client be a…

A: APES 110 provides the code of ethics for professionals. It also includes the independence ethics for…

Q: Exercise 13.6 (Algo) Recording closing entries. LO 13-5 On December 31, 20X1, the Income Statement…

A: Closing entry means the entries passed at the end of specified period where all the balances of…

Q: ccompany the Corporation Tax return when it is  filed

A: Everyone, it might be a company or a person is required to fill out the tax return. Depending upon…

Q: Require: 1. Analyze the following transactions and use the table below. 2. Indicate increases by…

A: Under an accounting equation, assets are always equal to sum of owner's equity and outside…

Q: Sales are 2,000,000. COGS are 1,000,000. Depreciation is 300,000. Taxes are 150,000. SG&A is…

A: Formula used: Operating cash flow = Net income + Depreciation. Sum of both net income and…

Q: On January 2, 2020, a calendar-year corporation sold 4% bonds with a face value of $2640000. These…

A: Working: Semiannual interest payment = Face value of the bonds x rate of interest x no. of months /…

Q: In determining changes to a partner's outside basis, which of the following statements is false?…

A: It is known that inside basis relates with the partnership firm and outside basis relates with the…

Q: . Prepare a merchandise purchases budget in bottles of vitamins for as many months as you can. Tiger…

A: A purchase budget is a budget prepared at the beginning of the period that involves the purchase…

Q: Credits always increase which accounts? Assets, Liabilities and Common Stock Liabilities, Revenues…

A: Lets understand the basics. As per golden rule of accounting, all asset accounts and expense…

Q: As of the end of the fiscal period under audit, the auditor will request a special kind of…

A: The audit indicates the unbiased examination of financial statements and relevant accounts prepared…

Q: A corpor account balances at December 31, 2019: Accounts Payable $30,000 Building 67,000 Accounts…

A: Basic Concept of Accounting

Q: Wallen Corporation is considering eliminating a department that has an annual contribution magin of…

A: Annual financial advantage(disadvantage) for the company of eliminating this department = Savings of…

Q: Gideon Company uses the allowance method of accounting for uncollectible accounts. On May 3, the…

A: Lets understand the basics. In allowance method, allowance for bad debt is created as and when…

Q: Consider the following transactions by a corp On July 5, billed a customer for $6700 for services…

A: Answer is option d) No effect.

Q: A fire occurred in the City of Manila and coincided with the looting of stock of plywood of a lumber…

A: Introduction:- The following basic information needs to discuss as follows under:- A fire occurred…

Q: What is the margin of safety ? If contribution per unit is $5 ; Sales price is $50 ; Fixed cost is…

A: Budgeted units = 1200 Break-even units = $4000/$5 = 800 units

Q: Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously.…

A: Lets understand the basics. In consumption method of accounting, consumption is recorded at the year…

Q: Consider the following flyer that you just received. "We have good news, Eric Moon! Your credit…

A: Annual Percentage Rate is the rate of interest that is charged yearly sum due by the lender on the…

Q: Meadow Company produces hand tools. A sales budget for the next four months is as follows: March…

A: Ending inventory of March = April sales x 10% = 13,100 x 10% = 1,310 units

Q: Mulroy Inc. is a privately held corporation that owns 5 car dealerships. On February 2, 2022 the…

A: According to IAS, when the performance obligation is fulfilled then the revenue shall be recognised.…

Q: Define the following concepts: a) Absorption costing- b) Cost behavour-

A: Costing - Absorption costing is the costing also known as Full Costing. Cost Behavior - Cost…

Q: Management anticipates fixed costs of $73,000 and variable costs equal 47% of sales. What will…

A: GIVEN  Management anticipates fixed costs of $73,000 and variable costs equal to 47% of sales.

