Why are the board members of the IASB limited only to 14 people? Aren't they bombarded with workloads if there's only a few human resource
Q: The company recorded a net loss of P185,000 for the year just ended. Total operating expenses was P3...
A: Answer: We have Gross sales- Sales discount- cost of sales- operating expenses = Net profit/ loss Gi...
Q: Time of Babe Co. has the following information: Accrued rent income – January 1 1,600,000 Accr...
A: Accrual accounting is a finance and accounting method that allows a company to record revenue before...
Q: The normal balance of an account is on the Debit side of the account Side represented by increase ...
A: An account balance usually represents money in monetary terms an account balance is either a debit ...
Q: Use T-accounts to record the 4 months’ of transactions noted below for this new start-up company. R...
A: A t-account is a log or list of accounts that keeps track of account transfers.
Q: 6.6 Problem HYZEL Manufacturing Company presents the following: Statement of Comprehensive Income De...
A: As only sub-parts 4, 5 and 6 are asked, therefore answering them accordingly. Retained earnings refe...
Q: for $1988, a returned(dishonoured) cheque for $500 and account fees for $16. Rita has also notice th...
A: Cash payments journal is journal used to record all the cash payments in the business. Cash receipts...
Q: How much is the net profit of the joint arrangement? D253 500
A: Net profit is the profit which a company earns after all the expenses and cost of goods sold has bee...
Q: Listed below are items that are commonly accounted for differently for financial reporting purposes ...
A: Financial accounting refers to the accounting which helps in keeping a logical as well as systematic...
Q: Below is an incomplete Statement of Financial Position for a company at the end of 2020. ...
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are ...
Q: in c me of th o ac in is i t o pa ent
A:
Q: Journalize the March transactions. Pronghorn's records golf fees as service revenue. (Credit account...
A: Journal entries recording is the initial step of accounting cycle process, under which atleast one a...
Q: Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required ...
A: The question is based on the concept of Financial Accounting.
Q: Identify each of the following reconciling items as: an addition to the cash balance according to t...
A: Ideally cash balance as per cash book and bank balance as per bank statement must reconcile with eac...
Q: Failure to prepare an adjusting entry at the end of the period to record an accrued expense woul O a...
A: Adjustment entry of accrued expenses is passed at the end of accounting period to recognise expense ...
Q: Headland Company adopts acceptable accounting for its defined benefit pension plan on January 1, 201...
A: GIVEN 2019 2020 2021 Annual service cost $15,800 $19,400 $26,100 ...
Q: Empress Company provided the following data for the current year: Retained earnings, January 1 ...
A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...
Q: Pronghorn Inc. manufactures a variety of consumer products. The company’s founders have run the comp...
A: Calculation of Earnings Before Interest and Taxes : Particulars Amount ($) Sales (net) 30,51...
Q: DEE Inc. purchased 600 milking cows on January 1, 2020 for P2,700,000. During 2020, the change in fa...
A: Answer: Biological assets are those assets that are dealt by IAS 41 " Accounting for agriculture". ...
Q: Explain why most companies use the straight-line method, despite the benefits of accelerated depreci...
A: Accelerated depreciation is a type of method of depreciation in which an asset's book value deprecia...
Q: Leni Company had a balance of P820,000 in the professional fees expense account on December 31, 2020...
A: Professional fees for the year ended December 31,2020 Professional expense balance + Billed amount f...
Q: 4. Net income for Jimin Company for 2020 includes the effect of the following transactions involving...
A: Depreciation expense refers to the amount which is subtracted from the gross profit in order to allo...
Q: During 2020, Mami Corp. received P8,000,000 from tenants. The balance sheet contained the following ...
A: The rent receivable from previous year was the income for that year only which is received in cash d...
Q: Required: A. How many units were completed during the period? Answer the following using the...
A: Process costing refers to the allocation of direct costs and indirect costs to a manufacturing proce...
Q: FDN Company reported the following on December 31, 2021, before adjustments: Accounts Receivable P11...
A: Estimated uncollectible accounts = accounts receivable x uncollectible % Doubtful accounts expense f...
Q: counts receivable subsidiary ledger 6. At the begini Accounts Receivable in the general ledger shoul...
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question ...
Q: 1. Determine the estimated warranty liability on December 31, 2022. 2. Analyze the estimated warrant...
A: Answer: We are given First year warranty = 4% Second year warranty = 10%
Q: ABC Company acquired forest assets for a lump sum amount of P32,000,000 which is equal to the lump s...
A: As per International Accounting Standard 41 biological asset is any living plant or animal owned by ...
Q: Gerald paid $1730 to install a lift which was hydraulic in nature and an air filter which costs $88 ...
A: Transactions of an organisation will be recorded initially through journal entries in the books of a...
