An operating cycle
Q: Please complete income statement provided, as well as an expanded income statement for part b.
A: Income statement is one of the financial statement that is being prepared by the business which show...
Q: Question 3 Which of the following is an analytical procedure that an auditor most likely would perfo...
A: Audit: It implies to the detailed examination and investigation of company's financial records so as...
Q: What is Declan's Designs' 2022 total "Common Stock Issuance" to be reported on its Statement of Cash...
A: The cash flow statement is prepared to record the cash flow from various activities during the inclu...
Q: Entity A operates in a hyperinflationary economy. Entity A has the following assets before restateme...
A: Investment in Bonds: It is a debt instruments in which bond holders receive interest periodical...
Q: To remodel your business, you need to sign a 190-day note with proceeds of $16,559.57 and a maturity...
A: Solution Given Maturity period of note 190 days Issue proceed 16559.57 Maturity valu...
Q: What is Declan's Designs' 2022 Cash Flows from Financing Activities? Question 31 options: Incr...
A: Correct option: Increase of $135,000 Incorrect options: Decrease of $135,000 Decrease of $73,000 ...
Q: A company has a fiscal year-end of December 31: (1) on October 1, $13,000 was paid for a one-year fi...
A: The financial transactions are initially recorded in the form of journal entry and posted to the gen...
Q: List the following steps of the accounting cycle in their proper order. Steps 1. Posting journal ent...
A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are ...
Q: Net income for Inkaleb Inc. for 2020 includes the effect of the following transactions involving th...
A: Depreciation is the charge applied to assets at the end of the period that reduces the total value o...
Q: Corporation Code, Both, and Neither 1. Residency of incorporators are insignificant a. Corporatio...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: The project director had queried the concrete work for the first floor and had asked you to rerify t...
A: When the actual costs are more than the budgeted costs, we say an unfavorable variance is generated....
Q: an auditor finds any misstatements or deviations in planned procedures: a. the auditor should not re...
A: When an auditor finds any misstatements or deviations in the financial statements then the auditor h...
Q: Adams, Inc., acquires Clay Corporation on January 1, 2020, in exchange for $713,300 cash. Immediatel...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: JJ Corporation resells one product to a small isolated community. It sells an average of 60 sacks, b...
A: EOQ refers to the Economic order quantity, at EOQ level the cost of inventory is lowest but we need ...
Q: Robinson Products Company has two service departments (S1 and S2) and two production departments (P1...
A: Calculation of missing information: S1 total cost allocation to P2 = 100% - 10% - 20% ...
Q: ny had a profit of 450,00. 1. Assuming that there are three partners that agreed to share equally , ...
A: Solution: Profits are shares based on the profit sharing ratio. When profits are agreed to be shared...
Q: A company that was to be liquidated had the following liabilities: Income Taxes $ 15,000 Notes Payab...
A: Total Assets = Current assets + Land + Building Land is secured for notes payable. The question requ...
Q: Identify the type of activity by choosing the best answer for each question. Select each item listed...
A: Introduction:- first we need to understand the following basic terms as follows under:- Identifyin...
Q: How does the Loss on Sale of PPE impact Declan's Designs' 2022 Statement of Cash Flows? Questi...
A: Cash Flow Statement - The Cash Flow Statement is the statement that shows the cash inflow and outflo...
Q: ZETA Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...
A: Under the accrual basis, the revenue will be total of cash sales & credit sales. Under the accru...
Q: If you receive your full bonus at the end of the year, what is your total (gross or before tax) pay ...
A: Taxable income refers to the amount to which tax is imposed. It is arrived at after allowing certain...
Q: he recording of adjusting entries is supported by the a.accuracy concept. b.matching principle. c....
A: Solution: Adjusting entries are those entries which are made to match the revenues and expenses to t...
Q: Has social media changed the accounting profession?
A: An accountant is a specialist who handles accounting tasks like account analysis, auditing, and fina...
Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: 2020 2021 Share capital (P100 par value) 5,000,000 5,850,000 Share premium 1,000,000 1,600,000 Retai...
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: How do proceeds from the sale of PPE impact Declan's Designs' 2022 Statement of Cash Flows? Ques...
A: Investing Activities - All the Purchase sales of assets are included under this section.
