One operating cycle of a business, which could be a month, quarter, or year, is commonly referredto as which of the following?A. periodB. roundC. tallyD. mark

Q: Assume that IBM leased equipment that was carried at a cost of $182,000 to Sunland Company. The term...

A: Solution: As lease period is 6 years and equipment useful life is also 6 years, therefore lease shou...

Q: Which of the following statements is not correct?

A: Philippines charity sweeptakes office is written as PCSO. It is government owned. Interest income is...

Q: the total expenses as of December 31. Required: 1. Based on the above data and your audit, determine...

A: Here student post different question we will solve first question for you.  If you need additional k...

Q: ABC Co. sells equipment service contracts that cover a two-year period. The sales price of each cont...

A: Introduction:- Calculation of total sales value as follows:- Total sales value = No. of contracts so...

Q: Which of the following accounts is considered a temporary or nominal account?A. Fees Earned RevenueB...

A: There are two type of accounts used in business. One is permanent accounts and other is temporary ac...

Q: It says the answer is complete but not correct . Can you tell me the right answers

A: Firstly you have totaled cost of goods sold and the inventory in 26 January row. The total shouldn't...

Q: David Wallace, Olena Dunn, and Danny Lin were partners in a commercial architect firm and showed the...

A: The partnership comes into existence when two or more persons agree to do the business and share pro...

Q: Sega Sammy Holdings, Inc. Earnings Information Earnings Information 2017 2018 2019 2020 2021 Net sal...

A:     Accounting ratios: The ratios that use the values from accounting statements of generally two ye...

Q: Sales (7,200 units) $ 338, 400 Variable expenses 194, 400 Contribution margin Fixed expenses 144,000...

A: Formula: Contribution margin = Sales revenue - variable cost

Q: Plant assets are: O Tangible assets used in the operation of a business that have a useful life of m...

A: Solution: A plant asset is a fixed assets having useful life of more than a year and that is used in...

Q: Cullumber Chrome Bumpers bought two acres of land with an old office building on it that was deemed ...

A: Cost accounting is a kind of managerial accounting that attempts to represent a company's total cost...

Q: PROBLEMS Bacolod Supermart made cash sales of P3,000,000 and credit sales of P8,000,000. Out of the ...

A: The accrual profit is the profit calculated on the basis of revenue earned and expenses incurred dur...

Q: KKingbird publishes a monthly sports magazine, Hockey Hits. Subscriptions to the magazine cost $22 p...

A: The practice of entering financial activity for the first time in the books of accounts is known as ...

Q: Walberg Associates, antique dealers, purchased goods for $39,500. Terms of the purchase were FOB shi...

A: Solution: Cost of inventory includes purchase price, transit insurance, freight and all other cost n...

Q: Exercise 8-50 (Algo) Job Costing and Process Costing (LO 8-7) Coastal Cycles makes three models of e...

A: A product's unit cost can be defined as the cost per unit of a single product. It is calculated by d...

Q: Which of the following is primarily interested in the liquidity of a company? O Long-term creditors ...

A: Liquidity of the company means short term debt paying capacity of the business. It means how much a ...

Q: Metlock's Market recorded the following events involving a recent purchase of inventory: Received go...

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after...

Q: January 3 Purchased equipment for $55000, paying S45000 in cash and signing a 10000, 4-month, 10% no...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Lakeview Manufacturing has the following factory labour costs: Factory-Gross wages $284,000 Producti...

A: Note: Sales salaries expenses are not related to the factor expenses. Sales salaries expense charged...

Q: Provide the Bottomline/Conclusion and Recommendation based on the Financial Ratios.

A: Financial ratios are used to analyze the financial results of the organization so as to find out whe...

Q: If it is now profit hospital, its income tax after tax credit is:

A: Gross Income of Philippines and Abroad is P4,000,000 and $40,000 respectively. Deductions of Philipp...

Q: 1. What is the activity variance for the revenue? (Indicate the effect of each variance by selecting...

A: Variance analysis is one of the important technique of management accounting analysis, under which a...

Q: A short-term note payable: O Is a written promise to pay a specified amount on a definite future dat...

A: Short-term note payable is not a contingent and estimated liability because it has a definite amount...

Q: January 3 Purchased equipment for $55000, paying $45000 in cash and signing a 10000, 4-month, 10% no...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Questions: 1. The loss from discounting of notes receivables is? 2. The adjusted balance of Accoun...

