When does sales revenue is recognized? When does sales revenue is recorded? Does recognize and record have differences?

Q: Carter Industries has two divisions: the West Division and the East Division. Information relating t...

A: Segment margin of an related segment for an company will be calculated by deducting all the required...

Q: How does Declan's Designs' 2022 common stock issuance impact its 2022 Statement of Cash Flows?   Qu...

A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances fo vear December 31 2...

A: Answer: net income for the period =change in retained earnings + dividend paid   Dividend paid    =1...

Q: Analyse on the variance between the planned and actual nett profit contribution of all the projects ...

A: Here asking about the total project details of different project which was actual value which are in...

Q: Which sections of an annual report do IFRSs apply to? a) Management report b) Financial statements c...

A: management report is used as a means of communicating whatever information that is essential to be c...

Q: Statement of Earnings, Statement of Retained Earnings, and Statement of Financial Position McDonald...

A: An income statements statement that shows the income and expenses of a company. It also indicates th...

Q: The journal entry to record fees earned on account of $13,500 would include a debit to   a.Cash for ...

A: Solution (a.) Since the income is earned on account of $ 13,500 and the cash has not yet been receiv...

Q: In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which cos...

A: Monthly installments to be paid for 7 month P50,000 * 7 P350,000 Immediate down payment  P100,000 Sa...

Q: Black pens produces 12,000 units of gel pen T50 annually at a total cost of 270,000 Direct materials...

A: Relevant costs: =Direct materials+Labor cost+Variable overheads +avoidable fixed overheads +Revenue ...

Q: The Marchetti Soup Company entered into the following transactions during the month of June: (1) pur...

A: Under perpetual inventory system, the cost of goods sold is to be recognized with every sale transac...

Q: Molander Corporation is a distributor of a sun umbrella used at resort hotels. Data concerning the n...

A: In accounting analysis and break-even analysis margin of safety is the difference between the expect...

Q: Undertaking to change name must be submitted. a. Corporation Code of the Philippines b. Revised Cor...

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: GBV Co. is preparing its November 30, 2015 bank reconciliation statement. The following information ...

A: Credit memos are those collections made by bank, which are not yet recorded in books of account. Thi...

Q: e lease will not commence until the building is completed. Oliver completed the building at a total ...

A: Under outright method, improvement is recognized as income when the improvement is completed.  

Q: After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after recei...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: The following information is departmental cost allocation with two service departments and two produ...

A: >Service department cost is allocated to production departments using various methods like: #...

Q: Pedro and Jose form a partnership for the first time. Their investments are; Pedro is to invest cash...

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Question 8 You have just been assigned as the manager of an engagement with an audit client. Before ...

A: Audit Engagement: An audit engagement is an understanding between a client and a free outsider inspe...

Q: Identify the type of activity by choosing the best answer for each question. Select each item listed...

A: Introduction:- first we need to understand the following basic terms as follows under:- Identifyin...

Q: Statement 1: In single entry, Payables ( accounts and notes) could be determined from sales invoices...

A: The answer for the multiple choice question and relevant explanation are presented hereunder : There...

Q: The December 31, 2021 and 2020 comparative financial statements of ABC Company showed equipment with...

A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated depre...

Q: Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank...

A: Cash difference due to entry 5 = Actual payment - Wrong amount recorded The question requires to rec...

Q: Preparation of Adjusting Entries Osaga Beach Resort operates a resort complex that specializes in h...

A: No. Date Account Titles & Explanation Debit ($) Credit ($) 1. Jan. 31 Unearned Service Revenue...

Q: On January 1, 2010, WPK Co. sold a transportation equipment with a historical cost of P1,000,000 and...

A: Net cost of the equipment = Historical cost - Accumulated depreciation Present value of note = Face ...

Q: On October 1, Goodwell Company rented warehouse space to a tenant fo $1,600 per month and received $...

A: Unearned revenue is one of the liability of the business, which means revenue received in advance bu...

Q: ny had a profit of 450,00. 1. Assuming that there are three partners that agreed to share equally , ...

