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Q: Which of the following is TRUE about Internal Audit? Internal audit is described as the verification...

A: The role of internal audit is to provide independent assurance that an organization’s risk managemen...

Q: (a) Calculate the following planned overhead absorption rates: (i) A machine hour rate for the Cutti...

A: Cost allocation is the process of providing assistance to the costs of a shared service organization...

Q: Legal and audit fees Rent for office space, share equally by the administrative and sales offices 70...

A: Net Income = Sales - Cost of Goods Sold - Operating Expenses

Q: a) Using the equation method, calculate the normal capacity of the business. b) Calculate: i) the va...

A: Following information has been given about the company:   Selling price per unit              50....

Q: Portage Retail Group begins the year with inventory of $48,000 and ends the year with inventory of $...

A: The cost of goods sold is the entire amount your employer pays as a cost directly tied to the sellin...

Q: The ACC Tutoring Service provides tutoring to accounting students. The volume of tutoring is low at ...

A: Please see Step 2 for required information.

Q: Required: Assuming sales equal to the normal capacity calculated in a) above, prepare a contribution...

A: Solution Working note for calculation of number of units Let number of units be X Operating income e...

Q: Bartow Photographic Services takes wedding and graduation photographs. At December 31, theend of Bar...

A: Reconciliation journals are entries in the company's general ledger created at the end of an account...

Q: Amanda would like to organize BAL as either an LLC (taxed as a sole proprietorship) or a C corporati...

A: Tax Tax refers to mandatory obligations on any individual or entity by any government agency. There ...

Q: Matthew, age 37, currently makes $90,000. His wage replacement ratio is determined to be 85 percent....

A: The amount of capital needed to be accumulated today for the retirement age of 70 will be calculated...

Q: Examining the classifications of obligations either as secured or unsecured, most relate to the asse...

A: For examination of long term liabilities following is the assertions used by auditor. 1. rights and ...

Q: Dragon, Inc. has actual sales of $350,000 and a margin of safety of $108,500. What is Dragon's break...

A: The breakeven point (break-even price) for a trade or transaction is computed by comparing the marke...

Q: Wayman Corporation reports the following amounts in its December 31, 2024, income statement. Sales r...

A: Total revenue and expenditures are divided into operational and non-operating categories on a multi-...

Q: A company purchased a Wheel Loader 5 years ago with an initial value of $39,500, a salvage value of ...

A: Depreciation is a process of reducing the carrying value of asset due to its normal usage. There are...

Q: and Y are partners who share profits equally and losses in a 4:2 ratio. However, bonus is first to b...

A:   X and Y are partners who share profits equally and losses in a 4:2 ratio. However, bonus is first ...

Q: Conservatism ANALYSIS Liquidity is being able to pay current debts Working Capital = CA - CL Current...

A: when talking about Finance for the business liquidity is considered to be a major issue in terms of ...

Q: Budgeted fixed overheads = $650,000 Expected production level = 2,500 units Actual production = 1,00...

A: Absorbed Fixed Overhead = Actual Production x Budgeted Fixed Overhead Rate Per Unit Budgeted Fixed O...

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A: Monthly interest rate = 1.3 % 1. Opening balance = 1,132  Interest will be charged for whole 32 days...

Q: Beginning work in process inventory $1,080,000 Beginning raw materials inventory Ending work in proc...

A: GIVEN   Laflin Company's cost of goods manufactured for the year Is

Q: CORONA Co., a lessor of office equipment, purchased a new equipment for P 1,000,000 on December 31, ...

A: Present value of annual lease payment = (Purchase cost - Present value of residual value)/PVAF@12%

Q: Frontier Corp. sells units for $41, has unit variable costs of $11, and fixed costs of $114,000. If ...

A: Degree of operating leverage (DOL): DOL reflects  variable and fixed cost relationship of an organiz...

Q: ngageNOWv2 | Online teaching x takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLo...

A: The question is related to Sales budget for month wise and quarter wize. Sales Value is calculated w...

Q: 111 fx =(D8+D12)-D11 A B 1 Formula: Add, Subtract; Cell Referencing 3 Using Excel to Determine the A...

A: Bank reconciliation: It implies to a reconciliation process whereby, the bank balance per company's ...

Q: Prepare a bank reconciliation at July 31, 2022. (List items that increase balance as per bank & book...