Q: An entity had the following events and transactions during 2020: - Depreciation for 2019 was underst...
A: Answer: An entity had the following events and transactions during 2020:- Depreciation for 2019 was ...
Q: 2. For the year ended Dec. 31, 2020, Taehyung Company paid interest totaling P prepaid interest expe...
A: Answer: Given is the interest paid for year ended 2020 and some adjustments of prepaid expenses. Sol...
Q: On December 31, 2015, Raja Corporation's balance sheet reported the following: The following transac...
A: Treasury stock: Shares that are bought back by the company from the open market but not retired from...
Q: Exercise 3-6 (Division of Profit; Interest on Capital, Salary Allowance, and Bonus to Managing Partn...
A: Interest on capital of Becky = P200,000 x 10% = P20,000 Annual salary of Lala = P8,000 x 12 months =...
Q: supplies expense, and advertising expense. It categorizes the remaining expenses as general and admi...
A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...
Q: The following are selected accounts and balances for Mergaronite Company and H, Inc, as of December ...
A: Consolidation is technical analysis means an asset. It is used to describe a stock price movement fo...
Q: Cost Retail Inventory, 12/31/2021 Purchases 500,000.00 725,000.00 1,285,000.00 2,220,000.00 Purchase...
A: GIVEN The following information relates to CEE Company: (Refer to image). Assuming CEE Company u...
Q: One of the three DVD players left in stock, with serial #1012, was purchased on June 1 at a cost of ...
A: Under FIFO method of inventory valuation goods purchased first, are sold first. Specific identifica...
Q: As of January 1, 2015, DLSU Inc. has a total of 2,000 employees. Under the SSS Law, DLSU is required...
A: Accrued Expenses arises when payment of expenses is less than the required expenses whereas prepaid ...
Q: Sato Consulting Services paid $1,500 to Office Supplies Mart, Inc, as payment on account for Invoice...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Bonita Bundle B includes the tablet and Internet service plus a service plan for the tablet PC (for ...
A: The question is based on the concept of Financial Accounting.
Q: 5. What is the role of IT auditor in the Strategic Planning, Project Management and Software Acquisi...
A: An auditor may be a person authorized to review and verify the accuracy of monetary records and make...
Q: Why you should use actual costing in job order costing
A: job order costing is a type of costing in which the job cost record shows each item like direct mate...
Q: Kinesis Company paid or collected during 2021 the following items: Insurance premiums paid 25,450 ...
A: Kinesis Company paid salaries and insurances and received interest income in 2021. These are cash tr...
Q: You are a wedding dress maker. You obliged yourself to deliver a wedding dress on May 20, 2021, four...
A: SOLUTION COST ACCOUNTING IS A PROCESS TO ASSIGNING THE COSTS TO COST OBJECTS THAT TYPICALLY INCLUDES...
Q: Problem 11 The accounts of DMCI Holdings, Inc. revealed the following facts on August 31,2019. 1,200...
A: Bank Balance as per Statement 12,00,000 We need to find the cash balance as on 31 august
Q: ABC Corporation wishes to raise money by selling a 90-day promissory note in the short-term money ma...
A: Solution Given Maturity period of note 90 days Amount payable at maturity 17000000 Y...
Q: The adjusted trial balance of Karise Repairs on December 31 follows. KARISE REPAIRS Adjusted Trial B...
A: The question is based on the concept of Financial Accounting.
Q: Preparation of adjusting entry for depreciation is supported by which principle/concept/assumption? ...
A: 1| Matching Concept: It states that every income earned should have corresponding expenses incurred...
Q: Gerald Company had the following account balances for 2021. December 31 January 1 Accounts pay...
A: SOLUTION NET INCOME REFERS TO THE AMOUNT AN INDIVIDUALS AND BUSINESS MAKES AFTER DEDUCTING COSTS , A...
Q: The following information from Jumbo Company's first year of operations is to be used in treating th...
A: >Account receivables are the balances of customers or borrowers who owe the business certain amou...
Q: Listed below are items that are treated differently for accounting purposes than they are for tax pu...
A: The question is based on the concept of Accounting Standards.
