customer misses his flight due to the one hour wait in the check-in line. They are a
Q: The following information were made available for Futuristics Inc.: June 30 cash balance…
A: The cash budget is prepared to record the cash receipts and cash payments made during the period.
Q: EZ-Tax is a tax accounting practice with partners and staff members. Each billable hour of partner…
A: Sales quantity variance : It is the difference between standard quantity to be sold and actual…
Q: Hualien Company adopts the periodical inventory system, and its adjusted trial balance on December…
A: Closing entries are passed at the end of accounting period to transfer the balance of temporary…
Q: The following information relates to Question 2 and 3: On July 1, 2018, Gene Parmesan's Genes…
A: Here discuss about the details of the Acqusition of research and development expenses which are…
Q: Suppose a bank 's assets have an average duration of years, and its liabilities have an average…
A: Duration gap analysis basically analyse the sensitivity of the market value of the financial…
Q: Prepare a a. Statement of Comprehensive Income b. Statement of Financial Position c. Closing Entries
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: A television company purchased machinery for P140,000 on July 1, 1979. It is estimated it will have…
A: Introduction:- Depreciation is non cash expenditure. Which is charged on fixed assets over a useful…
Q: Direction: Answer the following questions on a separate sheet of paper. 1. What is statement of cash…
A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…
Q: Which of the following is false? Multiple Cholce Overhead costing accuracy is Improved by the use of…
A: The departmental overhead method does not assign overhead on the basis of volume related measures.…
Q: ecember 31, Year 1 Penthouse Company ry shares of X Co. in its portfolio of long-tern ity…
A: In case, investments are FV-OCI assets (Fair value through the Other Comprehensive Income), then…
Q: The residual income amounted to?
A: Income is the amount remaining with the company from the Revenue after taking into consideration the…
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: Assume that a company manufactures and sells a variety of products, one of which it refers to as…
A: Formula: Financial advantage (disadvantage) of dropping product A = Total savings - Unavoidable…
Q: n January 1, 2021, Cee Company sold a machine with a cost of P500,000 and carrying value of P150,000…
A: Gain or loss on sale of machinery: = Consideration received - Carrying amount
Q: Directions: Read and analyze the problem below then do the following requirements. Assuming, you…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: a different technologies acturing. Determine the mpanys MARR = 14.5%. B. C 900
A: Given as,
Q: Why is the statement of cash flows required as part of the set of external financial statements?…
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…
Q: Deirdre Surf Shop, Inc. placed in service computer equipment with a basis of $15,0 th a basis of…
A: Placed in service is point of time when an asset that can be depreciated for the use of accounting.…
Q: explain the cost management information system's two major subsystems
A: The cost management information system's primary goal is to generate outputs for internal users. To…
Q: 5) Smith Company needs additional financing and is going to issue long term bonds to raise the…
A: 5) Date Particulars Debit ($) Credit ($) January 1,2022 cash 100000 To bond 100000…
Q: Cullumber Company acquires a delivery truck at a cost of $42,000. The truck is expected to have a…
A: Depreciation is an expense that is charged against the value of fixed assets. It can be calculated…
Q: GMPK LLP, a firm that provides financial services, has suffered financially due to a marked loss of…
A: A partnership is an agreement where two or more individuals mutually agree to operate and manage a…
Q: Equipment Invento urrent cost ecoverable amount 100,000 95,000 80,C 90,C ne entity voluntarily…
A: Concept of valuation of Inventory at cost or Net realisable value, which ever is less Test of assets…
Q: On January 1, 2021, Ree Company sold a machine to Say Company. In lieu of cash payment, Say gave Ree…
A: PRESENT VALUE FACTOR TABLE @10% Year PVF @10% 1 0.9091 2 0.8264 3 0.7513 4 0.6830 5…
Q: Cost of Goods Sold = [ ? ]
A: Cost of goods sold = $52,580
Q: f 1,026,000 Polish zlotys (PLN). Mertag enters into a forward contract on October 1, 2020 lanuary…
A: Forward contract: Forward contract can be defined as the agreement between two parties i.e. buyer…
Q: BCC has received a request from a school board for 200 computers. Using the full-cost criteria and…
A: Full cost method is the method in which the company takes into consideration full costs which are…
Q: A corporation has taxable income from operations of $1 million. In addition, it received $100,000 of…
A: The tax liability is the amount of tax payable on the taxable income of the corporation. The…
Q: A patient's total surgery charges are $1,278. The patient must pay the annual deductible of $1,000,…
