What is May’s new Profit and Loss Ratio after the admission of Julie?

Q: Grey Grig Ltd Trial Balance as at 30 June 2019 Particulars Equipment rental Insurance Lighting and…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: View Policies Current Attempt in Progress On July 1, 2022, Blossom Co. pays $12.000 to Nash's…

A: Typically, a record is kept in the general ledger, but can also be kept in a separate account,…

Q: Stewart Company exchanges an asset with Leonard Corporation. Details of the exchange are as follows:…

A: As per the accounting standard, when a Property, Plant & Equipment is exchanged for a…

Q: A restaurant manager served 3,000 guests last January. For this coming January, they predict a…

A: Introduction: The value of all revenues from products and services identified by a company over a…

Q: Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On…

A: Balance sheet is a component of financial statements that shows the exact position of assets and…

Q: assets are necessary to support the operations of the entity, and what are management's long-range…

A: asset plays an important part in order to conduct the business and conduct the activities of the…

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

A: Break-even point (BEP): Breakeven is the point where total expenses are equal to total revenue. at…

Q: Why would a supplier require a customer to sign a promissory note?

A: A promissory note can be defined as a document written and signed by the person who makes it. It is…

Q: During January 2020, ABC Company which maintains a perpetual inventory system, recorded the…

A: Introduction: Under the moving average method of inventory valuation, cost of sale as well as cost…

Q: 4/2 Purchased a company automobile for $32,000, with a cash down payment of $1,000 and the remaining…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: See the attached pic first before answering. On June 18, ABC Company paid the purchases on June 13…

A: Purchase discount is the allowance or reduction which is allowed on purchases of the business and…

Q: 8. a. What is the annual interest amount for a $2,000 bond that pays 7.5 percent interests? b.…

A: In the case of bond purchase, the annual interest rate refers to the additional amount to be…

Q: In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate candies under the…

A: Partnership: Partnership is a form of business organization in which two or more than two…

Q: The labor efficiency variance is the difference between the actual quantity of hours at the standard…

A: Labour efficiency variance measures the utilization of labor in comparison with the expectations. It…

Q: Kelani Brookstone, an accountant, owns her own business named KB Accounting Services. The following…

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

Q: QUESTION 1 A company had the following purchases during its first year of operations: Sales…

A: The weighted average cost technique is for valuing and managing inventories. To get the weighted…

Q: Pablo Inc. owns 75% of Sammy Corp. and uses the Equity Method to account for its investment. Sammy…

A:

Q: Accountants for Morston, Inc. have assembled the following data for the year ended December 31,…

A: Cash flow statements includes: Cash flows from Operating activities Cash flows from Investing…

Q: Idaho Corp. has fixed costs of $20,000 and a contribution margin ratio of 50%. Currently, sales are…

A: Margin of Safety: The margin of safety is a notion in investing that states that investor should…

Q: Q- Abbys bi- weekly gross income is 1450 but only 1,200 is deductions add up to? Q- Steve's bi-week…

A: Net Income: In order to determine one's "net income," one must first determine one's "gross income,"…

Q: Cash balance, beginning Add collections from customers Total cash available Less disbursements…

A: The cash budget is prepared to record the cash receipts and cash disbursements during the period and…

Q: Adriana Graphic Design receives $2,200 from a client billed in a previous month for services…

A: Answer:- Account Title Debit  Credit Cash 2,200      Account Receivable   2,200

Q: Allan, Bobby and Carlo are partners with capital accounts of P350,000, P700,000, and P450,000,…

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

Q: 20,000 when it sells 40,000 units. If total fixed costs are $40,000,

A: A variable cost is an expense that changes depending on how much product is produced or sold.…

Q: The following transactions occurred during July: 1. Received $1,010 cash for services provided to a…

A: Revenue is the amount of money earned by an entity by providing services or selling goods.

