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Q: Interest received in advance account is a   a. Nominal Account   b Real Account   C.Artificial...

A: As per the double-entry bookkeeping method, there have been three sorts of accounts which assist use...

Q: If a company has advance ticket sales totaling $2,000,000 for the upcoming football season, the rece...

A: Advance received means when some amount is  received as advance on account of sales to be made in fu...

Q: A company desires to sell a sufficient quantity of products to earn a profit of $200000. If the unit...

A: Contribution margin per unit = Selling price - Variable cost per unit Contribution margin per unit =...

Q: Herrod Catering uses two measures of activity. Jobs and meals, In the cost formulas in Its budgets a...

A: Spending Variance Spending variance which is indicate that the comparison between the actual amount ...

Q: The asset account Office Supplies has a balance of $820 at the beginning of the year. The amount on ...

A: In this question, we are require to calculate the amount of office supplies purchased during the yea...

Q: Smash Company has 4,000 machine hours available annually to manufacture badminton racquets. The foll...

A: The variable cost is required to be deducted from the sales revenue in order to compute the contribu...

Q: Common Stockholders' Profitability Analysis A company reports the following: Net income $320,000 Pre...

A: Return on Stockholder's Equity = Net IncomeAverage Stockholders' Equity   Return on Common Stockhold...

Q: Fontaine and Monroe are forming a partnership. Fontaine invests a building that has a market value o...

A: Total assets will include all assets contributed by both partners (i.e. Building, Cash and Equipment...

Q: Mr. Arish opened Arish's Carpet Cleaners on March 1, 2021. During March, the following transactions ...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Five unrelated U.S. individuals own all of the shares of Popping, a corporation organized and operat...

A: CFC is assessed by checking the voting power held.      

Q: 7) The December 31, 2020, trial balance of Pilsner Inc included the following selected accounts: Acc...

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

Q: Anthony Corporation reported the following amounts for the year:           Net sales $ 296,000   Co...

A: Gross profit = Sales - COGS = $296,000 - $138,000 = $158,000

Q: The entity incurred the following in exploring a natural resources on January 1,2021 Acquisition co...

A: Depletion Cost The purpose of using the depletion cost which are estimating the depletion expenses w...

Q: Evergreen Corporation has two major divisions: Agricultural Products and Industrial Products. It pro...

A: The profit margin ratio is calculated as net operating income divided by net sales. 

Q: Nirmal Limited manufacturing concern whose books are closed on 31st March, purchased Machinery for R...

A: The Written Down Value method seems to be a depreciation method which appears to apply a steady rate...

Q: In 2021, Luke spent $3,000 to replace the exterior windows of his main home with energy-efficient wi...

A: The Nonbusiness Energy Property Credit is a tax credit that is available to individuals who own non-...

Q: Define Warranty Modeling?

A: It is necessary to ascertain entire lifecycle cost of a product, and this includes the costs related...

Q: Physicians’ Hospital has the following balances on December 31, 2021, before any adjustment: Account...

A: Allowance for uncollectible accounts refers to the provision created for the estimated amount of acc...

Q: Summer Class Corp. operates two producing departments, C and D, and two service departments, E and F...

A: The attribution of indirect expenses to produced products is known as overhead allocation. It is nee...

Q: Silver Company makes a product that Is very popular as a Mother's Day gift. Thus, peak sales occur i...

A: Accounts receivable at June  will be amount  receivable  at end of June 30th

Q: Y१360; Y 840; Case 4. Loss: X 2,000; Y 3,000) is a charge against profit.] t and Ball are partners s...

A: “Since you have asked multiple questions, we will solve the first question for you.  If you want a s...

Q: Activity Cost Pool Activity Measure Estimated Overhead Cost Machining Machine-hours %24 378,000 HR S...

A: Activity-based costing is the method of allocation of overheads of the entity to the product for det...

Q: Multiple Choice O 2.875 hours O 1.050 hours O 2250 hours 1.975 hours

A: A flexible budget is a budget that adjusts to the activity or volume levels of a company. Unlike a s...

Q: The Bandeiras Corporation, a merchandising firm, has budgeted its activity for December according to...

A: Budgeted Cash receipts are the anticipated inflows of a company in the form of cash for a given peri...

Q: During the month of June, FlounderBoutique recorded cash sales of $219,420 and credit sales of $153,...

A: Sales tax on cash sales = cash sales × tax rate/1.06  

Q: The income statement for Slumber Company is divided by its two product lines, blankets and pillows, ...

A: We will need to calculate the if we discontinue to produce product "Pillow" then how much it will ef...

Q: Balance Corporation borrowed P10,000,000 at 12% to finance in part the construction of a new office ...

A: As per IFRS borrowing  cost standard the income earned from unexpeded portion  of loan that relates ...

Q: 16. MODULATE Co. has the following assets. Vacant building to be leased out under operating lease ...

A: Investment property: An investment property is one that is owned for the purpose of generating reven...

Q: 9. The entity incurred the following in exploring a natural resources on January 1,2021 Acquisition...

A:                                 Depreciation is demunition or reduction in the value of an asset on ...

Q: Franklin Manufacturing provided the following information for the month ended March 31: Sales Revenu...

A: This question deals with the calculation of cost of goods sold. We can define cost of goods sold as ...

Q: Placid Lake Corporation acquired 80 percent of the outstanding voting stock of Scenic, Inc., on Janu...

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...

Q: Operating leverage   Beck Inc. and Bryant Inc.have the following operating  data:       Beck I...

A: Operating leverage is the one that is calculated to measure the level to which the income can be inc...

Q: Tracie Corporation manufactures and sells women's skirts. Each skirt (unit) requires 22 yards of clo...

A: In standard costing, difference between the Budgeted Cost and Actual Cost of any activity is called ...

Q: Scrumptious Snaks Inc. manufactures three types of snak foods:tortilla chips, potato chips, and pret...

A: Overheads refer to the amount that is incurred during the production but is not directly related to ...

Q: The Trading Account shows the result of which of the following a Buying and selling of goods O...

A: Trading Account Consist of the following items   1. Opening Stock of Goods 2. Purchases Made 3. Sale...

Q: Kenneth, 32 years old, is a business development manager working for a 2-year-old start-up company r...

A: Required:  ⇔Personal Balance Sheet  ⇔Income and Expenditure Statement

Q: 3) State the decrease side (debit or credit) for each of the following accounts. a. Prepaid Expenses...

A: All the assets, expenses, and losses have a normal debit balance and if it decreases then it should ...

Q: vega Inc dealing with soft toys and it has provided the following details where it needs to calculat...

A: Solution:- Calculation of Efficiency and Capacity ratio of the unit as follows under:- i)Calculation...

Q: Pizza Pizazz is considering purchasing a new pizza oven that will speed up cooking time and save cos...

A: Payback period = Initial investment/ cash inflows  each year.  

Q: Motown Ltd. has issued 100,000 units of convertible bonds with a nominal value of Rs.1000 each. The ...

A: Convertible Bonds: Convertible bonds are bonds that may be exchanged for the issuing company's share...

Q: A resource owned by the business with purpose of using it for generating future profit, is known as ...

A: Assets: Anything of worth or a resource of value that may be turned into cash is referred to as an a...

Q: The Dairy Division of Concord Corporation produces and sells milk to outside customers. The operatio...

A: Since the dairy division has sales of 150,000 gallons and has a capacity of 200,000 gallons of milk ...

Q: Which cost flow assumption generally results in the highest reported amount of net income in periods...

A: Solution: Under FIFO method, inventory is valued at latest purchase cost. Therefore in period of ris...

Q: Please Show All Workings Very Clearly, and Do NOT use handwritten answers!   The lease on a new of...

A: Lease is an agreement between two parties in which one is Lessor and other is Lessee. Lessor provide...

Q: 29. The entity purchased land paying P200,000 cash and non-interest bearing note amounting to P1,000...

A:                        The entity purchased land paying  P  200000 cash down.                       ...

Q: Harry is divorced from Kate. Pursuant to the divorce decree, they alternate years claiming their son...

A:                               The Recovery Rebate Credit a part of Coronavirus Aid Relief and Econom...

Q: During  the year, TRC Corporation has the following inventory transactions.    Date Transaction Num...

A: As per the LIFO method, units that are purchased recently are issued first. So it means ending inven...

Q: A Club collects annual subscriptions of K20 from each member. It is club policy to accrue subscripti...

A: In the accounting of a club, only subscription that belongs to the current year will be charged to t...

Q: A furniture costing $5,000 was purchased on 1.1.2016, the installation charges being $1,000. The fu...

A: Depreciation is an accounting method where the firm's assets are gone through wear and tear for the ...

Q: Accounts Payable and Cash Discounts On January 4, 2019, Dunbar Company purchased, on credit, 2,500 t...

A: In this question, we are required to make entry for purchase of merchandise under net price method. ...