HOW AND WHY does accounting apply to our PERSONAL LIFE?

Q: year-end: Preference share capital, P100 par, 50,000 shares Share premium - PS Ordinary share…

A: ANSWER:-                                                           JOURNAL ENTRIES DATE…

Q: At Sandhill Electronics, it costs $31 per unit ($20 variable and $11 fixed) to make an MP3 player…

A: Special order means an order that is not received by the regular or potential customer. This is an…

Q: January 1, 20X1, Sans Serif Publishers, Inc., a computer services and printing firm, leased a color…

A: Lease refers to an contract where the owner of the asset known as lessor provides the right to an…

Q: PAT METHENY COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,900 Cost…

A: INTRODUCTION: The statement of cash flows can be used to identify trends in business performance…

Q: Accounting data does not consider off-balance sheet items, such as unused commitments of a fir O…

A: There are commitments made by the company or any financial institution to customers many time and…

Q: Babcock Company purchased a piece of machinery for $30,000 on January 1, 2022, and has been…

A: As per IAS 8 Accounting policies, Changes in Accounting estimates and errors, A change in…

Q: $ millions Net sales Cost of sales. Apple Current Year $ 265,595 $ 163,756 Prior Year $ 229,234 $…

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

Q: aranteed by any of the L of the nonrecourse debt i

A: Answer : 1. Nonrecourse debt allocated to Jokan is = $70,500 * *25% = $17,625   2. Jokan's  basis in…

Q: Exercise 4-1 (Algo) Computing revenues, expenses, and income LO C1 Fill in the blanks in the…

A: Gross profit means the profit earned by selling the goods without considering the indirect expenses…

Q: Becker Bikes manufactures tricycles. The company expects to sell 360 units in May and 490 units in…

A: WORKING NOTE: 1.CALCULATION OF REQUIRED PRODUCTION  = SELLING UNIT - BEGINNING FINISHED GOODS +…

Q: Holt Developments Ltd. put an asset in service on January 1, 2021. Its cost was $432,000, its…

A: Depreciation: Depreciation is the non-cash expense of the company shown in the income statement of…

Q: cash transactions. (List all debit entries before credit entries. Credit account titles are…

A: Petty cash is a fund maintained for minor expenses. It is cash kept aside for small cash needs…

Q: What is true about pro forma financial statements? Select one: a. None of the choices listed b. They…

A: Financial statements: These imply to the written records maintained by the business to convey it's…

Q: Primare Corporation has provided the following data concerning last month’s manufacturing…

A: Cost of goods manufactured means the cost which is incurred on the making of the goods. It includes…

Q: Assume a company's budgeted unit sales and its required production in units for June are 80,000…

A: INTRODUCTION: A direct labor budget computes the total number of work hours necessary to make the…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months $84,000…

A: FICA tax consists of two parts one is social security and another is medicare and that is necessary…

Q: In 2022, Sheryl is claimed as a dependent on her parents' tax return. Her parents report taxable…

A: Tax liability refers to the amount of tax that is owed by an individual or corporation in a given…

Q: The Lakeside Company uses a weighted-average process costing system. The following data are…

A: Given, Units finished during the period = 17,900 Ending work in process = 5,900

Q: Harney, Inc. has prepared the following budgets for March. In March, budgeted production equals…

A: Direct Cost :— It is the cost that are directly incurred in the manufacturing of product during the…

Q: On January 1, 2020, Ehrlich Corporation had the following stockholders’ equity accounts. Common…

A: Lets understand the basics. Journal entry is required to make to record event and transaction that…

Q: Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a…

A: Cash budget refers to the estimation of the cash flows in a particular period of time of a…

Q: 10. The Augusta Health Company purchased land, buildings and equipment for $2,400,000. The land has…

A: INTRODUCTION: A debit is an accounting entry that results in a drop in liabilities or a rise in…

Q: Q3 The following information relates to Best Digital Requirements Net sales(all on credit) Cost of…

A: Profit Margin Ratio=Net IncomeNet Sales×100 Days' Sales in Inventory=Average inventoryCost of goods…

Q: Dabble, Inc., has sales of $975,000 and cost of goods sold of $476,000. The firm had a beginning…

A: Days sales of inventory (DSI) is the average number of days it takes a company to sell off its…

Q: Oriole Manufacturing Co.'s operates 3 profit centers. The clothing center's static budget at 6800…

A: As per the given information: Static budget - 6800 units of productionDirect labor - $34000Direct…

Q: Fitz Company reports the following information. Selected Annual Income Statement Data Net income…

A: Cash flows from operating activities: It is a section of the Statement of cash flow that explains…

Q: & jobs act enhanced the deduction for charitable contributions by raising the limit that can be…

A: Planning - Planning is the process of determining the steps necessary to carry out an objective.…

Q: Global Corp. expects sales to grow by 6% next year. Assume that Global pays out 50% of its net…

A: The amount of money that an individual or group holds in a business is referred to as the equity of…

Q: anufacturing Company has gathered the following information for the month of September: 8,100 units…

A: Equivalent units of production are based on whole units and their percentage of completion. Cost…

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

A: Current assets are the assets which can be converted into cash within a year. Current liabilities…

Q: B. C. D&R Corporation has annual revenues of $375,000, an average contribution margin ratio of 32%,…

A: Break Even Point (BEP) :— It is the point at which total cost is equal to total revenue. At this…

Q: Fit-for-Life Foods reports the following income statement accounts for the year ended December 31.…

A: Lets understand the basics. Income statement can be prepared using two methods which are, (1) Single…

Q: Employers should have documentation that employees have agreed to all employer compulsory and…

A: In the company there are many transactions done, so the company should have written records or…

Q: Problem 8-30 (Algorithmic) (LO. 1, 2) In 2019, José purchased a house for $203,200. He used the…

A: The residential property is the house that is used by the taxpayer for other own living and the…

Q: a. Define the term constructive receipt. Explain its importance. b. Explain three restrictions on…

A: Receipts - The act of transferring anything of value from one party to another is acknowledged in…

Q: has 15% ownership of a and adopts the fair value method in it's recognition for this investment. the…

A: Lets understand the basics. Fair value method is also known as cost method. This method generally…

Q: quivalent Units of Production The Converting Department of Worley Company had 560 units in work in…

A: Inventory in process beginning = Whole units x (1-40%) =560 x (1-40%) =336 units

Q: Cold Products Corporation manufactured 34,000 ice chests during September. The variable overhead…

A: Variable Overhead Spending Variances: The difference between the actual cost of variable production…

Q: The adjusted trial balance for Sheridan Farm Corporation at the end of the current year contained…

A: BALANCE SHEET Balance sheet Shows the Financial position of the Company. It Include Assets,…

Q: F @ Selling price Direct materials Direct labor Variable manufacturing overhead Sales commission…

A: Absorption Costing Method :— In this method, unit product cost includes Variable manufacturing cost…

Q: Mr. and Mrs. Garcia paid $6,900 to Mrs. Garcia's mother for the entire year to take care of their…

A: The expenses done on children which are dependent on you may claim as deductions in the income tax…

Q: Which of the following expenses may a partnership elect to amortize?  (a) Advertising expense from…

A: (A) Advertising expense from before the partnership began their first actual day of business Yes, a…

Q: Jayson made a loan with a 8.5% interest rate that is equal to 3,559.38 and its principal is 225,000.…

A: Time value of money concept says that there can be present value and future value of money. Future…

Q: 5 Cost of Merchandise 5 Payroll 2 Internet 3 Building Advertising Capital Assets ady Miscellaneous…

A: The question is reaped to forecast for coming period. It also required excel formulas.

Q: Sarah has learned a lot from you over the past two months, and has compiled the following data for…

A: Budget performance report is prepared by the management accountants so as to find out the…

Q: Assume that you contribute $160 per month to a retirement plan for 25 years. Then you are able to…

A: It has been provided: Required: Future value of multiple annuities?

Q: why investors track moves in the yield curve?

A: A yield curve provides a clear visual representation of the bond market at a specific point in time.…

Q: Kyle, a single taxpayer, worked as a freelance software engineer for the first three months of 2021.…

A: FICA Tax: FICA stands for Federal Insurance Contributions Act. It is a payroll tax of united states…

Q: 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of…

A: Inventory Valuation Method - Inventory valuation method includes FIFO, LIFO, and Weighted Average…

Q: Carla borrowed money to bank and she pays equal 3,500 every end of a quarter for 3 years with an…

A: Time value of money :— According to this concept, value of money in present day is greater than the…

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