What is the maximum contribution that an employer can make to an employee’s SIMPLE account?

Q: Bistrol Corporation uses the weighted-average method in its process costing system. This month, the ...

A:

Q: s it true of false that stock sold for amounts in excess of par value results in a gain reported on ...

A: A company issues its common stock at par value or at an amount more than the par value. The amount i...

Q: Capital losses are different ordinary losses in that the former may only be claimed by corporate tax...

A: Provision of capital losses:- Losses on sale or exchange of capital assets shall be allowed only to ...

Q: Nancy and Betty enter into a partnership agreement whereby they undertake to share profits according...

A: Solution Partnership is an agreement between two or more persons who agreed to share profit and carr...

Q: XYZ manufactures a computer stand. It has fixed costs of S600,000 and each stand sells for $90, with...

A: Selling price = $ 90 Variable cost = $ 48 Fixed cost = $600,000   Contribution per unit = Selling pr...

Q: On January 1, 2021, PCO purchased 70% ownership of SCO which resulted to a gain on acquisition of P1...

A: PCO purchased 70% ownership in SCO.

Q: T/F Statement of Cash Flows maintain the same structure as those in the private sector.

A: Cash flow statement is a financial statement that provides aggregate information regarding all cash ...

Q: Oswego Clay Pipe Company provides services of $46,000 to Southeast Water Bistrict current year with ...

A: Solution: Sales terms represents the discount period within which if payment is made, then discount ...

Q: machinery purchased under terms FOB shipping  point Interest on loans borrowed to purchase  an equip...

A: cost of property plant and equipment includes any cost that has been paid for acquiring such as it a...

Q: Under a noncontributory plan, only the employee makes contributions to the retirement benefit plan. ...

A: Under a non contributory pension or defined benefits plan, only an employer contributes and no contr...

Q: The standard direct labour cost of product C is as follows: Three hours of skilled labour at £4 per ...

A:  Direct labor is labor that is allotted to a specific product, cost center, or work order. When a co...

Q: ontribution Margin olly Company sells 32,000 units at $39 per unit. Variable costs are $29.25 per un...

A: Contribution is the difference between the sales and the marginal cost (Variable cost) of sales and ...

Q: You are in charge of auditing PLM (PopoyLangMalakas) Company's investment accounts for the year ende...

A: Retained earnings refer to the amount that is being kept aside after payment of interest and dividen...

Q: Factory, a small manufacturer of high quality lags, etc.) has fixed costs of $4,000 per month each u...

A: Breakeven Point is when the company  makes no profit or loss. When the contribution margin equals fi...

Q: In its first year of operations, the partnership of Li, Kwan, and Yu earned a profit of P 300,000 be...

A: The Profit after deducting all the expenses are distributed among the partners in the profit sharing...

Q: T/F. A major contentious issue with Internal Service Fund is the distribution of losses to various c...

A: Introduction: An Internal Service fund is one that primarily provides benefits, commodities, or serv...

Q: 1 On December 31, 200C, the partnership of Hue and Teng realized a profit of P 225,000. The capital ...

A: Interest on capital of Hue = P20,000 x 12% x 1012= P2,000 Interest on capital of Teng = P50,000 x 12...

Q: Found 3 accounting system controls.

A: An accounting system is a set of interconnected accounting procedures and controls. The goal of an a...

Q: The Welding Department of Concord Company has the following production and manufacturing cost data f...

A: When the materials are added at the beginning of the process they are considered to be 100% complete

Q: On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash. Prior to th...

A: GIVEN   On January 1, year 1, DEF Company purchased 80% of the stock of UVW for P4,000,000 cash. Pri...

Q: ABC Company , a holder of P1,000,000 XYZ Company bonds, collected the interest due on March 31, year...

A: A company that purchases the majority of shares (i.e substantial interest) in another company than t...

Q: PT Water Canon sells 2 types of water pumps. HP7 Pumps are used for factories and WP7 Pumps for hous...

A: You have posted multiple questions, as per Bartleby policy only the first question will be answered....

Q: JOJO Company is a metal- and woodcutting manufacturer, selling products to the home construction mar...

A: Cost of goods manufactured is a term used in managerial accounting that refers to a schedule that sh...

Q: I PDB Manufacturing Corp. produces and sells a single product. The selling price is P25 and the vari...

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

Q: Why is there a need for a change in the structure of the International Accounting Standards Committe...

A: IAS Committee (IASC) was set up in 1973 for bringing harmonization to the accounting process around ...

