cash book
Q: Encinas Company produces a product that requires 3 standard hours per unit at a standard hourly rate...
A: Direct labour cost variance shows difference between standard cost of labour and actual cost of labo...
Q: The unadjusted trial balance of Lakbay Tours as of December 31, 2018 is shown below: Ted Solomon, t...
A: Adjusting entries are those journal entries which are passed at the end of accounting period in orde...
Q: The timesheet of employee Stevens shows that he worked 44 hours during a 40 hour work week. On the M...
A: Pension fund contributions It is a retirement fund which is having frequent contributions (usuall...
Q: When both the gross investment and cost of the leased asset is equal for both direct and sales-type ...
A: Option sale type lease is correct.. Since the lessor must classify the arrangement as either an oper...
Q: Selling; and (2) General and Administrative
A: Total selling Expenses for 2021 is Correct answer :- B P480,000
Q: 26. Kayo Na Company's income statement for the year ended December 31, 2019 shows pretax income of P...
A: Solution: Taxable income = Pretax income - Excess of rent revenue as per books over tax - Excess of ...
Q: DOOKO Corporation’s, Statement of Financial Position as of December 31, 2018 shows the following acc...
A: This question deals with the calculation of current asset. Lets understand the meaning of current as...
Q: accumulated at the conclusion of each of the following time-frames
A: Accumulated value of an investment (A) = P * (1 + rn), where, P = Amount of investment r = Annual in...
Q: Stargel Inc. percentages, except for per-share amounts: For the Years Ended December 31, 20Y2 and 20...
A: Current ratio for 20Y2 = Total current assets / Total current liabilities = $3690000/900000 = 4.10
Q: The timesheet of employee Stevens shows that he worked 44 hours during a 40-hour workweek. On Monday...
A: (1) Total Number of hours worked = 44 hours (2) Number of hours during the week = 40 hours (3) Overt...
Q: iability differ Cournal entry
A: When a tax is due in current year but it is paid in the next year it is c...
Q: Rendivir Company had the following transactions during the year: January 1 Ordinary shares outstandi...
A: Weighted average shares issued on May 1 = 40000 shares x 8/12 moths ...
Q: The following equity investment transactions were completed by Vintage Company during a recent year:...
A: When a business or individual makes equity investments, then equity investments Stock will be record...
Q: Cefner Corporation paid dividends of P200,000 and P300,000 at the end of 2019 and 2020, respectively...
A: The preferred stock has the right to get dividend before any other shareholders.
Q: The following costs are included from the cost of inventories and recognized as expenses in the peri...
A: Inventoriable cost means the cost incurred to manufacture the product and included in inventory. Co...
Q: Problem 3: (Book Value per share) The shareholders' equity of HUE Corporation on December 31 of the ...
A: Company means the form of business where management is separately from owner and have perpetual succ...
Q: After graduating from college, Shelley Williams held several different jobs but found that she did n...
A: Ans. Partnership agreement or Partnership deed is a document that has all the rights and obligations...
Q: ABC company purchased an equipment for P54.000 on 1980. Installation cost amounting to P6,000. The e...
A: Total cost of equipment : Purchase 54,000 + Installation cost. 6,000 Total cost ...
Q: Which of the following statements characterizes a sales-type lease? A)The lessor recognizes only i...
A: SOLUTION- SALES TYPE LEASE IS A FINANCE LEASE IN WHICH THE FAIR MARKET VALUE (OR IF LOWER , THE PV ...
Q: The Board of Directors of Fedex Company decided to declare a dividend whereby ordinary shareholders ...
A: solution : given Rate of preference dividend 10% Participation of preference share Upto ...
Q: The following data relate to factory overhead cost for the production of 7,000 computers: Actual: V...
A: Variable factory overhead controllable variance = Actual variable factory overhead - (standard hours...
Q: Preparation of government-wide statement of activities
A: Here wehave to understand that the property tax and sales tax is the general government revenue henc...
Q: Becker is a multinational corporation that has both inter-segment sales and sales to unaffiliated cu...
A: Solution: As per IFRS, Business should report segment financial information if " Segment revenue is ...
Q: On June 1, Cline Co. paid $1,098,500 cash for all of the issued and outstanding common stock of Renn...
A: Particulars Amount Cash $223000 Accounts receivable 189000 Capitalized software costs 362000 ...
Q: please explain the result of income statement that provided in image below
A: Income statement is the statement which shows the net profit or net loss earned during the year. All...
Q: When both the gross investment and cost of the leased asset is equal for both direct and sales-type ...
A: the lessor must classify the arrangement as either an operating lease or a direct financing lease. I...
Q: 1. Compute the average P/E ratio of the industry. Include the ratio of all companies in the computat...
A: solution : Note dear student as per bartleby guideline we are required to solve the first three subp...
Q: On January 1, 2007, Part Corporation had issued and outstanding 10,000 shares of P10 par common stoc...
A: No. of shares issued on July 1 under stock dividend = (beginning shares outstanding + no. of shares...
Q: Year 2 Jan. 6. Purchased a new truck for $60,000, paying cash. Apr. 1. Sold the used truck for $14,0...
A: Depreciation Expense = 2 x Straight Line Depreciation Rate x Book Value Straight Line Depreciation R...
Q: Ham Co. changed its business model in 20x2. On Jan. 1, 20x3 (reclassification date), a debt-type fin...
