Which of the following is the primary source of revenue for a service business?A. the production of products from raw materialsB. the purchase and resale of finished productsC. providing intangible goods and servicesD. the sale of raw materials to manufacturing firms

Q: 2. Why is it so important thata company have strong internal control procedures?

A: Introduction:- Internal control procedures plays vital  role in any organization. Internal controls ...

Q: Mergeron Industries purchases a new delivery van. The van costs $32,000 and is expected to last 5 ye...

A: Deferred tax liability : Deferred tax liability is calculated by finding the difference between the ...

Q: Which of the following is treated as business expense?  a. Installation cost of business equipment b...

A: Business expenses are the expenses which are incurred for the business and required for the operatio...

Q: Required: Record the following transactions of Fashion Park in a general journal, Fashion Park must ...

A: Answer -    Working Note - 1. Sold merchandise for cash $2540 plus sales tax. Sales revenue = $2540 ...

Q: A firm sold goods worth ₹ 5,00,000 and it's gross profit is 20 percent of sales value. The inventory...

A: Inventory Turnover Ratio = Cost of goods sold / Average stock       Inventory Holding Period = 365 d...

Q: April 1 Purchased merchandise on credit from 0'Rourke Fabricators, Invoice 885, $1,600, terms 2/10, ...

A:   Purchase Journal       Date Invoice no.  Purchased from whom   Dr. Ac   Cr.  Ac  Apr-01 885  O...

Q: At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the fol...

A: Lets understand the basics. Predetermine overhead is calculated to allocate the overhead to actual a...

Q: 1. Why must the auditor for a publicly traded company be independent from the company it audits?

A: Meaning of Independent Auditor: An freelance auditor could be a certified public businessperson (CPA...

Q: ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units C...

A: FIFO is first in first out method of inventory valuation under which inventories which are purchased...

Q: Analysis of Net Income or Net Loss on the Work Sheet Insert the dollar amounts where the net income ...

A: Income statement is one of the financial statement which shows all incomes and all expenses of the b...

Q: 15. Mr. Independence started a T-shirts business to be known as "Independence T- shirt". He has prov...

A: Lets understand the basics. As per balance sheet equation, total assets is always equals to total li...

Q: The Golden Mushroom has two classes of stock authorized: 8%, $10 par preferred, and $1 par value com...

A: The assets left in a company after all liabilities have been paid are referred to as stockholders' e...

Q: What is the amount to be capitalized when repairs or improvements that significantly increase the va...

A: Assets are being repaired every now and then. Some repairs are ordinary in nature while others are o...

Q: Other Operating Expenses Sales Revenue Cost of Goods Sold Gross Profit Net Income Firm $125,000 $ 60...

A:

Q: The owner invests N$150 000 cash in the entity. Service rendered for cash N$5 000. Salaries and elec...

A: Here in this question, we are required to calculate current worth of owner's investment. For calcula...

Q: QUESTION TWO IFA Corporations had Net Incorme of $780,000 and the following information for January ...

A: In order to calculate the net number of shares that would have been issued due to exercise of stock ...

Q: Robert is the CEO of a closely held business, and he would like to provide life insurance to all of ...

A: Cash Value Life insurance : It is the cash amount offered to the policy holder by issuing the life c...

Q: At the beginning of the year, Custom Manufacturing set its predetermined overhead rate using the fol...

A: >Predetermined overhead rate is the overhead allocation rate, used to 'apply' or 'allocate' the o...

Q: Suppose you borrow $38499.71M when financing a gym with a cost of $87624.83M. You expect to generate...

A: Cost of capital- From the investor's perspective, cost of capital is the minimum return that the inv...

Q: Determine stock velocity and debtors velocity with the help of following information Description K) ...

A: Stock Velocity = Average Stock/Cost of goods sold x 360     Debtors Velocity = Average accounts rece...

Q: restment for each all projects is eg

A: A) 4 & 5: Profitability index is a calculation that divides the current value of expected antici...

Q: On January 1st, XYZ Co. prepays $1,500 for one year of prepaid insurance. What is the amount of insu...

A: Formula: Income statement: All revenues and expenses are shown in income statement. It tells the net...

Q: Last period Hartig Corporation soid 40.000 units, total sales were $303.000, total variabie expenses...

A: Formula: Contribution margin ratio = ( Contribution margin / Total sales ) x 100

Q: A). Long term debt for zooey corporation in 2020 b.) total assets for zooey corporation in 2020 c....

A: Assets are resources that are controlled which results from prior transactions that are expected to ...

Q: Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per Repair-...

