Business decisions rely on certain characteristics which are based on intelligent and well-informed decisions. Explain in detail these characteristics.

Q: Westwood paid $245,000 in cash. Record the purchase in the journal, identifying each lot's cost in a…

A: In the journal entry, the amount of cash paid would be allocated to each lot with respect to their…

Q: explain the impact on the balance sheet and income statement, specifying which accounts are affected…

A: The income statement is part of the financial statement that indicates the profitability of the…

Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…

A: Customer deposits decreases the accounts receivable.

Q: View Policies Current Attempt in Progress On July 1, 2022, Blossom Co. pays $12.000 to Nash's…

A: Typically, a record is kept in the general ledger, but can also be kept in a separate account,…

Q: 37)At Dec 31, Michael Corp has the following bank information: Cash balance per bank $4,500…

A: Introduction: Bank reconciliation statement: To reconcile the differences between cash book and pass…

Q: ABC Partnership decided to admit Dan who invested P100,000 for a 20% interest in a partnership with…

A: Dan is the new partner who is admitted for an investment of P100000 for 20% interest. Total…

Q: Accounting Sales=800 Sales returns= 100 Salary expenses= 80 Rent expenses= 50 Cost of good sold…

A: The closing entries are prepared to close the temporary accounts of the business at year end. The…

Q: For both FIFO and LIFO, calculate the sum of ending inventory and cost of goods sold. FIFO The sum…

A: FIFO (First in first out) It is the method where we assume that the goods which are purchased…

Q: eBook Print tem Current Liabilities By the Month Inc. sold 15,000 annual magazine subscriptions for…

A: Current liabilities are the liabilities which are to be paid within a year. The working for current…

Q: Dollar sales for 2012 are expected to drop by approximately 8%, as a recession in Lewis’s market is…

A: Inventory Valuation: Inventory is an asset for the organization and financial value of unsold…

Q: (b) Will the results in (a) be higher or lower than the results under FIFO and LIFO? Ending…

A: Ending inventory is 100 units at the end of June. So the cost of ending inventory as per following…

Q: Journal en topes! 21- 23 Sent a bill to R. Hernandez, P2, 500 for car service rendered at his…

A: Journal entries is primary reporting of the business transactions in the books of accounts.

Q: sound financial management is the key to the prosperity of the business. Explain briefly any three…

A: Introduction: The corporate activity of using current financial resources to increase business…

Q: QUESTION 12 Indiana Bones, Inc., produces and sells 2,000 units of a single product, a deluxe dog…

A: The break even sales units are calculated as fixed cost divided by contribution margin per unit.…

Q: Kirsten believes her company's overhead costs are driven (affected) by the number of direct labor…

A: Earlier,Company was supposed to use absorption costing for calculating overhead rate.Now,Company can…

Q: What type of opinion is issued by the auditorr if he or she is unable to determine the overall…

A: Introduction: Auditing is the process of verifying, validating, and investigating all financial…

Q: Use the following information for Exercises 13-14 below. (Algo) Skip to question   [The following…

A: Spade Company Trial Balance 31-May                      Particulars…

Q: 7. A sports equipment company issued a $6 cumulative preferred stock issue. In 2010 the firm's board…

A: Preferred stock is the stock which is issued by the company for the purpose of raising long term…

Q: Each of the following operations would likely use a non-revenue approach to sales forecasting EXCEPT…

A: Introduction: The value of all sales of products and services recorded by a corporation in a certain…

Q: P13-6A Rainy Day Corporation has 50,000 $0.50 preferred shares and 600,000 common shares issued and…

A: The non cumulative preferred shareholders do not have right to get any arrear of dividend for past…

Q: Lonoca Engineering manufactures products for high precision engineering industry. It has two…

A: Given: Two Production departments- Assembling and Finishing Two support departments- Maintenance and…

Q: Accounts Payable $ 35,000 Ending Retained Earnings $ 55,500 Accounts Receivable 47,400 O…

A: Accounts receivable, prepaid rent, cash, supplies are current assets.  Accounts payable and differed…

Q: May and Jun are partners with profit and loss ratio of 55:45 and capital balances of ₱530,000 and…

