MULTIPLE CHOICE 1. The entries in a purchases journal are posted to which of the following subsidiary ledger? A. Accounts Receivable B. Sales C. Purchases D. Accounts payable

Q: Consider the unadjusted trial balance of Riverdale Company at June 30, 2016, and the related month-e...

A: GIVEN     Riverdale Company Trial Balance 30-Jun-16   Balance   Debit Cred...

Q: The Shoe Place sells a style of shoes for $110. Their overhead is 24% of cost and the normal operati...

A: Answer: Sales = $110 Overhead = 24% of cost Profit = 18%

Q: The company recorded a net loss of P185,000 for the year just ended. Total operating expenses was P3...

A: Answer: We have Gross sales- Sales discount- cost of sales- operating expenses = Net profit/ loss Gi...

Q: The company recorded a net loss of P245,000 for the year just ended. Total operating expenses was P3...

A: Formula: Net Profit = Gross Sales – Sales Discounts – Cost of Sales – Operating Expenses  

Q: Listed below are items that are commonly accounted for differently for financial reporting purposes ...

A: Financial accounting refers to the accounting which helps in keeping a logical as well as systematic...

Q: Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land D...

A: Answer: Current ratio  of Wilson trucking is  Current assets   Cash  $         9,700 Accounts...

Q: Following are the transactions of Green Energy Company. The company provided $2,400 of May 1 sustain...

A: The journal keeps the record for regular transactions of the business in four column book and furthe...

Q: expense, and advertising expense. It categorizes the remaining expenses a Adjusted Account Balances ...

A:                            Working Notes :-                  Cost of Goods Sold Particulars Amoun...

Q: he worksheet consisted of five pairs of debit and credit columns. The amount of one item appeared in...

A: Answer: There is always double entry effect and one single entry can be reflected on both income sta...

Q: Wildhorse Co. at the end of 2020, its first year of operations, prepared a reconciliation between pr...

A: Deferred tax assets A deferred tax asset is an item on the balance sheet that results from over paym...

Q: Listed below are items that are treated differently for accounting purposes than they are for tax pu...

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

Q: Adjusting entry for accrued expense includes a debit to Expense and a credit to Liability. (A) True ...

A: Answer: Accrued expenses are expenses that are appearing as the expenses but it is still not paid to...

Q: A review of the ledger of Flint Co. at December 31, 2022, produces the following data pertaining to ...

A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current pe...

Q: Hooper Manufacturing Company employs a job-order cost accounting system and keeps perpetual invento...

A: The overhead is applied to the jobs on the basis of predetermined overhead rate. The overhead is sai...

Q: mile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2...

A: Solution Given   2020 2019 Inventory 2600000 2900000 Accounts payable 750000 ...

Q: Chipman Inc. produces water pumps. Overhead costs have been identified as follows:   Activity Pool ...

A: Overheads: Overheads or Overheads cost alludes to a continuous cost of working a business. Overheads...

Q: Mr. Lim ran for a government position during the country’s 2019 elections. He received campaign fund...

A: All candidates, political parties, and party-list groups are required to remit  5% creditable withho...

Q: On June 30, 2012, Marigold Company issued 12% bonds with a par value of $840,000 due in 20 years. Th...

A: To begin, keeping accurate records of your transactions helps to organize the data in your business....

Q: Pronghorn Inc. manufactures a variety of consumer products. The company’s founders have run the comp...

A: Calculation of Earnings Before Interest and Taxes : Particulars  Amount  ($) Sales (net) 30,51...

Q: company's designers have discovered a market for a new clear plastic covering with college logos for...

A: manufacturing cost is all the cost that is needed to make a product . IT include:  direct material, ...

Q: To practice how the use of debits, credits, and double entry accounting affect individual T accounts...

A: The accounting equation is written as: Assets = Liabilities + equity Equity can be calculated as : E...

Q: What is the main advantage of an object classification budget? What are its limitations? How do perf...

A: Answer: Object classification budget is the budget which is traditional system of budget and it is m...

Q: Retail Cost 500,000.00 1,285,000.00 Inventory, 12/31/2021 725,000.00 Purchases 2,220,000.00 Purchase...

A: The conventional retail inventory method refers to a method mostly calculated to estimate ending inv...

