income is $3,950. How would a bank assess Jessica's

Q: Give me an analyzation or interpretation for Raw Material Turnover ratio of 353.18

A: Solution Concept Mathematically Raw material turnover   =cost of material used / average Raw materia...

Q: The Davidson Corporation’s balance sheet and income statementare provided here. a. Construct the sta...

A: SOLUTION:- a.                                                         DAVIDSONS CORPORATION         ...

Q: 8. Significant accounting policies may not be a. Selected on the basis of judgment. b. Selected from...

A: As per Accounting standard Accounting policies may not be 

Q: At the end of its first year, the trial balance of Pharoah Company shows Equipment $22,800 and zero ...

A: A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity ...

Q: Cedar Valley is a national restoration contractor licensed in roofing, siding, gutters and windows. ...

A: 2. Allowance Method - Under allowance method company make provision of uncollectible accounts at the...

Q: a. Journalize the transactions. (Hint: You may wish to set up T-accounts, post beginning balances, a...

A: Depreciation is the amount of expense which is recorded on the income statement of the company which...

Q: Lucas, a single U.S. citizen, works in Denmark for MNC Corp during all of 2019. His MNC salary is $8...

A: Answer: Any US citizen who is earning money even from foreign source is taxable in the gross income ...

Q: Sadik Industries must install $1 million of new machinery in its Texas plant. It can obtain a 6-year...

A: Depreciation is the reduction in the value of an equipment with the time of its usage. It is used to...

Q: On May 1, 2021, BB received a 3-year, P1,200,000 note receivable due on April 30, 2024. The note was...

A: INITIAL RECOGNITION OF NOTE AS ON 1 MAY, 2021 = 1200000 * Present value annuity factor  7%  for 3 ye...

Q: Statement I: The estimated deficiency to unsecured claims represents the amount unrecoverable by the...

A: Liquidation means where the company decide to close out the operations , sell all the assets and pai...

Q: Require (a): Your business issued a 14%, $300,000, one-year, note payable on April 1, 20x1. Both the...

A: Lets understand the basics. Adjusting entry is entry which is passed to make sure that income and ex...

Q: Problem 6-18 The Nanny Tax (LO 6.7) Ann hires a nanny to watch her two children while she works at a...

A: Calculation of employer and nanny's portion of social, and medicare tax are as follows

Q: Hype Company, a developmental stage enterprise, incurred the following costs during its first year o...

A: Answer -  Financial statements issued by a development stage enterprise should be presented in confo...

Q: Require (a): Your business issued a 14%, $300,000, one-year, note payable on April 1, 20x1. Both the...

A: Formula: Interest Amount = Notes amount x Interest rate x Time period

Q: A $515,000 bond issue on which there is an unamortized discount of $36,000 is redeemed for $463,000....

A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...

Q: οUESTIONΟΝΕ At beginning of July 2021, Idah & Faith (IF) Co had 25 microwave ovens in inventory cost...

A: Bartleby's Guideline: Thanks for the Question “Since you have asked multiple question, we will solve...

Q: 1. Mr. Musfiq is a Chartered Accountant (CA). He started a new consultancy firm on July 1,2021. Duri...

A: Date  Particulars   Dr. $  Cr $ 01 July 2021 Cash  dr 550000            to Musfiq capital     55...

Q: In preparing a statement of cash flow, sale of treasury shares at an amount greater than cost would ...

A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...

Q: The Solomon Company uses a job costing system at its Dover, Delaware plant. The plant has a machinin...

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

Q: Require (a): Your business issued a 14%, $300,000, one-year, note payable on April 1, 20x1. Both the...

A: Solution A journal is the company's official book in which all business transactions are recorded on...

Q: Lady G, has a beauty shop located in SM Cebu.  For the year, 2021, Lady’s beauty shop collected P2,5...

A: Cash basis accounting: In cash basis accounting, revenue are recognized when payment is received and...

Q: ABC Construction Company began work on a contract in 2022 and completed the contract in 2023. The to...

A: In construction contract revenue shall be recognized according precentage of work completed.

Q: Wildhorse Company has accounts receivable of $101,200 at March 31, 2022. Credit terms are 2/10, n/30...

A: Allowance for doubtful accounts is considered as a contra asset account. The bad debts expenses are ...

Q: AA and BB have been partners for a decade. As of January 1, 2022, the capital balances of AA and BB ...

