What is the difference between the Cumberland Gap and GAAP?

Q: Requirements: a. Prepare the journal entries for both the Home Office and Branch books based on the…

A: Branch Accounting is a system of accounting where separate accounts are prepared for each branch.…

Q: Selling price (per unit) R116 Units in opening inventory 600 Jnits manufactured 2 550 Units sold 3…

A: The income statement is prepared using various methods as variable costing and absorption costing…

Q: Survive, Inc.’s property, plant and equipment at December 31, 2019: P R T C Original cost P175,000…

A: Depreciation is the reduction in the number of assets due to normal wear and tear and obsolescence.…

Q: (a) Why is education and training rarely provided by firms? What government policies would encourage…

A: Educated employees earn more and have more opportunities than the person without a degree or…

Q: A company which uses a job order costing system charges its overheads to production on the basis of…

A: Overhead cost is applied on the basis of Budgeted overhead rate.   Formula for Overhead rate:…

Q: In January 2020, Brasi Corporation began intensive research on a product additive that the…

A: Research and development: These include all the activities that are undertaken by the business in…

Q: If $2,500,000 of bonds are issued during the year but $4,000,000 of old bonds are retired during the…

A: Cash flow from Financing activities includes the transactions relating to the loan/debt,…

Q: A corporation has decided to use borrowed capital to finance a portion of an equipment purchase. The…

A: Amount Borrowed  40000 Rate of Interest 7% Period  2 year

Q: On January 1, 2019, Jerome Company signed a 12-year lease for a building. The entity has an option…

A: When a potential tenant walks into a commercial real estate, it almost never fulfils the tenant's…

Q: Discuss the two (2) other taxes that should be considered when setting up operations in either…

A: Governments levy taxes on its population to produce revenue for initiatives. It benefit the…

Q: How much will $10,000 grow to in 3 years, assuming an interest rate of 9% compounded quarterly? What…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: what is the capital allowance rate for Honda Motor car, Heavy Equipment, Computer (CPU) and Factory…

A: The capital allowance is a type of tax deduction that is provided by the government for each type of…

Q: Prepare a horizontal analysis of both the balance sheet and income statement. Complete this question…

A: Increase/(decrease) = Year 4 amount - Year 3 amount % change = Increase (decrease)/Year 3 amount

Q: The Debswana Diamond Company has a monopoly on the supply of diamonds. At its current level of…

A: Pricing a product is an important and difficult decision. Various factors are considered, based on…

Q: Tamarisk Company uses special strapping equipment in its packaging business. The equipment was…

A: Loss on impairment = carrying value - Recoverable amount Where, Recoverable amount = Lower of fair…

Q: Observation of the four previous months has identified the following total cost data for production…

A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest…

Q: Selling price (per unit) R116 Units in opening inventory 600 Units manufactured 2 550 Units sold 3…

A: The variable costing assumes only variable manufacturing costs as the product cost.

Q: Here is some financial statement data for Nestlé (in millions of Swiss francs): After reviewing the…

A: The ratio analysis helps to analyse the financial statements of the business for various elements of…

Q: On April 2, Jennifer Elston uses her Target RedCard to purchase merchandise from a Target store for…

A: Answer to (A) Books of Target Store Journal Entries Date  Particulars Amount (Dr) Amount (Cr)…

Q: an Co. During 2021, BabyM earned a net income of P320,600 from its own operatic s suffered a loss of…

A: The consolidated profit is 284,690 Explanation: First, we compute the consolidated profit for…

Q: Branch purchased 160,000 worth of merchandise for 50% cash and balance on account. Delivery charge…

A: Branch accounting is the one where one entity has further branches in different countries and a home…

Q: or the past quarter follow: Dirt Mountain Racing Bikes Total Bikes Bikes Sales.. Varlable…

A: The contribution margin can be stated on a gross or per-unit basis. It shows the additional money…

Q: 1. Invested cash in the business, $5,000. 2. Paid office rent, S500. 3. Purchased office supplies on…

A: Introduction: Journals: Each and every business transactions are to be recorded in Journals.…

Q: Which of the following standards set the required disclosures for consolidated financial statements?…

