Differentiate between a profit center and an investment center

Q: No. 2. IZZY Manufacturing Company has one product line - Product WZ. Last year, the company has sold…

A: The budget is prepared to record the estimated revenue and expenses of the current period.

Q: Due professional care applies to O The Sample selection. O Follows appropriate audit standards. O…

A: Audit: It implies to the detailed analysis and examination of the company's financial statements to…

Q: Assuming that all of the costs listed above are avoidable costs in the event that an order is turned…

A: Break even point It is the point where company recovers all its cost by selling particular number of…

Q: ration December 31, 2021 Net sales |Cost of goods sold Operating expenses Net operating income Net…

A: Cash flow margin means how efficiently can a company convert its sales into cash. This is a…

Q: Pattison Products, Inc., began operations in October and manufactured 48,000 units during the month…

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for…

Q: As the desire decreases for a given materiality amount, the sample size necessary to test an…

A: Auditing and Assurance

Q: Consider an asset with a cost of SR500,000, useful life of 8 years and salvage value zero. If you…

A:

Q: 300,000 500,000 300,000

A: The final tax of income is given as,

Q: Compute the partners' capital balances at the end of 2012 under the following independent…

A: The partner's capital account is the account in which all transactions between the partner and the…

Q: If $310,000 of 7% bonds are issued at 97, the amount of cash received from the sale is a.$331,700…

A: Cash received from the sale of the bonds = Face value of the bonds - Discount on bonds where,…

Q: On-Line Learning Corporation obtained a charter at the beginning of this year that authorized 63,000…

A: Issue of Shares: In business, the issuance of shares refers to the process through which companies…

Q: file his annual ITR on February 2019. On May 2020, he received a notice of assessment from BIR for…

A: X files annual return on Feb 19. On receiving notice from BIR for underpayment, X can file amended…

Q: Lina Company purchased equipment on January 1, 2022 for P5,000,000. The equipment had a useful life…

A: Solution...     Depreciation rate using double Declining method  = 200% ÷ life  = 200% ÷ 5  = 40%…

Q: During its first year of operations, Snobegon, Inc. (located in Lake Snobegon, Minnesota), produced…

A: The underapplied overhead cost is added to cost of goods sold. The cost per unit is calculated as…

Q: A plant asset acquired on October 1, 2022 at a cost of $1,008,000 has an estimated useful life of 10…

A: The question is based on the concept of Depreciation Accounting. Depreciation is the reduction in…

Q: Based on the above trial balance, prepare the r Gross Profit Blank 1 Net Income from operation Blank…

A: Preparation of Income Statement

Q: stion 3: What do by audit evidence ? What are you Unclerstand the poctors to be ansidered when…

A: audit evidence evidence that support and verify the information that has been provided by the…

Q: ed into a contract agreement with the government to construct and edifice for a total  contract…

A: Given:  Total  contract price= P25,000,000 government paid= P10,000,000  withheld 5% vat

Q: Which of the following performance measures is most closely associated with the Balanced Scorecard's…

A: There are four perspectives on balanced scorecard they are on Financial, customer, business…

Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…

A: Journal Entries: Journal entries are recognized in the journal book representing the monetary…

Q: Agricultural assets are examples of PP&E (Property, Plant, and Equipment) Select one: True False

A: Agricultural assets are assets used in agriculture or farming. The concept asked in question is…

Q: Which of the following performance measures is most closely associated with the Balanced Scorecard's…

A: The learning and growth prospective  of balanced score card specifies improvement in both…

Q: Clarita is a single taxpayer that lives in the U.S. with two dependent children, ages 10 and 12.…

A: Child and dependent care credit: According to IRS, the person ( who incurred any expenses for the…

Q: How is total compensation calculated? O a. salary + bonus - fringe benefits O b. salary Oc. salary +…

A: We are supposed to be answered only one question in case of multiple questions. Compensation is the…

Q: Which of the following would not be a correct form for an adjusting entry? a. A debit to a revenue…

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…

Q: Business Law

A: Business law refers to the body of law that governs the working of business, trade, or commerce.…

Q: Sales 46,500,000 Raw materials inventory, beginning Raw materials inventory, ending 3,500,000…

