Accounting Question
Q: Becky's Bakery produces two products, cake and pie. Becky's Bakery sells each cake for $15.00 and ea...
A: Contribution Margin: The Contribution Margin is also can be treated on a gross or per unit basis. Co...
Q: AIP 10.4 Allocating the Cost of Scrap LO 6 ITI Technology designs and manufactures solid-state compu...
A: Please find the answers to the above questions below:
Q: When do we use the Income Summary Account? OA. At the beginning of the financial year to close net i...
A: The income summary account provides the summary for loss or profits earned by business during period...
Q: Start with the partial model in the file attached. Marvel Pence, CEO of Marvel’s Renovations, a cust...
A: PURCHASES: May June July August September October November December January ...
Q: I have exam now
A: Answer : Option (C ) conservatism Principle
Q: How would a business manage its tax environment for sustainable growth in 2021 following the impact ...
A: The pandemic situation downturn the economy, this resulted in whole industries not being able to sel...
Q: What does each of the following definitions refer to: The co...
A: Decisions based on certain things
Q: Mr J Mwero, a wholesale merchant had the following balances in his ledger at 1 March 2019.Cash in ha...
A: Three Column Cash Book: It is exhaustive form of cash book It is having three money columns on bo...
Q: Which one of the following is used to prepare ledger account? a. Transactions b. Events c. Income...
A: The right answer is option d. Journal is the primary book of accounting which recognizes all th...
Q: Based on the Adjusted Trial balance provided relating to Alpha Company for the year 2020, Prepare Fi...
A: Formula: Net profit = Revenues - expenses Deduction of expenses from revenues derives the net profit
Q: Zion Ltd. has reported the following figures in their books of accounts. Sales of OMR 10000, Carriag...
A: Option a is correct. Net sales = gross sales - sales return- sales discount = 10000-1000-1250 = 775...
Q: Accounting Question
A: Cash Discount is given on entire invoice amount (including freight charges) if amount is paid within...
Q: Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following...
A: Contribution margin is the difference of sales revenue and variable costs. Contribution margin = Sa...
Q: The following costs were incurred in May: Direct materials $42,700 Direct labor $29,400 Manufacturin...
A: Conversion cost is the total of manufacturing overhead and direct labor cost.
Q: 5
A: The correct option is a. 4819.37
Q: nèstion 19 Posting the journal entry is the preparation of the trial balance. O True O False
A: Answer A trial balance is a conglomerate of or list of debit and credit balances extracted from vari...
Q: Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following...
A: Break even point is the point where there is no profit no loss. It is required to sell specified num...
Q: On March 8, 2019, Holly purchased a residential apartment building. The cost basis assigned to the b...
A: given that, On March 8, 2019, Holly purchased a residential apartment building cost basis assigned ...
Q: P4-1B Sherlock Holmes began operations as a private investigatore lunary 1.2005. The th halance colu...
A: Hi, since you have asked a question with multiple subparts, we are solving the 1st 3 subparts for yo...
Q: Green Co. uses 6 machine hours and 2 direct labor hours to produce Product A. It uses 8 machine hour...
A: Total factory overhead allocated to a unit = (No. of machine hour x Assembly department factory over...
Q: Which one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses...
A: Current assets are all those assets that are realizable to cash within one year such as accounts rec...
Q: estion 17 On November 1, ABC company purchased building for $700,000. The market value of building i...
A: Answer Measuring principle is a technical form or analysis which looks to historical price movements...
Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An ...
A: The correct answer is d. An asset
Q: ___ is the first phase of accounting cycle a. Posting entries to ledger accounts. b. Identifying a...
A: Option d. Preparing journals is the correct option.
Q: You are working in the accounting department of a mid-sized company (Bespin Tibanna Gas Systems, LLC...
A: Property that qualifies for the Section 179 deduction includes: Tangible personal property, like: ...
