The amount of assets consumed during the performance of business operations in a period while delivering or producing goods and services will be shown in the income statement as: a. expenses b. gains c. assets d. revenues

Q: On January 1 of the current year, a company purchased and placed in service a machine with a cost of...

A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of th...

Q: In no fewer than 300 words, Do you think technical writing important in our everyday lives?

A:  Technical Writing: Written technical communication is used in technical and vocational domains such...

Q: At the beginning of September, Helen Rojas started Rojas Wealth Management Consulting, a firm that o...

A: Statement of owner's equity = Capital + Net income - Withdrawals  Net Income = Revenue - expenses As...

Q: Identify the accounting assumption, accounting principle, or reporting constraint that mos appropria...

A: Accounting principles are those rules, regulations and guidelines which are used by the accountants ...

Q: Entries for Factory Costs and Jobs Completed Entrepreneurial Publishing Inc. began printing operati...

A: The expenditures spent throughout the production process, excluding direct labor and direct supplies...

Q: Prepare the following: • Statement of Financial Position • Trial balance

A: Financial statements are the set of records of the financial transactions and position of a business...

Q: our year end is December 31. You lent $120,000 to another company on Oct 1. If the interest rate is ...

A: Solution Concept The amount of the interest receivable is mathematically equal to =principal * inter...

Q: Matcha Company reported the following changes in all the account balances for 2021, except for retai...

A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...

Q: what are the differences of cost, expense, and loss

A: Cost, expense and loss are terms normally used in accounting. They can be measured in terms of money...

Q: Assuming there have been no intercompany transactions, which of the following is an incorrect statem...

A: Consolidation is the process of combining two or more entities' assets, liabilities, and other finan...

Q: MATCHING TYPE: Harry Potter started a Food business to be known as "Harry Delights". He performed th...

A: 10. Here as the food is sold on credit accounts receivable increases and inventory decreases. Answer...

Q: Bridgeport Inc. has budgeted sales for the second quarter of $340,000 for April; $505,000 for May; a...

A: Cash budget is used in forecasting to determine supplier payment, receipts from customers which in t...

Q: gift from a company that wanted to increase its business. Why must taxpayer have a fmv basis in the ...

A: Gifts are exempt from tax up to a certain limit. Beyond this limit the taxpayer has to pay tax on th...

Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation’s liabili...

A: 1) Accounts payable.  shalll be P350000. It will include suppliers debit balance of P30000.   2) Div...

Q: . Landscape, Inc. includes an estimate of warranty expense in the year in which it sells its lawn mo...

A: The principle of recognizing expenses and liabilities as soon as possible when there is uncertainty ...

Q: What is the period of time covered by the income statement?

A: Answer:; Income statement is made for the period of one year and it is stated as for the year ended ...

Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...

A: Manufacturing overhead costs seem to be the total of all indirect expenses involved during the produ...

Q: Problem 7- 15 Accrued Expense On September 1, 200A, X Co. issued amounting to P300,000, 12% interest...

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

Q: Whether wages paid to all employees are supported by a written and verifiable record of hours worked...

A: Auditing refers to audit of financial statements of a entity in order to check whether they show tru...

Q: The financial statements of a ltd and b ltd at 1 july 2020 are as follows.   A Ltd B Ltd cash 2...

A: Computation of net assets of B Ltd at Fair Value and determining Goodwill/Gain on bargain purchase ...

Q: What is the balance of the ending capital? 2. How much is the increase in the capital of choy after ...

A: Accounting equation is an expression which is used to describe the relationship between asset, liabi...

Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation's liabili...

A: The company believe that they would liable to pay damages of P300000, therefore the company has to m...

Q: answer if true or false 1. Merchandise or goods' ownership is transferred from the seller to the cus...

A: Sale of goods means when goods are transferred from one party to another party. Prepaid expenses are...

Q: Shine received a promissory note of Php. 90,000, representing payment for her services as a legal of...

A:                            A promissory note is a written promise for a certain sum of money by the ...

Q: Jellicent Corporation is an 80% owned subsidiary of Frilish Corporation. During 2018, Jellicent sold...

