Questio

Q: journal entry to record the transaction on

A: A transaction should be recognized in the correct period in which it has occurred.

Q: Alexa owns a condominium near Cocoa Beach in Florida. In 2021, she incurs the following expenses in ...

A: Alexa's AGI from other sources = $200,000 Consisting of :  Salary - $132,000 Dividends - $14,800 Lon...

Q: Using the the industry averages of the three ratios, would you buy Loral at its current price? (Expl...

A: (1) P/E Ratio : Price to Earnings Ratio. It is arrived by dividing the Company's current Share price...

Q: following assets real or financial?

A: Real assets are used to produce Goods or Services such as land , building , machinery etc Financial ...

Q: Cefner Corporation paid dividends of P200,000 and P300,000 at the end of 2019 and 2020, respectively...

A: The preferred stock has the right to get dividend before any other shareholders. 

Q: Cost of a Fixed Asset Borges Inc. recently purchased land to use for the construction of fts new man...

A: Solution: Cost of land = Purchase price + Real estate commissions + Delinquent property taxes + Clos...

Q: internal control principle is violated

A: Internal control principles include the standards of controls established in the conduct of business...

Q: 6) New Brunswick Metalworks is evaluating a $100,000 polishing machine (CCA class 8). Services provi...

A: Solution : Given Price of machine 100,000 Inflow very year for 5 years $15000 Operat...

Q: Compute for stockholders’ equity using the following info

A: Answer: Concept: Stockholders equity is the value of assets that belongs to the shareholders.

Q: External Linkages, Activity-Based Supplier Costing Jackson, Inc., manufactures motorcycles. Jackson...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: ent of 18,000 dinars to be made on March 1, 2021. The materials are consumed immediately and recogni...

A: Net income refers to the total sum of income earned by an individual or an entity in a desired perio...

Q: The timesheet of employee Stevens shows that he worked 44 hours during a 40 hour work week. On the M...

A: (1) Total Number of hours worked = 44 hours (2) Number of hours during the week = 40 hours (3) Overt...

Q: Depreciation Methods Clearcopy, a printing company, acquired a new press on January 1. The press cos...

A: Depreciation is an expense charged on the value of fixed assets due to the usage of that assets. It ...

Q: 36.At the end of the accounting year, December 31, 2007, Emme's reco reflected the following: - Comm...

A: Solution : Concepts Common stock is included in total stock holders equity Preferred stock is includ...

Q: How do I figure out the variable overhead rate variance?

A: Overhead variances: overhead variances is the difference between the actual overhead and the budgete...

Q: onita Corp. sells idle machinery to Enyart Company on July 1, 2020, for $38,000. Bonita agrees to re...

A: Sale value = $38, 000

Q: Discuss, using practical why capital ratio is used to share a loss on realization

A: The ratio is used because the partners having more capital is liable for more loss and the partner w...

Q: Liza Company is a car dealer. On January 1, 2020, the entity entered into a finance lease with a cus...

A: Solution: Gross profit on sale should be recognized for the year ended Dec 31, 2020 = Cash selling p...

Q: Cullumber Appliances Corporation has reported its financial results for the year ended December 31, ...

A: Liquid Ratio: These ratios help in finding the liquidity of the company, which means how much the co...

Q: or the radio. Assuming an ad costs $300 in the Sun, $550 on the TV, anc $130 on the radio, which med...

A: CPM = 1000×cost/ Impressions  Given: Ad cost: Sun = $300 TV = $550 Radio = $130

Q: Akira Company had the following transactions for the month.   Number of Units Total Cost Beginning ...

A: Here in this question, we are required to calculate gross margin under FIFO,LIFO, Weighted average b...

Q: On August 31, 20X1, the balance in the checkbook and the Cash account of the Dry Creek Bed and Break...

A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or ba...

Q: Marigold Inc. took a physical inventory at the end of the year and determined that $777000 of goods ...

A: FOB Shipping point goods are shipped, so this will be included in the inventory. Goods on consignmen...

Q: John bought a car worth Php 1,000,000 if paid in cash. If paid on installment basis, he will pay Php...

