Cash collected from customers during the year ended December 31, 2019 amounted to $314,000, and accounts receivable decreased by $42,000 during the year. How much were sales on account for the year ended December 31, 2019? (Assume that no cash sales were made during the year and that all sales on account are collectible. 230,000 272,000 314,000 356,000

Q: Which of the following is not a function of accounting? Interpreting Bookkeeping Budgeting Od…

A: The function of accounting are enumerated as below:

Q: Explain or illustrate before-tax cost of debt and after-tax cost of debt. 5. What are the…

A: The equity source and debt source of financing is considered to be important in capital structure.…

Q: Lopez Company purchased equity securities during 2020 to be held as Investment. The cost and Market…

A: Answer -  Journal Entry for 2020 -  Date  Particulars Debit Credit 12.31.2020 Trading…

Q: What is the Workers' Compensation premium owing for an employer in Ontario with assessable earnings…

A: Workmen compensation is acknowledged as an insurance policy provided by an employer whereby he will…

Q: The $5-bill in your pocket (Canadian) is: (check all that apply Select all that apply:

A: The balance sheet shows the financial statement of the company that includes the assets,…

Q: P Company acquired the net assets of S Company of fair value of $2,700,000 on January 1, 2011,…

A: Acquisition is an act of buying/purchasing/acquiring something. Here in the question, Acquisition of…

Q: CA large profitable corporation is considering a capital investment of $50,000. The equipment has a…

A: If there is income during the year after taking into account all expenses than there is need of…

Q: 12. Ernesto, Inc has projected average earnings every year of Php 100,000,000. Debt to Equity Ratio…

A: Economic value added (EVA) = NOPAT – (WACC × Capital invested) Here, NOPAT = Net operating profit…

Q: On December 1, 2000, Marimar, a lessee paid P 18.000 to XYZ Company representing the rent for 3…

A: Lease is a legal agreement by which a person gives his asset to another person for a specified…

Q: What are the annual payments necessary to pay a $1,000,000, 12-year loan if the loan rate is 8 %?…

A: Annual payment necessary to pay off the loan is calculated with the help of present value of annuity…

Q: Which of the follovwing errors cannot be detected by the trial balance? a Incorrect accounts were…

A: Trial balance: Trial balance is a record drafted after completing the posting of all the journal…

Q: Chapter 10: Stockholders' Equity and Appendix D Use the Stockholders' Equity section of FSB's…

A: Answer 1) Calculation of number of shares of Preferred Stock Issued Number of shares of Preferred…

Q: 17.Which of the following accounts might be placed first in a proper journal entry?   a Cash, when…

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

Q: A comnany made an additional (incremental) income of $10,000 during the last week of the year. This…

A: The effective tax rate can be calculated as under --…

Q: Question 5 The following data were reported by a corporation Authorized shares 20,000 Issued shares…

A: Treasury shares are share reacquired by issuing company. They will not form part of Outstanding…

Q: Earnings per share Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow:…

A: GIVEN   Financial statement data for the years 20Y5 and 20Y6 for Black Bull Inc. follow:      20Y5…

Q: The following selected amounts are available for Tamarisk, Inc. $3700 Retained earnings (beginning)…

A: Retained earnings always form part of balance sheet. It is the accumulated profits over the period…

Q: 24. A building that cost P120,000 has accumulated depreciation of P50,000.  The book value of the…

A: Book value of asset is the carrying amount of asset , i.e. cost of asset less accumulated…

Q: On a corporate income statement, income from continuing operations a. will exceed net income. b.…

A: Income from continued operations is the income which is calculated after subtracting operating and…

Q: Determine John's AGI using the following information: Wages 50,000 Interest income 2,000 Dividend…

A: Adjusted gross income: It implies to the gross income of an individual after subtracting for all the…

Q: rovide another example of a cost center and explain why you choose that example.

A: Cost center is a department or function within an organization that does not directly add to profit…

Q: A Company sold 80,000 sold reversible shirts under a new sales promotional program during the year.…

A: The estimated expenses are the expenses that are based on current sales but are not sure to be…

Q: Kimberly-Clark expects sales to : r. Labor and materials costs, and 5%, but Kimberly-Clark is…

A: Due to the increase in variable cost and decrease in sale price, the contribution margin will fall .…

Q: 2. Enter the following in the appropriate creditors' accounts (i.e. your suppliers' accounts) only.…

A: The t-accounts are prepared to record balances of specific accounts.

