What do you think is the greatest advantage of accounting professionals over those in other professions?
Q: A machine costing $77,804 with a 7-year life and $73,232 depreciable cost was purchased January 1.…
A: For calculating yearly depreciation, we have to divide the depreciable cost by a total number of…
Q: Solution: One (1) Game Fixed Cost for Food (P100,000) Space (P240,000) Booth Space (P1,750) Total…
A: The breakeven point (BEP) reflects the number of units of sales and the amount of sales needs to be…
Q: please quickly thanks !give me correct answer !single c
A: The allocation of fixed overhead is done based on the normal capacity of production. factory…
Q: Vertical Analysis of Income Statement For 20Y2, Fielder Industries Inc. initiated a sales promotion…
A: Solution:- 1)Preparation of a comparative income statement for the two-year period, presenting an…
Q: a. What interest rate would make it worthwhile to incur a compensating balance of $16,000 in order…
A: The compensating balance is the bare minimum that the borrower agrees to retain with the lender; it…
Q: The consolidated balance of fixed assets will be affected by working paper entries involving all of…
A: Consolidation is the process where the parent company merges the financial statements of its…
Q: Explain the difference between Tangible and Intangible Assets
A: Introduction: Assets: Any resource which is having monetary value called as Assets. Assets are to be…
Q: Transaction: Possible source document: Business sells goods or services for cash…
A: GIVEN Transaction: Possible source document: Business sells goods or services for…
Q: Given the information, determine the annual cost of hiring the outside accountant. $fill in the…
A: Companies often outsource their work to the outsiders and the reason behind is that company might…
Q: ding 500.500 360,000 120.000 123.200 12.320 148.756 48.732
A: Income statement and balance sheet are two important financial statements which are prepared for the…
Q: The consolidated balance of fixed assets will be affected by working paper entries involving all of…
A: Consolidate Balance- A consolidated balance sheet presents the fiscal position of an affiliated…
Q: Revenues 2021 2020 Sishen $ 21,700,000 $ 26,500,000 Hotazel $ 14,200,000 $ 16,500,000…
A: Return on assets- The ability of a company to generate revenue from its total assets is referred to…
Q: Maria and Carlos formed a partnership, investing $400,000 and $300,000, respectively. Determine…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: Dixon Sales has five sales employees that receive weekly paychecks. Each earns $10 per hour and each…
A: Formula: Federal income tax = Sales wages expenses x Federal income tax rate State income tax =…
Q: If various batches of inventories have been purchased at different times during the year and at…
A: Inventory valuation refers to determine the value of cost of goods sold and closing inventory…
Q: Holly and Luke formed a partnership, investing $240,000 and $80,000, respectively. Determine their…
A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…
Q: Transaction: Possible source document: Business sells goods or services for cash…
A: ANSWER Complete the following table by providing the missing information Is
Q: Given the following information, complete the cash budget:
A: Cash budget refers to a budget which shows the estimated cash flows of the company during a specific…
Q: 3: An employee works 50 hours (50-40 were overtime hours) during a workweek in December of 2021, He…
A: Taxable Income: It is the base income upon which tax is levied and includes a few items of income…
Q: You are required to enter the following transactions in the books of Mo Ryan: SS
A: Solution Journal entry Journal is the book in which the transactions are first recorded Journal…
Q: DEF Company, which applies overhead on the basis of direct labor hours. Two direct labor hours are…
A: Variable cost is the cost which varies which the level of output. Fixed cost is the cost which…
Q: Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600…
A: Formula: Weighted average number of shares = Number of shares issued x Time period
Q: Net sales, net income, and total asset figures for Vibrant Controls, Inc., for five consecutive…
A: Return on Sales: In business, return on sales (ROS) is a metric that measures how effectively a firm…
Q: Journalize the following transaction in Balance Sheet Approach, prepare worksheet and financial…
A: Note: Hi! Thank you for the question As per the honor code, We’ll answer the first question since…
