Interest earned during the month O a. Subtract from the bank side O b. Add to the book side O c. Add to the bank side O d. Subtract from the book side
Q: In 2022, Yami, a factory worker, receives P20,000 as monthly gross compensation. The amount include...
A: Factory overhead control account is used to record the production overheads other than direct materi...
Q: Apr. Purchased for cash $388,000 of Vasquez City 4% bonds at 100 plus accrued interest of $3,880. Ju...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Question 4: During the FY 2020-21, P Limited has produced 60,000 units operating at 50% capacity lev...
A: The question is related to Budgetory Control and is of Flexible Budget and Expenses Budget at 50% an...
Q: 840 000 Capital account: Maria 500 000 Current account: Wanda (Debit balance at 1 July 2020) 35 000 ...
A: Appropriation Account : Appropriation is the process of putting money aside for a certain purpose....
Q: Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Year 1 Year 2 Beginning ...
A: Calculation of Correct Cost of Goods Sold Amount Beginning Inventory $ 145,000 A...
Q: A company has four employees .The following Payroll information has been provided for the month of 2...
A: The income tax is the amount of tax payable on the taxable income by a taxpayer. The taxable income...
Q: What is the purpose of the statement of cash flows? Why would we want to convert accrual basis net i...
A: Statement of Cash Flow - Statement of cash flow provides actual movement of cash during the financia...
Q: 17. A and B decided to liquidate their partnership. The partnership's records show the following inf...
A: Solution Calculation of cash available to partners- Cash 0 Add-Proceeds from non cash assets 5...
Q: come statement
A: In this question, we have to make an income statement Reducing expenses, gross profit from sales rev...
Q: Ali Mamat Enterprise Trial Balance as at 31 December 2019 Debit (RM) Credit (RM) 190,576 Particulars...
A: Formula: Net income = Revenues - Expenses
Q: Mack Company purchased equipment in 2018 for S122,000 and estimated an S12,000 salvage value at the ...
A: Solution: Annual depreciation on equipment = (Cost - Salvage value) / useful life = ($122,000 - $12,...
Q: Employer gave a certain car to its employee in consideration of the latter's services rendered to th...
A: The correct answer is given in the following steps for your reference
Q: Bell expects to produce 1,900 finished goods units in January and 2,200 finished goods units in Febr...
A: A planned cost is a projected future expense that the organization expects to incur. In other words,...
Q: Haughton Company uses a job costing system for its production costs and a predetermined factory over...
A: It is already given that the overhead rate is applied on the basis of direct labour. Therefore the p...
Q: Jean, Conny, and Sasha decided to put up a meat and potato business so they formed a partnership on ...
A: Solution Partnership is an agreement between two or more persons who are agree to share profit of th...
Q: How much is the conjugal properties under Conjugal Partnership of Gains? P12,510,000 P18,510,000 P2...
A: In a Conjugal partnership of gains, the conjugal property is the income or property generated by bot...
Q: Lemony Lemonade has 3,200 gallons of lemonade in WIP Inventory, with 76% of materials already add...
A: Equivalent units for conversion costs = No. of units in WIP inventory*Degree of completion
Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near ...
A: Solution: To compute revenue and spending variance actual revenue and costs are compared with flexib...
Q: 2003 2002 2001 Revenues Cost of revenues Gross margin $156,371 $151,738 $383,905 $73,163 $110,155 $2...
A: Formula: Gross margin ratio = ( Gross margin / Revenues ) x 100
Q: Justing entry required on December 31, 2020. ntry required" in the first account field. Enter your a...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: On December 2, 2022, Pancit Manufacturing Company purchased goods with a cash price of P1,600,000. S...
A: Inventory is one of the important current asset being held by the business. This is reported under a...
Q: Fox company has a ratio of (total debt/total assets) that is above the industry average,and a ratio ...
A: The correct option with proper explanation are as follows
Q: Number Cost of Units per Unit Beginning inventory 130 $71 Purchased goods during the period 240 80 S...
A: Formula: Goods available for sale in units = Beginning inventory + Purchases
Q: Secure, Inc. manufactures travel locks. The budgeted selling price is $24 per lock. The variable cos...
A: Operating income shows the amount a company earned as net profit from its operation.
Q: Dr. King decided to put up a medical clinic. Below are the transactions for the month of July. Requi...
A: The unadjusted trial balance is the listing of general ledger account balances at the end of a rep...
Q: What is the estimated total cost to produce 500,000 units of LOVE using direct costing method?
A: It's specialized form of cost accounting that only uses variable Cost to make decisions. It doesn't...
Q: Pitino acquired 90 percent of Brey's outstanding shares on January 1, 2019, in exchange for $342,000...
A: Intra entity transaction refers to the transfer price which is more than the cost of the inventory. ...
Q: Exercise 8-1 (Algo) Perpetual inventory system; journal entries [LO8-1] John's Specialty Store uses ...
A: Purchase on account means credit purchases.
Q: Compute ROE Selected balance sheet and income statement information for Home Depot follows. S millio...
A: Lets understand the basics. Return on equity means a net income generated through using the equity o...
Q: Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is...
A: Journal entry is the process of recording the transactions. The transactions in the question took pl...
Q: Sycamore, Inc. purchased P100,000 of 8 percent bonds of Alvarado Industries on January 1, 2022, at a...
A: Bond Valuation In the bond valuation it uses either in par value or in discount or in premium on bon...
Q: Modern growth theories are more optimistic than neoclassical growth theories because the former emph...
