n perpetual method, _______________ will be credited if an item bought will be returned.    Cost of sales is computed as Cost of Goods Available for Sale _____________ ending inventory.  Sales discount will be ________________ from Gross Sales. When _______________ method of reporting inventory is used, merchandise account will be debited when freight in was paid.

Q: Your best friend, Anthony, approached you to invest in his business. In 2019, he started a business ...

A: Financial statements are written papers that explain a company's operations and financial performanc...

Q: an introduction about the effect of artificial inteligence on audit

A: The on-site verification activity of a process or quality system, such as inspection or examination,...

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at...

A: The current portion of note receivable is the part which is due within 1 year. In this case, as on D...

Q: Whenever a period is designated in an obligation, the said period shall presumed to have been establ...

A: Ans. Whenever a period is designated in an obligation, the terms specified reflects the benefits and...

Q: GL1101 - Based on Problem 11-2A LO C3, P2, P3 Austin Company reports the following components of sto...

A: Date   Impact on Equity $ Jan 2  Purchase 4000 shares of its own stock at $ 23 cash per share Stoc...

Q: b. What is the probability that neither

A: Given: P( default on a seven-year AA-rated bond ) =    0.06P( seven-year AA-rated bond ) =    0.13P(...

Q: Exercise 14-7A (Algo) Preparing an inventory purchases budget LO 14-3 Perez Company selts lamps and ...

A: a)Calculation of inventory purchase budget as follows under:- Ending inventory for march $85,000 x 1...

Q: On April 2, 2021, Cullumber Company entered into a contract to supply medication to Laxall Drug Stor...

A:

Q: An increase in interest rates would mostly harm the ___. 1. creditors

A: Creditors : It refers to the party which has delivered a product or service on credit .  Debtors : I...

Q: The following data refer to Solaris Power Ltd for the financial year ending 31 December 2021: Sales ...

A: Overhead is applied to the manufacturing process using a predetermined overhead rate. Since actual o...

Q: GL1101 - Based on Problem 11-2A LO C3, P2, P3 Upperchurch Company reports the following components o...

A: The stockholders' equity includes the total capital contribution by owner, retained earnings, withdr...

Q: After the accounts have been adjusted at January 31, the end of the fiscal year, the following balan...

A: Solution  A journal is a company's official book in which all business transaction are recorded in c...

Q: Assume the year is 2021. On March 15, Juneau Inc. pays each of 15 employees gross wages of $50,000. ...

A: A payroll tax is a tax imposed by the employer on the employee’s salary. The employer withholds this...

Q: Question 3 On 6 July 2021, Falta Limited paid $300 to purchase a put option on Zebra Limited when th...

A: The put option is a derivative instrument that expects that the prices will fall below the strike pr...

Q: On April 30, Year 1, Augusta Corporation issued $5,000,000 of 4% 10-year bonds paying interest semi-...

A: Journal entry refers to the process of recording business transactions for first time in the books o...

Q: Adnan's trial balance has been completed and extended. The totals of the income statement columns an...

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells th...

Q: ollowing a strategy of product Arseniq Company makes a high-er rseniq presents the following data fo...

A: Answer is option 4 i.e $ 650, 840 ( approx)  ( F)  

Q: Are perishable and homogeneous properties alike? How the possibilities of usury should be observed i...

A: Introduction:- Making unethical or immoral monetary loans that unfairly advantage the lender is know...

Q: The initial amount of the note receivable

A: The notes receivable would be calculated as present value of annual lease payment on the loan. The p...

Q: Retained Earnings Statement Pressure Pumps Corporation, a manufacturer of industrial pumps, reports...

A: The statement of retained earnings (retained earnings statement) is an accounting statement that sum...

Q: 4. This tells you what part of each peso of sales the company retained as profit. It is a very handy...

A: Ratio analysis includes computing of rations by using financial statements elements to compare one a...

Q: Use the following information for exercise 15 to 18 LO P2 (The following information apples to the q...

A: Ernst Consulting Balance Sheet                                                               ...

Q: On June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following...

A: The income statement is prepared using various methods as variable costing and absorption costing me...

Q: On January 1, 2021, Labtech Circuits borrowed $110,000 from First Bank by issuing a three-year, 9% n...

A: Journal entries (JF) refers to reporting of transactions into the original books of accounts.

Q: SMC will be issuing bonds with a face value of P100,000 through an underwriter. The underwriter will...

