What is the relationship between the master budget and responsibility accounting?

Q: In 2021, XYZ made the mistake of not amortizing the Note Payable Discount account. Indicate the effe...

A: Income statement forms a part of financial statements and is prepared with a view to ascertain the n...

Q: Cycling Corporation identified the following budgeted data for this year. The company produces two t...

A: Predetermined overhead rate: Predetermined overhead rate is calculated before the period begins. Thi...

Q: Problem 6 Listed below are several costs incurred by the loan department of J P Morgan and Chase Ban...

A: Explanation to Cost classification a. Controllable by the loan department- Expenses that managers o...

Q: In 2021, AAA made the mistake of not amortizing the Premium in Bonds Payable account. Indicate the e...

A: While issuing bonds for raising funds; market yield is analyzed and when the coupon rate provided on...

Q: Question 8 Consider the following four risky assets: Expected Standard Retums Deviation 15.00% Asset...

A: An Investor is the person who invests money in properties in order or sole objective of gaining prof...

Q: An accountant purchased a photocopier costing $5,000 for business use. The useful life of the photoc...

A: Accounting is the process of recording and summarising accounting information. The main purpose of a...

Q: Using the data given below, compute for the total amount of items that meet the definition of financ...

A: Financial Assets means: Cash Investment in Equity instruments Right to receive cash or any financia...

Q: How much is the adjusted cash balance as of June 30?   In connection with your examination, the AB...

A: Solution Bank reconciliation statement  is a summary of banking and business activity that reconcile...

Q: Tyler Guitars makes acoustic and electric guitars. It is struggling to determine the profitability o...

A: The contribution margin is excess of selling price over variable cost. In case, the capacity is limi...

Q: Compute for total assets if the owner's initial contribution for opening a business is P150,000. Thr...

A: ASSETS create economic benefit for the firm. When  benefit is for a longer period of time , the asse...

Q: 1. What if the actual number of quarts of oil purchased in June had been 6880 quarts, and the materi...

A: Material price variance arises when the actual price paid for purchases differs from standard price....

Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...

A: Calculate cost per activity: Activity Cost Pool Total Cost (RM) [a] Total Activity [b] Cost per a...

Q: Rose Company has a relevant range of production between 10,000 and 25,000 units. The following Avera...

A:

Q: A heavy planner was purchased 12 years ago for P 50,000 with no salvage value. As the life of the pl...

A: A different method of depreciation: 1) SL method of depreciation: It is a method of calculating depr...

Q: sume that you plan to buy a condo 5 years from now and you need to save for a down payment. You plan...

A: solution given Annual deposit 2500 Interest rate 4% Number of years 5 years   ...

Q: Question 8 of 10 < View Policies Current Attempt in Progress Harnish Company needs to make adjusting...

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

Q: (2) Compute the company's cash flow on total assets ratio for its fiscal year 2021. Cash Flow on Tot...

A:

Q: Account DR CR Cash $40,000 A/R 20,000 Rent Exp 12,000 Dividends 5,000 Sales Return 8,000 Wage Exp 15...

A: Formula: Net Income = Revenues - Expenses Ending Retained Earnings = Beginning Retained Earnings + N...

Q: Answers: 1. Purchases, 2. Beginning inventory, Ending inventory, ; Cost of goods sold,

A: Solution Formula used Goods available for sale                =beginning inventory + purchases Cost ...

Q: When Shortman Haberdashery, Inc., merged with Meyers Men’s Suits, Inc., Shortman’s employees were sw...

A: An expense is the cost of operations incurred to generate revenue. Examples of expenses include paym...

Q: I. Mr. J. Strom is the owner of a hardware store in Shelburne, Nova Scotia. At the end of the year, ...

A: The goal of establishing a trial balance for a company is to find any mathematical or factual errors...

Q: Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in three departments: Co...

A: Cost per equivalent unit = Total cost / Total Equivalent units Transferred out Cost  of goods = Cost...

Q: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. ...

A: Dear student As per bartleby guidelines we can answer only first three sub parts please ask other su...

Q: Problem 16-14 (AIC) Temporal Company owned 50,000 ordinary shares bela per rights to the investor. a...

A: Introduction:- Shares are a type of equity ownership unit in a company. Shares exist as a financial ...

Q: Production data show 35,840 units were transferred out of a stage of production and 6,200 units rema...

A: Inventory is the accounting of commodities, component components, and raw materials used or sold by ...

