Christoffe Yap is the owner of the CY Small Appliance Repair Shop. On January 1, 2022, the assets. liabilities and proprietor's canital in the buoin
Q: During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If th...
A: Ne delivery cost of purchase included the cost of material, other freight costs but exclude purchase...
Q: n February direct labor was 60% percent of conversion cost. If the manufacturing overhead cost for t...
A: The conversion costs include direct labor and manufacturing overhead. If direct labor represents 60%...
Q: ________ are the costs associated with not choosing the other alternative.A. Sunk costsB. Opportunit...
A: The term "cost" alludes to the overall expense incurred in the production of goods and services as w...
Q: Monona Company reported net income of $29,975 for 2019. During all of 2019, Monona had 1,000 shares ...
A: Earnings per share refer to the amount that is earned by the stockholders on every share held by the...
Q: 4-5 Saved Help Save & Exit Submit [The following information applies to the questions displayed belo...
A: The FIFO method stands for First in first out, where older inventory is sold first. The LIFO method ...
Q: Emily Rose Company showed the following data: Preference share capital, par value P20, 100,000 share...
A: Shares: Shares are the units owned by company which are classified into two types, common shares or ...
Q: For each of the following situations write the principle, assumption, or concept that justifies orex...
A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...
Q: Mrs. C-hammer, the owner of Tura innovations, invests N$140 000 in her business. She also approaches...
A: A business valuation seems to be the procedure of evaluating the economic worth of an entire company...
Q: into 30 ordinary shares. The interest expense on the liability component of convertible bonds for th...
A: The share dividend is declared and dividends are paid in the form of shares of the company. A 2 for ...
Q: A company had net income of $282,000. Depreciation expense is $26,000. During the year, accounts rec...
A: Introduction: Statement of cash flows: All cash in and out flows are shown in cash flow statements. ...
Q: internal controls over cash receipts and cash payments. Identify and discuss the similarities and di...
A: lnternal control are methods that are ensure the proper safeguarding of assets are necessary to en...
Q: Project L requires an initial outlay at t = 0 of $65,000, its expected cash inflows are $11,000 per ...
A: MIRR is the rate in an investment plan that equalize the most recent cash inflow with the most recen...
Q: Determine Debt-Equity Ratio, Proprietary Ratio and Funds Proportion Ratios with the help of followin...
A: NOTE : As per our rules we have to give only 2 answers for interlinked questions for another one yo...
Q: Project L requires an initial outlay at t = 0 of $53,000, its expected cash inflows are $10,000 per ...
A: Payback period refers to the amount of time that will be taken by the entity to recover the total in...
Q: Depreciation for Partial Penods Chambers Delivery Company purchased a new delivery truck for $62,500...
A:
Q: A review of the accounting records of Baird Manufacturing indicated that the compan the month of Mar...
A: In this question, we have to find out the amount of payroll cost in SG&A , and cost of goods sol...
Q: The adjusted trial balance of Rotan Company at the end of its fiscal year is: Rotan Company Adjusted...
A: Closing entries are used to close the temporary account and transfer the balance to the permanent ac...
Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note ha...
A: Formula: Discount amount = Face value amount x Discount rate
Q: Pens and Prints manufactures and sells T-shirts imprinted with college names and slogans. Last year,...
A: Solution: Last year contribution margin per unit = $7.50 - $2.25 = $5.25 per unit Before tax net inc...
Q: A company purchased a computer system on January 1,2021 for S1,600,00 and sold it one year later on ...
A: The Deprecation refers to fall in the value of assets of any organization. There are various methods...
Q: Which of the following is an example of a contra revenue account?A. salesB. merchandise inventoryC. ...
A: This account book transaction would be linked to certain associated accounts of a different sort. Th...
Q: Taylor Company uses a periodic inventory system. The following is partial information from its incom...
A: The missing values are calculated using the accounting formulas. Sometimes single-entry books are ma...
Q: Requirement b. Which of the transactions would most iikely be co: Transactions Canyon Outdoor's oper...
A: In auditing, a related party is a principal owner of the audit client company, an affiliated company...
Q: A company's 2021 statement of comprehensive income showed depreciation expense of $1,125,000 and int...
A: Shareholders- A shareholder is a person who has a share of the company's ownership. Each stakeholder...
Q: Which statement is not correct? a. Related-party income is taxable b. Related-party losses are non-...
A: The correct answer is given in the following steps for your reference.
Q: Standard costing in healthcare Meditech South Africa (Pty) Ltd provides software solutions to meet t...
A: Cost structure- Every firm, regardless of its size or nature, must consider cost structure. The cost...
Q: yeal is place)
A: Predetermined overhead rate = Total budgeted factory overhead / Total direct labor costs Total manuf...
Q: Gretchen’s sales, current assets and current liabilities (all in thousands of pesos) have be...