A: You may have heard the phrase "deductible" in relation to your health insurance costs. But, exactly,…
Q: Compare the Statement of Profit or Loss and Statement of Financial Position of a sole trader with…
A: A sole trader often called a sole proprietorship, is a simple business structure in which one…
Q: Bob transfers assets with a $100,000 FMV (basis $60,000) and $70,000 of business-related liabilities…
A: Section 351 deals with the transfer of asset or property to a corporation in exchange of stocks.…
Q: $ 9.50 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead…
A: The minimum price to be charged for the special order will be based on the Relevant Cost. Relevant…
Q: Please use the 2nd pic for proper form
A: Workings :- 1) Calculation of depreciation :- Accumulated depreciation 2019 - accumulated…
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: In some circumstances, corporations will buy back their own stock – called Treasury Stock. Identify…
A: Treasury stock is also written as treasury shares or reacquired shares or stock. These are the…
Q: 5.) Ollie Inc. has book income of $250,000. The following information is available: a. Ollie…
A: Introduction Corporations has to show reconciliation of income or losses and analysis of…
Q: On 31 May 20X2 the bank statement of Harrison Ltd showed a balance of £26,500. As part of the bank…
A: Ideally cash balance as per cashbook and bank balance as per bank statement must reconcile with each…
Q: Explain the role and limitations of budgeting in business organizations. Support your answer with…
A: The answer is stated below:
Q: 1.) Albert, Benny and Camposo planned a business venture where Albert will contribute Benny…
A: Partnership business is the one where two or more persons join hands to share profit and losses by…
Q: rts. Relevant revenues: None. Sunk costs: S4,000 for software. Opportunity costs: $4,000. rts.…
A: Relevant cost are those cost that would impact decision making and would be affected by it Sunk…
Q: thave been $950 and at retirement, the NBV would have been the same as the have been $950 and at…
A: The bonds are issued at premium as the issue price of 1050 ($ 1000* 105% ) is higher than the face…
Q: Accounting Prepare: Journal entries Get Money 1 Raise 200,000 from investors 2 Take out 30,000…
A: Journal entries recording is the first step of accounting cycle process, under which atleast one…
Q: Rough Stuff makes 2 products: khaki shorts and khaki pants for men. Each product passes through the…
A: In order to determine the contribution margin per unit, the variable cost per unit are required to…
Q: The following data are presented: Budgeted 50,000 Actual 55,000 P800,000 Production in units…
A: Predetermined overhead rate = Budgeted overhead / Budgeted units = P750,000 / 50,000 = P15…
Q: Assume the University of Morton and McColl (could be public or private) calculates gross tuition and…
A: Journal entry would be as under:
Q: During an audit of year 2020, the auditors discovered that expenses related to utilities were pa on…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: 4. If the marginal cost is $6.50 per unit, fixed costs to $70 000 per annum, and the selling price…
A: Contribution Margin Per Unit: The difference between the selling price per unit and the variable…
Q: Describe the benefits and drawbacks of using online learning opportunities
A: The online learning opportunities in the recent years and during the time of pendemic evolve in a…
Q: A resident Filipino engaged in business has a cost ratio to sales of 50%. All expenses are supported…
A: Here discuss about the details of the tax deduction which are available for business which was using…
Q: For 2020, Sweet Inc. computed its annual postretirement expense as $234,100. Sweet’s contribution to…
A: Post-retirement benefit expense is the cost of pension recognized for the period. When determining…
Step by step
Solved in 2 steps
- the supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. What are the potential consequences if you do comply with your supervisors instructions?Who will be negatively impacted?Your supervisor tells you to change the aging category of a large account from account receivables from over 120 days to current status and prepare a new invoice to the customer with the revised date that agrees with this new category. this will change the required allowance of uncollectible accounts from $180,000 to $135,000. what is the ethical dilemma the assistant controller faces?what are the ethical considerations? consider the options and responsibilities as the assistant controllerthe supervisor tells you to change the aging category of a large account from over 120 days to current status and prepare a new invoice to the customer with the revised date and that agrees with the new category this will change the required allowance of uncollectible accounts from $180,000 to $135,000. Identify the key internal and external stakeholders. what are the negative impacts that can happen if you do not follow the instructions of the supervisor?
