Which of the following accounts is credited in a journal entry for a like-kind asset exchange? A Truck (old) B Accumulated Depreciation for truck (old) C Loss of Exchange Assets D Tires (new)
Q: Fundamentals in Accountancy, Business and Management 1 Journalizing Entries INSTRUCTION: Journalize ...
A: Journals: Journal entries refer to the primary books of accounts in which used to record business ...
Q: 20Y7 Dec. 7. Received from Unitarian Clothing and Bags Co., on account, a $60,000, 60-day, 7% note d...
A: Interest = Amount of notes receivables * Rate of interest * number of days / 360 Number of days from...
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose var...
A: Formula: Units to be sold to get a target profit = ( Fixed cost + Target profit ) / Unit contributio...
Q: If P250,000 is invested for two years, what is the maturity value (disregard withholding tax for #s ...
A: Future Value = Present Value x (1 + r)^n
Q: equired: 1. A. Prepare a multiple-step income statement for the year ended December 31, 2016, concl...
A: An income statement is a financial report that indicates the revenue and expenses of a business. It ...
Q: The controller of New Wave Sounds Inc. prepared the following product profitability report for manag...
A: Activity Based Costing (ABC) decreases the likelihood of product cost variances on their respective ...
Q: (a) Briefly explain TWO (2) methods of payment for the issuance of share. (b) MOLLY Berhad decided t...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: In June 2016, Goslyn Corporation issued a three-year non-interest-bearing note with a face value of ...
A: Given: Non-interest-bearing note of 3 years with a face value of $15,000. Received $11,025.00 cash ...
Q: 13. Paid monthly telephone bill, Php650. a. Debit, cash, Credit J. Ilagan, capital b. Debit, teleph...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...
A: Formula: Raw materials used = Beginning inventory + Net purchases - Ending inventory
Q: Hey, can I please be helped with the following task and please show calculations on how you got the ...
A: Journal Entries
Q: Central Avenue Company reported net income of P700,000 for the year 2021. The entity declared and pa...
A: Retained earning means the amount of profit that has not been distributed to shareholder as divided....
Q: Example 4-3 To use the wage-bracket method, follow the steps illustrated below. Step 1 Select ...
A: Given that: Calculate as per percentage method as specified for semimonthly wage (2320) Wage $261...
Q: Is comparing two nce expenses, or option b, which is to purcha and will lower bottling costs by $11,...
A: NPV (Net Present Value) refers to the concept which evaluates the difference between the current cas...
Q: The Lessor Company leases equipment to the Lessee Company on January 1, 2020. The lease is appropria...
A: Lessor refers to a person who gives equipment on lease to another person. He is the owner of the as...
Q: A layoff is considered to be temporary when: Multiple Choice The employee is encouraged to retrain s...
A: A layoff is considered to be temporary when the employee is expected to be recalled to the regular j...
Q: Accounting Budget Fixed FOH=800 Actual HRS=120 Stand HRS=150 Norm HRS= 100 Actual Fixed FOH=815 1.Fi...
A: 1) Fixed Overhead Rate is derived by dividing the total cost pool by unit of basis of allocation us...
Q: Which of the following is least likely to affect the preparation of the purchases budget? A.The amo...
A: Purchase Budget: A purchases budget specifies the amount of inventory that a company is required to ...
Q: Moisha is developing material standards for her company. The operations manager wants grade A widget...
A: The question is related to calculation of Standard Cost per unit. It ia calculated with the help of ...
Q: Time series analysis involves comparing a company’s income statement and balance sheet forthe curren...
A: Time series compares the financial statement of current year company to its previous year Cost of go...
Q: 8. In any transaction, the total peso amounts of debits must equal the total peso amounts of credits...
A: 8. In the Double Entry System, in any transaction total of debits always equals to total of credits....
Q: 2. The following items were deduced from the accounting records of JC Company's income statement for...
A: Administrative expenses are those business expenses which are used in office and by the administrati...
Q: On January 1. 2021, PORKING acquired majority of SAPER's outstanding voting stocks. On that day, the...
A: A non-controlling interest refers to the situation when the shareholder of a company owns less than ...
Q: Materials used in research and development projects $4,500 Equi
A: In this question, we have to compute the R&D cost that can help in determining the net income
Q: Gallant Inc. recently changed to FIFO from the average cost method. It reported $127,000 of FIFO...