A: SOLUTION- FV ON RECLASSIFICATION DATE 240000 AMORTISED COST 200000 DIFFERENCE 40000
Q: Gaston Corporation distributes § 1245 property as a dividend to its shareholders. The property's fai...
A: Ordinary income = Fair market value - Ad...
Q: A manufacturing company makes cellphone. Conversion costs that change raw materials to become finish...
A: Material costs = total costs at the manufacturing plant - Conversion costs = N$849000 - N$669000 =...
Q: Calculate the coefficient of variation for each security Explain why the standard deviation and coef...
A: Coefficient of variation of Security A: Standard deviation/ Mean(or Expected return ) = 0.20 / 0.1...
Q: Pratt Company acquired all of the outstanding shares of Spider, Inc., on December 31, 2021, for $488...
A: Consolidated balance sheet is the combined balance sheet of parent company and subsidiary company, i...
Q: An alphabetical list of account balances from the books of Maria Company on December 31, 2021 is pre...
A: SOLUTION- WORKING- PARTICULARS AMOUNT AMOUNT SHARE CAPITAL ORDINARY 1000000 SHARE CAPITAL...
Q: lease
A: What is the treatment of unguaranteed residual value in determining the cost of sales under a sales ...
Q: Paris Company's trial balance of profit or loss accounts for the year ended December 31, 2021 includ...
A: Solution: Company profit before taxes = Total of sales and other revenues - Total of Expenses
Q: The normal overtime remuneration (1½ x normal rate) is paid.his normal wage is N$6 per hour. Medical...
A: Calculation of productive labour hours: Number of weeks per year 52 Less: annual leave (3) ...
Q: Mr. A is in business, Mrs. A is the practice of profession, and Mr. and Mrs. A had gross rent income...
A: Working of taxable income of Mr & Mrs A for 2020 Particulars Amount P Tax Amount P Gross S...
Q: Rendivir Company had the following transactions during the year: January 1 Ordinary shares outstandi...
A: Weighted average shares issued on May 1 = 40000 shares x 8/12 moths ...
Q: The timesheet of employee Stevens shows that he worked 44 hours during a 40 hour work week. On the M...
A: Normal Idle time: It is the time where the workers allot their time without providing any product...
Q: The stockholder's equity section of Pink Company's December 31, 2011 balance sheet consisted of the ...
A: Decrease in Ordinary shares value = (Par value per share - par value after quasi-reorganization) x n...
Q: 2. Under what circumstances should taxpayers itemize deductions? Explain.
A: There are two ways to take deductions from gross total income. As per Internal Revenue Service (IRS)...
Q: job cost sheet
A: Correct Answer is B :- False , True
Q: The unadjusted trial balance of Lakbay Tours as of December 31, 2018 is shown below: Ted Solomon, t...
A: Income statement is one of the financial statement which shows all incomes and all expenses of the b...
Q: for a relate to (a) operating activities, and (b) nonoperating activities. 18. Identify the sections...
A: Multi Step Income statement is one of the financial statements which shows all type of incomes and a...
Q: Kim declared a cash dividend of P2.00 per share and the stockholders’ equity accounts had the follow...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: An individual contributes property with an FMV in excess of basis to a corporatio in exchance for st...
A: The asset basis to the corporation shall be equal to the basis of the assets in the hands of the s...
Q: The initial direct costs incurred in relation to a lease transaction is added to get the right of us...
A: The initial direct costs incurred in relation to a lease transaction is added to get the right of us...
Q: The charter of a corporation provides for the issuance of 100,000 shares of common stock. Assume tha...
A: Dividend is the amount of return paid to shareholders of a company.
b) Explain why the
during dissolution?
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- Assume that the assets are converted to cash at the estimated current values and the business is liquidated. What amount of cash will be available to pay unsecured non priority claims?TRUE OR FALSE? Cash, savings account, checkable account are liquid assets because they can be easily converted into cash as and when required.Which of the following statements regarding selling fixed assets for cash is NOT true? a.The journal entry is similar to discarding fixed assets. b.The cash payment to the buyer is recorded. c.The cash receipt is recorded. d.If the selling price is more than the book value, a gain is recorded.
- Which of the following is correct regarding cash basis of accounting? a. Sales include cash sales and collection of trade receivables. b. Purchases include cash purchases and payment of trade payables. c. All given statements are correct. d. Depreciation is recorded normally.A deferral refers to an event: A. that will never involve cash being paid at any time B. that will never involve an income statement account C. where the cash has already exchanged hands between the two parties D. where the cash has not yet been exchanged between the two partiesWhich of the following assets would not be included as a quick asset? a.Merchandise inventory b.Cash c.Temporary investments d.Accounts receivable
- Which of the following is not a cash flow activity a. Payment of accounts payable b. Collection of accounts receivable c. Depreciation d. Cash withdrawal of the ownerWhich of the following is not normally decreased by a cash outflow transaction? a. Payroll Withholdings Payable b. Accrued Expense c. Deposits on Returnable Containers d. Deferred RevenuesDepreciation does not involve movement of cash, but necessary in accounting for an entity’s performance, Discuss? Discuss, using a numerical example why at certain instances the account has both debit and credit balance brought down?
- The collection of cash from customers to which they owe to the entity from its past rendering of services would cause what effect on corresponding accounts? a. No effect on neither assets nor liabilities b. Decrease in assets c. Increase in assets d. Increase in liabilitiesAccounting If cash collected from customers is not yet recorded as revenue, what happens to it?Depreciation does not involve movement of cash, therefore unnecessary in accounting for an entity’s performance, Discuss?
