business
Q: What is the proper adjusting entry at June 30, the end of the fiscal year, based on a prepaid insura...
A: As per accrual basis of accounting, transactions need to be recorded as and when they occur. This gi...
Q: Jones Company obtains all of the common stock of Hudson, Inc., by issuing 50,000 shares of its own s...
A: A security that represents ownership in a firm is known as common stock. The board of directors is e...
Q: At the end of the current year, $59,500 of fees have been earned but have not been billed to clients...
A: Adjusting entries need to prepare by each and every firm at the end of each accounting period. It is...
Q: The beginning balance of unused supplies is P5,000. During the period, total purchases of supplies a...
A: Supplies expenses is a nominal account and supplies is a real account. Supplies expense can be calcu...
Q: How do I answer this problem? How to compute the month/ total on the blank tables?
A: Answer: Amount in PhP Week Revenue Expenses Profit/loss 1 44,725.00 38,...
Q: Assets that are expected to be converted to cash, sold, or used up during the next 12 months, or w...
A: A. long−term Long-term assets are meant to be used for more than 12 months of period. B. intang...
Q: Required information As of December 31, 2019, Armani Company's financial records show the following ...
A: Balance sheet shows the financial position of the business during the year.
Q: Horus Company provided for doubtful accounts expense monthly at 3%of credit sales. The balance in th...
A: 1. Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the co...
Q: Under which of the following categories would Accounts Receivable appear? A. long−term assets ...
A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...
Q: use in Excel. Proposed Range Name Price_per_Unit Cost per Unit ProfitS_per_Unit Fixed Costs Variable...
A: Answer: The answer for question is given below: A B 1 Price per Unit Price_per_Unit 2 C...
Q: Stan Corporation bought a piece of machinery. Selected data is presented below: Useful life, 6 year...
A: The initial cost of the machinery will be equal to present value of future cash inflows during its u...
Q: clal ihformation for Osmond Dental Laboratories for 2021 and 2022: 2021 2022 Retained earnings, Janu...
A: Retained earnings ending balance = Beginning balance of retained earnings + Net income - Dividends R...
Q: The interest rate implicit in this lease is approximately:
A: An implicit interest rate is an interest rate that is not specifically stated in a business transact...
Q: Journalize the entries for the completion of the two jobs and the sale of Job 312. (Credit account t...
A: In the job costing, if the job is completed then work in Process Inventory is moved to the Finished ...
Q: Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production,...
A: Total costs or expenses of a manufacturing unit can be categorized into three types materials costs,...
Q: Sunny began the business with an investment of $38,000 cash, land valued at $76,000, and a building ...
A: Owner's equity = Cash + land + building
Q: 1. The expansion plan of the business firm requires the purchase of a parcel of land on which to bui...
A: The formula to determine the future value compounded semi annually is, Future value = Present value ...
Q: 5. All of the following components are shown in the income statement net of applicable taxes except ...
A: 5) The extraordinary items are shown net of tax in the income statement. 6) Current Assets are the ...
Q: A farmer purchased 235 acres of land for $4,700/acre. He paid 25% down and obtained a loan for the b...
A: Installment of loan: When we say "installment loan," we're referring to the vast majority of persona...
Q: REQUIRED: 1. Prepare all the indicated entries for 2020 to recognize the transactions relating to bi...
A: The biological assets shall be measured at Fair Value less cost to sell upon initial recognition.
Q: (ADOPTED) The trial balance of Tokyo's Portrai 2021 is shown below. It does not balance becaus of er...
A: The trial balance represents the final balances of all the accounts.
Q: On January 1, 2017, Honey company acquired a patent for a drug with a remaining legal and useful lif...
A:
Q: On Jan. 1, 2021, Mother, Inc., whose financial year end is every Dec. 31, purchased a unit of equipm...
A: Solution:- a)Calculation of the depreciation expense for 2021 using the straight line depreciation m...
Q: Barbie and Jose are married and claim 2 exemptions. Last year Barbie earned $32,400 and Jose earned ...
A: Taxable Income The calculation of taxable in the federal taxation to sum up all the revenues and wag...
Q: would have to undergo to become a neworks before choosing the best would be most suitable to the org...
A: Since you have asked multiple question as my honor we will first question for you, if you want spec...
Q: Revenues and expenses may be transferred to the ________ account before their final transfer into t...
A: Journal entry for transfer of Revenues and expenses: Date Accounts Debit Credit Revenue xxxx ...
Q: 1. Sunshine Company manufactures and sells a single product. Cost data for the product are given bel...
A: Since we answer up to three subparts, I'm answering the first three parts. Please resubmit the quest...
Q: Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: What is the adjusted balance of your capital account if the notes payable is stated at face amount. ...
A: Value of Notes Payable = Face Value x Present Value Factor @ 10% (3rd Year)
Q: GenoPearls Corp uses standard absorption costing, basing its standard fixed cost on 300,000 units of...
