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Q: Joint cost allocation — weighted average method Gary’s Grooves Co. produces two types of carving kn...

A: Solution:- Calculation of the amount of joint production costs allocated to each type of knife using...

Q: 1. If the inventory account at the end of the year is understated, the effect will be to a.overstat...

A: SOLUTION- IF ENDING INVENTORY IS UNDERSTATED , THE COST OF GOOD SOLD FOR THAT YEAR (2018) WILL BE OV...

Q: Receivables Collection Period (days) Payables Payment Period (days) Current Ratio Quick Ratio

A: Receivables collection period:  (Average Receivables/Credit sales)*365  

Q: Income Statement Sales $ 1,699,300   Cost of goods sold   1,232,464   Gross margin   466,836   Selli...

A: Traditional costing is an accounting approach for determining the cost of the products in order to e...

Q: terpretation of Account

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the r...

Q: Giving examples, distinguish between Prime costs and Marginal costs

A: Prime costs are the firm total expenses directly related to the materials and labour used in product...

Q: Reconcile the bank account and the accounting books based on the following information: a. The bank ...

A: Bank Reconciliation: Cash Balances as per an entity's accounting records  are  matched  with  a cash...

Q: Diggin Tools just issued new preferred stock, which sold for P85 in the stock markets. Holders of th...

A: The Cost of prefered stock  Rkps  = Dp / P (1-F)  Dp = Dividend per share P = Issue price F = Closta...

Q: Junjun Co. has debt ratio of .50 , total assets  turnover  of 0.25 , and a profit margin of 10%. The...

A: SOLUTION- CURRENT RETURN ON EQUITY = PROFIT MARGIN * ASSET TURNOVER * EQUITY MULTIPLIER .   WORKING ...

Q: Accounting deals with quantifiable information.

A: Accounting means recording the financial transactions and converting them into reports to the concer...

Q: BGC Company manufactures three types of televisions: Model A, B and C. The company uses the activity...

A:

Q: Cash flows of a government must be presented in four categories, rather than the three used by busin...

A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...

Q: Assets (RM) Liabilities (RM) Capital (RM) i. 45,670 34,560 ii. 671,950 105,300 ii. 1,800 800 iv. 995...

A: Answer) Sno Assets (RM) Liabilities (RM) Capital (RM) 1                             ...

Q: A recent annual report for Wilmington, Inc. contained the following information: Retained earnings ...

A: Number of shares issued at the end of the current year = Common Stock account totaled at the end of ...

Q: Natalie had a very busy December. At the end of the month, COOKIE CREATIONS Adjusted Trial Balance D...

A: Solution: Net income for the year = Revenue - Expenses = $3,759 - ($825 + $105 + $135 + $840 + 30 + ...

Q: Sale of an capital assets is subject to

A: Option a is wrong because regular income tax is applied in case of income from salary, business or o...

Q: Peter Senen Manufacturing Company has just completed its production activities for February 2019. Th...

A:

Q: Billings Corporation purchased a wood pulp mixer for $17,288. Delivery costs totaled $464. The usefu...

A: Total depreciation=Cost of the asset-Salvage value                              =17,752-1,260=16,492...

Q: Black Corporation has entered into a long-term assignment agreement with a finance company. Under th...

A: The question is related to Journal Entries for the loan against accounts receivables.

Q: mechanical aspect of accounting

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the r...

Q: ABC Company paid the annual fee of P30,000 for an equipment maintenance contract on July 1, the firs...

A: Monthly expense for equipment maintenance = Annual fee / 12 months = P30,000 / 12 months = P2,500

Q: Direction: Based on the information given, perform a vertical analysis for GHI Company's Income Stat...

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

Q: 10 ... anuaA of goods sold s profit ral, sales, and administrative expenses aciation perating income...

A:

Q: The controller of Newstrom Software, Inc., provides the following information as the basis for a sta...

A: The statement of cash flows is an important financial document that illustrates all of the business'...

Q: In 2020, NB Incorporated’s federal taxable income was $254,000. Compute the required installment pay...

A: Introduction :- NB's Incorporated federal taxable income was $254,000 in 2020 and required is the ta...

Q: Northwest Clothing Supply has the following transactions during the year related to stockholders' eq...

