what is the gournal jeneral entry for: 1. repaid loan. 2. paid interest.

Q: Assume that the company expects to have sales increase by 20%, what will be the resulting change in…

A: This problem relates to leverage analysis. Degree of Operating Leverage measures the percentage…

Q: ABC Company hired X as an independent contractor, whereby ABC has no power to control X's conduct.…

A: Income Tax Liability: The entire amount of unpaid taxes owing to the government by a person,…

Q: Explain how the inventory valuation method (LIFO or FIFO) chosen by a company affects the cost of…

A: FIFO & FIFO: "First-In, First-Out" (also known as "FIFO") makes the assumption that the oldest…

Q: write the classification and effect of each item

A: Cost of goods sold is actual cost of goods that are being sold to the customers. Selling expenses…

Q: A businessman borrowed P 50,000 today from bank with interest rate of 8% compounded quarterly…

A: Answer : Quarterly interest rate = 8%/4 = 2% Number pf quarter in 10 years = 10*4 = 40 Loan amount =…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.

A: Liability is the obligation which requires the outflow of resources as a result of past or present…

Q: On January 1, 2021, a company obtained a franchise from a famous fast-food chain to sell for 20…

A: Cost of asset - If the consideration of asset is payable in parts then asset must be recorded at the…

Q: PQB Inc. designs and fabricates movie props such as mock-ups of star fighters and cybernetic robots.…

A: Job costing is the method of costing used to determine the manufacturing cost of each product. This…

Q: Luzadis Company makes furniture using the latest automated technology. The company uses a job-order…

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

Q: A&Z incurred $352,500 of capitalized costs to develop a uranium mine. The corporation's geologists…

A: DEPLETION Depletion is a method of Depreciation which is Suited for Mining, oil wells, quarries,…

Q: Which of the following statements are true? (i) Equity accounting method is used to account for…

A: Equity Accounting method - This method is used for accounting of investment in associates and joint…

Q: Sweeten Company had no jobs in progress at the beginning of the year and no beginning inventories.…

A: Plant wide overhead rate :— It is the predetermined overhead rate which is used to allocate…

Q: A higher dividend payout ratio entails? A• Lower marginal cost of capital B• Higher investment…

A: Dividend Payout Ratio - It is the ratio of Net income generated by the company of which a portion is…

Q: provide journal entries for the transaction letters: J, K, L

A: Journal entries are recorded in the initial step of accounting cycle process. Under this, atleast…

Q: On August 1st 2019, L&L Incorporated purchased $34,775 in CASH for 30 iPad Tablets for the employees…

A: Elements of fundamental accounting Making records of all transactions that the company conducts is…

Q: P Limited obtained control with the acquisition of an 80% equity interest in the share capital of S…

A: Investment in subsidiary company by holding company includes any consideration given by holding…

Q: Schneider Electric manufactures power distribution equipment for commercial customers, such as…

A: Schneider Electric             Customer Profitability Report             For the Year Ended…

Q: American Food Services, Inc. leased a packaging machine from Barton and Barton Corporation. Barton…

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

Q: Alomar Co., a consolidated enterprise, conducted an impairment review for each of its reporting…

A: Introduction: Goodwill is the difference between the purchase price paid for an acquired entity and…

Q: Thomas Fortuna (married; 4 federal withholding allowances) earned weekly gross pay of $745. For each…

A:

Q: PSb 3-8 Calculate Federal (Wage-Bracket Method - Pre-2020 Form W-4), State, and Local Income Tax…

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

Q: We have been asked to analyze our denim jeans line by labor cost (from $13.00 to $16.00 by $0.25)…

A: Variable Cost :— It is the expenses that is changes with change in units. It is constant in per…

Q: A resident citizen has the following data in 2022: Gross receipts from services, P800,000 Cost of…

A: Optional Standard Deductions A deduction equivalent to no more than 40% of their gross sales or…

Q: EXERCISE 9.1 9.1 Kusasa Limited was formed on 1 January 2015 with an authorised capital consisting…

A: Statement of Financial Position shows the Financial Position of the business i.e. Value of all its…

Q: The following are income and expense items on the adjusted trial balance of NW Company: Account…

