Prepare journal entry for Windsor, Inc. to record the receipt of the proceeds of the note.  Prepare journal entry for Windsor, Inc. to record the accrued interest at December 31, assuming adjusting entries are made only at year end. Prepare journal entry for Windsor, Inc. to record the payment of the note at maturity.

Q: Prepare the necessary disclosures for Colorway Inc. in relation to operating segments. 2. Prepare th...

A: Segment reporting is one of the important concept used in financial reporting, under which informati...

Q: Dipolog Rice Mill Trial Balance Account Titles Debit (P) Credit (P) Cash in Bank 76,200 Petty Cash F...

A: The financial statements are prepared by the business entity to show the performance of the business...

Q: The Parent consolidated group reports the following results for the tax year. Entity Income or Loss...

A: consolidated taxable income 16200+6480+3240-1620=24300

Q: During 2021, Cavite Coffee had profit of P8,200,000. Included on its income statement was depreciati...

A: Solution Cash flow statement is a financial statement that provides aggregate data regarding all cas...

Q: 5. AA, BB and CC are partners with average capital balances during 20xx of P472,500, P238,650 and P1...

A:   AA  BB   CC  Interest on Partners' Capital        (P 472,500 X 10%)            47,250     (P...

Q: Which of the following is a fixed cost in an automobile manufacturing plant? 6. Sales commissions a....

A: Fixed costs are those costs which will not change with change in activity level or volume. Variable ...

Q: ABC Company leases equipment to its customers under non-cancelable leases. On January 1,2019, ABC Co...

A: Workings: We know the formulas: Gross investment in the lease: It refers to the total amount of MLP ...

Q: In a queueing system, customers arrive once every 5 hours (standard deviation = 5) and services take...

A: Solution:- Given, Customers arrive once every 5 hours Standard deviation = 5 Services take 3 hours S...

Q: Using the observed growth rate on DPS, determine the expected share price for Company B on 31 Decemb...

A: Under Dividend Growth Model, P0 = D1 / (r - g) Here, P0 = Price of the Share now D1 = Dividend for n...

Q: All Things Brass produces brass handles for the furniture industry in a four-stage process –Mixing, ...

A: Equivalent units: Equivalent units of production are an indication to show the work in process inven...

Q: plish Brothers publishes a monthly music magazine, DiscOver. Subscriptions to the magazine cost $20 ...

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: QS 11-12 Dividend allocation between classes of shareholders LO C2 Stockholders' equity of Ernst Com...

A: A dividend is a reward paid out of a company's net profits to the shareholders for investment in a c...

Q: Question Content Area Liability Transactions The following items were selected from among the ...

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

Q: Help me answer the letter d and c with solution thank you

A: Degree of operating leverage = Contribution/EBIT Degree of Financial leverage = EBIT/EBT

Q: Donna, Rick, and Daisy are partners sharing profits in a 3:3:4 ratio, respectively. They have been o...

A: There are three golden rules in accounting for recording the transaction : Debit what comes in , C...

Q: A. Record the following transaction of Pal Tos Sales for the month of May under the periodic invento...

A: "Since you have asked multiple questions, we will solve first question for you. if t=you want any sp...

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: The Phoenix Corporation's fiscal year ends on December 31. Phoenix determines inventory quantity by ...

A: FOB Shipping point FOB Destination point  Under this system, the responsibility of the seller over...

Q: During 2022, Emerald Inc. decided to change from FIFO method of inventory valuation to the weighted ...

A: First in first out is also written as FIFO. It is the method for valuing inventory on the assumption...

Q: Soho Inc. bought a professional coffee machine costing $100,000. Over its useful life it is estimate...

A: The question is based on the concept of Depreciation Accounting. Depreciation is the decrease in the...

Q: XX, YY and ZZ formed a partnership on January 1, 2015. Each contributed P120,000 Salaries were to be...

A: Introduction Partnership is the association of two or more persons who have agreed to share profit a...

Q: The Maclin Company uses a job-costing system at its Dover, Delaware, plant. The plant has a machinin...

A: Cost pools are defined for different activities as their subject matter of allocation is different f...

Q: Stock production and sales data from a single product of Sweetsop are given in the following:     Pe...

