Which of the following accounts is considered a temporary or nominal account?A. Fees Earned RevenueB. Prepaid AdvertisingC. Unearned Service RevenueD. Prepaid Insurance

Q: received by nonresident individuals from a depository bank under the expanded foreign currency depos...

A: The answer has been mentioned below.

Q: Oriole Corporation is a lessee with a finance lease. The asset is recorded at $720000 and has an eco...

A: As lease agreement provides transfer of title of asset to the lessee at the end of the lease term, t...

Q: The following data were drawn from the records of Quentin Corporation. Planned volume for year (stat...

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

Q: In compliance with labor code prevailing in the country, ABC Company grants 10 days of sick leave an...

A: Employees  eligible vacation in 2020 Employee benefit cost for vacation  Eligible sick leave  i...

Q: SM Department Store sells gift certifications redeemable only when merchandise is purchased. These g...

A: This is a multiple-choice question. 

Q: Oriole Company, a major retailer of bicycles and accessories, operates several stores and is a publi...

A: The question is based on the concept of Cash flow statement. Cash flow statement is the statement th...

Q: Problem 8-25 Lump Sum Sale of Share Capital X Corporation issued its share capital in exchange for a...

A: Lump-sum sale of share capital is done for the purchase price of some asset in which more than one c...

Q: hort-term notes payable: O Can replace an account payable O Can be issued in return for money borrow...

A: Short term notes payable is a current liability. It is an obligation to pay a specified sum plus int...

Q: Metlock Inc. was incorporated in 2019 to operate as a computer software service firm, with an accoun...

A: A journal entry is the act of keeping making records of any transaction either economic or non econo...

Q: What is the Earnings per Share? (Round to the nearest 2 decimal places)

A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of...

Q: The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,00...

A: Solution Cost of sales is the accumulated Total of all costs used to create a product or service , w...

Q: If bonds with a face value of $124000 are converted into common stock when the carrying value of the...

A: Each of these transactions requires a diary entry. It's vital to remember that we're looking at the ...

Q: On June 10, Splish Brothers Company purchased $6,700 of merchandise from Sunland Company, on account...

A: Financial transactions are tracked via journal entries. You insert transaction details into your com...

Q: Calculate the amount of the annual rental payment required. (Round present value factor calculations...

A: Lease refers to a contract between two parties under which one party who is the real owner of an ass...

Q: Oriole Company, a major retailer of bicycles and accessories, operates several stores and is a publi...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: At August 1 of the current year, there are 4,000 units at P15 each of merchandise inventory.  During...

A: Weighted average method of inventory is one of the common method used for inventory. Under periodic ...

Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...

A: Contribution margin: Difference between the sales and the variable costs is called contribution marg...

Q: ABC Company reported pretax financial income of P 6,500,000 and P 8,200,000 for years 2019 and 2020,...

A:                          In Straight Line Method of depreciation the depreciation is calculated by f...

Q: Additional information: The selling and administration expenses were $1,000 in the January. Income...

A: Inventory- The term inventory refers to the raw resources used in manufacture as well as the commodi...

Q: Jake's Roof Repair has provided the following data concerning its costs: Fixed Cost Cost per Wages a...

A: Formulas that are used to calculate Activity Variances:-  

Q: Chapter 9: Applying Excel: Exercise (Part 2 of 2) (Algo) Requirement 2: Revise the data in your work...

A:

Q: A discount on bonds payable: O Occurs when a company issues bonds with a contract rate less than the...

A: Discount on bonds payable = Market rate - Contract rate

Q: On Jan 1, 2020, Soul Company leased machinery from Sister Company for a 10-year period. The useful l...

A: For arriving at the solution we have to prepare an amortization schedule.

Q: a. He deposited P400,000 in a bank account in the name of the business. b. He bought chairs and a ta...

A: The t-accounts are prepared to record the transactions to specific accounts and find the final balan...

Q: On September 28, 2017, Roku Inc. (NASDAQ: ROKU) concluded its initial public offering (IPO) of 15,90...

A: Net Income- After all deductions have been made, the net income is the amount that remains. The flow...

Q: The total assets of the Company are $81000 and its owner's equity is $61000. What is the amount of i...

