Define a change in estimate and provide an illustration.View Solution: Define a change in estimate and provide an illustration
Q: Blue Ridge Marketing Inc. manufactures two products, A and B. Presently, the company uses a single p...
A: Given information is: Estimated overhead in Painting department = $243300 Estimated direct labour ho...
Q: Partners Gonzaga and Magada have capital account balances of P 30, 000 and P 20, 000, respectively,a...
A: A partnership means the agreement that is made between two or more person in order to conduct and ma...
Q: Legan Inc. started its operations with $25,700 in cash with the issue of common stock dated Jan 1, Y...
A: An income statement which is also called as profit and loss account is a type of financial statement...
Q: It is an amount owed to suppliers for goods purchased or services performed on credit. a. Outstandi...
A: Accounting is a process/system of recording financial transactions in the books of business entity. ...
Q: Classify the following type of cost with necessary reasons:1.A company had paid 15,50,000 to a marke...
A: Cost which are created in the past and it cannot be easily changed by making any decision in the fut...
Q: Whispering Company issued $9,000,000 par value 5% bonds at 97. One detachable stock purchase warrant...
A: A bond It is a fixed pay instrument . Bond is issued to represent to an advance made by a financia...
Q: Inventory is of great importance to a business. Explain: 1) why is it important? 2) how is it...
A: inventory is of great importance to a business. inventory control systems are important because they...
Q: Sales executives will negotiate and confirm the selling price and credit term with the customers dir...
A: Internal control is implemented by the management so as to ensure that the operations are running sm...
Q: Problem #1 Admission by Purchase of Interest or Investment of Assets Mallari and Chua are partners ...
A: Hey there since you have posted multiple questions, we can answer only first three questions please ...
Q: On January 1, 2020, Frontier Corporation had $1,000,000 of common stock outstanding that was issued ...
A: Given information is: Outstanding common stock = $10,00,000 Retained Earnings = $750,000 Net income ...
Q: 4. Octavia entered into a partnership. She contributes services as manager with a 25% share in the p...
A: Octavia entered into partnership. She contributes services as manager instead of asset contribution ...
Q: Both Siemens and their accountant KPMG and Walmart and their accountant EY failed to resolve the con...
A: Solution- An external audit is an examination that is conducted by an independent accountant. This t...
Q: This account represents the amount paid in advance for future cost of items or services. a. Revenue...
A: Every transaction is recorded in books of account and has got different relevance. Assets , liabilit...
Q: comparison of financial performance with one period to another period is possible this is as ...
A: Going concern assumption says that business will continue for unlimited number of year. Historical c...
Q: A significant amount of accounting information is dedicated to planning and controlling the use of d...
A: Cost of production refers to the total cost that is attributable to the production activities like c...
Q: IF you know : 1- Standard time 11 hour . 2- Actual time 9.5 hour . 3- Rate per hour ( 7500 )D. 4...
A: Under Rowan method wages are calculated based on predetermined standard time that is required to com...
Q: Mary is considering opening a hobby and craft store. Mary plans to operate the business for six year...
A: Present value factor for the net annual cash flows = Present value of annuity factor (6%, 6 years)
Q: Muscat Sayarati Co. uses a job-order costing system with a single plantwide predetermined overhead r...
A: Job order cost accounting may be a cost accounting technique that is employed to work out the price ...
Q: Which of the following is Appraisal cost? A. Recalls and warranty repairs B. Line Inspection and pro...
A: Cost accounting:- Cost accounting helps to record overall cost of the firm including variable and fi...
Q: On July 1, K Resser opened Resser’s Business Services. Accountant listed the following chart of acc...
A:
Q: A business purchased Furniture for RO 25, 000. The manager estimates the value of the machine to be ...
A: Historical cost concept is the accounting principle that states the value of any asset as well as ...
Q: On 1st July 2019, the Director Finance of Sapphire Fabrics Ltd., wishes to know the working capital ...
A: Total Working Capital Required for different purposes Total expected sales in C.Y. = 4000 + 50% = 60...
Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $453,000 Inv...
A: Given: Inventory, February 28, 2018= $453,000 Inventory, March 31, 2018= 332,000 Purchase Discounts ...
Q: Mortgage Investor Group opening an office in Portland, OregonFixed monthly costs are office rent ($8...
A: Solution- Average revenue per trade =1500 New break even point =30000/1500 ...
Q: On 1 January 2020, Halo Limited purchased a 10% $900,000 bond as its debt investment. 1. Halo purcha...
A: On 01.01.2020, Halo Limited purchased 10% bonds = $900000 against debt investment. Purchased bonds =...
