Define the cost of goods available for sale. How does it relate to cost of goods sold and ending inventory?

Q: QUESTION 2 Taryn would like to open a new business as an interior designer, to funds her ambition sh...

A: Hello, since the student has posted multiple requirements, only the first one is answerable. Thank y...

Q: Italian Stallion has the following transactions during the year related to stockholders’ equity.Febr...

A: Amount of Dividend  = (No. of common stock + No. of preferred stock) x Dividend per share = (6,000 s...

Q: Biz Partnership allows partner Mandy to sell her $100,000 equity in the partnership to Brittney. Bri...

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Q: Miller Company’s total sales are $198,000. The company’s direct labor cost is $23,760, which represe...

A: Since we are entitled to answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the que...

Q: Montclair Company is considering a project that will require a $500,000 loan. It presently has total...

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Q: What is a job board?

A: Job Board is a portal that has openings for jobs. The Companies or organizations post vacancies of t...

Q: Balthus Corp. reports the following components of stockholders’ equity at December 31, 2018. Common ...

A: 1. Prepare journal entries to record each of the given transactions.

Q: Just because a person has a right to blow the whistle, does that mean she has a duty to blow the whi...

A: The Rights perspective establishes the ethical duties for the rights of one or more parties. The oth...

Q: A situation where a respected individual’s reputation was tarnished by personal decisions is the res...

A: As per the Uniform Code of Military Justice (UCMJ), DP should not involve in such extramarital affai...

Q: The risk that the auditors’ own testing procedures will lead to the decision that materialmisstateme...

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Q: Which of the items are normally classified as current liabilities for a company that has a oneyearop...

A: Current liabilites are those Liabiliites which are to paid in within next year or within the operati...

Q: The primary benefit of using nonstatistical sampling is thata. It generally results in a smaller sam...

A: Non statistical sampling: It is a sampling method in which the samples are selected based on the aud...

Q: What is the concept behind the EOQ model?

A: Economic Order Quantity (EOQ) Model: It is a method of inventory costing that aims to identify the i...

Q: Identify the errors in the following trial balance. All accounts have normal balances. Mascot Co. Un...

A: A trial balance is a schedule in which total of debit column is always equals to credit. If there is...

Q: In an environment that is highly automated, an auditor determines that it is not possible toreduce d...

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Q: Cain Inc. reports net income of $15,000. Its comparative balance sheet shows the following changes: ...

A: Statement of cash flow: It is the financial statement that shows the actual liquidity of the company...

Q: Vaulker Company produces commercial gardening equipment. Since production is highly automated, the c...

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Q: Second Chance Clothing (SCC) obtains goods on consignment and through purchase and sellsthem to othe...

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Q: Is nonstatistical sampling permitted under generally accepted auditing standards?

A: Non- statistical sampling means selection of a group to be tested which is based on the examiner's j...

Q: Quatro Co. issues bonds dated January 1, 2019, with a par value of $400,000. The bonds’ annual contr...

A: 1. What is the amount of the premium on these bonds at issuance? When a company issues bonds at the ...

Q: Dow Chemical Company provides chemical, plastic, and agricultural products and services to various c...

A: Contingent Liability: Contingent liability is one form of liability that arises based on a particula...

Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thedisco...

A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold 

Q: On January 1, Renewable Energy issues bonds that have a $20,000 par value, mature in eight years, an...

A: Bonds issued at premium: When bonds are issued at the price which is more than the par value then it...

Q: On January 1, 2021, a company issued 10-year, $3,000,000, 6% bonds with semiannual interest payments...

A: a.  

Q: In an automated payroll processing environment, a department manager substituted the time card for a...

A: Internal Controls: Internal controls are the controls established within an organization to check e...

Q: Understand how various factors influencethe size of an attributes sample and how todetermine the sam...

A: Audit Sampling is a process in which an audit is done based on various samples collected or informat...

Q: Engagement Timekeeping Records. A time budget is always prepared for audit engagements. Numbers of h...

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Q: Please help using these numbers

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Q: Entries for Notes Payable Laughlin Enterprises issues a $130,000, 45-day, 6% note to Morrison Indust...

A: Record the entries in the books of L enterprise as follows: Resultant Table:

Q: If the actual sales for the year are substantially lower than the sales forecasted at the beginning ...

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Q: When, at the end of an accounting period, a revenue has been recognized in the fi nancial statements...

A: Accrued revenue: Accrued revenue is defined as that revenue recognized from sales of products or ser...

Q: The annual report for Sneer Corporation disclosed that the company declared and paid preferreddivide...

A: 1.

Q: A bank is least likely to use which of the following ratioswhen analyzing the likelihood that a borr...

A: Ratio Analysis:  This refers to the performance measurement of the business, in order to know the tr...

Q: On April 1, 2021, Primer Corp. signs a five-year lease to use office space. The present value of the...

A: Lease: Lease is a contractual agreement whereby the right to use an asset for a particular period of...

Q: All of the following are examples of managerial accounting activities except ________. A. preparing ...

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Q: Discuss the risk of material misstatement inthe production cycle.

A: Production cycle is comprised of all activities related to the conversion of raw materials into fini...

Q: Which of the following should be capitalized when a pieceof production equipment is acquired for a f...

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Q: Watts and Lyon are forming a partnership. Watts invests $42,000 and Lyon invests $63,000. The partne...

A: (a) in the ratio of their initial capital investments:  

Q: Linda and Don are married and file a joint return. In 2020, they received $12,000 in Social Security...

A: The following joint income return is calculated for Linda and Don.

Q: Why might a business prefer a note receivable to an account receivable?

A: An account receivable is a simple promise to repay the seller done by customer which is due as a res...

Q: Wentz Co. made it a priority to negotiate better credit terms with its suppliers so it could defer p...

A: Defer payments are those payments which got delayed and no interest or principal amount is paid duri...

Q: Apply your knowledge to perform audit procedures in the revenue and collection cycleand evaluate the...

A: sales and collection cycle:- in business it refers to the set of processes that begin when a custome...