Which of the following shows the effects of providing services for cash on the accounting equation? A. B. C. D. Assets + + Multiple Choice = || || || || || = Option C Option B Option A Option D Accounting Equation Liabilities ΝΑ ΝΑ ΝΑ ΝΑ + + + + + Stockholders' Equity ΝΑ + +
Q: Dames has a mortgage of $88,500 at 4% for 20 years. The property taxes are $3,900 per year, and the…
A: Total monthly payment :— It is the sum of monthly mortgage payment and other monthly expenses.…
Q: On December 31, 2017, Kootuk Inc. purchased 75% of the common shares of Grimmer Ltd. (Grimmer) for…
A: Non- controlling interest refers to the interest or position of ownership where the shareholder owns…
Q: Truman Inc. has provided the following production and total cost data for two levels of monthly…
A: Fixed manufacturing cost is the fixed cost incurred on the making of the product. It is the cost…
Q: HUGO Corporation is a manufacturer that uses job-order costing. On January 1 the beginning of its…
A: Overapplied overhead=Manufacturing overhead costs applied-Manufacturing overhead costs incurred
Q: Use basic accounting equation. BE1.1 (LO 3), AP The following is the basic accounting equation.…
A: Accounting is the detailed process of recording, classifying, summarising and analysing books of…
Q: Manufacturing Income Statement, Statement of Cost of Goods Manufactured Several items are omitted…
A: The cost of goods manufactured includes the cost of goods that are finished during the period. The…
Q: Amalgamated General Corporation is a consulting firm that also offers financial services through its…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: a) What is the gross margin now? (b) What is the net operating income now? (c) What…
A: Gross margin is the difference between sales and the cost of goods sold. Net operating income is…
Q: Determine the buying price of the bond.
A: Given in the question: Par value of bonds ₱20,00,000 Interest Amount ₱1,95,000…
Q: Data Sales $12,000 Variable costs: Cost of goods sold $6,000 Variable selling $600…
A: Income Statement is the part of financial statement which shows the income earned and expenditure…
Q: Bag Teeth manufactures dental supplies & equipment. Bag Teeth Acts Total sales for year 2022 is…
A: Answer to the above question: Calculation of COST OF GOODS SOLD & Gross Margin of Bag Teeth…
Q: Sales Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased…
A: A cost sheet is a method of allocating total costs into different categories. It helps to identify…
Q: how is the selling price computed
A: Formula: Selling price=Cost100%-Gross profit ratio
Q: Define claim
A: Corporation - An organization that has been registered as a corporation under a corporation act has…
Q: On November 28, JT's Consulting Services purchased supplies for $3,000, Check ?1002. Which account…
A: A journal entry records a transaction in the accounting system for an organization. Generally There…
Q: A. Camy Enterprise is a wholesaler company that sells various types of kitchenware. The following is…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Which of the following shows how paying cash to purchase supplies will affect a company's financial…
A: Day to day transaction are the basis for the preparation of Company's Financial Statements. If a…
Q: Pan Shoe Inc., sells luxury shoes. On May 17th, Pan Shoe Inc., sold $1,000 worth of shoes on…
A: Journal Entry :— it is the Technique of Recording Financial Transaction Related to Business and NoN…
Q: Franklin Company, which expects to start operations on January 1, year 2, will sell digital cameras…
A: Sales Budget :— A sales budget is a financial plan that estimates a company's total revenue in a…
Q: withdraw the money. What year does Sansa include the interest income on her tax return?
A: As per Income Tax laws If interest earned upto 10,000 from saving bank account than you can claim…
Q: Springwater Brewery has two main products: premium and regular ale. Its operating results and master…
A: Lets understand the basics. Sales mix variance is a variance between the percentage of particular…
Q: In our assignments should we use a table as shown in solutions or we can just simply write as an…
A: COGM stands for Cost of Goods Manufactured refers to the aggregate cost of goods that are…
Q: The Tayler Hiro Merchandising has the following trial balance as of January 1, 2019. Account Titles…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Where, in a business's financial statements, in accordance with International Financial Reporting…
A: The financial statements of the business includes the income statement, balance sheet and cash flow…
Q: PROBLEM 4 Marquess Corporation has provided the following partial listing of costs incurred during…
A: Answer:- Product cost meaning:- The overall expenses associated with creating and preparing a…
Q: Determine the dividend payout ratio for the common stock. Round the payout ratio to four decimal…
A: It has been given in the question that common shareholders have the right on the total income of…
Q: Pan Shoe Inc., sells luxury shoes. On May 17th, Pan Shoe Inc., sold $1,000 worth of shoes on…
A: The journal entries are prepared to keep the record of day to day transactions of the business.…
Q: (2) Compute total asset turnover for the current year and one year ago. Current Year: 1 Year Ago:…
A: The total asset turnover ratio helps in the measurement of the efficiency of the assets of the…
Q: Ignore currency symbols. Ignore workings. Show ALL amounts as positive whole numbers. Failure to…
A: Shareholders' equity describes the assets that are still held by a company after all liabilities…
Q: Springwater Brewery has two main products: premium and regular ale. Its operating results and master…
A: Market share variance is the one which states the changes in the company or the firm's percentage…
Q: The following data is provided for Garcon Company and Pepper Company for the year ended December 31.…
A: Cost of goods manufactured means total costs incurred in manufacturing activities like direct…
Q: What are the types of work performed, the overall areas of focus, and/or other relevant information…
A: Accounting is the method by which the transactions of the business can be recorded so that the…
Q: In professor's notes, i noticed he added factory overhead cost. Please find the solution i posted…
A: Cost of goods manufactured is the cost of the goods which has been made by the business during the…
Q: Kaplan (‘Relevance Regained’, Management Accounting, September 1988) states the view that the…
A: Traditional Cost Accounting :— The traditional costing system is an accounting method used to…
Q: Coastal Bistro has the following information for July, when several new employees were added to the…
A: First we have to calculate non value added activities and value added activities Non Value Added…
Q: A purchase of an asset on account a. decreases expenses. b. decreases owner's equity. c. increases…
A: Accounting Equation :— It is the relationship between assets, liabilities and owner's equity.…
Q: You have been asked by the proprietor of the SANDOVAL CO. to verify the accountability of the…
A: Hi, as you have posted more than three sub parts but as per the bartleby policy we are only able to…
Q: Zachary Company's cost and production data for two recent months included the following: Production…
A: Every organization even if a manufacturing unit or trading company has some predetermined set of…
Q: Compute, in accordance with IAS 2 Inventories, the value at which the inventory of these motorcycles…
A: As per IAS 2 Inventories, Inventories are valued at the cost or net realisable value (NRV) whichever…
Q: You are assigned to the petty cash count for the KURDAPIA COMPANY at December 31, 2021. The contents…
A: Petty cash fund refers to the fund which is used for paying off the little or small expenses of the…
Q: A company is proposing the introduction of an activity-based costing (ABC) system
A: Introduction Activity-Based Costing (ABC) A method of allocating extra and indirect expenses to…
Q: Describe the income tax responsibility for online sellers.
A: Introduction: Every resident is required to pay tax. It is a tax or burden imposed on individuals or…
Q: Selected data about Pitkin Company's manufacturing operations at two levels of activity are given…
A: Variable Cost :— Under the Marginal Costing System Variable Cost is a Cost which is Varry Per unit.…
Q: Omega electropneumatic general-purpose pressure transducers convert supply pressure to regulated…
A: The cost index seems to be a metric that indicates variations in the price of a cost element in…
Q: Given the following list of accounts, calculate Total Assets: Accounts Receivable $ 10,000 Capital…
A: Total assets are equal to the sum of current assets and non-current assets. The term total assets…
Q: On June 30, Year 3, Franklin Company's total current assets were $500,500 and its total current…
A: The ratio analysis helps to analyze the financial statements of the business. The current ratio anf…
Q: How do Input controls affect management's assertions with respect to the financial statements?
A: Management assertions seem to be statements made by management personnel about certain features of a…
Q: A financial document that indicates the success or failure of a business trading .over a period of…
A: Answer : An Income Statement
Q: If $906,000 of 8% bonds are issued at 102 3/4, the amount of cash received from the sale is Oa.…
A: If a bond is issued at 102 ¾ it means that the bond has been issued at 102.75% of face value. Amount…
Q: Imagine that you’ve been asked to explain 1 of the major accounting ratios to a group of high school…
A: Introduction: Accounting ratios, often known as financial ratios, represent the correlations between…
Step by step
Solved in 2 steps with 1 images
- Which of the following would be classified as a cash outflow from an operating activity? a. Purchase of an investment b. Payment of dividends c. Purchase of equipment d. Payment of goods purchased from suppliersClassification of Cash Flows The following are several items that might be disclosed on a companys statement of cash flows presented using the indirect method. a. Net income b. Depreciation expense c. Issuance of common stock d. Loss on disposal of equipment e. Purchase of a building f. Decrease in accounts payable g. Converted bonds into common stock h. Sale of long-term investment i. Payment of interest j. Increase in inventory Required: 1. Indicate whether each item should be classified as a cash flow from operating activities, cash flow from investing activities, cash flow from financing activities, or noncash investing and financing activity. 2. CONCEPTUAL CONNECTION Why is the proper classification of cash flows important?The purchase for cash of treasury stock should be presented in a statement of cash flows as a(n) Investing activity Financing activityA. ............. No ..................... NoB. ............. No ..................... YesC. ............. Yes .................... NoD. ............. Yes .................... Yes Group Choices A B C D
- Which statement cash of flows shows the inflows and outflows of the issue and repurchase of stock? A. Fiancing B. Operating C. Investing D. None of the aboveWhen a firm sells its accounts receivable to raiseshort-term cash, it is engaging in a strategycalleda. factoring.b. financial planning.c. equity financingd. debt financing.e. draftingWhich of the following returns is consistent with contractual cash flows that are SPPI? Return for passage of time. Return for the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. Return for the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Return for amounts to cover expenses and a profit margin. Group of answer choices I, II and III only I and IV only I, II, III and IV II and III only
- Which of the following returns is consistent withcontractual cash flows that are SPPI? I. Return for passage of time.II. Return for the risk that one party to a financialinstrument will cause a financial loss for the otherparty by failing to discharge an obligation.III. Return for the risk that an entity will encounterdifficulty in meeting obligations associated withfinancial liabilities that are settled by deliveringcash or another financial asset.IV. Return for amounts to cover expenses and a profitmargin. a.) I, II, III and IV b.) I, II and III only c.) I and IV only d.) II and III only3. Using the following answer keys, you are to identify in which activity each of the transactions is classified and its effect on cash flows. Cash Flow Classification...using the capital letter only: O...Operating Activity I...Investing Activity F...Financing Activity OI...Operating and Investing Activity N...Noncash Transaction Effect on Cash Flows...using the capital letter only: I...Increase D...Decrease N...No Effect Transaction Cash Flow Classification Effect on Cash Flows Declared and paid a cash dividend. Sold short-term trading securities at a gain. Retired fully depreciated equipment. Sold a machine at a loss. Purchased long-term available-for-sale securities. Decreased accounts receivable. Purchased 90-day Treasury bill. Incurred a net loss. Declared and issued a stock dividend. Sold treasury stock.Which of the following returns is consistent with contractual cash flows that are solely payments of principal and interest or SPPI? I. Return of passage of time II. Return for the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation III. Return for the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset IV. Return for amounts to cover expenses and a profit margin a. I, II, III, and IV b. I, II, and III c. I and IV only d. II and III only
- Please answer in CAPITAL LETTER IF IT IS AN INFLOW(I )OR AN OUTFLOW (O)COLUMN 1 , AND COLUMN 2 , IF IT CORRESPONDS TO OPERATINGCASHFLOW(OC),INVESTMENT ACTIVITY CASHFLOW(IC), FINANCING ACTIVITY CASHFLOW ( FC)Example: Reduce marketable securities : I OC ( "I" or "O") AND ("OC", "IC" o "FC" )Activity INFLOW " I" orOutflow "O" OPERATINGCASHFLOW(OC), INVESTMENTACTIVITY CASHFLOW(IC), FINANCINGACTIVITY CASHFLOW ( FC) 1. Purchase of treasurystock2. Purchase of availablefor sale investment 3. Sale of equipment at aloss 4. Increase in accountspayable 5. Retirement of bonds 6. Issuance of bonds 7. Decrease in accountspayable 8. Increase in inventory9. Loan from bank bysigning a note 10. Increase in accountsreceivable 11. Purchase of equipmentby issuing a note 12. Purchase of land andbuilding. 13. Decrease in accountsreceivable.14. Payment of dividends. 15.…Directions: Fill in the following table using the equation: ∆Cash = - ∆Noncash Assets + ∆Liabilities + ∆Stockholders Equity. Indicate the name of the noncash asset, liability, or equity account affected by the transaction and if change in cash is classified as operating (O), investing (I), financing (F), or noncash (NC). The first line has been completed for you as an exampleItem∆Cash = - ∆Noncash Assets + ∆Liabilities + ∆Stockholders Equity1. Prepaid office rent for cash -O = - + Prepaid Rent + + 2. Sale of land held for cash = - + + 3. Cash payment of taxes payable = - + + 4. Issue preferred stock to investors for cash = - + + 5. Purchase equipment that is financed directly by the seller = - + + 6. Paid cash dividend = - + + 7. Pay notes payable = - + + 8. Pay interest payable = - + +Which of the following is not a use of the statement of cash flows? a. Aids in the prediction of future cash flow. b. Provides a measure of the future obligations of the company. c. Helps estimate the amount of funds that will be needed from creditors or shareholders. d. Provides insights into the quality and reliability of reported income.
