What is the effect of omission of prepaid expense in retained earnings at the end of year 2? Group of answer choices a. No effect b. Cannot be determined from the given information c. Understated d. Overstated

Q: The cheque which is issued to creditor but is not presented for payment is called? Omitted cheque Un...

A: A cheque not presented to the bank for clearance can cause the difference in the balances of cash pe...

Q: On January 1, 2022, Charis Company adopted a plan anuary 1, 2026 at an estimated cost of P20,000,000...

A: In this question, we have to find out the annual deposit to the fund.

Q: Fred is considering three job offers in advertising. A full-time position as a coordinator that pay...

A: Monthly net income is calculated as gross income minus all the tax deductions.  

Q: Please compute the sales tax and the credit card expense for this purchase. $80 sale with a 5% sales...

A: Calculation of sales ta and credit card expenses are as follows.

Q: Depreciation of equipment during 2021 was understated by P 12,000. What would be the adjusting entry...

A: In 2021 depreciation expense is understated which means Accumulated depreciation is understated and ...

Q: What is Transfer Pricing? What are the approaches in determining transfer prices? In your own idea...

A: Explanation of transfer pricing and approaches determining transfer pricing are as follows.  

Q: Bag Company has the following data needed to complete the operating result for the year just ended: ...

A: Return on investment (ROI) is the amount which a firm expects to get from the investment it made. It...

Q: Frank works for 7 hours for 5 days a week. He is paid RO 6 an hour for regular time and time and a h...

A: Gross pay is an amount that is used to calculate the wages (hourly) and salary of an employee. It is...

Q: If the statement of financial position error is discovered in the year of error, what action is to b...

A: Errors mean the data entered in the financial system is not as per accounting standard. There has be...

Q: In which of the following methods, issues of materials are priced at pre-determined rate? None of th...

A: Standard price method : Under this method, materials are priced at some predetermined rate of standa...

Q: Zebra Company has determined the 2021 net income to be P 5,000,000. Revenue received in advance in 2...

A: Adjusted net income = Net income calculated - unearned revenue - Loss on sale of equipment Where,  U...

Q: Jade, Kale, And Lilo are in the process of liquidating their partnership. The balance sheet and the ...

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

Q: Coronado Candies paid employee wages on and through Friday, January 26, and the next payroll will be...

A: >Adjusting entries are recorded, as part of completion of accounting cycle. >These are mad...

Q: PROBLEM 1: Mr. Queen Company is authorized to issue 80,000 ordinary shares. During the current year,...

A: Ordinary shares are the one for which the shareholders become the owners of the company and have the...

Q: Which of the following statements regarding accounting change is correct? a. Change in depreciation...

A: Accounting changes means when there is some change in the process and methodologies related to accou...

Q: The preliminary assessment of control risk includes all the following procedures except: Consider th...

A: Ans. Control risk is mainly about loopholes in designing or failure of controls that are not able to...

Q: What amount of compensation expense should Sheridan recognize as a result of this plan for the year ...

A: Solution:- Given, Compensation expense = $1,508,000 Market price of shares available in the question...

Q: Copley Corporation is preparing their financial statements for the year ending February 28, 2022.  C...

A: Introduction Earning per Share (EPS) is the profit per outstanding share, it can be calculated as fo...

Q: he price charged for a candy beis cent then xthousnd candy bers wi be ina certan wh Đ How andy ters ...

A: Given, p(x) = 91-x24 Now, Revenue = Price per unit * Number of units sold                R(x) = x * ...

Q: Problem 4: A piece of equipment used in a business has a first cost of P 50,000 and is expected to h...

A:

Q: Abba Company accounted for noncurrent assets using the revaluation model.On July 1, 2021, the entity...

A: As per IFRS 5 Assets held for sale shall be valued at lower of carrying value or fair market value l...

Q: The collection of customer’s account is credited to accounts payable. What is the effect of the erro...

A: Ans. When a customer pays the journal entry to be passed is :    Cash a/c  Dr.      xxxx           T...

Q: Dr. Mark Scholz places an order to purchase $300 worth of supplies that he will use in his animal ho...

A: Supplies are consumables or things which are routinely used by business or organisation. We are give...

Q: Fixed Variable element element per per month patient-visit $60.00 Revenues $24,000 Personnel expense...

