What are some strengths and weaknesses in the  AIS system and ways to improve any weaknesses identified?

Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: required: The residual income for the AB Division last year was The return on investment last year…

A: Residual income is the remaining income after meeting all the costs that business owes. Formula:…

Q: 2 Problem 2 Indicate whether each account below has a normal debit or credit balance. a. Automobiles…

A: All expenses have debit balance, all revenue have credit balance, all assets have debit balance and…

Q: A depreciable property costing P2,600,000 with original scrap value of P200,000 after 15 years, had…

A: Here discuss about the details of the annual depreciation expenses which are incurred after the…

Q: 15. "The matching rule is one of the significant concepts in accounting." Do you agree with this…

A: Accounting is one of the important phenomenon, which is the process of recording, summarising and…

Q: Factors affecting investment decisions

A: Introduction: The Investment decision is the decision taken by shareholders or top-level management…

Q: On its second year of operations, BBQ Co. thought of expanding its business. In order to generate…

A: Factoring: Factoring is a type of business loan in which the business organization sells its…

Q: how do i find change in retained earnings

A: 1. Retained Earnings - Retained Earnings is the retained accumulated profit of the company over the…

Q: P2-3 (Algo) Recording Transactions in T-Accounts, Preparing the Balance Sheet from a Trial Balance,…

A:

Q: On March 1, Harris Company paid $2,400 for one year of advertising in advance. Harris debited…

A: Whenever a company paid for any expenses in advance, it will become their asset which is recorded as…

Q: installation of inspection to reduce the cost of repairs for new and used automobiles under…

A:

Q: Compute cost of goods sold using the following information. $12,200 Merchandise inventory, beginning…

A: The cost of goods sold includes the total cost of goods sold during the period.

Q: Thanks, need help with the other ratios as well.

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: Which type of checking account pays interest on the mean balance of the account during a particular…

A: The checking account are important part of banking system. A checking account is highly liquid…

Q: Garon Company disclosed the following liability account balances on December 31, 2016: Accounts…

A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle,…

Q: 2. The gift tax payable of Mr. Alba on the July 14 donation is Mr. and Mrs. Alba gave the following…

A: As per Section 98 There shall be levied, assessed, collected and paid upon the transfer by any…

Q: Problem 8 For each transaction below, tell which account is debited and which account is credited.…

A: The financial statements of the business including income statement and balance sheet are prepared…

Q: Butler Company's employees earn $500 per day and are paid on Friday for a five-day work week. This…

A: As a result of the fact that the last day of the month falls on a Tuesday instead of a Friday, the…

Q: JFL is a CCPC company and has offered Gene the following stock option incentive as part of his…

A: Employee stock ownership plan also known as yes op or employees stock option plan is in scheme by…

Q: 1. Work in process, September 1 Units started during September Units completed during September Work…

A: Ending Work in process = Beginning work in process + Units started during the month – Units…

Q: Celia, age 30 is leaving a major systems development company to establish her own firm. She will…

A: Celia is leaving her job and starting a new business which is estimated to generate either…

Q: On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,000…

A: As per relevant tax laws, in case lease payments in advance for 12 months, then such advance can be…

Q: Acquiring Corp. is considering a takeover of Takeover Target Inc. Acquiring has 10 million shares…

A: The term takeover refers to when an organization acquires another organization. The company…

Q: Required: 1. Compute the amount of total dollar sales. 2. Compute the amount of total variable…

A: The problem the part of cvp analysisIn this the variable costs are those which change with…

Q: A and B formed a partnership. The partnership agreement stipulates the following: ● Annual salary…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Question D is incorrect. Can you check the answer

A: Here discuss about the details of the taxable income and income tax which are incurred with the tax…

Q: Journalise the follo. transactions. Jan 31. Started business with cash R$ 200000.2 2. Purchased…

A: Theory part: Journal entries: In all the business accounting books are to be maintained. While…

Q: Age Interval Not due Est. Percentage Uncollectible Balance $63,000 2%

A: Formula used: Estimated Uncollectible amount = Balance amount x Estimated Percentage Uncollectible.

Q: 5 345 2 hing x (11) Your SID=462122509 Using the MACRS rates from the following table, what is the…

A: Business organizations are required to charge the depreciation expense so that the assets are shown…

Q: On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $83,010…

A: The cash flow statement is prepared to record the cash flow from various activities including…

Q: Ali Mamat Enterprise Trial Balance as at 31 December 2019 Particulars Sales Purchases Salaries Motor…

A: Introduction: Balance sheet: All assets and liabilities are shown in Balance sheet. It tells the net…

Q: . Prepare journal entries for Axel Corp. to record the acquisition of Wheal Company

A: The acquisition is a form of consolidation between two or more companies. When one company takes…

Q: Using the MACRS rates from the following table, what is the book value of a $3,000 computer after 2…

A: Book Value: The cost of holding an asset on a company's balance sheet is equal to its book value,…

Q: On December 1, Young Corporation exchanged 5,000 shares of its P25 par value common stock held in…

A: When an assets is purchased in exchange of shares then such asset is recorded at the market value of…

Q: 21- Sent a bill to R. Hernandez, P2, 500 for car service rendered at his wedding. 23- Gas and oil…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: On August purchased 1, 2004, Witten Corporation a new machine on a deferred payment basis. A down…

A: Answer - Calculation of Amount to be Capitalized : Particulars Amount Cash Equivalent Price of…

Q: Which statement is not true about the gross profit method of inventory valuation? None of these It…

A: Inventory is one of the important current asset of the business. Valuation and management of…

Q: If

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Q: A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Prepare a correcting entry for each of the following accounting errors: a. Debited Supplies and…

A: a) Date General Journal Ref Debit (P) Credit (P)   Office equipment   P 29,000     Supplies…

Q: Packed Corporation owns 70 percent of Snowball Enterprises' stock. On January 1, 20X1, Packed sold…

A: A record is often kept in the general ledger, but it can also be kept in a single account,…

Q: Compute cost of goods manufactured and operating income (2-28) The following are the account…

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Q: What are the total assets ? what is the net worth? how much does the company owe? whag is the…

A: The balance sheet shows the Assets and liability position at the end of year. The assets create…

Q: 2022 January 1-The partners decide to liquidate the partnership. They have the following balances:…

A: (A) Journal entries to dissolve partnership: (1) Entries for realization of Accounts receivables and…

Q: "Oh January 1, 2019, TYP Company purchased P1,200,000, 14% bonds of PSY Company for P1,352,143, a…

A: Answer : Option d - Answer not given

Q: 1. Why does the need for an accounting period cause problems?

A: The answer for the question on need for accounting period is discussed hereunder : As the Going…

Q: The following information has been taken from the accounting records of ABC Corporation for the year…

A: An income statement is a financial report that indicates the revenue and expenses of a business. It…

Q: 9. What is a contract account? Give an example.

A: Contractor is the person who accepts contract or agreement from other party. Contract accounting…

Q: Laguna Company acquired three patents in January 2005. The patents have different lives as indicated…

A: The amortization expense is charged on intangible assets on the basis of legal life of the assets.

Q: he fund that records the payment of principal and interest associated with long-term debt is the…

A: Debt Service Fund- It is used to record the payment of principle and Interest on long term…