s in his business

Q: 2) Troy Ltd purchased a new machine on 1 October 2016 at a cost of $114,000. The entity estimated…

A: Formula: Straight line method depreciation = ( Asset cost - salvage value ) / Useful life years

Q: from pension contribution state two other expenses that an individual may use to reduce his/her  tax…

A: A taxpayer is allowed certain deductions that can be used to reduce the taxable income and…

Q: 1. Assume that the contribution margin ratio of the investment opportunity was 65% instead of 70%.…

A: Solution:- 1)Calculations if  the contribution margin ratio of the investment opportunity was 65%…

Q: Consider the following information pertaining to OldWest's inventory: Net Realizable Value $157…

A: Formula: Inventory value = Quantity x lower of cost or NRV

Q: I The list below shows select accounts for Reading Readiness Company as of January 31, 20X1 2…

A: Income Statement: It is a statement prepared by the company which helps in calculating the net…

Q: A company adopted the LIFO method when its inventory was $1,800. One year later its ending inventory…

A: Value of inventory: One Year Later Value of ending inventory = ($ 1,800 X 1.00) + ($ 200 X 1.05)…

Q: A cash budget, with a total column

A: Cash collection from sale of: Sales on account  July  August  September May 480,000 72,000…

Q: Westerville Company reported the following results from last year’s operations:   Sales $…

A: 1. Margin related to this year’s investment opportunity = Net operating income/Sales Net operating…

Q: 0 in 12 years. Your hotel wants to start investing today in an a

A: Present value refers to the current valuation for a future sum. Investors determine the present…

Q: 1. When an item of asset is transferred to and from the classification investment property, carried…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: If Carol Company use the asset method in payment of insurance, What would be the adjusting entry on…

A: Date  Particulars  Debit  Credit 31 December 2017 Insurance expense     Prepaid Insurance expense…

Q: Mr Ventura engaged in a Milling business to serve the needs of farmers in the rural areas of…

A: Every business records the transactions undertaken by them during an accounting period. The initial…

Q: s of January 1, 2020, the City of Monroe had $12,000,000 in general obligation bonds outstanding.…

A: Journal entries needs to prepare  Relating with bonds and treatment of expenditure and interest

Q: Assume the following cost information for Standard Corporation: Selling price per unit Variable…

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit =…

Q: What is the total profit in the planning budget for the month?

A: Needs to plan flexible budget as per the requirement

Q: Suppose that a constraint for assembly time has a shadow price of \$50/hour for 15 hours in either…

A: Cost for each hour of overtime done = $30 x 150% = $45 Shadow price = $50 per hr This means for each…

Q: Use the following to answer questions 20 – 24 On January 1, year 1, JT borrows $41,000 to purchase a…

A: Working Sheets                     Loan 41000.00       rate  0.03 P.A     tenure 72.00…

Q: Pretzel Company acquired the assets (except for cash) and assumed the liabilities of Salt Company on…

A: Journal entry refers to the first step of accounting which involves the recording of monetary…

Q: In another area of the company’s operations, Job Order Costing system is used. During the month of…

A: The cost of goods manufactured is calculated as follows: COGM = Beginning WIP + direct materials +…

Q: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain…

A: Auditing: In accounting, auditing is the process of an auditor conducting an examination or…

Q: Oa the Accumulated Other Comprehensive Income Gan or Loss account balance is less than the comdor,…

A: The answer is stated below:

Q: the task of preparing the cash budget for the business for the quarter ending September 30, 2022.…

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…

Q: Required: 1. What is the financial advantage (disadvantage) of accepting the special order from the…

A: 1 Evaluation of the financial advantage from the special order   Particulars Amount in $   No of…

Q: A and B form the equal AB partnership on January 1 of Year 1. A contributes equipment with a tax…

A: GIVEN   A and B form the equal AB partnership on January 1 of Year 1. A contributes equipment with a…

Q: Mckinney & Co. estimates its uncollectible accounts as a percentage of credit sales. Mckinney…

A: Uncollectible accounts seem to be debts, mortgages, or even other receivables that have very little…

Q: (The following information opplies to the questions displayed below] Information on Kwon…

A: The cost of goods manufactured includes direct materials, direct labor and applied overhead cost.