A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...

Q: 1. Shareholders invested $12,000 cash in exchange for ordinary sha Account Title Debit 2. Purchased ...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: The capital account to be credited to Elor

A: There are 4 partner in Partnership firm sharing profit ratio 2:2:2:4. Out of these four partner Sam ...

Q: Bona Company purchased an investment property on January 1, 2021 for P2,200,000. The property had a ...

A: Depreciation is the reduction of the asset due to normal wear and tear, passage of time, etc.

Q: Justin Matthews is a waiter at the Duluxe Lounge. In his first weekly pay in March, he earned $300.0...

A: Step 1: Net pay is the value which is computed after deducting the taxes and deductions allowed for ...

Q: liquidation of the partnership

A: Delia , Irma and Flora are partner sharing profit 4:5:1 respectively.

Q: Philadelphia Company has the following information for March: Sales $484,918 Variable cost of goods ...

A: Manufacturing margin is referred to as the margin after considering all fixed and variable manufactu...

Q: Auditors are auditing the cash receipts for Great Wall Corporation. For each audit procedure perform...

A: Audit Procedure: Audit Procedures are actions conducted by auditors to acquire all the information a...

Q: On 31st January, 2021 the Balance as per Pass book of S.V. Ltd. is $ 505,500. Prepare a Bank Reconci...

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with...

Q: . An analysis of clerical costs in the billing department of Craig Company indicates that total unit...

A: The Total Cost is calculated as sum of Total Fixed Cost and Total Variable Cost. The Variable Cost p...

Q: xclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch of s...

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

Q: State and explain five differences between a job costing system and process costing system.

A: Job Costing System: This is the method of costing where cost related to each specific job is determi...

Q: Sagar Manufacturing Ltd. manufactures 2 products A, B. Also there are 2 activities (Quality Checks a...

A: The question is related to the Activity Based Costing. The details are given regarding two products....

Q: On December 31, 2021, LJK Co. classified its building with a historical cost of P1,700,000 and accum...

A: Carrying amount of asset = Historical cost - Accumulated depreciation As per PFRS 5 once non current...

Q: Martinez Company at December 31 has cash $46,500, noncash assets $212,000, liabilities $130,000, and...

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

Q: The audit risk model includes the four risks listed below. Match the type of risk with the related d...

A: Audit risk is the risk that financial statements are material misstatement and audit opinion states ...

Q: What is the best budgetary system for the Philippines? Justify your Answer.

A: The United States Government's budget system offers tools for the government to choose how much mone...

Q: Upperchurch Company reports the following components of stockholders' equity on January 1. Common st...

A: Date Transaction Impact on Equity  Amount  Jan'1 Total Stockholders' Equity - January'1    $    98...

Q: ompany has the following transactions

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Material pricing needs to include shipping costs, sales tax, and storage costs. true or false

A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...

Q: 1. When an error is discovered after closing the nominal accounts, one of the accounts to be credite...

A: Ans. All the accounting treatments are based on principles of accounting. They are to be followed in...

Q: an account should be referred to a professional collection agency if

A: an account should be referred to a professional collection agency in following case 

Q: John bought 400 shares of Apple stock on January 1, 2015 for $200 per share with a brokerage fee of ...

A: The wash sale rule is applied the stock is repurchased after sale of the same stock within 30 days. ...

Q: The conversion of preference shares into ordinary shares requires that any excess of the par value o...

A: Preference share:- It is the type of share which is having preferential rights over common stock, wh...

Q: The annual variable production costs for a plant operates at 70% capacity are $600,000 while the sum...

A: Workings: 1) Computation of income statement at 70% capacity Particulars Amount $ Per unit $ An...

Q: The following selected data were taken from the financial statements of Vidahill Inc. for December 3...

A: Solution:- a)calculation of return on total assets as follows under:- Return on total assets =EBIT /...

Q: Service Revenue $10,000 Cash $12,000 Accounts Receivable $3,000 Office Supplies Rent Expense Salarie...

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net...

Q: List and explain briefly the phases of an internal control evaluation.

A: Internal controls are indeed defined as the measures put in place by a corporation to secure its ass...