A: Activity variance  = Flexible budget - Planning budget

Q: Latourneau Company had the following account balances as of August 1, 2010:   Raw Material (direct...

A: Raw material means the material purchased and still not enter in to the production lines. Work in pr...

Q: prepare the adjusting entry for April 30

A: Journal entries means the book of prime entry including debit and credit item. Adjusting entry means...

Q: o settle the outstanding amounts. a. Faithful Representation; completeness; Enhancing b. Faithful R...

A: The information is useful when it is of high quality and it provide information that is needed to ma...

Q: Present Value of an Annuity On January 1, you win $60,000,000 in the state lottery. The $60,000,000...

A: Present Value of an Annuity The present value of an annuity refers to the current value of future pa...

Q: Suppose that the Reserve Bank of New Zealand believes the New Zealand dollar (NZD) is too weak and w...

A: Facts in the given question: Reserve Bank of New Zealand believes the New Zealand dollar (NZD) is t...

Q: What is the criterion a company uses to decide whether to include an expenditure in the cost of prop...

A: The criterion used by a company to include a cost in the cost of an asset is whether it is necessary...

Q: The Karl DeLong Estate (with a taxable value of more than $16,500,000) includes the following assets...

A: Facts in the given question: 200 shares of common stock in the DeLong family company (cost $ 3,580,...

Q: Kayla Gordan plans to borrow $300,000 from ANZ bank to set up a Nail Salon.She currently has $10,000...

A: Given information, Plan to borrow from bank = $300,000  Savings = $10,000  Security for loan = house...

Q: The Cash account of Silver Maple Art Gallery shows the following at April 30, 2014 Cash Date Item Jr...

A: 1) Silver Maple Art Gallery’s bank reconciliation as on April 30, 2014 :- Particulars  Amount Par...

Q: (The following information applies to the questions displayed below) Warnerwoods Company uses a perp...

A: Gross Profit=Sales-Cost of Goods Sold

Q: Taylor Company uses a periodic inventory system. The following is partial information from its incom...

A: The missing values are calculated using the accounting formulas. Sometimes single-entry books are ma...

Q: Malone Delivery Company purchased a new delivery truck for $63,000 on April 1, 2019. The truck is ex...

A: Depreciation is a non-cash expense which is used to show a decline in an assets' value due to its us...

Q: The disclosure requirements for an operating segment do not include: a. Unusual items b. Income tax ...

A: Operating segment is the revenue earning segment of the company which has its own expenses and finan...

Q: Moisha is developing material standards for her company. The operations manager wants grade A widget...

A: Since actual costs could not be predicted in advance, standard costs represent approximations of the...

Q: Assume you are the accounting manager for Logan’s Landscaping & Design.  On December 1,  2013, Logan...

A: The correct answer for the above motioned question is given in the following steps 

Q: Which statement is not correct?  a. Related-party income is taxable b. Related-party losses are non-...

A: The correct answer is given in the following steps for your reference. 

Q: Depreciation and Rate of Return Burrell Company purchased a machine for $34,000 on January 2, 2019. ...

A: 1)Depreciation: Depreciation is a method of accounting by which the value of the assets is allocated...

Q: For each independent situation below, calculate the missing values.

A: Gains and losses seem to be the contrasting financial outcomes created by a company's non-primary ac...

Q: Paragon Properties built a shopping center at a cost of $50M in year 2010. The company started leasi...

A: The Modified Accelerated Cost Recovery System is the current tax depreciation system in the United S...

Q: You are auditing the valuation assertions over the inventories of your client, Atom Corporation, a m...

A: Inventory write down: Inventory write-down is to ensure reflecting a loss that arises due to the red...

Q: Which of the following is not an element of the financial statements?A. future potential sales price...

A: Financial statements seem to be reports generated by a corporation's management to demonstrate the c...

Q: M, N, and 0 formed a partnership on January 1, 200A with 3.7 investments of P 40,000, P 24,000 and P...

A: Net profit before interest, salary & bonus 29400 Less: partner’s salary  (16800) Less: inter...

Q: 45. A truck initially cost P60,000. Its resale value at the end of the 5th year of the useful life i...

A: Double declining depreciation rate = 2 * depreciation rate Depreciation rate = 1 / useful life  

Q: еВook Problem Walk-Through A company has a 12% WACC and is considering two mutually exclusive invest...

A: Net present value (NPV) appears to be a financial strategy that computes the net worth of investment...

Q: Identify a correct statement.  a. Deductions may be claimed against a gross income subject to final ...

A: Solution Deduction is an expense that can be substracted from a taxpayer's gross income in order to ...