Q: Question 3 Ghaz Company produces two types of sound units: Deluxe and Regular. Activity data is as…

A: ABC costing is a system where cost and overheads are allocated based on the activities assigned to…

Q: Shilongo Ltd uses costing to attribute costs to individual products and services provided to its…

A: Simultaneous Equation Method: This is a method of allocation of Service Departments Overheads Cost…

Q: Under the indirect method of determining net cash provided by operating activities on the statement…

A: A decrease in accounts receivable: Added An increase in accrued liabilities: Added A decrease in…

Q: Debits always decrease which accounts? O Liabilities, Revenue and Common Stock Assets, Liabilities…

A: Debit and credit are the two aspects of the double entry system. These are used to record the dual…

Q: If a company erroneously records a $50 check received from a customer as $500 in its records, which…

A: Since the company has made error in its books, the rectification also needs to eb done in its own…

Q: You have just completed a $18,000 feasibility study for a new coffee shop in some retail space you…

A: Free cash flows include only those revenues and expenses which are of cash nature. Non-cash nature…

Q: A company had the following cash flows for the year: (a) Purchased land, $60,000 (b) Borrowed from…

A: CASH FLOW FROM FINANCING ACTIVITY COVERS REVENUE EARNED OR ASSETS SPENT ON FINANCING ACTIVITIES…

Q: The following information is available on a depreciable asset: Purchase date January 1, Year 1…

A: Given,           Depreciation method = Straight line           Useful life(from January 3, year 3 to…

Q: A corporation commences operations on January 1, 2019. It has the following account balances at…

A: Introduction: Net Assets: Any Asset having  economic resource called as Assets. Assets are of two…

Q: The standard cost of product 777 includes 2.1 units of direct materials at $6.00 per unit. During…

A: Materials price variance = (Standard price - Actual price) x Actual quantity Materials quantity…

Q: ABC Company issued $2,000,000 face value of bonds at 95 on January 1, 2021.The company incurred bond…

A: GIVEN   ABC Company issued $2,000,000 face value of bonds at 95 on January 1, 2021.The…

Q: Internet giant Zoidle, a U.S. company, generated sales of £2.5 billion in the United Kingdom in 2013…

A: Generally we can say that tax avoidance is not illegal but avoiding tax is avoiding a social…

Q: partnership of Tom Jones and Rita Charles is considering admitting a new partner Terry Adams.  After…

A: partnership is a such a form of business where two or more person combined there is skill capital…

Q: Two weeks after Royalty Corp was formed Juan sells the 30% of Royalty stock to the second party who…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : Juan…

Q: 47 of 75 Your project is behind schedule and your project board has Instructed you to make up for…

A: Basic concept of critical Path Management

Q: A company can increase its return on assets by doing which of the following: O a. Decreasing…

A: Return on assets = Net Income / Total assets Decreasing expenses while maintaining revenues:…

Q: Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted…

A:

Q: At December 31, Folgeys Coffee Company reports the following results for its calendar year. Cash…

A: Formula: Bad debts expense (sales method) = Sales x uncollectible % Bad debts expense (Accounts…

Q: Problem 2. On January 1 Weiss Corporation had 75,000 shares of $0.5 par value common stock issued…

A: Dividends are declared from accumulated profits , hence on declaration of dividends retained…

Q: Gordon Helps and Associates Company ltd makes two products.  Information regarding one of those…

A: Cost per unit is the cost of making a single unit. It may include the variable as well as fixed…

Q: Would you still buy the term life insurance? Why or why not? Are there other examples other than…

A: Life insurance is actually the protection cover on which insured person if died within the time…

Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms…

A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…

Q: god using a perpetual inventory system. (Round per unit cost to 3 decimal places, e.g. 15.647 and…

A: FIFO Date  #Units   Rate   #Units   Rate   Amount   #Units   Rate   Amount  01-Jun…

Q: Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable…

A: Cash receipts means the amount of money received during a particular period.

Q: Define the following concepts: a) Absorption costing- b) Cost behavour-

A: Absorption costing is a cost accounting method used to value the inventory.

Property Insurance

Property insurance protects property from unforeseeable loss or damage and covers property owners' liability. Property insurance provides financial compensation to the property owner or renter in the event of damage or theft, as well as to someone other than the owner or renter if that person is injured on the property. Property insurance covers all risks of damage caused by theft, fire, flood, cyclones, lighting, and natural calamities, among other things. The primary goal of property insurance is to require the property owner to cover the loss. A monthly premium is paid to the insurance company, and in exchange, the insurance company pays for damage based on the agreement stated in the policy. Property insurance protects assets such as a vehicle, auto, car, rental home, house, and valuable property.