What amount of  expense, if any, should be reflected in Coco’s quarterly statement of comprehensive income  for the three months ended July 31, 2019?

Q: Apachi Company must determine the December 31, 2020 year-end accruals foradvertising and rent…

A: The accrued liability refers to an expense incurred by a business but not yet paid. These are costs…

Q: In which section of the statement of financial position should employment taxes due for settlement…

A: Current Liabilities are the obligations of an entity that are required to be settled within 12…

Q: TFM Enterprises pays its employees every two weeks and has paid its employees P375,000 for work…

A: Company should declare P382,200 as salaries and wages expense for 2019.   Explanation:

Q: Greenock company has the following information available for accruals for the year ended December…

A: The adjusting entry is required for correcting an error or recording unrecorded transactions or…

Q: ABC Company is preparing its financial statement for the year ended December 31, 2020. Accounts…

A: Note: In question it is written that accounts payable balance on 31st December 2019 but data is…

Q: The adjusted trial balance for Oman Chocolate Company at December 31, 2019 is presented below:…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: ABC Company is preparing its financial statement for the year ended December 31, 2020. Accounts…

A: Accounts payable: It is the short term liability created for the sums due to vendors for the goods…

Q: ABC Co.’s salaried employees are paid twice a month. Information relating to salaries for the…

A: Introduction: Salaries payable is a current liability that contains the amounts owed to employees…

Q: in vacation benefits, but some employees used vacation days that amounted to $2,060 of the vacation…

A: Journalize the adjusting entry to record the updated vacation benefits payable account.   Vacation…

Q: adjusting entry recorded on that date would include:

A: It is pertinent to note that as per Accrual system of accounting. Transaction are recorded as and…

Q: Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/ day). The current…

A: Journal: Recording of a business transactions in a chronological order.

Q: In March of the current year, Mooney Company estimated its year-end executive bonuses to be…

A: Bonus should be recognized in interm period on the proportionate basis of the estimated bonus…

Q: As part of its accounting process, estimated incon ed each month for 28% of the current month's net…

A: Companies estimates the uncertain amount for the benefits of employees like pension, vacation pay,…

Q: Montana Company recorded the month's salary expense for employees on December 31, including $800,000…

A: Salaries expense = $800,000 Federal tax withholdings = $192,000 FICA tax withholdings = $64,000

Q: The Mazzanti Wholesale Food Company’s fiscal year-end is June 30. The company issues quarterly…

A: Definition: Adjusting entries: Adjusting entries are those entries that are recorded at the end of…

Q: TDC Company is preparing its financial statement for the year ended December 31, 2020. Accounts…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: On December 1, 2019, an advance rent payment of $25,800, representing a three-month prepayment for…

A: The revenue and expenses are recognised when they are incurred irrespective of cash transaction.

Q: company has a May 31 fiscal year-end. The company's employees work Monday through Friday (the same…

A: An adjusting entry is an  adjustment made in expenses incurred to account for it in the relevant…

Q: e year end of GLCN Co is 30 November 2020. The company pays for its electricity by a standing order…

A: The profit and loss account records income and expense on accrual basis that is revenue and…

Q: At December 31, 2019, the advertising expense account of COURAGE Company had a balance of P164,000…

A: Any amount of money spent to generate the revenues in a business is known as expenses.

Q: On April 30, 2019 the Triple Safety Agency received an advance payment of P540,000 for a one-year…

A: Service income should be recognized as revenue when it is earned. Any advance received against which…

Q: 12) MNO Company operates a retail store and must determine the proper December 31, 2020, year-end…

A: Accrued liabilities refer to the amount which is payable to the outsiders within the next operating…

Q: ABC Corp allows each employee to earn 15 days of paid vacation leave per year. Unused vacation leave…

A: Unused vacation leaves as on Dec 2019 (50 employees x 15 dyas - 400 days) 350.00 Provision created…

Q: ABC Ltd pays its employees monthly in arrears. The monthly salaries are $236,820. At the end of the…

A: Journal entry for salary out standing Date  Entry  Debit  Credit 31-12-2020 Salaries A/c…

Q: On July 1, Mitchell Company receives 20 months of rent in advance, $41,360. Mitchell Company's…

