Give the statement of cash flows
Q: 6. What is the ROI related to this year’s investment opportunity? (Do not round intermediate…
A: Return of investment (ROI) stands for the Income, as a percentage of the Investment, that a Business…
Q: Assume that a company uses a standard cost system and applies overhead to production based on direct…
A: Standard hours per unit: 2 Hours Standard rate: $6.00 Standard cost: $12.00 Actual Fixed overhead…
Q: The number of blood tests performed and the related costs over the last nine months in Brentline…
A: The high-level method is used to separate fixed and variable costs from the mixed costs of…
Q: Kross company purchases an equity investment in Penno Company at a purchase price of 5,000,000…
A: Equity Method of Accounting: Companies typically utilise the equity method of accounting to…
Q: Which of the following does not appear in a statement of retained earnings? Choices; Net loss…
A: Retained earnings is the amount of earnings collected or accumulated over the period of time.…
Q: A company wants to pay a bonus to an employee so that the net pay is $10,000. The federal income tax…
A: Federal income tax, State income tax and FICA tax are to be deducted from the bonus paid. We…
Q: Which method should be used to account for a 16 % ownership in another company's voting stock ,…
A: Voting stock refers to the shares in the business which provide the holders voting right for the…
Q: How would Sunland (lessor) and Splish Brothers (lessee) classify this lease? Sunland would classify…
A: Lease is a transaction where lessor and lessee will enter into an agreement for the purpose of right…
Q: 3. 4. 5. Interest on loan was still accrued for 3 months on 31 December 2021. One of the trade…
A: Income statement is one of the financial statement which shows all incomes and all expenses of the…
Q: Carla Company's standard foxed overhead rate is based on budgeted fixed manufacturing overhead of…
A: Overhead Applied :—It is the indirect costs that is applied to production. It is calculated by…
Q: ACME Inc. issued a 10 year, 5%, $340,000 note payable to finance the construction of a new building…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: S Inc follows ASPE but is planning to switch to IFRS in 2022. Beginning defined benefit obligation…
A: 1. The plan assets fair value at January 1, 2021 is underfunded by 60% of the DBO $1136-60% = 454.4…
Q: These are small question , please answer all otherwise skip it Q1. What is the CM for 'Room'…
A: The contribution margin would be defined as the gap between the firm's sale price and variable…
Q: VIP Corporation's first year of operations had the following transactions: 2020 Jan. 15 Issued 2,000…
A: On issuing the shares in the market, the stock account is credited by the par value of the shares…
Q: Oriole Corporation has 74,000 shares of common stock outstanding. It declares a $2 per share cash…
A: Dividends declared = Number of shares Outstanding ×Cash dividend per share = 74000×$2 =$148,000
Q: Question : Insolvency Charle the Cheap Ltd went into voluntary liquidation on 30 June 2021. Its…
A: Liquidation :— It is the process of ending of business and distributing the assets to creditors.…
Q: Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent…
A: Activity-based costing is used to distribute the overhead. This method is used to allocate the…
Q: Sarasota Corp. uses a perpetual inventory system. The company had the following inventory…
A: Introduction: Journal entry is used to document a commercial transaction in a corporation's…
Q: Gabbe Industries is a division of a major corporation. Last year the division had total sales of…
A: Ratio analysis helps to analyze the financial statements of the company. The management can make…
Q: Pepper Corporation owns 90% of the outstanding voting stock of Salt Company and Nike Corporation…
A: Financial statements are those which an entity prepares to indicate its financial health. The income…
Q: For the current year ending April 30, MJW Company expects fixed costs of $87,500; a unit variable…
A: Break Even Point - Break Even point is the point where the company recovered its cost. It is the not…
Q: Beckett Company made the following sales to credit card customers for the month of June. Visa…
A: Journal - A journal is a thorough account that documents all of a company's financial activities. It…
Q: Avila Co. sold $10,000 of merchandise to Beasley Corp. on account with terms of 1/10, n/30. The…
A: Note: 1/10, n/30: Here, 1 represents the discount rate if payment is made within ten days. And if…
Q: If interest rates are rising, which of the following bonds would you would want to hold? (Ignore…
A: In the context of the given question, we are required to select the correct option from the given…
Q: How does the payback period approach capital budgeting? Examples of 1 advantage and 1 disadvantage?