A: 1. Horizontal Analysis - Horizontal Analysis is calculated by first calculating difference between b...
Q: A city has financed a local project with a $600,000 bond issue with a coupon rate of 6% compounded s...
A: In this question, we will find out the Periodic expense of debt . As it is also called cost of debts...
Q: On January 1, 2021, Fingerstyle Co. (lessee) enters into a ten-year lease of equipment, with fixed a...
A: There are two components of considerations: Lease component i.e. P156,000 Non-lease component i.e. ...
Q: Question 6 6.) The instrument in figure 2 exchanges cash flows with different .characteristics O a) ...
A: Figure 2 is an example of Volatility Swap.
Q: (The following information applies to the questions displayed below) Warnerwoods Company uses a perp...
A: Gross Profit=Sales-Cost of Goods Sold
Q: Cool Scoops makes ice cream in two processes, Mixing and Packaging. During April, its first month of...
A: Cost per completed unit = Total Production cost / Units transferred out Gross Profit per unit = Sell...
Q: Hamlet House makes portable garden sheds that sell for $1,800 each. The tax rate for the company is ...
A: The break even sales are the sales where business earns no profit no loss during the period. The con...
Q: The following costs were incurred in January: Direct materials = PhP1,950,000 Direct Labor = PhP1,...
A: Prime costs are one of the important type of costs used in cost accounting analysis. Prime costs inc...
Q: William specializes in purchasing and selling of furniture, currently the business decided to sell a...
A: Special journals are those journal books which are used for accounting and recording of transactions...
Q: When sales price increases and all other variables are held constant, the break-even point will ____...
A: Break even point refers to the sales level at which the entity's total revenue equals its total cost...
Q: 1. Why must the auditor for a publicly traded company be independent from the company it audits? I
A: An AUDITOR is considered to be independent when he is physically and mentally not under the influen...
Q: Semiconductor had receiv rom the incoming quality tion centers. Below is give
A: Total quality management (TQM) is the ongoing process of identifying and reducing or eliminating pro...
Q: ed in the computation and a minimum attractive rate of return is set at 20%. Chapter 4: Products Our...
A: The payback period of investment is calculated as,
Q: Blue Sky Incorporated listed the following data for the current year: Budgeted factory overhead Budg...
A: Predetermined overhead rates are used to allocate the overhead expenses. It can be calculated on the...
Q: The capital structure of Red Ribbon Corporation on December 31, 2020 follows: Preference 12% Share C...
A: Solution Outstanding shares are the stock that is held by a company's shareholders on the open marke...
Q: A Hong Kong company conducts trade all over the world. It employs two internal auditors looking afte...
A: Hong kong salaries tax includes the income earned by way of employment, office or pension. Given tha...
Q: For the coming year, Cleves Company anticipates a unit selling price of $80, a unit variable cost of...
A: Formula: Break even sales units = Fixed cost / unit Contribution margin
Q: A corporation purchased 1,000 shares of its own $5 par common stock at $10 and subsequently sold 500...
A: Formula: Total purchases = Number of shares x Each share Purchase price
Q: Perform a PW-based evaluation of the two alternatives below. The after-tax MARR is 10% per year, MAC...
A: It is one of the methods to evaluate given set of alternatives in which present-worth is the criteri...
Q: Required: a) Prepare all necessary journal entries to record the above acquisition. (Using the provi...
A: Business acquisition is the acquisition of the business of another business entity by other business...
Q: Standard requires every stock corporation to disclose the amount of unrestricted retained earnings e...
A: treasury stock has another name treasury shares are required shared means previously outstanding sto...
Q: Manufacturing Overhead Distribution Worksheet The following are selected operating data for 2 the pr...
A: Distribution overheads are all the expenses incurred from the time the product is finished in the fa...
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...
A: Formula: Raw materials used = Beginning inventory + Purchases - Ending inventory
Step by step
Solved in 6 steps
- 26 Assume that the total assets, liabilities, Equity of the firm are OMR 40000, OMR 10000 and OMR 30000 respectively.The company sold OMR 3000 furniture for its customer and received notes receivables for OMR 4500. What is the effect of the above transaction on different elements of financial position of the company? a. Assets of the company increase by OMR 4500 and capital of the company increase by OMR 4500 b. Assets of the company decrease by OMR 3000 and capital of the company decrease by OMR 3000 c. None of the given options d. Assets of the company increase by OMR 1500 and capital of the company increase by OMR 1500 Clear my choice ◀︎ Practice problems on chapter -5 and 6Assuming the entity invested 500,000 to the business the effect of this transaction would have an increase in asset by debiting Cash worth 500,000 and crediting what account? a. Owner’s Drawing b. Owner’s Equity c. Owner’s Additional Investment d. Accounts PayableThe accounting equation for Goodboy's enterprises is as follows: Assets Liabilities Owner's Equity $120,000 = $60,000 + $60,000, If Goodboy's purchases office equipment on account for $12,000, the accounting equation will change to? Show Solution.
