Define current liability

Q: Earnings per Share, Price-Earnings Ratio, Dividend Yield The following information was taken from th...

A: Earnings per share: Earnings per share represent the amount of income earned per share of outstandi...

Q: Shaw owns 80% of Gorman. The following information is available: Consolidated Goodwill is $325,000. ...

A: The allocation of goodwill to the controllable and non controllable interest is made on the proporti...

Q: Refer to the list below for the exact wording of text items within your job-order cost sheets. ...

A: INTRODUCTION Job costing is specific order costing. It is applied on situation where goods & ser...

Q: On 1 January 2014, Company B purchased 100 5 year, R100 bonds from TP Limited at par. The bonds are ...

A: Amortization of Bonds: When bonds are issued at a price which is either less or more than the face v...

Q: Which of following is not correct about normal costing? Select one: a. Predetermined rate is used ...

A: Normal Costing used actual data in order to calculate the cost of the product. This costing drives t...

Q: If a company had a contribution margin of $21,000 and a contribution margin ratio of 70%, total vari...

A: In simple terms contribution margin is the difference between revenue earned and the variable cost i...

Q: Question 4 On July 1, 2019, Sandhill Co. pays $16,500 to Whispering Insurance Co. for a 4-year insur...

A: In This Numerical has covered the concept of Journal entry and Adjusting Entry.  Journal Entry Is Re...

Q: Marketing system provides some useful insights regarding the sales order. Different departments use ...

A: Business process refers to a set of tasks and activities to be performed with the help of various de...

Q: Married taxpayer Otto and Ruth are both self-employed and file a joint return. Otto earns $352,000 o...

A: Medicare tax is a type of payroll tax which is deducted by the employer to make contribution towards...

Q: An industrial plant bought a generator set for P90,000. Other expenses including installation amount...

A: Depreciation is the accounting method to evaluate the reduction in  prices of tangible fixed assets....

Q: Nevada Corporation has 63,600 shares of $16 par stock outstanding that has a current market value of...

A: Common stock: These are the shares issued by a company to an outsider. These shares entitle a share ...

Q: Although Andersen’s conviction was overturned, do you believe that its employees acted in an ethical...

A: Auditing: Auditing is the process by which assertions made by management about financial transactio...

Q: On June 24, Year 4, a major airline entered into a revolving accounts receivable facility (Facility)...

A:

Q: The capital balances and profits- and loss-sharing percentages for the Sip, Jog, and Run partnership...

A: Partnership: Partnership can be defined as the legal agreement between two or more persons who have ...

Q: Complete the accounting cycle. For the past several years, Jolene Upton has operated a part-time con...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Q: On March 6, Crane Company returned $99,900 of merchandise purchased on March 2. (Credit account titl...

A: Purchase return refers to the transaction when a buyer returns purchased goods or merchandise that i...

Q: Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1,4% * ser...

A: 2. Annual retirement payments = 1.4%×Service Years×Final years' salary=1.4%×15×$315,000=$66,150 Here...

Q: Each of the following scenarios is independent. Assume that all cash flows are after-tax cash flows....

A: The Internal Rate of Return (IRR) is a financial analysis technique which helps in determining and u...

Q: Why do you think audit firms are willing to accept high-risk clients?

A: Auditing:   Auditing refers to an independent examination of financial information of any organizati...

Q: In an acquisition where control is achieved and the fair value of the consideration transferred is l...

A: Acquisition:-When assets of one company acquired by another company with some holding rights.

Q: On July 1, 2019, Ivanhoe Co. pays $27,000 to Concord Insurance Co. for a 4-year insurance contract. ...

A: Given, Ivanhoe company insurance paid = $27000 of 4 year insurance contract on 1st July 2019, which ...

Q: What is the operating cash flow? The capital spending? The change is net working capital? The cas...

A: Capital spending is termed as the amount spent by the firm in the year to purchase or maintain the f...

