What is meant by a promissory note?

Q: Sunshine Corp. was organized on Jan. 1 with authorization of 20,000 shares of $5 preferred stock,…

A: Common Stock - Common Stock is the stock issued to the public for raising capital. This recorded in…

Q: $ 30,526 Selling expense Purchases Inventory, September 15,755 Administrative expense 732 Rent…

A: Cost of goods sold = Beginning inventory + purchases - ending inventory Gross profit = Sales - COGS

Q: Great shore manufactures 2 products namely soft clean and hard clean. The costs and revenues are as…

A: Contribution margin per hour: =[Selling price - variable cost] / Machine hours per unit Selling…

Q: On January 1, a company issued and sold a $400,000, 7%, 10-year bond payable, and received proceeds…

A: Interest expense = Interest on Bonds + Discount on bonds payable amortized = ($400,000 x 7% x 6/12)…

Q: Kind and Lucky formed a partnership by contributing cash amounting to P240,000 and P480,000…

A: Lucky New P&L ratio is 30%

Q: A company is planning a new product. Market research information suggests that the product should…

A: Target costing is the one which estimates the cost of a good by deducting the profit margin from its…

Q: Torino Company has 10,000 shares of $5 par value, 4% cumulative preferred stock and 100,000 shares…

A: A shareholder, also known as a stockholder, is an individual, corporation, or institution who owns…

Q: Salaries and wages payable Salaries and wages expense Utilities expense Equipment $1,700 Notes…

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

Q: Profits that have been subjected to IAET will be liable to dividend tax when they are eventually…

A: Tax is the charge which is charged on the taxable income earned by the corporation or business…

Q: When preparing the stockholders' equity section of the balance sheet, assume that the following…

A: Common stock is added to the paid in capital and it is contributed by the owners to the business.…

Q: The Masquerade is a casino that operates on a river. Casinos attain a profit by collecting the…

A: The operating leverage of an entity is a measurement technique to measure the amount of increase in…

Q: Which of the following goods shall be included in the inventory account of an entity? A. All goods…

A: Inventory is one of the current asset of the business, which includes inventory of raw materials,…

Q: which bond would be prefer?

A: Rational investor would prefer investment in which it would receive highest yield. The interest…

Q: what are the accounting concepts? define in detail every one of them in financial accounting.

A: Accounting Concepts May be considered as postulates i.e., basic assumptions or conditions upon which…

Q: Kelley paint company uses the weighted average method to aacount for costs of production.…

A: The four steps in assigning cost to units completed and transferred out are (a) Summarize the…

Q: Maturity Dates of Notes Receivable Determine the maturity date and compute the interest for each of…

A: A note receivable is a written promise to pay a certain sum of money at a future date or on the…

Q: On October 10, the stockholders' equity section of Sherman Systems appears as follows. Common…

A: Journal entry is a process of recording and classifying business transactions initially into books…

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

A:

Q: The adjusting entries for a bank reconciliation Select the correct response: May include a debit to…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: Wedona Energy Consultants prepares adjusting entries monthly. Based on an analysis of the unadjusted…

A: Adjusting entries are those journal entries which are passed at the end of accounting period for the…

Q: A bond sells at a discount when the: Multiple Choice Bond has a short-term life. Contract rate is…

A: A bond can be sold at premium, discount or at par.

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: You were employed by ML Co. for 20 years and retired on 30 September 2020 at the age of 57. This…

A: Here discuss about the details of the assessable income which are deemed from the superannuation…

Q: Morgan Company issues 9%, 20-year bonds with a par value of $750,000 that pay interest semiannually.…

A: Annual interest rate = 9% Semiannual Interest rate = 9/2 = 4.5%

Q: Use the above information to prepare a December statement of retained earnings for Help Today. The…

A: Retained earnings is the earnings of the company out from the net profits earned by the company…

Q: Part 2: Prepare a bank reconciliation for December. Part 3: 1. Record the interest of $60 received…

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…

Q: a. Sampson Co. sold merchandise to Batson Co. on account, $22,200, tefS 2/15, Het b. The cost of the…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: E3-11 A partial adjusted trial balance of Frangesch Company a the following. FRANGESCH COMPANY…

A: Introduction: Supplies expense is the cost of goods used in a financial quarter. Depending on the…

Q: This same MCIT calculation and payment will be required when filing quarterly and annual corporate…

A: The MCIT is a tax levied on a company taxable under Title II of the Internal Revenue Code that…

Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…

A: In case of Last in first out method the latest goods will be sold first.

