What are Fixed assets?
Q: accounting rule no.1
A: Introduction:- Accounting rules play vital role in accounting. Which is used prepare an accurate…
Q: Osborne Shipbuilding Company, located in Baton Rouge, receives large remittances from its customers…
A: Introduction: The net benefit is determined by summing all benefits and subtracting all project…
Q: Benjamin is a taxpayer who qualifies because he has the following dependents: 17-year-old child…
A: The question is related to taxation. The credit amount is up to $3,600 (previously it was $2000)…
Q: The entry to record a sale of P1,800 with terms of 2/10, n/30 will include a a. debit to Sales…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: Required: You expected to prepare a cash book
A: Cash Book- Cash Book is a type of ledger in which all cash transactions are recorded. All the cash…
Q: ent which cost $250,000. Freight and installation charges cost him P31,000. If the life of the…
A: The answer has been mentioned below.
Q: Using the accounting equation, compute the missing amounts for each of the following companies.…
A: Assets=Liabilities+Stockholder's Equity
Q: 1. TechGate makes PS4 games with a selling price of P1,040.00 per CD with a variable cost of P624.00…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Accounting Act §5-3.2. paragraph regulates depreciation of property, plant and equipment. What…
A: Depreciation refers to writing off the cost of a asset over its useful life in the ratio of economic…
Q: Sherrod, Inc., reported pretax accounting income of $76 million for 2021. The following information…
A: Every transaction, per the logic of such a journal entry, must be documented in at least two…
Q: estimated and controlled if the fixed and variable components of each overhead activity are known.…
A: Dollar is a type of currency used by the United States of America.Cost formula is used to derive the…
Q: Kari Biggs is the sole owner of the personal company (sole proprietorship) Karis Blomster. In…
A: The requirement is to find the effect of transactions on the balance sheet equation. As per the…
Q: Adrienne is a single mother with a 6-year-old daughter who lived with her during the entire year.…
A: Claim of child and dependent care credit: If you (and your spouse, if you are filing a joint return)…
Q: If a new partner purchases his interest from an old partner, the only entry on the partnership books…
A: when there is the case of sharing of between the partners this is stated in partnership deed. the…
Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…
A: Journal entries are used by the companies, firms, NPO, etc. to keep a record of the transactions…
Q: according to which section (s) in the Accounting Act the inventory is assessed. Explain your reasons…
A: Definition of the Inventory includes the following: 1. Goods available for sale in the normal course…
Q: Date 2020 June 1 3 6 10 14 Invoice Number Customer Sweet Merchandising Lovable Enterprise Cutie…
A: In the context of the given question, we are required to prepare the accounts receivable control…
Q: The Hat Store had the following series of transactions for Year 2. Date Description Transaction…
A: >Cost flow from units purchased to Cost of goods sold can be done using either of the 4 methods…
Q: company is considering the end of the year rental of a copying machine that costs P 1,000 the first…
A: Present value concept means that with the passage of time, value of the amount will decrease due to…
Q: What company is better in short-term and why
A: Accounting Ratios- Accounting Ratios are the ratios that are used to compare financial statements of…
Q: How much is May's new capital after the admission of Julie?
A: When two or more people come together to share all profit and losses is known as a partnership. A…
Q: Calculating the Return on Sales The income statement, statement of retained earnings, and balance…
A: Return on sales = Operating incomeNet sales×100
Q: C irst thing you writ along with the ab: elect one:
A: The overall purpose of Dissertation introduction is to explain the reader about what has been…
Q: Income earned from incidental operations before an asset is put to use is: deducted from the…
A: Incidental Revenue - Incidental revenue can be earned anytime during or before the assets put to use…
Q: nd Carl invested P300,000 each, in a partnership. They share in the profits as folla % interest on…
A: Carl and Ben are having equal share in the profit. From the total profit we deduct interest on…
Q: Required: You expected to prepare a cash book
A: Cash book is the book in which all the transactions of the business which are in cash means all the…
Q: Which is NOT CORRECT when the Capital Adjustment account is used in the recording of partnership…
A: the capital account of partner according to the adjustment to the capital account shall be increased…
Q: May and Jun are partners with profit and loss ratio of 50:50 and capital balances of P5,400,000 and…
A: The new partner brings two things into the business. One is the capital amount and the other is…
Q: Bad Bookkeepers Inc. originally planned to issue $100,000 of 11% par bonds on January 1, 2027 with…
A: Bonds are the highly secured debt instruments for which interest are paid to the bondholders in…
Q: a taxpayer’s spouse died on march 31, 2020. he has no qualifying child. which status should the…
A: Tax refers to the amount charged by the government to the individuals and organizations on the…
Q: is there a $100 need to be deducted as p
A: Adjusted Gross income refers to the total sum value of income gained by an entity after deducting…
Q: Farnsworth Company has gathered data on its overhead activities and associated costs for the past 10…
A: Variable cost is the cost that changes with the change in the output level.
