What are the best accounting practices for online businesses?

Q: 1. Robertson and Lloyd are partners. Their capital accounts during 2020 were as follows: Debit…

A: Net income in the partnership is distributed as per the conditions agreed and in the agreed ratio.…

Q: Compute and show solutions for the: Direct materials variance  Direct labor variance  Variable…

A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts…

Q: Complete the following (If more than one discount, assume date of last discount): (Use Table 7.1)…

A: Discount Period - Every company encourages Sales and payment from the customer issue some discount…

Q: Prepare the Cash Flows from (used for) Operating Activities section of the statement of cash flows,…

A: Statement of cash flow of Stallion company for year ended on30th june         Cash inflow and…

Q: Grady received $8,320 of Social Security benefits this year. Grady also reported salary and interest…

A: Solution  Gross income is the total amount of income that an individual earned before taxes and…

Q: A product currently sells for $16 per unit. The variable costs are $8 per unit, and 10,000 units are…

A: Break-Even point  = Fixed cost / Contribution…

Q: Pamrod Manufacturing acquired all the assets and liabilities of Stafford Industries on January 1,…

A: Merger of Companies: - merger of Companies refers to the combination of two or more Companies into…

Q: . $20,200 b. $7,700 c. $5,200 d. $7,300

A: A balance sheet is a tool for measuring the performance and financial position of every organization…

Q: management accountants must earn a CMA designation in order to practice. management accountants…

A: Management accountants should maintain high level of professional competence whil discharging his…

Q: In connection with surfacing a new highway, a contractor has a choice of two sites on which to set…

A:

Q: Equivalent Units of Production Kellogg Company (K) manufactures cold cereal products, such as…

A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…

Q: 10. A, B, and C are partners and share profits and losses as follows: Salaries of P40,000 to A:…

A: Given information, Share of Salary to A = 40,000 Bonus to A: Remaining cash distributable after…

Q: If C CORP. had 3,518,000 shares of common stock outstanding when it paid dividends last year, how…

A: Dividend is the amount of income earned by a corporate entity that is distributed to its…

Q: If NZ$=A$0.75 and A$1=£0.5 then what is the £/$NZ exchange rate? A. NZ$1 = £0.5 B. NZ$1 = £0.75 C.…

A: Cross Rates in Forex :— A cross rate is a foreign currency exchange transaction between two…

Q: JaJa m Manufacturing incurs annual fixed costs of P250,000 in producing and selling a single…

A: The break even sales are the sales where business earns no profit no loss during the period.

Q: Cost of Goods Sold? Profit or Loss of the year?

A: The manufacturing costs comprise of total costs that are incurred during the period. The cost of…

Q: What would be the net annual cost of the following checking accounts?  a. Monthly fee, $3.75;…

A: Interest is the amount charged or received on the borrowings or investments being made. Bank charges…

Q: Yulo  Company plans to sell 400,000 laundry hangers. The fixed costs are P600,000, and the variable…

A: The answer is 4.5 per each laundry hanger Fixed cost is 600000 Variable cost is 40%of selling price…

Q: The following is the operating section of the statement of cash flows (direct method) of Battery…

A: Income Statement :— It is one of the financial statement that shows profitability of company during…

Q: Feb. 5. Issued 85,000 shares of common stock at par for cash. Feb. 5. Feb. 5. Issued 650 shares of…

A: Common stocks represents shares of ownership in a corporation. Common shareholders have right to…

Q: Exercise 16-4 (Algo) Taxable income given; calculate deferred tax liability from book-tax difference…

A: Deferred Tax Liability: - It occurs when the company defers the tax payment. It is created when the…

Q: For the purpose of starting the working capital of Jhon Company on Dec. 31, 2021, the following data…

A: Current liabilities are the liabilities which are expected to be settled within one year of balance…

Q: What are the different ways to estimate bad debt? How does this affect net income? What does…

A: The company makes sales on cash and sales on account as well. The company generally makes sales on…

Q: D ue to erratic sales of its sole product, a high capacity battery for laptop computers, Salcedo…

A: Variable Cost is that cost which will change with change in sales qty while fixed cost is not change…