Q: Engkobee Company sells a single product for $25. It had no beginning inventories. Operating data…
A: Standard Variable Costing: It is the methodology where variable costs are assigned to inventory…
Q: Georgia Company uses standard costs and a flexible budget for controlling its service activities. In…
A: Labor Rate Variance=Standard Rate-Actual Rate×Actual Hours Labor Efficiency Variance=Standard…
Q: 13. Use the same information given in Problem 12. How much compensation expense should be recorded…
A: Compensation expenses in case of share appreciation right means the amount of expenses to be borne…
Q: Francis Company has 16,800 shares of common stock outstanding at the beginning of 2019. Francis…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: What is the total share capital? 5. What is the retained earnings balance at the end of the year? 6.…
A: The total share capital is calculated as sum of par value and additional paid in capital. The…
Q: Hogan Company had the following account balances for 2021: Dec. 31 Jan. 1 Accounts receivable $…
A: The cash flow statement shows the cash inflow and cash outflow due to the operating activities,…
Q: In 2021, due to a change in marketing forecasts, Barney Corporation reduced the projected life of…
A: As per IAS 8 Accounting policies, Changes in accounting estimates and Errors A change is…
Q: Provide In-House or Outsource Decision, Services, Qualitative Aspects Tony and Tina Roselli own and…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Debt-deflation leads to lower income because: O falling prices redistribute income from debtors to…
A: Debt deflation is an economic theory. It occurs when fall in prices leads to increase of debt burden…
Q: Consider the following balance sheet for Whiz Financial Services Limited: Assets K…
A: Balance sheet is an important part of any organisation as it shows the the company's true face in…
Q: Statement 1: An intercompany sale will affect the consolidated net income the same way regardless if…
A: A sale transaction between two businesses which are members of the same consolidated group is known…
Q: The amount of discount to be recorded if the invoice is paid within the discount period on a…
A: Formula: Amount to be paid = Invoice amount - Cash discount amount
Q: Maria and Carlos formed a partnership, investing $400,000 and $300,000, respectively. Determine…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Weighted Average Shares At the beginning of 2019, Hardin Company had 330,000 shares of $10 par…
A: A corporation's shares are units of equity ownership. Shares exist as a financial asset for some…
Q: What is the Profit in 2019 under absorption costing? 2019
A: Absorption costing income statement The Absorption costing income statement is a statement prepared…
Q: a. Is the growing of plants to be used in the production of drugs an activity within the scope of…
A: This standard applies to the accounting treatment of biological assets, harvested agricultural…
Q: QUESTION 44 Microhard produces tablets, laptops and televisions. Microhard typically sells 1,000…
A: Unavoidable allocated overhead are those overheads which will continue to be incur even if the…
Q: You are engaged to perform the first audit of the Torrents Company for the year ended December 31,…
A: Appropriated retained earnings is that portion of amount set aside by board of directors through…
Q: 4. Sell at Split-Off or Process Further Decision, Alternatives, Relevant Costs Betram Chemicals…
A: Joint costs are the one which are incurred for the production of those products which are divided…
Q: 1) Valuation (IAS 2). How is Inventories measured?
A: In case of multiple questions, we are allowed to solve only the first question. If you want other…
Q: r the year ended December 31, 2 mber 31, 2021 are presented bel
A: Income statement and balance sheet are two important financial statements which are prepared for the…
Q: QUESTION 8
A: LABOUR COST TO PROJECT WILL BE LABOR COST OF HIRED WORKER + LABOR COST OF UN EMPLOYED WORKER
Q: Question 3 L a) The Manchester based company. We Know Capital Limited (WIC), has been hired as…
A: Calculation of weighted avg cost of capital
Q: When company reduced its inventories to zero, then • Variable costing income > Absorption costing…
A: Variable cost means the cost which vary with the level of output where the fixed cost means the cost…
Q: Natural Company has an agreement to pay the sales manager a bonus of 10% of the entity's earnings.…
A: The bonus can be paid to manager on different conditions as before bonus or after bonus.