A: The cash flow diagram presents a horizontal view of the cash inflow and cash outflow from a project ...

Q: Sunland Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 800...

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...

Q: ssume a service company has implemented an activity-based costing system with five activities as sho...

A: Using activity based costing, the overhead is applied to the job depending on various activities. 

Q: oman Grill Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwes...

A: Solution a: Number of shares outstanding after the split = Number of shares * 4 = 45000* 4 = 180,000...

Q: ledger entries in the books

A: Application money received (50,000 shares @Ghc200) = Ghc10,000,000 Allotment money received (50,000 ...

Q: Question: What is the firm's maximum surplus balance?

A: Cash budget is very important budget that is being prepared in business for the purpose of analysing...

Q: The Wildhorse City Ice Cream Company management has just completed an assessment of the company’s as...

A: Stockholders equity in the business means total amount attributable to the shareholders of the compa...

Q: True or False: The income a U.S. company reports to the IRS (i.e. to calculate taxes), could be diff...

A: The income in the income statement is different from those the tax authorities choose and pay taxes ...

Q: 1-a. If the market rate is 8%, calculate the issue price. (FV of $1, PV of $1, FVA of $1, and PVA of...

A:

Q: shares issued must be for a favorable consideration. Discuss

A: The shares must be issued for a consideration which is favourable to the company to ensure that the ...

Q: What is the gross profit per job assuming a markup on cost of 40%. (Please show step by step solutio...

A:

Q: Sally, who turned age 72 this year, owns 12% of Apex Company. She has accumulated $5 million in her ...

A: Income Tax - It is a direct tax imposed by the government levies on the individual over a particular...

Q: Melissa recently paid $870 for round-trip airfare to San Francisco to attend a business conference f...

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

Q: A and B formed the equal AB Partnership on January 1 of the current year. A contributed $100,000 of ...

A: Here asked for multi sub part question we will solve first three sub part question for you.  If you ...

Q: Blossom Corporation had the following transactions relating to debt investments: Jan. 1, 2022 Purcha...

A: Interest accrued on Dec. 31, 2022 = Investment in bonds x rate of interest x no. of months/12 = $73,...

Q: The values reflected in the Statement of financial Position are already at fair values, except for t...

A: At the time of formation of partnership business, partners may invest cash as their capitals or they...

Q: Prove to a firm how the Institute of Management Accountants can be of use to the organization

A: Institute of Management Accountants is the association of financial professionals. Examples of what ...

Q: Provide the 2020 adjusting journal entry (both accounts and amounts) that Newell Brands made to reco...

A: Depreciation Expenses The purpose of providing the depreciation cost is to know the current value of...

Q: The Merry Corporation has the following classes of stock outstanding: Common stock, par value P100 6...

A: Here in this question, we are required to calculate preference share dividend in case it is particip...

Q: Bandar Industries manufàctures sporting equipment. During the quarter ending June 30, the company ma...

A: Standard costing means where standard is set for various cost element and actual cost is then compar...

Q: 5. If the corporation pays corporate income tax at a rate of 30% and it wants to earn after tax prof...

A: Solution Given Selling price per unit 25 Variable  cost per unit 15 Contribution per...

Q: Barbie Company, which has only one product, has provided the following data concerning its most rec...

A:

Q: Show the solution in good accounting form

A: Answer: Concept: Stock holders equity consists of  value that shareholder hold in company. Common st...

Q: Can a company report negative net cash flows from operating activities for the year on the statement...

A: cash Flow Statement is a Statement which shows the movement of cash during the period, the cash flow...

Q: As part of your audit of a client’s inventory balance, you created an expectation of what should be ...

A: Ans. While auditing, an auditor must        assess the materiality of audit. In case their is high c...

Q: On January1, 2000, Luke bought a RAV4 worth P900,000 and intend to sell it for P300,000 after its 10...

A: Thew question is based on the concept of Depreciation Accounting.

Q: Sheridan Company uses the periodic inventory system. For the current month, the beginning inventory ...

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

Mortgages

A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.

Mortgage

The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.