A: The income statement is prepared to find net income or losses incurred during the period.
Q: Kren processing company uses 2,400 units of a product per year on a continuous basis. The product ca...
A: At Economic Order Quantity the total cost is minimum. Formula: EOQ=2×Annual demand× cost per orderCa...
Q: Material requirements for each unit of finished product Product A 5 m2 4 metres Product B Wood Steel...
A:
Q: The following data are taken from the cash-basis accounting records of Myerson Company for the year ...
A: A major accounting method that recognizes revenues and expenses at the time cash is received or paid...
Q: GenoPearls Company, a division of PUSHING THE LIMITS Corporation, has sales of P12,000,000 and varia...
A: Calculation of net income : Particulars Amount Sales P12,000,000 Less : Variable cost and e...
Q: What role does note-taking and documentation play in fraud analysis of evidence and the investigatio...
A: Auditing refers to the art of inspecting and investigating financial accounts of a company. It is ma...
Q: The average stockholder's equity for Stan Company was P 2M. Included in this figure is P 200,000 par...
A: At the time of distribution of profits, preference stockholders are given preference over the equity...
Q: At the beginning of the period, a company reports a balance in office supplies of $450. During the p...
A: Journal entry shows the recording of the transactions during an accounting year. Every transaction h...
Q: Samuel Worthy earns both $8.10/hour and a 14% commission on all sales. During the most recent week, ...
A: The total gross pay includes salary and the commission earned.
Q: EXERCISE 3-5 Treasury Stock Held by Subsidiary LO 8 Pool Company purchased 90% of the outstanding co...
A: ●(1). When the purchase price of the stock was $1,400,000. Answer:
Q: Curro Limited manufactures and sells two products. The following information is available for 2021: ...
A: Production of goods is the process of converting raw materials into final items via the use of vario...
Q: Kingsport Contalners Company makes a single product that is subject to wide seasonal varlations In d...
A: Unit product cost for the year=Total manufacturing costs for the yearTotal number of units produced ...
Q: Expeditions Incorporated and BookltNow compete as online travel agencies. The following amounts were...
A: Net profit margin = Net incom / Total revenue Expenditure Incorporated = $1130/6580 ...
Q: Required: 1. Prepare journal entries for 2019, 2020 and 2021. 2. Analyze the estimated warranty liab...
A: Warranty Expenses Most of the companies which are providing the warranty service to their product to...
Q: The following accounts are taken from Equilibrlum Riding, Incorporated, a company that specializes i...
A: The income statement is prepared by the business entity so as to know how much gross profit or net p...
Q: Reimel Furniture Company, Inc., incurred the following costs during 20x2. Raw material used $173,000...
A: T-Accounts: A T-account is a common term for a collection of financial records that utilize double-e...
Q: On December 31, Year 1, BIG Company had accrued salaries $ 10,500. a. Record in general journal for...
A: Adjusting entries are prepared at the end of each accounting year to ensure the accrual basis accoun...
Q: 4. Coca Cola Amatil capital consisted of 172,000 shares issued at $2.00 and paid to $1.75 per share...
A: Company means the form of business where management is separately from owner and have perpetual succ...
Q: The following information relates to a company, which produces a single product. Direct labour per ...
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts f...
Q: The following transactions are February activities of Swing Hard Incorporated, which offers indoor g...
A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and ...
Q: On January 1, 2021, Jackie Company issued 2,000 P5,000 8% five-year bonds at 90.35 when the market r...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
How might employees respond where they believe their business is burdened with excessively high levels of borrowing?
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- Banks may deny creditworthy borrowers loan requests if a. they are non-corporate entities b. they are on late on paying taxes c. the loan is too risky d. they are individualshow does being unethical in the financial industry affect communication with clients?If the bank decides to cut down on interest expenses by reducing its dependence upon borrowed funds, what policy must the bank follow?
- Could efforts to avoid conflicts of interest lead an investment bank to provide poor service to a client? Explain your answer.Which of the following is a reason that banks may favor fee compensation over balance compensation? Balance compensation is not as visible as fees for budgeting purposes. The strategy involves attracting deposits to fund their loans. Earning credits used to determine the value of collected balances are taxable. Deposit balances increase liabilities on the balance sheet.Explain how you would treat bad debts that top management had removed from Company’s books of Accounts because the debtor had defaulted but later resurfaces and pays?
- One example of moral hazard in finance industry is "insurance policies often decreases incentive to take care of possession of its customers". How should people mitigate this problem?How has the credit crisis May have adversely affected many homeowners and mortgage companies?How does collection policy influence sales and the bad debt expenses? How can cash discounts affects the sales volume and the days sales outstanding?
- What are some different methods that can be used for customer returns/bad debt?How banks safeguard the deposits of customers from financial losses?What is adverse selection? Why does it predict that lenders will prefer to arrange loans through a commercial bank rather than deal directly with a borrower?
