In your own words, Explain the accounting cycle. 5 sentences only. No google and plagiarism.

Q: Perpetual inventory using LIFO The following units of a particular item were available for sale d...

A: Last-in, first-out (LIFO) cost flow assumption - Under LIFO Method, Inventory purchased last is sold...

Q: Wolford Department Store is located in midtown Metropolis. During the past several years, net income...

A: Income statement is prepared by the business organizations so as to determine how much amount of Gro...

Q: 5. Calculate sales revenue and gross profit under each of the four methods. (Round weighted-average ...

A: The FIFO stands for First in First out and LIFO stands for Last in first out. Using average method, ...

Q: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on...

A: Solution: Purchases to be reported by first computing purchases on accounts. Then purchases on accou...

Q: Following are two income statements for Alexis Co. for the year ended December 31. The left number c...

A: Journal is the book of original entry in which all the transactions of the business are recorded ini...

Q: Matoika Manufacturing's sales department has submitted the following sales budget for the upcoming f...

A:

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: Goodwill is an intangible asset which comes into existence when a company buys or acquire another ex...

Q: antiago, Inc. has the following receipts during 2018: From service billings to client  P400,000  Ad...

A: Solution Accrual basis of accounting             Under accrual basis , the income is recorded when s...

Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number Acco...

A: Owner's capital account is increased by the net income and new investment and decreased by net loss ...

Q: Required: (A) Prepare a perpetual inventory record for this merchandise, using the first in, first o...

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

Q: What is Declan's Design's 2022 Cash Flows from Operating Activities?   Question 23 options:   Incr...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: Give 5 examples that explain different types of Transactions

A: Transactions - Transaction is as agreement to make payment in return of goods, services. Transaction...

Q: car stuff.inc net sales-13,000 cost of goods sold-3,000 salary and wage expense-1,200 utility expens...

A: Gross profit = Net sales - Cost of goods sold Income from operations = Gross profit - operating expe...

Q: 2. Add the values in cells D1, D2, and G3. 3. Multiply the values in cell D2 and E2 and add the valu...

A: Excel is a tool for calculate, manipulate, organize, data into meaningful and required manner. It is...

Q: Incorrect answer icon Your answer is incorrect. Martinez Corporation entered into a finance lease to...

A: GIVEN     calculation of value of right- of use asset  value of lease liability = $72,735 Commission...

Q: Question: Considering the year-ending adjusting journal entries for the periodic inventory system. I...

A: Formula: Cost of goods sold= opening inventory+purchases - closing inventory. Gross profit = sales -...

Q: Adjustment for: 1- depreciation and amortization: added in net income 2- increase in deferred task l...

A: Cash flows statement is one of the financial statement which shows all cash inflows and cash outflow...

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: SOLUTION SHARES REPRESENT EQUITY OWNERSHIP IN A CORPORATION OR FINANCIAL ASSET , OWNED BY INVESTORS ...

Q: Entity A has 200,000 ordinary shares outstanding on January 1, 20x1. Entity A offers rights issue to...

A: Right share means company offer share issue to it's share to existing shareholders at discount price...

Q: Which of the following would a successor auditor ask the predecessor auditor after accepting an audi...

A: When an engagement has been accepted, the current auditor may ask the previous auditor particular qu...

Q: ntity A is computing for its basic earnings er share and has gathered the following nformation: Loss...

A: Solution: Earnings per share represents the earnings available to the stockholders on the shares hel...

Q: Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank...

A: Cash difference due to entry 5 = Actual payment - Wrong amount recorded The question requires to rec...

Q: Coca-Cola and PepsiCo are two of the largest and most successful beverage companies in the world in ...

A: Receivable means debtors and turnover mean how many times in a year credit sales is realized. In thi...

Q: How does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows?

A: Accounts payable form part of working capital of a company. Therefore, a change (increase or decreas...

Q: Account Title Debit 8,100 19,500 6,958 181,000 Cradit Cash Accounts receivable Office supplies Truck...

A: Income statement is prepared by the business organizations so as to know how much amount of Gross pr...

Q: You are currently working as a planner in a construction company. The company is currently running 4...

