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 ...

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.