Describe how the periodic system differs from the perpetual system of accounting for merchandise inventory.View Solution: Describe how the periodic system differs from the perpetual syst

Q: Advanced Windows and Doors, a company dedicated to the manufacture of windows and doors for residenc...

A: The productivity of labour represent the unit of output produced by a labour in the given time perio...

Q: Hartford Research issues bonds dated January 1, 2015, that pay interest semiannually on June 30 and ...

A: A bond is a fixed pay instrument issued to represents to an advance made by a financial specialist t...

Q: Del Luna Corporation concluded that the fair value of Scarlet Company was P160,000 and paid that amo...

A: Goodwill: It can be defined as an intangible asset that arises as a result of purchasing one corpora...

Q: 1. What are the benefits to China from adopting IFRS? 2. How do you think China should proceed with ...

A: IFRS:-These are the International Financial Reporting Standards which followed by the companies, ent...

Q: A. Calculate bad debt B. Journalize the bad debt and the Allowance for doubtful debt C. Post them on...

A: Step 1 Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for yo...

Q: 1. On May 1, 2019, Gonzaga and Balace formed a partnership and agreed to share profits and losses in...

A: Non-cash assets contributed to the partnership are recorded on the balance sheet at the fair market ...

Q: a. Depreciation on the company's wind turbine equipment for the year is $6,100. b. The Prepaid Insur...

A: Adjusting journal entry: At year end when company finalise its accounts then any unrecognized income...

Q: Why auditors gather evidences?

A: Auditing is basically an inspection or checking of books of accounts maintained by the business. Aud...

Q: a. Depreciation on the company's wind turbine equipment for the year is $6,100. b. The Prepaid Insur...

A: The adjustment entries are made at the year end to adjust the revenues and expenses of the current y...

Q: Miracle Company manufactures a product that is packaged and sold. Each sale is accompanied by 3 coup...

A: Miracle Company's Each sale is accompanied by 3 coupons A plate is offered with 2 coupons with remit...

Q: Complete requirement 6. Textbook outlined method is the table fr second picture

A: Closing entries: These are the journal entries that are passed to close the revenue and expense acco...

Q: A manufacturing company prepays its insurance coverage for a three-year period. The premium for the ...

A: Period costs are those costs which are not directly related to the production process. These are not...

Q: True (t) or False (f) ____ The matching principle states that debits mus equal credits in each trans...

A: Matching concept follows the accrual accounting concept of business.

Q: Instructions:Prepare the journal entries for the capital projects fund and debt service fund. The ca...

A: CAPITAL PROJECTS FUNDSCapital Projects Funds are used to account for financial resources to be used ...

Q: After certain high publicity frauds occurred, congress passed legislation that required auditors to ...

A: Publicly traded companies are those companies whose shares can be owned by general public. These sha...

Q: Janus Company had the following journal entry:                                                      ...

A: To record issue of common stock, Cash account should be debited and Common Stock needs to be credite...

Q: Accounting Question

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: A company currently using an inspection process in its material receiving department istrying to ins...

A: given: defective content avg =0.04 no of units inspected per/hr=50 hourly rate =$9 cost in final pro...

Q: Q.1) Mandy is an aspiring entrepreneur and your friend. She is having difficulty understanding the p...

A: Financial statements refers to the formal records which showcases the financial activities and posit...

Q: Lynn Carpenter and Matthew Fredrick formed a partnership in which the partnership agreement provided...

A: Remainder = Total Salary Allowance + Net Loss = $99,000 + $33,000 = $132,000

Q: Nonuniform Inputs Apeto Company produces premium chocolate candy bars. Conversion costs are added un...

A: 1.Calculation of Equivalent units :  Direct materials = 60,000 units  Conversion units = 48,000 + (1...

Q: A company uses the periodic inventory system. The company began the month with zero inventory balanc...

A: Periodic inventory system involves the physical count of good of the organisation. Concept used: Tot...

Q: Yerbury Corp. manufactures construction equipment. Journalize the entries to record the following se...

A: Dividend means the amount given to shareholder of the company as profit distribution by company. Inv...

Q: Define customers

A: Inventory: It can be defined as all the goods, items, materials, and merchandise that are held by a ...

Q: Alright Construction, Inc., signs a contract with Casa DelMonte, Inc., to build five new 20-room mod...

A: Alright Construction Inc. signs a contract to build five new 20-room modules for a large tourist res...