A: Formula: Accounting equation: Assets = Liabilities + Owners equity

Q: QUESTION 3 Hope Company's total assets were $7375. Hope collected on $617 of account receivable that...

A: Since Basic accounting equation is Total assets = Total liabilities + Owners Equity.   

Q: BRAMBLE CORPORATION Condensed Income Statements Increase or (Decrease) During 2022 2022 2021 Amount ...

A: Horizontal analysis is done to review and analyze financial statements for a number of years.  It sh...

Q: The following information relates to HAVE MERCY Company’s obligations as of December 31, 2019. For e...

A: Accounts payable is the current liability that is due within one operating cycle. One operating cycl...

Q: M6-13 (Algo) Preparing a Multistep Income Statement [LO 6-6] Sellall Department Stores reported the ...

A: Income statement: It implies to a financial statement that shows all the income earned and expenses ...

Q: nown: Cash Flow D

A: We have given that  Amount borrowed = 100000 Rate = 20%     

Q: For each transaction, suggest two internal controls you would implement. Justify your response. Here...

A: Internal Control: Internal control is a method used by a company's board of directors, management, a...

Q: Financial information is presented below: Operating expenses $ 29000 Sales returns and 9000 allowanc...

A: Gross profit is calculated by subtracting the cost of goods sold from net sales. Net sales are gross...

Q: Short-term notes payable: O Can replace an account payable O Can be issued in return for money borro...

A: Short-term notes payable are considered a negotiable instrument. In this one-party agree to pay a ce...

Q: The following is the trial balance of Tom Holland as at 31 January 2022: Debit Credit RM RM Drawings...

A: Financial statements are the summaries showing assets & liabilities, equities and cash flows, ga...

Q: ABC Company issued 500 ordinary and 500 preference shares for a total consideration of P 20,000. Eac...

A: Amount credited in the ordinary share capita account upon issuance of the shares = Total considerati...

Q: Carla Company has not yet prepared a statement of cash flows for the 2020 fiscal year. Comparative b...

A: Solution Cash flow statement is a financial statement that provides aggregate data regarding all cas...

Q: Materials are added at the beginning of the production process at Campo Company. The following infor...

A: Material Cost is the cost that is incurred by the company on the material purchased for the producti...

Q: Answer with computation and explanation If the total authorized share capital is P1,000,000 at P10 ...

A: Issued share capital is the amount or value of shares that has been issued by the company to it's sh...

Q: Using the following balance sheet and income statement data, what is the debt to assets ratio? Curre...

A: Formula: Debt to Assets ratio = Total Debts / Total Assets

Q: A short-term note payable: O Is a written promise to pay a specified amount on a definite future dat...

A: Short-term note payable is not a contingent and estimated liability because it has a definite amount...

Q: During your audit of cash receipts of shift number 1 of a Burger Stand, the following details of inv...

A: Cash remittance: Cash remittance indicates a payment of money through cash instead of using any card...

Q: Swifty Corporation accounting records show the following for the year ending on December 31, 2022. P...

A: A periodic inventory system updates the inventory account at the end of each accounting period rathe...

Q: Wolford Department Store is located in midtown Metropolis. During the past several years, net income...

A: 1. Income Statement - Income Statement is the statement that includes income earned and expense incu...

Q: A machine costing P 733,615 is estimated to have a life of 10 years. If the annual rate of depreciat...

A: Under Constant percentage of declining balance method, to calculate depreciation for current year,  ...

Q: A contingent liability: O Is always of a specific amount Is a potential obligation that depends on a...

A: Solution: A contingent liability is a liability that may occur depending on the outcome of an uncert...

Q: Required   A. Use the high-low method to estimate   • The variable costs per unit produced .   ...

A: High low method is a method of cost estimation under which fixed costs and variable costs are estima...

Q: Direct materials are added at the beginning of the process and conversions costs are uniformly appli...

A: Solution: Computation of Equivalent unit of Production Particulars Physical Units Material Conv...

Q: Key questions to consider when determining the appropriate consolidation adjustment entries include ...

A: Consolidation adjustment entry is the accounting entry that is to be made for consolidating the book...

Q: The company m overflight at ac Required: 1. Prepare a fle the effect of ea all amounts as

A: A Flexible budget is called variable budget and adjust to change in actual revenue level.

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.