A: Introduction:- Accounting standard are at of common standards and policies used by the companies…

Q: Use the following information for Questions 1 a) and 1 b): a) At the beginning of the year, Juju…

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base…

Q: IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current…

A: Introduction:- The International Accounting Standards Board (IASB) issued Framework for the…

Q: Ponderosa, Inc., produces wiring harness assemblies used in the production of semi-trailer trucks.…

A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: At the beginning of the current year, Disgust Company purchased 30,000 shares of an investee's…

A: Solution:- 1)Preparation of journal entries to record the transactions for the current year as…

Q: rcus has a balance of $2,600 on his credit card. rd has an annual interest rate of 21%, compounde…

A: Basic accounting Concept

Q: True or False 1. if a credit risk has not increased significantly since initial recognition, an…

A: As per the norms of Bartleby, in case of multiple sub parts being asked in a single question, the…

Q: Inc. issued 55 bonds with a $1,500 face value, a five-year life, and a stated annual coupon of 5%…

A: In the given case the bonds are issued at discount (as its face value is $ 1,500 and issue price is…

Q: 1, 2021, ABC Co. acquired most of the outstar a paper elimination entries on that date for the…

A: Goodwill is an intangible asset which helps a firm earn more than what it’s competitor’s are…

Q: Real estate investment trusts:

A: A bond is a liability on which a specific percentage of interest has to be paid over a period of…

Q: 7) Assume that a $1.00 increase in exports increases GDP by income increases import spending by…

A: Calculation of Expected increase in GDP if exports increase by $ 1,000 million It is specified in…

Q: In determining changes to a partner's outside basis, which of the following statements is false?…

A: Partnership firm is established/started by two or more person agreed upon sharing profits or losses.…

Q: LG Co. has recently hired a new independent auditor, Jeff Clan, CPA, who says he wants "to get…

A: Change in the accounting estimates: A change which is occurred due to the new information or…

Q: Bunyon Lumber Company incurs a cost of $390 per hundred board feet (hbf) in processing certain…

A: The income statement shows the net income or net loss that is calculated by deducting the expenses…

Q: 2. Muddy Waters Industries has projected sales of its product for the next 6 months: 300 units…

A: A purchasing budget specifies how much merchandise a corporation must purchase throughout each…

Q: The Beaver Creek Pottery Company sells bowls and mugs, hand-made by Native American artisans, at a…

A: The formula for exponentially smoothed model is:- Ft+1=Ft+αAt-Ft Linear programming is a method in…

Q: On January 2, 2021, ABC Co. acquired 80% of XYZ Co. ordinary shares for P810,000. An amount of…

A: The net consolidated profit to be reported by ABC Co. would be adjusted with the impairment loss,…

Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…

A: Material price variance = (Standard price - Actual price)*Actual quantity purchased Material…

Q: Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in…

A:

Q: Herald Company is a dealer in equipment. On January 1, 2020, an equipment was leased to another…

A:

Q: Answer by fallowing the table format United Apparel has the following balances in its stockholders'…

A: The shareholders equity section provide details of Issued and paid up share capital and Reserves and…

Q: Home Office put up a branch with initial investment of cash 400,000; and equipment 180,000, and…

A: Head office means from where the company mainly operate and all branches are controlled from that…

Q: a.) If Patrick was on the cash basis of accounting at the date of his death, how much ncome would be…

A: Interest income refers to the amount which is to be paid to an entity for lending its money or for…

Q: outstanding that ar

A: Stockholders are the Persons of entities whom the company issues its ownership rights in the form of…

Q: With regards to the yachts it constructs, Swift Corporation utilizes a job order costing system.…

A: 3. Work-in-process Job. No. Amount 78 1559350 82 2720175 86 1269050 Total 5548575

Q: Chart of Accounts Assets Owner's Equity 301 J. David, Capital 302 J. David, Drawing 303 Income and…

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

Q: What are the uses of manual accounting information systems in business? What are the benefits of…

A: Manual accounting information system is the system of bookkeeping in which business transactions and…

Balance of Payments

BOP is categorized into the following three components: