EASE SOLVE
Q: Impairment Amando Bacot purchases equipment for $10,000 on January 1, 2022. The equipment has a resi...
A: The question is related to Impairment of Assets. The Impairment Loss is calculated as under Impair...
Q: Jones Manufacturing Inc. sponsored a defined benefit pension plan effective 1 January 20X7. The comp...
A: The pension plan is the retirement benefit plan for employees’ retirement. All the contributions are...
Q: Harry, the owner of Harry Pte Ltd, was finalising his company accounts for the year ending 31 Decemb...
A: As we follow Accrual Basis of acounting we have to pass entries when the expenses and...
Q: uppose Rocky Brands has earnings per share of $2.35 and EBITDA of $31.2 milion. The firm also has 4....
A: Calculation of above requirement are as follows.
Q: Please solve both (a) and (b) in an Excel Spreadsheet and provide formulas you used. a) Use rate of...
A: Rate of Return: A rate of return (RoR) is the net gain or loss realized by an investment over a set ...
Q: Directions: Below are the accounts of Llamado Poultry Supply Store for the year ended June 30, 2020....
A: The question is related to the mutli step Income Statement for the year ended June 30, 2020. A multi...
Q: The following represent controls over authorization of acquisition and disposal of investments, exce...
A: Investment purchases and disposals should be authorized in accordance with the company policyAn inve...
Q: Given the below assumptions, what is the level of sales required for a two department (food and beve...
A: The return on investment is calculated with the help of following formula Return on Investment = Op...
Q: OOutline some different approaches to stock control.
A: Stock control, also known as inventory control, is used to show how much inventory you have on hand ...
Q: Calculate the amount of the annual rental payment required. (Round present value factor calculations...
A: The question is based on the concept of Financial Accounting.
Q: From the following information, calculate Operating ratios and operating profit ratio and ne profit ...
A: The operational ratio reflects a company's total operating expenses to net revenues to assess how ef...
Q: Pure Self- employment Page 85 Architect adira offers architectural design services. She also the sol...
A: Taxable income: Taxable income is the value computed after adjusting all the applicable deductions f...
Q: Dillon Products manufactures various machined parts to customer specifications. The company uses a j...
A: The journal entries are prepared to record day to day transactions of the business on regular basis.
Q: You have the following: Short term capital losses - $9,000 Long term capital losses - $8,000 Short t...
A: When an investment held for less than a year is sold, a short-term capital gain occurs. whereas if t...
Q: s a prospective member of the accounting profession detail what you consider to be the four (4) most...
A: competent professional accountant in business is considered to be Paramount and invaluable assets fo...
Q: Prepare the note disclosure required (e) On 10 September 2021, the company paid a dividend of $210,0...
A: Notes to accounts are disclosures made by the company regarding the calculation and other details of...
Q: 1. Equipment with an original cost of $75,100 was sold during the year. 2. New equipment was purchas...
A: The question is related to Cash Flow Statement. The Cash Flow Statement is summary of cash receipts ...
Q: PROBLEM 2: Barone's Repair Shop was started on May 1 by Nancy Barone. A summary of May transactions ...
A: Tabular analysis is other words uses any analysis that uses tables to analyze a particular data in t...
Q: Angie March owns a catering company that stages banquets and parties for both individuals and compan...
A: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest activity units - ...
Q: Item No. 25 is based on the following information: Ree, Ver, and Kwai are partners having capital ba...
A: In the context of the given question, we should compute the available balance that was transferred t...
Q: Question text Net interest cost is a component of pension expense under IFRS. How is net interest co...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: An entity issued 2,000 convertible bonds. The bonds have a three-year term, and are issued at par wi...
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value o...
Q: leased are payable at the end of each year, beginning December 31 cost was P800,000. The implicit ra...
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get...
Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...
A: Lease is the contract between lessor and the lessee for use of assets which consists the conditions ...
Q: Which of the following costs is most Ilikely to be classlfled as a fixed cost? Multiple Cholce Direc...
A: Fixed costs are costs which do not vary with production and remains fixed in total .On the other han...
Q: Quantitative Problem: Bank 1 lends funds at a nominal rate of 7% with payments to be made semiannual...
A: The Effective Annual Interest Rate (EAR) seems to be the rate of interest that has been adjusted to ...
Q: A new electric saw for cutting small pieces of lumber in a furniture manufacturing plant has a cost ...
A: Depreciation refers to reduction or decrease in the asset value over the estimated asset life, in sh...
Q: y Jay and RJ are partners sharing profits and losses e ated and after all assets are converted to ca...
A: When a partner is insolvent , the capital deficit is to be distributed in the profit sharing ratio. ...
Q: ich of the following is true of accounting for changes in estimates? a. A company recognizes a chan...
A: Solution: A change in estimate occurs due to change in any available information which changes the c...
Q: The company is desirous of comparing serval financial transactions and possible outcomes to assist i...
