Which of the following statements about prepaid insurance is true?
Q: From the following information, calculate - 1. Trade receivables turnover ratio 2. Average…
A: Ratio analysis helps to analyze the financial statements of the company. The management can take…
Q: If the number of units produced decreases, which of the following is true? answer choices…
A: Lets understand the basics. Variable costs are cost which changes with level of output. For ex.…
Q: Which of the following may not be included in a typical audit program for auditing Retained…
A: as an auditor this is usual examination of all the all transaction in the audit of retained earning…
Q: Alvarez and Reymond, both NGAs, exchanged their equipment. Relevant data is presented below…
A: Calculation of Initial Value of New Asset Initial value of New Asset Fair Value of…
Q: Wood Glow Manufacturing Co. produces a single product, a wood refinishing kit that sells for $17.95.…
A: The packaging department would compute the equivalent units for quilted wraps, outside boxes, and…
Q: Organization should use scanners and other physical counting technology for small tool inventory…
A: Managing the inventory is a big deal for may organisations because these organisations may have high…
Q: difference between IFRS standardization and harmonization
A: Financial Reporting (IFRS) are a set of accounting principles for financial reporting published by…
Q: 1. Calculate the capacity cost rate for the checking account process. Round your answers to the…
A: 1. Capacity cost rate = Total resources / Total check processing hours = 460,000 / 25,000 = 18.4…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: The the chart of accounts for Roth Co. includes the following accounts: Cash, Accounts Receivable,…
A: Solution: Double entry accounting system is system of accounting which ensures that every financial…
Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a…
A: Only the variable costs is relevant to the decision as it varies with production .Fixed cost on the…
Q: entity issued 1 500 debentures with face value of R20 000 each. The coupon rate on the debentures is…
A: Here Debenture is issued on discount, but for interest calculations it doesn't make any difference…
Q: If revenue exceeds expenses for the accounting period being measured, then we say the company…
A: net assets: Total assets - Total liabilities net loss: Expenses > Revenues net increase: Increase…
Q: On June 30, 2021, ABC Company acquired 50,000 representing 25% ownership interest in Arthur…
A: Investment is the asset or security bought to earn returns from the same in future.
Q: How important is a purchases budget and how does it help managers run a company?
A: budget is prepared by the company in order to estimate the income and expenditure that is to be done…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: example paper for this weeks individual project This list contains costs that various organizations…
A: Solution:- Classification each of these items as direct materials, direct labor, or overhead, and…
Q: O Perseverance Corporation is deciding whether to pursue a restricted or relaxed current asset…
A: Return on equity = Net income/equity Roe under restricted policy is 6.5℅ and under relaxed policy…
Q: 4.19 Waterfront Division of Maxwell Products manufactures a component used in the production of…
A:
Q: Honesty Company has been experiencing a decrease in sales for the past three months since its…
A:
Q: 9. A firm had owner's capital of P150,000 in 2013 and P187,500 in 2013. The increase in owner's…
A: Increase in owner's capital = P187,500 - P150,000 = P37,500
Q: Comans Corporation has two production departments, Milling and Customizing. The company uses a…
A: Introduction: Manufacturing costs are the costs incurred during the production process of a company.…
Q: Notification to the COA for any loss of government funds from unforeseen events shall be made within…
A: The COA stands for Council of Audit. It is a very important council for accounts, finance, and…
Q: D00 DO Accounts Payable Income Taxes Payable Bonds Payable Common Stock DO
A: Since there are multi sub-parts, we are going to solve first three for you. To get the remaining…
Q: A part year resident for the current year is an individual who either establishes residency in…
A: The statement is true.
Q: Which of the following statements is true? a. Accumulated depreciation is always higher than…
A: Introduction:- Depreciation is a non cash expenditure. Depreciation is charged on on fixed assets…
Q: D. 3.5 OHW Company's debt to equity ratio is 0.6. Current liabilities are P120,000, long term…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Sonimad Sawmill, Inc. (SSI), purchases logs from independent timber contractors and processesthem…
A: Introduction : Joint Processing cost describes that cost which has been incurred in the processing…
Q: On January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a…
A: Introduction: Non-current assets are those that are not expected to be used within a year. If a…
Q: Realization Test Principle/Theory.
