ch he will provide snowplowing for the en ter which of the following entries? (Check Check all that apply. ing Revenue ue
Q: In a Master Budget, the Production Budget Units of Goods to be manufactured = a. Beginning…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Baggage Solutions Ltd manufactures top of the range luggage bags that are extremely light weight,…
A: Revaluation of a fixed asset means re-measuring the fixed assets based on their fair value and the…
Q: Net unrealized loss on available for sale securities (investment at FVTOCI) 20,000 Retained…
A: Total shareholders' equity A company's shareholders' equity can be calculated by subtracting total…
Q: rms 1/10, n/30, FOB destination. The items arrived at Beetle's warehouse or the purchase on May 7.…
A: Free on board" refers to who is responsible for things that are damaged or destroyed during…
Q: ld be required to do the same. Interest is paid on partner’s capital accounts at an annual rate of…
A: When agreement when there is two or more partners to share profit in a great raichur equal ratio…
Q: 1. On 1 January 1990, Bolton Inc. purchased equipment costing $250,000. The equipment is expected to…
A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installment…
Q: Example one The information below has been extracted from the recently published accounts of Gabby…
A: It is the analysis of a company's performance under different dimensions such as profitability,…
Q: On July 1, 2021, Soloc Company has 200,000 share of P10 par ordinary share outstanding and the…
A: Reverse Split effect is a measure taken by companies to consolidate it’s shares to fewer shares and…
Q: Party Supply is trying to decide whether or not to continue its costume segment. The information…
A: As the direct fixed cost and allocated fixed cost can not be avoided, the profit will be decreased…
Q: 15. The manager of the Cement Division expects the following results in 2022: Sales Variable Costs…
A: The question is related to Cost Volume Profit Analysis. The Basic equation is Sales = Variable Cost…
Q: Santol Company retired 50,000 ordinary shares, P5 par value, which it held in the treasury at an…
A: Ordinary shares are those shares which are held in the form of common stock. These stock have voting…
Q: Inventory valuation is the cost associated with an entity's inventory at the end of a reporting…
A: Introduction: Inventory is a type of asset that is sold during daily business operations.. Inventory…
Q: If a company acquires another company, but the reporting entity remains the same, the acquired…
A: When one firm buys and takes over the activities/operations and assets of another, this is known as…
Q: Using the following information for Walnut Ltd , Calculate the value per share using the Asset based…
A: As given The following is information about Walnut Ltd.The value of non-current assets is 180.75 of…
Q: 17. Which of the following amounts shall not be recognized in profit or loss with respect to…
A: Rental Income from the Investment property shall be recognized in the profit and loss statements as…
Q: The ABD Company began operations several years ago. The company purchased a building and, since only…
A:
Q: Assume the Cont
A: Assets are resources that are controlled which results from prior transactions that are expected to…
Q: Problem 2 An interest rate of 8% compounded semi-annually is how many percent if compounded…
A: Compound interest is that type of interest under which interest is being charged on principal as…
Q: elyx Manufacturing produces concrete garden border sections. At the beginning of the process, all…
A: Process costing: process costing is a costing method used by companies which produce homogeneous…
Q: Libras Corporation purchased a machine on July 1, 2019, for P500,000. The machine was estimated to…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: A small gift shop has a beginning inventory that is valued at $9,400. If the additional inventory…
A: COST OF GOODS SOLD : = BEGINNING INVENTORY + PURCHASES DURING THE YEAR - ENDING INVENTORY
Q: Under IFRS, how is presentation currency defined? The currency in which the financial statements…
A: Presentation Currency: This is the presentation currency is the term given to the monetary unit in…
Q: The following information is the same as the previous question. A Company issued a bond payable with…
A: The additional paid in capital can be defined as the difference between the price paid by the…
Q: For part 2, do "written off" and "previously written off accounts collection" fall under debit or…
A: Allowance for Uncollectible accounts, Jan 1, 2021 has a credit balance of $2,000. Now, written off…
Q: Ghaz Company produces two types of sound units: Deluxe and Regular follows: ctivity dala Is as…
A: ABC costing is a method where cost is allocated based on activity. It does not uses single overhead…
Q: Why is the statement of cash flows required as part of the set of external financial statements?…
A: Statement of cash flows is a statement which is used to see the flow of cash of the business under…
Q: ABC Company is preparing its December 31, 2019 financial statements. The financial statements are…
A:
Q: Eunice Company provided the following information: Dividends on 1,000 cumulative preference…
A: Retained Earnings are the amount of profits of a company after paying all the expenses, direct cost,…
Q: Prepare the following: Balance Sheet and Closing Entries
A: In Closing entries, accounts (Revenue and Expense) are closed using Income summary account. The…
Q: Bernard Company shows the following manufacturing costs for the first six months of the year:…
A: Solution... Highest point Production in units = 2,600 Costs = $47,900 Lowest point…
Q: How did you calculate PVF (9%,20th year)
A: Present value factor is a metric based on the time value of money. It is used to calculate the…
Q: Turnt Company manufactures spray cans of insect repel lent. During August 1, 2010, the company had…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Raymond Company and Geeslin Company both use a periodic inventory system. The following transactions…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: Yamato Company’s 2019 fixed manufacturing overhead costs totaled Php120,000 and variable selling…
A: Under the variable costing method, product costs are those costs which are variable and related to…
Q: ernal rate of return and the discount rate turn pany's discount rate or internal rate of return unt…
A: To find the correct option as,
Q: What is the subsequent measurement of foreign currency denominated nonmonetary items?
