INSURANCE

Q: What does MYOB use the Historical Balancing account for?

A: MYOB: It is often defined as an international accounting software that is used by the businesses for...

Q: Salsa Inc. estimates that this year’s earnings will be $75 million. There are 12 million shares outs...

A: a) Earning per share = Yearly earnings / Number of shares = 75,000,000 / 12,000,000 = $ 6.25 Dividen...

Q: l in demand by 2,000 units.                                                            Currently  ...

A: Given :                                                 Currently          Projected      Demand    ...

Q: ompute the following financial data for this year: 4. Average sale period. (Use 365 days in a year....

A: Workings: Average Account Receivables = (beginning Account Receivables + ending Account Receivabl...

Q: Phoenix Company’s 2019 master budget included the following fixed budget report. It is based on an e...

A: Sales price per unit=revenue/budgeted sales income from operation=volume*sales price-volume*VC pu.-t...

Q: Memphis Co. reported the following information for 2021: Sales revenue:  $780,000 Interest revenue...

A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...

Q: The following information were taken from the financial statements of CAMBODIA, INC. on December 31,...

A: Financial liabilities: Its a contractual obligations by the company to pay cash or deliver the finan...

Q: NUBD Corporation uses the FIFO method in its process costing system. Operating data for the Casting ...

A: The equivalent units are calculated on the basis of percentage of work completed during the period.

Q: Mary Jarvis is a single individual who is working on filing her tax return for the previous year. Sh...

A: Taxable income is the amount of income computed to measure the amount of taxes to be paid to the gov...

Q: NUBD has computed the following unit costs for the year just ended: Direct material used Direct labo...

A: Unit cost under variable costing = Direct material used + direct labor + Variable manufacturing over...

Q: 4. Three(3) don'ts to be observed under the advertising and publicity rule. 5. Four (4) general acce...

A: Hi Student, since there are multiple questions we will answer to only one question. therefore questi...

Q: On January 1, 2017, Giobal Manufacturing purchased a machine for $540,000 that it expected to have a...

A: carrying value=540000-260000=280000

Q: Received cash of P70,000 for a three-year advance rental to commence Aug. 31, 2020. Unearned Rental ...

A: 1. Cash received towards rent in advance for 3 years or 36 months amounting to ₱7,778. Rent revenue ...

Q: Carla Vista Company buys merchandise on account from Tamarisk Company. Th selling price of the goods...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Problem: Anna is the food and beverage director for a mid-size hotel in a beach destination area. Th...

A: Comparative balance sheet means where increase or decrease of every item is calculated and percentag...

Q: Prepare journal entries to record these transactions and events. 1. During 2022 Leavitt County colle...

A: if revenue is receivable but not received we will credit deferred revenue.

Q: During the months of January, Ava Corporation purchased goods from two suppliers. The sequence of ev...

A: Purchase of Inventory from Noah discount = $ 1590 * 2% = $ 31.8 Purchase of Inventory from Emma disc...

Q: Required Informatlon [The following information applies to the questions displayed below.] Now that ...

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

Q: Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022...

A: Given, Ending inventory per perpetual records = $31,180 Ending inventory actuall on hand = $30,480

Q: How much was the cash received from the sale of investment in associate?

A: It is given that on July 31, 2021 Investments costing  P50000 has been disposed of at a loss of P450...

Q: Total revenue 1,448,956.00 463,666.00 652,030.00 100% 1,094,276.00 382,996.60 437,710.40 100% F&b ex...

A: Cost Control: Business expenses are identified and reduced  through the practice of cost control and...

Q: 10. Jim Company offers three payment plans on its 12-month contracts. Information on the three plans...

A: The deferred revenue is the receipts of advance payment, for which services are not yet provided.

Q: The total costs to process the beginning 7,000 units in progress was £21,000. 38,000 units were star...

A: Process costing: It is a type of costing method, where the direct costs are accumulated and indirect...

Q: Journalizing Service Concern Transactions Mr. Henry labasan is engaged in a Rent-A-Car business to ...

A: The question is based on the concept of Journal Entries.

Q: - adjusted total current liabilities

A: Current liabilities are the obligations repayable within a year. It is a part of liabilities' side o...