Q: Your friend, Gerald, has asked you to help him with his bank statement. He is sure there are some…
A: Bank reconciliation statement: The bank reconciliation statement (BRS) is prepared to reconcile the…
Q: You have just purchased new goods worth 10,000 EUR from your supplier. Your supplier offers you to…
A: Trade credit can be defined as the deal with the suppliers to receive goods without making an…
Q: Problem I. The beginning inventory of raw materials is 1,000 units at P5 each. Purchases during the…
A:
Q: Saved Required information [The following information applies to the questions displayed below.]…
A: Total manufacturing cost is equal to = Direct material used+ direct labor+ manufacturing overhead…
Q: These are selected account balances on December 31, 2021 Land (location of the corporation's office…
A: Property , Plant and Equipment means tangible assets , which are held for use in production of goods…
Q: How much is the capital balance of May after the withdrawal of Julie?
A: The withdrawal from the partnership means when the partner leaves the partnership. The capital…
Q: The following items were found in the statement of financial position of Hong's Fitness Gym: Cash,…
A: Old Total assets = Cash + Supplies + Gym Equipment + Accounts receivable + Office furniture =…
Q: Norr and Caylor established a partnership on January 1, 2019. Norr invested cash of $100,000 and…
A: Partnership: Partnership is an entity where minimum of two individuals agrees to carryover the…
Q: A series of cash flows are established on an account as listed below. Payment of P5,854 at the end…
A: Present Value: Given a certain rate of return, the present value (PV) of a future amount of money or…
Q: A active lease involves obligations that are not evenly distributed over the lease period. That the…
A: Given, Payment in first year $14000 total payments over the five-year lease term $120000…
Q: ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following:…
A: The costs incurred on non cash assets till they are ready to use are to be capitalized by the…
Q: . On January 1, 2021, Bean Counters Co. issued a $10 million, 8%, nine-year convertible bond with…
A: Initial measurement: 8% Convertible bonds = $9,400,475 Equity component = Issue proceeds -…
Q: (a) Direct material cost=90,000 (b) Direct labour is =50,000 (c) Factory overhead=85,000 (d)…
A: Cost of goods sold: =Cost of the production + opening stock - closing stock
Q: PIZZA Parlor Co had the following available information: Accounts receivable P200,000 Accounts…
A: Introduction: The current ratio is a liquidity ratio used to assess a company's ability to pay…
Q: . Deferred tax liability, January 1, 2022, $0. 2. Deferred tax asset, January 1, 2022, $0. 3.…
A: >Due to certain factors, there exists a difference between Pretax Financial Income and Taxable…
Q: Inc. purchased a metal 3D printer with a cost basis of $35 000, which is expec o last ten years.…
A: Double declining balance method depreciation is that double that of straight line depreciation…
Q: The net income reported on the income statement for the current year was P255,800. Depreciation…
A: A cash flow statement is a financial statement that provides aggregate data regarding all cash…
Q: Assets Current assets: Cash Marketable securities Accounts receivable (net) Inventories Other Total…
A: Formula: Average Total Assets = ( 20x1 assets value + 20x2 assets value ) / 2
What are Fixed assets?
Step by step
Solved in 2 steps