A:

Q: Create simple examples to illustrate the following concepts. i. Time value of money ii. Effective…

A: i) Time Value of Money: The concept of time value of money underlines that the value of money today…

Q: What amount must be deposited in a perpetuity today earning 8% compounded annually if the first…

A: A perpetuity is a type of annuity that lasts forever, into perpetuity. This stream continues of cash…

Q: 1. Calculate the Gross Debt Service (GDS) and the Total Debt Service (TDS) ratios for the following…

A: Gross Debt Service ratio is an important ratio wherein we come to know about the measure of housing…

Q: Question 2 + The Management of "Tanjung Uda Berhad" is planning a RM4,000,000 expansion this year.…

A: Indifference level of EBIT is the level where EPS will be same in both plan irrespective of debt…

Q: Swifty Corporation, which has a taxable payroll of $1300000, is subject to FUTA tax of 6.2% that…

A:

Q: K-9 Company produces and sells 2,000 units of a single product, a deluxe dog house. Selling price…

A: Break-even point = Annual fixed cost / (Selling price per unit - Variable cost per unit)

Q: Income statement for the year ended 31 December   Year before last Last year   £000 £000…

A: Ratio analysis is one of the important analysis being made in management accounting. Current ratio…

Q: mr saeed started his business with cash Rs 130,000 Furniture rs 40000 and Building Rs 2,00,000 on…

A: Introduction: Journals: All the business transactions are to be recorded in journals. Journals are…

Q: Flat Wall Ltd has the following results for the year ended 31 December 2021 C Trading profits 13,300…

A: Total income can be computed by adding all relevant income of an entity which includes trading…

Q: 1. Directions Make a journal entry of Modern Laundry Centre using following the business…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: 9. Given the following information: Total assets Total liabilities 360,000,000 18,000,000 Total…

A: Net assets = Total Assets - Total Liabilities = 360000000 - 18000000 = 342000000 Total Number of…

Q: income state (Click the icon to view the income statement) (Click the icon to view the additional…

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating…

Q: A firm has an average age of inventory of 65 days, an average collection period of 45 days, and an…

A: Introduction: The cash conversion cycle is an important metric to understand as a business owner.…

Q: Selling, General & Administrative

A: Income statements refer to the financial reporting of the details of the income and expenses of…

Q: Prepare income statement Particulars Sales Purchases Salaries Ali Mamat Enterprise Trial Balance as…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: 6. You bought 100 shares of stock at $25 each. At the end of year 1 you received $300 in dividends…

A: Return on investment: Return on Investment (ROI) is a method used to calculate the profit earned on…

Q: r audit client, VWX Corporation, set up a petty cash fund for the first time last October 1, 2021,…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: Discuss various type  of opinion is issued by the auditorr if he or she is unable to determine the…

A: Introduction: Auditing is the process of finding, verifying, and continuously analyzing all…

Q: 45 On January 1, 2019, an entity purchased equity investments held for trading (see attached image).…

A: Expenses - An expense is a cost associated with the production and sale of a product. In a firm,…

Q: Connelly Incorporated, a manufacturer of quality electric ice cream makers, has experienced a steady…

A: Break even point means a situation where the is neither profit nor loss. Sales revenue is…

Q: Using the MACRS rates from the following table, what is the book value of a $3,500 computer after 2…

A: Introduction: An asset's book value is the value calculated by its balance sheet on the balance…

Q: What amount would a person with actual cash value (ACV) coverage receive for three-year- old…

A: Depreciation represents the reduction in the value of an asset over a useful life of the asset. It…

Q: Howell Petroleum, Inc., is trying to evaluate a generation project with the following cash flows:…

A:

Q: Idaho Corp. has fixed costs of $20,000 and a contribution margin ratio of 50%. Currently, sales are…

A: Margin of Safety: The margin of safety is a notion in investing that states that investor should…

Q: 21- Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding. 23- Gas and oil…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: 9. Given the following information: Total assets Total liabilities $360,000,000 18,000,000…

A: Solution We are given with the folllowing information Total assets = $ 360,000,000 Total liabilities…

Q: Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding Gas and oil bills paid,…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…