Give three reasons why some private companies haven’t adopted the private companies GAAP.
Q: Ohio Quarry Inc. has $20 million in assets. Its expected operating income (EBIT) is $4 million and…
A: rate of return on equity = earning after interest and tax value of shareholder's equity× 100 assets…
Q: a for the product alpha are shown: produced from the process 600 units Allocated share of joint…
A: Answer :Price per unit after further processing : Price per unit after further processing =(Cost of…
Q: Victoria borrowed $11,500 at an interest rate of 1.10% p.m. for 3 months. Calculate the maturity…
A: Answer to Question:- Maturity Value of loan at the end of the period =$11,880
Q: The standard costs and actual costs for factory overhead for the manufacture of 3,000 units of…
A: FIXED FACTORY OVERHEAD VOLUME VARIANCE Fixed Overhead Volume Variance is the Difference between…
Q: ak Inc, reported a sales margin of 8%, a capital turnover of 11.6, and income of $7000. the…
A: Answer : Sales revenue = Income / Sales margin
Q: Assuming that Arrow desires to sell its chairs for cost plus 40 percent of cost, what price should…
A: Per unit Rent Allocation = Annual year Rental Fee/Annual estimated units Per month Rent Allocation…
Q: Caribbean Metals purchased machinery for $160,000 on January 1, 2018, with a residual value of…
A: Depreciation is the expense shown in the income statement which represents the reduction in the…
Q: Quencher Beverage is a large regional retail establishment. Quencher recently decided to start…
A: Loss-leader strategy means to price the product at a lower than the variable cost price to attract…
Q: Assume on January 1, 2018, a parent company acquired a 75% interest in a subsidiary’s voting common…
A: Parent company's controlling interest in subsidiary company=75% Non controlling interest in…
Q: The following is Lily Shoes Limited’s unadjusted trial balance at its year-end, November 30, 2021.…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: On July 7, University Bank lent $520,000 to Jazz Music Shop on a 60 day, 7% noto What is the…
A: MATURITY VALUE OF NOTES Maturity Value of Notes is Computed By adding the periodic Interest From…
Q: 1. Assuming that 80,000 drums are needed each year, what is the financial advantage (disadvantage)…
A: 1)Alternative 1 Direct Materials (12 x 80,000) 960,000 Direct Labor (6.5 x 70%…
Q: Following are the accounting transactions relating to Mr. P’s business. Use the accounting equation…
A: Accounting Equation :— It is the relationship between assets,. liabilities and capital. According…
Q: Relic Industries manufactures and markets many products you use every day. In 2019, sales for the…
A: Receivable Turnover Ratio :— It is calculated by dividing credit sales by average accounts…
Q: 1. Fixed Budgets, Flexible Budgets and the Flexible Budget Performance Report- following information…
A: The budget is prepared to compare the actual and budgeted data. The flexible budget can be changed…
Q: The following data were taken from the financial records of Bramble Company. Net Sales Beginning…
A: Lets understand the basics. Inventory turnover ratio indicates the how many time inventory turns…
Q: ommon mistake that can occur in valuing a target would be: Group of answer choices Applying the…
A: When the company acquired another company than both are mixed to become one company but there should…
Q: The following selected transactions for Sheffield Bryce Company are presented in journal form. Date…
A: T-accounts are those which are prepared after recording the journal entries. The journal entries are…
Q: Gibson Company sales for the Year 1 were $4 million. The firm’s variable operating cost ratio was…
A: The question is based on the concept of Financial Management. The leverage is the utilization of the…
Q: Superior Markets, Incorporated, operates three stores in a large metropolitan area. A segmented…
A: Solution 1 Computation of Avoidable Employee Salaries Sales salaries 98000 Delivery…
Q: Assuming the company uses direct labor-hours to compute its predetermined overhead rate, what is the…
A: The variable overhead rate variance also known as spending variance. It is the difference between…
Q: Which of the following is considered an ethical use of third-party data? More than one answer may be…
A: The correct answer is: (A) to collect data from individuals for CRM purpose if it is clearly…
Q: Use the following information of VPI Company to prepare a statement of cash flows for the year ended…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…
Q: Sales revenue Less: Cost of goods sold Operating expenses, excluding depreciation Depreciation…
A: A cash flow statement indicates cash inflow and cash outflow information for a particular time…
Q: The Ewing Distribution Company is planning a $240 million expansion of its chain of discount service…
A: Formula: Weighted cost of capital=After tax cost of debt×40%+Cost of Preferred stock×5%+Cost of…
Q: How can the Equivalence calculations be done at a varying interest rate?
