Q1. On a multiple-step income statement, the excess of sales over the cost of goods sold is called: A. Operating income B. Income from Operations C. Gross Profit D. Net Income

Q: 4 Use the following to calculate pretax income (IBT): $ 5,000 Sales revenue Interest revenue 300,000...

A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...

Q: When using the indirect method to prepare the operating section of a statement of cash flows, which ...

A: Decrease in accounts receivable. Added to the net income   Gain on sale of land. Deducted from the n...

Q: nes-Oxley Act (US) and the Combined Code (UK) have emphasised the importance of an independent board...

A: Corporate governance refers to the concept or the system which regulates the rules, regulations, or ...

Q: Reiner Company uses a FIFO process costing system. The company had 5,000 units that were 60 percent ...

A: Since the material is added at the beginning of the process; therefore no. of units started during t...

Q: Under a Contract of Sale, Ana bound herself to deliver a diamond ring to Ben for P50,000 to be used ...

A: Prestation is the object of the contract. It may 1.be an obligation to give, to do or not to do.    ...

Q: Describe earnings management techniques in SEC enforcement actions

A: Introduction: The Securities and Exchange Commission's (SEC) Division of Enforcement is in charge of...

Q: Analysis of Adjusting Entry for Supplies Analyze each situation and indicate the correct dollar amou...

A: Adjusting entries are those entries which are made at the end of period to match the income and expe...

Q: Based on the following information, which of the following is closest to days' sales outstanding? •R...

A: Lets understand the basics. Days sales outstanding shows how many days it takes to convert credit sa...

Q: Thomlin Company forecasts that total overhead for the current year will be $10,864,000 with 194,000 ...

A: Projected total overhead = $10,864,000 Projected machine hours = 194,000 Hours  

Q: West Company is a print shop that produces jobs to customer specifications. During January, Job #305...

A: Direct labor cost = 15 hours x P7 = P105   Overhead cost = 6 MHrs x P18 = P108

Q: How much is the share in the profit of associate in 20x1?

A: In this case the share in the profit of associate would be calculated as share in profit of P4,000,0...

Q: Based on the following information, which of the following is closest to days' sales outstanding? •R...

A: Since opening accounts receivable is not given , we cannot calculate average accounts receivable , t...

Q: 28. A business pays weekly salaries of $20,000 on Friday for a five-day week ending on that day. The...

A: The use of adjusting entries can assist any accounting transaction. The five most common are accrued...

Q: The December 31, 2019 statement of financial position of Help Company included the following informa...

A: Notes receivables are instruments that makes a promise to pay a certain amount with interest on matu...

Q: Two jobs were completed with total costs of $183,000 and $105,000 respectively. They were sold to th...

A: A manufacturing overhead cost variance refers to the difference between the cost budgeted during the...

Q: ABC Company has sales of $500,000, COGS of $250,000, operating expenses of $200,000, net income of $...

A: Lets understand the basics. The times interest earned ratio indicates that, how many time companies ...

Q: Last period Hartig Corporation sold 40,000 units, total sales were $303.000, total variable expenses...

A: Formula: Contribution margin ratio = Contribution margin / Sales value

Q: Eagle limited is situated away from estableshed commuter routes and provides bus transport for its e...

A: A lease is recorded in the books of the lessee as the right to use asset and a lease liability is al...

Q: Select financial information from Marshall Inc. is shown below: 2022 2021 Receivables $423,018 $376,...

A: Average Accounts Receivables = Opening accounts receivables + Closing accounts receivables2        ...

Q: Bramble Inc. was incorporated in 2019 to operate as a computer software service firm, with an accoun...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: A condominium unit is being amortized with a quarterly payment of P56,000 for 5 years at 3% compound...

A: Amortization of Loan: An amortized loan is a form of loan in which the borrower is required to make ...

Q: An objective of the statement of cash flows is to disclose changes during the period in all asset ...

A: The cash flow statement is part of the financial statements of the company. It is prepared at the en...

Q: ales Calculate contribution margin, break even point (€) and safety margin (€)

A: Solution Formula used    Contribution margin       = sales – variable cost Contribution margin ratio...

Q: An increase in inventory balance would be reported in a statement of cash flows using the indirect m...

A: Changes in the operating assets of the business is the operating activity. Inventory is the operatin...