Q: If the adjustment for prepaid expenses is not recorded a.assets will be understated. b.net income ...
A: Solution: prepaid expenses are those expenses which have not been incurred but have been paid in adv...
Q: 13. Concord Corporation manufactures drones. On December 31, 2019, it leased to Althaus Company a d...
A: Lease is a form of agreement or arrangement between two parties, in which one party provides its ass...
Q: In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which cos...
A: Monthly installments for 7 months P50,000 * 7 = P350,000 Sales - cost P1200,000 - P800,000 = P400,00...
Q: Baldacci Inc. has a casting machine that is used for three of the company’s products. Each machine s...
A: In case of multiple sub-parts, only first 3 sub-parts shall be answered, kindly re post the question...
Q: How much is the patient services revenue? How much is the operating revenue? How much is the total n...
A: Patient revenue services includes charges for direct patient care such as doctor's fees,room charges...
Q: * Subscribe You are a merchandising company. Please make a random list of accounts with their balanc...
A: Introduction:- Merchandising is that the show and promotion of things purchasable at each wholesale ...
Q: On December 27, 20x1, YGS Co. received a sale order for a credit sale of goods with selling price of...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: urn not later than January 15, 2022. The tax due per his return is P100,000.
A: Failure to pay tax due according to rules and regulations before the stipulated date attracts the in...
Q: Requirements: Compute for the basic and diluted EPS.
A: Earnings per share are the earnings of shareholders after all the payments towards expenses includin...
Q: 22. Partially correct answer icon Your answer is partially correct. Carla Corporation enters into a...
A: Lease is a form of agreeement or arrangement between two or more than two persons, in which one part...
Q: On October 1, Goodwell Company rented warehouse space to a tenant for $1,600 per month and received ...
A: Formula: Unearned revenue Account = Cash received in Advance - Rent revenue
Q: How do Dividends Paid impact Declan's Designs' Statement of Cash Flows? Question 30 options: ...
A: Financing Activities - All the issues and purchases of shares, Payment of Dividends, Issuance, and r...
Q: Assume your organization has the following inventory changes during the year: Beginning inventory-1...
A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the...
Q: Which of the following is true regarding adjusting entries? a.Adjusting entries are optional wit...
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...
Q: Sunland Books uses the retail inventory method to estimate its monthly ending inventories. The follo...
A: The cost to retail ratio helps to determine the cost of inventory from the retail value of inventory...
Q: How does Accounts Payable impact Declan's Designs' 2022 Statement of Cash Flows? Question 21 opti...
A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...
A: journal entry help in keeping record of transaction. Transactions may have Debit balance or credit b...
Q: You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel fo...
A: Weighted Average Cost of Inventory: It is the weighted average to calculate the amount of cost of ...
Q: What is Declan's Design's 2022 Cash Flows from Operating Activities? Question 23 options: Incr...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: importance
A: Answer: Source documents is the document that is used as the reference to look for the details of th...
Q: Pedro and Jose form a partnership for the first time. Their investments are; Pedro is to invest cash...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: buds: re purchased at a cost of $6,202 each. In add 248 cash on each case to have the inven heir pla...
A: i.) At EOQ the stock administration cost will be minimum EOQ = 2 × A × OC = 2 × 108...
Q: Requires that 25% of the authorized shares be paid up.
A: The Philippines has earlier the corporation law and that amended with the Revised Corporation Code o...
