Why are closing entries and reversing entries important in accounting?

Q: Direct Computation of Nonoperating Return with Noncontrolling Interest Balance sheets and income…

A: Answer -  “Since you have posted a question with multiple sub-parts, we will solve first three…

Q: 200000 110000 90000 74100 15900 Where The Red O come from 9 Amount $ 8900 70000 40000 NO.

A: Budgeting is a process where estimation of future income and expenditures prepared for a specific…

Q: Fast Wire Incorporated manufactures a scrambling device for cellular phones. The main component of…

A: Introduction: The productivity ratio is a metric used to compare output over time. The total…

Q: 2-9A LO 3 See Figure 2.3 on page 2-21 Under the decimal system of computing time worked at Timmerman…

A: Answer:-  Time card meaning:- A card used in conjunction with a time clock to keep track of an…

Q: a. b. Two workers, A and B, produce the same product on identical machines. A receives P35.00 per…

A: Cost :— Cost is the Amount of Expenditure which is Done for making a product. What you incurred for…

Q: Emerald Co. has 50,000 shares at $12 par common stock outstanding. If the company decides to buy 20%…

A: When the shares are bought back by the company or in simple terms reacquired by the company the…

Q: Bears, Inc. is considering investing in testing equipment to improve the quality control of its…

A: IRR (Internal Rate of Return) is the rate at which NPV is expected to be zero. This means it…

Q: XYZ, Inc. declared on January 1, 2015, that it will pay a cash dividend of $1.00 per share at the…

A: Share price is the sum of present value of all dividends. For finite series of dividends, P0…

Q: Fields Company has two manufacturing departments, forming and painting. The company uses the…

A: Lets understand the basics. There are two methods are followed for the calculating equivalent units…

Q: arr Company provides human resource consulting services to small- and medium-sized companies. Last…

A: Two type of costs are being incurred in business, one is fixed costs and other is variable costs.…

Q: QUESTIONS 1. Determine the total asset of each bank in each year and provide this information in a…

A: Total Assets :— Total Assets include Current Assets or Non Current Assets.  Where,  Current Assets…

Q: LVR Printing Services estimates that it will require 1,000 reams of a certain type of paper in a…

A: Economic order quantity is the optimum units to be ordered by the business entity. At this level of…

Q: Inventories Raw materials, beginning Work in process, beginning Finished goods, beginning Cost of…

A: The overhead is applied to the production on the basis of predetermined overhead rate. The…

Q: Marla company issued 150,000 ordinary shares. Of these, 7,500 shares were held as treasury at…

A: The question is based on the concept of Share Capital Accounting. Treasury shares are the shares…

Q: A company had the following assets and liabilities at the beginning and end of this year. Assets $…

A: End of year equity = Beginning of year equity + Owner investments - Owner withdrawals + Net income…

Q: In 2020, Edsel Company issued for P210 per share, 24,000 shares of P100 par value convertible…

A: The conversion of preference shares into ordinary shares will be booked at book value of preference…

Q: Reynolds Manufacturers Inc. has estimated total factory overhead costs of $105,300 and expected…

A: CONCEPT- To record a transaction of factory overhead absorbed during a period, the journal entry is…

Q: Which of the following causes a change in cash? Utilities expense is accrued at year-end.…

A: Change in Cash: The cash would be changed by the amount of cash paid for expenses or cash received…

Q: e note has been outstanding 10 months, what is the annual interest rate on that note?

A: Note payable refers to the long term liabilities which reflects the sum value of money a company…

Q: Required information [The following information applies to the questions displayed below.] Martinez…

A: Period Cost - Period Costs are the cost not directly related to the product. It is generally the…

Q: Required information [The following information applies to the questions displayed below.] Martinez…

A: Variable costs are those nature of costs which changes with change in activity level or volume.…

Q: Required information Skip to question   [The following information applies to the questions…

A: Answer:-  Charitable donation meaning:- A charitable donation is when someone gives money or…

Q: Using the table in Exercise 10, calculate the net present value for each project shown below at the…

A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows) The disparity…

Q: Kenneth Washington's weekly gross earnings for the week ended April 22 were $1,000, and his federal…

A: Introduction: Net pay is the amount of pay that remains available for distribution to an employee…

Q: rane Sporting is a listed company in New York. Its current before-interest, after-tax operating cash…

A: Free cash flow (FCF) is the cash a company generates after deducting cash outflows for operations…

Q: Billingham Industries, Inc. Comparative Income Statement For the years ended December 31, 2021 and…

A: Vertical analysis of income statement :— It is a type of income statement in which all items of…

Q: The following information relates to the only product made by Mario Traders for the year ended 31…

A: Income statement as per absorption costing is the one that considers total or full cost relating to…

Q: Acme Pest Control has sales of $13,500, cost of goods sold of $4,000, selling expenses of $3,500,…

A: The Income Statement tells how much any company had earned. Hence, income Statement helps to…

Q: Required information [The following information applies to the questions displayed below.] Jaguar…

A: Balance Sheet :— It is one of the financial statement that shows list if assets, liabilities and…

Q: Vision, a major component of its business. 516000, net of taxes, on the sale of Brenda's assets.…

A: In a income statement , income and expenses, profit and loss are segregated. Income from continuing…

Q: Annie buys a television set from a merchant who ask P1250 at the end of 60 days. Annie wishes to pay…

A: Simple Interest :— Simple interest is a quick and easy method of calculating the interest charge on…

Q: E1-6 Analyzing Revenues and Expenses and Preparing an Income Statement Assume that you are the…

A: Introduction: An income statement is a financial statement that details the company's earnings and…

Q: The following events apply to Pearson Service Co. for Year 1, its first year of operation:…

A: Journal Entries - Journal Entries are the form of entering transactions into debit and credit form.…

Q: Seaport Corp. had the follow February 1 Borrowed $20,000 from a bank and signed a note. Principal…

A: Given that, Amount borrowed from bank on 1 February = $20,000 at 9% interest. Amount paid for…

Q: Prepare the production department's equivalent units of production for direct materials under each…

A: Process costing is the technique of computing costs which is used when the goods to be produced,…

Q: Barra Inc. sells machinery to GM Corp. under an arrangement where GM prepays for the equipment on…

A: Unearned Revenue :— It is money that is received in advance for which service will be provided or…

Q: During the year ended December 31, 2020, The Zuckerberg Company purchased inventory for $500 and…

A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…

Q: Depreciation on the company's equipment for the year is computed to be $16,000. The Prepaid…

A: The journal entries are prepared to record the transactions on the regular basis. The adjustment…

Q: Calculate the Future Value of Lebogang's offer. Calculate the Present Value of Lesego's offer.…

A: Future value is the money is the value of the money which has been earned and computed by the person…

Q: Robina is shopping for a new television for her living room. As she is going through the purchase…

A: Purchase decision refers to the thought procedure which leads the consumer from identifying the…

Q: Dividends Per Share Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as…

A: A dividend refers to the percentage of profit per share paid by the company to its shareholders…

Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…

A: As  per the honor code we are bound to give the answer of first three sub part only, please post the…

Q: 20Y2 Mar. 1 Issued the bonds for cash at their face amount. Sept. 1 Paid the interest on the bonds.…

A: Bond :— Bond is Liability which is Owned by the Owner for a specific period of time and periodic…

Q: A civil engineer has 2 alternative designs for a house. Both designs involve the acquisition of a…

A: The total salary expense for each design will be calculated by multiplying the wage rate per day by…

Q: A project requires an initial investment of $100,000 and is expected to produce a cash inflow before…

A: The internal rate of return (IRR) is a financial research indicator used to determine the…

Q: Suppose your firm receives a $4.93 million order on the last day of the year. You fill the order…

A: Debit what comes in, Credit what goes out Debit all Assets, Credit all Liabilities Debit all income…

Q: Tanner-UNF Corporation acquired as a long-term investment $200 million of 6% bonds, dated July 1, on…

A: The process of recording business transactions in the books of accounts for the first time is…

Q: Zack is single and  has collected the following information for preparing his 2021 taxes: Gross…

A: According to the given question,  we are required to compute the adjusted gross income and taxable…

Q: 1. Rank the projects by Payback Period, Discounted Payback Period, NPV, Profitability Index and IRR.…

A: Sometimes there makes a problem to the company when there are two projects and on which there must…