- Ma3. For each one, select: a. operational activities b. Investment activities c. Financial activities d. Operational part, investment part e. Financing part, operational part ____1. Costs incurred to settle a long-term debt ____2.Balance of some zero-coupon bonds, five years from its maturity date ____3.Compensation received from an insurance company for the destruction of a warehouse and the inventory that was stored there ____4.Money received as a result of canceling a life insurance policy in which the company was the beneficiary. ____5.Premiums paid for a life insurance policy in which the company was beneficiary. ____6. Dividend received from an investment in common stock accounted for with the equity method.Sub :AccountingPls answer very faast.I ll upvote. Thank You Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $150,000 in cash in the current year and a note providing Peroni with $150,000 in the subsequent year. What is Peroni's recognized gain in the current and subsequent year, respectively? Group of answer choices $0, $50,000 $10,000, $40,000 $25,000, $25,000 $50,000, $0 None of the choices are correct.25)Robert Haddon contributed $70,000 in cash and land worth $130,000 to open a new business, RH Consulting. Which of the following general journal entries will RH Consulting make to record this transaction? (Hint: Owner can contribute both cash and non-cash item to his own company.) Group of answer choices Debit Cash $70,000; debit Land $130,000; credit Haddon, Capital, $200,000. Debit Assets $200,000; credit Haddon, Capital, $200,000. Debit Haddon, Capital, $200,000; credit Cash $70,000, credit Land, $130,000. Debit Cash and Land, $200,000; credit Haddon, Capital, $200,000.
- The accounting equation for Cineo Enterprises is as follows: Assets Liabilities Owner’s Equity $120,000 = $60,000 + $60,000 If Cineo purchases office equipment on account for $15,000, the accounting equation will change to Select one: a. $135,000 = $60,000 + $75,000 b. $135,000 = $67,500 + $67,500 c. $120,000 = $60,000 + $60,000 d. $135,000 = $75,000 + $60,000David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively. The Schedule is complete, however, I'm struggling with the journal entries. I attached images of the completed schedule to assist with the journal entries. 2. Prepare the liquidation entries (sale of equipment, allocation of gain/loss, payment of creditors, final distribution of cash). 1 Record the sale…David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the following account balances as of December 31, 2020: Cash Equipment Accum.Deprec.Equipment AccountsPayable NotesPayable DavidWallace,Capital OlenaDunn,Capital DannyLin,Capital Account balances December 31, 2020 $ 40,300 $ 191,000 $ 102,000 $ 8,300 $ 25,000 $ 44,000 $ 27,000 $ 25,000 Due to several unprofitable periods, the partners decided to liquidate the partnership. The equipment was sold for $69,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wallace, Dunn, and Lin, respectively.Required:1. Complete the schedule. (Negative answers should be indicated by a minus sign.)
- Peters Consulting completed these transactions during June 2023:June 2 Trevor Peters, the sole proprietor, invested $46,000 cash and office equipment with a $24,000 fair value in the business.June 4 Purchased land and a small office building. The land was worth $268,000 and the building was worth $66,000. The purchase price was paid with $30,000 cash and a long-term note payable for $304,000.June 8 Transferred title of his personal automobile to the business. The automobile had a value of $7,000 and was to be used exclusively in the business.June 10 Purchased $600 of office supplies on credit.June 14 Completed $2,400 of services for a client. This amount is to be paid within 30 days.June 18 Paid $1,800 salary to an assistant.June 22 Paid the account payable from the transaction on June 10.June 24 Purchased $4,000 of new office equipment by paying $2,400 cash and trading in old equipment with a recorded cost of $1,600.June 28 Received $1,000 payment on the receivable created from the…Question 3A businessman has bought the following items for his business uses: Machinery RM100,000Computers RM50,000Pen RM10A4 paper rim RM15Printer cartridge RM20 Required: (iii) State an accounting concept whichever applicable that requires an accounting adjustment in the presentation of financial statements.B. Application and Creation1. Case A – Algeria Co.Below are the cash transactions of Alderia Co. for December 31, 2015.Cash payment to suppliers of goods and services(25,000)Cash receipts from rendering of services 50,000Payment to owners (5,000)Proceeds from bank loans 25,000Proceeds from cash investment of owners 115,000Payment for acquisition of equipment 100,000Cash at the beginning of the year 1,000,000Instructions: Prepare the statement of cash flow using the indirect method.After which, answer the following questions. How much is cash flow from operating activities? How much is cash flow from investing activities? How much is cash flow from financing activities? How much is the net increase or decrease in cash for the year? How much is cash as at December 31, 2015?