A: Calculation of COGS :   total cost ( in thousands of $) Direct material consumed:

Q: Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b.…

A: Solution 1a: Material quantity variance = $900 U (SQ - AQ)*SP = -$900 (3,400*3 - AQ) * $5 = - $900…

Q: ntory erty, Plant and Equipment unts Payable -term Notes Payable nary Share Capital (250,000…

A: GIVEN Grace, a financial analyst, is looking at the 2020 financial statements of ACE Company and…

Q: Unit Costs, Inventory Valuation, Variable and Absorption Costing Snyder Company produced 81,700…

A: Solution:- 1)Calculation of unit cost and the cost of finished goods inventory under absorption…

Q: The following balances have been excerpted from ABC Company's balance sheets: 12/31/2017 12/31/2016…

A: insurance expense on the income statement for 2017 = Insurance  premium  paid  during year + prepaid…

Q: If, during an accounting period, an expense item has been incurred and consumed but not yet paid for…

A: Adjusting entry: Debit: Expense Account Credit: Expense Payable Account

Q: ction is C=300+0.8Yd, how much do mber without any Euro symbol)

A: "When potential GDP is more than the actual GDP then there is a output gap which can be closed by…

Q: Information is immaterial if omitting it or misstating it could influence decisions that users make…

A: Materiality  is determined  by considering  both quantitative and  qualitative factors.

Q: How does the topic of accounting for government grants relate to the topic of accounting for…

A: Government Grants for biological  asset is covered  under IAS 41 Agriculture  standard

Q: 3.  which of the following transactions will result in the increase and decrease in liability? a.…

A: A) Payment of a loan involves cash payment which is an asset account. Due to this, both asset and…

Q: The policy implications of the Keynesian income determination model are as follows Counter-cyclical…

A: Answer:-  Keynesain income determination:- The equilibrium level of national income is established…

Q: (A machine with a purchase value of $850 t life of the machine is 7 years, calculate the of the…

A: Depreciation expense is the reduction in the value of an asset due to normal wear and tear, the…

Q: St. Matthew Hospital, a private 40-bed hospital in Bataan province, presented the following data for…

A: Gross income = Gross receipts from patient & laboratory + Income earned from unrelated…

Q: Rayan Corporation was organized on January 1, 2020, with an authorization of 1,200,000 ordinary…

A: The total number of share premium as of December 31, 2020 = Cost of Treasury shares - Cost of…

Q: Flaherty, Inc., has just completed its first year of operations. The unit costs on a normal costing…

A: Absorption costing: It is the costing system that accounts all the costs associated with the…

Q: An investor was offered a production line project, investment volume 0 0 2850 dollars, annual sales…

A: The question is related to the Return on Investment and Breakeven Point. The Return on Investment is…

Q: function of the reserve requirement is to promote stability in depository institutions true or…

A: Reserve requirement is used by Central Bank in order to set the minimum amount that commercial bank…

Q: Benson Airline Company is considering expanding its territory. The company has the opportunity to…

A: Payback period is the time taken by an investment to recover the investment amount paid on an…

Q: Apple estimates that the demand for one of its tablets in 2023 will be uniform between 10 million…

A: GIVEN    Apple estimates that the demand for one of its tablets in 2023 will be uniform between 10…

Q: The Atlantic Medical Clinic can purchase a new computer system that will save $6,000 annually in…

A: The question is related to the Capital Budgeting. The details are given regarding the same.

Q: Cash Note Recenable P 67,075 70,000 176,500 Accounts Receivable Allowance for Bad Debes 5,400…

A: Solution..   Net sales  = Sales - sales return - sales discount  = 572,875 - 11,000 - 6,400  =…

Q: 23 October Purchased tables and chairs for P65 750.00 paid in cash 23 October Paid rental for space…

A: Lets understand the basics. Journal entry is required to make to record event and transaction occur…

Q: is engaged in business. His net income for 2018 is 250,000. Thus,     a. No need to file ITR because…

A: The person who are not required to file ITR are: - An individual earning purely compensation income…

Q: Jan. 1 Inventory 3,800 units at $41 Apr. 19 Sale 2,600 units June 30 Purchase 4,600 units at $45…

A: solution: Under LIFO method of inventory costing, goods purchased in last is considered as sold…