what are the differences of cost, expense, and loss

Q: A company annually consumes 10,000 units of Part C. The carrying cost of this part is P2 per year an...

A: Economic order quantity in costing States the order quantity at which the ordering and carrying cost...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: The accrual basis accounting records the revenue and expenses when they are incurred irrespective of...

Q: In the audit of loans payable, which of the following audit procedure would be most likely performed...

A: Answer: Audit procedures are the methods that are followed by Auditors during the period of audit of...

Q: CCC Corp. has annual turnovers of inventory, receivables, and payables of 12, 18, 8 respectively. In...

A: Difference in cash conversion cycle = cash conversion cycle of CCC Corporation - Cash conversion cyc...

Q: The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment w...

A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...

Q: 1. Harry potter invested a capital of 15,000 into his business. 2. Acquired an equipment for 5,000 c...

A: solution working note let us first journalize the transactions Harry potter invested a capital of 1...

Q: You are assigned to perform a review of minutes of meeting for the year end audit ending December 31...

A: The following agendas would least likely affect the total liabilities of the entity

Q: The 2021 financial statement audit of OMG company began when the trial balance was received from man...

A: SOLUTION If during audit auditor realise that differences is exceed materiality threshold then audit...

Q: LOUD BASE WIRELESS sells a variety of mobile telephone accessories including several brands of Wirel...

A: Solution A Journal is an company's official book in which all business transactions are recorded in ...

Q: Determinethestatusofthematerialandlabourfortheconcreteworkof the first floor.

A: Material and labour are two important resources that are used for production and manufacturing of go...

Q: Miranda Corp. received an order from a customer on October 1. The toys were shipped on October 15. T...

A: The sales revenue is the revenue earned with the goods are sold and shipped to customers. 

Q: Declan's Designs Balance Sheet Declan's Designs Income Statement ASSETS 12/31/2021 12/31/2022 For th...

A: Declan Design Cash Flow Statement (Partial) For the year ended December 31, 2022    Amount (In...

Q: In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which cos...

A:   Ans. P 116,667

Q: rts B and C

A: Net income is the amount that is left over after the company has paid all its expenses including int...

Q: Answer if true or false. If false write the word that makes the statement incorrect/wrong. 1. In oth...

A: FOB destination and FOB shipping point are two type of shipping terms that are used. Credit card is ...

Q: August 31, 2024 Balance Account Title Debit Credit Cash 8,420 Accounts Receivable 5,000 Office Suppl...

A: The trial balance tells about the final balance of each account of the business. The trial balance i...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: The following bank reconciliation is presented for HRCA Company for the month of November 2020: Bala...

A: Ideally cash balance as per cashbook and bank statement balance should reconcile with each other and...

Q: Question 11 James Electronics is interested in purchasing Dyner Corp. Prior to the purchase James hi...

A: Ans. An auditor while discharging his professional duties is expected to exercise highest standards ...

Q: Question 8 You have just been assigned as the manager of an engagement with an audit client. Before ...

A: Audit Engagement: An audit engagement is an understanding between a client and a free outsider inspe...

Q: car stuff.inc net sales-13,000 cost of goods sold-3,000 salary and wage expense-1,200 utility expens...

A: Gross profit = Net sales - Cost of goods sold Income from operations = Gross profit - operating expe...

Q: 33. On January 2, 2017 Skysong Company leases a machine with a fair value of $35,000 from Snead, In...

A: Leases Leases which are used by the entity to acquired the capital assets which can use for the prod...

Q: reports income by the percentage of completion method. In 2019, Crevar started a P2,000,000 construc...

A:

Q: 1. Retailers recognize revenue at the point of sale. 2.Beach Resorts, Inc. does not record the 2021 ...

A: Accounting principles are those principles which are used for accounting, recording and reporting ac...

Q: Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income s...

A: Answer -  Formula for Overall Contribution Margin Ratio -  = Contribution Margin / Sales    Overall ...

Q: What was Evander’s principal at the beginning of July

A: Solution:- Given, Evander Holyfield during his boxing career = $300 million made but, declared bankr...

Q: Y Corporation has daily collections of P180,000 from a selected foreign customer group. The bank off...

A: Solution Given Amount 130000 Current clearing time 8 days Reduced clearing time 3 ...

Q: 1.Sunland Company issues 31000 shares of $50 par value preferred stock for cash at $70 per share. In...

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

Q: urn not later than January 15, 2022. The tax due per his return is P100,000.

A: Failure to pay tax due according to rules and regulations before the stipulated date attracts the in...

Q: Wolford Department Store is located in midtown Metropolis. During the past several years, net income...

A: Income statement is prepared by the business organizations so as to determine how much amount of Gro...

Q: To remodel your business, you need to sign a 190-day note with proceeds of $16,559.57 and a maturity...

A: Solution Given Maturity period of note 190 days Issue proceed 16559.57 Maturity valu...

Q: Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Ch...

A: Acccounting equation is the basic principle of accounting which states that Asset = Liability + Capi...

Q: Choose the letter of the item NOT belonging or related to the group in computing for Non-Controlling...

A: Firstly let us understand consolidated statements. Consolidated financial statements are prepared wh...

Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of  Wir...

A: A perpetual inventory system is a program that continuously estimates your inventory based on your e...

Q: Sage Hill Fashion Company enters into a lease arrangement with Highpoint Leasing for 5 years. Sage H...

A: Right-of-use assets will be recognized at the present value of minimum lease payment obligations.

Q: The following must be eliminated in the consolidation process except

A: Consolidation process means the merging of financial statements of parent and subsidiary entities an...

Q: How does Declan's Designs' Bank Loan impact its 2022 Statement of Cash Flows?   Question 27 options...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: 1. How much is the increase in the capital of Choy after taking into account all transactions?

A: Financial statements are the set of records of the financial transactions and position of a business...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Discuss the nature of this lease for both the lessee and the lessor. This is a select a type of lea...

A: Leases is a form of agreement or arrangement between two persons, in which one party provides its as...

Q: 1. A hotel receives advance payment of 2,500,000 from a conference organizer. This is not a sale due...

A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question...

Q: Accounts payable subsidiary ledger. Purchase journal 15 days before and 15 days after report date. ...

A: Assertions are claims made by the management of the company which are further verified by the audito...

Q: Corporation Code, Both, and Neither 1. Residency of incorporators are insignificant   a. Corporatio...

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: The following data were taken from the records of Browntree Corporation at the end of the fiscal yea...

A: Multi Step Income statement is that income statement which shows all incomes and all expenses of the...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: Solution Under cash basis of accounting revenue is recognized when the cash is received Under accrua...

Q: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700...

A: >Owner’s capital balance is the part of Equity.>It contains the amount of amount invested by t...

Q: Question 20. The amount of provisions that should be recognized at December 31, 2021 is?

A: Provisions in Accounting Provisions which are made in the accounting is to make the estimation in th...

Q: ABC COMPANY made the following cash expenditures during 2009 related to development of a new plastic...

A: The question is related to Accounting for Intangible Assets. As per the Standard the development of ...

Q: The December 31, 2021 and 2020 comparative financial statements of Galley Company showed equipment w...

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.