Some organization do not use an AP subsidiary ledger or a purchases journal. How is this possible? View Solution: Some organization do not use an AP subsidiary ledger or
Q: Cash Flows from Operating Activities-Indirect Method The net income reported on the income statement...
A: Cash flow statement refers to the statement that gives the summary of all the cash outflows and infl...
Q: , first help her balance her monthly transactions by filling in the last column on the table below. ...
A: A personal or household budget is a summary that compares and tracks your income and expenses for a ...
Q: Info in images Answer Choices for Q1 a. $104,000 b. $33,600 c. $310,933 d. $137,600 Answer Choic...
A: Total fixed manufacturing overhead cost for Machining Department = $104,000 Variable manufacturing o...
Q: Shoecraft earns a 42% contribution margin as percent of selling price, What is Shoecraft's ANNUAL MA...
A: Step 1 Profit is the difference between sales and cost of sales of all the sales made by the entity ...
Q: Info in images Answer choices for Q1 a. $46,154 b. $29,970 c. $11,988 d. $41,958
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: Lark City (a government entity) donates land that has a FMV of $800,000 and cash of $100,000 to Oran...
A: Corporation can be defined as the legal form of business entity, which is established for the motive...
Q: Find the present value PV of the annuity account necessary to fund the withdrawal given. (Assume end...
A: Present Value:-It is the concept where it is analyzed that the value of the present investment is th...
Q: Partner A contributes cash of $70,000 for a 70% interest in capital and profits. Partner B contribut...
A: Partner A contributes cash = $70000 Partner B contributes asset = $20000 Share of capitals and profi...
Q: Newhard Company assigns overhead cost to jobs on the basis of 111% of direct labor cost. The job cos...
A: Particulars Amount ($) Direct Material 14084 Direct Labor 10600 OH Cost (111% of 10600) 11766 ...
Q: In a case where parties agreed on the conversion of the loan into shares in a partnership and yet th...
A: Partnership is a agreement between the partners to form and run the business in profitable way and a...
Q: Info in images
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: The balance in the Prepaid Insurance account before adjustment is $16,500 (assume normal balance). A...
A: Adjusting entries: Adjusting entries are those entries that are recorded at the end of the year, to ...
Q: You are an employee of a Canadian public corporation. On February 1, 2019 you received options to pu...
A: Part 1: The correct option is: D) increase in Net Income for Tax Purposes of $20,000; increase in T...
Q: Haft Construction Company has consistently applied the percentage-of-completion method. On January 1...
A: Contract costing is like job costing where costing constitutes a unit of cost. It is used to measure...
Q: You produce two products, Queen and King. Queen King Sales price per unit $800 $1,200 Variable cost ...
A: Contribution margin: It is the surplus achieved by a business after meeting all the variable costs f...
Q: The correct percentage to use to calculate the depreciation allowance for a MACRS 3-year property fo...
A: Depreciation: It refers to a gradual decrease in the fixed asset’s value because of obsolescence, we...
Q: A manufacturing process consists of four stages. There are inventories of raw material, work in prog...
A: The manufacturing process may include stages of production needed to convert raw material inventory ...
Q: Accounting Question
A: Inhabitants means the resident or citizen of the company or who are qualified to be the citizen of t...
Q: I am halfway getting this almost lol. I need to present a table of information and see how this ans...
A: Margin of safety means the difference between the budget sales and breakeven sales. It means the amo...
Q: Why does the Accounting system used for financial statement preparation not always provide the infor...
A: Decision making is supported by financial accounting. For decision making in the organization, howev...
Q: The company obtained a loan from bank amounting to P7,500,000 on November 1, 2020. On the same date,...
A: Accrued Interest Expenses:-These are those expenses that have been incurred but yet not paid. These ...
Q: Explain whether a subsidiary needs to prepare accounts to the same date as the parent company.
A: A parent and a subsidiary company is different from each other and may be following different accoun...
Q: Data related to the acquisition of timber rights and intangible assets during the current year ended...
A: Journal is a place where journal entries are recorded in the book keeping system before ledger accou...
Q: Based on a physical inventory at year-end, Cherry Company determined the chocolate inventory on a FI...
A: As per the generally accepted accounting principle, the inventory is valued at lower of cost of mark...
Q: (1), computing a partner Ordinary income fror Non-deductible fine Distribution of cash Separately st...
A: Partnership according to section 3 (1) of the partnership act 1961 is known as the relation between ...
Q: How do you calcuate the Lower-of-Cost-or-Market ? Problem : If cost is $13 Replacement cost...
A: Answer and calculations are given below
Q: How much of FTB?
A: Answer:
Q: Which statement about Revenue Cycle is correct? The customer and accounts payable department gets co...
A: The revenue cycle begins with providing a product or service and ends when the invoice is paid in fu...
Q: A taxpayer with $3,000 in unreimbursed employee expenses and an AGI of $50,000 will have what deduct...
A: Unreimbursed Employee Expenses:-These are those expenses for which employers do not pay back or prov...
Q: If beginning raw materials inventory was $16,198; raw materials purchases were $37,965; raw material...
A: Raw material used = Beginning raw material inventory + Raw material purchases - Ending raw material ...
Q: At the beginning of April, Haron Kadir launched a custom computer solutions company called Softworks...
A: Trial balance is the record of all the balances of all the ledgers accounts with the final debit and...
Q: Under the Fair Labor Standards Act, for any hours that an employee works over 40 during a work wee...
A:
Q: Solve this
A: Net present value is the difference between the present value of cash inflows and the present value...
Q: In the revenue cycle (for sales on credit), a customer places an order for a certain product. Which ...
A: Every time an order is received by an organisation, there is whole set of process that needs to be f...