A: Interest Rate - The amount of interest due each period expressed as a percentage of the amount lent,…
Q: Which of the following statements is correct? Husband and wife in different far places may…
A: Income Tax - Income taxes are levied against both businesses and individuals (or family units).…
Q: Albatross Airline’s fixed operating costs are $6.0 million, and its variable cost ratio is 0.25. The…
A: The question is based on the concept of Financial Management. Leverage is the utilization of the…
Q: The first financial instrument was a compensatory stock option plan that was granted to 12 key…
A: Introduction: An employee who has been granted a compensatory stock option will have the opportunity…
Q: Enviro Company issues 8%, 10-year bonds with a par value of $240,000 and semiannual interest…
A: Bond is an investment security which is purchased to earn a regular fixed interest on it. Bonds are…
Q: According to the producer price index database maintained by the Bureau of Labor Statistics, the…
A: In order to determine the times interest earned ratio, the earning before interest and taxes are…
Q: DESCRIPTION: Bookkeeping and Accounting for Non-Accountant 1,000,000 + (-300,000) = 700,000. Now you…
A: Accounting equation : Total assets=Total liabilities Total assets=Liabilities + Owner's equity Total…
Q: Compute the annual dollar changes and percent changes for each of the following items. (Decreases…
A: Introduction:- Horizontal analysis is helps to measure of a company's financial statements over a…
Q: On January 1, 2024, Byner Company purchased a used tractor. Byner paid $2,000 down and signed a…
A: According to the traditional accounting equation, assets must be equal to both liabilities and…
Q: Prepare journal entries to record the following merchandising transactions of Chang Company, which…
A: Preparation of journal entry for a merchandising transaction in the books of Chang Company is shown…
Q: Based on the following information,. Purchase of investments $ 481 Dividends paid…
A: Cash Flow Statement :— It is one of the financial statement that shows change in cash and cash…
Q: 1. During the year, Mark Company sold equipment with an original cost of $100,000 and accumulated…
A: Sale of Equipment - Sale of an equipment is a transaction that requires outflow of equipment and…
Q: The following T-accounts summarize the ledger of Concord Landscaping Company at the end of the first…
A: The question is based on the concept of Financial Accounting. Trial balance is the statement that…
Q: Examine the role of the company, competition, and customers in this decision.
A: Financial analysis is the process of evaluating businesses, projects, budgets, and other…
Q: Jackson County Senior Services is a nonprofit organization devoted to providing essential services…
A: Preparation of segmented income statement helps in deciding about the segment whether it is to be…
Q: Which of the following formulas correctly calculates the current ratio for 2023? Hint: Remember that…
A: Ratio Analysis -The ratio is the technique used by the prospective investor or an individual or…
Q: Lita company has two divisions: Division A and division B. Last month the company's income before…
A: The contribution margin is the amount of income left over after variable costs related to producing…
Q: Bob’s Bistro produces party-sized hoagie sandwiches. For next year, Bob’s Bistro predicts that…
A: A company's income can be broken down into its revenues, expenses, and profitability over a specific…
Q: 40. If the future amount is 50 % more than the principal after 8 months .determine * the simple…
A: SIMPLE INTEREST Simple interest is one of the important financial management techniques which…
Q: Journalize the transactions. (List all debit entries before credit entries. Credit account titles…
A: General journal is a chronological accounting record of a company's financial transactions. It is…
Q: Millard Corporation is a wholesale distributor of office products. It purchases office products from…
A: Income Statement :An income statement summaries a company's sales, costs, and profitability over…
Q: University Printers has two service departments (Maintenance and Personnel) and two operating…
A: The act of identifying and allocating expenses to cost objects in your firm, such as items,…
Q: Able was in charge of purchasing computer equipment for ABC Corporation. Able set up a shell…
A: A pass through scheme is a scheme where an internal person commits the fraud. Here, Able is that…
Q: Closing inventory information for Priory Gallery is displayed below. Complete the table by…
A: The sum of all expenditures made to produce whatever kind of result is known as total cost. The…
Q: marized data: alyses for each item in Golden Corporation's comparative financial statements. TIP:…
A: The comparative financial statement analysis done by comparing the figure of 1 to the previous year…
Give three reasons why some private companies haven’t adopted the private companies GAAP.
Step by step
Solved in 3 steps
- Explain the difference between a privately owned and a publicily owned company?Which of the following Is not required to use IFRS? Multiple Choice O Publically traded company O Crown corporation Private enterprisePrivate companies are not under Sarbanes-Oxley. Why do some private companies follow the law?
- What is the difference between a public and a private corporation? Provide an example of each.Explain disadvantages of wholly owned subsidries. (Answer should be free of plagiarism,it must contain proper facts and figures and examples from diversified countries)Evaluate the similarities and differences between trusts and corporations. In an attempt to protect income, which would be most suitable for a company?