i started an icecream company called chills and fruit in which iam the accountant/owner for this company. can you tell me if my company will be a service or merchandising business and describe the goods or services that my company will be selling. Lastly State the depreciation and any other (if applicable) accounting policies.

Q: Johnstone Company is facing several decisions regarding investing and financing activities. Address…

A: 1) To determine the value of the equipment, we can use the present value of an annuity formula: PV =…

Q: Selling price per unit Variable expense per unit Fixed expense per month The unit sales to attain…

A: Introduction:- Break even point means there is no profit or loss. Fixed cost remain constant.…

Q: irrevocable trust

A: Creating a trust is beneficial to pass on the wealth to descendants. However, creditors and other…

Q: Sthembiso, a recent M.B.A. who is the only cost accountant at a manufacturing plant which is the…

A: Accounting evaluation refers to the procedure where the company assets as well as liabilities are…

Q: Marlo Enterprises produces radon mitigation pumps. Information pertaining to the company’s monthly…

A: INTRODUCTION: The labor efficiency variance assesses a company's capacity to use workers in line…

Q: annella Corporation produces and sells a single product. Data concerning that product appear below:…

A: The question is based on the concept of Cost Accounting. Variable cost is the cost that remains same…

Q: Johnstone Company is facing several decisions regarding investing and financing activities. Address…

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

Q: inventory

A: A reduction in the market price greatly impacts the closing stock and the profitability. It’s…

Q: terms 2/10 n/45.

A: The accounts payable account is higher when the company purchases merchandise from its suppliers on…

Q: ABC Corporation holds ordinary shares of XYZ Inc. acquired as follows: Date of Acquisition Shares…

A: a) The amount of the equity account Unrealized Gains or Losses on Equity Investments at Fair Value…

Q: INCOME STATEMENT WORKSHEET Part I. The following are the transactions on Bookchoice for December.…

A: The income statement is prepared to outline the revenues earned, and expenses incurred during the…

Q: A corporation purchases 10,000 shares of its own $20 par common stock for $35 per share, recording…

A: The amount of a company's assets that are still in its ownership after all obligations have been…

Q: In this case, a medium-sized, family-owned business suffered a significant loss of inventory due to…

A: Inventory fraud refers to the fraud which includes the theft of physical items of the inventory as…

Q: Q3. The information below was derived from the 2018 records of HCS Company:      Month  Units…

A: High-low method of analysis Variable Cost Per Unit = (Highest Activity Cost – Lowest Activity Cost)…

Q: 000 If a government hospital gets unrestricted donations that are not a part of a hospital's major…

A: A non-operating gain is a type of gain that does not arise from the main course of business. These…

Q: On April 6, Year 1, Home Furnishings purchased $25,200 of merchandise from Una Imports, terms 2/10…

A: Financial Statements: Financial statements are the standardized forms used to present a company's or…

Q: Cortez Company sells chairs that are used at computer stations. Its beginning inventory of chairs…

A: Cost of goods sold The amount spent by company in manufacturing a product is referred to as the cost…

Q: Comans Corporation has two production departments, Milling and Customizing. The company uses a…

A: Manufacturing Cost Manufacturing cost is defined as the combination of all the expenses incurred…

Q: The following information was abstracted from the accounts of the general fund of the City of Noble…

A: Government Accounting Government accounting is the practice of documenting and managing all…

Q: The controllers of Teal Mountain, Inc. and Indigo Corp. both ask you whether their companies can…

A: An organization's assets, liabilities, and equity are listed on a balance sheet, which is a…

Q: Suppose that the Fed wants to lower long-term interest rates and buys all the Treasury securities…

A: If the Fed buys all the Treasury securities that banks hold, it will increase the assets on its…

Q: Kk140. Hobbies Unlimited, a wholesaler, has a sales budget for next month of $300,000. Cost of…

A: Credit Purchases :— It is the value of units purchases during the period.    Cost of Goods Sold :—…

Q: Use the following information of Alfred Industries. Standard manufacturing overhead based on normal…

A: Overhead spending variance is the difference between actual overhead spending and the amount…

Q: Which of the following statements is true? 1. The direct labor budget begins with the required…