Q: In considering a capacity expansion we have two alternatives. The first alternative is expected to c...
A: Net present value: It can be defined as a difference between the PV of all cash inflows and outflows...
Q: A. What document is used to create the Sales Order in the Revenue Cycle and where does itcome from?B...
A: Answer a: Sales order is created by using a document formed by SAP.
Q: Stephanie Calamba and Allan Brillantes decided to form a partnership. They agreed that Calamba will ...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: During the month of January 2020, the job-cost record for Job 123 shows the following: Jo...
A: Job costing is a method of costing where production is done in distinguishable lots according to cus...
Q: Indicate which principles are violated: A food company ordered a machine needed in the assembly lin...
A: While making the accounting entries in the books, the accounting principles must be kept in mind and...
Q: Cash Flows from Operating Activities-Indirect Method The income statement disclosed the following it...
A: Cash Flow Statement The liquidity of the company is analyzed using a statement called the cash flow ...
Q: Q.01: While studying accounting, you become increasingly familiar with a variety of generally accept...
A: Answer
Q: Daybook Inc. budgeted production of 403,500 personal journals in 20Y6. Each journal requires assembl...
A: Total hours required = Budgeted production x Minutes required for production of per journal / 60 min...
Q: The clock division of Control Central Corporation manufactures clocks and then sells them to custome...
A: Transfer pricing can be defined as the setting of the price for goods and services sold between lega...
Q: Inventory Costing Methods Oppenheimer Inc. reported the following information for the month of Augus...
A: FIFO, LIFO and weighted average are methods used by cost accountants to determine the value of inven...
Q: Luciana, Jon, and Clyde incorporate their respective businesses and form Starling Corporation. On Ma...
A: The Internal Revenue Code (IRC) refers to Title 26 of the U.S. Code, the official "consolidation and...
Q: On January 2, 20x2. Topsail purchased 50, $1,000 bonds issued by Charlie Company. The bonds pay inte...
A: A journal entry is the recording of financial transactions in books of the business entity. It shoul...
Q: 1. why the discount payable note is $9450? I thought discount payable note value is between notes pa...
A: The discount of note payable is the difference in the value of the tractor and consideration paid.
Q: A calendar quarter consists of: A. 12 weeks. B. 13 weeks. C. 4 months. D. ...
A: The operations of the business generally happen within twelve months or a year of the operating cycl...
Q: California income tax laws are generally in conformity with the Internal Revenue Code except... O Wh...
A: Individuals who are residents of California are liable for the personal income tax defines the Calif...
Q: Below is the Stockholders' Equity data of Good Place Stockholders' Equity Share Capital Paid – In Ca...
A: Hello. Since your question has multiple sub-parts, we will solve first three sub-parts for you. If y...
Some organization do not use an AP subsidiary ledger or a purchases journal. How is this possible? View Solution:
Some organization do not use an AP subsidiary ledger or
Step by step
Solved in 2 steps
- Which one of the following documents is not needed to process a payment to a vendor? A. vendor invoice B. packing slip C. check request D. purchase orderWhich of the following statements is CORRECT relative to posting with the use of special journals? a. No subsidiary ledger posting is necessary. b. The general ledger posting has to coincide with the subsidiary ledger posting. c. The general ledger posting has to be ahead of subsidiary ledger posting. d. The subsidiary ledger posting has to be ahead of general ledger posting.Which of the following would not be used as a control account? a. Accounts receivable b. Accounts payable c. Plant and equipment d. Sales on account e. Inventory Please explain your answer
- Do you need to eliminate inter-company transactions when it comes to JV? explain briefly.Which of the below mentioned PPIs issued by an entity for facilitating the purchase of goods and services from that entity only a. Closed System PPI's b. Semi Closed System PPI's c. Open System PPI's d. NPCIExplain the difference between external transactions and internal transactions. If a company purchases supplies from a local vendor, would this be classified as an external or internal transaction?
- which of the following statement is correct relative to posting with use of special journals? A. The general ledger posting has to be ahead of subsidiary legder posting. B. The subsidiary ledger posting has to be ahead of general legder posting. C. The general ledger has to be coincide with the subsidiary ledger posting D. No subsidiary ledger posting is necessaryWhich of the following is incorrect regarding subsidiary ledger?a. The accounts receivable ledger is a common subsidiary ledgerb. An advantage of the subsidiary ledger is that it permits a division of labor in postingc. The purchases ledger is a common subsidiary ledger for creditor accountsd. A subsidiary ledger is a group of accounts with common characteristicsIntercompany sale of inventory a.should be eliminated only if the inventories are sold to third partyb.should not be eliminatedc.should be eliminated regardless of whether the inventories are sold to third party or notd.should be eliminated only if the inventories remain in the buying affiliate’s balance
- Which of the following statements best explains the relationship between the acquisition/payment process and the sales/collection process? Group of answer choices A. The same transaction can be considered part of both processes. B. All organizations that have a sales/collection process also have an inventory acquisition/payment process. C. Both the same transaction can be considered part of both processes and all organizations that have a sales/collection process also have an inventory acquisition/payment process. D. Neither the same transaction can be considered part of both processes nor all organizations that have a sales/collection process also have an inventory acquisition/payment process.1. Why should the function of requisitioning the purchase of goods be segregated from the function of issuing purchase orders? 2. Explain how an automated matching process works regarding the payment of accounts payable 3. What control objective is addressed by having prenumbered receiving documentsWhich of the following is not considered an important element of segregation of duties in the purchasing process: a) Separating thec heck signing and check mailing functions b) Separating the accounts payable and receiving functions c) Separating the purchasing function fromt he receiving function d) Separating the accounts payable and check signing functions
