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Q: Using the following information related to Lo-Sag Constructions find out the Bank Balance as per Pas...

A: A bank reconciliation statement is a statement prepared by the entity to compare the balance of the ...

Q: Henrie's Drapery Service is investigating the purchase of a new machine for cleaning and blocking dr...

A: IRR = rate at which   [Investment  cost/annual cash flows]  

Q: Opening Work-in -progress 10,000 units,80% complete as regards material and 60% complete as regards ...

A:

Q: TRUE/FALSE Blanket rate is where a firm uses only one absorption rate for the whole company. If ov...

A: Solution: 1. True, Blanket rate is where a firm uses only one absorption rate for the whole company.

Q: Units-of-activity Depreciation A truck acquired at a cost of $640,000 has an estimated residual valu...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: e amortized cost for a financial asset

A: Amortized cost is the amount at which financial assets are reported on Balance Sheet.

Q: Alamos Co, exXchanged equipment and $18,500 cash for similar equipment. The book value and the fair ...

A: Accounts Titles  Debit Credit Equipment - new [ Fair value + Cash] (91500+18500) $110000   Cas...

Q: During August 5, 2020, Hiro marketing sold an item worth P 500,000 for P 750,000. The required down ...

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of ac...

Q: On January 1, 2017, Bride Company purchased for P2,400,000 a machine with a useful life of ten years...

A: Double declining depreciation rate = Straight line depreciation rate x 2 = (100/10 years) x 2 = 20%

Q: On January 1, 2021, Dreamworld Co. began construction of a new warehouse. The building was finished ...

A: Working:

Q: Cromartie Ltd, prepares its financial statements according to International Financial Reporting Stan...

A: Explanation: As per International Accounting Standards (IAS) i.e., IAS 38 Intangible Assets. If the ...

Q: reparing a Statement of Cash Flows ob Jacobs opened an advertising agency. The following transaction...

A: Cash flow statement:  A cash flow statement is a financial statement that is generated to determine ...

Q: Savings year nbe sold to ealize cash flows of $6,100, Interest is 10%. Assume the cash flows c NA of...

A: TVM stands for time value of money is the accounting concept which states that the amount which is t...

Q: Wilson Company had the following cash balance items listed in its trial balance at 12/31/2021: Peter...

A: Formula: Cash balance at 12/31/2021 = Peterson savings and loan + Clinton country trust bank - Right...

Q: Exercise 2-8 Cost Behavior; High-Low Method [LO2-4, LO2-5] Hoi Chong Transport, Ltd., operates a fle...

A: We know that High - Low method is used to break variable and fixed cost portion in case of mixed cos...

Q: Galaxy Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVS), the Conquistado...

A: We know that under marginal costing  Profit = Sales Revenue - Total Variable cost - Total Fixed cost...

Q: Written, Inc. has outstanding 500,000 shares of P2 par common stock and 100,000 shares of no-par 8% ...

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

Q: Nu Company reported the following pretax data for its first year of operations. Net sales Cost of go...

A: 1. For answering this question we are required to Prepare a Trading A/c.   2. Gross Profit= Sales+Cl...

Q: multiple production department factory i=overhead rate method perfomance Gloves,Inc. produces three ...

A: Production Overhead rate can be determined by dividing the overhead expenses by the direct labor hou...

Q: The following data relate to direct materials costs for February:

A:        The variance analysis is an integral part of standard costing in the cost accountancy where t...

Q: Sanieev enters into a contract offering variable consideration. The contract pays him $2,500/month f...

A: Variable consideration can be estimated under either of the below method  a) The expected value meth...

Q: Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-par...

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

Q: The Murphy Corporation is authorized to issue 500,000 shares of $1 par value common stock. During 20...

A: Common stock refers to such security that shows the amount of capital contributed for getting the ow...

Q: NMB CORPORATION HAS 5,000,000 ORDINARY SHARES AND 1,000,000 SHARES OF 6% P100 PAR VALUE CUMULATIVE P...

A: The question is related to dividend payment. Dividend to be paid to ordinary Shareholders P1 per sha...