Q: A business produces a product that's sold for £30 each. Variable costs are £12 for each product an…
A: Introduction:- The following Formula used to calculate as follows under:- Units required =(Fixed…
Step by step
Solved in 2 steps
- Explain how having more than one of the accounting credentials would be beneficial to an accounting career.Identify the top three concepts or skills you learned in this course that you believe will be the most useful to you in your current or future professional career or education along with rationale as to their importance to someone in the field of accounting or financial management.Below are possible career opportunities for those earning a degree in accounting. Indicate whether the statement related to each career is true or false.(True/False) Someone earning a degree in accounting could pursue the following career:1. ________ Auditor2. ________ Tax preparer3. ________ Business consultant4. ________ Financial planner5. ________ Forensic investigator6. ________ Tax planner7. ________ Financial analyst8. ________ Information technology developer9. ________ Investment banker10. ________ Tax lawyer11. ________ FBI agent12. ________ Information risk manager
- With specific reference to your career ambitions as a professional accountant, reflect on six (6) ways in which the tools and knowledge you have acquired through undertaking an accounting programme has shaped your mindset and will impact your professional life. Write a summary report based on your reflections.1. How does the role of a forensic accounting differ from a traditional accounting? 2. How does the role of a traditional accountant differ from internal and external auditor? 3. prepare 10 year professional development plan that will prepare you for a role in forencis.Chapter 3 of the text focuses on The Accounting Framework, which includes a discussion of the qualitative characteristics of financial information. While much of this discussion is beyond what a student taking an introductory course really needs to be concerned with, there are a few considerations that all business students should have a basic understanding; Discuss a scenerio where Cost vs. Benefit, Materiality or Prudence would be considered. Your example should focus on one of the three characteristics.
- Write 3 SMART goals on how you will be evaluated on your work as an Accounting AssociateChoose TWO of the following questions to discuss: In your opinion, what was the most important topic or subject you studied in this course? Explain your answer. What topic or subject did you struggle with most in this course? What did you find most surprising about this course? What did you learn in this course that you think will benefit you in your future studies or career path? This course completes your study of the foundations of accounting. After completing this course, what area of accounting are you interested in pursuing?After completing your first degree in accounting you have been employed by XYZ Company as an account officer. The Management of the company has tasked you to implement a computerized accounting system.RequiredIn a paragraph each, address the following questions:a) Discuss five benefits associated with the implementation of the computerizedaccounting system within the company.b) Giventhattherearesomanyaccountingpackagesonthemarket,whatshouldyoube looking for when selecting a computerized accounting package for the company?Explain any five factors to considerc) Assuming you procure a Sales Ledger package, what kind of reports should weexpect? List five types of reports expected to be generated.d) Explainthedifferencebetweenastand-alonepackageandanintegratedpackage?Explain two advantaged and two disadvantages of an integrated packagee) Before a new accounting package can be deployed, it needs to be configured. What does it mean to configure an accounting package? Explain the processes…
- What is the role of accounting and accountants? Include answers to the following two questions in your explanation: What is the difference between financial and managerial accounting? What is the difference between public and private accounting? Provide specific examples from your experience and/or this week's readings to support your ideas.Which of the following is typically required for entry-level positions in the accounting profession? A. bachelors degree B. masters degree C. Certified Public Accountant (CPA) D. Certified Management Accountant (CMA) E. only a high school diplomaUse the internet to research one manufacturing, one retail (or merchandising), and one service business. For each business, describe the following: A. the primary purpose of the entity B. the types of activities that accountants would record (hint: what is the source of the business funding, and what costs might the business have?) C. the types of decisions that might be made in this organization and how financial and nonfinancial information might help the decision-making process