A: Answer :- Calculation of the Expenses on Issue: Underwriting Commission = P100,000 *7% = P7,000 Int...

Q: You own 20,000 shares of National Co. stock. The company is planning to issue a stock dividend. Befo...

A: Introduction Market value of shares owned after stock dividend is P275,000.

Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at...

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...

Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...

A: Fixed cost is the cost that doesn't change with the change in the output or production level.

Q: In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charg...

A: Cost allocation refers to the process where the cost incurred by a service department is distributed...

Q: Africa Traders, on 28 February 2020, received a cash amount of R1 560 from Mr. A South, a trade rece...

A: Answer) The correct option in the given question is: c. ACCOUNT DEBITED ACCOUNT CREDITED EQ...

Q: Harrington Manufacturing Inc. began operation 5 years ago producing the probo, a new type of instrum...

A: Intangible Asset: An intangible asset is a resource that needs no actual substance. It is a recogniz...

Q: Prepare a bond amortization table for the bond. Journalize the following entries Issue of the bond...

A: Solution:- Given, Augusta corporation issued 5,000,000 of 4% 10 year bonds paying interest semi annu...

Q: During 2018, Basil Company purchases equipment (7-year property) for $100,000 and decides to take a ...

A: As given the Basil company purchases equipment (7 year property) for $100,000 and decides to take a ...

Q: Six Measures of Solvency or Profitability The following data were taken from the financial statement...

A: Stockholder Equity- The amount invested by shareholders in a company is referred to as stockholders'...

Q: ne following data have been gathered for Syncronics, Thė July 31 bank balance was $4,000. The bank s...

A: Bank reconciliation is prepared to reconcile the cash balance in books with the actual balance in th...

Q: The fixed costs incurred by a automotive shop are $200,000 per year. Variable costs are 60% of the a...

A: Variable cost = 60% of annual revenue = $300,000 x 60% = $180,000

Q: Carla Vista Company began selling game consoles on November 1, 2021. The company offers a 75-day war...

A: A balance sheet is a financial statement that illustrates a company's assets, liabilities, and share...

Q: A five year P1, 000 par value bond pays a 5% annual coupon. Given a YTM of 7%, what is the price of ...

A: Par value of bond (FV) = P 1,000 Coupon rate = 5% Coupon amount (C) = 1000*0.05 = P50 YTM (r) = 7% Y...

Q: Information to answer questions 3-6: $ 8,000 4,000 40,000 30,000 Net income Stockholders equity Tota...

A:

Q: Africa Traders is in the business of replacing damaged windscreens of vehicles. On 9 October 2020, A...

A: Answer) The correct option in the given question is: Debit the Trade receivables control account wi...

Q: Wookie Company issues 9%, five-year bonds, on January 1 of this year, with a par value of $109,000 a...

A: Number of periods = 5*2 = 10 Coupon rate=  9%/2 = 4.5% As the beginning carrying value is more than ...

Q: On December 31, 2019, Ana Inc. sold merchandise for P750,000 to Ysa Inc. The terms of the sales were...

A: As per the shipping terms, inventory is considered delivered when it is shipped to customer. As per ...

Q: Moravanti Italian Imports has four employees and pays biweekly. Assume that box 2 is not checked for...

A: Wage bracket method tells the exact amount of tax that is to be withholding during the period. The t...

Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...

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

Q: On November 1, Alan Company signed a 120-day, 12% note payable, with a face value of $10,800. What i...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: ccClassify each cash transaction between Operating (O), Investing (I), or Financing (F) activities  ...

A: A cash flow financial statement that outlines a company's cash inflows from ongoing operations and e...

Q: A company issued 8%, 15-year bonds with a par value of $470,000 that pay Interest semiannually. The ...

A: Bonds: In finance, bonds are a sort of safety net utilized in shared assets and private contribution...

Q: The journal entries for a bank reconciliation . are taken from the "balance per bank" section only. ...

A: Solution: A bank reconciliation is a statement that is prepared to match the cash balance per bank a...

Q: . If the total actual cost of variable factory overhead for the period as reported by the accounting...

A: Solution: Total variable factory overhead variance is the difference between standard variable overh...

Q: Mega Corp purchased assets on a lump-sum basis. Mega paid $2,400,000 for land, building, machinery a...

A: Cost of the assets = Amount paid x FMV of the assets / Total FMV of all assets purchased Total FMV o...