Q: Keep track of your work. Below is an Unadjusted Trial Balance for Brenner's Bonsai Tree Company, se...
A: Journal entries means the book of prime entry incuding debit and credit item. Adjusting entry means ...
Q: An external audit undertaken on the operational risk department of Zenith Bank Ghana Ltd identified ...
A: Fraud risk- misconduct is a wider concept that usually known to violations of regulation, law, expec...
Q: Mary is considering opening a hobby and craft store. Mary plans to operate the business for six year...
A: Cash outflow is the amount of cash that a business disburses. The reasons for these cash payments fa...
Q: Record the basic consolidation entry and the amortized excess value reclassification entry. And als...
A: Journal Entry: Record the daily transactions/ entry in the journal is called journal entry. It is th...
Q: Frederick Company has two service departments (Cafeteria Services & Maintenance). Frederick has ...
A: One of the method of allocating cost is step allocation method where the service cost are allocated ...
Q: Shown below is a segmented income statement for Mullett Marina’s three main boating service lines: ...
A: PLEASE LIKE THE ANSWER: Winter Storage Boat Fuel & Co...
Q: 1. Using the Goal Seek Tool find the Net Income breakeven point for both years changing th...
A: NOTE : As per BARTLEBY guidelines, when independent questions are given, then first question is to b...
Q: Which of the following the correct equation for calculating the total income? a.Gross profit - inter...
A: Total income means the net profit which is earned by the business after deducting all the expense an...
Q: Mallari and Chua are partners who share profits and losses in a ratio of 3:2, respectively. They hav...
A: Hey there since you have posted multiple questions, we can answer only first three questions, please...
Q: Which of the following is the correct way of calculating Closing Capital? a.Opening capital +Retai...
A: Following is the answer to the given question
Q: On the basis of the projected proceeding data and projections prepare the following for Year ended e...
A: Budget means the quantitative expression of figures for the future period of time.
Q: Find the following: 1- The company's working capital 2- The company's current ratio 3- The company's...
A: Working capital = Current Assets - Current Liabilties Current ratio = Current Assets / Current Li...
Q: On April 10, a company acquired land in exchange for 1,000 shares of $20 par common stock with a cur...
A: The journal entries are prepared to keep the record of day to day transactions of the business. The ...
Q: At the beginning of the year, ABC Corp. purchased 40% of the outstanding ordinary shares of an inves...
A: Investments: An investment is considered an asset. It is an amount invested by the investor in PPE t...
Q: Sammy's Scooters plans to sell a standard scooter for $90 and a chrome scooter for $120. Sammy's pur...
A: Sales mix is the fixed ratio of sales when an entity sells two or more products.
Q: Problem 1-18 (AICPA Adapted) Aruba Company had a checkbook balance on December 31, 2020 of P8,000,00...
A: Cash and cash equivalents are the items that are presented in the balance sheet which shows the most...
Q: i have completed this in excel but would like to compare my answers
A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed ...
Q: a job-order costing s
A: Unit product cost of job = [Direct material cost + direct labor cost + Manufacturing overhead cost ]...
Q: Parent Company purchases 80% of the outstanding shares of Subsidiary Company for P9,000,000. The car...
A: In a business combination, an acquirer gains control over a business. When there is a business conso...
Q: Use the following data to found total wages by using ( Halsy method ). 1- Saved time ( 2.5) hour ev...
A: Earning(Wages) of a worker = [Time taken * Rate per hour] + [Time saved * Rate per hour * 50%] ...
Q: Power Corporation acquired 70 percent of Silk Corporation’s common stock on December 31, 20x2. Balan...
A: Goodwill is the premium amount paid over the net assets of the subsidiary company. Goodwill can be c...
Q: (ignore income taxes in this problem) your company uses a discount rate of 10%. the company has an o...
A: Given that: Original cost of machine = $38000 Annual cash flows = $10,000 Period = 5 years
Q: An employee works 51 hours (51 - 40 were overtime hours) during a workweek in December of 2019. He e...
A: The taxable income is referred to as the determined portion of income over which the tax liability i...
Q: Which one of the following is not correct regarding the predetermined overhead rate? O a. The predet...
A: The predetermined overhead rate is used to allocate manufacturing overhead costs during current peri...
Q: How to solve question 7-9 A
A: Error in Check No. 523 = $ 372.9 - $ 327.9 = $ 45
Define a change in estimate and provide an illustration.View Solution:
Define a change in estimate and provide an illustration
Step by step
Solved in 2 steps