A: Note: Differance in value of inventory upon changing of inventory valuation method, the differance i...
Q: What amount will be paid at the beginning of every month for 10 years if the present value is 200, 0...
A: Payment at the beginning of every month = PV x r / [{1 - (1 + r)^(-n)} x (1 + r)] Here, PV = Present...
Q: 3) Misnap is a manufacturing firm. In April, it had a beginning inventory balance in its raw materia...
A: Lets understand the basics. For calculating raw material used, we need to use below formula. Raw mat...
Q: Any adjustment to the carrying amount of a noncurrent asset that ceases to be classified as held for...
A: As per IFRS 5 As per IFRS 5 "Accounting for Non-Current assets held for sale and the presentation an...
Q: 2. Jones Corporation uses a first-in, first-out (FIFO) process cost system. Jones has the following ...
A: FIFO is a technique of valuing inventories wherein objects sold or to use are generally priced at th...
Q: t that is twice jas your capital your starting capital is 15,000 make a financial plan for the booth...
A: The answer has been mentioned below.
Q: Banking. Grantville Inc. received the April Bank Statement from Looneyville Bank, which showed an op...
A: The Bank Reconciliation Process is the process of reconciling the account balance by c...
Q: Based on the following information, which of the following is closest to days' sales outstanding? •R...
A: Days' sales outstanding- In accountancy, days’ sales outstanding are a computation used by a corpora...
Q: Fox Corporation had the following stockholders' equity amounts on January 1,: Preferred Stock, 5%, $...
A: For the purpose of recording transactions of the business, they are recorded in a journal first. Whe...
Q: A. Compute the material price and quantity, and the labor rate and efficiency variances. Enter all a...
A: Solution:- Given, Acme Inc., information which is actual and standard
Q: Problem 4-4A Preparing closing entries, financial statements, and ratios c3 Q A1G P2 The adjusted tr...
A: The financial statements are prepared at year end including income statement, balance sheet, stateme...
Q: In the Augie Company, sales were $750,000, sales returns and allowances were $30,000, and cost of go...
A: In accounting gross profit refers to the profit that a business earns from selling its products afte...
Q: On January 1, 2021, PARKSOOYOUNG acquired all the outstanding shares of SUNGJAE for P600,000. The sh...
A: An asset refers to the resources that are generally used for generating the cash flows that help in ...
Q: Indicate whether each of the following companies is primarily a service, merchandies, or manufacturi...
A: Manufacturing business - This help in converting the raw materials to finished goods or products. Se...
Q: 2. Daniel Corp.'s trial balance reflected the following account balances at December 31, 2021: Accou...
A: Current Assets = Accounts Receivable + Trading Securities + Cash + Inventory + Prepaid Expenses
Q: Which of the following statements pertaining to Accounting is correct? A. Accounting is a fixed scie...
A: Accounting is the way of collecting, recording, processing and communicating the effect of various b...
Q: Penny Company manufactures only one product and uses a standard cost system. The following informati...
A: Direct Labor Variance: Direct labor cost variation is defined as the difference between the standard...
Q: During 2015, Parker Enterprises generated revenues of $90,000. The company's expenses were as follow...
A: Gross profit : Difference between the sales and the cost of goods sold is called gross profit .
Q: Blue Mountain Masterpieces produces pictures, paintings, and other home decor. The Printing and Fram...
A: The complete amount of money spent on a product is its total cost. Because overhead expenditures mus...
Q: Oxmoor Corporation prepared the following adjusted trial balance. ...
A: Income statement forms a part of financial statements and is prepared with a view to ascertain the n...
Q: Elle Woods is trying to figure out what combination of bags of M&Ms and bags of Cheetos she should b...
A: Marginal Utility- Marginal utility is the additional satisfaction a customer gets from having one ad...
Q: On January 2, 2020, Mark Company acquired, as a held-to-maturity investment, bonds with a face value...
A: Lets understand the basics. When bond is purchased at more than the face value of bond then bond is ...
Q: The Lessor Corporation leases equipment to Lessee Corporation beginning January 1, 2022. The followi...
A: Lessee refers to the person who has taken any assets on lease.
Q: A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...