Q: In the bottom-up approach basically uses historical data from similar engineering projects to estima...

A: The correct option with proper explanation are as follows.

Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose var...

A: Contribution margin ratio = Contribution margin / Sales where, Contribution margin = Sales - variabl...

Q: 3.The following data relates to Available for Sale Securities: Please Journalize all the entries re...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: PART 1 Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each ba...

A: GIVEN     Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each...

Q: SD acquired the net assets of both GM and SR. Paying cash in the amount of P185,000 and by issuing 1...

A: Solution Calculation of purchase consideration paid by SD- Particulars To GM To SR Total Cash p...

Q: Assume the perpetual inventory method is used. The company purchased $12,700 of merchandise on acco...

A: The perpetual inventory method is one of the method in which record of inventory is maintained conti...

Q: Wildhorse Inc. manufactures an X-ray machine with an estimated life of 12 years and leases it to Cha...

A: calculation of lease receivable , sales price and cost price are as follows

Q: Revise your worksheet to reflect the following transactions and updated values at the end of the acc...

A: Bank reconciliation is the process of comparing the balances in an entity's accounting records for a...

Q: Booth Company had sales in 2020 of $1,875,000 on 75,000 units. Variable costs totaled $1,125,000 and...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: On August 1, 2010, a company issues bonds with a par value of $600,000. The bonds mature in 10 years...

A: In this question we will put journal entry to record the interest accrued  at December 31,2010.

Q: Márasigan, Cabance and Cequina formed a partnership on Jan. 1, 2019. contributed P120,000. Each Sala...

A: Bonus is the additional earnings of the partners, paid as and when agreed by all the remaining partn...

Q: On January 01, 2018, P Company acquired 80% of the outstanding stock of S Company for P3,400,000. On...

A: According to IFRS 3, Acquisition-related costs incurred by the acquiring company to effect the busin...

Q: Noel Stewart has estimated that the total fixed costs for his department are £10,000.He also estimat...

A: Solution Concept Fixed cost means the cost that does not change with the number of units produced Ma...

Q: Prepare the general journal for the above transactions. Narrations ares required.

A: Journal Entries for the month of July 2022 Date Particulars L.F Debit $ Credit  $ 05-Jul Cash A/...

Q: Choose one right of a shareholder and explain why this is important.

A: Solution Concept Shareholders basically are the owners of the company , and they have the residual i...

Q: Garden Sales, Incorporated, sells garden supplies. Management is planning its cash needs for the sec...

A: Solution 2b: Merchandise Purchase Budget Particulars April May June Budgeted Cost of goods so...

Q: A credit card offers an introductory rate of 7% compounded monthly for the first six months, increas...

A: A credit card is a short-term credit facility provided by the banks to its customers. Interest is ch...

Q: Susan and Stan Collins live in Iowa, are married and have two children ages 6 and 10. In 2020, Susan...

A: A tax credit is a monetary amount that taxpayers can deduct straight from their tax returns. Unlike ...

Q: The main difference between the net income reported in the separate income statement of the branch a...

A:                              As per the question, net income is reported in the separate income stat...

Q: Please answer part 3 Units 1,500 $31 Transactions a. Inventory, Beginning For the year: b. Purchase,...

A: Ending Inventory is the amount of goods held by the entity after incurring all the transactions rela...

Q: hich of the following would be reported in the either the operating, investing or financing sections...

A: The correct answer with proper explanation are as follows

Q: Treacy Company uses a job-order costing system. Assume that Job #504 is the only one in process. The...

A: Total cost of Job #504 = Direct material + Direct labor costs + Applied overhead cost where, Applied...

Q: On January 2, 2020, P Company acquired 80% investment in S Company. The acquisition cost was equal t...

A: Retained earnings are the accumulation of earnings of the company. Whereas, consolidated retained ea...

Q: On June 30, a company paid $3,000 for insurance premiums for the current year and debited the amount...

A: In this question, we have to decide the statement is true or false.

Q: PROBLEM NO. 1 The December 31, 2019 statement of financial position of Help Company included the fo...

A: Solution Accounts receivable is the balance of money Due to a firm for gooda or services Delivered o...

Q: what is the price of company stock? iS IT WORTH TO INVEST IN? EXPLAIN

A: We are given some financial ratios  for 3 consecutive years for a company based on which we need to ...