Q: On April 1, 2018, Mugiwara Co. purchased a building for P100,000,000. The building has an estimated ...

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

Q: Wright Ltd uses an Activity-based Costing (ABC) system to manufacture tractor metal parts. The follo...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: For 2020, Roy manufacturing used job costing. The company uses machine-hours as the overhead cost-al...

A: Given that, the company uses machine hours as the overhead cost-allocation base Budgeted manufacturi...

Q: Prepare a partial balance sheet showing the investment-related amounts to be reported at December 31...

A: Ivanhoe, Inc. Partial Balance Sheet Particulars Dec 31, 2020 Dec 31, 2021 Current Asset (Divide...

Q: The cost price of hand phone is RM 3700. If the seller wants a 15% mark-up based on cost price, find...

A: The retail price is the final price that a good is sold to customers for, those being the end users ...

Q: ABC Corp. acquired all the assets and liabilities of XYZ Corporation by issuing shares of its common...

A: Introduction:- The Value of the reputation of the company through its operations is known as goodwil...

Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $190,000 and appropri...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Consider the following costs:     £ Production supervisor’s salary 34,000 Direct materials 27...

A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing over...

Q: On January 1, 20Y7, Valuation Allowance for Available-for-Sale Investments had a zero balance. On De...

A: Unrealized Gain = Fair value of investment - Cost of investment = $194,170 - 189,000 = $5,170

Q: 8. Ego Co. had the following account balances on December 31, 20x1 before adjustments: Inventory (pe...

A: 1.Goods on Shipping Point Basis: It means Goods leaves the Place of supplier and are in transit and ...

Q: The functions of the World Bank evolved in response to... the increase in protectionism. the creatio...

A: The World Bank is an international organization dedicated to providing financing, advice, and resear...

Q: Activity 1. Identify which of the following falls under operating, investing, financing or Non-cash ...

A: Cash flow statement is one of the financial statement of business which shows all cash inflows and c...

Q: 1. Staff accountants’ working papers are reviewed within one week of being completed.  2. The partne...

A: a) Statement Showing quality control elements on which, the policy relates are: S. No. Cases Qual...

Q: FINANCING ACTIVITIES How much is cash paid for dividends?

A: Dividend means the amount given to shareholder of the company as profit distribution by company. Fir...

Q: Milani, Inc., acquired 10 percent of Seida Corporation on January 1, 2020, for $190,000 and appropri...

A: Since Milani has significant influence on Seida, it will use Equity Accounting method for it's inves...

Q: A company acquired machinery with cost of P2,200,000. with an estimated useful life of 10 years and ...

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

Q: 2-a. What is the amount of retained earnings as of December 31, 2021? 2-b. Did the retained earnings...

A: Income statement means the statement which show the cost of goods sold and selling price and give ou...

Q: Calculate the amount of Owner's Investment for Company C during 2018? A B. C December 31, 2017 4,500...

A: Accounting equation says that total assets should always be equals to total liabilities and equities...

Q: Sully Windows earns $5.50 per share before taxes. The corporate tax rate is 40%, the personal tax ra...

A: Contributions, interest earned, dividends, and capital gains are not taxed in a tax-free savings acc...

Q: Trading Securities at Fair Value On January 1, 20Y9, Valuation Allowance for Trading Investments had...

A: Solution:- Preparation of adjustment entries to record unrealized gain or loss on trading investment...

Q: Superior Cars sold a car for $35,000 cash. In addition, changes per year for 5 years and an extended...

A: Revenue means the amount earned by selling the goods or services. Revenue is recognized in books of ...

Q: What are the social security and Medicare withholdings (in $) for an executive whose annual gross ea...

A: "Up to $128,400 for Social Security tax" means that the withholding rates will be calculated $128400...

Q: Statement of Changes in Equity. The following balances were taken from the December 31, 2020 financi...

A: Retained earnings reflect the accumulated balance of the profits earned to date that is available fo...

Q: The actual materials price (AP) was £4.50, the actual quantity (AQ) of material was 5,500 units, and...

A: Standard costing means where standard is set for various cost element and actual cost is then compar...

Q: At the end of last year, River Side Company achieved $9 million in revenues (EBITDA). Depreciation e...

A: Net income:  It is often defined as the total earnings earned by a business during an accounting per...