A: The actual value of work done is given for each project and direct cost. The overhead is indirect co...

Q: For the months of January and February, Crane Ltd. recorded cash deposits in its books of $5,100 and...

A: Given that there are no deposits in transit at the beginning of January. Cash deposit in January and...

Q: ABC Corporation issued 15%, 1,000-par value preference shares. Interest is payable monthly. It will ...

A: Let the current market price of preference share be P  Interest = 1,000 x 15% = 150  FV = Face value...

Q: At the beginning of September, Helen Rojas started Rojas Wealth Management Consulting, a firm that o...

A: Statement of owner's equity = Capital + Net income - Withdrawals  Net Income = Revenue - expenses As...

Q: ournalizing Transactions Monilast Chemicals engaged in the following transactions during December 2...

A: In this question, we have to record transactions in the journal which helps us in financial statemen...

Q: What are the problems of an insurance industry that are primarily regulated at the state level?

A: Insurance industry refers to the market where insurance companies play an active part in providing i...

Q: e adjusted trial balance is prepared   a.to determine the net income or loss. b.to verify the equali...

A: Solution: Trial balance is a supporting statement to financial statements which summarizes the balan...

Q: Statement of Comprehensive Income for the year ended 31 March 2021 Revenue (all credit) Gross profit...

A: Answer: Gross margin = Gross profit/ revenue  Current ratio= Current assets/ Current liabilities Aci...

Q: In anticipation of increases in El premiums (payroll taxes) due to the pandemic the Canadian Federat...

A: Employment Insurance (EI) refers to the program or scheme which aims for provision of temporary inco...

Q: Karel Inc. was assessed by the BIR for improperly accumulating profits. Karel Inc. reported the foll...

A: Answer: IAET is penalty that is 10% calculated on improperly disclosed income by any assessee. This ...

Q: Prepare a cash collections budget for March

A: Cash collections budget is an estimate of cash to be collected in a future period. The preparation o...

Q: What is Declan's Design's 2022 Cash Flows from Operating Activities?   Question 23 options:   Incr...

A: Cash flow is the one that is prepared by the company as a part of the financial statement to determi...

Q: On December 31, 20x1, ABC Co. has no intention of selling a land classified as investment property m...

A: Given that as on December 31, 20X1, the company has no intention of selling the land which is classi...

Q: The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Tit...

A: 1) Income statement for the year ended December 31 Revenues:     Trucking fees earned   $147,50...

Q: JJ Corporation is analyzing its option to restrict its credit terms. Current sales level is P6,000,0...

A: solution below are the given details about both situations For current Current sales level          ...

Q: Johnstone Controls had the following situations on December 2021. On March 31, 2021, the company le...

A: Journal entries are being used to record financial transactions. You create a journal entry by enter...

Q: 13. Concord Corporation manufactures drones. On December 31, 2019, it leased to Althaus Company a d...

A: Lease is a form of agreement or arrangement between two parties, in which one party provides its ass...

Q: On January 1, 2019, an entity purchased 15,000 shares of another entity representing a 12% interest ...

A: Profit and loss Account In the profit and loss account which includes all type of revenues and expen...

Q: Assume your organization has the following inventory changes during the year: Beginning inventory-1...

A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the...

Q: On December 30, Year 1, ABC Corporation sold a machine to DEF Corporation in exchange for a non-inte...

A: Note payable is to be measured at present value of all future cash inflows using market interest rat...

Q: How does Depreciation Expense impact Declan's Designs' 2022 Statement of Cash Flows?   Question 16 ...

A: What is Depreciation? It is a decrease in the monetary value of a fixed asset due to normal wear and...

Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...

A: The journal keeps the record for day to day transactions of the business. Under periodic inventory s...

Q: Corporation Code, Both, and Neither 1. Residency of incorporators are insignificant   a. Corporatio...

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: Carter Industries has two divisions: the West Division and the East Division. Information relating t...

A: Segment margin of an related segment for an company will be calculated by deducting all the required...

Q: 1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3....

A: Hi student Since there are multiple subparts, we will answer only first three subparts.