With the aid of examples ,explain the three important types of responsibility centres
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A: The primary objective of accounting for business amalgamations is to provide accurate and meaningful…
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Q: Consider the following financial data from the past year for Midwest Outdoor Equipment Corporation.…
A: The return on assets is calculated with the help of following formula Return on Assets = Net Income…
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A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…
Q: The following data are drawn from ABC Company at 31/12/2020 Net income for the period Gains on…
A: Comprehensive Income: It implies a sum total of company's net income and other comprehensive…
Q: Auditors can help avoid litigation by implementing policies and procedures that ensure all work is…
A: Auditors can help avoid litigation by implementing policies and procedures that ensure all work is…
Q: Reynolds's Red Carpet Store maintains a checking account with Academy Bank. Reynolds's sells carpet…
A: The bank reconciliation statement is prepared to equate the balances of the cash book and pass book…
Q: Josh works for Exxon Mobil and is selecting his long term disability coverage during annual…
A: Calculate the Premium Amount:Josh's salary: $100,000 per yearDesired replacement rate: 60%Annual…
Q: Compute the direct labor cost variance
A: The labor cost variance is the difference between the expected cost of labor and the actual cost of…
Q: Financial Statements of a Manufacturing Firm The following events took place for Rockhaven Biking…
A: Income Statement: It implies a financial statement that presents all the expenses including direct…
Q: Williams Company computed its cost per equivalent unit for direct materials to be $2.60 and its cost…
A: The objective of the question is to calculate the value of the ending Work in Process (WIP)…
Q: Use the following data to compute total factory overhead costs for the month.
A: The factory overhead costs are the costs incurred during the manufacturing process.It includes…
Q: E1-15 (Algo) Calculating Missing Amounts [LO 1-4] For each of the following independent cases (A to…
A: 1. Prime cost is a combination of direct material and direct labor2. Conversion cost is combination…
Q: Thad, a single taxpayer, has taxable income before the QBI deduction of $196, 500. Thad, a CPA,…
A: Answer:- The details of the Qualified Business deduction from the business income of the sole…
Q: Interdepartment Services: Step Method Jane Cooper's Department Stores allocates the costs of the…
A: Lets understand the basics.Cost of service department gets allocated to production department…
Q: Which of the following would be most likely to use job order costing? Group of answer choices A…
A: The objective of the question is to identify which among the given options would most likely use job…
Q: Blue Company had the following account balances at year-end: Cost of Goods Sold $61,200, Inventory…
A: Perpetual Inventory System: Perpetual inventory systems are programs that continually estimate your…
Q: The following information is available for Monty Corp. for 2023: Payment for goods during year…
A: Cost of Goods Sold (COGS) is the total cost incurred by a business to produce the goods sold during…
Q: $120,000 of its accounts receivable to 2nd National Bank as collateral for a $70,000 loan due August…
A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…
Q: prepare cost sheet with per unit.
A: The cost sheet is a financial statement which shows the various components of the total cost of a…
Q: Use the following information for the Exercises below. (Algo) [The following information applies to…
A: One important accounting indicator is the Cost of Goods Sold (COGS), which shows the direct costs…
Q: Carmelo Fernandez and Bobby Morett formed a partnership, investing $67,500 and $202,500,…
A: When two or more people decide to go into business together and divide profits and losses according…
Q: 4/1 4/1 4/15 4/1 4/8 4/1 4/3 4/18 4/24 Inferring Transactions from T-Accounts The following…
A: Accounting transactions are recorded in the form of journal entries in the general journal. After…
Q: Data concerning Lemelin Corporation's single product appear below: Per Unit Percent of Sales
A: Lets understand the basics.Contribution margin is a margin generated on sales made. It is calculated…
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are…
A: Computation of ending inventory COGS under Weighted Average Cost - WCS12DateBeginning…
Q: Yale Corporation issued $60,000, 8% (cash interest payable semiannually on June 30 and December 31)…
A: Bonds payable refers to a type of long-term debt that a company or organization issues to borrow…
Q: When recording the depreciation of equipment in a journal entry using the straight-line method, what…
A: Lets understand the basics.Depreciation is a reduction in value of asset due to wear and tear,…
Q: The following units of an item were available for sale during the year: Beginning inventory 21 units…
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sold…
Q: Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job…
A: The objective of the question is to calculate the ending balance of the Work-in-process inventory…
Q: The classes/categories of account that are always Credited except when closing, correcting error,…
A: In accounting, there are five main categories of accounts: assets, liabilities, equity, revenue, and…
Q: a. Compute the current ratio for the current year. (Abbreviations used: STI = Short-term…
A: *Since you have posted multiple sub parts at a time. As per guidelines I can solve only first three…
Q: The classes/categories of account that are always Credited except when closing, correcting error,…
A: In accounting, there are five main categories of accounts: assets, liabilities, equity, revenue, and…
Q: 1. Use the accounting equation to compute the missing financial statement amounts. 2. Use the…
A: Accounting Equation is calculated using following equation -Assets = Liabilities + EquityThis…
Q: 0 Mcdale Inc. produces and sells two products. Data concerning those products for the most recent…
A: Breakeven Point is that level of sales at which there is no profit no loss. In other words iat…
Q: Question: What is the purpose of the cash flow statement? a. Summarize a company's revenue and…
A: Lets understand the basics.Cashflow statement is as name suggest showing cash inflow and outflow in…
Q: Which of the following misstatements is not related to the completeness assertion for current year…
A: In auditing, completeness assertion states that all transactions that must be recorded in the…
Q: On March 6, Ayayai Company returned $91,500 of the merchandise purchased on March 2. The cost of the…
A: Using perpetual inventory system, the cost of goods sold ia recorded with every sales transaction.…
Q: Which of the following accounts would be debited to record the factory supervisor's salary incurred…
A: The objective of the question is to identify the correct account that would be debited when…
Q: Forrester Company is considering buying new equipment that would increase monthly fixed costs from…
A: The objective of the question is to calculate the revised contribution margin ratio if Forrester…
Q: Martin Ltd, in the first year of its operations, reported the following information regarding its…
A: Income tax is a tax levied on the net earnings of individuals, LLPs, or corporations. Individual,…
Q: The SP Corporation makes 37,000 motors to be used in the production of its sewing machines. The…
A: Make-or-buy decision :A make-or-buy decision is an act of choosing between manufacturing a product…
Q: Most businesses sell several products at varying prices. The products often have different unit…
A: Breakeven Point is that level of sales at which there is no profit no loss. In other words iat…
Q: Jurvin Enterprises is a manufacturing company with no beginning inventories. A subset of the…
A: T-accounts are prepared in order to compute the ending balance accounts so that the trial balance…
Q: Nexis Corp. issues 1,980 shares of $10 par value common stock at $16 per share. When the transaction…
A: The objective of the question is to determine the correct journal entry for the issuance of common…
With the aid of examples ,explain the three important types of responsibility centres
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