How to ensure that overstatement as well as misstatements of account balances due to redundancy and out-of-date of information flows are identified and terminated?

Q: In this scenario, you are presented with the company’s financial records. This activity requires vig...

A: Here asked for multi sub part question we will solve for first three sub part question for you.  If ...

Q: Cost Item Cost at 100 units Cost at 140 units Wheat Flour P8,000 P10,560 Xerox Machine P5,000 P5,000...

A: Variable cost is expenses that changes in proportion of production or sale. Variable cost per unit w...

Q: Ive tried asking this twice and neither time has the answer been accepted. Please, assist me!   Ch...

A: Blue Circle Corporation Cash Flow Statement (Indirect Method) For the year ended December 31, 20...

Q: Yummy Food is expanding its business and wants to open a new facility to make frozen lasagna, which ...

A: Lease payment is the rentals to be paid by the lessee for using the asset of the lesser for certain ...

Q: Bonds Payable has a balance of $1,135,000 and Discount on Bonds Payable has a balance of $11,350. If...

A: The discount on bond is an expense for the issuer which denotes the lesser amount that the issuer re...

Q: On 1 January 2021, Fortune Forever Limited (FF) purchased $500,000, 10% bonds with a maturity of 10 ...

A:

Q: Adjustments are: Blair’s Custom Shop performed a count of supplies at the end of the accounting p...

A: Worksheet - Worksheet includes unadjusted Trial Balance, Adjustments and Adjusted Trial Balance. All...

Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near ...

A: Calculation of revenue and spending variance    Excel Formulas that are used for calculations:-  

Q: Depreciation and Rate of Return Burrell Company purchased a machine for $46,000 on January 2, 2019. ...

A: Straight-line Method Year Rate of return 2019 23.3% 2020 30% 2021 42% 2022 70% 2023 21...

Q: Accounts Recelvable Turnover and Days' Sales in Receivables Rosco Co. manufactures and markets food ...

A: Ratio analysis helps to analyze the financial statements of the company. The management can take dec...

Q: You are required to write a essay for no less that 300 words on all the users of accounting infornat...

A: User of accounting information 1. Investors 2. Employees and labour unions 3. Lenders 4. Suppliers 5...

Q: Culver Corporation uses a periodic inventory system and reports the following for the month of June....

A: FIFO Cost of ending inventory  (210 x 7) + (40 x6) = 1710 Cost of goods sold = (100 x 5) + (325 x6) ...

Q: Steve Osbourne is considering opening a business, but the major decision faced is how to organize th...

A: The question is related to Characteristics of Companies. A corporate is an artificial person created...

Q: 4. On January 31, 2021, partners L, M and N had the following loan and capital account balances (aft...

A: The partnership comes into existence when two or more persons comes together to do the business and ...

Q: 17. Complete the following balance sheet. Cash $30,000 Accounts Receivable $2,000 Inventory $5,000 F...

A: Introduction:- Balance sheet shows financial position of the company. It is based on the Accounting...

Q: ad assets with a book value of $240,000 and a market  value of $195,000, outside liabilities of $70

A: Book value=$240,000  market value= $195,000outside liabilities =$70,000  partner Able =$20,000 Able ...

Q: partnership of industrial partners

A: The question is related to partnership of industrial partners. 

Q: DEF Co. uses a job costing system. Normal costing is used and factory overhead is applied on the bas...

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...

Q: leased are payable at the end of each year, beginning December 31 cost was P800,000. The implicit ra...

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...

Q: Explain the corporate characteristic termed “no mutual agency”   Explain the corporate characterist...

A: Partnership is a form of business in which two or more person work together and the profit or losses...

Q: Account Amount Lacson invested P100,000 cash in the a. Account debited Cash 100,000 business b. Acco...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Adjusted Trial Balance Account Titles Dr. Cr 101 Cash 5,468 106 Accounts Receivable 19,000 115 Other...

A: Closing Entries - Closing entries are required to close the temporary accounts after making financi...

Q: The T accounts below summarize the ledger of Simon end of the first month of operations. Cash No. 10...

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Last Year, Omegle Company produced 25,000 juicers and sold 26,500 juicers for P60 each. The actual v...