A: To determine how many labor hours will be required to manufacture the units outlined in the…

Q: Sagon Corporation has provided data concerning the Corporation's Manufacturing Overhead account for…

A: Any product consists of three main costs direct labor, direct material, and overhead. Direct labor…

Q: Ms. Shanti receives a salary of RM 10,000 per month as a communication executive with RK Management…

A: Gross income refers to the income of the individual or gross pay which states the aggregate earnings…

Q: Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the…

A: Under the weighted average method, it is assumed that the units which are completed are 100% in…

Q: Paradise Corporation budgets on an annual basis for its fiscal year. The following beginning and…

A: Manufacturing Process Raw ingredients are transformed to FG during this procedure (finished goods).…

Q: ring the year                                       $2,581,000              $2,347,000…

A: Journal entries refers to the process of collecting and noting all the day to day activities or…

Q: When filing Form 941, when must a Schedule B be completed? If you need to report an adjustment in…

A: Lets understand the basics. Form 941 schedule B is a supplementary form of the form 941.  It is need…

Q: you didnt answer the question, you just copied and pasted

A: A stakeholder is a party with an interest in a corporation who has the potential to influence or be…

Q: (a) In accordance with the appropriate standards, explain the differences between the cost and…

A: The cost model of Property, Plant and Equipment (PPE) is the most common method used to measure PPE.…

Q: Roses company had the ff. account balances and results from operations for the month of July: direct…

A: The cost of goods manufactured is the cost assigned to units produced within an accounting period. A…

Q: 1. In 2022, Ms. Julie gross receipts from his practice of profession is P 1,600,000 while her wife…

A: VAT VAT stands for Value Added Tax. It is kind of indirect tax which is imposed on the goods or…

Q: Financial Statements of a Manufacturing Firm The following events took place for Focault Inc. during…

A: An income statement charts the sales, costs, and profitability of a corporation through time. It is…

Q: You are interviewing for an accountant position with Smith Industries. There are several candidates,…

A: A job costing system is a method of accounting used by the business that determines the cost…

Q: Kurtulus Corporation uses the weighted-average method in its process costing system. Data concerning…

A: Process Costing A kind of costing method that applies by those manufacturing firms engaging in the…

Q: The controller should be a member of the top management staff. Do you agree or disagree? Explain.

A: Top management: The top management of the business implies to the higher level of staff which…

Q: CARAMEL Inc. manufactures three joint products. The following production data were provided by…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Which of the following statements is true? I. Under the absorption costing method, a company can…

A: Absorption costing is a method of costing in which all manufacturing costs both variable and fixed…

Q: Required: a) Prepare the income statement/SPL for the year ended 30 November 2015. b) Prepare the…

A: Answer (a) - Income Statement Mr. Yaseer Fashion Center Income Statement For the Year Ended…

Q: Ernon plc has identified an indicated of impairment and is conducting an impairment review. Its…

A: Impairment loss refers to the amount through which the carrying amount of the asset or the cash…

Q: two departments of Gurley Industries for September of the current fiscal year are as follows:…

A: Lets understand the basics. Equivalent unit is required to calculate in order to calculate…

Q: rate of interest

A: Simple interest is an easy way of calculating the interest charged on a loan or earned on a deposit.…

Q: Ray Company provided the following excerpts from its Production Department's flexible budget…

A: A budget performance report is prepared to compare the budget prepared by the management with the…

Q: Which of the following statements is true? 1. The master budget consists of a number of separate but…

A: The question is related to the Budgets. The question is related to which statement is true.

Q: SENYORA Manufacturing Company applies process costing in the manufacture of its sole product,…

A: Process costing is used by companies where the products have to pass through multiple processes in…

Q: Sage Products Ltd manufactures goods which could involve any or all of three production departments.…

A: Overheads are indirect expenditures associated with manufacturing or production that are not…

Q: Which of the following statements is not correct?   Group of answer choices a) Periodic allocations…

A: The question is related to true or false regarding the Tangible Assets and their Accounting…

Q: Georgia Co.'s tool division, Ash, incurred the following costs for year 2: Variable Fixed Direct…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.  Variable…

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