Q: Mr. A and Mrs. B are maried and have two dependent children. X & Y, They also fully support Mrs. B's…

A: The taxable income is the amount on which taxpayers’ tax liability is determined. The taxable income…

Q: the unearned interest is credited in the adjusting entry, which of teh following will be affected?…

A: When Unearned Interest is credited, the following adjustment entry will be made: Account Titles…

Q: Aaron Heath is seeking part-time employment while he attends school. He is considering purchasing…

A: Net Present Value(NPV) is a capital Budgeting technique by which the present value of all the…

Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…

A: Introduction: Banks: Banks accepts deposits from the customers and gives loans to the needy people.…

Q: efine what is accounting? How accounting used in our daily activities? What is the nature of…

A: Accounting has emerged as a subject for students that can be used in wide range of activities, say…

Q: 27.The links between the financial statements are   a. Ending capital from the statement of owner’s…

A: The financial statements comprises  of income statement, statement of owners equity  and Balance…

Q: ting to a single backpack are given below:     Standard Quantity or Hours   Standard Price or Rate…

A: A standard cost card refers to a card that contains the standard rate of all the materials, labor,…

Q: When the manager has the responsibility and authority to make decisions that affect costs and…

A: In a profit center a manager is responsible for both revenue and costs.

Q: The cost of direct materials transferred into the Rolling Department of Kraus Company is $393,600.…

A: The actual objects that are constructed into a product are referred to as direct materials. A…

Q: ased a computer for $5,500 in cash. 5/12: Received cash for programming services performed,…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: rLink Company is a newly formed company specializing in high-speed Internet service for home and…

A: The variance is the difference between standard and actual cost of the production. If actual costs…

Q: The following Income Statement information has been obtained from the books of Unlimited Liquors…

A: The net income is calculated as difference between revenue and expenses of the business.

Q: Dividend payments to shareholders are classified as A. Cash outflow for financing activities B.…

A: Cash flow statement (CFS) is the one which is used to report the cash flows of the entity.

Q: give the journal entry received a promissory note in payment of an account.

A: The journal entry keeps the records of day to day transactions of the business as debit one account…

Q: Calculate conversion cost given the following information: Account Balance (Alphabetical Order) ($)…

A: Conversion costs is the costs that convert raw materials into the finished goods. The calculation of…

Q: Mr. Hamed of Baltimore Company is contemplating to invest Samsung, Inc., a Korean based company. He…

A: ANSWER   )GAAP guidelines require businesses to prepare financial statements according to the…

Q: d information owing information applies to the questions displayed below.) Marine obtained a charter…

A: Cash A/c dr.  (110,000 * $56).                                $6,160,000  To common stock A/C.…

Q: Q.2- Mr. Abdullah's medical and personal expenses include the following: Particulars Prescription…

A: Medical expenses deduction can be claimed for the medical expenses incurred during the period…

Q: Loss on disposal of a non-current asset is a cash outflow. Select one: True False

A: The correct answer is FALSE.

Q: $3700 Retained earnings (beginning) Net loss 220 Cash dividends declared 225 Stock dividends…

A: given Retained earnings $3700 (beginning) Net loss  220 Cash dividends declared 225 Stock dividends…

Q: On

A:

Q: Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500…

A: Formula: Net income = Revenues - Expenses

Q: Why is it that product costs are distinguished from period costs?

A: Product cost  is the cost that is incurred to manufacture the product.  The product cost will…

Q: PCC Inc has a debt-to-equity ratio or 3:1. After tax cost of debt is 5% while cost of equity is 10%.…

A: As per the guidelines, only one question is allowed to be solved. Please resubmit the question…

Q: Determine the before-tax CF for Year 2 (only - not a total).

A: Present Value of Cash Flow

Q: Miller Toy Company manufactures a plastic swimming pool at its Westwood Plant. The plant has been…

A: 1 a) Calculate the material price variance using the formula below: Material price variance =…