- Suppose you are working in an organization where your best friend is your colleague. One day due to some technical problem the biometric machine for attendance was not working for one week. Your best friend is coming late to the company daily as he need not have to record attendance. Your friend is happy upon not entering attendance and not coming on time. Whereas you do not agree with him and advised him to correct. He refused to do it so. If you insist on him you will lose your best friend. Based on this choose the type of dilemma you face a. Personal ethical dilemma b. Organizational ethical dilemma c. Societal ethical dilemma d. Professional ethical dilemmaMaking a sale to customer who are already behind in making the payments on account is a threat. Rena is making a credit sale to Sara, a customer who is already six months behind in making payments on his account. What internal control procedure(s) would provide protection against these threats?What internal control procedure ( s ) would provide protection against the following threats ? An employee makes a credit sale to a customer who is already four months behind in making payments on his account .
- What Would You Do? A new bookkeeper cant find the errors that are causing the companys month-end trial balance to be out of balance. The bookkeeper is too shy to ask for help at the office, so she takes the financial records home and asks her uncle, a retired bookkeeper, to help her locate the errors. Even with the help of her uncle, the trial balance is still out of balance, and now she is too embarrassed to return to the office and ask for help. The bookkeeper decides to show the trial balance is in balance and hope no one notices. Explain if there is anything wrong with this practice.As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction needs the reason for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake. What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?As the full-time bookkeeper, your job is to make any corrections to the general ledger accounts. Each correction must include the reason for the change and the effect on each account, whether it is an increase or decrease. For the third time this month, a co-worker has recorded a cash receipt twice and wants you to record a correcting entry that will reverse the mistakes. The correcting entry will record a credit to the Cash account and a debit to the Sales account. Your co-worker has offered to buy you dinner for fixing this mistake. Respond to the following in a minimum of 175 words: What should you investigate before making a decision about the correcting entry? What is happening to the Cash account? Would you accept a dinner offer from your co-worker for fixing the mistake?
- 1. You are in line to check out at your favorite bagel store when the customer in front of you reaches for cream cheese in a container in a refrigerated area. You notice she drops a $20 bill. She just paid for her food and left the store. You’re late for work already and your boss is a stickler for punctuality. What would you do assuming you can catch up with the customer?You are working as a summer intern at a rapidly growing orgainc food distribution. Part of your responsibility is to assist in the accounts payable department. You notice that most of the bills are not paid with in discount period. The manager of the accounts payable sees the bills are organized by vendor, like the accounts payable ledger, and she is too busy to keep track of the discounts period. Besides, the owner has told her that The 1% and 2% discount available or not worth worrying about. 1. Explain to the owner why it is expensive not to take it advantage to cash discounts on credit purchases. suggest a way to file (organize) suppliers invoices so that they are paid with in the discount period.The sales department receives the unstandardised sales order since customer orders are mailed, e-mailed or faxed to the sales department. The sales clerk first converts the unstandardised sales order into the standardised sales order. For this purpose, the sales representative requests the missing information, if any. When the order is received, the sales clerk checks the customer’s creditworthiness of the customer from his computer terminal. Three years ago, the sales clerk requested the accounting department to provide him with a list of customers whose account receivables are written off. The sales clerk is still using this information to check the creditworthiness of the customers. The sales clerk is using the same procedure to check the creditworthiness of the new customers.The customer’s order is rejected if the customer’s credit is not verified. The sales order processing is started after the credit verification. In particular, the sales clerk records the approved standardised…