Q: 6. The following are the balances of December 31, 2017 of the following accounts: Accounts…

A: An allowance for doubtful debt is a provision that nets against the total receivables presented on…

Q: You are requested by a client on September 28 to prepare an insurance claim for a theft loss that…

A: Calculation of Gross profit Net sales = 50% + COGS Let COGS = X  51000 = 0.5X  + X X = 51000/1.5 =…

Q: The accountant of Meema Inc. established a petty cash fund of P1,400.  During September, the fund…

A: The petty cash fund is created to maintain the cash balance for day to day transactions of the…

Q: When Balance Sheets are being prepared, Assets and Liabilities are recorded at the current values,…

A: The correct answer for the above mentioned questions in the following steps for your reference.

Q: What are the assets needed by the jollibee for its daily operation?

A: Assets which are required for the day to day operations are the assets which are in the current…

Q: Below is a table for the present value of $1 at compound interest. Year 6% 10% 12% 1 0.943…

A: Compound interest seems to be interest computed on both the underlying sum of money plus interest…

Q: I. Write "T" if the statement is True and write "F" if otherwise 1. Depreciation charges throughout…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: An asset is purchased at a cost of P110 000 on 1 January 2016. The asset has a useful of 10 years.…

A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / Useful life

Q: NEEDED IN 10 MINUTES 22. On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received…

A:

Q: Movies are expensive to produce and market. According to iMDb, the most expensive film on record is…

A: Budget:  The budget is an estimated forecast of possible cash inflows & outflows based on the…

Q: Coronado, Ltd. manufactures shirts, which it sells to customers for embroidering with various…

A: Variance analysis is an accounting method in which the difference between the…

Q: The Bomb Pop Corporation sold ice cream equipment for $18,500. The equipment was originally…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: A company uses straight-line depreciation (round to the nearest whole month) and adjusts its…

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

Q: On January 2, 2017, Favorite Clothing Consignments purchased showroom fixtures for $12,000 cash,…

A: Depreciation is the systematic reduction of a fixed asset's reported cost until the asset's value is…

Q: Your uncle has a taxable income of $85,142 last year. If he files as a head of household, what is…

A: As per 2021 tax rates Tax liability if status is head of household = $ 6220 + (85142-54201)*22% = $…

Q: he following information is available about the status and operations of the Manufacturing Div…

A: Return On Investment (ROI) is a performance metric used to assess an investment's efficiency or…

Q: Banking System Bank of Canada A B. Assets Assets Reserves Securities Securities Advances to Banks…

A: Reserve Ratio = 10% Bank of Canada redeposit =$2B of the government of Canada funds. Existing…

Q: Cryan Jeep Tours operates jeep tours in the heart of the Colorado Rockies. The company bases its…

A: The revenue and spending variance is the difference between actual results and flexible budget of…

Q: As an accountant for Lee Company, your supervisor gave you the following calculations of the gross…

A: Inventory is a form of asset that is intended to be sold during normal business operations.…

Q: a) Prepare Shanti's Income Statement for the year ended 31 December 2020. b)Prepare the Statement of…

A: A company's financial status at a given point in time is summarized on the balance sheet. The income…

Q: Sales $1248000 Contribution margin 466560 Total direct fixed costs 405000 Total operating assets…

A: Formula: ROI = Net profit / Average Operating Assets.

Q: Use the following to answer questions 8 – 10 (Round answers to the nearest dollar) BZ Corp issues…

A:

Q: On June 30, Year 3, Franza Company’s total current assets were $900,000 and its total current…

A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…

Q: nuary 12021

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