Step by step
Solved in 2 steps
- Types of Responsibility Centers Consider each of the following independent scenarios: a. Terrin Belson, plant manager for the laser printer factory of Compugear Inc., brushed his hair back and sighed. December had been a bad month. Two machines had broken down, and some factory production workers (all on salary) were idled for part of the month. Materials prices increased, and insurance premiums on the factory increased. No way out of it; costs were going up. He hoped that the marketing vice president would be able to push through some price increases, but that really wasnt his department. b. Joanna Pauly was delighted to see that her ROI figures had increased for the third straight year. She was sure that her campaign to lower costs and use machinery more efficiently (enabling her factories to sell several older machines) was the reason why. Joanna planned to take full credit for the improvements at her semiannual performance review. c. Gil Rodriguez, sales manager for ComputerWorks, was not pleased with a memo from headquarters detailing the recent cost increases for the laser printer line. Headquarters suggested raising prices. Great, thought Gil, an increase in price will kill sales and revenue will go down. Why cant the plant shape up and cut costs like every other company in America is doing? Why turn this into my problem? d. Susan Whitehorse looked at the quarterly profit and loss statement with disgust. Revenue was down, and cost was upwhat a combination! Then she had an idea. If she cut back on maintenance of equipment and let a product engineer go, expenses would decreaseperhaps enough to reverse the trend in income. e. Shonna Lowry had just been hired to improve the fortunes of the Southern Division of ABC Inc. She met with top staff and hammered out a 3-year plan to improve the situation. A centerpiece of the plan is the retiring of obsolete equipment and the purchasing of state-of-the-art, computer-assisted machinery. The new machinery would take time for the workers to learn to use, but once that was done, waste would be virtually eliminated. Required: For each of the above independent scenarios, indicate the type of responsibility center involved (cost, revenue, profit, or investment).The Vice President of a telecommunications company thinks yhat Department A needs to be eliminated as it is affecting the entire organization. You have been assigned the job of determining if Department A should be eliminated or not and informing the President. The following information has been gathered to assist you in making this decision: (see the picture) The following information is also necessary to assist you in your decision. 1. One of the part-time salaried employees in Department A has been with the company for many years. If Department A is eliminated, she will be transferred to another department with a salary of $4,800 per quarter. All other employees will be laid off. 2. All departments are housed in the same building. The store leases the entire building at a fixed annual rental rate and rent expenses are allocated based on space occupied. 3. If Department A is eliminated, the utilities bill will be reduced by about $11,000 per quarter. 4. If Department A is…Tonya Martin, CMA and controller or the Parts Division of Gunderson Inc., was meeting with Doug Adams, manager of the division. The topic of discussion was the assignment of overhead costs to jobs and their impact on the divisions pricing decisions. Their conversation was as follows: Tonya: Doug, as you know, about 25% of our business is based on government contracts, with the other 75% based on jobs from private sources won through bidding. During the last several years, our private business has declined. We have been losing more bids than usual. After some careful investigation, I have concluded that we are overpricing some jobs because of improper assignment of overhead costs. Some jobs are also being underpriced. Unfortunately, the jobs being overpriced are coming from our higher-volume, labor-intensive products, so we are losing business. Dong: I think I understand. Jobs associated with our high-volume products are being assigned more overhead than they should be receiving. Then when we add our standard 40% markup, we end up with a higher price than our competitors, who assign costs more accurately. Tonya: Exactly. We have two producing departments, one labor-intensive and the other machine-intensive. The labor-intensive department generates much less overhead than the machine-intensive department. Furthermore, virtually all of our high-volume jobs are labor-intensive. We have been using a plantwide rate based on direct labor hours to assign overhead to all jobs. As a result, the high-volume, labor-intensive jobs receive a greater share of the machine-intensive departments overhead than they deserve. This problem can be greatly alleviated by switching to departmental overhead rates. For example, an average high-volume job would be assigned 100,000 of overhead using a plantwide rate and only 70,000 using departmental rates. The change would lower our bidding price on high-volume jobs by an average of 42,000 per job. By increasing the accuracy of our product costing, we can make better pricing decisions and win back much of our private-sector business. Doug: Sounds good. When can you implement the change in overhead rates? Tonya: It wont take long. I can have the new system working within four to six weekscertainly by the start of the new fiscal year. Doug: Hold it. I just thought of a possible complication. As I recall, most of our government contract work is done in the labor-intensive department. This new overhead assignment scheme will push down the cost on the government jobs, and we will lose revenues. They pay us full cost plus our standard markup. This business is not threatened by our current costing procedures, but we cant switch our rates for only the private business. Government auditors would question the lack of consistency in our costing procedures. Tonya: You do have a point. I thought of this issue also. According to my estimates, we will gain more revenues from the private sector than we will lose from our government contracts. Besides, the costs of our government jobs are distorted. In effect, we are overcharging the government. Doug: They dont know that and never would unless we switch our overhead assignment procedures. I think I have the solution. Officially, lets keep our plantwide overhead rate. All of the official records will reflect this overhead costing approach for both our private and government business. Unofficially. I want you to develop a separate set of books that can be used to generate the information we need to prepare competitive bids for our private-sector business. Required: 1. Do you believe that the solution proposed by Doug is ethical? Explain. 2. Suppose that Tonya decides that Dougs solution is not right and objects strongly. Further suppose that, despite Tonyas objections, Doug insists strongly on implementing the action. What should Tonya do?