A: Non-monetary items denominated in foreign currencies that are measured at fair value are…
Q: 2) Prepare a trend analysis for the following Statement of Cash Flows. Round to nearest whole…
A: INTRODUCTION: The trend analysis is the method of analysing financial position of an organisation on…
Q: 1. Managerial accountants have the responsibility to: а. accept gifts or hospitality that may allow…
A: Answer 1 : d Answer 2 : b Answer 3 : b
Q: Consider each of the independent transactions below: a) The University of Belize traded an older…
A: In the case of an exchange of assets for obtaining a new asset, the gain or loss from the exchange…
Q: IAS 21 provides that exchange differences/(gain/loss) arising on the settlement or remeasuring…
A: Introduction:- IAS 21 with as follows under:- Account for foreign currency transactions. When the…
Q: The Ammad Company manufactures a product in a single process. The following information is…
A: Equivalent unit for conversion cost = (Units completed and transferred x 100%) + (Ending WIP x 100%)…
Q: please answer letter b and explain thoroughly
A: Cost of goods sold is actual cost of goods that are being sold by the business to the customers. It…
Q: Should they accept this special order?
A: In special order sales cases, question, sales orders should be accepted only when sales value is…
Q: purchased 20% of the shares of Red Co. for P4,000,000 on July 1, 2020 Pink Co bas a significant…
A: Pink acquied 20% shares of Red Co. for P 4,000,000 on Jul 1 ,2020…
Q: December 31, 2021 $57.000 Accounts payable $26,125 58,425 Interest payable 4,750 10,640 Bonds…
A: An income statement refers to the financial statement of a company that reflects the income…
Q: The Flexible-Budget Variance is the sum of a. The static-budget variance and the sales-volume…
A: Flexible-Budget Variance = Actual results - Flexible results
Q: From the information given below, compute the time in days for the following notes: Date of Note Due…
A: In calculation of days and date we do not consider the date of note because internet do not pay for…
Q: Please use the 2nd pic for proper form
A: Workings :- 1) Calculation of depreciation :- Accumulated depreciation 2019 - accumulated…
Q: c) Discuss five differences between a lean management approach to accounting and traditional…
A: Lean Accounting: Lean bookkeeping incorporates offering financial statements more clear and…
Q: n of the ceiling of the hall was in need of repairs, decided to replace the whole of the ceiling…
A: 1. Facts of the scenario : Because a section of the ceiling in the Cinema hall needed to be…
Step by step
Solved in 2 steps
- Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- Geoff and Sandy Harland own and operate Wayward Kennel and Pet Supply. Their motto is, If your pet is not becoming to you, he should be coming to us. The Harlands maintain a sales tax payable account throughout the month to account for the 6% sales tax. They use a general journal, general ledger, and accounts receivable ledger. The following sales and cash collections took place during the month of September: Sept. 2Sold a fish aquarium on account to Ken Shank, 125 plus tax of 7.50, terms n/30. Sale No. 101. 3Sold dog food on account to Nancy Truelove, 68.25 plus tax of 4.10, terms n/30. Sale No. 102. 5Sold a bird cage on account to Jean Warkentin, 43.95 plus tax of 2.64, terms n/30. Sale No. 103. 8Cash sales for the week were 2,332.45 plus tax of 139.95. 10Received cash for boarding and grooming services, 625 plus tax of 37.50. 11Jean Warkentin stopped by the store to point out a minor defect in the bird cage purchased in Sale No. 103. The Harlands offered a sales allowance of 10 plus tax on the price of the cage which satisfied Warkentin. 12Sold a cockatoo on account to Tully Shaw, 1,200 plus tax of 72, terms n/30. Sale No. 104. 14Received cash on account from Rosa Alanso, 256. 15Rosa Alanso returned merchandise, 93.28 including tax of 5.28. 15Cash sales for the week were 2,656.85 plus tax of 159.41. 16Received cash on account from Nancy Truelove, 58.25. 18Received cash for boarding and grooming services, 535 plus tax of 32.10. 19Received cash on account from Ed Cochran, 63.25. 20Sold pet supplies on account to Susan Hays, 83.33 plus tax of 5, terms n/30. Sale No. 105. 21Sold three Labrador Retriever puppies to All American Day Camp, 375 plus tax of 22.50, terms n/30. Sale No. 106. 