A: Sale Sale refers to the transaction between seller and buyer where the buyer agrees to pay for the t...
Q: Globe Company, a real estate developer, is owned by five founding shareholders. On December 1, 2019,...
A: calculation of dividend payable are as follows:
Q: MerryYacht International is a worldwide operator, franchisor, and licensor of hotels, residential, a...
A: For case 3 (Credit to the asset account has not been made there) So, entry is incomplete. Entry woul...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Which of the following is correct when recording the disposal of equipment for a gain? Group of answer choices A)A debit to a gain account. b)A credit to the equipment account for the asset's net book value. C)A debit to accumulated depreciation for the depreciation accumulated to the date of disposal. D)A credit to cash. e)None of the aboveWhich statements are correct concerning measurement of cost of property, plant and equipment?I. The purchase price of an item of property, plant and equipment is the cash price equivalent at the date of recognitionII. If payment is deferred beyond normal credit terms, the difference between the cash price equivalent and total payment is recognized as interest expense over the life of the asset.III. If an item of property, plant and equipment is acquired in exchange for a nonmonetary asset or a combination of monetary and nonmonetary asset, the cost of such item is measured at fair value unless the exchange transaction lacks commercial substance or fair value of either asset received or given up is not reliably determinable.IV. If an entity is able to determine reliably the fair value of both the asset given up and asset received in an exchange, the fair value of the asset given up is used to measure the cost of asset received in exchange.When journalising the sale of machinery, which of the following do NOT appear in the journal entry? a. Cr Machinery b. Dr Depreciation expense c. Cr Gain on sale d. Dr Cash
- Which of the following accounts would not be included in the Acquisition and Payment for Long-Lived Assets Cycle? a. Revenue b. Depreciation expense c. Gain on disposal d. EquipmentWhich of the following must be recorded in the accounting records when an asset that is NOT held for sale is derecognized? A Removal of the asset. B Gain or loss on derecognition. C All of the above items must be recorded in the accounting records. D Depreciation up until the date of derecognition.When a company exchanges machinery and receives a trade-in allowance greater than the book value, this transaction would be recorded with which of the following entries (assuming the exchange was considered to have commercial substance)? a.debit Machinery and Accumulated Depreciation; credit Machinery, Cash, and Gain on Exchange of Machinery b.debit Cash and Machinery; credit Accumulated Depreciation and Machinery c.debit Machinery and Accumulated Depreciation; credit Machinery and Cash d.debit Cash and Machinery; credit Accumulated Depreciation
- Assets classified as property, plant, and equipment are reported at a. each asset’s estimated market value at the balance sheet date. b. each asset’s estimated salvage value at the balance sheet date. c. the estimated depreciable cost at the balance sheet date. d. each asset’s original cost less depreciation since acquisition.Indicate how the following items are recorded in the accounting records in the current year of Coronet Co. a. Impairment of goodwill. b. A change in depreciating plant assets from accelerated to the straight-line method. c. Large write-off of inventories because of obsolescence. d. Change from the cash basis to accrual basis of accounting. e. Change from LIFO to FIFO method for inventory valuation purposes. f. Change in the estimate of service lives for plant assets.Which of the following are includable to the cost of property and equipment? Transportation costs on machinery purchased under terms FOB shipping point Interest on loans borrowed to purchase an equipment Installation costs and cost of trial runs of a machinery Repairs on broken glass windows of a purchased buildings prior to occupancy
- When an item of property, plant and equipment is derecognised, the treatment of any revaluation surplus that relates to an asset includes _______. 1) debiting the revaluation surplus in the journal entry to record the profit or loss on sale of the asset 2) transferring the relevant amount out of the asset revaluation reserve and showing it as revenue in the income statement 3) transferring the revaluation surplus to retained earnings 4) writing off the amount out of the revaluation surplus against the remaining assets in the class of assets to which the asset that was sold belongedWhat is the purpose of charging depreciation in financial statements? A To allocate the cost of a non-current asset over the accounting periods expected to benefit from its use B To ensure that funds are available for the eventual replacement of the asset C To reduce the cost of the asset in the statement of financial position to its estimated market value D To account for the ‘wearing-out’ of the asset over its lifeWhen an asset is sold, the accumulated depreciation account for the asset must be closed off to the asset realisation account. A. True B. False