Explain why “differential cost” and “variable cost” do not have the same meaning. Give an example of a situation in which there is a cost that is a differential cost but not a variable cost.

Q: Lee Wong, CPA, is auditing the financial statements of the Alexandria Corporation, which has a batch...

A: Internal controls are the policies, procedures, systems formed by the management team of the Company...

Q: 6. Keaubie Co. retired a piece of equipment that was fully depreciated and had no salvage value. The...

A: As posted multiple independent questions we are answering only first questions kindly repost the una...

Q: The following selected accounts from the Novak Corp.’s general ledger are presented below for the ye...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

Q: Identify several benefits of the post-audit.

A: The Audit is the process of collecting data, processing, accessing them to find the mistakes that he...

Q: What does the elimination process accomplish?

A: Intercompany elimination:   Intercompany elimination refers to the process in which the transactions...

Q: Following are Game Group revenue and expense accounts for a recent March 31 fiscal year-end (yen in ...

A: Closing entries are prepared at the end of the accounting period. It is a method of closing the temp...

Q: what is the solution of question P3.5(part d）？

A: d) Trial Balance:  It is prepared after closing all income statement accounts. It involves only bala...

Q: Pleasant Place Plc is contemplating as to whether to invest in the Hotel or Tourism business. TheCha...

A: According to ques, both businesses have same amount of profit. But after charging depreciation to ho...

Q: Compute the selling price of 10%, 15-year bonds with a par value of $240,000 and semiannual interest...

A: Bond: It can be defined as a financial instrument of indebtedness that reflects a loan made by the b...

Q: Classify the following cash flows as either operating (O), investing (I), or financing (F) activitie...

A: Cash Flow Statement:   It is a financial statement prepared by a company to report their cash inflow...

Q: The best way to enact a broad fraud prevention program is toa. Install airtight control systems of c...

A: Fraud is the act of deliberately conducting false reporting of facts, to acquire funds or property w...

Q: Please help solve

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its...

Q: Portman Corporation has retained earnings of $675,000 at January 1, 2017. Net income during 2017 was...

A: Retained earnings: The accumulated income is retained with the company for future needs. Retained ea...

Q: Contrast the following types of bonds: a. Secured and unsecured. b. Term and serial. c. Callable and...

A: Requirement a:   Secured Bond:   It is a form of investment in debt that is secured with a specific ...

Q: R Limited has traditionally valued its inventory using the weighted average method of valuation. Dur...

A: As it is clearly visible from the question that FIFO has increased the ending value on inventory, th...

Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial ...

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the de...

Q: the colson company issued $300 000 of 10 bonds on january 1 2020. the bonds are due january 1 2025 w...

A: Bonds:   Bonds are long-term promissory notes that are represented by a company while borrowing mon...

Q: The following book and fair values were available for Westmont Company as of March 1                ...

A: Journal: Recording of a business transactions in a chronological order.

Q: The current pay period ends on Friday, January 2, yet the company’s fiscal year-end is onWednesday, ...

A: Operating income is the the difference between gross profit and operating expenses.  

Q: If Inventory is purchased on credit, then there are: Select one: a. an increase in Assets and an ...

A: Current assets: Current assets are all those assets which are expected to be sold or used as a resul...

Q: Bonita Corporation, having recently issued a $20,062,200, 15-year bond issue, is committed to make a...

A: Future value: This is the amount of present value accumulated or compounded at a rate of interest ti...

Q: What problems relating to the company’s activities are revealed by the statement of cash flows thaty...

A: Cash Flow Statement:   It is a financial statement prepared by a company to report their cash inflow...

Q: Explanation consideration for business while d a inventory system from  lifo fifo and weighted avera...

A: LIFO (Last in first out) LIFO is used to place an accounting value of inventories. It is based on th...

Q: how can depreciation be a cash flow?

A: Depreciation is an accounting method of allocating the cost of a tangible or physical asset over its...

Q: Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible ...

A: Allowance for Doubtful Accounts: This is a contra asset account to the Accounts Receivables account ...

Q: The carrying value of a company's non-current assets was $200,000 at 1 August 20X0. During the year ...

A: We have the following information: Value of a company's non-current assets on 1 August 20X0 $200,00...

Q: Ben and Molly are married and will file jointly. Ben generates $300,000 of qualified business income...

A: Taxable income is the measurement of income which is used to calculate the amount of tax that needs ...

Q: Profits generated by SM Prime Holdings were ₱100 million for the first year and increased by ₱10 mil...

A: Internal rate of return method: Internal rate of return method is one of the capital investment meth...

Q: Grant Company purchased the net assets of Harding Company on January 1, 2015, and made the following...

A: 1. The journal entry is given below: Journal entry Date  Account title Debit ($) Credit ($) i...

Q: On July first, AI purchased on account stationery costing $1313.25. The transaction was journalized ...

A: As stationery is purchased on account there is no need to credit the cash. so actual entry should be...

Q: what are the major advantages of the indirect method of reporting cash flow from operating activitie...

A:

Q: Broadsystems designs websites and writes bespoke software. It disclosed in its financialstatements $...

A: The disclosure of 15 million of music and screen production right by Broadsystems which it acquired ...

Q: Which sentence is not true? Select one: a. In Partnership, the ownership divided into shares of s...

A: Partnership: Minimum Two number of members required to form a business called Partnership.

Q: What are the accounting ramifications of each of the three following situations involving the paymen...

A: a.  

Q: Why are support department costs difficult to apply to products?

A: Given: The difficulty in applying the support department costs on products.  

Q: What documentation should an auditor inspect when a client has paid off a bank note? Howcould an emp...

A:

Q: Prepare the adjusting entry on January 31, During the first month of operations the following transa...

A: Journal: Recording of a business transactions in a chronological order.

Q: The post-closing trial balance shows all the permanent accounts with their updated values after the ...

A:

Q: describe diff erent types of assets and liabilities and the measurement bases of each

A: Assets are worthy resources that business owns to get future benefits. They are fixed assets which c...

Q: Breakspear Co purchased 600,000 of the voting equity shares of Fleet Co when the value of the noncon...

A: We have the following information: Breakspear Co purchased 600,000 of the voting equity shares of F...

Q: Ch2 Question 15: In which financial statement is the accounting equation displayed? Answer: ...

A: Hey, since there are multiple questions posted, we will answer first question. If you want any speci...

Q: What is the solution of question P3. 5 (part d to g)?

A:   Name of accounts  L.F. Balance DR. Balance CR. Cash 101 5920   Accounts Receivable  112 283...

Q: Emerald, Inc, produces a single product. The results of the company's operations for a typical month...

A: Cost of Monthly lease payments is $20,000 per month Cost of royalty plan is as follows: Resultant t...

Q: Finley Corporation had income from continuing operations of $10,600,000 in 2017. During 2017, it dis...

A: Earning per share indicates the per share income of the shareholder it can be calculated by the foll...

Q: How does the auditor’s opinion differ between scope limitationscaused by client restrictions and lim...

A: The auditor's opinion might be competent by scope limitations brought about by client limitations or...

Q: Why is the audit of revenue recognition riskier for a new company

A: According to the GAAP, the companies should not claim any revenue until they have provided the custo...

Q: Distinguish between IFRS and IAS

A: International Financial Reporting Standards:   IFRS (International Financial Reporting Standards) is...

Q: Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2017. Expenses...

A: Earnings per share: It is to be calculated , preferred dividend part is to be deducted from the net ...

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.