A: This is a multipart question in which we have to solve different parts.

Q: Novak Corp. returned $330 of goods originally purchased on credit from Bridgeport Industries. Using ...

A: Periodic inventory is an accounting method of valuing stocks at regular intervals. Businesses physic...

Q: Drivers by Product Estimated Use Estimated Overhead of Activity Cost Pools Cost Drivers Cost Drivers...

A: The overhead per unit is calculated as total overhead cost divided by number of units. Total cost = ...

Q: Answer with computation and explanation If the total authorized share capital is P1,000,000 at P10 ...

A: Issued share capital is the amount or value of shares that has been issued by the company to it's sh...

Q: At the end of 2019, Framber Company received $8000 as a prepayment for renting a building to a tenan...

A: A preceding period adjustment will be used to accommodate for an inaccuracy. Any modifications to pr...

Q: The management of Que-B Bhd is targeting to accumulate funds to finance its projects. The strategy i...

A: Available for sale securities refer to those financial instruments which are available to the sold i...

Q: Show that the accounting equation is satisfied after taking into consideration each of the following...

A: Introduction:- Construction of  the accounting equation is satisfied after taking into consideration...

Q: On September 28, 2017, Roku Inc. (NASDAQ: ROKU) concluded its initial public offering (IPO) of 15,90...

A: Net Income- After all deductions have been made, the net income is the amount that remains. The flow...

Q: Sunland Company has assets of $4398000, common stock of $1068000, and retained earnings of $645000. ...

A: Formula: Accounting equation: Assets = Liabilities + Owners equity

Q: On December 31, 2022, ALR, Inc. classified one of its plant assets (land) as held for sale. The carr...

A: 1. Journal entry to reclassify the land held for sale 31/12/22 Land held for sale     2000000       ...

Q: Oriole Company, a major retailer of bicycles and accessories, operates several stores and is a publi...

A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement th...

Q: The following information relates to Pug Company Sales revenue Contribution margin Net operating inc...

A:

Q: Seashore Industries can manufacture 2,000 units of a necessary component part with the following cos...

A: The question is related to the Make or Buy. In vase of make or buying decision comparision will be m...

Q: 1. Prepare a flexible budget performance report for July that includes revenue and spending variance...

A: Flexible budget performance includes comparing the flexible budget with actuals and planning budget....

Q: economic life of the generator.

A: Economic life of the asset is the useful life of the asset till which it has the lowest cost and aft...

Q: Wolford Department Store is located in midtown Metropolis. During the past several years, net income...

A: Balance Sheet - This is the statement that contains balances as on the particular date. It includes ...

Q: At a rate of 5.5%, what is the present value of the following cash flow stream? Years 2 3 Cash Flows...

A: Present value: It implies to the value of future cash flows in today's date, discounted at a particu...

Q: ABC leased a building from XYZ. The lease transfers legal ownership to ABC at lease-end. The present...

A: GIVEN   The present value of lease payment is $275,137at signing. The useful life of the asset is 10...

Q: Which of the following are assets? (S Land Supplies Expense

A: Assets are resources that are controlled which results from prior transactions that are expected to ...

Q: A. Calculate the missing amounts in MVP MVP, Inc. Income Statement For the Year Ended December 31, 2...

A: Given,         Particulars Detail  Amount $ cost of good sold   375,000 Direct material (vari...

Q: C Corp purchased 80% of the stock of D Corp. for 232,000. At the date of acquisition the consolidate...

A: Formula: Purchase value = Total Net assets of D corp x Percentage acquired

Q: Harper is considering three alternative investments of $10,000. Assume that the taxpayer is in the 2...

A: Investment alternatives are the number of options available to the investor so that the individual c...

Q: The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,00...

A: Working notes :-                                       Total Sale - Accounts Receivable = Cash reali...

Q: field work in connection with your audit of Carla Corporation for the year ended December 31, 2020. ...

A: A cash flow statement under the indirect method is prepared by adjusting the net income of the year.

Q: X Company issued 1,000 of its ordinary shares with P10 par for an equipment with book value of P11,0...

A: The excess value of acquisition of non cash assets as compared to par value of shares issued, is cre...

Q: Assume the following data pertaining to Franchise agreement between Franchisor Mayang and Franchisee...

A: Solution Gross profit  is the profit a business makes after substracting all the costs that are rela...