Q: How have provisions of the Sarbanes–Oxley Act limited a public company’s choice of auditors?

A: SOX is the act passed by the government to address the corporate scandals. This act regulates and as...

Q: What is one cost that is accounted for the same between the purchase method and acquisition method ...

A: Purchase and Acquisition are two method to record the Investment made by an Entity. Purchase method ...

Q: Question for Week 6-Bank Reconciliation Statement. The cash account for Corey’s Construction Company...

A: Following journal entries will be passed in the books of company:

Q: The Fielder manufacturing company uses job order costing system. The company uses machine hours to a...

A:   The company uses machine hours to apply overhead costs to jobs Therefore, Its predetermined manufa...

Q: An international children’s charity collects donations, which are used to buy clothing and toysfor c...

A:

Q: Calculate the accounts payable balance on the Balance Sheet for the month September. Prepare a cash ...

A: The cash budget is prepared by the organization to know the cash requirement for the period it is bu...

Q: Question 6 The prime cost of Job No. 55 was $2,500. Manufacturing Overhead was applied based on mach...

A: Cost of Job No. 55:   Manufacturing Overheads = POHR × Machine hours where POHR is Predetermined Ov...

Q: On January 1, 2020 Big acquires 90% of Small for a cash payment of $600,000.  At acquisition date, t...

A: Net Income or net earnings is the excess of total revenues over total expenses. (as defined) Net Inc...

Q: What are the costs and benefits of establishing one set of accounting standards (i.e., IFRS) around ...

A:

Q: Explain about the selective base of inventory control with its advantages.

A: Inventory:Inventory can be defined as the current assets of the organization that are kept in the or...

Q: To calculate the amount of increase to the property, pland and equipment, do I need to minus depreci...

A: Expenditures which increase the operating efficiency of the fixed assets should be capitalised with ...

Q: The cash account for Corey's Construction Company at August 31, 2020, indicated a book balance of $1...

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash bala...

Q: Fluffy, Anjelah, and Lopez are partners and share income and losses as follows: Fluffy, 20%; Anjelah...

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms. Th...

Q: Smoky Mountain Corporation makes two types of hiking boots-the Xtreme and the Pathfinder. Data conce...

A: Activity-based costing (ABC) is a costing method that identifies activities in an organization and a...

Q: 1.    On April 8, returned damaged merchandise to Ayayai Company and was granted a $4,200 credit for...

A: Discount on payment = Net Accounts Payable x rate of discount = ($24,000 - $4,200) x 2% = $396

Q: Crazy Eddie focused on making the company look extremely profitable just prior to the IPO. Why was t...

A: Initial public offering: IPO or Initial Public Offering refers to the process by which a company app...

Q: What do you mean by electronic data interchange?

A: Accounting information systems: Accounting information systems collect data from different events a...

Q: Rasheed works for Company A, earning $350,000 in salary during 2020.Assuming he is single and has no...

A: FICA tax: FICA stands for federal insurance contribution act. This is the tax paid by both employer ...

Q: Items 1 through 10 present various internal controlstrengths or internal control deficiencies.1. Cre...

A: Internal control: Internal control is a process which ensures continuous reliability of accomplishme...

Q: q1. The Sisyphus Inc’s (SSY) Company’s year end financial statements reported the following (in mil...

A: Net Income refers to the amount earned  before taxes and other payroll deductions are made to it. It...

Q: From a conceptual standpoint, how do the requirements of Sarbanes–Oxley related to nonaudit services...

A: Sarbanes-Oxley Act: Sarbanes-Oxley Act was formed after the major accounting scandals to provide ru...

Q: Help ASAP

A: Credit card balance is the total of the amount payable and interest payment. The minimum payment is ...

Q: a) Classify each cost as fixed, variable or mixed, using production volume as the cost driver.   b) ...

A: The high-low method is a system for segregating variable and fixed costs which are not known in the ...

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.