Using accrual accounting rules, XYZ Co. places an order with ABC Co. on January 4, 2022. Does ABC record revenue on that date?
Q: Denzo tins static budget at 10,000 units of production includes P40,000 for direct labor and P4,000…
A: Flexible budget is an type of budget where the figures in the budget can be changed according to the…
Q: A. Would either Mendoza or Cope violate the Code of Ethics for Professional Accountants by offering…
A: This question belongs to the CPA Professional Ethics. The principles of CPA ethics can be summed up…
Q: KPT Enterprises COMPARITIVE INCOME STATEMENT for years ended 31 December 2020 Revenues and gains…
A: The comparative income statement is described as that statement in which the operating results for a…
Q: An audit of business's financial reports, preformed by a third party to validate that it is an…
A: External audit reports that whether the Financial statements of an organisation shows true and fair…
Q: find the amount of money owed at the end of four years if 60,000 is well at 5% per year compounded…
A: Future value refers to the amount of money which is owed by the person after a time frame on an…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: Macaulay duration=∑Present Value of Time-Weighted Cash Flows∑Present Value of Cash Flows
Q: Recording the Issuance of Bonds with Detachable Warrants On December 1, 2020, Junction Company…
A: INTRODUCTION: Companies can raise capital in one method by issuing bonds. A bond serves as a loan…
Q: at 1) During the year subsidiary A sold some i 000. Subsidiary B further sold the inventory erent…
A: A subsidiary refers to a company that ethically belongs to its parent company which has a majority…
Q: On an annual renewable lease, the semi-annual lease payment on office space is $7,500 payable at the…
A:
Q: Josh Edwards was judged at fault in an automobile accident. Three others were awarded damages of…
A: INTRODUCTION: An insurance policy that defends an insured is referred to as a "liability insurance"…
Q: A numerically controlled milling machine was purchased for $95,000. The estimated salvage value was…
A: Book Value of Machinery: The initial cost of an asset is subtracted from its accumulated…
Q: A man's investment of P100,000 is expected to yield a regular income of P25,000 per year for 10…
A: Benefit Cost Ratio:— This Ratio shows the Relationship between Present Value of benefits &…
Q: What amount should be added to the account to achieve the correct year-end balance in the Allowance…
A: Allowance For Uncollectible Accounts :— It is basically Provision for bad Debt. The balancing Figure…
Q: Suppose on Thursday, the Fed buys $100 in government bonds. Complete entries for Thursday Friday,…
A: Cash Reserve Ratio: It is the ratio that the banks have keep the reserve with the Reserve Bank of…
Q: Piechocki Corporation manufactures and sells a single product. The company uses units as the measure…
A: INTRODUCTION: Revenue is the amount of money received by a firm by selling items and/or delivering…
Q: Palabala prepares monthly cash budgets. Relevamt data from assumed operating budges for the first…
A: Purpose of creating cash budget is to analyze cash inflow and outflow of cash transactions. This…
Q: Leaning Tower of Pizza, Inc. is preparing its master budget for its first year of business. It…
A: Introduction:- Accounts receivable balance shown under the 'current assets' section on your balance…
Q: Give at least five (5) key messages regarding the TRAIN Tax Law
A: TRAIN stands for Tax Reform for Acceleration and Inclusion Law. This has been introduced in…
Q: On June 10, Cullumber Company purchased $7,300 of merchandise from Oriole Company, terms 3/10, n/30.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…
A: Introduction: In standard costing, direct labor efficiency variance is used to know whether labor…
Q: Daffy Duct, Inc., has the capacity to produce 12,000 cases of duct tape per year but only produces…
A: Answer = $5,000 (profit) Computation of additional Operating Income / (Loss) accepting new offer…
Q: Beginning the year 2021, the Chicken Wings Manufacturing Company (CWMC) began marketing its iphone…
A: Unearned revenue for unredeemed premiums is calculated by multiplying the sales revenue per premium…
Q: On December 1,2022, DG Computers Inc. purchased 10 personal computers from Japanese firm for…
A: Answer= Forex Gain of P 16,000
Q: Calculate the value of the EBT.
A: An income statement is s financial statement that is prepared to know the amounts of income earned…
Q: Paste Clipboard H52 C11 1 2 3 Cut Copy Format Painter 17 18 A Ready Y B X 4 5 Revenues and gains 6…
A: Answer:- Income statement meaning:- An income statement is one of the most important statement of…
Q: Recording Bond Entries and Reporting Bonds— Effective Interest, Straight-Line Master Corp. issued…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: In 2020, Julie Co purchased a property with the mineral deposit for P30,000,000. The property had a…
A: Depletion is the reduction in the value of the natural resources like time, coal, oil etc. Depletion…
Q: In September, Numbers Incorporated sold 40,000 units of its only product for $240,000, and incurred…
A: Organizations have variances in their budgeted costs and actual costs. However, the amount with the…
Q: An investor buys a five-year, 7.5% annual coupon bond priced to yield 5%. The investor plans to sell…
A: Purchase Price=Future Value of reinvested coupons+Present Value of remaining coupon and Face Value…
Q: Meg and James Rashev were both employed full-time during the year. The Rashevs have four children:…
A: The child care expense is available for deduction up to 50% (20-30%) of those expenses being…
Q: Calculate the amount of budgeted purchases for its first quarter.
A: Budgeted Purchase :— It is the Expected Amount of Purchases that company purchase during the period.…
Q: planning to in preferred -controlled private corporation, paying a come taxable at the low corporate…
A: Income Tax : Its is the charge on the income of the receiving person levied by the govt. in the form…
Q: Calculate the value of ding system. Ending inventory Cost of goods sold $ $
A: FIFO It is the method where we assume that the goods which were purchased earlier will be sold…
Q: [S1] Prices of existing bonds move upward as market interest rates move downward. [S2] Assuming the…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Yale Corporation issued to Zap Corporation $120,000, 8% (cash interest payable semiannually on June…
A: A journal entry is a record of the a financial contract in the accounting system of a company.…
Q: Microhard produces tablets, laptops and televisions. Microhard typically sells 1,000 tablets a year.…
A:
Q: a) The overhead application rates for the month. b) The overhead cost of each job. c) The total cost…
A: Predetermined rate for the factory overhead is the rate which is applied by the company for in order…
Q: 7. Y Corporation, a family-closed corporation, had the following selected data for 201A, the…
A: An accumulated profits tax is a federal govt tax applied on enterprises with unjustifiable retained…
Q: Compute the tax payable of the school.
A: Advanced Learning Institute is an educational institution. Following are the points to be kept in…
Q: Indiana Bones, Inc., produces and sells 2,000 units of a single product, a deluxe dog house: Selling…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: Question 1: a) Differentiate between Partnership and Corporation. (Write any 4) b) Explain about…
A: A partnership is a legally binding contract between two or more people to manage and operate a…
Q: Shellhammer Company's inventory records show the following data for the month of September:…
A: Answer. Given information : Inventory on September 1 = 100 units @ $3.34 Purchases on September 8 =…
Q: Len Kumar started his own consulting firm, Kumar Consulting, on June 1, 2017. The trial balance at…
A: In the context of the given question, we are required to prepare the ledger in the books of Kumar…
Q: Question: A company uses a perpetual system to record inventory transactions. The company purchases…
A: Introduction: In accounting, journalizing is the process of recording all business transactions for…
Q: Provide a 2 problems with own solution in EARNINGS PER SHARE performance ratio. Provide an textual…
A: Answer:- Earning per share meaning:- Earnings per share or EPS is a metric that basically measures…
Q: Question: A Company purchases a machine at the beginning of the year at a cost of $66,000. The…
A: As per the given information: Cost of machinery purchased - $66,000 Useful life of the machine - 4…
Q: 4. A non-profit domestic hospital has the following data during the year 2x18: Gross income from…
A: Any payment individual receives or company that is used to determine tax liability is considered…
Q: At the end of 20x5, Alpha Pharma began to implement an environmental quality management program. As…
A: Environmental cost classified in to four types of quality cost which is environmental prevention…
Q: Prepare T accounts, enter any opening balances, post the general journal entries and calculate end…
A: Journal is a financial book in which all business transactions are recorded first, therefore journal…
Q: Rocio invests $170.00 a month for 9 years into an account earning 6% compounded monthly. After 9…
A: As per the guidelines, in the case of two or more individual questions, the answer for the first one…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance billIf a company is using accrual basis accounting, when should it record revenue? A. when cash is received, even though services may be performed at a later date B. before services are performed C. when services are performed, even though cash may be received at a later date D. when cash is received, 30 days after the completion of the servicesZuhoor Muscat Company reported the following transactions during the year 2020collected RO 45,000 cash from customers for services provided during 2020 and recelved RO 45, 000 from customers for services provided during 2019. Additionally, Zuhoon Muscat Company provided services to customers on account during 2020 for a total of RO 90,000 and accepted RO 55,000 cash for services to be performed in 2021. If Zuhoor Muscat Company applying accrual accounting, then the effect of the above transactions on its net income at yearend 2020 will be: a. Increase by RO 135,000 b. Increase by RO 145,000 . Increase by RO 235,000 dIncrease by RO 190,000 e None of the options are correct
- Zuhoor Muscat Company reported the following transactions during the year 2020: collected RO 45,000 cash from customers for services provided during 2020 and received RO 45,000 from customers for services provided during 2019. Additionally, Zuhoor Muscat Company provided services to customers on account during 2020 for a total of RO 90,0000 and accepted RO 55,000 cash for services to be performed in 2021. If Zuhoor Muscat Company is applying accrual accounting, then the effect of the above transactions on its net income at year-end 2020 will be:Consider the following unadjusted account balances for the year ended December 31, 2022, as prepared by the bookkeeper of Something-Wrong Inc. The bookkeeper is new to the job and prepared the trial balance listing in alphabetical account name order (assume accounts have normal balances).Accounts payable ..................................................... $ 9,500Accounts receivable ................................................. 14,260Cash .......................................................................... 22,222Share capital (Common shares) ............................... 30,000Dividends.................................................................. 5,000Equipment................................................................ 12,000Prepaid insurance..................................................... 25,444Land.......................................................................... 20,000Notes payable (due next month) ............................. 25,300Retained…Consider the following unadjusted account balances for the year ended December 31, 2022, as prepared by the bookkeeper of Something-Wrong Inc. The bookkeeper is new to the job and prepared the trial balance listing in alphabetical account name order (assume accounts have normal balances).Accounts payable ..................................................... $ 9,500Accounts receivable ................................................. 14,260Cash .......................................................................... 22,222Share capital (Common shares) ............................... 30,000Dividends.................................................................. 5,000Equipment................................................................ 12,000Prepaid insurance..................................................... 25,444Land.......................................................................... 20,000Notes payable (due next month) ............................. 25,300Retained…
- Assuming the entity received a cash worth of 50,000, this 50,000 is from the customer who advances payment for the service to be render next month. The proper credit for this transaction is: a.) Accounts Payable b.) Unearned Revenue c.) Owner’s Equity d.) Service RevenueListed below are the current Accounting Assumptions and Principles Economic Entity Assumption Monetary Unit Assumption Historical Cost Principle Going Concern Assumption Revenue Recognition Principle Full Disclosure Principle Time Period Assumption Matching Principle Required: For the following situations, identify whether the situation represents a violation or a correct application of GAAP, and which assumption/principle is applicable. a. In May 2021, Regent Corporation recorded as revenue $5,000 received in advance from a customer for a job that would be completed in June 2021. Violation: (Yes/No) Applicable Assumption/Principle: b. Sally Maze made sure to keep her personal expenditures separate from her marketing company books.…Jim commenced business as a sole trader under the name of ‘JimTag’, and he has provided the following accounts and their closing balances for the year ended 31st December 2020: Jim Tag Unadjusted Trial Balance as at 31 December 2020 Accounts $ $ Capital: JimTag as at 1 January, 2020 98,900 Drawings 21,700 Sales 260,700 PAYG Withheld 23,200 Cost of Goods Sold 128,700 Cash at Bank 22,400 Accounts Receivable 14,150 GST Collected 25,500 Sales commissions expense 6,560 Staff salaries expense 64,500 Accounting fees 2,300 Advertising expense 7,970 Inventory as at 31 December, 2020 40,250 Computer Equipment at cost 36,000 Shop Fittings at cost 70,000 Accumulated Depreciation: Computer Equipment 5,400 Accumulated Depreciation: Shop Fittings 18,000 Accounts Payable 18,900 Long-term Bank…
- Africa Traders, on 28 February 2020, received a cash amount of R1 560 from Mr. A South, a trade receivable whose account was previously written off as irrecoverable by Africa Traders as Mr. A South was previously declared insolvent. Africa Traders is not a registered VAT vendor. What will the effect be of the above transaction in the accounting equation of Africa Traders? Select one: a. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Bank Credit loss recovered - R1 560 - R1 560 R0 b. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Bank Trade receivables R0 + R1 560 - R1 560 R0 c. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Bank Credit loss recovered + R1 560 + R1 560 R0 d. ACCOUNT DEBITED ACCOUNT CREDITED EQUITY = ASSETS - LIABILITIES Credit loss recovered Bank + R1 560 - R1 560 R0You are required to prepare a trial balance for Alina, a sole proprietorship as at 31st December 2021 and assess the source and structure of the trial Balance of Alina . The following information should be used to prepare the trial balance. £000 Capital 200 - Source - General ledger Stocks 40 - Source - General ledger Sales 100 - Source - Sales ledger or accounts receivable Cash and cash equivalent 110 - Source - Cash book Bank loan 70 - Source - General ledger Furniture and Fittings 180 - Source - General ledger or nominal ledger Trade Receivables 30 - Source - Sales ledger or receivables ledger Trade Payables 40 - Source - Payable ledger or purchase ledger Wages 50 - Source - General ledger or nominal ledger TASK 2 From the data below please complete a P&L Account Opening Stock - £800,000 Depreciation - £80,000 Advertising expenses - £60,000 Rent - £15,000 Salaries - £56,000 Commission - £5,000 Other expenses - £7,000 Closing…The following account balances were included in Bromley Companγs balance sheet on December 31, 2018: Prepare journal entries to record all the preceding events. Unless otherwise indicated, assume the company makes all payment's in cash.