Which of the following statements is incorrect?

Q: Arrow Industries employs a standard cost system in which direct materials inventory is carried at st...

A: Direct Labor usage (efficiency) variance = (Actual hours worked - Standard hours allowed) x Standard...

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

A: The correct answer for the above mentioned questions in the flowing steps for your reference. 

Q: Most home insurance policies cover jewellery and silverware for a limited amount unless items are co...

A: Amount not covered=Stolen Worth-Total Claim

Q: Contribution margin income statement data for the most recent year follow: Total Cat Food Dog Food $...

A: Total operating income with Dog food line is given at $78,000. If the Dog food line is discontinued,...

Q: Parent Company acquires Subsidiary Company on September 1, 2020. Parent seeks an independent valuati...

A: Goodwill is an intangible asset that is associated with the purchase of one company by another. Spec...

Q: e effect of financial distress and taxation on​ gearing?   A. Both constrain gearing   B. The ...

A: Gearing in accounting means how much is the debt against the equity in the capital structure of the ...

Q: The working capital financing policy that would put a company to the highest level of risk is the on...

A: Introduction:- Working capital play vital role in every business organization. Which are used to ru...

Q: Crane Electric sold $6,240,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January ...

A: Solution: When bonds are redeemed before maturity date, difference between carrying value and redemp...

Q: When a company uses the the effective-interest method to amortize a bond discount amortization, the ...

A: As per effective interest method, there are two ways of recognizing the interest expense. first the ...

Q: ly. Thank you :)

A: In this question, we have to calculate the interest income of the third year of the contract.

Q: When share appreciation rights are granted to employees

A: Stock appreciation rights :  It's a type of incentive which is provided by a company to It's employe...

Q: Mathis Company and Reece Company use the perpetual inventory system. The following transactions occu...

A: The question is based on the concept of Financial Accounting.

Q: Jan has a 35% marginal tax rate and has already recognized a STCL of $12,000 and a LTCG of $10,000, ...

A: Irrespective of the marginal tax rate, capital gain tax rate on collectibles/ antiques is 28%. 

Q: The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capit...

A: Existing Capital = Felton, Capital + Burchell, Capital Total Capital = Existing Capital + New Capita...

Q: -2. Use the horizontal model to show the effect of signing the note and the receipt of the cash proc...

A: Solution The notes payable is issued at the discounted price When the note is issued at the discount...

Q: Rahim and Karim undertook jointly to build a house for a company at an agreed price of Tk. 60,000, p...

A: Answer:-  Joint venture definition:- Joint venture is one of the unique type of commercial partnersh...

Q: I need the answer as soon as possible

A: There are different methods for forecasting population. Some of the methods are  1. Arithmetic Incre...

Q: 2. XYM Store recorded the following information for the first quarter of its operations for 2008: Ca...

A: Current assets are assets that are readily converted into cash in less than a year. It includes cash...

Q: Bulldogs Inc. enters into an agreement with a firm that will factor the company’s accounts receivabl...

A: The comparable annual cost of an asset is the yearly cost of owning, running, and maintaining it thr...

Q: The business owner uses personal funds to purchase common stock in his company, what is the journal ...

A: Lets understand the basics. Journal entry is required to make to record event or transaction occur d...

Q: Exercise 7-11 (Algo) Unearned revenues—customer deposits LO 3 Skip to question   [The following inf...

A: Journal Entry The basic process of accounting work is to journalize the required transaction into de...

Q: Bulldogs Inc. wants to analyze its variances in its actual and budgeted operation. ·       There is...

A: Sales price variance  is the difference between Actual Sales and Budgeted sales Estimated by the com...

Q: The new manager of inventory at Bulldogs Inc. is developing an inventory control system and plans to...

A: Safety stock refers to extra or additional quantity of inventory held in stock by a company in order...

Q: On February 28, 2022, P Corp. purchased 80% of S Co.’s P10 par ordinary shares for P986,000.  On thi...

A: USING FAIR VALUE METHOD    CALCULATION OF NCI AS ON DATE OF AQUISITION   NCI (986000/80% *20% ) ...

Q: While checking the cash accounts of Ruler Company on December 31, 2016, you find the following  info...

A: Solution Bank reconciliation statement is a summary of banking and business activity that reconciles...

Q: Bulldogs Inc. recently reported net income of P5,000,0000. The firm has P40,000,000 total assets. Ne...

