Explain “gain contingency”.

Q: iable costs change in direct proportion to a change in the activity level. True or False?

A: There are two types of one is fixed cost and other is variable cost and both are part of the total…

Q: Describe the Cost of Elimination.

A: Costing System - A costing system is created to keep track of the costs incurred as a result of the…

Q: Naomi received an invoice from (a law firm) for $5,000 the following services performed in 2022:

A: AGI is Adjusted Gross Income.  As per IRS it is the net taxable income after deducting certain…

Q: nber 31, Year 1, the Loudoun Corporation estimated that 3% of its credit sales of $112,500 would be…

A: Under % of sales method, bad debt expense are computed based on a certain percentage of credit…

Q: If the part is purchased, the space released can be rented for P65,000.  If the part is purchased,…

A: Given in the question: Total Cost to produce 15,000 units = P450,000 If purchased outside, The per…

Q: Paul consulting is trying to prepare its bank reconciliation statement. for this purpose, the…

A: Bank reconciliation statement is the record of transactions made through bank. It helps in tallying…

Q: On January 2, Matthews Corporation acquired 20% of the outstanding common stock of Dennehy Company…

A: Solution : Cost of investment = $450,000 Net income of Dennehy = $90,000 Cash dividend paid by…

Q: Analyze and journal the transactions:                 The Company is VAT- registered with 5% tax…

A: Journal Entry In order to document a business event in the financial documents of the company, a…

Q: Hw.131. Sheridan Corporation reported net sales of $284,700, cost of goods sold of $156,585,…

A: Profit margin is one of the often used profitability measures to assess a company's or line of…

Q: Entries for Notes Receivable, Including Year-End Entries The following selected transactions were…

A: Lets understand the basics. When any service provided against the notes payable then jounral entry…

Q: Smart Insurance plc is a large life insurance business. Taking the user groups identified, suggest,…

A: Accounting Information System An accounting information system which is described for the benefit of…

Q: Aces Incorporated, a manufacturer of tennis rackets, began operations this year. The company…

A: Solution: Under variable costing, contribution margin is separately shown based on variable cost. It…

Q: Hw.148. Income tax is levied on all of the following taxable items except:     Wages…

A: Income tax payment are to be paid for income earned and it is necessary to for every citizen to pay…

Q: What accounting concept is reflected in recognizing  warranty liabilities as liabilities even when…

A: According to the accounting concept of conservatism, revenue is only recognized when there is a…

Q: If the Lumber Division sells to the Construction Division, $0.35 per board foot can be saved in…

A: Introduction:- Transfer pricing measures to the prices of goods and services that are exchanged…

Q: Abby Company has 150,000, $50 par, 5% preferred shares of stock outstanding and 250,000 shares of…

A: Lets understand the basics. Shares are divided into two types which are, (1) Preferred stock (2)…

Q: A taxpayer is single and has a capital loss of $8,000 long-term for the tax year and a short-term

A: Capital gain - The money one makes when they sell a valuable asset, such as stocks, bonds, or real…

Q: On December 31, the company estimates future sales refunds to be $900. As of that date, the company…

A: A journal entry is the act of recording each individual financial transaction that a company does in…

Q: You have DR shown but where is the credits?

A: Double entry system of bookkeeping:   Under this system one account is debited and other is…

Q: Bellingham Company produced 2,700 units of product that required 3.5 standard direct labor hours per…

A: Variance is something which shows the difference between the estimated cost and the actual cost. It…

Q: Cauce Corporation is preparing its year-end balance sheet. The company records show the following…

A: Working capital=Current assets-Current liabilities

Q: Mary Alexander is a sole trader who operates a small wholesale business in Kingston, Jamaica. On…

A: Answer:-  Gross profit meaning:- The profit a company makes after deducting all of the expenses…

Q: UKJPQX588 Corp. has provided the following cost, price, and sales data: Selling price $ Variable…

A: Net operating income is revenue less all operating expenses while net income is revenue less all…

Q: Instructions At the beginning of the current year, Willow Company adopts a pension plan and awards…

A: Defined Benefit Pension Plan - A defined benefit pension plan is one in which the employer…

Q: QUESTION 2 Stock valuation The following transactions of Unilever Ghana Limited relate to May 2022.…

A: FIFO Method :— Under this method, beginning inventory and old purchases is used for output or sales…

Q: Buried Treasure Co.'s relevant range of production is 7,000 units to 13,000 units. When it produces…

A: Solution: Variable cost per unit sold = Direct materials + Direct labor  + Variable manufacturing…

Q: How much were the cash receipts per books during august 2021

A: Bank reconciliation statement is the statement that reconciles the bank statement amount with the…

Q: can expert give another detailed answer please.

