Iρng Corporation is a fabric manufacturing company. On January 20, Long made sales to Lyndsay’s Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsay’s paid Long on January 28. Long records accounts receivable and sales using the gross price method. Prepare the related journal entries for Iρng.

Q: A reputable doctor quits his job, which pays $77,000 a year, to open a non-governmental organization...

A: Lets understand the basics. Opportunity cost is a potential loss due to acceptance of any other alte...

Q: The integration of corporate sodial responsibility (CSR) into business practice is a form of selfreg...

A: Corporate Social Responsibility: Corporations' social responsibility (CSR) is a self-regulatory busi...

Q: Below is the trial balance of Summit Ltd. at December 31, 2021 Summit Ltd. Trial Balance December 31...

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...

Q: s in the town. He is in 2nd year college and took up Bachelor of Science in Management. Even though ...

A: Credit refers to the capability of an individual to buy goods or services or to borrow a loan having...

Q: Explain four (4) strategy used in management accounting for achieve business goals

A: Management accounting is the process of preparing reports on business operations to assist managers ...

Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...

A: Variance analysis is one of the important technique of management accounting analysis, under which b...

Q: Sage Industries and Pronghorn Inc. enter into an agreement that requires Pronghorn Inc. to build thr...

A: The question is based on the concept of Lease Accounting. As per the Bartleby guidelines we are allo...

Q: Which of the following accounts is considered a temporary or nominal account?A. Fees Earned RevenueB...

A: There are two type of accounts used in business. One is permanent accounts and other is temporary ac...

Q: Spiro Company manufactures molded candles that are finished by hand. The company developed the follo...

A: Information related to line of drip candle is mentioned below: Amount of direct material per candle ...

Q: Shown below is the Profit & Loss Statement of start-up company THE PEANUT BETTER CO. Let us assume t...

A: The question is related to Return on Investment. The return on investment is calculated with the hel...

Q: Oriole Industries and Waterway Inc. enter into an agreement that requires Waterway Inc. to build thr...

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...

Q: A man invests his savings in two accounts, one paying 6 percent and the other paying 10 percent simp...

A: The question is based on the concept of Financial Management.

Q: When refining a costing system, the desire to identify direct costs, is primarily drive by the fact ...

A: While refining a costing system the main purpose for direct costs is to identify and classify as dir...

Q: During 2008, Luciana Company introduced a new product carrying a two-year warranty against defects. ...

A: Answer: 2, 200, 000       Explanation/ Computation:              The warranty liability is a liabil...

Q: Soriano Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Ac...

A: In the given question, the company’s accounts receivable from different customers is presented. The ...

Q: A).What is the inventory for zooey corporation B).what is the notes payable for zooey corporation in...

A: Calculation of Inventory. Inventory Turnover = Cost of goods sold/ Inventory. Cost of goods sold= Sa...

Q: A company had the following transactions during the finst month of the year. Frepare an income slale...

A: Journal Entries - Journal Entries are recorded to enter transactions entered into by the company. Al...

Q: new.last part You have completed the field work in connection with your audit of Carla Corporation ...

A: Cash Flow Statement The preparation of cash flow statement is to know the actual cash movement of th...

Q: The following is a table of liquidity ratio calculated for an ice-cream company for two years. Analy...

A: In case of a question with more than 3 sub-parts, the first three subparts are solved rest can be po...

Q: Soriano Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Ac...

A: In the given question, invoices are billed to different customers on different dates. The year is cl...

Q: Reviewing insurance policies revealed that a single policy was purchased on August 1, for oneyear’s ...

A: Prepaid insurance is one of the current asset of the business, which means insurance expenses for fu...

Q: Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrat...

A: The gross profit is calculated as difference between sales and cost of goods sold. The gross profit ...

Q: Power Co.'s labor information for June is as follows: Direct labor hours worked 65,400   Standard l...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: Your investigation of Samsung Corp.’s various non-current asset transactions for 2021 revealed the f...

A: Intellectual property rights refers to the legal rights which protects the creators or inventors and...

Q: Key questions to consider when determining the appropriate consolidation adjustment entries include ...

A: Consolidation of the financial statement is a process of combining the financial statements of the s...

Q: in a study of govemment financial aid for college students, it becomes necessary to estimate the per...

A: calculation of sample size needed are as follows

Q: Kagel Corporation had 30,000 shares of $5 par value common stock issued and outstanding on December ...

A: Introduction:- A journal entry is an act of recording or keeping track of any financial or non-finan...

Q: A company buys ten shares of securities at P2.000 each on December 31, 2031. The securities are clas...

A:                                        When a company helds securities as investment ,  there may be...

Q: 5... new...C Indigo Inc. manufactures an X-ray machine with an estimated life of 12 years and leases...

A: Introduction A lease is an legal agreement or contract under which one party agrees to give it build...

Q: Lewis Corporation engaged in the following transactions during June. DATE TRANSACTIONS 20X1 4 Purcha...

A: Journal entries are the basic method for recording financial transactions in the books of accounts. ...

Q: Honda Company acquired 70% of the outstanding stock of Hyundai Co. on January 1, 2022. The consolida...

A: CALCULATION OF PURCHASE CONSIDERATION     GOODWILL  (18100-10000) 8100 ADD: NET IDENTIFIABLE ASS...

Q: Using the following balance sheet and income statement data, what is the debt to assets ratio? Curre...

A: Formula: Debt to Assets ratio = Total Debts / Total Assets

Q: Richelle Company adapted the following changes during 2022: • Appropriately changed to the FIFO cost...

A: The given changes are required to adjust retained earnings opening balance. These changes in estimat...

Q: What effect does a weakening in U.S dollar have on Net Income for subsidiaries of U.S companies?

A: whenever there is reduction in the dollar then it reduces the purchasing power internationally and e...

Q: The total assets of the Company are $81000 and its owner's equity is $61000. What is the amount of i...

A: Formula: Accounting equation: Assets = Liabilities + Owners equity

Q: Don Johnson is the management accountant for Cari-Blocks (CB), which manufactures specialty blocks. ...

A: Variances are the differences between the actual and standard costs. It helps in analyzing the devia...

Q: During the month of February, Bridgeport Corp's employees earned wages of $79,920. Withholdings rela...

A: Given that total employees earned wages is $ 79920 Salaries and wages payable = Total employee earne...

Q: Drivers by Product Estimated Use Estimated Overhead of Activity Cost Pools Cost Drivers Cost Drivers...

A: The overhead per unit is calculated as total overhead cost divided by number of units. Total cost = ...

Q: Sandy Kupchack just graduated from State University with a bachelor's degree in history. During her ...

A: In the given question, the amount is to be paid quarterly. Therefore, the effective rate to be used ...

Q: 3. HARI OM TAT SAT Ltd. Delhi invoices goods to its Mumbai and Kolkata offices at 20% less than the ...

A: Branch accounting is a bookkeeping method that keeps independent accounts for each of a company's br...

Q: Income Gaskin Company derives the following items from its adjusted trial balance as of December 31,...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: In connection with your examination of the financial statements of Ringo, Inc. for the year ended De...

A: Allowance Method - Under allowance method company make provision of uncollectible accounts at the en...

Q: Company P purchases a 100%o interest in Company S for $800,000. If Company

A:                                       APIC is Additional Paid In Capital is the amount paid by the i...

Q: Bräss produces Polishing and Pa I as follows:

A: Prepare a statement of equivalent production to determine the equivalent units for direct materials ...

Q: Which of the following is NOT an advantage of using sensitivity analysis?

A:   Which of the following is NOT an advantage of using sensitivity analysis? A  It identifies the imp...

Q: When a corporation is dissolved voluntarily, no winding up of the business is necessary. True False

A: Winding up of company actually means that assets of the company is sold out by liquidator and liabil...

Q: Statement of Financial Position Zooey Corporation December 31, 2020 Cash P4,500 Accounts Payable P10...

A:

Q: 1. ABC Company reported in its 2019 current tax expense at P 5,530,000. The following changes in ABC...

A:

Q: Prepare the entry to record the absorption of Quaney's capital deficiency by the other partners and ...

A: Solution:- Preparation of The journal the entries to record the absorption of Quaney’s capital defic...

Q: Mr. Allen is a 65-year-old Jamaican tax resident. He is the director of a hotel, Allen’s Rest  Well ...

A: Tax is part of income generated to the government. It is a major source of income to the government ...