Accounting Question
Q: Method A assumes simple interest over nal fractional periods, while Method B assumes simple discount...
A: Simple Interest vs. Simple Discount In case of Simple Interest, the Interest is calculated on Initia...
Q: All of the following represents a cost-volume-profit relationship except: O a. Total contribution ma...
A: we know that, sales - variable cost = contribution contribution - fixed cost = profit total cost =...
Q: Reimer Company reported total manufacturing costs of $425,000, manufacturing overhead totaling S80,0...
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost, a...
Q: CNB, Inc. will deposit $25,000 into a money market account at the end of each year for the next eigh...
A: The present value method is used to evaluate the different levels of investment projects. With the h...
Q: Please show work and steps.
A: On the basis of NPV and Profitability index, business entities decide whether to invest in the propo...
Q: Bonita Industries reported the following year-end information: beginning work in process inventory, ...
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost, a...
Q: What are the two primary ways to conduct substantive tests? Explain how the tests are different.
A: The audit is performed for checking the accuracy of financial records.
Q: 13. A manufacturer may report three inventories in its bal- (SO 7) ance sheet: (1) raw materials, (2...
A: While calculating the Inventory Valuation in Manufacturing concerned the following three types of va...
Q: Flower ltd. budgeted to sell 200 units and produced the following budget. $ $Sales 71400Variable cos...
A:
Q: 4)Crane Company uses job order costing for its brand new line of sewing machines. The cost incurred ...
A: The cost incurred on production includes direct materials, direct labor and other manufacturing over...
Q: Identify each of the following as relating to (a) the control environment, (b) control procedures, o...
A: The elements of internal control are control environment, risk assessment, control procedures, monit...
Q: Problem 1: Mr. ABC is a resident Filipino citizen,show his income and expenses during a calendar yea...
A: Compensation income per month = P50000 SSS premium contribution = P2400 Phil health premium contribu...
Q: Company XYZ is currently making sales of $200,000. At this level, the variable expenses were $160,00...
A: Formula: Contribution margin = Sales value - variable expenses. Deduction of Variable expenses from ...
Q: An electricity aeerual of E400 was ignored completely when preparing a trader's profit and loss acco...
A: Electricity accrual amount = E400 It was completely ignored by the company. It means the electricity...
Q: Problem 3. Mr. Queen, a naturalized Filipino Citizen is a registered owner of a manufacturing busine...
A: Net taxable income: The income arrived after making deductions from the gross income earned by indiv...
Q: Reimer Company reported total manufacturing costs of $425,000, manufacturing overhead totaling S80,0...
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost, a...
Q: On April 30, 2020, a fire damaged the office of Bianca Company. The followingbalances were gathered ...
A: Inventory refers to all the goods and materials held by a business organization for selling them in ...
Q: In 2015, Charm Company purchased a P5,000,000 life insurance policy on its president, of which Charm...
A: Insurance Expenses:-It is an amount which company pays in order to ensure its assets or granting the...
Q: Mario is engaged in a pharmaceutical business. One day, Mario unnecessarily bought from Dario a truc...
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...
Q: On December 31, 2020, Queen Company sold an equipment with carrying amount of P2,000,000 and receive...
A: The notes receivable is an asset account in the balance sheet of an organization. It is recorded und...
Q: QUESTION 4 Damian's statement of financial position shows the following totals Current asset 38,444 ...
A: Accounting equation: Assets = Capital + Liabilities
Q: what is mean by Tax evasion and what reasons the people do this?
A: Tax obligation represents the liability of the taxpayer towards the government for the payment of a ...
Q: QUESTION 16 Which of the following are users of University of West London's financial statement? a. ...
A: The university financial statements are used by various stakeholders for varied purpses. These stake...
Q: -------------as defined by the GASB is based on the fiscal period that benefits from a particular ex...
A: Classification by character as defined by the GASB is based on the fiscal period that benefits from ...
Q: If the entity uses the fair value model for investment property, which statement is true? a. The e...
A: Fair value of investment property means value at which property can be exchanged in open market. Thi...
Q: Accounting fill in the inventory
A: Depreciation expense = (Cost - Salvage value)/Number of years of useful life Given that, Cost = 2575...