A: July 1 to December 31 = 6 months Total rent paid in advance = $41,360

Q: Pillar has an annual payroll of $135,000. In addition, the company incurs payroll tax expense of 8%…

A: Income statement is the financial statement which is prepared to know the profitability of the…

Q: At the end of 2019, ABC has a balance in accounts receivable of $250,500. Of this amount, it is…

A: Given that the balance in accounts receivable of $250,500 Accounts receivable which are proved…

Q: report as accounts payable

A: 1. Advance to supplier has to be removed from Accounts Payable and should be shown separately. 2.…

Q: In the prior year TBTI had paid the entire year’s insurance policy upfront which expired as of…

A: Journal Entry:- A Journal Entry is simply an outline of the debits and credits of the dealing entry…

Q: Capricorn Company must determine the December 31, 2019 year-end accruals for advertising and rent…

A: Accrued rent from December 16 to December 31 = Monthly rent x 15/30 days = 4800 x 15/30 = P2400

Q: Jung Sa Ha Company must determine the December 31, 2020 year-end accruals for advertising and rent…

A: Expenses which have been incurred in the accounting period but not paid till the end of the…

Q: On March 1, Gonzalez Magazine Company receives annual subscriptions totaling $612,900. The first…

A: Solution: Total amount received for subscription = $612,900

Q: On December​ 31, 2019​, $700of salaries has been accrued.​ (Salaries before accrued amount totaled…

A: Part a:

Q: UA Company must determine the December 31, 2019 year-end accruals for advertising and rent expenses.…

A: Solution: Accrued liabilities related to advertising expense = P1,500 Accrued liabilities related to…

Q: Flowers Corp. pays its employees every Friday. The Flowers' Corp. employees earn $600,000 each five…

A: Weekly payment = $600,000 Number of working days in a week = 5 Days Week days till 31st December = 4…

Q: A company gives each of its 20 employees (assume they were all employed in January 2018) 12 days of…

A: Vacation expense = Number of employees * Vacation days * Daily shift hours * Wage rate   Vacation…

Q: On October 1, 2021, B Incorporated received $90,000 for a three- year software subscription from a…

A: Accrual system of accounting says that every thing which is accrued has to be provided in books of…

Q: Pythagoras Company must determine the December 31, 2021 year-end accruals for advertising and rent…

A: solution : calculation of accrued liability as on december 31 2021 Advertisement expenses…

Q: On January 1, 2021, Poplar Fabricators Corporation agreed to grant its employees two weeks of…

A: Requirement 1:   Prepare the appropriate adjusting entry for vacations earned but not taken in 2021.…

Q: On 31 December 2019, a company's receivables totalled £400,000 and allowance for receivables of…

A: Allowance for receivables as at 31 December 2019 = Receivables x 10% = £400,000 x 10% = £40,000

Q: Iris Company operates a retail store and must determine the proper December 31, 2014 year-end…

A: Accrued liabilities are those liabilities for expenses which are incurred or expensed in current…

Q: Prepare the closing entries for Oman Chocolate Company for the year ended December 31, 2019.…

A: Requirement 1: Closing entries: These are the journal entries that are recorded at the end of an…

Q: Fighting Irish Incorporated pays its employees $2,940 every two weeks ($210/day). The current…

A: The expenses which are due but would be paid later are treated as outstanding expenses.

Q: od December 2020 - February 2021.   The accounts for the year ended 31 December 2020 should sh

A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…

Q: On November 1, 2020, a company using accrual accounting, pays $640,000 for a television advertising…

A: Income statement: The income statement determines the net income of the business by subtracting the…

Q: During the adjusting process on December 31, 2019, Gopher Company estimates that 3 percent of their…

A: Case 1: Sales Revenue = $435,000 Return % = 3% GP = 40%

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

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

Q: Designer Architects had the following additional information at its November 30, 2020, year-end:…

A:

Q: Harp Beauty Shop pays salaries for the first half every 10th days of the succeeding month. The…

A: since nothing is mentioned, it is assumed that the question is asking about the preparation of…

Q: VICO, Inc. is preparing its financial statements for the year ended December 31, 20x9, Accounts…

A: Accounts payable is the current liability that an entity has to pay within a period of one year or…

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.