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Q: e owner's equity
A: (Note: Since you have posted a multi-part question, we will solve the first 3 parts for you. For the…
Q: Guess, Drawing (debit balance) Levis, Drawing (debit balance) Jag, Loan Guess, Capital
A: 1) Computation of total loss from the liquidation of the partnership Particulars Amount…
Q: Equity equals: C . Assets + Liabilities.
A: Equity equals: C . Assets + Liabilities.
Q: The balance in the profit and loss account is transferred to the: profit and loss account.…
A: Profit and loss account: It tells the net profit / ( loss ) of the company for the particular…
Q: What is debit
A: Debit is an entry recorded in the left side column of an account.
Q: g "Unearned results a debit
A: A transaction of revenue is recognized when the obligation by the seller is fulfilled by…
Q: (c) Return on Total Assets
A: Return on total assets measures how well the company uses its fixed assets efficiently so that its…
Q: b. Prepare an income state c. What is the balance in th d. What is the balance in th Complete this…
A: The accounting equation is a fundamental part of the balance sheet and a basic principle of…
Q: 4.1 Identify whether each of the following transactions, which are related to revenue recognition,…
A: Accrual income refers to that income that has been earned but not yet received. Deferral income…
Q: 10. Which of the following appears on the Balance Sheet? a. Unearned Fees b. Supplies Expense c.…
A: 10. Balance sheet is the statement of financial of particular year which includes Assets of current…
Q: A trial balance shows a subtotal for current assets and current liabilities. True or False
A: Trial balance: It is the statement prepared at the end of the year to close all the accounts. The…
Q: at amount of money c
A: Grant refers to the free money which is given to the recipient to meet the criteria for completing a…
Q: The net-worth is the difference between assets and liabilities and is also called as ..... (a)…
A: Company balance sheet consists of assets and liabilities and equity.
Q: Explain the relationships between adjustments and thefollowing Chapter 3 concepts: ( a ) the time…
A: Given, The relationships between adjustments is described as below, (a) the time period assumption,…
Q: O a. Nostro account O b. Vostro áccount O C. Loro account
A: Ans. Nostro is a Latin word which means 'ours'. Nostro means 'our account with you'. It is an…
Q: 1. Which T-account is incorrect? a. Depreciation Expense b. Interest Receivable c. Capital Stock d.…
A: The T-accounts are prepared as debit on left side and credit on right side.
Q: Vhat is the company's total assets tumover? What is the firm's
A: The formula to calculate Return on assets is Profit margin multiplied by the Asset Turnover. To…
Q: Describe the accounting when there is a right of return.
A: The right of return entitles a customer to a full or partial refund of the amount paid or a credit…
Q: Which one is generally the least liquid? a. Patents b. Buildings c. Inventory d. Equipment…
A: The least liquid assets are those assets that are not easily convertible into cash or liquid asset.…
Q: When are the value of asse balance sheet shown at the when aren't they2
A: There are two most commonly used quantitative measured for valuing the assets of a company this are…
Q: commodities, currencies, interest rates and other assets. a. All statenments are true b. Statements…
A: Debt Securities: These are financial assets that allow the owners of such assets to interest…
Q: Current assets - current liabilities = [A] fixed capital [B] working capital [C] opening capital…
A: Working capital = Current assets - current liabilities Where, Current assets includes: Accounts…
Q: EBIT-EPS analysis helps organisation understand the effect of changes in resulting due to O EPS,…
A: EBIT-EPS analysis - This is a method used to determine the optimal capital structure in which the…
Q: balance sheet lists v
A: First option is wrong because revenues, expenses, gains and distributions to owners are listed in…
Q: Requirements: A. Determine the total payment to unsecured creditors. B. Determine the total net…
A: Liquidation means where the company decide to close out the operations , sell all the assets and…
Q: Define each of the following terms: e. Declaration date; holder-of-record date; ex-dividend date;…
A: Definition : The declaration date is the date on which the board of directors of a company announces…
Q: Net Income (Loss)? Curren Assete2
A: [Since you have posted a multi-part question, we will solve the first three parts for you. For the…
Q: ne Hire Purchase Interest over the Sum of the digits method LC Account (as it will appear in
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: Advances from customers are classified as a(n) Select one: a. The answer does not exist b. revenue.…
A: Unearned sales Revenue: Unearned sales Revenue means money received from the customer in advance for…
Q: 1. How many types of Transcation explain each with suitable example? 2. Define Capital Account and…
A: Accounting: It is the process of recording, classifying, summarizing all transactions of a business…
Q: n accounting equation. (De any decreases to accoun
A: On August 1, Year 1, Cash account is debited and Unearned revenue account is credited with $40000.
Q: O Assets and Liabilities Income and Capital Revenue and Expenses O Assets and Liabilities and…
A: Solution Note : Dear student as per the Q&A guideline we are required to answer the first…
Q: are classified on the balance sheet as current or Select one: a. long-term. b. accrued. C. unearned.…
A: The balance shows the assets and liabilities of the business.
Q: Est-ce que certains expenses, like salary or depreciation, may become assets? Explain
A: In accounting, the balance sheet is one of the financial statements that summarizes a company's…
Q: 2. The matching principle matches a. expenses with assets. b. expenses with revenues. C. assets with…
A: Matching Principle: It is a principle that matches the expenses with the revenue earned during the…
Q: 1. Which of the following is not recorded in the SFP? A. Assets B. Equity C. Liabilities D. Revenues
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Assets are increased by debits and liabilities are decreased by credits. TRUE FALSE
A: Hey, since there are multiple questions posted, we will answer the first question. If you want any…
Q: 3. An example of a debit entry is OA. a decrease in an asset account. OB. an increase in an asset…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
Q: Net Income , SFP
A: Net Income is the excess of revenue over expenses.
Q: Return inward appearing in trial balance is deducted from Select one: a. Asset O b. Purchases c.…
A: Introduction: Trial balance: After posting all the balances to ledger accounts trial balance is…
Q: How do u calculate for total assets?
A: Introduction: Assets are resources owned by the company that is expected to generate future economic…
Q: "T- Accounts" f
A: T-accounts are ledger accounts for respective items which are part of financial statements. They are…
Q: Recorde . Collecte I. Recorde account s the total e
A: Free cash flow is the money a business entity left over after paying its…
Q: A capital expenditurea. adds to an asset.b. is expensed immediately.c. is a credit like capital…
A: Expenditure: It refers to the aggregated amount that is spent by a business during an accounting pe
Q: completed? O a. Transaction O b. Selling
A: In exchange process there is giving some products to customers and in return the customer pay money.
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- The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.
- On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
- On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and income tax purposes. At the end of 2019, the following information was obtained from the inventory records: Required: 1. Prepare the necessary adjusting journal entry assuming that Grimstad converts the accounts to LIFO at the end of 2019. 2. Indicate how Grimstad would disclose the inventory value on its comparative balance sheets prepared at the end of 2019. 3. Next Level By how much would Grimstads cost of goods sold differ in 2019 if it used FIFO for external reporting?Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
- Borys Companys periodic inventory at December 31, 2019, is understated by 10,000, but purchases are correct. Johnson correctly values its 2020 ending inventory. What is the effect of this error on Boryss 2019 and 2020 financial statements?At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.