Q: Investments in Stocks - This portfolio is composed of GKKB Company shares (GanyanKabaKatigasBash) an...

A: A current account which is related to the securities account is known as the investment account. Thi...

Q: What is the correct cash balance for the company? O $7,150. O $7,650. O $7,250. O $5,150.

A: Please see Step 2 for required information.

Q: Justify Emily’s participation in her employer’s 401(k) plan using the time-value-of-money concepts b...

A: The future value of the annuity is the group of repeated payments for a specific future date, deduct...

Q: e is a single taxpayer- nce on her pre-2021 ere to access the wit

A: Part A   Particulars Amount Wages    2,200.00 Less: Allowance      -358.00 Adjusted Wages   ...

Q: Good ethical behaviour may require acting beyond the requirement of the law. In a highly competitive...

A: A professional accountant's code of ethics is a set of rules that they must observe while on the job...

Q: Use the following to answer the questions Net Sales $750,000 Gross profit $310,000 Beginning invento...

A: Gross profit = Net sales - cost of goods sold Operating income = Gross profit - Operating expense En...

Q: Institute Technologies is choosing new cost drivers for its accounting system. One driver is labor h...

A: Answer) Calculation of Total Flexible Budget for Actual Labor hours Flexible Budget for Actual Labor...

Q: Grainger Company produces only one product and sells that product for $110 per unit. Cost informatio...

A: COGM (Cost of Goods Manufactured) is a management accounting term that refers to a schedule or state...

Q: The balance sheets of Butler, Inc. and its 70 percent-owned subsidiary, Cassie Corp., are presented ...

A: Building A/c Particulars Amount Particulars Amount Opening balance 340000 Depreciation 55000 ...

Q: Service revenue (from camping fees) $171,600 Dividends $11,700 Sales revenue (from general store) 32...

A: Formula: Net income = Revenues - Expenses

Q: Directions: Enter the adjustments noted below to the Merchandise Corporation Worksheet Adjust...

A: Worksheet - The worksheet includes unadjusted Trial Balance, Adjustments, and Adjusted Trial Balance...

Q: At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $170,000, It is e...

A: Given, Cost of asset = $170,000 Useful life = 5 years Salvage value = 30,000   Under straight line m...

Q: What is your opinion of the organization's financial strength Do you see any significant financial ...

A: Financial Strenght is the basic requirement for any business to flourish. Profit making business hav...

Q: Radcliffe, Sonders, and Towers, who share in income and losses in the ratio of 2:3:5, decided to dis...

A: Discontinue from operation is the activity and the decision which has been made by the partners of t...

Q: of RM1.00 each and 1,000,000 ordinary shar Energy Sdn Bhd was recorded with an authorized capital of...

A: In order to accumulate capital a company can issue ordinary shares as well as preference shares. Pre...

Q: 1. Answer the following questions related to the source document on the next page. A. What business ...

A: The original document containing the specifics of a commercial transaction is referred to as a sourc...

Q: • Describe some civil and criminal consequences if CPAS/auditors fail to follow professional standar...

A: Auditor's Liability Risk: Audit risk is the possibility that financial statements are significantly ...

Q: 6. An insurance company has an obligation to pay the medical costs for a claimant. Average annual cl...

A: Step 1:Calculation of Inflated Value of Claims for next 16 years          For Example          Claim...

Q: Dow Deep Mining Co acquired mineral rights for $56,000,000. The mineral deposit is estimated at 70,0...

A: Formula: Depletion rate per ton = Acquired mineral rights value / Total estimated Tons

Q: is P4. 5. We agreed that I should receive a P1 bonus in addition to my P1 salary while you receive a...

A: in partnerships two or more  person come together to start a business in order to share their skill ...

Q: 13. The partnership has the following accounting amounts: Sales 70,000 Interest paid to banks 2,000 ...

A:

Q: On January 1, year 2, ABC Company exchanged 150,000 shares of its P20 par value common stock for all...

A: Consolidation: Consolidation is a process where one company acquires influence over another company ...

Q: SURVIVE Company reported net income for the current year 2020 before taxes is P3,511,000. The follow...

A: Income statement: Income statement is an accounting report that furnishes by a company at the closin...

Q: Question 16, In using variance reports, management looks for more efficient ways of valuing inventor...

A: Solution:- Variance reports:- A Variance report is a document that compares planned financial outcom...

Q: Depreciation and Rate of Return Burrell Company purchased a machine for $46,000 on January 2, 2019. ...

A: Straight-line Method Year Rate of return 2019 23.3% 2020 30% 2021 42% 2022 70% 2023 21...

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.