A: Partnership is one of the form of business organisation, under which two or more than two persons in...

Q: Discuss the Usefulness of the Statement of Financial Position (Balance Sheet) and The Statement of C...

A: Usefulness of the Statement of Financial Position (Balance Sheet)and The Statement of Cash Flows to ...

Q: What is the estimated recovery percentage?

A: Recovery percentage is the percentage arrived at by dividing the amount that you actually collect up...

Q: Susan Wilson earned a salary of $440 for the last week of October. She will be paid on November 1. T...

A: Adjusting entries are those entries that are prepared at the end of an accounting period to adjust t...

Q: VAL, KHU, and LAWRENCE are partners in VAKHULAW CO. sharing profits in the ratio of 3:3:2. Investmen...

A: Admission of partner in a partnership firm means that the old partnership agreement has come to an e...

Q: PLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a. M...

A: We are supposed to answer only one question, please Co-operate and ask other questions separately  A...

Q: On January 1st, 2021, Bayshore Boats, Inc. had 30,000 shares of common stock outstanding. On Februar...

A: Number of shares issued on stock split = ( 30,000 + 10,000 + 8,000 ) x 4 = 192,000 shares 

Q: Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding...

A: Journal entry shows the recording of the transactions during an accounting year and every transactio...

Q: FINANCIAL STATEMENTS AND TAXES Part I of this case, presented in Chapter 3, discussed the situation ...

A: As per rule, allowed to answer first three subparts and post the remaining in the next submission.

Q: Luckin went public in the U.S. in May 2019, listed in NASDQA and raising $561 million. Its success d...

A: ANSWER   Luckin went public in the U.S. in May 2019, listed in NASDQA and raising $561million. Its s...

Q: $4870 $4870 If as of December 31, 2022, rent of $111 for December had not been recorded or paid, the...

A: The adjusting entry for rent with proper explanation are as follows

Q: Yates Manufacturing Company incurs the following manufacturing costs and expenses during the month o...

A: Cost item Direct materials Direct labor Manufacturing overhead Period costs 1   X     2 X       ...

Q: Explain the Rules for Journalising Transactions

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: LEQUIRED: ) Determine the amount assigned to equity on January 1,2020. ) Compute the amount charged ...

A:

Q: 2. From the summary cash account of X Ltd. prepare the Cash Flow Statement for the year ended 31st M...

A: Cash flow statement deals with the provision of information about the historical changes in cash and...

Q: Corporation IS company involve manuracturing mining hing equipm board of directors of the said compa...

A: Equity Formula states that the total value of the equity of the company is equal to the sum of the t...

Q: Maharlika Company filed for liquidation with the Philippine Securities and Exchange Commission. Its ...

A: Liquidation means where the company decide to close out the operations , sell all the assets and pai...

Q: If the partnership agreement only includes a provision on how to distribute profits, any partnership...

A: Partnership Agreement: Partnership agreements are internal business contracts that specify certain b...

Q: Tropical Mill Flour (M) Sdn. Bhd. produces a single type of Premium flour for its both wholesale and...

A: FIFO, moving average and LIFO are the three prominent inventory valuation frequently used. FIFO stan...

Q: Design a salary slip for the month of December 2021 with information given below. Fixed vs variable ...

A: Solution Working note -1 Computation fixed per annum - Fixed per annum = Ctc * fixed %.             ...

Q: On July 1, 2022, Sheridan Company pays $18,500 to Wildhorse Co. for a 2-year insurance contract. Bot...

A:   Journal Entry:     Date General Journal Debit Credit Jul. 1 Cash $18,500               Unear...

Q: Please read the directive and questions carefully and answer the questions as follows. Use the corre...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: of your answer on the space provided before each item. 1.On finding good strategies A. "Never discou...

A:   Match  1. M 2. A 3 F 4 C 5 K 6 D  7 B 8 E 9 H 10 I 11 F 12 G 13 J 14 ...

Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The ...

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

Q: ss risk and the audit's preliminary analytical procedures? c) When preparing an audit engagement, th...

A: Business Risk associated with Audit: A business risk is an occurrence, incident, or condition that h...

Q: (a) On September 30, 2002, Buffer Co made an issue at full market price of 1,000,000 accounting year...

A: PARTICULARS 2002 2001 I. PROFIT AFTER TAX AND PREFERRED DIVIDEND $3,300,000 $3,280,000 II. WEIGH...