A:

Q: (a)   The Sales Budget for both products for January to March 2017.…

A: ASSUMPTIONS- 1. while calculating production budget the beginning inventories are taken which are…

Q: Concord Company's inventory records show the following data for the month of September: Inventory,…

A: FIFO Method :— Under this method, Beginning Inventory and old purchases is used for output or sales…

Q: On January 1, 2020, Wildhorse Company contracts to lease equipment for 5 years, agreeing to make a…

A: Journal entries are the easiest way to keep track of a commercial transaction. The journal is…

Q: Hw.145.   Francisco paid the following taxes in 2022: !"$6,000 property taxes on their personal…

A: There are two different types of deductions itemized and standard deduction. Itemized deduction is…

Q: Concord Corporation produces small lightweight camping trailers with rear kitchen facilities. The…

A: We will have to use a different approach rather than a fixed formula:  Let’s suppose we want…

Q: Crane Corporation, which uses ASPE, leased equipment it had manufactured at a cost of $146,100 for…

A: SOLUTION:-                                           JOURNAL ENTRIES OF CRANE CORPORATION Date…

Q: s two rental houses. During the year, she was actively involved in managing the properties. The only…

A: Investment income refers to the sum value of money gained by an investor out of the investment made…

Q: The company has a mortgage note payable for $1,500,000 that comes due in year 3. this note is paid…

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

Q: Hoffman Corporation retires its bonds at 106 on January 1, following the payment of annual interest.…

A: If the bonds are redeemable at a higher price than the face value, bonds are redeemable on a…

Q: Sales Forecast and Flexible Budget Olympus, Inc., manufactures three models of mattresses: the…

A: Budget is a plan that shows how much money an organization expects to earn and spend during a…

Q: he laboratory manager. The hospital administration wants to penetrate the market and expand the…

A: Budget - A budget is a strategy for making calculations over a specified time period, generally, a…

Q: The financial statements of New World, Incorporated, provide the following information for the…

A: Calculation of net profit Net profit= Net sales- COGS- Operating expenses = 3172500- 1672500-382500…

Q: If a stock consistently goes down (up) by 1.6% when the market portfolio goes down (up) by 1.2%,…

A: A stock's volatility can be compared to the market's overall systematic risk using a beta…

Q: On January 1, 2021, Central Industries leased a high-performance conveyer to Dynamic Company for a…

A: SOLUTION :- Cost of equipment as on 31 dec 2021 = $ 1912000 Interest rate ( discounting factor ) = 5…

Q: Whitney received $75,000 of taxable income in 2022. All of the income was salary from her employer.…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: You are the auditor for Konerko’s Office Supply Store, which is opening for business next week. The…

A: In the case, of small businesses, there are a number of ways that their employees use skim money…

Q: North Face is one of the world's most popular outdoor apparel companies. Assume that North Face…

A: NOTES PAYABLE   Notes Payable is a Written Promissory Note. Notes Payable is Liability in Nature.…

Q: Estimating Useful Life and Percent Used Up The property and equipment section of the lululemon…

A: The property plant and machinery represent the non-current asset of the company which will be used…

Q: What are four likely causes and two likely consequence of a cash-crunch

A: Lets understand the basics. Cash crunch arise when cash inflow is lower than cash outflow. In other…

Q: c. 9,000 units remained in inventory at the end of 2021. Required: 1. Ignoring income taxes, prepare…

A: Accounts title Debit Credit Retained earnings (WN A) 20,000   Merchandise inventory   20,000…

Q: Inexperienced construction company Blue Spruce Corp. signed a risky non-cancellable contract to…

A: Solution A journal is a company's official book in which all business transaction are recorded in…

Q: excel CHECK FIGURES b. $5,000 c. $35,000 The following information was drawn from the year-end…

A: An asset is a resource with economic value that an individual, corporation, or country owns or…

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.