TRUE OR FALSE? If beginning inventory of prior year is understated, retained earnings is understated

Q: Which of the following is correct when the company is deciding if it will undertake an additional fu...

A: Additional Fund Needed (AFN) The purpose of calculating the Additional Fund needed (AFN) which can b...

Q: dreth Company uses a job order cost system. The following data summarize the operations related to p...

A: The journal entries are required to record day to day transactions of the business on regular basis.

Q: he Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales ...

A: Budget will help to find any mistakes in planning, hence a business can take corrective measures and...

Q: On December 31,2019, ABC Company signed a 5-year, non-cancelable lease for a machine with DEF Compan...

A: A lease refers to when one party give assets for use to another party for a periodic payment and for...

Q: ied at 150% of direct labor cost) 6 P 15

A: Job costing is a form or type of costing, in which all costs and expenses related to the particular ...

Q: On July 1, 2021, RJ Components had an equipment with cost of P5,000,000 and accumulated depreciation...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales...

A: The budget is prepared to estimate the requirements for the future period. 

Q: Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into t...

A: Solution: Under FIFO method of process costing, beginning WIP inventory cost is not included in comp...

Q: ABC Company is engaged in leasing equipment. An equipment was delivered to a lessee on December 31,2...

A: Lease receivable for the lessor is calculated as sum total of Present Value of Annual Lease payments...

Q: On September 1, 2021, Zara Company issued a 6-month note to supplier amounting to P300,000, 12% inte...

A: Adjusting entries are those journal entries which are passed at the end of accounting period for the...

Q: Sagar Manufacturing Ltd. manufactures 2 products A, B. Also there are 2 activities (Quality Checks a...

A: The activity rate is calculated as total cost of activity divided by activity usage base. The cost i...

Q: Prepare a comparative income statement for the company, showing in adjacent columns the profits earn...

A: Under FIFO Method, units that came in first will be sold first and the inventory will be out of the ...

Q: MANAGEMENT ACCOUNTING & CONTROL STANDARD COSTS AND VARIANCE ANALYSIS LEARNING ACTIVITY 1     To...

A: Dear student as per Bartleby guidelines we are supposed to solve only first question, kindly post re...

Q: Pinnacle Company prepares quarterly interim financial reports. The entity sells electrical appliance...

A: The warranty Expenses are estimated on the basis of sales revenue earned during the period. The warr...

Q: (The following information applies to the questions displayed below.] Lone Star Company is a calenda...

A: Dividend Income: Dividend income is the amount of money paid to stockholders from a corporation's pr...

Q: Entries for Issuing Par Stock On October 31, Pidgeon Stones Inc., a marble contractor, issued for c...

A: Solution a: Pidgeon Stones Inc. - Journal Entries Date Particulars Debit  Credit 31-Oct Cash ...

Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...

A: Activity rate per machining cost pool =Total  Estimated machining setup cost/Expected Activity = $15...

Q: ou are an audit senior in Riskam and Co and you are commencing the planning of the audit of CariBev ...

A: Audit risks refer to the risk of material misstatements that are identified during the planning stag...

Q: Bakery co. make these assumptions for valuation purposes: a. The firm consists of a single asset th...

A: CASH FLOWS TO FIRM PRE TAX   3000000 LESS : TAX @ 25%   750000 CASH FLOWS TO FIRM AFTER TAX   22...

Q: ABC Manufacturing Co. Balance sheet December 31, 2020 Assets Liabilities and Capital Cash 240,000 Ac...

A: ratio is calculated by each company in the industry and comparison is done at the various ratio with...

Q: Tube You Corporation (TYC) has been authorized to issue 125,000 shares of P10 par value ordinary sha...

A:  Journal is the recording of monetary or financial transactions using dual entity concept in chronol...

Q: 1. George, a cash basis taxpayer, sells equipment for $200,000. The equipment originally cost $70,00...

A: A) Particulars  Amount ($) Sales price of equipment   200000 Less: book value as on the date ...

Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...

A: Given that company uses a plantwide overhead rate based on direct labor-hours.  Which means the tota...

Q: The JOC-10847 company uses a job-order costing system with a predetermined overhead rate using direc...

A: Predetermined overhead rate   Variable overhead rate - $4.60 Add Fixed overhead rate = Fixed MOH cos...

Q: The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales...

A: Material BZN980 Direct Materials Usage Budget  For the period from January 2016 to April 2016 ...

