What are the two types of standard audit reports?

Q: Thomas Martin receives an hourly wage rate of $15, with time-and-a-half pay for all hours worked in…

A: Gross pay: Gross pay means the salary before the deduction of any taxes, benefits, and other payroll…

Q: A partnership had the following condensed financial position: Assets Liabilities and Capital…

A: Admission of new partner by purchase of interest in firm.  Journal entry will be debit the capital…

Q: Exercise 2. Adjusting entries for prepaid insurance The balance in the prepaid insurance account,…

A: Adjusting entries are journal entries usually made at the end of an accounting period to allocate…

Q: Total claims denied: $10,000 Total claims submitted: $100,000 Time period: 3 months

A: A company which does not have healthy cash flow means that company is having not sufficient or…

Q: only Answer 2 question Cost of Gross Goods Profit Sales Net Beg Net Ending Sales returns Sales…

A: Net Sales = Sales - Sales Returns Cost of Goods Sold = Beginning Inventory + Net Purchases - Ending…

Q: Superior Skateboard Company, located in Ontario, is preparing adjusting entries at December 31,…

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

Q: Exercise 14. Revision of depreciation A warehouse with a cost of P500,000 has an estimated residual…

A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Question 39 If the selling price per unit is $10, the unit contribution margin is $5, and total…

A: Lets understand the basics. Break even point is a point at which no profit/no loss condition arise.…

Q: tements for the year ended 30 June 2013: Financial year 2013 2012 $82,000 Trade Receivables $99,000…

A: Bills of Exchange: It is an unconditional document which is written by the drawer /seller on Drawee/…

Q: Based on the advantages and disadvantages of each of the following forms of businesses, give an…

A: A business is formed by the persons who want to start the business and as there are various methods…

Q: A new merchandising business, Dazzle Corporation started its operations last January 1, 2020.…

A: Adjusted entries refers to the entries passed in order to adjust the existing journal entry.

Q: (a) Prepare the journal entry at the date of the bond issuance. (Round answer to 0 decimal places,…

A: Introduction: The effective interest technique is a standard for amortizing or discounting bonds.…

Q: On October 1, Takei, Inc. exchanged 8,000 shares of its ₱25 par value ordinary share for a parcel of…

A: Carrying value of land=No. of shares×Fair value per share

Q: n the Sales item given in the photo, determine the answer using horizontal, vertical, trend, and…

A: Financial Analysis: It is the important role as a tool for appraising the real worth of a business…

Q: explain the different organization cultures and sub cultures

A: Culture has the ability to define a group of people. That includes things like language, cuisine,…

Q: Write an essay about the emerging roles of management accountants in today's and tomorrow's…

A: The financial and cost control reports are formatted by the management accountant. These reports are…

Q: This is an extremely simple human capital accumulation problem. Let ht denote human capital of…

A: Long run growth- The country's long-run real economic growth is nothing more than a sustained…

Q: Snelling Company does business in two regional segments: North and South. The following annual…

A: Horizontal analysis is one of the methods of analyzing company financials by calculating the change…

Q: The capital balances of the partners on December 31, 2021 were: Noble (50%) - P200,000; Obedient…

A: A partnership is a form of business where two or more partners are agreed to carry a business and…

Q: A Texas Steak House in Puebla consumes 5,500 pounds of sirloin steak each month. Ari Mendoza, the…

A: EOQ=2×Annual Demand×Setup costCarrying Cost

Q: Light Co.’s accounts receivable balances at the beginning and end of the period were 80,000 and…

A: Accounts Receivable is one of the current asset of the business, which means credit sales made by…

Q: ling to per week supply, the th- $40, the sixth - $30, the seventh - $20, and the eighth - $10.…

A:

Q: Abbey Co. sold merchandise to Gomez Co. on account, $33,500, terms 2/15, net 45. The cost of the…

A: Net sales = Gross sales - Sales returns and allowance - Sales discount = $33,500 - $2,800 -…

Q: Calculate the amount of the bad-debt expense for Martin Services for the year ended December 31,…

A: In percent of accounts receivable method of estimating bad debts. The business entity uses a fixed…

Q: Shortening the cash conversion cycle always enhances the shareholder value

A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…

Q: Given the following balances, what is the most appropriate level of planning materiality for the 30…

A: The auditor will determine the amount that constitutes materiality in the planning phase of the…

Q: On October 1, Black Company receives a 4% interest-bearing note from Reese Company to settle a…

A:

Q: Cost of goods manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales…

A: Formula to be used is :- Cost of finished goods available for sale = Beginning finished goods…

Q: 2) Explain Prudence concept and provide example.

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

Q: Wayen, Inc. sells to wholesalers on terms of 2/15, net 30. Wayen has no cash sales but 50% of…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Catena's Marketing Company has the following adjusted trial balance at the end of the current year.…

A: Total assets are the all type of resources being held by the business. Asset turnover is one of the…

Q: explain the advantages and limitations of budgetary control in detail

A: Budgetary control is the process of preparing budgets for the future time and comparing them to…

Q: Interest generated by a depository bank under an increased foreign currency deposit is credited to…

A: The TRAIN act has introduced reforms on taxation of individuals, transfer taxes, indirect taxes,…

Q: Great and Happy pooled their resources to form a partnership on April 1, 2021. Great invested…

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

Q: Required: a. Explain the purpose of a PPE register, describe its contents and state how it should be…

A: The purpose of maintaining PPE register is to provide all useful information related to all assets…

Q: What really is accountants, and how does it apply to the business world?

A: Introduction:- Accounting plays important role in every business because it helps you track income…

Q: Interest paid by companies from depository banks under the enlarged foreign exchange deposit system…

A: The TRAIN act has introduced reforms on taxation of individuals, transfer taxes, indirect taxes,…

Q: 1. Using the following information, what is the amount of gross profit? Purchases $30,526 Selling…

A: Formula: Gross profit = Net sales - Cost of goods sold

Q: Exercise 5. Determine the salaries paid (- The salaries payable and salaries expense accounts at…

A: Salaries payable are in the nature of current liabilities which are intended to be settled within 12…

Q: Variable overheads (4,000 hours @GHe 2 per direct hour) 93,000 Budget contribution 47,000 Fixed…

A:

Q: Q.7) Solve the following problems: The following trial balance is available of Mr. Bhatia. You are…

A: Trading and Profit & Loss account shows gross profit made and net profit made by the business.…

Q: The Wondai Ltd Croup reports the following balances in its consolidated financial statements for the…

A: Given that the buildings value for 2017 is $268,000 and 2018 is $524,000. Cash flow from investing…

Q: In the Malthusian model, population grows exponentially while food production grows linearly. For…

A: Lets understand the basics. For calculating population after 63 years, we need to use below formula.…

Q: The dividends and earnings of Company ABC are expected to grow as follows: - 20 percent a year for…

A: Cost of equity= risk free return + Beta(rate of return- risk free return) = 5% + 0.8*(10%-5%) = 9%

Q: Great and Happy pooled their resources to form a partnership on April 1, 2021. Great invested…

A: Answer:-  Partnership meaning:- A partnership is a unique relationship between people who have…

Q: TRUE OR FALSE 1. Cash inflows that enter into the determination of net income are classified as…

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

Q: 1) Explain Historical cost concept and provide example.

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

Q: Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: The balance in the supplies account, before adjustment at the end of the year is P1,475. Journalize…

A: Adjusting entries are those which are recorded at the end of the year in order to adjust the…

Q: - A total of 40,000 units were in beginning WIP Inventory. All were completed and transferred out…

A: