Respond to this topic by indicating what you think are the top three ethical problems facing Accountants today.

Q: Which of the following statements is false?A. Noncash activities should be reported in accrual basis...

A: Financial statements are those financial statements which are prepared at the end of accounting peri...

Q: PROBLEM 7. Mcoy Company has, for the coming year, budgeted sales of P3,200,000 with contribution mar...

A: Break even point means where there is no profit no loss. Variable cost means the cost which vary wit...

Q: The following standard data are available for ABC Corp to produce one unit of product X: · ...

A: Material cost per unit = 3 Yards*5 = 15 Direct labor cost per unit = 2 Hours*10 = 20 Overhead cost p...

Q: sing the financial information presented below:             Operating Expenses  $ 55,000          ...

A: Answer 1) Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales retur...

Q: alculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.g. 12...

A: EcoFabrics has budgeted overhead costs of $1,039,500. It has two main products - Wool and cotton. Th...

Q: ASAP Kindly give a full explanation for each option why it is correct or why others are wrong   1...

A: Process costing is one of the important section of cost accounting, under which costs and expenses o...

Q: PE 2. Baler Company has annual sales of P2.5M with variable expenses of 60 percent of sales and fixe...

A: Contribution margin ratio = 100 - Variable costs % Annual sales required for target profit = Annual ...

Q: FIXED ASSETS DEPRECIATION (Use Straight Line Method of Depreciation) Date of Purchase Estimated Acqu...

A:                                 Depreciation is a dimunition [ reduction] in the value of an asset o...

Q: Suppose the real risk-free rate is 4.25% and the future rate of inflation is expected to be constant...

A: Rate of return is the return rate which an investor wants to get it from the investments made by him...

Q: has a net payroll amount of $5,064.50. What is the correct journal entry to record this payment on p...

A: Summary of the information provided in the question :   Net payroll amount : $ 5,064.50   Requiremen...

Q: At December 31, 2020 Rice Company had 300,000 shares of common stock and 10,000 shares of 6%, $100 p...

A: Solution: Outstanding common shares on Dec 31, 2020 = 300000 shares Outstanding common shares on Dec...

Q: Interest income on municipal governmental bonds $ 92,000 Depreciation claimed on the 2021 tax return...

A: Tax is an amount that is charged by the government from the individual and organization on the incom...

Q: Manufacturing overhead        30,800 ·         Increase in direct materials     13, 000 ·         In...

A: Total cost of manufacturing = costs of direct materials used + direct labor costs + manufacturing ov...

Q: What are retained earnings?

A: Solution Capital means the asset and cash in a business .capital may be either be cash , machinery ,...

Q: The board of directors of ABC Corporation voted on June 1, 2021 to declare a 10% share distributable...

A: GIVEN   The board of directors of ABC Corporation voted on June 1, 2021 to declare a 10% share distr...

Q: Use of company records would be an example of using__________ data

A: Solution Company records means any register ,index , accounting records , agreement , memorandum , m...

Q: Crazy Coconut LLC has two products: Jet Boats Ski Boats $8000 $24,000 $4800 $14,000 Sales price per ...

A:

Q: Joint Products A, B and C are produced by JNT Corp. For the month just ended, these data are availab...

A: Average unit cost = Total Joint CostTotal No. of units produced Total joint cost = P49,830 Total no....

Q: ho started the business c unts to 31st of Septembe

A: The income statement is given as,

Q: X Inc has used traditional costing where OH cost is applied based on 15% of Direct Labor cost. DL co...

A: Calculation of Total Cost assigned to Product G   Product G  Total Cost  Direct Materials      ...

Q: its books until at least ten days after month end. In this way, it can sort out ownership of goods i...

A: 1 Accountants are concerned with timing because they want to ensure that sales are documented in the...

Q: What is the basis of capital sharing if the partners do not have an agreement as to the amount of th...

A: partnership association where two or more individual carry the business as co-owner for profit. it i...

Q: Gross sales, P240,000 Purchases from VAT registered suppliers, P156,980 How much is the percentage ...

A: Percentage tax is the amount of tax which is paid by non VAT registered suppliers. It is indirect ta...

Q: Required information (The following information applies to the questions displayed below.) Read the ...

A: Solution Taxable income is the amount of income used to calculates taxes owed by an individual or a ...

Q: Debit Credit Cash $33,590 Journalize the adjusting entries. (Credit account titles are automatically...

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

Q: Which of the following is not an objective of product costing systems? a. To assist in the preparat...

A: Solution  Product costing system are used to assign a cost to a manufactured product.

Q: What is Enron fraud and why is it important

A: Enron fraud is one of the biggest accounting fraud happened in the United States.

Q: 4. If the company wants a 20% before-tax return on sales, what level of sales, in pesos, does it nee...

A: Contribution margin or gross profit refers to the profit earns by the company for selling goods and ...

Q: Breeze Corp. is planning to change its credit terms from 4/10, n/30 to 5/15, n/35. Currently, 50% of...

A: Days sales outstanding refer to average number of days that an organisation or a company takes to co...

Q: Karane Enterprises, a calender year manufacturer based in College Station, Texas, began business in ...

A: Under IRS, section 179 allows businesses to claim a deduction for expenses related to tangible asset...

Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a  percenta...

A: As per our guidelines, we are supposed to answer only 3 sub-parts of the question.   Formulas to be ...

Q: Exercise 5-2 Inventory costs LO C2 Walberg Associates, antique dealers, purchased goods for $37,900....

A: Solution:- Given, Wallberg Associates, antique dealers, purchased goods = $37,900 Cost of transporti...

Q: Case 2: The Construction Company A construction company specializes in pouring foundations for housi...

A: A service department seems to be a cost center that offers services to the firm's other departments....

Q: How do we journalize this transaction for the month of October? Explanation not allowed. Transactio...

A: For real accounts, rule for journal entry is debit what comes in and credit what goes out. Here, pho...

Q: The accounting records of X Corp shows the following: Increase of RM if 45,000; decrease din FG Inve...

A: Solution: Cost of raw materials used = Purchase of raw materials  + Transportation In - Increase in ...

Q: Create a statement of cash flows for the year ended December 31, 2019 using the followings data.

A: The amount which is transferred in or out of the company referred as net amount is called cash flow ...

Q: Winger Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par valu...

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

Q: Estimate the preliminary cost for the listed projects. You can use RSMeans Square Foot Costs data, a...

A: Preliminary cost is also known as rough cost or approximate estimate. This method is used to determi...

Q: Dog Food Corp. normally take 5 days to pay for average daily credit purchases of P10,000. Its averag...

A: Net Credit Position = Accounts Receivable - Accounts Payable   Accounts Receivable = Average daily c...

Q: X Company pays time and a half for hours in excess of 40 hours per week. If an individual is paid P6...

A: Normal wage rate per hour = P60 Extra time wage rate per hour = 60*1.50 = P90 Normal hours = 40 hour...

Q: expected? Assume an octane number of 85. Density of iso-octane is 0.6918 and n-heptane is 0.684 g/ml...

A: Given that, The octane number of gasoline is 85 30% excess air is provided for the combustion reacti...

Q: Which of the following would be considered a long-term liability? a. interest payable b. mortg...

A: Analysis of options a. interest payable Since interest will be paid within 12 months or normal cycle...

Q: The market lor apple pies in the city of Ectcnia is com· petitivc and has the following demand sched...

A: Marginal Cost: In financial matters, the marginal expense of creation is the adjustment of the compl...

Q: In what ways is it vital to convey accounting and financial information in a visually appealing and ...

A: Ans. Accounting and financial information are an important part of organisation. Investors and prosp...

Q: PROBLEM 6. After its cost structure (variable costs P15 per unit and monthly fixed costs of P125,000...

A:

Q: Accounting designed to meet the needs of decision-makers inside the business is referred to as gener...

A: Lets understand the meaning of management accounting. It is a type of accounting designed to meet th...

Q: Martinez Company's ending inventory includes the following items. Product Units Cost per Unit $ 58 M...

A: The lower cost and market value method considers the inventory value at 1. The Cost value  2.Market ...

Q: Pleasant Heating & Cooling (PHC) Co. manufactures furnaces and air conditioners that are in great de...

A: Revenue from Contract With customers According ASC 606 the revenue from contract with customers whic...

Q: 10. An example of a period cost is O advertising expense. O indirect materials. O depreciation on fa...

A: Introduction:- All costs are not related to production of a product is treated as period costs.

Q: A client pays cash in advance for a magazine subscription to Living Daily. Living Daily has yet topr...

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is pr...