Q: Net Present Value Carsen Sorensen, controller of Thayn Company, just received the following data ass...

A: Cash flows are inflows and outflows of cash.

Q: A firm currently sells $500,000 annually with 3% bad debt losses. Two alternative policies are avail...

A: The situation is based on comparative analysis of incremental revenue and incremental costs. If an a...

Q: ANSWER ii

A: Perpetual inventory system is the system in which the inventory is recorded at the time when the pur...

Q: Problem: The following information is presented for the partnership of Diona, Klee and Qiqi, who sha...

A: When two or more parties agree to operate and mange a business and share the profits of the business...

Q: AAA Inc. Was merge into BBB Corp. in a combination properly accounted for as acquisition of interest...

A: What is Consolidation of Financial Statement? Consolidated means combined. Thus, when two merged com...

Q: What might RR do to reduce its target cash balance without harming operations?

A: Target cash balance can be defined as the ideal cash level that a company seeks to hold in reserve a...

Q: Vignana Corporation manufactures and sells hand-painted clay figurines of popular sports heroes. Sho...

A: Direct cost is defined as the price which could be tied directly to the production of particular goo...

Q: 9. The partnership agreement of Carlos, Niza, and Usop provided for the following terms on distribut...

A: Partnership: It is a form of business under it two or more persons made a formal agreement with the ...

Q: one for P1,800,000. The old residence cost Mr. Antonio P1,000,000 and had a fair value of P2,500,000...

A: The capital gain tax are imposed on the capital gain incurred during the year, the capital gains ari...

Q: b) Ina daily meeting, the Chief Financial Officer (CFO) gave Ari the following table of market rates...

A: Spot exchange rate = Yen 106/$ Interest rate in US = 10% Interest rate in Japan = 6% Depreciation pe...

Q: For each of the following cases, indicate (a) to what rate columns, and (b) to what number of period...

A: Time value of money:   The value of money changes over a period time. The value of money depends on ...

Q: Which of the following is an inexact quantity?(a) the number of people in your chemistry class

A: Inexact quantity can be defined as the values which cannot be known exactly or which cannot be count...

Q: Jose made $20,000 in taxable income last year. Suppose the income tax rate is 10% for the first $700...

A: In the given case, only hypothetical income tax slab rate is given (10% and 15%) and there are also ...

Q: How can the enhancing characteristic comparability (consistency) be improved in high-quality account...

A: Accounting information: Accounting information is the information reported on the financial statemen...

Q: The Alhambra Company had these accounts at the time it was acquired by Kingdom Co.: P 108,000 1,371,...

A: Goodwill= Goodwill is the reputation of the entity. When the cost of consideration paid in exchange ...

Q: Posting of transaction from General Journal to T-Accounts Prepare trial Balance

A: Journal is the accounting treatment of recording the transaction occur during the accounting year. E...

Q: A company issues 5, 00,000, 10% debentures at a discount of 5%. The cost of floatation is Rs. 30,000...

A: calculate the before-tax cost of debentures assuming tax rate 50%. Kdb = (interest + (1 / N)*(RV - N...

Q: James was a high school teacher earning a net salary of $4500 per month. Afterworking for one year, ...

A: Relevant costing is defined as avoidable costs that are incurred while making a certain business dec...

Q: The balance sheet account that is usually reported at its fair market value is: a. Short-term market...

A: The assets can be classified fixed assets and current assets. The assets are recorded in balance she...

Q: The Cutting Department of Karachi Carpet Company provides the following data for January. Assume tha...

A: The production report is the one that shows the whole information related to the actual cost used fo...

Q: Black and Shannon have decided to form a partnership. They have agreed that Black is to invest $360,...

A: Ratio of Original Investment = 360,000 : 120,000 = 3 : 1   Ratio of Time Devoted = 1 : 2

Q: Rhino Distillery, a famous whiskey distillery, placed the following advertisement in the Avid Angler...

A:   A contract is a legal agreement between two parties which is enforceable by law as for completing ...

Q: Juices of Pineapple Company paid $3,600 on June 1, 2020 for a two-year insurance policy and recorded...

A: It is pertinent any expense that is to be recorded in the current period has to consumed by the enti...

Q: What amount must be earned by the partnership, before any charge for interest and salaries, so that ...

A: Partnership business means where two or more person comes together to  do the business and share the...

Q: Costs per Equivalent Unit and Production Costs The following information concerns production in the ...

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.