A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…

Q: Data concerning a recent period’s activity in the Prep Department, the first processing department…

A: Process costing is used in an organization where a similar kind of product is produced and goods are…

Q: The dividen rate of taxation for a higher tax bracker earler is: a. 12.5% Ob. 32.5% O c. 38.1% Od.…

A: According to the given question, we are required to find out the correct option from the available…

Q: At present, total outstanding shares of X Corp is 100,000 shares. X Corp issued additional 200,000…

A: According to the given question, we are required to compute the number of shares to be issued to the…

Q: Miller CompanyAdjusted Trial BalanceDecember 31 Line Item Description Debit Credit Cash 8,130…

A: The journal entries are prepared to record the business transactions on regular basis. The closing…

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

A: Some information is Missing but the information for solving this two questions is visible and…

Q: (a) A business buys a machine for N$20 000. Over a period of 8 years, the value of a machine…

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

Q: ABC Corp has the following data in year 2020: Sales 400,000; Variable cost 300,000 and Net loss…

A: Target Sales  Target Sales means how much sales you want to achieve in future year. A sales target…

Q: Segment X sells its product at SP of 300 per unit. Variable Cost to produce per unit is 120 per…

A: Transfer price is a mechanism employed in those entities that have multiple divisions. It assists in…

Q: The following information pertains to Korning Corp.:             Selling price per unit  $ 670…

A: Introduction: The After-Tax Profit Margin is a performance ratio that determines the percentage of a…

Q: CASE STUDY THE LEASE MANAGER AND RECORD KEEPER Patti Nielson recently joined the Baker Property…

A: Since we answer only up to three sub-parts, we shall answer the first three. Please resubmit a new…

Q: • Monageng Limited will settle for the 75% of the ordinary shares by paying cash of R200 000 in…

A: According to the given question, we are required to find out the correct option from the available…

Q: Assume a firm purchases a depreciable asset on January 1, 2017 for $12,000. The asset has an…

A: Straight line depreciation is applied on the asset equally over the period of an asset. Straight…

Q: lint M. Invests $30,000. Into Merle company. The effect to Liabilities would be: ( Type your numeric…

A: The assets, liabilities, and stockholders' equity is reported in the balance sheet of the company.…

Q: Mr. George opened a janitorial services business called "George Johnny" on January 1, 2021. The…

A: Journal entries are recorded in first step of accounting cycle process, under which atleast one…

Q: 3.A senior high school has, 5,000 students enrolled for academic year 2016-2017. Of these, 1200 are…

A: % Analysis It refers to a special kind of rates, percentage are used in making comparison between…

Q: X Corp is in the process of improving its efficiency / productivity through implementation of new…

A: Productive ratio is calculated by comprising between output with input. it is calculated by dividing…

Q: How is the capital recovery factor (A/p, i, n) related to the uniform series sinking fund factor…

A: Sinking Fund  A sinking fund is a collection of funds that have been put up or saved to pay off…

Q: Prepare Income Statement for the year ended 31 December 2021.

A: Income statement is one of the financial statement being prepared in business for review of…

Q: Current assets Cash Receivables, net Inventories Total current assets Plant assets (net of…

A: Cash flow statement:   It is a financial statement prepared to record the cash-related transactions…

Q: A businessman borrowed P 50,000 today from bank with interest rate of 8% compounded quarterly…

A: Introduction The phrase "quarterly compounding" refers to a way of determining the rate of return…

Q: Calculate the taxable value of the benefit for Jenny's employer for provision of the motor vehicle…

A: According to the given question, we are required to compute the taxable value of the benefit.…

Q: Slack Company has cash in bank of $15,000, restricted cash in a separate account of $4,000, and a…

A: Cash is the amount which is available in form of cash in hand or cash in bank and available for…

Q: If the company wants to achieve a residual income of P 40,000 using an imputed interest charge of…

A: Operating income is the income generated from the operations in the business. This is calculated by…

Q: Required: • Statement of Equity • Statement of Performance • Statement of financial position

A: Statement of performance is sort of income statement which shows all incomes and all expenses and at…

Q: As gyms are getting crowded by the day, you decided to invest in your own home-garage gym to squeeze…

A: The question is based on the concept of fianancial management.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.