A: The increase in retained earnings is calculated as change in net income multiplied by the retention ...

Q: Sinovac Corporation, a 75% own subsidiary of Pfizer Corporation sells inventory to its parent at 150...

A: Solution Determine the realised and unrealised profits- Downstream P: (sellers) (s buyer) Cost on...

Q: What is the acquisition cost of the new computer?

A: 1 Purchase Discount: It's an offer from supplier to the buyer that                                  ...

Q: What is commercial risk?

A: In financial terms, risk is defined as the possibility that the real profits from an outcome or inve...

Q: Advise the college on the weakness in its systems and procedures due to payroll fraud.

A:   List of some actions to be taken by college on the weakness in its systems and procedures due to p...

Q: The following financial information is available for Sheridan Ltd. as at December 31 (in thousands, ...

A: Earnings per share=Profit-Preferred share dividends (total)Weighted average number of common shares ...

Q: Taylor's Black Pearls perfume despite having already spent $15 million on development, marketing, an...

A: When company should go with when at least variable cost are covered and even though fixed cost are n...

Q: er 30, 2022, AA decides to retire from the partnership. Net income of the partnership from January 1...

A: ln case of partnership there is agreement between two or more partner to share profit and losses in ...

Q: The carrying cost curve and ordering cost curve of Bulldogs Inc.'s inventory intersect at 3,50 units...

A: the concept of economic order quantity for me is applicable where there is ideal order quantity. is ...

Q: A business combination resulting to a goodwill is accounted using acquisition method. In the consoli...

A: Net income of the Subsidiary are adjusted in case of business combination. To find out the retained ...

Q: Gosens Company began operations on December 1, 2020. Presented below is selected information related...

A: Solution..   Service Revenue = $135,000  Rent expenses = $22,000  Utilities expenses = $23,000  Main...

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: Understated (overstated) expense in 2020  = Actual expense for the year - Expenses booked in this ye...

Q: Required information Exercise 7-5 (Algo) Trade and cash discounts; the gross method and the net meth...

A: The methodical recording of financial transactions in a certain format in a company's accounting rec...

Q: Why do you think it is important to know the origin of accounting? 2. In your own understanding, wh...

A: Accounting is the process in which transactions of the business are recorded and in the end result o...

Q: A partnership began its first year of operations with the following capital balances: Young, Capita...

A: Profit and Loss Appropriation Account is a nominal account prepared for the purpose of distributing ...

Q: On January 1, 2020, PEARLS Corporation acquired the identifiable net assets of START UP Company. On ...

A: When a company acquires assets and liabilities of another company, certain purchase consideration is...

Q: On February 28, 2022, P Corp. purchased 80% of S Co's P10 par ordinary shares for P986,000. On this ...

A: Introduction Non controlling interest means stakeholders who have less than 50 % equity and have no ...

Q: Ramapo Company produces two products, Blinks and Dinks. They are manufactured in two departments, Fa...

A: Factory overhead also called manufacturing overhead,  cost incurred during manufacturing process, wh...

Q: The shareholders' equity section of PRAY Corp. on December 31, 20x1 appeared as follows: Preference ...

A: Unappropriated Retained Earnings Unappropriated Retained earning which is described as the amount wh...

Q: Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cas...

A: Average amount of account Receivable = Days of sales outstanding x Sales / 360 Days of Sales Outstan...

Q: Pledged Assets : Plant, property, and equipment (PPE) Merchandise inventory Free assets Total assets...

A: Estimated recovery value is also written as ERV. It is the amount which is to be recovered by realis...

Q: PHP55,000, and expected to earn a gross profit per unit of PHP10,000. At the end of the month, after...

A: Sales Price Variance = ​(AP − SP)× Units Sold   Actual units sold = 1000 + 100 =1100 units  Expected...

Q: Buchanan Company currently sells 4,000 units of product Q for $1 each. Capacity is 5,000 units. Vari...

A: Increase (decrease) in income = (Unit sales price for offer - Unit variable cost) x no. of units - C...

Q: At the beginning of the year, the AAA of Rose, Inc. shows a balance of $682,000. During the year, th...

A: I am answering the first question out of multiple submitted questions as per bartleby guidelines. Pl...

Q: Bulldogs Inc. has a variable cost ratio of 20% and a 10% receivable financing cost. The firm is plan...

A: Following is the calculation of Accounts Receivable balance under old credit standard.