he objective of internal control of purchases is to:
Q: Exercise 8-24 (Algo) Controllable and volume variances LO P4 Shaw Incorporated began this period…
A: Volume Variance is a way to determine whether or not there is a discrepancy between the actual…
Q: formation. Pamu contributed a parcel of land that cost her P200,000. Kevin contributed P300,000…
A: partnership is : two or more parties in which they to share profit and capital in the aggred ratio…
Q: Use these factors to answer the following questions. i PV$1 FV$1 PVA FVA 3 8% 0.79383 1.25971 2.5771…
A: In case of multiple questions, we are allowed to answer only the first question. If you want other…
Q: What are the similarities in calculating the cost of materials used in production, the cost of goods…
A: Cost of the materials used in production: This is the additional amount of material put in the…
Q: a. Unused office supplies at the end, P 320. b. One-year insurance was paid on April 1 of the…
A: Solution Concept Adjusting entry are the entry that are entered at the end of the period to adjust…
Q: Foster Manufacturing is analyzing a capital investment project that is forecasted to produce the…
A: Internal rate of return is the rate at which the present value of cash inflows is equal to the…
Q: 1b. An asset is purchased for $90,000. It is expected to have a useful life of six years and a…
A: Depreciation represents the reduction in the value of the asset over a useful life of an asset. It…
Q: Question 1 The standard accounting equation Assets - Liabilities = Owner's Equity allows the…
A: Solution 1: True, The standard accounting equation Assets - Liabilities = Owner's Equity allows the…
Q: Flu Buster Ltd manufactures a type of oral flu vaccine in capsules. These are produced in three…
A:
Q: Credit terms of 1/10, n/30 means
A: Solution... Meaning of cash discount. It is a reduction in payment offered to customer to induce…
Q: If a computer is bought by a company for $100 and is depreciated using the 3-year GDS recovery…
A: Depreciation: Depreciation is the concept applied on reporting of fall in original value of fixed…
Q: X and Y agreed form a partnership. X is to contribute cash of 135,000 and Y is to contribute his…
A: As specified in the question, Y's share in the firm will be 55%. Therefore, X' share will be 45%…
Q: Analyze the following summary. Ignore HST. Complete the chart. Required Accounting Entry Nature of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Determine how much of the distribution is taxed as dividend income and how much is a return of…
A: Earnings & Profits: Earnings and profits are bookkeeping terms pertinent to investors in…
Q: hy is not a bad thing to have negative cash from financing activities?
A: The cash flow statement depicts how the company's financial situation has evolved over time. Cash is…
Q: I need help explaining these graphs below here are the spreadsheet values. Year Round Operating…
A: The statement of cash flow represents the inflow and outflow of cash in the business which is…
Q: January 25 Received $1150 cash for laundry services provided in January 2022. JOUonal eny xy
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: expenses is P6T. I
A: Initial cost (C) = P 120000 Salvage value (S) = P 20000 Annual profit (P) = P 40000 - P 6000 = P…
Q: Record the journal entries for the 2 listed events below. On June 13, 2022, Best Buy issued 20,000…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: If the partnership’s cash is 25,000, the net assets are 250,000 and the total claim of the outside…
A: The net assets is calculated as difference between total assets and liabilities. Net assets = Total…
Q: On August 1, Isada and Ureta pooled their assets to form a partnership , with the firm to take over…
A: Partnership Characteristics includes: Existence of an agreement Existence of business Sharing of…
Q: The balance sheet as of September 30, 2021, for the partnership D,E and F shows the following…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: To measure the financial viability of a proposed business, which is the more powerful measure-…
A: Financial Ratios are numbers that are calculated in the financial statement detailed about the…
Q: Profit will by $
A: This whole question is based on the concept Relevant cost What is Relevant cost? In simple words,…
Q: B. Post the journal entries in the ledger accounts on the next page for Sheila McFarlane, a lawyer,…
A: Subsidiary Ledger- A customer ledger account is a subsidiary ledger account that keeps track of all…
Q: Paid $43 for an oil change. Paid $405 to install special shelving units, which increase the…
A: Journal entry: A journal entry is the act of recording or keeping track of any financial or…
Q: Explain Nominal and real interest rates.
