he Break Division

Q: Part I. Using the adjusted trial balance of Margie Decorating Services, compute for the following:…

A: Account Title Category Dr. CR Cash Assets 95,722.00   Accounts Receivable Assets 55,000.00…

Q: What is a trial balance?

A: The financial transactions are recorded in the journal form then the amount would be posted to the…

Q: Cutter Enterprises purchased equipment for $99,000 on January 1, 2021. The equipment is expected to…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: issue of shares for cash

A: Solution: Cash receipt journal is used to record all type of cash receipts by a buisness.

Q: Production Budget

A: Budgeted sales in units are as under:   1 Quarter 2 Quarter 3 Quarter 4 Quarter Year 20X2…

Q: and pay a $95 per month mai rmine the months of use nece.

A: All sorts of future cash flows in respect of adding interest on present value are known as future…

Q: Bristo Corporation has sales of 1,250 units at $60 per unit. Variable expenses are 40% of the…

A: Formula used : Degree of operating leverage = Contribution margin / ( Contribution margin - fixed…

Q: 20. Joining rallies is the best form of active citizenship. 2 pointsA. True B. False

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

Q: In Step 1, operating income. I understand where the 84,000 comes from but where does the 6,000 come…

A: Solution: Return on investment is computed as = Net operating income / Average operating assets…

Q: Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales…

A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shown…

Q: Gobozana Limited has a receivable from its parent Ntuli Limited. Can this receivable be separately…

A: Accounts Receivables: The amount of money that is owed to a company by its customers for products or…

Q: Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall…

A: Number of days' sales in receivables is the number of days required to get collection from accounts…

Q: Use the given statement of comprehensive income below in answering the question. DEF Company, Income…

A: Percentage change in net profit means the change in the net profit in the current year as compared…

Q: Ending inventory using FIFO?

A: FIFO is first in first out inventory valuation method which says that inventory which is purchased…

Q: um rate of return o

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

Q: Kristopher Corp. reported the following cash transactions in 2021   Land purchased   $500,000…

A: Investing activities includes all investment activities on which either the cash was spent or cash…

Q: 4. On January 1, 2022, Generous, Inc. leased two automobiles for executive use. The lease requires…

A: The amount of the lease liability is recognized on January 1, 2022. Journal entry

Q: Miller Company's allowance for doubtful accounts was P1,000,000 at the end 20XX and P900,000 at the…

A: Allowance for doubtful debts is the amount of reserve which is most probably not paid by the debtors…

Q: 35.Shown below is the bank reconciliation of ABC Corp for may 31, 20X1: Balance per bank, May 31…

A: Total deposits in bank during June = P55,000 Deposits pertaining to May = P12,000 Deposits in…

Q: . Jackie Chan Leasing signs an equipment lease contract with Chris Tucker on January 1, 2022. The…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: Erin, an lowa resident, has a personal auto policy with liability limits of $20,000/$40,000/$15,000…

A: The limit under Lowa insurance policy is $20,000/$40,000/$15,000. This means that limits for bodily…

Q: What is the purpose of the major types of analytical procedures? At what point during the planning…

A: Analytical techniques are one type of evidence used in audits. These procedures can detect possible…

Q: COMPLETE THE STATEMENT OF CASH FLOWS BY REFERENCING TO THE CELLS.  DETERMINE THE ANSWERS BY…

A: The question is related to  Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…

Q: Gulay ni Marites Vegetables Shop Income Statement For the year ended Dec 31, 2022 Net Sales…

A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shown…

Q: QUESTION 39   On January 1, 2020, ABC Company signed a three-year lease for the acquisition of…

A: Given: - Monthly lease payment: - $2,000 Number of periods: - 3 years * 12 months = 36…

Q: (PPE) at December 31, 2021, and December

A: It is given that depreciation expense 26 million.

Q: The bank column in the cashbook for June 2021 and the bank statement for that month for In Bloom…

A: Updated Cash Book Balance includes: Adding all the amounts which are credit directly into the bank…

Q: ABC Corp showed the following data on its accounts receivables: Accounts known to be worthless.…

A: Accounts receivable Accounts receivable refers to the amount or money due to a business for goods or…

Q: 27. Which of the following statements are not true about partnerships? Group of answer choices A.…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: On January 1, 2014, the partnership decided to admit Nando to the partnership. On that date, Nando…

A:

Q: The conventional retail inventory method is based on:   Multiple Choice   Average cost.   LIFO…

A: The conventional retail method is based on the relation between the cost of the product and the…

Q: Name three different methods of tracking and costing out inventory.

A: Introduction: The term inventory refers to both raw materials used in manufacturing and completed…

Q: On July 1, 20X4, ABC Corp sold goods and receive a 12% P400,000 note due on July 1, 20X7. What was…

A: Interest income=Face value of note×Interest rate

Q: White Airlines sold a used jet aircraft to Brown Company for P800,000, accepting a five-year 6% note…

A: Fixed assets are those assets which are held by the business for longer period of time. These assets…

Q: 48.ABC Corp sold goods with a list price of P100,000 on terms of 10%, 3/10, 1/15 n/30. Based on…

A: The highest cash discount possible is 3%.

Q: Oriental Company follows the procedure of debiting bad debt expense for 2% of all new sales. Sales…

A: Calculation of Bad debts expense for 2020 Bad debts expense for 2020 = Sales in 2020 X 2% Bad debts…

Q: Complete the columns to show the effect of the following transactions:   Transaction Asset…

A: An accounting equation refers to a mathematical representation of the transaction. It indicates that…

Q: 26. TRUE or FALSE: Joint and severally liability for partners in a partnership means that a creditor…

A: Partnership is one of the agreement or arrangement between two or more than two persons, under which…

Q: Selected current year-end financial statements of GENESIS Corporation follow. All sales were on…

A: (Note: Since you have posted a multi-part question, we will solve the first 3 sub-parts. For the…

Q: What is accounting? Explain FOUR functions of accounting

A: Accounting plays an important role for managers to analyze the financial resources of the company.

Q: Butterfly Co. targets to sell 12,000 units of their newly launched line of product in April. If the…

A: Inventory means the goods to be sold by the business in order to earn profit.

Q: The unadjusted trial balance of Serrano Company at December 31, 20XX included the following…

A: In this question, firstly we calculate the estimated uncollectible receivables by multiplying the…

Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was…

A: In the given question, loan was taken on October 1. The loan amount of P 100,000 along with interest…

Q: dicate the appropriate entries requires for each of the transactions.  2. Will Caine company…

A: Journal Entries for exchange of assets for acquisition of new assets and balance payment in cash.…

Q: Knights Technologies is considering changing its credit terms from 2/15, n/30 to 3/10, n/30 to speed…

A: Outstanding sales days is a measure that shows how long it takes for a company to get money for a…

Q: Air corporation has the following projected sales: P958,450.00 (October) P1,001,515.00 (November)…

A: in order to survive company needs to generate revenue and that revenue is generated generally from…

Q: Inventory valuation is the cost associated with an entity's inventory at the end of a reporting…

A: Introduction: Inventory is a type of asset that is also sold during normal business operations.…

Q: A fixed asset costing $80,000 and having an estimated salvage value of $6000 has a life expectancy…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: ABC Corp had accounts receivable of P150,000 and allowance for bad debts of P12,000 at Jan 1. During…

A: Credit sales = P1,000,000 x 60% = P600,000

Q: ABC Statement of Cash Flows for the Year Ended .. 00000 Net cash flows from operating activities:…

A: Cash flow statement as per revised format is available as under: