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Q: Bank reconciliation and entries 1. Adjusted balance: $ 189,281 The cash account for Pala Medical Co....

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: Closing entries with net income After all revenue and expense accounts have been closed at the end o...

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: Lannister Manufacturing has a target debt-equity ratio of .85. Its cost of equity is 10 percent, and...

A: Debt Equity ratio = .85 DebtEquity=.85 Debt = 0.85 x Equity   Calculate the weight for debt and weig...

Q: Statement of cash flows A summary of cash flows for paradise Travel Services for the year ended May ...

A: A cash flow statement is one of the financial statements prepared at the end of the particular perio...

Q: Missing amounts from financial statements   The financial statements at the end of Atlas Realty's fi...

A: Financial statements are the report that represent the financial performance, position, activities, ...

Q: Agustin Industries is a division of a major corporation. Data concerning the most recent year appear...

A: Return on investment = Net operating income / Average operating assets

Q: Turrubiates Corporation makes a product that uses a material with the following standards standard q...

A: Material quantity variance is difference between AQ used * standard price per kg  and  Standard quan...

Q: From the information given below Calculate the amount to be maintained as Legal Reserve for the year...

A: In general, reserve accounting refers to the company's accumulated profits throughout the time that ...

Q: Deposits held as compensating balance a. Usually do not earn interest b. If legally restricted and...

A: The compensating balance is known as a minimum balance to be maintained in the bank account of the b...

Q: Petty cash restored to imprest amount in cash. His transactions for the week beginning 1 October 20-...

A: The double entry for recording entry to restore the imprest amount on 1 October will be basically th...

Q: The following information for the year ending December 31, 2011, has been provided for Calle Company...

A: Comprehensive income: It includes net income and unrealized income  and foreign currency transaction...

Q: Debt Securities - These securities are in the form of debt or borrowings which have to be repaid by...

A: Debt Securities or Debt Instruments - Debt securities are financial instruments that provide their o...

Q: The following information is available for Division X of Meisels, Inc.: Fixed cost per unit (based o...

A: Cost to the Meisels Inc. if Division Y purchases the 6,000 units from Division X, Total Cost to comp...

Q: On June 1, Vaughn Company borrows $144,000 from First Bank on a 6-month, $144,000, 8% note.

A: Interest is charged on accrual basis 

Q: 2. M acquires H Company on 01/01/15. To obtain the net assets, M pays $200.000 in cas and issues 10....

A: What is meant by a Merger? When two or more companies unite to expand their business together as one...

Q: 175.00 110.00 6 Land

A: Required: A. Prepare a statement of cash flows, using the indirect method of presenting cash flow...

Q: Our topic is about partnership dissolution.What is the total capital balance after retirement of Mar...

A: Retirement of the partner is the process where the partner takes out his share from the partnership ...

Q: Capelli Hospital bases its budgets on patient-visits. The hospital's static budget for August appear...

A: The variable costs are the costs that remains constant per unit with change in level of activity.

Q: Madison Manufacturing is considering a new machine that costs $250,000 and wouldreduce pre-tax manuf...

A: In financial management, capital budgeting is a process which determines the profitability and feasi...

Q: Bank reconciliation and entriesThe cash account for Pala Medical Co. at June 30, 20Y1, indicated aba...

A: The bank reconciliation statement is prepared to adjust the balances of cash book and pass book to m...

Q: HUMAN RESOURCES/PAYROLL CYCLE. What are the main activities and please explain how each of those act...

A: human resources management (HRM)/ payroll cycle: The HRM/payroll cycle is a periodic collection of b...

Q: Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying cost...

A: 1. Average Accounts Receivable = (730,000+700,000)/2 = 715,000   2. Average Inventory = (166,500+105...

Q: Lecture 2 IBF FINANCIAL STATEMENT Q No.1 Saleem provided following Trial Balance on December 31, 201...

A: The book in which the company records all its transactions initially is termed as journal book. From...

Q: Martin Company expects to have a cash balance of $135,000 on January 1, 2017. Relevant monthly budge...

A: The monthly cash budget is the budget prepared to get the estimated data of the cash flows in the co...

Q: Activity-Based Supplier Costing Bowman Company manufactures cooling systems. Bowman produces all the...

A: Given:

Q: Tharaldson Corporation makes a product with the following standard costs: Standard Quantity Standard...

A: The variance is the difference between standard and the actual production data.

Q: J, H, and N are partners with present capital balances of P40,000 ,P50,000 andP20,000 respectively. ...

A: The bonus technique is utilized to provide additional money to a new or fresh partner within a partn...

Q: 3. The L Corporation purchased 90% of s, Inc. shares, on January 1, 2016, for $265,500 cash. Several...

A: Consolidation of accounts is the process of merging the accounts of a subsidiary company with the ac...

Q: Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying cost...

A: Account  receivables turnover  = credit  sales / average  receivables 

Q: The following data are for the Akron Division of Consolidated Rubber, Inc.: Sales Net operating inco...

A: Explanation: For the past year,the margin used in ROI  was: Margin= Net Operating Income/Sales*100  ...

Q: Find out BEP in units and value with the following data: Fixed cost - $50000 Variable cost - $40 pe...

A: BEP in units :   Fixed Cost/ (Selling Price per unit - Variable Cost Per unit) BEP in value : Fixed ...

Q: Misclassifcations Roz Corporation's Multiple- Step income statement and retained earnings statement ...

A: Financial statements can be defined as the accounting records which tells us about the financial per...

Q: Consider the following information as part of a breakeven analysis:

A: Given:

Q: Marathon Sports Equipment Company projected sales of 79,000 units at a unit sales price of $12 for t...

A: Sales volume  variance  = (actual  units - budgeted units ) × Budgeted  selling price

Q: 71. During 2019, Dew Company, a service organization, had P200,000 in cash sales and P3,000,000 in c...

A: Solution: Amount should be reported as sales on cash basis income statement = Cash sales + Cash coll...

Q: Entires for notes receivable, including year-end entries. The following selected transactions were c...

A: Journal entry is a primary entry that records the financial transactions initially.  

Q: CLUELESS, the owner of MESSY Enterprise does not keep a complete record of his business. As such, he...

A: 1.                                                                              Accounts Receivable ...

Q: Which of the following should not be taken into account when determining the cost of inventory? a....

A: Solution:- The following should not be taken into account when determining the cost of inventory as ...

Q: 1. Following information is based on ABC business for the month of April 2020: Fees earned 7,000, Ca...

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets = Liabi...

Q: Calculate the Operating Leverage for a business given the following data: Sales = $300,000.00 Vari...

A: The operating leverage is calculated as fixed cost divided by total cost.

Q: Thế following labor standards have been established for a particular product Standard labor-hours pe...

A: The variance is the difference between standard and the actual output of the production.

Q: Project 1 requires an original investment of $91,100. The project will yield cash flows of $14,000 p...

A: a. Net present value of Project 1 = Present value of annual cash inflows + Present value of residual...

Q: Which of the following may take the form of dividend income and/or capital appreciation?   a. bond ...

A: Dividend means amount of income that is generated and distributed to the shareholders. Capital appre...

Q: RISKS AND INTERNAL CONTROLSFollowing describes the credit sales procedures for clothing wholesalerth...

A: The internal control weakness seems to be a shortcoming in the application or efficacy of your inter...

Q: Which type of auditor audits the financial information prepared by various federal government agenci...

A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the furtherq...

Q: Transactions, financial statementsOn August 1, 2089, Brooke Kline established Western Realty. Brooke...

A: The transaction effect in accounting is usually shown as per the double-entry system with the help o...

Q: 72. JK Company reported that all insurance premiums paid are debited to prepaid insurance. The entit...

A: Given, Beginning balance of prepaid insurance = 100,000 Charge to insurance expense = 440,000 Ending...

Q: Santoyo Corporation keeps careful track of the time required to fill orders. Data concerning a parti...

A: Delivery time = Throughput time + Wait time Throughput time = Process time + Inspection time + Move ...

Q: Reporting stockholders' equity items on statement of cash flowsOn the basis of the following stockho...

A: The book in which the company records all its transactions initially is termed as journal book. From...

Q: Pina Co. both purchases and constructs various equipment it uses in its operations. The following it...

A: The cost of an asset includes its purchase price, non-refundable taxes, and any other directly attri...

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.