What is common stock
Q: 2018 Current assets $84,650 25,000 60, 000 Cash $26,800 32, еее 54,100 Accounts receivable Inventory...
A: Solution: Cash flow statement is the statement which represents the flows of cash transactions throu...
Q: Bach Instruments Inc. makes three musical instruments: flutes, clarinets, and oboes. The budgeted fa...
A: Single plantwide overhead rate = Budgeted factory overhead costs / Total Budgeted direct labor hours...
Q: upnose that the government has a w alth tay at the rate of 2% on the assessed value of. ealt
A: Working notes :- Wealth tax is assumed @ 2%...
Q: A "balanced transaction" (DR=CR) is a guarantee that a transaction has been recorded 100% correctly....
A: Ans. While passing journal entry accounting principles should be taken care of. This is not just abo...
Q: Timmer Company signs a lease agreement dated January 1, 2019,that provides for it to lease equipment...
A: Lease refers to the contractual agreement where user pay the owner for using the asset and the asset...
Q: Required information [The following information applies to the questions displayed below.] a. Wages ...
A: Solution A journal is a company's official book in which all business transaction are recorded in ch...
Q: Identify the following users as either External users or Internal users. a. Distribution managers b....
A: Internal users are the people who run, manage, and operate the day-to-day operations of a company's ...
Q: 15 Declared a cash dividend payable to common stockholders of $165, 15 Date of record is August 15 f...
A: Solution: Dividend declared and paid are recorded on their respective dates of declaration and payme...
Q: You pay your business phone bill paying cash. How would you record this transaction?* O Debit Bank, ...
A: Expenses have a debit nature. This means that when expenses increase, the entry for expenses is debi...
Q:
A: The full costing method is also known as absorption costing under this method all the manufacturing ...
Q: On May 1, 2020, Cheng Company, a public company, acquired 176,000 of the 550,000 outstanding common ...
A: Percentage of stake acquired = 176000/550,000 = 0.32 (OR) 32% Here the investor has significant i...
Q: Tanner-UNF Corporation acquired as a long-term investment $260 million of 7.0% bonds, dated July 1, ...
A: Solution 1 & 2: Journal Entries - Tanner UNF Event Date Particulars Debit (In Milli...
Q: What makes a custom broker qualified to complete their service? Any employee of the Canada Border Se...
A: Canada Border Services Agency set rules for customs in Canada.
Q: On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer. (1) Prepare the year-end ...
A: Accrued interest = Face value of notes x rate of interest x no. of days in calendar year/ 360 days P...
Q: Capital budgeting is utilized to determine if a project is worthwhile. The net present value (NPV), ...
A: The question is based on the concept of Financial Management.
Q: An entity normally provides 4% warranty on its products. The provision in the first quarter was for ...
A: Warranty expenses is a form of assurance being provided by seller to the buyer that in case product ...
Q: A machine has a first cost of P97,198.62 and has an expected salvage value after 10 years P11,240.93...
A: Depreciation is the outlay which is to be reported in the books in order to record the regular usage...
Q: [The following information applies to the questions displayed below.] Nix'lt Company's ledger on Jul...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Siren Company builds custom fishing lures for sporting goods stores. In its first year of operations...
A: The question is based on the concept of Cost Accounting.
Q: Identify the nt below that is correct: Multiple Choice Debits decrease asset and expense accounts, a...
A: A ledger is a book of accounts that contains debits and credits from the journals that have been cat...
Q: The TimpRiders LP has operated a motorcycle dealership for a number of years. Lance is the limited p...
A: Introduction Partners basis is the partners interest in partner ship, partnership tax law often refe...
Q: Which of the following would not be reported as inventory? Land acquired for resale by a real estate...
A: The correct option in the given question is (D) Machinery acquired by a manufacturing company for us...
Q: On May 3, Zirbal Corporation purchased 4,000 shares of its own stock for $36,000 cash. On November 4...
A: sometime companies purchase share of their own stock from other stock holder of the company. such r...
Q: If I bill customer for patient services what is that called
A: If a customer is Billed for patient services, then the revenue will be called SERVICE REVENUE.
Q: A "balanced transaction" (DR=CR) is a guarantee that a transaction has beer recorded 100% correctly....
A: Correct answer if 'False'
Q: The plant assets section of the comparative balance sheets of Anders Company is reported below. ANDE...
A: To determine the cash received from the sale of the asset we will use the book value figure of the a...
Q: DM/DL/OH/S ell/Admin Product or Cost Period а. Annual bonus paid to top executives of the company b....
A: a - Period b - Period c - product d - Period e - Period f - product g - Period h - Period i - Perio...
Q: The Department and Board may remove a license limitation as soon as the next license cycle begins. i...
A: The Department and Board may remove a license limitation when they determine that the person who has...
Q: QUIRED: Identify business and nonbusiness transactions
A: Business transactions are identified as economic events that are made with a third party and these a...
Q: 341,000 Fair value of plan assets, Jan. 1 Contributions to the retirement fund during the year Benef...
A: Formula: Return on plan Assets = Beginning fair value Assets + Benefits paid to retirees - Ending fa...
Q: Grygiel Company leases a nonspecialized machine with a fair 20 value of $50,000 to Baker Company. Th...
A: A lease is a contract in which one party agrees to rent an asset—in this case, real estate—from anot...
Q: Vilma Company has estimated that total depreciation expense for the year ended December 31, 2020 wil...
A: Income Statement: Income statement is one of the accounting reports which depicts the overall profit...
Q: GO RUSH Co.'s check register shows the following entries for the month of December: Date Checks...
A: Bank Reconciliation Statement is the statement in the tabular format that shows the difference in ea...
Q: Camila Company has set the following standard cost per unit for direct materials and direct labor. D...
A: Lets understand the basics. Direct material price variance indicates the variance between the rate a...
Q: Big Trucks INC. is a company that provides car rental services. The company's fleet is mostly made u...
A: Replacement cost is the cost that is incurred by the company by replacing the old asset with the new...
Q: Differentiate Fund Theory-Based Financial Statements from Fund Accounting-Based Financial Statements...
A: Note: “Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered o...
Q: Required information [The following information applies to the questions displayed below.] Phoenix C...
A: Contribution margin = Sales - Total Variable costs Income from Operations = Contribution margin - Fi...
Q: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock ...
A: Solution: When common stock are issued for cash, cash is debited for issue price and common stock is...
Q: Which of the following is not a financial statement? Multiple Choice All of the above are financial ...
A: List of financial statements include the following: Income statement Balance sheet Statement of cha...
Q: b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the s...
A: Accumulated depreciation is the cumulative depreciation of an asset up to a single point in its life...
Q: agree
A: In partnership normally the capital balances are adjusted as per interest ...
Q: The Department and Board may remove a license limitation as soon as the next license cycle begins. i...
A: License limitation is the restriction imposed by the authority on the licensee to perform the action...
Q: Expenses increase on the debit side. Even though these account balances are increasing, what is happ...
A: Expense refers to the cost related to the operations which the business incur in order to generate t...
Q: calculate the cost they pay for the purchase.
A: Cost of purchase refers to the amount paid by a company to the manufacturer or seller of a product t...
Q: On January 1, the Matthews Band pays $65,800 for sound equipment. The band estimates it will use thi...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: The following transactions affecting the accounts receivable of FST Inc. took place during the year ...
A: Account Receivable Opening balance on January 1 950,000 Add: Credit sales made during the year ...
Q: Amortization of the cost of an intangible asset will most like affect which activity of the statemen...
A: Amortization of an intangible asset does not result in any cash flow (receipt or payment).
Q: 1. Find the maturity value of a note for 15,000 pesos at 12% ordinary simple interest for 182 days. ...
A: Maturity Date - Maturity date is the date on which the borrower has to repay its lender. Lender issu...
Q: Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payment...
A: Premium on bonds payable = Cash proceeds from issuance of bonds - Par value of bonds Semi annual bon...
Q: Bassinger Company purchases an oil tanker depot on January 1, 2022, at a cost of $600,000. Bassinger...
A: Journal entry is the book of original entry where first transactions are recorded in the books of ac...
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- Allowance method Using transactions listed in £6-S. indicate the effects of each transaction on the liquidity metric days’ sales in receivables and profiability metric return on sales.Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 20Y2: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of stockholders equity. Additional common stock of 75,000 was issued during the year ended May 31, 20Y2. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple and single-step income statements differ.SERIES A EXERCISES IDENTIFICATION OF OPERATING, INVESTING, AND FINANCING ACTIVITIES The following activities took place during the current year. Indicate whether each activity is a cash inflow (+) or cash outflow (), and whether it is an operating activity (O), an investing activity (I), or a financing activity (F). (a) Proceeds from collection of principal amount of loans made to borrowers (b) Cash receipts from the sale of goods (c) Payments for interest on loans (d) Payments of dividends to stockholders (e) Payments to acquire investments in debt securities (f) Dividends received on investments made in the stock of other corporations (g) Repayment of the principal on loans (h) Interest received on loans made to outside entities (i) Salaries paid to employees (j) Payments to acquire property, plant, and equipment and other productive assets (k) Payments to purchase treasury stock (l) Proceeds from the sale of common stock
- Incorporate the following data into Bank X's revenue statement. Each item should be labelled and placed in the proper category and order. Commission ,exchange and brokerage received.Income on InvestmentsInterest paid on depositsPayments to and provisions for employeesInterest paid on BBI/ interbank borrowingsInterest/discount received on advances/billsIncome from leasing/hire purchaseInterest paid-othersProfit on exchange transactionsRent, taxes, lightingInsuranceLaw chargesProfit on sale of land, buildings and other assetsMiscellaneous incomeAuditor’s fees and expensesPrinting and stationaryProfit on sale of investmentsDepreciation on bank’s propertyIncome by way of dividends and subsidiariesAdvertisement and PublicityInterest earned – othersDirector’s fees, allowances and expensesMiscellaneous incomeRepairs and maintenanceOther expensesPostage, telegram, telephone and other communication expensesInterest received on balances with RBI and interbank funds.State how each of the following accounts should be classified on the balance sheet. (a) Treasury Stock (b) Retained Earnings (c) Vacation Pay Payable (d) Foreign Currency Translation Adjustment (e) Allowance for Bad Debts (f) Liability for Pension Payments (g) Investment Securities (Trading) (h) Paid-In Capital in Excess of Stated Value (i) Leasehold Improvements (j) Goodwill (k) Receivables—U.S. Government Contracts (l) Advances to Salespersons (m) Premium on Bonds Payable (n) Inventory (o) Patents (p) Unclaimed Payroll Checks (q) Income Taxes Payable (r) Subscription Revenue Received in Advance (s) Interest Payable (t) Deferred Income Tax Asset (u) Tools (v) Deferred Income Tax Liability