A: The ending inventory in the financial statement is based on the product cost. So selling expenses ar...

Q: 10.Which of the following is not a reason that worker involvement is important in an effective  perf...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: The company is desirous of comparing serval financial transactions and possible outcomes to assist i...

A: The journal entries are prepared to keep the record of day to day transactions of the business. 

Q: Nance Company sold inventory on October 1, 2020 to a foreign customer for 850,000 units of foreign c...

A: A contract under which currencies of two different nations are agreed to exchange at a specified rat...

Q: Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: ...

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...

Q: If a gain of $8,077 is realized in selling (for cash) office equipment having a book value of $59,04...

A: The cash flow statement includes the amount of cash received or paid.

Q: Product-Costing Accuracy, Consumption Ratios, Activity Rates, Activity Costing Tristar Manufacturin...

A: Hi! Thank you for the question. As per the honor code, we are allowed to answer three sub-parts at a...

Q: Which of the following is deductible from gross income? O Loss from a business receivable from a cus...

A: Gross income : It is the income which is taxable before allowing any deductions.   Deduction are all...

Q: Sheffield Inc. manufactures two products: car wheels and truck wheels. To determine the amount of ov...

A: The question is based on the concept of Cost Accounting.

Q: You have the following: Short term capital losses - $9,000 Long term capital losses - $8,000 Short t...

A: When an investment held for less than a year is sold, a short-term capital gain occurs. whereas if t...

Q: ssume that the current ratio for Arch Company is 2.5, its acid-test ratio is 1.5, and its working ca...

A: Let the current liabilities be X  Working capital = Current assets - Current liabilities           ...

Q: The company is desirous of comparing serval financial transactions and possible outcomes to assist i...

A:

Q: teve Osbourne is considering opening a business, but the major decision faced is how to organize the...

A:   In my capacity as a consultant I will inform and educate and advise Steve with regards to a corpor...

Q: Di Stefano Office Supply Company received a bank statement showing a balance of $68,355 as of March ...

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: After returning from a three-day business trip, the accountant for Southeast Sales, Johanna Estrada,...

A: General journal entry is a books of original entries. in which raw business transactions are recorde...

Q: Debit Credit Clark Logan made cash investment in his business. 2 Cash Logan, Capital Office Equipmen...

A: A journal entry is an accounting entry which is used to document a business transaction in the accou...

Q: 1. The company is desirous of comparing several financial transactions and possible outcomes to assi...

A: The journal entries are prepared to record day to day transactions of the business. The shareholders...

Q: The next two questions are based on the following information: Herald company, a jacket selling comp...

A: The income statement is prepared to record the revenues and expenses of the current period and find ...

Q: OOutline some different approaches to stock control.

A: Stock control, also known as inventory control, is used to show how much inventory you have on hand ...

Q: Preble Company manufactures one product. Its variable manufacturing overhead is applied to productio...

A: Solution:- 1)Calculations if If Preble had purchased 187,000 pounds of materials at $7.20 per pound ...

Q: From the following information, calculate Operating ratios and operating profit ratio and net profit...

A: Gross profit  = Sales - Cost of goods sold                     2019 = 15,00,000 - 7,50,000 = 7,50,0...

Q: Tom Industries has a plant capacity of​ 70,000 units per month. The company is currently operating a...

A: Contribution margin=Sales-Variable costOperating income=Contribution margin-Fixed costs

Q: In retail we are always adjusting our operations to ensure financial goals are met. Aside from adjus...

A: Adjusting entries are prepared at the end of the period to make adjustments to the balances of the a...

Q: Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Use mathemat...

A: Net pay: It implies to the income that is received by an employee after all the allowable deductions...

Q: Steve Osbourne is considering opening a business, but the major decision faced is how to organize th...

A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued i...

Q: Kingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 pe...

A: Financial transactions are recorded via journal entries. You insert transaction information into you...

Q: (in millions) 2020 2021 2022 Beginning inventory $1,900 $2,200 $2,400 Ending inventory 2,200 2,400 2...

A: Gross profit rate is the rate which shows the percentage of gross profit earned on the sales of the ...