Discuss the Usefulness of the Statement of Financial Position (Balance Sheet) and The Statement of Cash Flows to Investors and Third Parties.

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A: Internal controls are the mechanisms, rules, and procedures that a company implements to ensure the ...

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Q: M    On May 31, 2012, Deana’s Services Company had account balances as follows:     Accounts Paya...

A: Net income is the excess of revenues over expenses incurred. Net income = Revenues - Expenses

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A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...

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A: Debit column should always be equal to credit column in journal entry. The question says says,  Cash...

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

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Q: Date of Note Interest Maturity Date June 10 July 14 April 27

A: Interest expense refers to those expense which is paid by an individual or company on the amount bor...

Q: alculate the overhead rate using activity based costing. (Round answers to 2 decimal places, e.g. 12...

A: EcoFabrics has budgeted overhead costs of $1,039,500. It has two main products - Wool and cotton. Th...

Q: Date Account Titles and Explanation Debit Credit > > > > > >

A: Preferred Stock- Preferred stock is a part of share capital that may have any arrangement of quality...

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A: Annual payment = 200,000 pesos Interest rate = 6% Period from 11th year to 15th year = 5 Periods

Q: How much cash should MCA report on April 30?

A: The question is asking about the amount MCA should show during reporting on June 30 

Q: Domingo Company started its business on January 1, 2019. The following transactions occurredduring t...

A: Journal entries recording is the first step of accounting process, under which atleast one account i...

Q: Henrich is a single taxpayer. In 2021, his taxable income is $461,500. What is his income tax and ne...

A: A tax is a compulsory charge paid to the government by everyone who is generating any kind of income...

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A: The overhead is applied to the production on the basis of predetermined overhead rate. 

Q: Treasury stock is generally accounted for by the?

A: The question is based on the concept of cost accounting. Companies occasionally buy their own shares...

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A: The lower cost and market value method considers the inventory value at 1. The Cost value  2.Market ...

Q: Why are tax havens controversial?

A: Tax haven are part of a country where foreign investors have to pay a very low tax rate for certain ...

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A: Cash flow statement is the statement showing the flow of cash, there are three main activity from wh...

Q: make a comparative analysis (between year 2019 and 2020) and find current ratio, acid test ratio and...

A: The current ratio refers to how many current assets are available to cover the current liabilities o...

Q: 29. Box Company uses a process costing system.  It had beginning inventory of 1,600 units which were...

A: Units completed = (Beginning inventory + Units started during the period) - Ending inventory        ...

Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a percentag...

A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...

Q: Instructions On the first day of the fiscal year, a company issues a $3,500,000, 6%, five-year bond ...

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: Purchased a new printing machine on Dec. 2 at an invoice price of P4,000,000 with terms 2/10, n/30. ...

A: As per our protocol we provide solution to the one question only but as you have asked multiple acqu...

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A: Introduction: Statement of cash flows: All cash in and out flows are shown in statement of cash flow...

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A: Marginal Cost: In financial matters, the marginal expense of creation is the adjustment of the compl...

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A: Total cost is the cost incurred in the total production of a unit. It includes all direct and indire...

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Q: The balance sheet of Ipod Corporation on December 31, 2024: Ipod Corporation BALANCE SHEET AS OF DEC...

A: The net income is calculated as difference between sales revenue and total costs incurred. The incom...

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A: The overhead is applied to the production on the basis of pre determined overhead rate. The overhead...

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A: Net profit means the difference between the income and expenses. Financial statement means the tradi...

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A: Bank reconciliation statement is prepared where an entry which is found in one book (Cash book or ba...

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A: Solution Income statement is a financial statement thats shows you the company's income and expendit...

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A: Formula: Break even point in units = Fixed cost / contribution margin

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A: Banks and Financial institutions make most of their money from loaning and re-loaning money. Low int...

Q: What amount will be recorded as goodwill on January 1, 2020?

A: Goodwill is the amount which is occurred and takes place when the person pays more than the amount w...

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A: 1. Amount subject to fringe benefit tax Electricity 70% borne by Company  14000 Water - 70% in ...

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A: Net income is total earning of a firm that is obtained by sales-cost of goods sold ,operating expens...

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A: Journal Entry For Cost incurred with respect to Incorporation Expenses Date Particulars Debit Amo...

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A: Single plantwide overhead rate = Total overhead costs / Total direct labor hours

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A: Bank: A bank is a monetary organization where clients can set aside or acquire cash. Banks additiona...

Q: Compute the tax due if the corporation is a non-resident foreign corporation. a. 800,000.00 b. 750,0...

A: Answer: Non resident foreign corporations are taxed over income earned from Philippines only. The ta...

Q: Costs of a product that are regarded as an asset for financial reporting under GAAP are called

A: Cost of product are regarded as an asset if the product is not yet sold. Product cost are also known...

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A: The journal entries are prepared to record day to day transactions of the business. The journal book...

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A: Introduction:- The finance vice president and other executives of the WGN Company are eligible for a...

Q: Accounting On October 1, 2019, Paul Inc. acquired 80% of Sam Co. by paying $500,000 cash. At that da...

A:

Q: Below is Huru's Company information for the preparation of proof of cash:  Nov 30                  ...

A: Cash and cash equivalents refer to cash or can be converted into cash immediately. It is reported un...

Q: Direct Write-Off Method Williams & Hendricks Distributors uses the direct write-off method in accoun...

A: Under direct write off method, the bad debt expense is not estimate and allowance is not created for...

Q: Liquidity Ratios 2020 2019 Current Ratio 1.06 1.26 P254,511,000| P239,957,000| P248,357,000 P196,719...

A: 1) Current ratio is decreasing from 1.26 to 1.06 from 2019 to 2020 which shows the liquidity of the ...