A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

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A: Working team requires sets of skills in order to achieve their goals with effectiveness and efficien...

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A:

Q: (a)  Complete All Things Brass Work-In-Process Inventory – Polishing Process T-account, clearly show...

A: a)   )

Q: An auditor’s preliminary control risk assessment is at a high level. Which of the following are poss...

A: Solution Explanation - The preliminary assessment of control risk is the process of evaluating the e...

Q: There are no changes in the company's cost structure. Assume that the units produced were also the b...

A: Absorption costing, often known as "full costing," is a managerial accounting technique for collecti...

Q: On January 1, 2021, a company issued serial bonds with a face value of 3,000,000 and a stated rate o...

A: Carrying value of the bonds = Present value of principal + Present value of interest payments where,...

Q: The following facts relate to Concord Corporation. 1. Deferred tax liability, January 1, 2020, $31,5...

A: Solution: Computation of Required balance and recognition of Deferred tax liability and Deferred ...

Q: The Western Wear Company, a wholesaler of western wear clothing, sells to retailers. The company ent...

A: Journal entries (JE) are those entries which are records in the original books of accounts and recor...

Q: Monty Corp. reported net sales $610,000, cost of goods sold $366,000, operating expenses $151,000, a...

A: So lets understand the basics  Profit margin is a margin is a margin generated from the sales. In ot...

Q: proceeds of the sale in acquiring a new principal residence, the capital gains tax due is?

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A: Rent is paid in advance for 6 months on the first day of January , we will calculate the monthly ren...

Q: Complete the following take table. Round your answer to the nearest cent. Table 1 month- Previous ba...

A: Month 1: Outstanding balance in beginning = 610$ APR = 24%  Finance charge = 610$ * 24% * 1/12 = 12....

Q: DATA Units Per Unit Description Inventory on hand Purchase Date Jan 1 1,000 2$ 4 Jan 3 3,000 2$ Jan ...

A: Last in first out is also written as LIFO. It is the method used for valuation of material and endin...

Q: Under MACRS and GAAP the acquisition cost is not fully depreciated leaving a residual value.  True ...

A: Residual value is the term which is used in depreciation and it is defined as the amount of value wh...

Q: What is the balance of D's capital account at the end of the second year?

A: The partnership between partners and the distribution of profits and losses is governed by mutual ag...

Q: American Importers reports net income of $50,000 and sales revenue of $625,000. If the company's gro...

A: Formula: Cost of Goods Sold = Sales revenue X Gross Profit Rate

Q: In performing risk assessment procedures for investments, an auditor may inquire of the client perso...

A: The question is related to the risk assessment procedure of Investments. Risk assessment is the iden...

Q: Monty Corp. reported net sales $610,000, cost of goods sold S366,000, operating expenses $151,000, a...

A: Answer) Calculation of Profit Margin Profit Margin = Net Income/ Net Sales Profit Margin = $ 70,150/...

Q: A company had the following unadjusted balances on specific accounts for the year ended December 31,...

A: Current Liabilities: Current liabilities are financial commitments owed by a corporation that are du...

Q: Prepare the journal entries, that Whispering should record on December 31, 2021. (Credit account tit...

A: Accounting for Leases There are mainly two types of lease system are there one is operating leases a...

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Q: A conceptually logical approach to the​ auditor's evaluation of internal control consists of the fol...

A: Please see Step 2 for required information.

Q: nt your supervisor asked you to assist him with the income tax computation of a small business in th...

A: Tax Written Down Value (TWDV): The tax written down value (TWDV) of a resource is the use remaining ...

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

A: Information given in the question is as follows: Sales $ 30,000 Variable expenses 16,500 Cont...

Q: Baxter customer service department follows up on customer complaints by telephone inquiry. During a ...

A: Solution: Total incurred costs = $377,600 Total nos of calls initiated = 12800 Calls related to whol...

Q: Aircard Corporation tracks the number of units purchased and sold throughout each accounting period ...

A: Solution a: Computation of COGS and ending inventory - Periodic FIFO Particulars Cost of goods ...

Q: Purchases S250,000 Cost of goods sold 250,000 Beginning balance 30,000 Ending balance ?

A: Formula: Ending balance = Beginning balance + Net purchases - Cost of goods sold

Q: Guardian Carpets Incorporated provided the following accounts related to beginning balances in its a...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...

Q: A $1,000, 9.5% coupon Government of Canada bond has 10 years remaining until its maturity. It is cur...

A: Bonds are the liability for the company that represents the amount that is borrowed by a lender. A f...

Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...

A: Journal entries to record interest and amortization Date Accounting title and explanation Debit C...

Q: Use the following information for the following questions: Smooth Pass Corp. has three sources of ...

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A: Time Interest Earned Ratio: When a company's current revenue exceeds its debt commitments, the time ...

Q: P10-2B. Nickels Company of Windsor has five salaried employees. Your task is to record he following ...

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Q: 000 was deducted. c) He sold shares held in NCB for $200,000. Making a

A: Given as, Mr. Joseph total income Gross salary 7000000

Q: Potted Plants, a manufacturer of indoor gardening equipment, has presented the following budgetary a...

A: Variable cost calculation for flexible budget:   Budget ÷ Units = Unit Cost Revenue $184,880   ...

Q: QUESTION 17 An item of personal property that is affixed or attached to real property is called a fi...

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Q: Alyssa finds Brian's guitar, which Brian

A: If the benefit of the bailment is solely for the bailee then it is the duty of the bailor to provide...

Q: n connection with your audit of the financial statements of Thanos Corporation for the year ended De...

A: Petty Cash Fund It is important for the business to manage the petty cash fund which is the primary ...

Q: Haidia corporation, an educational institution provided the following data for the current year:   ...

A: Income from tuition fees = 3,500,000 School miscellaneous fees = 1,500,000 Total income = 3,500,000 ...

Q: If the bonus is based on the profit after taxes but before bonus, how much is the bonus of L?

A: Bonus is the amount receive in addition to salary for additional efforts put in by the partner. In t...

Q: Create a formula for each age category, using the Excel IF function to determine where each customer...

A: Estimated Uncollectible - Estimated Uncollectible is the debtors which are due for the period of 0-3...

Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...

A: Under Sec. 331, a liquidating distribution is considered to be full payment in exchange for the shar...

Q: On March 2, Cullumber Company sold $835,000 of merchandise on account to Bramble Company, terms 2/10...

A: Sales = $835,000 Cost of goods sold = $585,000

Q: Which of the following statements are true about the goal of managers? I. Managers should maximize t...

A: Manager is a person who is an expert in his or her field and act as a support system for employees ....

Q: 63,) A company issued a P3,000,000, 6-year bonds dated January 1, 2021, with a stated interest rate ...

A: First question: PhP 107,798.74 Second question: PhP309,984

Q: The "Double-entry system of Accounting" means that every transaction c recorded in two steps. They a...

A: Solution: Double-entry system of accounting is a method of recording transactions in which every tra...

Q: A machine costs P 1, 500, 000. It has a salvage value of P600, 000 at the end of its economic life. ...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: Please describe the primary characteristics for governmental and not-for-profit entities. How does t...

A: The word business organization refers to how businesses are built and how that structure helps them ...