A:
Q: Fong Sai-Yuk Company sells one product. Presented below is information for January for Fong Sai-Yuk ...
A: Introduction:- Calculation of cost of goods sold as follows:- Beginning inventory (100 units X $5...
Q: Is it true or false that corporations muse issue common stock, but may or may not decide to issue pr...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: At the beginning of the current season on April 1, the ledger of Riverbed's Discorama showed Cash $1...
A: A Journal is a register in which all business transactions are recorded in the order in which they o...
Q: For items #6-10 - Financial Statement: Below is the balance sheet of ABM International for June 30, ...
A: Liquidity ratios are the measures that are used to depict the capacity of the entity to meet up its ...
Q: How much could BTU Oil & Gas Fracking afford to spend on new equipment every start of the year for ...
A: To find out the Annual payment amount, formula is= Fi1+in - 1 Here, F= Accumulation of the sum of th...
Q: otal assets 80,000 Current liabilitie
A: Summary Introduction: Operating segments refer to components of the firm. These segments have discr...
Q: Pure Self-Employment Architect Adira offers architectural design services. She is also the sole prop...
A: Solution Income tax liability is the amount of money in the form of tax debt you owe to tax authorit...
Q: Wells Leasing Company signs an agreement on January 1. 2020, to lease equipment to Manchester Compan...
A: Lease: A lease refers to an agreement in which the lessor transfers the leased to leased assets in ...
Q: had lived under a classical tax system, which of the following is closest to the additional tax she ...
A: As per our protocol we provide solution to the one question only but as you have asked multiple ques...
Q: Sarah Allen is the new owner of Sarah’s Computer Services. At the end of July 2022, her first month ...
A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...
Q: eakeven sales in units will decrease by 4,000 units, how much will be the increase/decrease in profi...
A: The breakeven point is where the firm makes no profit or loss . In other words , the contribution ma...
Q: , Shyam Construction Co. entered into a contract with a customer for the construction of a building....
A: Under percentage completion method , revenue is recognized as the % of completion. The % of completi...
Q: What amount of RGP should be reported for the current year if the percentage of completion method is...
A: Answered:
Q: The carrying on of a business of a continuing nature is essential to constitute a partnership.
A: Organization: Organization is an entity which can be in the form of partnership, company, firm or so...
Q: Question text The relationship between the amount funded and the amount reported for pension expense...
A: In case of multiple questions are posted together, the first question is solved. Pension expense is ...
Q: please answer with explanation
A: FIFI is First In First Out method of inventory valuation. In this method g...
Q: 8. $264,000 $105,600 $281,600 $158,400 6. $95,040 $57,024 3 $158,400 $63,360 $344,960 10 $95,040 $38...
A: Depreciation is the allocation of cost of asset over the useful life of the asset. Accumulated Depre...
Q: Problem 1 Two options need to be analyzed using internal rate of return with a MARR of 9% to determi...
A:
Q: 2) E9-3 (Algo) Determining Financial Statement Effects of an Asset Acquisition and Straight-Line Dep...
A: Any accounting transaction in the business imposes a minimum of two impacts in the books of accounti...
Q: For each of the following unrelated transactions, (1) Timber rights were purchased on a tract of lan...
A: Depletion rate = Purchase cost of timber rights / Estimated timber quantity Amortization expense = Q...
Step by step
Solved in 3 steps with 1 images
- Using the following information, prepare the journal entries to: a. Establish a $200 petty cash fund on January 2. b. Reimburse the petty cash fund at the end of the month. Date Voucher No. Purpose Amount Jan. 2 1 Office supplies $15 6 2 Withdrawal by owner 20 7 3 Lunch with client 35 7 4 Postage 12 8 5 Donation to United Way 25 12 6 Telephone repair 32 23 7 Office supplies 15 28 8 Lunch with client 40 If an amount box does not require an entry, leave it blank.Scenario 1: Kerry owns and operates a small community pharmacy. John is the pharmacist and he employs a clerk to assist with collecting, reconciling, and depositing the proceeds collected each week. Kerry leaves all the cash handling procedures to the clerk and simply confirms that cash was deposited at the end of the week. Scenario 2: Alex is also an entrepreneur who owns a business. Alex ensures that the employee who accepts payments and issues receipts is not the same person to prepare the deposits. Deposits are prepared and reconciled by another (more senior) employee who confirms cash collected based on the cash totals (from the register, receipt book, or AIS). Question 1: Compare the controls applied by the two scenarios.Question: Eagle Company sells its single product to all customers on a credit basis. All mail often opened by Mr. Omar who is the youngest employee in the company. Consequently, he can bring new perspective and a unique way of thinking to the company, After receiving the cash from customers, he constructs a listing of the cash receipts and duplicate deposit slip. In addition, Mr. Omar often deposits cash into bank account daily. He also utilizes the listing of the cash receipts to journalize and record the business transactions in the accounting information system. Furthermore, Mr. Omar send WhatsApp messages to customers to remind them paying their bills quickly. Lately, he is given additional duties such as perform ing credit approval for new customers and authorizing sales returns and allowances. The manager of Eagle com pany is satisfied with the performance of Mr. Omar. He plans to increase Omar salary by the new year. Over a 2-year period, Mr. Omar did not take any vacation or…