A: Accounting is based on some principles, and to maintain uniformity, everyone must follow accounting…
Q: Problem on Longterm Construction On January 1, 2018, Builders Enterprises obtained a contract to…
A: calculation of above requirement are as follows
Q: Sarah moves to Germany on July 15. Of the current year, she is 35 and has lived in Canada all her…
A: Introduction: The legal position of a foreign national in a country where he or she is not a citizen…
Q: For each of the transaction below, identify in which journal the transaction will be recorded:…
A: The posting Process shows transferring the transactions recorded in the books of original entry in…
Q: a CFE was hired by B Industrial to investigate suspected fraud. the CFE started analyzing the…
A: Formulas: Current ratio = Current assets / Current liabilities Quick ratio = Quick assets / Current…
Q: Account Account Debit Credit no. title 101 cash 83,400 accounts receivable Prepaid Advertising…
A: The post closing trial balance is prepared after closing the temporary accounts of the business. The…
Q: Use the following Unadjusted Trial Balance for Monroe Entertainment Company for questions 44 - 49:…
A: Revenue is the amount earned in normal operating cycle. It should be credited to income statement.
Q: Problem 8-2 (IAA) Exemplar Company provided the following account balances on December 31, 2020:…
A: statement of financial position with all necessary workings are as follows
Q: I need help with question 34 -38 if you can
A: Disclaimer : “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: As the lead accountant for a small company, you notice that inventory purchases from a certain…
A: An accountant is a person who works accounting duties such as account analysis, audit, or financial…
Q: 6. Prosperous Bank has the following data for the first half of 2018: 1" Qtr. P 4,000,000 2nd Qtr. P…
A: Gross receipts tax refers to the tax imposed on the compiled gross sales of a company without…
Q: ADJUSTED TRIAL BALANCE Account Account Debit Credit no. title 101 cash 83,400 асcounts 102…
A: Financial statements are the reports prepared for the purpose of showing the business transactions…
Q: Abaca Company's accounts receivable is P240,000 at the beginning of the year and 280,000 at the end…
A: 1. 6× means 6 times. Accounts Receivables turnover ratio is 6 times. 2. Total Sales…
Q: Benoit Company produces three products-A, B, and C. Data concerning the three products follow (per…
A: When there is constraining resource , then the contribution margin per constraining resource has to…
Q: Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Prepaid…
A: Introduction: Net sales value: Deduction of sales returns and allowances , sales discounts value…
Q: The liability created by a business owner when purchasing an asset like office supplies or equipment…
A: The liabilities are the amount due to be paid to the creditors or suppliers of the business.
Q: Which of the following statements regarding accounting information systems is false? Multiple Choice…
A: Accounting is the process of recording, classifying, summarising and analysing financial information…
Q: explain. If, after obtaining an initial understanding of a client's internal control, the auditor…
A: Audit refers to the inspection of the company records or the financial information in order to check…
Q: P 150,000 200,000 400,000 700,000 50,000 P 500,000 100,000 450,000
A: In financial transactions, persons and companies frequently owe money, products, or services, which…
Q: A debt of 20,000 with 12% interest compounded semi-annually is to be amortized by semi-annual…
A: Semi-annual payment is the amount of money that is to be received or deposited every six months.
Q: DM, Inc. works on a P10,500,000 contract in 2015 to construct an office building. During 2015, DM,…
A: Introduction: Whenever a company employs the installments sales strategy to record its sales…
Step by step
Solved in 3 steps
- Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b. Prepaid expense c. Accrued revenue d. Accrued expenseMaking insurance payments in advance is an example of: Select one: a. An accrued receivable transaction. b. A prepaid expense transaction. C. An unearned revenue transaction. d. An accrued liability transaction.13. If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the service are performed will be?
- Which of the following accounts is considered a permanent or real account? A. Interest Revenue B. Prepaid Insurance C. Insurance Expense D. Supplies ExpenseWhich of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D. Accounts PayableWhat two accounts are affected by each of these adjustments? A. billed customers for services provided B. adjusted prepaid insurance to correct C. recorded depreciation expense D. recorded unpaid utility bill E. adjusted supplies inventory to correct
- What is the impact on the accounting equation when a payment of account payable is made? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesThe balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance, should appear in the: a.Trial Balance Credit column. b.Income Statement Debit column. c.Adjusted Trial Balance Credit column. d.Balance Sheet Debit columnWhich of the following accounts will appear on a balance sheet? A)Prepaid Insurance expense B)Depreciation expense C)Salaries Expense D)All of these 3 options E)None of these 3 options
- When the payment is made to creditors, it would result in which among the following? a. decrease receivables b. increase expenses c. increase equity d. decrease liabilitiesWhat effect does “recognizing revenue at the end of the accounting period for rent previously received in advance” have on the accounting equation for an insurance company? Liabilities decrease and shareholders’ equity increases. Assets decrease and liabilities decrease. Assets increase and shareholders’ equity increases. Assets increase and liabilities decrease.Which of the following account groups does not include a nominal account? a.Prepaid Insurance, Equipment, Fees Earned b.Owner’s Capital, Owner’s Drawing, Fees Earned c.Cash, Prepaid Insurance, Wages Payable d.Rent Revenue, Fees Earned, Miscellaneous Expense