- 14 - Which of the following statements is incorrect? a) Performance appraisal is merely a tool that provides feedback to individuals. B) One of the most important activities of human resources management personnel is to protect and develop the workforce. NS) The performance appraisal process sets business standards. D) The performance appraisal process helps measure the employee's current performance relative to standards. TO) A standard performance appraisal process helps organizations increase their performance, increase their motivational efforts, and solve many morale problems.The single largest cost item for universities is salaries/wages. The UUS university has asked you torecommend controls for its Human Resources/Payroll function.List the threats and justify the controls for a Human Resources/Payroll function.Company B uses a responsibility reporting system to measure the performance of its three investment centers: Planes, Taxis, and Limos. Segment performance is measured using a system of responsibility reports and return on investment calculations. The allocation of resources within the company and the segment managers’ bonuses are based in part on the results shown in these reports.Recently, the company was the victim of a computer virus that deleted portions of the company’s accounting records. This was discovered when the current period’s responsibility reports were being prepared. The printout of the actual operating results appeared as follows. Planes Taxis Limos Service revenue $ ? $450,000 $ ? Variable costs 5,000,000 ? 320,000 Contribution margin ? 180,000 380,000 Controllable fixed costs 1,500,000 ? ? Controllable margin ? 70,000 176,000 Average operating assets 25,000,000 ? 1,600,000 Return on investment 12% 10% ? InstructionsDetermine the missing pieces…
- Reeve Lumber Company has a small information systems department consisting of five people. A backlog of approximately 15 months exists for requests for new systems applications to even be considered. Both information users and systems personnel are unhappy with this state of affairs. The users feel that the systems department is not responsive enough to their needs, while the systems personnel feel overworked, frustrated, and unappreciated.Janet Hubert, the manager of the systems department, has decided that she needs to take a proactive measure. She is requesting the funds to purchase a CASE system for approximately $75,000 that takes about 2 months to install and train workers how to use it. The president of the company, Mike Cassidy, initially responded by questioning the wisdom of taking the systems personnel away from their duties when they are backlogged so they can learn a system. Prepare a memo from Hubert to Cassidy. In the memo, outline the expected benefits of purchasing and…What can be one strategy that HR should employ in making sure that the recruits they get stay in the company just a bit longer? Explain in detail. GETTING BETTER CANDIDATES Trifecta Software, Inc. of Austin, Texas, is one of the fastest growing software companies in the industry, with current earnings in the $100 million to $200 million range. It prides itself on its unique and unorthodox culture. Many of its approaches to business practice are unusual, but in Trifecta’s fast- changing and highly competitive environment they seem to work. There is no dress code and employees make their own hours, often very long. The environment is so lax, that even the highest honcho in the office is wearing jeans and a crew neck shirt. Often times, he would be referred to as the “cool dude” of their organization. Everyone in the office tends to socialize together as the average age in the company is around 25 – 28 years old. Those who are in their 30’s to 40’s are considered as the…Nasdaq wants to require the more than 3,000 companies listed on its stock exchange to improve boardroom diversity by appointing at least one woman and at least one minority or LGBTQ+ person to their boards. If this policy is implemented, how will it affect compensation of women who are already board members? Can you tell if compensation of newly appointed female board members is likely to be higher than it currently is?
- Hirsch has been given 20 minutes at an upcoming meeting to pitch his idea for a process-improvement program to the rest of the Metropolis leadership team. What should he do before he gives the pitch? How should Hirsch organize this pitch and what information should he include?Donovan Ramsey, the Chief Financial Officer of LevelUp Business Consulting, has advised you that the company is considering closing its Calgary, Alberta office and transitioning the staff of that location to permanent work from home employees. The employees home offices would not be considered a permanent establishment of the employer. Eight staff members currently report to the Alberta office, and the total payroll is $775,000.00. The organization’s head office and payroll department are in Mississauga,Hannah Gilpin is the controller ofBlakemore Auto Glass, a division of Eastern Glass and Window. Blakemore replaces and installs windshields.Her division has been under pressure to improve its divisional operating income. Currently,divisions of Eastern Glass are allocated corporate overhead based on cost of goods sold. Jake Myers,the president of the division, has asked Gilpin to reclassify $50,000 of installation labor, which is includedin cost of goods sold, as administrative labor, which is not. Doing so will save the division $20,000 in allocatedcorporate overhead. The labor costs in question involve installation labor provided by traineeemployees. Myers argues, “the trainees are not as efficient as regular employees so this is unfairlyinflating our cost of goods sold. This is really a cost of training (administrative labor) not part of cost ofgoods sold.” Gilpin does not see a reason for reclassification of the costs, other than to avoid overheadallocation costs. Describe Gilpin’s…