A: Inflation: Inflation is the speed of increase in costs throughout a given time span. Inflation is…
Q: 2. Lordinel Trading is owned by Mr. Gamad. As of January 1, 2019, Mr. Gamad's capital balance is…
A: solution concept The colsing capital of a sole properiotership can be calculated as =opening capital…
Q: The following information is extracted from the general ledger of Super Massage Clinic on December…
A: Owner's Equity is the rights of the owners on the assets and responsibility towards the payment of…
Q: Question Two JUBILEE is a quoted company reporting under IFRSs. During the year end 31 December…
A: Financial Statements- Financial statements are written records that communicate the company…
Q: On April 1, Year 1, Halo Co. issued a $5,000 face value discount note to the Capri Bank. The note…
A: Formula: Discount amount = face value amount x Discount rate
Q: Use the following to answer questions 19 – 24 The following balance sheet items, listed in…
A: Calculation of Total Liabilities Amount Accounts Payable $ 25,000 Bonds…
Q: In the January 1, 2020 Kalaw and Borromeo formed partnership with each contributing the following:…
A: Partnership refers to agreement between one or more person to share profit and losses of a business…
Q: Question 15 The accountant's work sheet: A serves as the basis for completing the adjusting process…
A: An Accountant worksheet is comprised of various account balances in columnar format containing the…
Q: a. In what periods are there planned order releases? b. What happens to the timing, number of…
A: Inventory management refers to the process of ordering, storing, using, and selling a company's…
Q: What is the break-even level of output for each scale of operation? Round your answers to the…
A: As per our protocol we provide solution to the one question or to the first-three sub-parts but you…
Q: Q.No. 2 Abuhatim LLC has given the following particulars. You are required to prepare a cash budget…
A: Cash budget refers to the statement record of cash flows of business. It record all cash outflows…
Q: Daryl Kearns saved $220,000 during the 25 years that he worked for a major corporation. Now he has…
A: solution a: Computation of NPV Opportunity 1 Opportunity 1 Particulars…
Q: haz Corporation has taxable income in 2021 of $312,000 for purposes of computing the §179 expense…
A: Capitalized Cost: A capitalized cost is a cost added to the expense premise of a proper resource on…
Q: Haroldsen Corporation is considering a capital budgeting project that would require an initial…
A: Net present value is one of the project evaluation technique to analyze whether it is profitable.…
Q: The following items appeared on the 2021 financial records of AB Company: Service Income P600,000…
A: Income Service Income 6,00,000 Interest Income 7,000 TOTAL…
Q: Partners B1 and B2 share income in a 2:1 ratio, respectively. Each partner receives an annual salary…
A: Share of profit of B1 = 2/3 (i.e., 2/(2 + 1)) Share of profit of B2 = 1/3 (i.e., 1/(2 + 1)) Salary…
Q: At the start of the period, ABC Company has total assets of P500,000 and total liabilities of…
A: Given: 500,000 Total Assets owned by ABC Company 300,000 liabilities are born by ABC Company Income…
Q: The auto repair shop of Quality Motor Company uses standards to control the labor time and labor…
A: Labor rate variance = (Actual rate per hour - Standard rate per hour)*Actual hours worked Labor…
Q: a) What finance charge will Jack pay? b) What is the APR to the nearest half percent?
A: In this question, we have to compute the finance charge and APR by subtracting the cash price from a…
Q: At the start of the period, ABC Company has total assets of P500,000 and total liabilities of…
A: Beginning equity = Total assets at the beginning - Total liabilities at the beginning Total equity…
Q: On January 15, Ross Furniture, Inc., accepts a $5,000, 180-day, 10 percent note from a customer at…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Accounting 1. Illini leases another piece of equipment from Cubs Corporation under a four-year lease…
A:
Q: statement data, what is the debt to assets rati 2$ Current assets Net income 21600 44900…
A: The ratio analysis helps to analyse the financial statements of the business. The debt to assets…
Q: Tom Watson uses dollar value LIFO. If Watson has total purchases of 300,000 in 2023, what is his…
A: It is the method of valuation the physical ending inventory in value of dollar price instead of…
Step by step
Solved in 2 steps
- Which of the following assets require the strongest of internal controls? A. inventory B. credit cards C. computer equipment D. cashGive two examples of physical control that the client can use to protect the asset or the record:1. Perishable Goods InventoryResearch and discuss two business rules that should be incorporated into the Sales/Collections process and/or the Purchase/Payment process.
- What is a walkthrough of a sales transaction? How can the walkthrough work complement the use of an internal control questionnaire?What purpose is served by prenumbering sales orders, shipping documents, and sales invoices?Which of the following statements best explains the relationship between the acquisition/payment process and the sales/collection process? Group of answer choices A. The same transaction can be considered part of both processes. B. All organizations that have a sales/collection process also have an inventory acquisition/payment process. C. Both the same transaction can be considered part of both processes and all organizations that have a sales/collection process also have an inventory acquisition/payment process. D. Neither the same transaction can be considered part of both processes nor all organizations that have a sales/collection process also have an inventory acquisition/payment process.
- Which task must still require human intervention in an automated purchases/cash disbursements system? a. determination of inventory requirements b. preparation of a purchase order c. preparation of a receiving report d. preparation of a check registerManagement and auditor are concerned about inventory control function in automated system? Why? How to mitigate this concern?Explain the difference between external transactions and internal transactions. If a company purchases supplies from a local vendor, would this be classified as an external or internal transaction?