Q: What is information asemmytry? Why is it considered a problem to the financial system?
A: Information asymmetry is simply the imbalance of information between the trade participants i.e. one...
Q: BTL Company purchased a tractor at a cost of $90,000. The tractor has an estimated salvage value of ...
A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life o...
Q: Prepare adjusting entries for the following transaction: Manama company completed all of the work re...
A:
Q: The management of Bonga Corporation is considering dropping product D74F. Data from the company's ac...
A: Avoidable fixed expenses are those fixed expenses which can be avoided if a particular product or de...
Q: 3C. Compile three column cashbook of Mr. Uzair from the following transactions: 2020 Oct 1 ...
A: Cash book is the accounting books that records the cash receipts and payments.
Q: Bilal, a sole proprietor received RO 500 on 1st November 2020 for providing services for 5 months. W...
A: Unearned revenue simply means the cash received in advance. A sum of cash received but the services ...
Q: A.) You bought a bond five years ago for $935 per bond. The bond is now selling for $980. It also pa...
A: Rate of return earned is the annual return on investment realized.
Q: Ali Co. uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and g...
A: The cash receipts Journal is an accounting journal which is prepared by the business to keep the tra...
Q: The proper treatment of outstanding cheques Is to report them in the bank reconcillation as which of...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: If the note payable has total credits of RO 500 and total debits of RO 120, how much is its balance?...
A: When take a loan , the company record notes payable as credit entry and Debit the cash account When ...
Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...
A: Income Statement is one of the financial statements that provide the net income earned during a peri...
Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0; W...
A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in in...
Q: Which of the following will not be found in the ledger? a. Description b. J.F c. Balance d. Date
A: The ledger contains the summary of financial transactions of the business entity and it is used to p...
Q: The prophet (PBUH) said: The believer dies with his sweat on his brow. This indicates. Choose corr...
A: Answer The prophet (PBUH) said: The believer dies with his sweat on his brow. This indicates To have...
Q: Apple mart in Nizwa had faced a serious working capital issues during the last year due to the pande...
A: Cost of goods sold = opening stock + purchase - purchase return - Closing stock =10000+40000-4000-16...
Q: Quèstion 5 Owner's withdrawal decreases the owner's Claims on Assets O True O False
A: The question is related to true or false. Owner's withdrawal decreases the Owner's claim on Assets. ...
Q: Prepare journal entries to record the following transactions, assuming perpetual inventory updating ...
A: FIFO - It is a method of inventory valuation in which goods received first are sent out first for sa...
Q: Calculate the following for Co. XYZ: a. Current ratio b. Debt ratio Assets: Cash and mar...
A: The current ratio is the ratio of current assets and current liabilities. The quick ratio is the rat...
Q: Amount owed by the business to outsiders or whatever is payable by a company is known as ___. a. L...
A: Balance sheet: It refers to a financial statement that shows all the liabilities, assets, and stockh...
Q: iii) “Qualitative characteristics are the attributes that make information provided in financial sta...
A: The qualitative characteristics Financial statement include 1. comparability 2. Reliability 3. Rele...
Q: Based on the Adjusted Trial balance provided relating to Alpha Company for the year 2020, Prepare Fi...
A: Total Revenue = Service revenue + Commission Revenue
Q: Expenses unpaid at the end of a given accounting period is known as ___. a. Unearned revenues b. A...
A: Accounting period is the time period or duration for which the books of accounts are collectively pr...
Q: Which among the following statements is prepared to know the financial position of the business? a....
A: Option d is correct. Statement Shows Income statement Financial performance of company Bal...
Q: Unearned revenue is: a. An asset account. b. A liability account. c. All the options are wrong d...
A: The Question has covered the concept of Unearned Revenue. Unearned Revenue is Advanced Money Receive...
Q: (Q5_25):answer required
A: Maturity risk premium of 2 year treasury note =Treasury yield - Risk free rate- Inflation rate of ...
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