Q: 24 Paid the shop assistant for the one week salary, P3,600. 25 Cash service income for the week, P8,...

A: Statement of Owner's Equity - Statement of owner's equity includes amount contributed by the owner o...

Q: Titabllity ratios (LO4-1oj The following condensed information was reported by Peabody Toys, Inc., f...

A: 1) Profit margin on sales =( Net profit/ sales) x100  Profit margin on sales =( 228/5,400)x100 =4.2%...

Q: of TR Inc., which provides mining of precious metals. Amount of

A: Cash flow from financing activates includes transaction of debt , equity and their related cost. Cas...

Q: Gato Inc. had the following inventory situations to consider at January 31, its year-end. a. Goods ...

A: The buyer will become the owner of the goods if the goods are purchased free on board destination po...

Q: ABC Corporation wishes to raise money by selling a 90-day promissory note in the short-term money ma...

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Q: Glbson Company makes and sells lawn mowers for which it currently makes the engines, It has an oppor...

A: a) Maximum price per unit = $709800/14700  =$48.26 per engine 

Q: 15 continue.. Headland Corporation was formed 5 years ago through a public subscription of common s...

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

Q: Identify the items from the following list that are likely to serve as source documents. Is this a I...

A: >Analyzing and recording the transaction is the first stem in the Accounting cycle.>Transactio...

Q: Euphoria Company had a balance of P820 ecember 31, 2020, before considering year-e > Consultants wer...

A: Answer: Given is that Balance of professional fees expense = P 820,000 Amount to be reported as prof...

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of  Wir...

A: Value of closing inventory includes all the expenses (fixed or variable) excluding Selling and distr...

Q: 22. The controller for Mitchell Supply Company has established the following overhead pools and cost...

A: The predetermined overhead rate is calculated as estimated overhead cost divided by base activity.

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wire...

A: Perpetual Inventory System – Under Perpetual inventory system on every sales transaction cost of goo...

Q: Perfect Cover Insurance Brokers is doing well with Assets - 262,000 Liabilities - 119,000 Equity – (...

A: Partnership is one of the form of business organisation, under which two or more than two partners j...

Q: 35. In a defined-benefit plan, a formula is used that defines the contribution the employer is to...

A: solution concept defined-benefit plan             defined-benefit plan is a plan where the benefit t...

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a write-do...

A: Reverse of inventory refers to the value that difference need to be identified in the year in which ...

Q: Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required ...

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

Q: f. Prepare journal entries on January 1,20x1, December 31, 20x1 and January 1, 20x2.

A: A Sales type lease is in the nature of a sale. Here the lessor is selling the product to the lessee....

Q: Multiple choice

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: In a defined-benefit plan, the process of funding refers to determining the projected benefit obli...

A: Pension plan refers to the plans or scheme sponsored by the employers for the retirement benefits of...

Q: Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 201...

A: GIVEN         2019   2020   2021 Annual service cost   $15,800     $19,400     $26,100   ...

Q: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and s...

A: FIFO: FIFO stands for First-In, First-Out.  In this method inventory purchased first will be sell ou...

Q: Comprehensive support department allocations Management at C. Pier Press has decided to allocate cos...

A: A direct cost is indeed a price that is directly related to the production of a particular good or s...

Q: Shear Co.'s Year 1 financial statements included profit from an installment sale of $2,600 that was ...

A: Answer -  “Deferred Tax Expense” is created due to the difference in the timing of book profit and t...

Q: 19. After the posting of the accounts payable ledger and general ledger is completed, the total of t...

A: 19 .  The general ledger includes account payable ledger . The accounts payable is the creditor for ...

Q: On the Forbes 2021 list of the World’s Billionaires, Jeff Bezos ranks at the top  with a net worth o...

A: Answer: On the Forbes 2021 list of the World’s Billionaires, Jeff Bezos ranks at the top with a net ...

Q: 15. Headland Corporation was formed 5 years ago through a public subscription of common stock. Dani...

A: Solution:- 1)Calculation of current ratio as follows under:- Current ratio =Current assets / Current...

Q: Question 4 Each of the following is determined according to IFRS except Select one:   a. taxable in...

A: IFRS are the set of accounting rules for financial purpose. It helps in setting accounting rules and...

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is