A: Pay back period approch in capital budgeting is use to analysis two or more projects. The project…
Q: 2. William is paid semi-monthly. He eams $1024 every pay period. The list shows his expenses: Rent:…
A: A monthly budget refers to the statement that shows the income earned and expenses incurred in a…
Q: True/False An entity presenting a single statement of comprehensive income shall…
A: Financial statements are defined as the records that are prepared by the business entities as per…
Q: ● Use the algebraic approach. If the Income Statement is: ● 2. Sales (P50 x 10,000 units) Less:…
A: Variable costs are costs which changes with change in activity level. Fixed costs do not change with…
Q: Sebastian, Wyatt, and Mathew are close friends who graduated with master's degrees in accounting…
A: The legal identity of a Limited Liability Partnership (LLP) is distinct from that of its…
Q: strategy for accounrting firm to adopt digital transformation
A: Firms must get over their reservations about the digital, cloud-based world of today. The more…
Q: On January 1, 20X2 Pepper purchased 100% of Salt Corporation’s outstanding shares for cash of…
A: Consolidated Financial Statements :— Consolidated Financial statement means the grouping of all…
Q: Chris has to decide between 2 SME's who want to assist in his project. Vendor 1 has a 30% chance of…
A: When you consider an alternative there are various probabilities of gaining or losing, the mean…
Q: Which of the following is not a requirement for expense reimbursements to be an accountable plan?…
A: Reimbursement plan complies with IRS regulations, according to IRS regulations, a reimbursement plan…
Q: simplify this
A: Traditional costing and activity based cost in our one of the most widely use technique in order to…
Q: Love for books bookstore expects sales of R10 000 000,00 next year. Each book sells for R200,00 and…
A: 1.Economic order quantity: Economic order quantity is the quantity that is most economical to order…
Q: estion 5 Abba, Inc is considering the purchase of some new equipment that costs $240700. The new…
A: Cash inflows means the amount of cash received by an entity during a period. It includes only cash…
Q: The auditor of Cubs obtained the following client-prepared bank reconciliation (See Image) The…
A: Potential Issues in Bank Reconciliation To find any discrepancies in the day-to-day transactions,…
Q: : Jim and Jane would like to purchase a home theatre system for their newly renovated home. After…
A: Introduction No-interest plan: An expense made by a bank for operations that is distinct from the…
Q: State two objectives of budgetary planning and control systems
A: “Since you have asked multiple question, we will solve the first question for you. you want any…
Q: 8) At year end, a business has an accounts receivable balance of $245,000. The allowance for…
A: The allowance for doubtful accounts is the contra assets for the business and has a normal credit…
Q: QUESTION 5 The following budgeted profit statement has been prepared using absorption costing…
A: The contribution margin per unit is calculated as excess of selling price over variable cost per…
Q: What is the cost of goods sold for May using a LIFO inventory costing method in a perpetual…
A: Last in first out (LIFO) is a method used to account for inventory. Under LIFO method, the costs of…
Q: On April 2, 20x5, Jedi Nights, Inc., a hotel under the management of Skywalker Enterprises purchased…
A: Treasury stock means the stock in which the company purchases its own stock from the market. The…
Q: 1 million bond issue is outstanding. assume deposits earn 8 percent per annum. calculate the amount…
A: Given in the question: Amount 1000000 Interest Rate 8% Time (in Years) 20…
Q: The following information has been taken from the perpetual inventory system of Elite Manufacturing…
A: Manufacturing OH Cost :— Manufacturing OH Cost is the Cost which is Incurred to manufacturing the…
Q: The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot…
A: Variance is the variation or difference between the budgeted or actual costs. Here, the variance…
Q: What is its approximate internal rate of return? (Round answer to 0 decimal places, eg. 16 %)…
A: Internal Rate of Return (IRR) is that Rate of Return at which Present Value of Cash Inflows is equal…
Q: Three Company produces two products (Product 1 and Product 2) from a common input. Joint costs for…
A: In the context of the given question, we are required to compute the joint cost allocation of the…
Q: Westerville Company reported the following results from last year’s operations: Sales $…
A: Profit margin is the percentage of income earned on the sales of a period after deducting the…
Q: Compute for the benefit ratio of the following projects. Project cost Gross income Operating cost…
A: Introduction: The benefit-cost ratio (BCR) is a financial or qualitative indicator that depicts the…
Step by step
Solved in 2 steps
- Classify the following items as either:TPS—transaction processing systemFRS—financial reporting systemMRS—management reporting systema. Variance reportsb. Sales order capturec. Balance sheetd. Budgetse. Purchase order preparationf. Tax returnsg. Sales summary by product lineh. Cash disbursements preparationi. Annual report preparationj. Invoice preparationk. Cost-volume-profit analysis29 - How are purchase refunds recorded to which account?A) From the purchase to the debt of the returns accountB) To the credit of the commercial goods accountC) To the debt of domestic sales accountD) To trade goods account debtE) Cost of commercial goods sold is credited to the account24) Under IFRS, a) receivables are generally reported in the current assets section of the statement of financial position. b) cash and receivables are reported as the last items in the current assets section of the statement of financial position. c) bank overdrafts are generally reported as cash. c) All of these answer choices are correct. 25) A major difference between GAAP and IFRS with respect to accounting for inventories is: a) guidelines on ownership of goods. b) costs to include in inventories. c) the use of LIFO cost flow assumption. d) the use of LCNRV. 26) Which of the following is a similarity between GAAP and IFRS with respect to accounting for inventories? a) Both standards use a ceiling or a floor to determine lower-of-cost-or-market. b) Both standards allow for reversals of write downs. c) The use of more principles based guidelines exist under both IFRS and GAAP standards. d) Inventory acquisitions are accounted for at historical cost.
- Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)Given the following information, convert Cardinal Companys cost of goods sold from its income statement into payments to suppliers for its statement of cash flows.Assume that an organization asserts that it has $35 million in net accounts receivable. Describe specifically what management is asserting with respect to net accounts receivable.
- Dividing net sales on account by the average amount of net accounts receivable is the calculation for the a.merchandise inventory turnover. b.working capital turnover. c.plant and equipment turnover. d.accounts receivable turnover.which of the following account will be least likely involved in the purhasing sub-process of the purchasing and disbursement cycle? a. inventory b. prepaid expenses c. accounts payable d. cash in bank19 - What is the payment method in which the goods are sent to the buyer without payment by the exporter company and the cost of the goods is paid within the predetermined term?A) Payment with Acceptance CreditB) Payment Against GoodsC) Pre-financing PaymentD) Policy PaymentE) Cash Against Documents
- Which of the following account will be least likely involved in the purchasing sub-process of the purchasing and disbursement cycle? Group of answer choices a.Inventory b.Prepaid expenses c.Accounts payable d.Cash in bankWhich of the following is included in the numerator of the Acid-Test Ratio calculation (check all that apply) A. Supplies B. Net Current Receivables C. Short-Term Investments D. Merchandise Inventory Which of the following ratios helps measure a company's ability to pay its current liabilities? (check all that apply) A. Accounts Receivable Turnover B. Days' Sales in Inventory C. Acid Test Ratio D. Cash RatioINFORMATION SYSTEM CATEGORIZATIONClassify the following as tasks performed by either:TPS—transaction processing SystemFRS—financial reporting SystemMRS—management reporting Systema. Preparation of balance sheetb. Capture customer sales orderc. Preparation of variance reportsd. Preparation of budgetse. Purchase order preparationf. Summary of inventory purchases by vendorg. Preparation of comparative sales report by divisionh. Preparation of cash disbursements to vendorsi. Annual report preparationj. Customer billing processk. Cost-volume-profit analysis