A: Modern growth theories are more optimistic than Neoclassical growth theories because the former emph...
Q: On July 1, 2021, Darrell Company purchased as debt investments at fair value through profit or loss,...
A: The answer is given below. Explanation: At the end of year on 31st December 2021 company record the ...
Q: Wildhorse Limited sells equipment on September 30, 2021, for $43,210 cash. The equipment originally ...
A: Depreciation as per straight line method = (Cost - Residual value)/useful life
Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units...
A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average Method FIFO Method...
Q: Depreciation OMR 12000 Net Profit OMR 148000 The following accounts decreased during 2020 Accounts r...
A: Introduction: Statement of cash flows: All cash in and out flows are shown in cash flow statements. ...
Q: Vaughn Manufacturing incurs the following costs to produce 10,400 units of a subcomponent: Cost Info...
A: Total cost if purchased from outside supplier = 10400 units × $2.85 = $29, 640
Q: On January 1, Year 1, Indiana Water (lessor) and Koontz Lake (lessee) agreed to a 9-year lease for e...
A: lease classification under US GAAP is based on the following criteria. If any of the below apply it ...
Q: n industrial firm uses economic analysis to determine which of two different machines to purchase. E...
A: The question is based on the concept of Cost Accounting.
Q: A Swiss Interior Company produces and sells lamps that are sold usually all year round. The company ...
A: The new selling price can be calculated by dividing the desired sales level by the decreased units o...
Q: The NiceWay Corporation's statement of financial position shows the total stockholders' equity of P5...
A: Stockholder's equity: Stockholder's equity refers to the net asset of the company available to the s...
Q: Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industri...
A: Formulas that are used:- For Precision Castparts:- For Midwest Bank:-
Q: What is Riverbend’s DRD assuming it owns 60 percent of Hobble Corporation?
A: Solution:- Given, Riverbend incorporated received $200,000 dividend from stock Riverbend's taxable i...
Q: 25 On January 1, 2021, Magnesium Company purchased 3,000 of the P1,000 face value, 9%, 5-year debt ...
A: Carrying value of investment as on December 31, 2022 Answer P 1,873,929
Q: Wildhorse Limited sells equipment on September 30, 2021, for $43,210 cash. The equipment originally ...
A: Depreciation as per straight line method = (Cost - Residual value) /useful life = (150700-4400) /5 =...
Q: Ken invests RM14,800 at 2% compounded quarterly for two years. a) Find the future value of the in...
A: The future value and the interest can be calculated as per the concept of time value of money
Q: The December 31, 2021, year-end inventory balance of the Raymond Corporation is $234,000. You have b...
A: Notes: Consignment merchandise should be added to the inventory balance as it is part of the invent...
Q: Glassica, Inc. manufactures lead crystal glasses. The standard direct labor time is 0.6 hour per gla...
A: The question is related to Standard Costing. The Direct labor cost variance is calculated with the h...
Q: Prepare a revised balance sheet given the available information, Assume that the accumulated depreci...
A: Statement of financial position refers to a statement which provides a brief summary of the company’...
Q: On January 2020, DEF Corporation is a VAT registered manufacturer ofrefined sugar, purchased in cash...
A: Let's understand some basics VAT= Value-Added-Tax A value-added tax (VAT) is a consumption tax that ...
Step by step
Solved in 2 steps
- NORMAL BALANCE OF ACCOUNT Indicate the normal balance (debit or credit) for each of the following accounts: 1. Cash 2. Rent Expense 3. Notes Payable 4. Owners Drawing 5. Accounts Receivable 6. Owners Capital 7. ToolsWhich of the following accounts are used when a short-term note payable with 5% interest is honored (paid)? A. short-term notes payable, cash B. short-term notes payable, cash, interest expense C. interest expense, cash D. short-term notes payable, interest expense, interest payableThe entry to record interest expense on a bank loan payable is a a. debit to interest expense and credit to note payable. b. debit to note payable and credit to interest revenue. c. debit to interest payable and credit to interest revenue. d. debit to interest expense and credit to interest payable.
- Which of the following options indicate how quickly accounts receivables are converted into cash? Select one: a. Total assets turnover b. Days to collect accounts receivable c. Working capital d. Accounts receivable turnoverList the accounts names for the following transaction and determine which is a debit or credit: 1. Interest on notes payable should be accrued $3001.1 A loan repayment to a bank would be recorded in the nominal ledger as: a) Dr Bank Cr Capital b) Dr Loan Cr Bank c) Dr Loan Cr Bank d) Dr Bank Cr Reserves
- B. Record the entry for acceptance of promissory note in exchange of accounts receivable from McCormick Industries. C. Record the entry for interest accrued on promissory note received from McCormick Industries. D. Record the entry for interest received , from McCormick Industries , on the note's maturity date. E. Record the entry for payment received from McCormick Industries the principal on the note's maturity date.Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained EarningsThe accounting treatment of Discount on bill discounted is: a. A current liability b. A current asset c. An income for a bank d. An expenses for a bank
- Simple interest applies when interest is earned _____________. a. on interest b. in a serious of payments c. to a checking account d. only once before a paymentA loan received from a bank would be recorded in the nominal ledger as: a) Dr Bank Cr Capital b) Dr Loan Cr Bank c) Dr Bank Cr Reserves d) Dr Bank Cr LoanThe entry to record accrued interest on a note receivable would include a: debit to Cash credit to Interest Revenue credit to Interest Payable both a. and c both a. and b. 0 1 pts