A: Total dividend declared  = (no. of Common stock + no. of preferred stock) x dividend per share = (20...

Q: how we can help you provide financial relief and help you continue your education

A: SOLUTION 1-MANY SCHOLARSHIPS AND COLLEGE FINANCIAL AIDS GRANTS ARE NEEDS BASED . MEANING THEY ARE GR...

Q: 1. Determine the total variable costs and the total fixed costs for the current year. Total variable...

A: As per the guideline three subpart has been solved which are interlinked. Variable cost is the cost ...

Q: 3. Spark Co’s calculated the following ratios for one of its profit centers :       Gross Margin 30...

A: Return on assets is one of the profitability ratio which shows how much net income has been earned o...

Q: At the end of the current year, Accounts Receivable has a balance of $555,000; Allowance for Doubtfu...

A: Solution a:   Sales 2500000 *% of sales (1%*1/4) 0.25% Amount of Adjusting entry  6250   ...

Q: Jamie Corporation is developing standards for its products. Each unit of output of the product requi...

A: Standard quantity in kilograms of input per unit of output  = input + allowance for waste and spoila...

Q: O. öduction budget IC nit requires 2 stan 0,000 for the yea ixed and variable

A: (6) Actual Production given above is 198000 Standard Hours required per unit = 2 Hours Hence Standar...

Q: Wildhorse Company manufactures equipment. Wildhorse’s products range from simple automated machinery...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

Q: Southern Industries had 413 dining sets in stock at the end of the year. Inventory records show the ...

A: Solution:- Introduction:- First we need to calculate average cost per unit The following formula use...

Q: PEARL COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,810 $1,12...

A: Proceeds from sale of long term investment = 1,440 - 1,300 + 80  = 220

Q: Betty's Bakery has the following standard cost sheet for one unit of its most popular cake: SP Direc...

A: Direct Material price variance = (Actual price per pound - Standard price per pound)*Actual quantity...

Q: onnell purchased 300 shares of Zooco stock for $31,000, 20 years ago. On May 23 of the current year,...

A: If shares are sold less than 12 months, short-term gain or loss will arise. Gain will arise when the...

Q: People Able Computer, Inc., with headquarters in San Francisco, manufactures and sells a desktop com...

A: In order to determine the net operating income before tax, all the costs (fixed and variable ) are r...

Q: Presented below is information related to equipment owned by Coronado Company at December 31, 2020. ...

A:  Recovery of impairment loss = Fair value on December 31, 2021 - Fair value on December 31, 2020 = $...

Q: On February 22, Brett Corporation acquired 180 shares of its $3 par value common stock for $26 each....

A: The accounting entry on purchase of treasury share at 26 was Debit Treasury stock 4680 and credit ca...

Q: FVPL vs. FVOCI (election) Fact pattern for the next three items: Elements Co. had the following inve...

A:

Q: Case Defence sells smartphone cases and uses the perpetual inventory system. The following is inform...

A: solution concept under perpetual inventory system the inventory record is accounted for as and when ...

Q: date is May 31, 2022.  Samad Builders is guaranteed to receive a price of $1,500,000 for their servi...

A: Transaction price refers to the sum value of money an entity is expected to pay in order to fulfill ...

Q: What

A: A blackbody is a physical material with zero reflectivity and perfect emission. This means that a bl...

Q: Total stockholders' equity

A: Stockholders Equity also known as owner Equity. It is difference between Total assets - Total Liabil...

Q: tax allocation

A: Correct Answer 1 :- D The purpose is to relate the income tax expense to the items which affect the ...

Q: ASENSO Company and its divisions are engaged solely in manufacturing. The following data pertain to ...

A: Segment External revenue A 5,000,000 B 3,000,000 C 8,000,000 E 2,800,000 ...

Q: What are the Source documents used in a merchandising business?

A: Merchandising business is the one in which the entity deals in with goods / products.

Q: Court Casuals has 300,000 shares of common stock outstanding as of the beginning of the year and has...

A: Treasury shares are those shares which are being reacquired or repurchased by business from its shar...

Q: Standard Price or Rate P6.00 per meter Direct Materials Direct Labor Variable Factory Overhead P3.00...

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