Q: Use the following information for the next four items: Light Company bought a machine for P300,000…

A: Some time fair value is more than the book value and that amount is shown as capital gains and after…

Q: Prepare a statement of Proprietors' Funds of Mr.Sam: (i) Current Ratio = 2.5:1 (ii) Fixed…

A: Working capital = Current assets - Current liabilities Current ratio=2.5:1 Fixed assets / proprietor…

Q: Required information [The following information applies to the questions displayed below.] Carmen…

A: Balance sheet is a tabular representation of assets and liability of a company. Owner's capital…

Q: The following are the non-strategic investment transactions of Wiki Garden Tool Inc. Assume each…

A: Journal is the recording of financial transactions using dual entity concept and in chronological…

Q: Three year 8% bonds of SR 100,000 issued on Jan. 1, 2007, are recalled at 105 on Dec. 31, 2008.…

A:

Q: Borrowings, with Luxe paying no long-term liabilities, are

A: Computation of amount of borrowings: Long term liabilities:  The amount of long term liabilities in…

Q: In 20X1, ABC Co. paid P1M to purchase a land containing a total estimated 160,000 tons of…

A: Depletion rate per ton: = [Purchase cost - salvage value] / capacity of extraction Purchase…

Q: Friday for a five-day week ending on that day. The adjusting entry necessary at the Buster…

A: Introduction: The period ends on Tuesday, but the payout occurs on Friday, necessitating an…

Q: Create simple examples to illustrate the following concepts. i. Time value of money ii. Effective…

A: i) Time Value of Money: The concept of time value of money underlines that the value of money today…

Q: When the total direct labor cost variance is unfavorable, the direct labor rate variance will (must)…

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

Q: ABC Partnership decided to admit Dan who invested P100,000 for a 20% interest. The effect of this…

A: Every transaction has a dual effect in the books of account (Accounting equation) Assets =…

Q: Crane Company manufactures equipment. Crane's products range from simple automated machinery to…

A: Journal entry:   It is the first step of recording transactions of a company. Before this, no other…

Q: 9. Given the following information: Total assets Total liabilities $360,000,000 18,000,000…

A: Solution We are given with the folllowing information Total assets = $ 360,000,000 Total liabilities…

Q: Roc Corporation experienced the following transactions: • Borrowed $5,000 from the bank. ● Completed…

A: Introduction: In accrual system of accounting, all income and expenses which are related to the…

Q: Service revenue 110,500 Salary expense 44,850 12.

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: 11. Jean and Dan both work. Each earns a salary of $48,500, but only Jean is a member of a…

A: RRSP refers to the "retirement savings plan that you establish, that we register".It is contributed…

Q: Melissa Corporation is domiciled in Germany and is listed on both the Frankfurt and New York Stock…

A: Deferred Tax Asset  The term deferred tax asset (DTA) refers to assets resulting from tax…

Q: Scholes Systems supplies a particular type of office chair to large retailers such as Target,…

A: Contribution Margin Ratio The contribution margin ratio is the percentage of sales dollars that…

Q: The Silver Ray Corporation was organized on January 1, 2018 with authorized share capital consisting…

A: The share premium is the excess amount received from issuance of shares as compared to par value of…

Q: In January 2013, Edi Thomas and George Lopez agreed to produce and sell chocolate cand under the…

A: Partnership is a firm joined by two or more people for running an organization and to earn profit…

Q: Accounting Sales=800 Sales returns= 100 Salary expenses= 80 Rent expenses= 50 Cost of good sold…

A: The closing entries are prepared to close the temporary accounts of the business at year end. The…

Q: 7. A sports equipment company issued a $6 cumulative preferred stock issue. In 2010 the firm's board…

A: Preferred stock is the stock which is issued by the company for the purpose of raising long term…

Q: Required information [The following information applies to the questions displayed below.] Fields…

A: >Process costing includes calculation of Equivalent units and cost per equivalent units.…

Q: Units-of-Production Depreciation Irons Delivery Inc. purchased a new delivery truck for $42,000 on…

A: Depreciation means a fall in value due to wear and tear.

Q: Earnings per Share and Price-Earnings Ratio A company reports the following: Net income $829,000…

A: The ratio analysis is a quantitative analysis which tells about the operational efficiency of the…