- Sunrise Coffee Shop, in an effort to streamline its accounting system, has decided to utilize a cash receipts journal. Record the following transactions for the first two weeks in March, total the columns, and include the posting references. A partial chart of accounts is given below. After recording the transactions, indicate if there are any additional columns you would add to this journal. March 1 Cash received for beverages, $375. Cash received for food, $250. Cash received for customer sales of Sunrise's signature coffee mugs, $130. Cash received for beverages, $480. Cash received for food, $325. Cash received for customer sales of Sunrise's signature coffee mugs, $115. 10 Cash received on account from Central.com, $900. Chart of Accounts (Partial) 10 Cash 41 Beverage Revenue 12 Accounts Receivable 42 Food Revenue 15 Retail Items 43 Retail Revenue MacBook Air DII 80 F10 F11 F12 esc F6 F7 F8 F9 F1 F2 F3 F4 F5 23 & 3 4 5 8 тAppliances Repair and Service Company bills all customers rather than collecting in cash when services are provided. All mail is opened by Tom Gyders, treasurer. Gyders, a CPA, is the most qualified person in the company who is in the office daily. Therefore, he can solve problems and respond to customers’ needs quickly. Cash is deposited daily. Gyders. uses the listing to enter the financial transactions in the franklyn computerized accounting records. He also contacts customers about uncollected accounts receivable. Because he is so knowledgeable about the business and each customer, he grants credit, authorizes all sales allowances, and charges off uncollectible accounts. The owner is extremely pleased with the efficiency of the company. He can run the business without spending much time there because of Gyders’ effectiveness. Imagine the owner’s surprise when he discovers that Gydes has committed a major theft of the company’s cash receipts. He did so by not recording sales,…Marco Nelson opened a frame shop and completed these transactions: 1. Sold custom frames and immediately collected $41,600 cash for the sale. 2. Purchased $230 of office supplies on credit. 3. Paid $2,800 cash for the receptionist's salary. 4. Sold a custom frame service and collected $6,100 cash on the sale. 5. Completed framing services and billed the client $360. What was the balance of the cash account after these transactions were posted? Multiple Choice $10,470. $10,830. $44,900.
- Directions: Journalize the transactions in the General Journal, and Special Journals: Sales Journal, Purchases Journal, Cash Receipts Journal, Cash Payment Journal; and posts in the General Ledger and Subsidiary Ledgers. Write your answers in a separate needed answer sheet. You decided to open a Mini Grocery in your barangay. The following are the transactions in December of the current year: 1 You invested ₱100,000 cash and equipment for ₱25,000 in the business. 4 Purchased furniture on cash for ₱5,000. 6 Purchased supplies on cash for ₱2,500. 8 Purchased merchandise from ABC Merchandising for ₱20,000. Terms: 2/10, n/30. 10 Purchased merchandise from XYZ Merchandising for ₱12,000 on cash. 12 Paid the freight on merchandise bought above for ₱500. 15 Sold merchandise to various cash customers for ₱10,000. 16 Sold merchandise to Mr. Perez for ₱8,000. Terms: 2/10, n/30. 17 Paid the freight on merchandise sold above for ₱200. 18 Paid the wages employees for ₱4,000. 19…July 25 20XX Purchased additional office supplies with cash, $375. July 27 20XX Discovered that $35 worth of office supplies purchased on the 25th were of poor quality. The supplies were returned for a cash refund. July 29 20XX Collected $1,300 of the amount due from June 14th. When entering journal entries enter the date, the account to be debited and the amount, enter the account to be credited and the amount, and a short explanation.During the month a company paid $27 for office supplies and $13 for miscellaneous expenses from the petty cash fund. The entry to replenish the petty cash fund at the end of the month would include Multiple Choice a debit to Petty Cash for $40. a credit to Cash for $40. a debit to Cash for $40. a credit to Office Supplies for $27.
- Karen's Dance Studio created a $300 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows: E (Click the icon to view the petty cash tickets.) Read the requirements. Requirement 1. Make the general journal entry to create the petty cash fund. Include an explanation. (Record debits first, then, credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit i Data Table i Requirements Petty Cash Ticket No. Item Make the general journal entry to create the petty cash fund. Include an explanation. 1. Account Debited Amount Make the general journal entry to record the petty cash fund replenishment. Cash in the fund totals $115. Include an explanation. 2. Ticket No. 1 Delivery of programs to customers Delivery Expense $ 20 Ticket No. 2 Mail package Postage Expense 15 3. Assume that Karen's Dance Studio decides to decrease the petty cash fund to $170. Make the general journal…Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