Q: The accounting equation for a corporation is Total Assets = Liabilities + Stockholders’ Equity.…

A: Total assets = Liabilities + Stockholders equity Because, liabilities and stockholders equity are…

Q: For a partnership, assume for a certain time period, the Income Statement has Sales of $100,000,…

A: Net income: It implies to the earnings that is left with a business after subtracting or deducting…

Q: taxes, and employee fringe benefits LO2, 3, 4 s payroll register for the week ended March 16, 2018:…

A: Payroll  entries show detailed record relating to salaries or wages of employees along with its…

Q: A resident foreign Corp has the following data: Gross Sales in Phil is 9M; Cost of sales- Phil is…

A: A resident foreign corporation are foreign corporations that have a residential status in the…

Q: Pasternik Company produces and sells two products, Alpha and Zeta. The following information is…

A: Activity based costing (ABC):  It is a costing method in which overhead and indirect costs are…

Q: What can be defined as sufficiently important to influence decisions made by reasonable users of…

A: The financial statements are the statements that record all the transactions of the company. These…

Q: Toll ing: Attempt of financial Accounting a) Limitations b) Convention of Materjality c) Real A/C d)…

A: Accounting:  It is a process of recording, classifying, summarising, interpretating and analysing of…

Q: Assess the truth of this statement: For a partnership entity, the income statement format is the…

A:

Q: What is Jenny's tax loss for the income year?     $17,000     $20,000     $11,000     Nil…

A: The assessable income is the income on which the tax is calculated. The assessable is calculated by…

Q: What is the characteristic of a partnership that gives the authority to any partner to legally bind…

A: A partnership is a written contract between 2 or more people to manage and operate a company and…

Q: Part 1. 1. If HHC has \$1,450 cash$500 of government Treasury bills purchased four months ago, $840…

A: The petty cash fund is created by the company to meet the small expenses or the daily expenses of…

Q: Deleau Equipment Ltd. issued 11%, five-year bonds with a face value of $80,240,000 on October 1,…

A: Bonds payable is the liability for an entity. These are securities that are issued for the purpose…

Q: Complete the following data taken from the condensed income statements for merchandising Companies…

A: 1. Sales = Gross profit + Cost of goods sold 2. Operating expenses = Gross profit - Net income 3.…

Q: nergetic and Faithful decided to form a partnership on June 1, 2021 by investing P100,000 and…

A: Partnership is one of the form of business organisation, under which two or more than two persons…

Q: Sara metal frames over the period of years using standard costing system in its unit and has April…

A: Various incomes and expenses of an organisation will be shown in the income statement, where it…

Q: chine B for at most 19 hours. How many each window should the company make in the coming week in…

A: The optimum value of the output of each of the models should be taken out.

Q: Fast Deliveries, Incorporated (FDI), was organized in December last year and had limited activity…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: Machinery was purchased on January 1 for $86,240. The machinery has an estimated life of seven years…

A: Introduction:- Depreciation is a non cash expenses. Depreciation is charged on fixed asset over a…

Q: Find EOQ and total cost per year to order and carry Adam jigs and tools uses 3,200 units of a…

A: Formula for EOQ: = Square root of √  (2 * A * O / C) Where A=Annual demand O=Ordering cost C=…

Q: A machine with a cost of $55,000 has an estimated residual value of $3,852 and an estimated life of…

A: A double-declining balance method is an accelerated depreciation method Using this method, the value…

Types of Money Market Instruments