A: In case of fixed cost irrespective of the number of patient visit the cost remain same whereas in ca...

Q: : An employer in Nesconset, New York, employs three individuals, whose taxable earnings to date (pri...

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

Q: Salary debited to income and expenditure account for the year was Rs. 48000. Outstanding salary paid...

A: Salary paid = Salary debited to income and expenditure account + Beginning salary payable

Q: Cash collections for Wax On Candles found that 60% of sales were collected in the month of the sale,...

A: Solution: Computation of cash collection in the month of  Jan and feb will be based on sales during ...

Q: Mort is the owner of an apartment building containing ten identical apartments. Mort resides in one ...

A: Net income (NI), also known as net profits, is calculated by deducting sales from the cost of goods ...

Q: Depreciation of equipment during 2021 was overstated by P 16,000. What would be the adjusting entry ...

A: An adjusting journal entry is a journal entry made in a company's general ledger at the end of an ac...

Q: If investors are less certain about the economic outlook, they will: Select one: O a. raise capital ...

A: Following is the correct answer

Q: Suppose that the company sold all of its completed jobs, adding 40% mark up on its cost. How much is...

A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...

Q: otal Manufacturing costs are also known as product costs. Which of the following best describes thos...

A: Solution Concept Total manufacturing cost basically means the cost that is required to manufacture t...

Q: Bramble Corp. had the following information in its financial statements for the years ended 2020 and...

A: Rate of return on common stock equity = (Net income - preferred dividend) / Average Common stockhold...

Q: income b. unearned income c. accrued income d. accrued expense

A:

Q: .  If a business has received cash in advance of services performed and credits a liability account,...

A: On receipt of advance the entity debit cash and credit liability Account (Unearned service revenue a...

Q: What is the principal amount of the investment?

A: Investment refers to those mechanism which is used by the company for the purpose of generating inco...

Q: The following budgeted May cash information is available for Salado Corp.: Net after-tax income $2...

A: Dividends  declared will not have any impact on cash flows. Hence it will not be  considered  while ...

Q: Problem 2 - Prepare journal entries |Green Plants & Things, Inc. buys merchandise from Palm Tree, LL...

A: Inventory is a very important component of every business, especially those that are involved in the...

Q: ABC company had the following transactions and events during the year ended 31 March 2022. The compa...

A: Cost of goods manufactured is the amount which is incurred on the production of the goods.

Q: or. The product is owne it is delivered from ABC i do you think will be th

A: An inventory system refers to the process of a company tracks its goods starting from the point of p...

Q: Why is an entity permitted by financial reporting standards to change an accounting policy? O The ch...

A: Solution Concept The change in accounting policy is allowed under two situation                 -the...

Q: EBIT is Select one: O a. equity before tax and interest O b. gross profit O c. net profit O d. EBT p...

A: EBIT means earnings before interest and taxes. This is an important element of income statement of t...

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

A: Inventory valuation is based on the flow of exemption used by the company. There are many methods fo...

Q: Superior Developers sells lots for residential development. When lots are sold, Superior recognizes ...

A: Deferred tax liability is the amount of tax liability imposed on difference between accounting incom...

Q: In year 2022, payment of rent for the month is debited to Rent Income. What is the effect of the err...

A: Correct entry: Debit: Rent expense  Credit: Cash   Entry recorded: Debit: Rent income Credit: Cash  ...

Q: Question 19: Which statement is incorrect regarding wage garnishments? Answer: А. They are only orde...

A: Wage garnishment is legal proceeding in which person earning required by court or legal proceeding.

Q: Calculate the amount of rebate u/s 87A in the case of a resident individual having a total income of...

A: Rebate under Section 87A (For Assessment Year - 2019 - 20) (A) Applicable on resident individual (B)...

Q: Non-recognition of deferral at the end of the accounting period will   a.understate income and und...

A: Deferrals means the payment made or received for the expenses or the income which has not been yet p...

Q: 4: An employer in Cary, North Carolina, employs three individuals, whose taxable earnings to date (p...

A: Note: We’ll answer the 4 question since the FUTA Tax rate is different for U.S Virgin Islands so kin...

Q: as follows: Cash           198,000      Accounts payable          149,000  Inventory     80,000    ...

A:  Inventory            80,000  Plant Assets         2,30,000  Non Cash Assets         3,10,000 ...