Q: Dublin Company had two operating divisions, ona manufactures machinery and the other breeds and sell...

A: given   On December 31, 2021, the carrying amount of the assets of the horse division was P5,000,000...

Q: Prepare the necessary disclosures for Colorway Inc. in relation to operating segments. 2. Prepare th...

A: Segment reporting is one of the important concept used in financial reporting, under which informati...

Q: After the issuance of the 2021 financial statements, Pine Company discovered a computational error o...

A: Due to error, there is overstatement of COGS, this has resulted in less profit reporting. In order t...

Q: Question #12   At the end of November 2016, Caribbean Productions Ltd had 700 units of product BMR...

A: Calculation of total Product cost ; Product cost = Direct material + Direct labor + Variable manufac...

Q: Stock production and sales data from a single product of Sweetsop are given in the following:     Pe...

A: Solution Working note-     Calculation of manufacturing cost per unit (Marginal cost). Direct mat...

Q: a. Degree of operating leverage. b. Degree of financial leverage. Degree of combined leverage. с.

A: Solution:- a)Calculation of Degree of operating leverage as follows under:- Degree of operating leve...

Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...

A: Total estimated overhead cost = Machining + Machine setup + Production design + General factory = $2...

Q: The tax year ends every December 31. The entity reports quarterly for interim purposes and the quart...

A: Total income tax expense is the total amount of income tax which is calculated on the net income. Ne...

Q: EXERCISE #4 Annapolis Company reported net income of $365,000 for the current year. Depreciation rec...

A: CASH FLOW STATEMENT IS A FINANCIAL STATEMENT THAT PROVIDES DATA REGARDING ALL CASH INFLOWS AND CASH ...

Q: Dipolog Rice Mill Trial Balance Account Titles Debit (P) Credit (P) Cash in Bank 76,200 Petty Cash F...

A: The financial statements are prepared by the business entity to show the performance of the business...

Q: TROPA Inc. was incorporated on January 1, 2020, Information about its authorized shares is shown bel...

A: Total shareholders equity will consists of Equity share capital and securities premium and reserves ...

Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...

A: Product design cost is allocated equally among 2 products as expected activity driver is 2. Product ...

Q: Deadshot, Harley Quinn, and El Diablo are partners sharing profits and losses in the ratio of 5:3:2....

A: Revaluation A/c Particulars  Amount Particulars  Amount To inventories ( P3,375,000 - P2,250,00...

Q: Required : Prepare journal entries for all of the above transactions except the initial purchase .

A: Solution:- Given, Lease-A = $400,000 Lease-B = $200,000 Lease-C = $300,000    

Q: RA-31280 company manufactures a specialized equipment. At the lowest activity level of 6,600 units, ...

A: Given that, At 6,600 units, the company's total quality control cost is $281,600. Since lease is fix...

Q: PART 1 Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each ba...

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

Q: If a business owner invests $5,000 in cash into the business, which side of the T for the cash accou...

A: If business owner invests $ 5000 in cash into business then the following journal entry shall be pas...

Q: . An analysis of clerical costs in the billing department of Craig Company indicates that total unit...

A: The Total Cost is calculated as sum of Total Fixed Cost and Total Variable Cost. The Variable Cost p...

Q: Stockholders' Equity Section of Balance Sheet Specialty Auto Racing Inc. retails racing products fo...

A: >Balance Sheet is prepared as one of the Financial Statement, which contains the balances of Asse...

Q: Colorway Inc. had total assets of P65,000,000 at year end and provided the following condensed incom...

A: The operating segment as per IFRS 8 is a business unit of the company that has its own revenue and i...

Q: Sagar Manufacturing Ltd. manufactures 2 products A, B. Also there are 2 activities (Quality Checks a...

A: The question is related to the Activity Based Costing. The details are given regarding two products....

Q: On January 1, 2021, Concretti Inc. had a division that met the criteria for discontinuance of a busi...

A: In financial accounting, discontinued operations are elements of a company's principal business or p...

Q: late their pr er an insura

A: The probability of getting sick is 0.05-0.03x The private cost of effort is ce=10e∧2

Q: Townsend, the sole shareholder of Pruett Corporation, has a $545,600 basis in his stock. He exchange...

A: Capital gain/loss is the difference between the selling price and the cost/purchase price of an inve...

Q: Sampson Apparel Inc. incurred actual variable overhead expenses of P62,000 in the current year for t...

A: Solution: Standard hours for actual production = Nos of units produced *Standard hours per unit = 10...

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.