Q: By how much did Declan's Designs' Accumulated Depreciation increase during 2022? Please do not provi...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
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- An analyst has obtained the following information regarding ABC, Inc. Using this information, he needs to estimate the company's Accounts Payable. Sales = $93,398Cost of Goods Sold (COGS) = $36,052Cash Cycle = 22 daysOperating Cycle = 86 daysAccounts Receivable Period = AR Period = Average Collection Period (ACP) = 40 daysWhat is the company's Accounts Payable balance?Comparative financial statements for Weller Corporation, a merchandising company, for the year ending December 31 appear below. The company did not issue any new common stock during the year. A total of 500,000 shares of common stock were outstanding. The interest rate on the bonds, which were sold at their face value, was 10%. The income tax rate was 40% and the dividend per share of common stock was $0.40 this year. The market value of the company's common stock at the end of the year was $30. All of the company's sales are on account. Weller Corporation Comparative Balance Sheet (dollars in thousands) This Year Last Year Assets Current assets: Cash Accounts receivable, net Inventory Prepaid expenses $ 1,090 9,200 12,500 740 $ 1,320 7,500 11,800 540 Total current assets 23,530 21,160 Property and equipment: Land 9,200 44,083 9,200 39,201 Buildings and equipment, net Total property and equipment 53,283 48,401 Total assets $76,813 $69,561 Liabilities and Stockholders' Equity Current…If you are told that LSJ Company turns its accounts receivable over every 33 days…this would represent an example of what type of analysis: a. Vertical Analysis b. Horizontal Analysis c. Ratio Analysis
- Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 316. Accounts receivable turnover is 8. What is the average collection period assuming annual data are used? What is the average collection period if quarterly data are used? 7. Sales for the year amount to P3,000,000, Accounts receivable is P360,000. What is the average collection period assuming annual data is used? quarterly data is used? 8. Beginning inventory is P40,000, ending inventory is P28,000. Cost of goods sold is double the ending inventory and accounts payable is P44,000,. What is the accounts payable turnover? 9. The quick ratio is 1.75 while the current ratio is 2.5. the current liabilities amount to P525,000. Cost of goods sold is P955,000. What is the inventory turnover? of inventory? what is the average age 10. Ending inventory is P33,000 while accounts payable is P5,000. Purchases were half the ending inventory. What is the accounts payable turnover? inventory? What is the average age ofTeams MSFT Corporation has the following information: Inventory conversion period 79.02 days Receivables collection period 35.8 days Payables deferral period 9.6 days Can you determine the length of time (days) for them to cycle cash in the company? (represent your numeric result in two decimal places)
- Which of the following is NOT a correct explanation for turnover ratios and periods calculated based on them? Select one: a. Receivables turnover indicates how many times a company circulates its receivables in a year. b. Average collection period is the number of days between the sale transaction and the collection of receivable from customer. c. Inventory turnover is the number of days between purchase of inventory and its sale to the customer. d. Average payment period is the number of days between the purchase transaction and the payment of payables to the suppliers. Clear my choiceFor the purpose of classifying liabilities as current or noncurrent, the term operatingcycle refers toa. the time period between the date the sale is made and the date the related revenue iscollected.b. the time period between the purchase of merchandise and the conversion of this merchandise back to cash.c. a period of one year.d. the average time period between business recessionsBleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20-- Account Title Income Statement Balance Sheet 'Debit Credit Debit Credit Cash 12,300 Accounts Receivable 25,000 Merchandise Inventory 16,000 Store Supplies 1,100 Office Supplies 600 Prepaid Insurance 1,500 Store Equipment 66,000 Accumulated Depreciation-Store Equipment 38,000 Office Equipment 18,000 Accumulated Depreciation-Office Equipment 10,000 Accounts Payable 22,300 Salaries Payable 400 Long-Term Notes Payable 36,000 Carlo Perez, Capital 50,600 Carlo Perez, Drawing 32,000 Income Summary 17,000 16,000 Sales 61,500 Sales Returns and Allowances 500 Purchases 23,000 700 Purchases Returns and Allowances
- Given the following information, complete the balance sheet shown next Collection period Days' sales in cash Current ratio Assets Current assets: Cash Inventory turnover Liabilities to assets Payables period (All sales are on credit. All calculations assume a 365-day year. The payat Note: Round your answers to the nearest whole dollar. Accounts receivable Inventory Total current assets Net fixed assets Total assets Liabilities and shareholders equity Current liabilities: Accounts payable Short-term debt Total current liabilities 70 days 32 days 2.2 5 70% 36 days Long-term debt Shareholders equity Total liabilities and equity times $ 1,300,000 S S 1,900,000 8,000,000 2.400.000 8.000.000What is accounts payable turnover?a. Purchases on account divided by average accounts payableb. A measure of liquidityc. A measure of the number of times a year a company is able to pay its accounts payabled. All of the listed answers are correct.A company reports the following: Sales Average accounts receivable (net) Determine (a) the accounts receivable turnover and (b) number of days' sales in receivables. Round your answers to one decimal place. Assume a 365- day year. a. Accounts receivable turnover $398,580 76,650 b. Number of days' sales in receivables days
