You are interviewing for an accountant position with Smith Industries. There are several candidates, and you intend to stand out. You learn the company is not satisfied with the timeliness of its information and its inventory management. The company manufactures custom-order holiday decorations and display items.  To show your abilities, you plan to recommend the company use a job order accounting system., include recommendations and why a job order costing system would be advantageous to the company.

Q: ratios

A: Ratios play a key role in understanding a given situation. You can also distribute financials and…

Q: At December 31, 2020, the end of its first year of operations, the non-trading securities for Oriole…

A: A journal entry is used to record a business in the company's accounting records. A journal entry…

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

A: INTRODUCTION: A variation in accounting is the difference between an actual number and a budgeted,…

Q: Neelon Corporation has two divisions: Southern Division and Northern Division. The following data…

A: Solution We are given the following data of Northern Division Sales = $ 129,400 Variable expenses =…

Q: A manufacturing company that produces a single product has provided the following data concerning…

A: Under the absorption costing system, the fixed manufacturing overhead cost would be considered as…

Q: Dake Corporation's relevant range of activity is 2,000 units to 6,000 units. When it produces and…

A: Product costs It is the direct costs involved in producing a product. It includes direct labor, raw…

Q: Syed and Hana a newlywed bought furniture sets for their new house and received an invoice a follows…

A: Cash discount refers to the incentive which seller provides to the buyer in return for paying off…

Q: The following data were accumulated for use in reconciling the bank account of Creative Design Co.…

A: A document known as a bank reconciliation statement compares the cash balance on a company's balance…

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: Prepare the journal entries for all the above transactions with narrations. Post the transactions to…

A: A Journal entry is the entry which is the first entry which is recorded on the books of accounts of…

Q: A company began the accounting period with $50,000 in owner’s capital, ended with $75,000 in owner’s…

A: Net income represents the overall profitability of a company after all expenses and costs have been…

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: Is the following statement correct regarding exclusions or deductions? Cancellation of debt for a…

A: Cancellation of debt for a taxpayer's credit card bill is not a deduction from federal gross income.…

Q: Stag, a public limited company, is preparing its financial statements for the year ending 31…

A: In 2020, the revaluation of the asset would have resulted in an increase in the carrying value of…

Q: Crane Company has a balance in its Accounts Receivable control account of $11,400 on January 1,…

A: Lets understand the basics. Account receivable control account is an account maintained in general…

Q: Rivera Company purchased a tooling machine on January 3, 2004 for P500,000. The machine was being…

A: Depreciation seems to be the decline in the value of the company's tangible fixed assets, and it is…

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: The answer is, $4,880, you forgot to add the mileage.  Mileage is .16 X 500= $80 + $4,800= $4,880

A: The government allows an individual to take a deduction of any amount spent on medicare services.…

Q: 66,000 Year ended 30 June 2018 87,000 Dee commenced in self-employment on 6 April 2014. She…

A: To calculate the trading income assessments of Ae, Bee, and Cae for each of the tax years 2015-16,…

Q: Data concerning Lemelin Corporation's single product appear below: Selling price Variable expenses…

A: Particulars Current  Proposed Sales (230*7000)=$1,610,000 212*(7000+1600)=$1,823,200 Variable…

Q: Contribution Margin and Contribution Margin Ratio For a recent year, McDonald's (MCD) company-owned…

A: The contribution margin is the fraction of a product's sales revenue that is allocated to covering…

Q: A company runs into financial distress and needs cash immediately. It sells a factory that's listed…

A: The income statement, balance sheet, and statement of cash flows are required financial statements.…

Q: earnings per share​

A: Dividends are paid out to shareholders from the net income of the firm. However, various…

Q: Exercise 3: On 2 January 2014 Tokyo Co. lease large equipment from China Co. for four year at annual…

A: Lets understand the basics. Lease is having two types. (1) Operating lease (2) Finance lease…

Q: taxes

A: The government gathers social security tax from taxpayers to pay the people on their retirement.…

Q: Which of the following is NOT one of the four items required to be shown in the heading of a…

A: Financial statements are written records that convey the business activities and the financial…

Q: Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in…

A: Current assets= Means an asset which are meant for sale and amount can be recovered easily Fixed…

Q: Cost-volume-profit analysis is used to make many decisions, including product pricing and…

A:

Q: inventory

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

Q: On March 1, 2021, Gold Examiner receives $166,000 from a local bank and promises to deliver 96 units…

A: Lets understand the basics. Revenue recognition needs to do using the IFRS 15 "Revenue from…

Q: Buffalo Company offers a set of building blocks to customers who send in 3 UPC codes from Buffalo…

A: Journal entry is the primary step to record the transactions in the books of accounts. Adjustment…

Q: Cost-volume-profit analysis is used to make many decisions, including product pricing and…

A: Cost volume profit analysis or break-even analysis is a tool used for making short-term financial…

Q: On Oct 1, 2018, Net Solutions purchased a piece of high-tech equipment for $384,000, which is…

A: The depreciation cost is the same each year. Depreciation costs are recorded in order to spread out…

Q: A C make up the post-closing trial balance, which consist of cash, liability, and equity accounts B…

A: Trial balance records the balances of all the accounts of the business through ledger accounts. The…

Q: The debits to Work-in-Process for Department #2 for the month of April of the current year, together…

A: Introduction Equivalent units of production is a concept used in the process costing, which is used…

Q: 1-The movements in the raw materials balance in a company within the month of May are as follows.…

A: FIFO Method :— In this method, beginning inventory and old purchases is used first for output or…

Q: sunk cost

A: A sunk cost is actually money that has been spent already and can’t be recovered. Such a cost can…

Q: Z Company operates a snack bar in front of M University. 80% of its regular clients/customers are…

A: The shut down point is the point at which the company would be better off shutting down the…

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: 2. Assume that OfficeMart places orders more frequently, but everything else remains the same. On…

A: 2. Based on the given information, Perform the first stage allocations   Assembling Units…

Q: operating income

A: Operating leverage determines how much a firm’s net income changes according to the change in sales.…

Q: Sonny, who invested P15,500 had P19,900 returned to him 4 years and 4 months later. At what rate of…

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

Q: Each morning, Joel McKnight stocks the drink case at Joel's Beach Hut in Myrtle Beach, South…

A: Product mix analysis is a tool to identify the optimum utilization of all the resources available to…

Q: On May 5, 2019, MacDougal Corp. exchanged 2,000 shares of its P25 par value ordinary treasury shares…

A: As per IAS 38 Initial measurement of Intangible Assets should be done at cost.

Q: During 2022, Brownie Company incurred research and development cost of P272,000 relating to the…

A: As per IAS 38 Intangible assets the cost incurred for research and development should be written off…

Q: Cost-volume-profit analysis is used to make many decisions, including product pricing and…

A: The cost volume profit analysis is used to assess how the firm’s profit is affected if there is a…

Q: Keomuangtai Corporation produces and sells a single product. The company has provided its…

A: Cost volume profit analysis is the technique used by management for decision-making. The methods…

Q: A student wants to deposit RM 50 into his savings account every quarter for 6 years. The interest…

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

Q: According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must…

A: The conditions under which it may be appropriate to change accounting policy in accordance with IAS…