A: solution given % holding in Jellicent 80% unrealized profit at December 31, 2018 on sales ...

Q: . Resto supplies incorporated takes 32,000 loss on a number of older ovens in its inventory; it paid...

A: Conservatism Constraint: According to conservatism constraint we need to provide all possible losses...

Q: In your own words, Explain the accounting cycle. 5 sentences only. No google and plagiarism.

A: Accounting Cycle - Accounting Cycles is the process of recording a transaction through different sta...

Q: Dallas National Bank had the following activities, traceable costs, and physical flow of driver unit...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: When manufacturers like Nike undertake wholesaling and retailing activities, this can be described a...

A: A company may have various production units, may produce different products, may involve in many bus...

Q: 1. Given below are adjustmentd made in December 31, 2021. Provide the original entries. a. Prepaid...

A: Income and expenses are required to be recorded on accrual basis in the books of accounts. So for al...

Q: Wynn Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...

A: The accrual basis accounting records the revenue and expenses when they are incurred irrespective of...

Q: tcha Company reported the following changes in all the account balances for 2021, except fo ained ea...

A: The dividend is declared to the shareholders from the retained earnings of the business. 

Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...

A: At the time of acquisition of assets, sometimes old asset needs to be exchanged and some amount of c...

Q: tatement 1: Under cash basis of accounting the matching principle is ignored. Statement 2: The cash ...

A: Solution Concept Cash basis of accounting                 Under the cash basis of accounting the inc...

Q: ratio: 2.61x quick ratio: 2.56 cash ratio: 0.85 2. Accounts receivable turnover: 4.08 Ave collectio...

A:  working capital Management is important for company to operate smoothly and efficiently. A good amo...

Q: For the 2021 audit of the financial statements, you are tasked to audit EMPLEO Corporation’s liabili...

A: 1) Amount of Contingent liabilities  Clear toothpaste liability.       P 600000 Contingency on accou...

Q: Accounts payable, January 1 Accounts payable, December 31 Cash purchases during the year Payments on...

A: Solution: Purchases to be reported by first computing purchases on accounts. Then purchases on accou...

Q: Ben had $88,000 of income from wages and $4,350 of taxable interest. Ben also made contributions of ...

A: Taxable income seems to be the part of an individual's personal or a firm's income which is used to ...

Q: On December 30, Year 1, ABC Corporation sold a machine to DEF Corporation in exchange for a non-inte...

A: Present value of note receivable on December 31, year 1= Annual amount of payment x Present value fa...

Q: Chanter 9 Receivables Receivables s: Series A PR 9-1A Entries related to uncollectible accounts OBJ....

A: "Since you have posted a question with multiple subparts, we will solve the first three subparts for...

Q: type of discount given for purchasing a large volume of merchandise is ___

A: solution concept                 When a customer buys in large volume , suppliers generally offer th...

Q: KC Company's Dec. 31, 2021 cash balance is P8,350,000 before possible adjustments for the following:

A: Cash and cash equivalent is a most liquid current asset that is posted under the head current assets...

Q: Question 2 ABC company is a small engineering firm. The following balances have been extracted from ...

A: 1. Income Statement 2. Balance Sheet   The first statement shows the income earned and loss incurred...

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: The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, ...

A:

Q: The following details are found in the incomplete bank reconciliation statement of Phillip Company f...

A: Ideally cash balance as per cash book and bank balance as per bank statement must reconcile and if t...

Q: Bentilador Mo Co. gathered the following information In reconciling the cash balance on December 31,...

A: A reconciliation statement must account for all fees assessed by a bank on an account.  The balance ...

Q: Prepare Bridgeport’s 2020 journal entries.

A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...

Q: March 120,000 120,000 70,000 100,000 Аprl 120,000 140,000 90,000 120,000 May 200,000 140,000 100,000...

A: Contribution of the Project   Sales.                                    xxxxx-Variable cost.        ...

Q: Keith is single with taxable income of $90,000. Use the 2021 tax rate schedule to calculate Keith's ...

A: Lets understand the basics. As per IRS, there are seven brackets for the calculation of taxes which ...