A: Solution: Profits are shares based on the profit sharing ratio. When profits are agreed to be shared...

Q: Comprehensive Problem Mulberry Services sells electronic data processing services to firms too smal...

A:     Account Debit Credit 1 Accounts Receivable $ 6,90,000     Service Revenue   $ 6,90,000 ...

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

A: The closing entries are prepared at year end to close the temporary accounts of the business includi...

Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: The two-column journal a.contains a debit and a credit column for recording the amounts for each tra...

A: Lets understand the basics. The two column journal is a journal which is having debit and credit sid...

Q: Arrangement of the Statement of Earnings Kim Renovation Inc. renovates historical buildings for com...

A: Under single-step statement of earnings all revenues are grouped together and all expenses are toget...

Q: By how much did Declan's Designs' Gross PPE decrease during 2022? Please do not provide the net chan...

A: The fixed asset such as Property, plant and equipment get decreased by sale of assets during the per...

Q: What amount should the company report as depreciation expense for 2021

A: Depreciation is the reduction in the value of asset due to its normal use and tear and wear. It is c...

Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available ...

A: Total cost = number of units * cost per unit In LIFO method , the last purchase is sold first.  So ,...

Q: Merville is a dealer in real properties. Merville requires 20% downpayment, and the balance is payab...

A: Gross Income- Gross income refers to the combined income from all the different sources like salary,...

Q: 8 The company recorded $5,000 sales with 60% contribution margin ratio in 2019. According to the sal...

A: Lets understand the basics. Contribution margin is a contribution generated from sales in compare to...

Q: An analysis of the cash book and other records of Byle Corporation shows the following data: Account...

A: Purchase on credit = Ending accounts payable + Payment on the accounts payable - Ending accounts pay...

Q: Sales 60000 Variable Costs Fixed Costs 36000 20000 Earnings Before Interest and Taxes 4000 3000 1000...

A: The contribution margin is calculated as difference between sales and variable costs.  The total cos...

Q: rkspur Company is negotiating to lease a piece of equipment to MTBA, Inc. MTBA requests that the lea...

A: Solution: To compute Amount of equal annual lease payments we first need to be compute present value...

Q: Entity A had 200,000 ordinary shares outstanding all throughout 20x1. In 20x2, share issuances occur...

A: Earning per Share: It indicates a company's profitability and is calculated by dividing a company's ...

Q: What is Declan's Designs' 2022 Cash Flows from Financing Activities?   Question 31 options:   Incr...

A: Correct option: Increase of $135,000 Incorrect options: Decrease of $135,000 Decrease of $73,000 ...

Q: Part C1 and C2 C1 Assume that this equipment account represents the cost of 5 identical machines. ...

A: Journal entries are used to keep track of financial transactions. To create a journal entry, you ent...

Q: LeBron James (LBJ) Corporation agrees on January 1, 2020, to lease equipment from Cullumber, Inc. fo...

A: Lease is an agreement or arrangement between two parties, in which one party provides its asset for ...

Q: . Use the accounts listed to create a multistep income statement.

A: solution multistep income statement is a income statement where the operating income and expenses ar...

Q: Use the information in each of the following separate cases to calculate the unknown amount. a. Core...

A: >Accounts Payable is the accumulated balance that the company or organisation owes to suppliers t...

Q: Additional data obtained from an examination of the accounts in a ledger for 20Y3 are as follows: ...

A: Cash Flow Statement - The Cash Flow Statement is the statement that shows the cash inflow and outflo...

Q: The following must be eliminated in the consolidation process except

A: Consolidation process means the merging of financial statements of parent and subsidiary entities an...

Q: The amoral view of social responsibility focuses on the activities of the firm that already conform ...

A: It is an important in many aspects as merely profit-making entity .Basically  it is a social respons...

Q: How do Dividends Paid impact Declan's Designs' Statement of Cash Flows?   Question 30 options:   D...

A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...

Q: Upon further investigation, you have found that the amount of account payables for Companies A and X...

A: Ratio Analysis: Under Ratio analysis,  various items  of financial information in the financial stat...