Q: Winslow Inc. manufactures and sells three types of shoes. The income statements prepared under the…

A: Absorption costing says that total costs incurred on manufacturing and production of product should…

Q: Charlie Corporation provided the following account balances for the year ended December 31: Selling…

A: Ending balance of the inventory means the raw material, work in process and finished goods left with…

Q: The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal…

A: Note: As multiple sub questions asked in the question. As per policy we are allowed to process first…

Q: Problem General Journal T Accounts M4 Engineering, Inc. Adjusted Trail Balance For the Quarter Ended…

A: In the initial stages of accounting cycle process, first transactions are recorded into journal by…

Q: Garcia Sports, Inc., produces high-quality sports equipment.  The company’s Golf Division…

A: Lets understand the basics. Break even point is a point at which fixed cost equals to contribution…

Q: Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials…

A: preparation of subsidiary ledger under FIFO method and calculation of inventory balance at the end…

Q: For its most recent fiscal year, a firm reported that its contribution margin was equal to 60…

A: The contribution margin is calculated as difference between sales and variable costs. The operating…

Q: Lupo Corporation uses a job-order costing system with a single plantwide predetermined overhead rate…

A: Lets understand the basics. Company calculates predetermine overhead rate in order to allocate…

Q: Jurvin Enterprises is a manufacturing company that had no beginning inventories. A subset of the…

A: Inventories: - Inventories include all the raw materials which are used to produce goods available…

Q: 2. If you could relate materiality, disclosure, and conservatism to types of measure- ments…

A: You may find out how accurately variables are recorded using levels of measurement, also known as…

Q: 3) Prepare a Statement of Retained Earnings for the year ended December 31, 2021

A: Statement of retained earnings is the part of balance sheet. To prepare the statement need the…

Q: please explain last three subparts

A: Cost of goods sold is actual cost of goods that is being sold to the customers. Gross profit is the…

Q: Mahon Corporation has two production departments, Casting and Customizing. The company uses a…

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…

Q: Question 9 Which of the following is NOT normally associated with activity-based costing?     A…

A: Cost accounting is one of the field of accounting, under which different type of costs are being…

Q: 7/1 + 12/31 Bal. + 12/31 Adj. Prepaid Insurance 12000 9000 12/31 Adj. Insurance Expense 3000 3000

A: Ledgers - After recording transactions in the journal next step is to transfer them into ledgers.…

Q: The following instances may dissolve the partnership except * retirement of a partner change in…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Cost allocation is arbitrary, so there is nothing gained by it. We should report only the costs that…

A: Cost allocation refers to the process of distributing the single cost among various companies,…

Q: A retailer reports the following for its geographic divisions for the year. The profit margin for…

A: Lets understand the basics. Profit margin is a margin generated from the sales of the division. It…

Q: The managing director of Zambia plc has devolved some decision making to operating divisions but…

A: Given => 75,000 units were sold                 Total Unit Cost = K9                 Variable…

Q: PAP-3A McNeil Construction Company is involved in a long-term construction contract to build an…

A: Contract costing is one of the type of costing method which is generally applicable in case of…

Q: A company has an overhead application rate of 123% of direct labor costs. How much overhead would be…

A: In job costing, overhead is allocated to the job on an allocation basis. Allocation basis could be…

Q: Account Name Cash Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Office Equipment…

A: Balance Sheet :— It is one of the financial statement that shows list of final balances of assets,…

Q: Balance Sheet as of December 31, 2016 and 2017 2016 Rs 650 2,382 4,408 Total current assets Rs 7,440…

A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Problem 5-40 (LO. 2) Belinda spent the last 60 days of 2018 in a nursing home. The cost of the…

A: Amount of her Exclusion is Computed  = Daily Statutory Amount - Medicare paid towards the Cost of…

Q: The following information was taken from the records of Blue Inc. for the year 2025: Income tax…

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

Q: Net Sales? Total Manufacturing Costs? Cost of Goods Manufactured?

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Computerized Accounting System

The Computerized Accounting System is generally a system of maintaining accounts using computers. In this method of accounting system, the accounting transactions are processed through the use of hardware and software to generate the reports such as journals, ledgers, trial balance, trading account, P/L accounts, balance and other reports.