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

Q: Anthony has just won the Flyball Lottery. He has two options for receiving his prize. The first…

A: Present value is  the concept that states an amount of money today is worth more than that same…

Q: Kevin is planning for his retirement this year. One option that has been presented to him is the…

A: An annuity seems to be a financial instrument that pays out fixed amounts of money at regular…

Q: Record the following month end adjustments in one batch. A.) Memo #0228-Adj1 the month-end accrued…

A: Basic Accounting Concept  Journal Entries

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: Required: Use these data to answer each of the following questions with explanations: a) Is it…

A: Ratio Analysis The purpose of measuring the Ratio analysis which indicate that the strength and…

Q: Donr bad aress receints from ber for ns 109C

A: Form 1099 as per provisions of IRS is for the persons doing small business or…

Q: Bellingham Company produces a product that requires 3 standard direct labor hours per unit at a…

A: Variance analysis is the analysis between standard and actual results to mainly find out the reason…

Q: Explain two reasons why uncontrollable costs are included in the income statement

A: Introduction:- Uncontrollable costs are cannot be avoided. Which are necessary for production of…

Q: A partner who retires voluntarily from the partnership is not entitled to profit share for that…

A: Partnership is a group of people who come together for earning the profit by commencing the…

Q: P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 Sales Sales Returns…

A: Cost of goods available for sales include the beginning inventory, and purchase of inventory during…

Q: On October 1, 2019, Alharam sold and delivered 3 doors to a builder for $40,000. The builder plans…

A: Notes are the secured instruments which are used to pay for a transaction. It includes payment of…

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: $393,110 Use the table of annual $8,252 Рayroll expenses to calculate the category expense…

A: Business expenses are an important component of every business undertaken. Each expense contributes…

Q: Thomas is an employer with two employees, Patty and Selma. Patty's wages are $12,450 and Selma's…

A: The maximum FUTA tax rate is 6% which is applicable on first $7000 gross pay for each employee.

Q: lladium Ltd. is looking to update their cash budget for January to April time period. Based on the…

A: The question is related to the Cash Budget. Cash Budget is a summary of cash receipts and cash…

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

A: An Unearned interest refers to an interest income collected by a lending institution before they…

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

A: Conversion costs refers to costs incurred by a manufacturing entity in order to convert raw…

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: U Bee docs.google.com @ P Corporation issued 10,000 shares of common stock with a fair value of $25…

A: The difference between purchase consideration and net assets leads to goodwill.  In the given case,…

Q: On December 31, the trial balance indicates that the supplies account has a balance, prior to the…

A: Adjusting entry means where some adjustment need to be made at the end of specified period for…

Q: United states taxation question: Mcdonalds corp buys the assets below during 2021. Assuming no bonus…

A: half year convention applies to the property other than real estate. Mid month convention is applied…

Q: On June 1, 2019, Leni Company acquired a 5-year, 10%, P1,000,000 face value bonds for P920,000. The…

A: Carrying amount = Face value * Fair value at December 31, 2021

Q: Lost of gööds sold to be shown along with för answer Purchases $ 30,526 Selling expense $ 769…

A: The cost of goods sold includes the cost of goods that are sold during the period.

Q: Required information [The following information applies to the questions displayed below.] In 2021,…

A: Maximum charity deduction of 10% of income less ordinary deduction (before deduction  of the…

Q: Tom and Faith are in a partnership sharing profits and losses in the ratio of 3/5 for Tom and 2/5…

A: Partnership means where two or more person comes together to do joint business and share the common…

Q: What is the percent change from $499 to $299? 67% 16% 40% None of the above

A: The percentage change is calculated as change in value divided by original value

Q: Assume a company is conducting a time-driven activity-based costing study in its Purchasing…

A: activity based costing systems allocate manufacturing overhead by assigning indirect costs to…

Q: Pecan Theatre Inc. owns and operates movie theaters throughout Florida and Georgia. Pecan Theatre…

A: The question is related to Dividend per share of preferred Stock and common Stock. The details are…

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: 8. Choose the best scenario when the price level falls: * When the money supply falls, the interest…

A: Inflation occurs due to various factors related to supply of money in the economy and the costs of…

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: 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: Which of the following budgets are prepared before the sales budget? Budgeted

A: First of all we prepare sales budget. After preparation of sales budget all other matters are…

Q: Cost of goods sold to be shown along with formula and answer? Purchases $ 30,526 Selling expense $…

A: Formula: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory

Q: [The following information applies to the questions displayed below.) Matthew (48 at year-end)…

A: The employee retirement plan provides financial safety for the employee after retirement. The…

Q: A device costs $20,000. After 7 years, it is expected to be worth $6,000. Using the SL method, find…

A: Given cost of asset = $20,000 Salvage value = $6,000 Life of asset = 7 years

Q: a. Prepare an income statement according to the absorption costing concept. Gallatin County Motors…

A: Variable costing treats all fixed costs as period coats, so it only uses the variable manufacturing…

Q: Ms. May Putok opened her business, "Putok Accounting Service" in the month of March 2022. March 3 –…

A: Journal Entry The purpose preparing the journal entry to enter the required transaction into debit…

Q: Derrick Iverson is a divisional manager for Holston Company. His annual pay raises are largely…

A: Net present value is the excess of present value of cash inflows over cash outflows

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

A: Ending Retained earnings  = Beginning Retained earnings- Net loss - cash dividend declared - stock…

Q: n attempting to evaluate performance and control costs using a variance report that compares the…

A: Solution: flexible budget performance report shows the Revenue and spending Variances and activity…

Q: Problem #1: Bank Reconciliation Using the information provided below, complete 1) a bank…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Prepare Balance Sheet and Statement of Owner's Equity for Adam Investment Cooperation for the year…

A: Balance Sheet is one of the part of Financial Statements which shows the financial position of the…

Q: A Co. is authorized to issue P5,000,000 of 6%, 10 year bonds dated July 1, 2021 with interest…

A: The premium on bonds payable refers to the amount received from the bondholders over the face value…

Q: 4. A company is paying $30 per part for welding operations. They can buy a welding machine with an…

A: Operating cost- Operating costs are connected with the maintenance and management of a business on a…

Q: Illustrative Problem 1: Mr. Jackson Mob opened his business, "LabanderaMOh" Laundry service in the…

A: Journal entry is the first step to record transaction in the books of account. Journal Entries are…

Q: Ryan Ltd. sold equipment with a book value of $80,000 for a $10,000 loss, sold Ryan Ltd. common…

A: The question is based on the concept of Cash flow statement. Cash flow from investing activities…

Q: If the value implied by the purchase price of an acquired company exceeds the fair values of…

A: Goodwill on acquisition = Purchase consideration paid - Fair value of net identifiable assets…

Q: Initial operating loss related to Property, Plant and Equipment should be A. Capitalized as part of…

A: Answer:-  Operating loss:- If a company's operational expenditures surpass its gross earnings, the…