Q: MFCB Ltd uses an activity-based costing system for its overhead costs. The company has provided the ...

A: Activity rate = Total cost of the activity / total activity  Cleaning is based on hours. Job support...

Q: How much is the cost of goods sold   P105,000.00 P115,050.00 P110,250.00 P120,300.00

A: Answer to the  above question is  P 110,250 This can be calculated with the help of Cost sheet. 

Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...

A: Calculation of taxable gift and gift tax due Particulars Amount (in $ Mn) Current gifts $ 15.7 ...

Q: the auditor confirms the receivable of the entity to the entity's customers: a. existence b. compl...

A: The auditor collects the evidence to confirm the following financial assertions :- Existence Comple...

Q: 1. Investment of cash in the business 2. Purchase of computer equipment for cash 3. Billed a custome...

A: Solution Concept Accounting equation is expressed as Asset     = liabilities + equity

Q: Beau Dawson and Willow McDonald formed a partnership, investing $276,000 and $92,000, respectively. ...

A: Partnership Account - A partnership is a mutual agreement enter into two or more entities for the pu...

Q: Number Cost of Units per Unit Beginning inventory 130 $71 Purchased goods during the period 240 80 S...

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. 

Q: sing the married filing jointly status and their income and expense statement, calculate the 2017 ta...

A:                              In 2017 the standard deduction for married filing jointly was $ 12,700....

Q: Mama company acquired 75% of the outstanding shares of Finance Company for P900,000. Book value of P...

A: Consolidation- The consolidated financial statement, which represents the financial status of both a...

Q: Mine Company produced 1,000 units of a product at a selling price of P95.00 each. Direct materials P...

A: Product cost are all manufacturing cost. Period cost are all cost which were not included in produ...

Q: Blanche Corporation estimated its unit costs of producing and selling 12,000 units per month as foll...

A: Total variable cost = Variable cost per unit x No. of units Total fixed costs = Fixed cost per unit ...

Q: Lopez Company is considering replacing one of its old manufacturing machines. The old machine has a ...

A: The different alternatives are compared on the basis of benefits provided by various alternatives. 

Q: Case: Verification Department of a Credit Company is in-charged in verifying and approving loans. Th...

A: Department performance refers to the measure to evaluate the efficiencies and productivity of all th...

Q: ASSIGNMENT Explain briefly how these factors can influence the adoption of IFRS by a country. Exte...

A: IFRS or International Financial Reporting Standards refer to the accounting standards, set of accoun...

Q: PROBLEM 1 (Income Statement). Presented here are the o Determine the missing amounts. Sales COGS Gro...

A: Below is the components of the income statement and their relation with one another. Income Statemen...

Q: A company must decide between scrapping or reworking units that do not pass inspection. The company ...

A: calculation of scarp or rework analysis are as follows

Q: TRUE OR FALSE? Cash set aside for bonds payable that will mature currently is shown as current asset...

A: The assets can be classified as current assets or non current assets. The current assets can be conv...

Q: Marlin Motors sells a single product with a selling price of $350 with variable costs per unit of $1...

A: Contribution margin per unit has been calculated as follows: Contribution margin per unit=Selling pr...

Q: ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Manag...

A: 1) Predetermined overhead rate = Estimated manufacturing overhead/Estimated direct labor hours   2) ...

Q: Double A Corporation provided the following information for the current year:   Beginning inventor...

A: Freight in is a direct expense . Cost of goods sold = Selling expense x 6 times = 4,000,000 x 6 time...

Q: Angela Company provided the following information for the current year:   Purchases of raw materia...

A: Formulas to be used    (1) Cost of goods Manufactured = Total Manufacturing cost + Opening WIP - Clo...

Q: Calculate the per-unit contribution margin of a product that has a sale price of $395 if the variabl...

A: Lets understand the basics. Contribution margin is a margin earned over a sales. In other words it i...

Q: At the end of the 2021 year, the accounting staff at Prestige Design Flooring Inc. (PDF) have the fo...

A: A balance sheet is a representation of an individual's personal or corporation's financial balances ...

Q: Exercise 23-9 (Algo) Segment elimination LO P4 [The following information applies to the questions d...

A: An avoidable expense is one which will not be incurred if a particular behavior is avoided. In contr...

Q: Bank A/P - Pesticide Products A/P - Pro Hardware E. Inahaba, Capital E. Inahaba, Drawings Landscapin...

A: Journal means the book of prime entry where all entries are recorded in different pages. Ledger mean...