Credits always increase which accounts? Assets, Liabilities and Common Stock Liabilities, Revenues and Common Stock O Assets, Dividends, Expenses Revenues, Liabilities and Dividends

Q: Accounts Receivable and Inventory Ratios Bell Company had the following current assets at…

A: Account receivables turnover ratio means the number of times account receivables is revolved during…

Q: 1. A warehouse building is constructed at a first cost of P7.5M and with an estimated salvage value…

A: Depreciation means the amount of expenses written off from the value of fixed assets used in…

Q: Preliminary plans are underway for construction of a new stadium for a major league baseball team.…

A: Solution:- Introduction:- Break-even point means total revenues equals to total expenses At…

Q: Sansa Company has outstanding 7% 10-year P5,000,000 face value bond. The bond was issued and dated…

A:

Q: me that on January 2, 2020, the Valenzuela Corporation issues P1,000,000, 5-year term bonds with a…

A: Concept of Bond Valuation

Q: Suppose the economy is in a recession and the government is running a budget surplus. This implies…

A: budget surplus when there is more income than expenditure a surplus is indication that the…

Q: Discuss how characteristics of not-for-profit organizations differ from for-profit organizations

A: Not for profit organisations are formed to render services to the society. Thee main purpose of…

Q: Vernon-Nelson Chemicals is planning to release a new brand of insecticide, Bee-Safe, that will kill…

A: The question is based on the concept of Financial Management. Incremental earnings are the after tax…

Q: What is the effect of the errors on the working capital of 2020? Put a negative sign if the answer…

A: The effect on working capital simply means, the net effect on current assets and current liabilities…

Q: On June 1, 2024, First National leased a building. The lease agreement calls for First National to…

A: Monthly interest rate = 7%/12 = 0.58333333% Number of months = 12 x 2 = 24

Q: Pocono Cement Forms expects $1,120,000 in overhead during the next year. It does not know whether it…

A: Predetermined overhead rate = Expected overhead / Anticipated direct labor hours  Or Predetermined…

Q: Pacific was a nich included a and registered ed in trade or b

A: Company included the car plan in its compensation = P3000000 General sense, Car or any motor vehicle…

Q: Andy Company records its purchases at gross but wishes to change to recording purchases at net.…

A: WHEN PURCHASES ARE RECORDED USING THE NET METHOD , PURCHASES AND ACCOUNTS PAYABLE ARE RECORDED AT AN…

Q: The following selected information is taken from the financial statements of Arnn Company for its…

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

Q: Pharoah Company purchased for $4,543,000 a mine that is estimated to have 45,430,000 tons of ore and…

A: Introduction: Depletion: Depletion expense to be recorded in Income statement. Depletion is…

Q: On October 1, 2021, Draper James paid $850,000 for equipment having an estimated useful life of 5…

A: Depreciation expense under sum of years digit method Depreciation base * remaining useful life / sum…

Q: Freeman, Inc. began operations on January 1, 2020. During 2020, the company engaged in the following…

A: Cash flow from investing activities: It is a section of the cash flow statement that shows the cash…

Q: The recorded allowance for doubtful accounts should be increased by

A: Uncollectible accounts are those accounts for which it is estimated that due amount will not be…

Q: Metro Pacific w ce which include nicle and regist gaged in trade

A: Company included the car plan in its compensation = P3000000 General sense, Car or any motor vehicle…

Q: Gordon Helps and Associates Company makes two products. Information regarding one of those products…

A: Cost is the amount incurred on the making of a good. It includes the cost incurred on production as…

Q: Which of the statements below, are potential benefits arising from an assurance service?   I.…

A: ASSURANCE SERVICES ARE AN INDEPENDENT EXAMINATION OF A COMPANY'S PROCESS AND CONTROLS . IT AIMS TO…

Q: 1) Tappa Corp.'s current liabilities at December 31, 2020, totaled P1,600,000 before any necessary…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: Tyrion Company sells motorcycle helmets. In 2021, Tyrion sold 4,000,000 helmets before discovering a…

A: Contingent liability is a probable liability that has not been materialized actually. The liability…

Q: October 3 Wrote off a $1,500 balance due from a customer who went bankrupt. December 29 Recorded…

A: While preparing closing Entry for Income statement accounts, all the Revenues and Expenses are…

Q: Brooke is evaluating two alternatives for improving the exterior appearance of her Victorian-style…