22Cash sales for the week were 3,122.45 plus tax of 187.35. 23Received cash for boarding and grooming services, 515 plus tax of 30.90. 25Received cash on account from Ken Shank, 132.50. 26Received cash on account from Nancy Truelove, 72.35. 27Received cash on account from Joe Gloy, 273.25. 28Borrowed cash to purchase a pet limousine, 11,000. 29Cash sales for the week were 2,835.45 plus tax of 170.13. 30Received cash for boarding and grooming services, 488 plus tax of 29.28. Wayward had the following general ledger account balances as of September 1: Wayward also had the following accounts receivable ledger balances as of September 1: New customers opening accounts during September were as follows: All American Day Camp 3025 Old Mill Run Bloomington, IN 47408-1080 Tully Shaw 3315 Longview Avenue Bloomington, IN 47401-7223 Susan Hays 1424 Jackson Creek Road Nashville, IN 47448-2245 Jean Warkentin 1813 Deep Well Court Bloomington, IN 47401-5124 Ken Shank 6422 E. Bender Road Bloomington, IN 47401-7756 REQUIRED 1. Enter the transactions for the month of September in a general journal. (Begin with page 7.) 2. Post the entries to the general and subsidiary ledgers. Open new accounts for any customers who did not have a balance as of September 1. 3. Prepare a schedule of accounts receivable. 4. Compute the net sales for the month of September.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001. e. Sold services for cash for the first half of the month, 6,927. f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004. i. Received a bill for gas and oil for the truck, 218. j. Sold services on account, 3,603. k. Sold services for cash for the remainder of the month, 4,612. l. Paid wages to the employees, 3,958, Ck. Nos. 30053007. m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. Record the transactions and the balance after each transaction 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700. g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250. i. Received and paid the bill for utilities, 280, Ck. No. 103. j. Received a bill for gas and oil for the truck, 130. k. Paid wages to the employees, 2,680, Ck. Nos. 104106. l. Sold services for cash for the remainder of the month, 3,500. m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- Review the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow. a. Nguyen deposited 25,000 in a bank account in the name of the business. b. Paid the rent for the month, 1,200, Ck. No. 2015. c. Bought supplies on account, 225. d. Bought a truck for 18,000, paying 1,000 in cash and placing the remainder on account e. Bought Insurance for the truck for the yean 1,400, Ck. No. 2016. f. Sold services on account 5,000. g. Bought office equipment on account from Henry Office Supply, 2,300. h. Sold services for cash for the first half of the month, 6,050. i. Received and paid the bill for utilities, 150, Ck. No. 2017. j. Received a bill for gas and oil for the truck. 80. k. Paid wages to the employees, 1,400, Ck Nos. 20182020. l. Sold services for cash for the remainder of the month, 4,200. m. Nguyen withdrew cash for personal use, 2,000, Ck. No. 2021. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.In March, T. Carter established Carter Delivery Service. The account headings are presented below. Transactions completed during the month of March follow. a. Carter deposited 25,000 in a bank account in the name of the business. b. Bought a used truck from Degroot Motors for 15,140, paying 5,140 in cash and placing the remainder on account. c. Bought equipment on account from Flemming Company, 3,450. d. Paid the rent for the month, 1,000, Ck. No. 3001 (Rent Expense). e. Sold services for cash for the first half of the month, 6,927 (Service Income). f. Bought supplies for cash, 301, Ck. No. 3002. g. Bought insurance for the truck for the year, 1,200, Ck. No. 3003. h. Received and paid the bill for utilities, 349, Ck. No. 3004 (Utilities Expense). i. Received a bill for gas and oil for the truck, 218 (Gas and Oil Expense). j. Sold services on account, 3,603 (Service Income). k. Sold services for cash for the remainder of the month, 4,612 (Service Income). l. Paid wages to the employees, 3,958, Ck. Nos. 30053007 (Wages Expense). m. Carter withdrew cash for personal use, 1,250, Ck. No. 3008. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.