WHAT ARE THE BASIC PRINCIPLES OF A SOUND TAX SYSTEM?

Q: Following is data relative to the 12/31/21 inventory of Jenner: Item A B с D E Original Cost Per…

A: Journal entry to record reduction of inventory. The last three columns in the 12/31/21 schedule.

Q: Assume that you are the president of Highlight Construction Company. At the end of the first year of…

A: Income statement is a summary of a business's revenues and expenses over a particular  period of…

Q: Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the…

A: Accounting standards are form of rules, regulations and guidelines which needs to be followed by…

Q: accounting principles

A: Accounting principle is followed by the companies while preparing the financial statement. It esurea…

Q: How do you create a loan in Quickbooks? A. Select Banking > Create Loan B. Use the loan manager C.…

A: Lets understand the basics. Quickbook is a accounting software used worldwide by the many accounting…

Q: Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

Q: Accounts Receivable Analysis The following data are taken from the financial statements of Basinger…

A: The account receivables turnover ratio is calculated as net sales divided by average account…

Q: piece of earth-moving equipment was purchased at a cash price of P25,000. The life of this equipment…

A: Sinking fund method is one of the method of finding out depreciation and it depends on the amount…

Q: A corporation, with a December 31, 2021 year-end, purchased manufacturing equipment for $60,000 on…

A: Capital cost allowance (CCA) is an amount that can be deducted or claimed in the year of purchase of…

Q: A study has been conducted to determine if one of the departments in Carry Corporation should be…

A: The discontinued department lead to loss of contribution margin and gain of fixed costs that can be…

Q: Required information [The following information applies to the questions displayed below.] Martinez…

A: Variable Cost :— It is the cost that changes with change in cost driver. Variable cost per unit is…

Q: Morganton Company makes one product, and has provided the following information to help prepare the…

A: Lets understand the basics. Budget is prepared by management in order to estimate future profit and…

Q: 23) A company purchased 400 units for $20 each on Janu 31. It purchased 520 units for $26 each on…

A: Lets understand basics. There are two type of inventory systems are follows which are, (1)…

Q: Which of the following statements regarding partnerships is true? a. Partnership income is taxed in…

A: Partnership is one of the form of business organisation under which two or more than two persons…

Q: A wide range of accounting information system (AIS) software programs are available in the…

A: An accounting Information system (AIS) - is a system that collects data, and processes it into…

Q: Watts and Lyon are forming a partnership. Watts invests $31,500 and Lyon invests $58,500. The…

A: A partnership is a form of business in which two or more individuals come together to operate and…

Q: Teach Gear Inc. produces 3 types of office equipment; Bronze, silver and Gold and uses an…

A:

Q: A ltd has 60,000 preference shares of $10 each. The company wants to raise another $3000000. These…

A: The question asked to compute the EPS considering different financial plans.   Earnings per share:…

Q: Given below is an excerpt from a management performance report: Budget Difference Contribution…

A: The correct option with proper explanation are as follows Contribution margin can be calculate by…

Q: On January 2, 2014, Pet Haven purchased fixtures for $32,400 cash, expecting the fixtures to remain…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Mirza Sdn. Bhd. prepared its accounts on 30 September every year. As at 1 October 2021, the…

A: Depreciation  Expenses: The periodic depreciation charge that a company makes against its assets…

Q: Explain the drawing 21% Financails 50% Sales Expenes

A: Pie chart refers to the diagram which comprises of the circle and it is divided into the parts in…

Q: A niche car manufacturer obtains tyres from a single supplier. Demand is constant and the target is…

A: Lets understand the basics. Economic order quantity level is a level at which ordering cost and…

Q: Decker has a $1,000 loss from an activity in which he materially participates. He has $500 of basis…

A: The taxpayer is required to pay tax on the taxable income, however, the taxpayer is also allowed to…

Q: Bensen Company started business by acquiring $27,500 cash from the issue of common stock on January…

A: The income statement is one of the financial statements of the business. It tells about the…

Q: Attached is Apple Inc.'s financial information. Please answer questions 1-3.  1. Apple's…

