What is variable costing? How does it differ from absorpotion costing? Which can better be used to manipulate the income statement and how?

Q: Dehner Corporation uses a job-order costing system with a single plantwide predeter based its…

A: The manufacturing overhead is applied to the production on the basis of pre-determined overhead…

Q: 2.1 Write up the asset and liability and capital accounts to record the following transactions in…

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

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A: A non-VAT registered trader is not allowed to charge value-added tax when the sales are made.…

Q: On January 1, 2020, Pearl Company makes the two following acquisitions. 1. 2. (a) Purchases land…

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Q: On January 1, Year 2, the following information was drawn from the accounting records of Carter…

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

Q: Deedee's Hair Products decided to issue 97 shares of $3 par common stock. When recording the…

A: Lets understand the basics. Additional paid in capital is a capital received in excess of par value…

Q: Chapter 2 Financial Statements L. Bong Lee, owner of Champion Forwarders, follows the calendar year…

A: Adjusting entries are those journal entries which are passed at the end of accounting period for the…

Q: The statement of Profit and Loss and other Comprehensive Income and the Statement of Financial…

A: Cash Flow Statement is one of the financial statement which shows all cash inflows and cash outflows…

Q: Errors in Equivalent Unit Computation Napco Refining Company processes gasoline. On June 1 of the…

A: Equivalent units are number of units that are completed or manufactured in the particular period.…

Q: Problem Compute for the equivalent units of production in each of the following cases: Case A In…

A: I'm using weighted average method because it is commonly used.   Weighted Average Method :— Under…

Q: Transaction #1 (May 4, 2019) - the hospital signed a purchase order for a $2,500 supply purchase,…

A: In transaction 1 which occurred on May 4, 2019, a purchase order has been signed by the hospital for…

Q: Gamma Corporation has been in business for 6 years as of 2021. Management presents 2-year…

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Q: What property tax rate should Freetown have if it has a homestead exemption of $20,000.

A: Property tax rate is the rate which has been specified and given by the government and this rate is…

Q: What are Check Digits?

A: CHECK DIGITS  A check digit is a form of control input that is used to detect mistakes that happen…

Q: How do you know if a journal is reputable?

A: there are some ways that can be used to know whether a journal is reputable or not such as: 1) at…

Q: Cost of goods manufactured during 2006 is $240, WIP inventory on December 31, 2006 is $50. WIP…

A: Manufacturing cost is the aggregate of direct materials, direct labor, and manufacturing overhead.…

Q: Mr and Mrs. Klein’s joint return reports $285,000 salaries and $15,000 qualified dividends. Their…

A: Salaries: $285,000 Qualified dividends: $15,000 Taxable income: $270,000 Total tax liability: ?

Q: On January 1, 2021, Milk Tea Inc. purchased 12% bonds with face amount of P5,000,000 for P5,500,000…

A: INTRODUCTION Bonds often known as investment instruments, used by governments and corporations to…

Q: Use the formatted answer sheet template provided to analyze the effects of each of transaction on…

A: Bonds refer to investment securities where an investor lends money to a company or a government for…

Q: On Sept 1, 20X1, Orange Co borrowed P240,000 from ABC Bank to fund a new business venture. Orange…

A: Notes Payable - Notes Payable is the promissory notes issued by the company that borrows the amount…

Q: a. Assume that the net cash inflow from financing activities of $13,900 was caused by three events.…

A: Net cash flow from the financing activities is the cash flow which has been in net means the inflow…

Q: Leased assets On January 1, 2021, the chief operating officer of New Belgium, Jeff Stambaugh,…

A: Introduction: A journal entry is used to record a business transaction in the company's accounting…

Q: The financial condition of two companies Assets = Liabilities + $ 11,000 = $ 7,590 + $ 12,724 = $…

A: Generally dividends are paid out of accumulated profits earned by a company.Accumulated profits…

Q: Why do firms not have sunk costs over time? How should managers approach sunk costs when deciding…

A: Answer:-  Sunk cost meaning:- Money which has been already spent and cannot be recouped is known as…

Q: Prepare a value analysis schedule for this business combination.   Check Number – Goodwill $40,000

A: parent company holds 80% stake in subsidiary  purchase consideration is 280,000  dollars

Q: Professional Products Inc., a wholesaler of office products, was organized on February 5 of the…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Distinguish between assets and liabilities and provide three (3) examples of each to support your…

A: Introduction: Liabilities can be either short-term or long-term. Short-term obligations are…

Q: a job-order costing system with a sin rate based on machine-hours. The co. ad rate for the current…

A: Plant wide overhead rate uses a single overhead rate to allocate total manufacturing cost to units .

Q: Which of the following statements are true? 1. Variable costs per unit are not affected by changes…

A: Fixed costs: Fixed costs are those costs that do not vary with changes in the level of activity.…

Q: Can free cash flow continue to grow, even if ROIC falls? Explain.

A: If the working capital of the company can be managed free cash flow can grow at a better rate even…

Q: The following list depicts several of the sample fair value measurements. For each asset or…

A: Fair value is a the price that would be received to sell an asset or paid to transfer a liability in…

Q: of $300,000, which he summed together and calculated as follows: case, and what should he do to…

A: The spreadsheet of account consists of adjusted trial balance, cash flow statement, income…

Q: Financial update as of June 15 • Your existing business generates $75,000 in EBIT. • The corporate…

A: Free Cash Flow  Formula: FCF = EBIT * (1-Tax rate) + Depreciation - Net Working capital

Q: 1) Describe the difference between accrual and cash basis accounting.

A: Cash system of accounting means where all expenses , losses , income and gain are recognized on the…

Q: QUESTION 22

A: The contribution to sales will be shown as the percentage of the total sales. That is contribution…

Q: could you answer part B please? Pagle Corporation established a subsidiary to enter into a new line…

A: Introduction: A journal entry is used to record a business transaction in a company's accounting…

Q: LO.2 On January 1, 2020, Kunto, a cash basis taxpayer, pays $46,228 181 to yield 4% (the effective…

A: Gross Income Wages, dividends, capital gains, company revenue, retirement distributions, and other…

Q: The company paid by cheque a creditor called Somato Ltd 54,000 on 24th Jan 2018 The account that…

A: Debit and credit are two aspects of double entry system. It is important to record both the aspects…

Q: is the predicted amount of receiving report costs for a month (assume a month is exactly four weeks)…

A: By using least square method , we will find the answer to the following above question  Please find…

Q: What is the correct accounting entry for a cash discount of $5,000 received by a company from a…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

Q: ts) Based on our discussions, why was the Allowance for Bad Debt created? O To record the amount of…

A: The allowance for doubtful accounts, also known as a bad debt reserve, is management's prediction of…

Q: A Month in the Life of a Faculty from cash vs. accrual accounting perspective The Faculty provides…

A: Income statement: The income statement is the most important part of the financial statement. this…

Q: Shipping Inc.'s transactions during January 2022: 1. Jan. 1 - Issued 10,000 shares of no-par common…

A: Closing entries : These are the entries made at end of year to transfer the amount from temporary…

Q: four financial statements

A: Financial statements are documents that describe a company's operations and financial performance.…

Q: M4 Engineering began operations in January of 2020. M4 Engineering provides structural engineering…

A: Journal Entries - Journal Entries are the primary record of transactions entered into by the company…

Q: Were these instances of tax avoidance or evasion (define? Letter of the law vs spirit of the law)…

A: A person or any business earns the income or the profit respectively during the year and for which…

Q: An eco-industrial park has a manufacturing plant which purchased a lathe machine for P57,500 seven…

A: Answer:-  Depreciation meaning:- Depreciation can be defined as the accounting method which is…

Q: Balance sheet information for parent Company and its 90%-owned subsidiary, Sub Corporation, at…

A: The question is based on the concept of Consolidated Financial Statements. It is the responsibility…

Q: The equivalent units of production eTextbook and Media Unit costs $ Determine the unit costs of…

A: Introduction: In a mass production of identical products process costing is used. In process costing…

Q: Wright reported the following balances in their PP&E accounts: Equipment Accumulated Depreciation…

A: Depreciation on the asset is the expense which is computed to report the regular wear and tear on…