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or ba...

Q: An internal auditor should be an expert in which of the following branches of business ? Accounting ...

A: An internal auditor is a company employee who independently and objectively evaluates the organizati...

Q: X invited Y to a partnership interest in his business. Accounts in theledger of X on January 1, 2020...

A: The adjusted capital of X will be equal to the Fair value of Assets less value of liabilities.   The...

Q: Jinchuriki Inc.'s Financial Statement for years 2014-2015. Compute of the Average Collection Period.

A: Introduction:- Average Collection Period is the average number of days required to gather invoiced a...

Q: An employee not involved in personnel, timekeeping, supervision of employees, or payroll accounting ...

A: The question is related to internal controls pertaining to payroll.   Internal control is a process ...

Q: company's cost of debt capital?

A: Cost of debt is the amounts of the cost which are required by the company to pay have to pay to the ...

Q: Wikki Inc. had the following transactions for the current year with respect to its inventory:

A: Unrealized holding gain is that results from holding on to an investment. It does not realize the pr...

Q: ORANGE Corporation reported the following financial liabilities in its December 31, 2021, statement ...

A: The convertible bond gives the owner/holder of the bond an option to convert the bond into shares af...

Q: Refer to Lopez Corporation. Assume that Lopez has sufficient idle capacity to produce the 1,000 unit...

A: Solution:- Given, Amber Corporation sells a product for $18 per unit & the standard cost card fo...

Q: no handwriting please French Manufacturing Company produces and sells a line of products that are s...

A: Given: Maximum production capacity -100,000 units per year. Operating Income - $600,000 in 2020 Sell...

Q: 92. BreakEven Corporation Selected Financial Data Current Assets 180,000 50,000 880,000 120,000 Brea...

A: 92. Average Days of Inventory = 365 x Average Inventory / Cost of Goods Sold Average Inventory = (In...

Q: Better Bottles, Inc., uses a periodic inventory system and has the following information availa Desc...

A: First In, First Out: First In, First Out (FIFO) is a bookkeeping strategy wherein resources bought o...

Q: Ute Co. had the following transactions with its 90% owned subsidiary (Cougar) during 20X1: Purchases...

A: Unrealized gain is the amount of gain which is not yet realised. In simple, when the parent sold goo...

Q: On January 1, 2020, Crane Corporation issued $8 million of 10-year, 7% convertible debentures at 106...

A: Convertible bonds are defined as the bonds that the holder or receiver can convert these bonds into ...

Q: Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019.The fol...

A: The procedure of entering business transactions for first time in the books of accounts is known as ...

Q: Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approxi...

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

Q: For auditors, the term materiality is important, both at the planning stage of the audit and at the ...

A: Materiality is a concept in accounting refers to that all the material facts / items should be discl...

Q: The following information is available regarding the total repair costs of Alexander Design Company ...

A: Lease square regression Analysis Through this model it can be easily identify the variable cost and ...

Q: Rid

A: Projected benefit obligation and its accumulated benefit obligation is the value used for the employ...

Q: Kline Manufacturing has the following labor costs: Factory-Gross wages $500,000 Factory-Net wages 42...

A: Factory labor= Factory- Gross wages+Employer payroll tax payable

Q: invoice. Using the historical-cost principle, at which amount will Foster report the equipment on it...

A: Answer – (d) $13,890

Q: Excise tax in North Carolina is A. required by state law and the tax rate varies by county. B. only ...

A: Answer A. Excise tax in north Carolina is required by state law and and the tax rate varies by count...

Q: A plant asset was purchased on January 1 for $75,000 with an estimated salvage value of $15,000 at t...

A: Introduction: Depreciation is a reduction in the price of a tangible item that affects the asset's m...

Q: Financial information is prese

A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost o...

Q: Bee, Cee and Dee, accountants, agree to form a partnership and to share profits in the ratio of 5:3:...

A: Partnership accounting assesses the financial activities of every partner in a partnership. It cover...

Q: Mar, a partner in the MJR Partnership, has a 25% participation in the partnership, Mar's capital acc...

A: Let the Total Profit of MJR Partnership for the year 2020 be "x"  Mar's Share of Profit in Partnersh...

Q: A company is considering the following three compensation plans for the salespeople listed in the ta...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...