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

Q: On January 6, Year 1, Mount Jackson Corporation purchased a tract of land for a factory site for…

A: A capitalized cost is an expense added to the cost basis of a fixed asset on a company's balance…

Q: Nadine runs a business that imports re-usable water bottles for sale in the UK. The supplier sells…

A: To determine the optimum order size, we can use the concept of economic order quantity (EOQ). The…

Q: general journal entries

A: Shares of a company are ownership of that company. Every shareholder is actually a part owner of the…

Q: An cashflow has a first payment of P 1,000 and increases by P 100 each period until payments reach P…

A: PRESENT VALUE Present Value is the today value of Future Cash Flows. Present Value is Computed…

Q: At the beginning of the year, Cullumber Company had total assets of $732,000 and total liabilities…

A: Total assets refer to the addition of the owner’s equity and the total liabilities. It describes…

Q: You are examining a company's balance sheet and find that it has total assets of $30,791, a cash…

A: Net working capital is the sum of a company's short-term assets, short-term liabilities, and…

Q: Flagler Company purchased equipment that cost $90,000. The equipment had a useful life of 5 years…

A: The double declining balance (DDB) depreciation method is an approach to accounting that involves…

Q: Jones Enterprises was started on January 1, Year 1, when it acquired $6,000 cash from creditors and…

A: The accounting equation is the statement prepared to reflect a double-entry system of each…

Q: Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting…

A: Whenever the carrying value of a company's goodwill exceeds its fair value, then the impairment of…

Q: Which of the following is one of the conditions necessary for an amalgamation to result in a…

A: A. There is no such condition of corporation being Canadian corporation. It can be any…

Q: There are behavioural issues in budgeting that led Hopwood (1974) to define different budgeting…

A: Companies design different budgets and use them to plan and control their functional aspects. A…

Q: The liabilities of Blue Corporation are $139,400. Blue's share capital is $82,000 and its retained…

A: Total asset is the sum of all current and non-current assets which is equal to the sum of total…

Q: Waiting periods. Fill in the number of periods for the following table,, using one of the three…

A: Time Value Of Money :— According to this concept, value of money in present day is greater than the…

Q: 1. You are currently living in an apartment that costs $1445/month and has utilities that cost…

A: Cost of living refers to the amount of money which is needed for covering the important expenses in…

Q: Find the present balance for Problems 7-14 Previous Deposits Balance $40.10 7 8 9 10 11 12 487.67…

A: Service Charge: Service charge is the amount charged by a bank in exchange of providing services to…

Q: Cairns owns 75 percent of the voting stock of Hamilton, Inc. The parent’s interest was acquired…

A: For December 31, 2019:   No journal entry required   For December 31, 2020:   Debit: Interest…

Q: a privately start-up ventory management to rm plans to sell its shares to the public within next 18…

A: Free cash flow is the cash available after deduction of capital expenses and net working capital…

Q: 4. If 12,500 units are produced and sold, what is the variable cost per unit produced and sold?…

A: VARIABLE COST  Variable Cost is a cost that varies with the level of output. Variable costs…

Q: What is journal entry for this?

A: Journal is a record keeping book, which is used to record the day to day transactions along with…

Q: ames deposited $150 at the beginning of each month for two years into his savings account. For the…

A: Annuity means where regular payment is made at the end of regular period and full amount with…

Q: rajan and John Shank This case requires the analysis of budgeted versus actual performance for…

A: Financial Information - Data on a person or business's financial transactions is known as financial…

Q: Direct Materials Work In Process Finished Goods Direct Materials purchased Direct Labor Indirect…

A: The question has asked to prepare the COGS, and income statement for Snowy Owl Company on December…

Q: following data were ascertained for the month of September in the Statement of realization and…

A: Equity - Equity is the ownership of assets with potential debts or other responsibilities. For…

Q: Jaison Ltd issues $10 million in 5-year debentures that pay interest every 6 months at a coupon rate…

A: DEBENTURE  Debenture is a type of bond or debt Securities. Debenture is a Debt instrument which is…