A: MARR or Minimum acceptable rate of return is the minimum rate of return that investors are expecting…

Q: Calculate the hourly operating cost (under average conditions) for a 180- horsepower motor grader…

A: The operating cost that those costs are incurred to run the operations of the business. The per-hour…

Q: Gotham City acquires $25,000 of inventory on November 1, 20X7, having held no inventory previously.…

A: Lets understand the basics. In consumption method of accounting, consumption is recorded at the year…

Q: Rainmian Company has agreed to pay its sales manager a bonus of 5% of his or her earnings after…

A: Bonus means the amount paid over and above the regular salary to employee for some extra work done.…

Q: Mr. X, single, died in Year 2020 leaving the following properties: Family house and lot Car Cash in…

A: Net Estate: - net estate is the total of net worth after deducting the administrative cost. it is…

Q: Use the following information for the Quick Study below. (Algo) [The following information applies…

A: The equivalent units are calculated on the basis of percentage of the work completed during the…

Q: On January 1, 2021, Toit Company issued a 10-year 9% bonds payable of P10,000,000 for a market rate…

A: Present value of bond:-

Q: Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow.…

A: The trend analysis is performed to analyse the financial statements of two different years.

Q: 2. A corporation's record show: Normal Income Tax per Quarter Taxes Withheld per Excess MCIT Prior…

A: Here to discuss the calculation of tax due and impact in the withhold taxes in the total due in the…

Q: 1) Tappa Corp.'s current liabilities at December 31, 2020, totaled P1,600,000 before any necessary…

A: Current liabilities shall be reported on the current assets section of the balance sheet when the…

Q: 1) Tappa Corp.'s current liabilities at December 31, 2020, totaled P1,600,000 before any necessary…

A: The credit purchase will be reported as accounts  payable  until the payment  is made. 2/10, n/30…

Q: On June 1, 2024, First National leased a building. The lease agreement calls for First National to…

A: Lease: It implies to a contract where by one party (lessor) agrees to grant the right of using an…

Q: On January 1, 2021, Maroon Company entered into a five-year nonrenewable operating lease, commencing…

A: A lease is an agreement where the owner of the asset transfers the right of use of the asset to the…

Q: The auto repair shop of Quality Motor Company uses standards to control the labor time and labor…

A: Formula: Labor rate variance = (Actual hourly rate  - Standard rate per hour)*Actual hours worked…

Q: depreciation.

A: Depreciation refers to a decrease in the value of a tangible asset due to various reasons such as…

Q: Optimal cash balance. The Madatung Corporation plans to have P1 million I steady cash outlays for…

A: GIVEN   The Madatung Corporation plans to have P1 million in steady cash outlays for next year. The…

Q: Which is better to have? Accounts receivable or notes receivable? And why?

A: Accounts receivable are current assets which represent amounts to be collected from customers for…

Q: Terms Using the information given in the table, find Cash Discount/Dating cash discount due date.…

A: Due date is the date at which the payment has to be made to the creditor or on which date it is…

Q: Write up a transaction analysis chart from the given transaction.

A: The Accounting equation is a statement that shows the equality between the resources and the…

Q: In looking over the last year's sales figures, Audio-2-Go's sales budgeting team recalled the…

A: Revised sales units and selling price per unit of each model: Model A-1 Number of units = 50% of…

Q: P118,000 and by the employer of the wife. How much will be the total gross annual income of the…

A: Gross income is the income which has been earned by the person during the year and gross income for…

Q: 18) On July 1, 2022, Jenks Company purchased the copyright to Jackson Computer tutorials for…

A: As per IAS 38, Intangible assets,  Intangible assets with limited useful life are to be amortized…

Q: Cullumber Company issued $410,000, 15-year, 8% bonds at 96. (a) Prepare a tabular summary to record…

A: Bonds represents the securities issued by an entity in order to raise money from the market.

Q: The auto repair shop of Quality Motor Company uses standards to control the labor time and labor…

A: Formula: Labor rate variance = (Actual hourly rate  - Standard rate per hour)*Actual hours worked…

Q: SLO-4.2. A necessary element of internal control is ODatabase OSystems design. OSystems analysis.…

A: Internal control is a set of procedures followed to achieve efficiency and effectiveness in the…

Q: Prepare a monthly operating budget for the first quarter with the following schedule

A: Budget is a estimation for the forecast within a certain period of times.  As there are various…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is