Q: Which of the following occurs when a previously declared dividend is paid? Assets increase Equity In...

A:

Q: You want to invest $8,100 annually beginning now in order to accumulate $39,600 for a down payment o...

A: Annuity means where regular payment is made at the end of regular period and full amount with intere...

Q: Indiana Co. began a construction project in 2021 with a contract price of $162 million to be receive...

A: In case of percentage of completion method, revenue is recognized over duration of contract based on...

Q: Provincial Inc. reported the following before-tax income statement iterns: Operating income Nonopera...

A: This question deals with the calculation of income tax payable. When there is profit from the operat...

Q: An increase in a firm's leverage ratio O A. tends to decrease the expected profit per unit of capita...

A: The financial leverage ratio is the amount of debt a company has compared to its total capital. The ...

Q: Ireland Corporation obtained a $62,000 note receivable from a customer on June 30, 2021. The note, a...

A: Interest on note = face Value of note x rate of interest x no. Of year = 62000 x 5% = $3,100

Q: Which of the following would be included in the entry to record the issuance of 7,000 shares of $4 p...

A: The firm can raise funds for the operation of the business. It can be from issuing common stock, pre...

Q: You are thinking of buying a van that will be used only for business. The cost of the van is estimat...

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

Q: What is the difference between debit and credit

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of ac...

Q: Misty Company reported the following before-tax items during the current year: Sales revenue Selling...

A: The following information is provided : Sales revenue  $1,150 Selling and administrative expens...

Q: How are the floor and ceiling limits calculated as per the lower of cost or market (LCM) method unde...

A: The net realizable value of inventory is the sale price minus any expenditures associated with prepa...

Q: $1,870,000 loss.

A: before-tax amount(s) should the company report as a loss on discontinued operations in its 2021 inco...

Q: What is the difference between making a gif

A: Donation refers to any form or act of charity or a beneficiary objective done by an entity or an ind...

Q: Nu Company reported the following pretax data for its first year of operations. Net sales Cost of go...

A: Income statement represents the net profit or net loss that is calculated by deducting the expenses ...

Q: At vision club company office workers are emplyoed for a 40-hour workweek on either an annual or a m...

A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...

Q: Help please    The following details relate to a particular asset Future Cash flows (per annum) 9...

A: Impairment of assets means reducing the book value  of assets when carrying amount is more than reco...

Q: Mastery Problem: Financial Statement Analysis Liquidity and Solvency Measures Your friend, another a...

A: Financial statements are the ones that a company prepared to depict the performance and financial po...

Q: Calculate the gross wages earned by each worker for the week 3 of April 2021

A: The calculation of gross wages earned by Monica, Rachel and Joey is shown hereunder : Monica and Rac...

Q: 3. Aapki Humaari Beauty LLP requires 12000 units of Bear Shampoo annually as a part of its sales req...

A: Economic order quantity means the number of units to be ordered so that total cost of inventory will...

Q: Use the following selected balance sheet and income statement information for Stevens Co.  to comput...

A: Asset turnover = Net sales/Average  total assets

Q: , Sheridan Corporation signed a 5-year noncancelable lease for equipment. The terms of the lease cal...

A: Interest expense is accrued  Interest 

Q: The partners Melchor Bombero, Felipe Niza, and Doris Pateño who shared profit and losses in the rati...

A: Non cash assets are sold at 150,000 (490000-340000)

Q: Monty Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased o...

A: Asset cost = 233,839 Salvage Value = 8,600 Total units = 139,900 Useful life = 5 years  

Q: Steber Packaging Inc. expects sales next year of $42 million. Of this total, 40 percent is expected ...

A: The annual cash expenditures and inflows associated with a project are represented by net cash flow....

Q: Which of the following is a good justification for Neptune Corporation following a policy of "low di...

A: A dividend is a payment made by a company to its stockholders. When a company makes a profit or has ...

Q: Cinnamon Buns Co. (CBC) started 2021 with $52,400 of merchandise on hand. During 2021, $288,000 in m...

A: As per the Perpetual inventory system, inventory is recorded on real-time basis so the cost of goods...

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.