Q: Which of the following transactions violates the balance sheet equation? (check all that apply) Incr...
A: Introduction: Accounting equation: Assets = liabilities + shareholders equity. Sum of both liabiliti...
Q: XYZ Co. has the following sales mix for its three products: A, 20%; B, 35%; and C, 45%. Fixed costs ...
A: The following calculations are done for XYZ Company.
Q: 10
A: Total Break even point = fixed costs / Contribution margin per unit = $400000/ $100 = 4000 units
Q: NYJ, Inc. borrowed $500,000 on November 1, 20X1, and signed a nine-month note bearing interest at 8%...
A: Interest expense in 20X2 = Amount borrowed x rate of interest x no. of months /12 months
Q: Which of the following is true in relation to a partnership? a. A partnership is a separate legal en...
A: Partnership means where two or more person comes together to do some common business activity and ea...
Q: Explain why each of the following combinations of task should or should not be separated to achieve ...
A: The approval and write-offs of bad debt and reconciliation of account receivable and general control...
Q: NFL Inc. produces sport’s equipment made to customer’s specifications. The following data pertain to...
A: CALCULATIONS PARTICULAR June 30 2016 Dec 31 2016 A Material 100000 200000 B Direct Lab...
Q: XYZ Co. has the following sales mix for its three products: A, 20%; B, 35%; and C, 45%. Fixed costs ...
A: Break-even is the point at which the business has no loss/profit. Any figure above the breakeven ind...
Q: SFFN Corp. purchased the entire business of AZC, Inc. including all its assets and liabilities for $...
A: goodwill to be recognized by SFFN as a result of its acquisition of AZC = purchase consideration ...
Q: & Poneer Company reported total manufacturing costs of $528,000, manufacturing overhead totaling S76...
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost, a...
Q: 7
A: Formula Contribution per unit = Sale price per unit - Variable cost per unit Units sold at Target Pr...
Q: Which type of accounting reports are prepared on yearly basis? Select one: a. Financial Accounting b...
A: Accounting reports: These are defined as the periodic statement that reflects the financial status o...
Q: Biliran Company incurred the following costs at the beginning of the current year: Cost of land 1,00...
A: Assets can be divided into Current and Non Current Assets on the basis of usage. If an assets has u...
Q: The 2020 comparative balance sheet and 2020 income statement of Maple Group Ltd, have just been prep...
A: A cash flow statement shows the inflow and outflow of cash for a reporting period under various busi...
Q: Use the PFRS for SMEs) On 1 January 20X1 an entity acquired a building for ₱95,000, including ₱5,000...
A: Initial Cost:- It is an amount of investment which appear in books without any deductions and tax am...
Q: 6)Concord Corporation thinks machine hours is the best activity base for its manufacturing overhead....
A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost, a...
Q: Goshford Company produces a single product and has capacity to produce 100,000 units per month. Cost...
A: The decision to accept or reject special order depends on the available capacity and the price offer...
Q: Lok Co. reports net sales of $5,856,480 for Year 2 and $8,679,690 for Year 3. End-of-year balances f...
A: Ratio analysis helps the manager to evaluate the current performance and take action that increases ...
Q: Sur Travel Company intends to sell its customers a special round-trip airline ticket package to Sala...
A: Break-even analysis is a technique widely used by the production department. It helps to determine t...
Q: Kurt has 50/100/15 auto insurance coverage. One evening he lost control of his vehicle hitting a par...
A: The term 50/100/15 means, The insurance company will pay the Maximum amount $5000050×$1000 in case o...
Q: What is the project's free CASII TIOW IO1 (Calculating changes in net operating working capital) Far...
A: The following calculations are done for Faraway Fabricators Incorporation.
Q: Costing To manufacture 500,000 TBS, the direct material cost per item is AED 120 and material scrap...
A: The cost of any product is really important as that is the main factor that determines the profit of...
Q: Blue Spruce Corporation made the following purchases of investments during 2020, the first year in w...
A: Investments-: An investment is an amount or acquired to develop earnings or appreciation. Appreciati...
Q: 1. A bond investment that satisfies the amortized cost measurement may be designated a. Revocably ...
A: Amortization: It is the process of allocating the value of an intangible asset over its definite use...
Step by step
Solved in 2 steps