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Q: FDN Trading recorded the following events involving a recent purchase of merchandise: Received good...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA...
A: FICA (Federal insurance contributions act) is the deduction of some percentage out of the gross wage...
Q: Accounts Payable $512 Fees Earned $3,115 Accounts Receivable 887 Insurance Expense 407 Prepaid Insur...
A: Solution: Trial balance Debits Credits cash 1826 Accounts receivable 887 prepaid I...
Q: hange in the benefit plan assets? a.contributions from the employer. b.actual/expected return on p...
A: A long-term employee benefit fund's plan assets are assets/investments kept for the purpose of payin...
Q: equity method to account for its investment, the balance in the investment account on December 31, 2...
A: Equity method accounts for balance in investment account by taking into consideration both net incom...
Q: Average Rate of Return The following data are accumulated by GreenApple Motors Inc. evaluating two ...
A: SOLUTION- AVERAGE ANNUAL INCOME = TOTAL INCOME /TOTAL LIFE . ...
Q: On November 1, 2021, FDN Trading sold merchandise to ABC Trading worth P43,000 with credit term of 1...
A: Solution: Net Sales without discount = gross sales - Sales returns = P43,000 - P4,300 = P38,700 Net ...
Q: The following transactions occurred at Chicken King Restaurant: a. Purchased new fryer equipmen...
A: Solution: For each of the transactions, affect on accounts and their normal balances are as under:
Q: Does the correct (reconciled), adjustment, or adjusted ending balance: increase total assets or de...
A: Introduction:- Assets: An asset is an useful resource that a person, company, or country possesses ...
Q: ros Company’s inventory at December 31, 2019 was P2,500,000 based on physical count priced at cost a...
A: Solution: inventory to be reported at December 31, 2019 = physical inventory + goods in transit purc...
Q: Determine the value inventory to be presented in the statement of financial Position.
A: Firstly we determine the number of units remaining in stock Collection of 200 units already sold ...
Q: The comparative balance sheets, income statement and additional information of Bakewell Corp. are pr...
A: The cash flow statement represents the cash inflow and cash outflow due to the operating, financing,...
Q: During 2020, Bramble Co. generated revenues of $102000. The company’s expenses were as follows: cost...
A: Gross profit: It indicates to the profit earned by the business before deducting any allowable opera...
Q: Frontech Ltd., acquired machinery on hire purchase system. The ollows: of the machine was Rs. 3,00,0...
A: As given that Asset balance = total value of asset - depreciation for 1st year balance cash price =...
Q: Cash 24 94,025 23,000 95,000 180,000 2,850 1,280,000 (625, 000) 2$ Available-for-sale debt securitie...
A: A financial statement that details the amounts of cash and cash equivalents that enter and leave a c...
Q: The lowa DMV leases a building for 20 years. The lease requires 20 annual payments of $12,000 each, ...
A: Present value of the cost of leasing the building = Annual payment x Present value annuity factor f...
Q: receive initial training and certificatio 500,000 on August 1, 2021 with the ba 10% starting January...
A: As per the standard accounting principle a revenue should be recognized only when it is earned. It ...
Q: nfotech Co. produces 20,000 units and sells 18,000 units of microchips in a period. There are no ope...
A: Under absorption costing, fixed manufacturing overhead is treated as product cost. Under variable co...
Q: 4. Katherine, owner of KCO Supply Company in Cebu, which manufactures Chopsticks for restaurants, ha...
A: Solution: Applied factory overhead cost = Applied conversion cost - Direct labor = 8100000 - 250000...
Q: Harmony trading purchased an item with a catalogue price of 17,000. The invoice dated Nov 1 2021 ind...
A: Solution: Net purchase price after trade discount = 17,000*80% = 13,600
Q: Rotorua Products, Limited, of New Zealand markets agricultural products for the burgeoning Asian con...
A: Trend Percentages are shows the change coming in a variable in respect of base variable which is fix...
Q: Bispress Co.'s budgeted production and sales were 600 units. In a period, the actual production was ...
A: Under/over absorbed overhead is the difference between the absorbed overhead and actual overhead. Ab...
Q: On January 1, 2019, Gates Corporation issued $100,000 of 5-year bonds due December 31, 2023, for $10...
A: A bond is type of legal paper or in accounting terms investment securities wherein an investor lends...
Q: December 28, 2019, Carr Company purchased goods costing P500,000. The term is FOB Destination. Some ...
A: Solution: cost for goods included in inventory = purchased cost of goods = 500,000
Q: Dean Company regularly buys sweaters from Mill Company and is allowed a trade discount of 20% and 10...
A: Solution: Dean should report purchase at = Net price + Freight Net price = P900,000 * (1-0.20) (1-0....
Q: On November 1, 2021, New Morning Bakery signed a $194,000, 6%, six-month note payable with the amoun...
A: The amount of cash payable at maturity can be calculated as sum of note face value and interest due
Q: Transactions for the month ended 31/07/2021 Date Description 3/07/2021 The business repaid $8,589 on...
A: The question is based on the concept of Financial Accounting.
Q: A P12 increase in a product's variable expense per unit accompanied by a P12.00 increase in its sell...
A: The contribution margin is calculated as selling price less variable costs. The contribution margin ...
Q: The payroll journal for Northport Enterprises, Inc., is shown. Social Security and Medicare are rec...
A: Income tax refers to the amount charged by the government from the individual and organizations on t...
Q: Sheridan Company has total proceeds (before segregation of sales taxes) from sales of $9180. If the ...
A: Total sale proceeds including sales tax = $ 9,180 Sales tax percentage = 8% Actual sales revenue exc...
Q: Stacy Accounting Services purchased office supplies for 44,000 on terms 20% down payment and the bal...
A: Solution: Increase in total assets = Office supplies purchases - down payment = 44000 - (44000*20%)...
Q: During the month of July, Cambridge Company worked on three jobs. Data relating to these three jobs ...
A: The cost per unit is calculated as total cost divided by number of units.
Q: What is the net cost of the goods if Marigold Company pays within the discount period?
A: If payment is made within discount period, then Marigold would receive the discount offered by suppl...
Q: Bramble Company compiled the following financial information as of December 31, 2022: Revenues $...
A:
Q: Which of the following transactions would not create a cash flow? Group of answer choices A)Sale of...
A: A is incorrect as it creates cash inflow when any asset is sold whether at book value or any other v...
Q: A company pays $813,200 cash to acquire an iron mine on January 1. At that same time, it incurs addi...
A: Solution 1: Journal Entries Event Particulars Debit Credit 1 Iron Mine $877,400.00 ...
Q: what are used as evidence and the purpose of each type of document
A: Types of documents and purpose of the document as evidence. 1.Physical examination: A physical ve...
Q: FACTS / DATA / GIVEN: Тахрауer: Receipts/Earnings/balances during the taxable period: Resident citiz...
A: Taxpayer is a resident citizen. Taxable income is income on which tax is calculated for a period un...
Q: Assume a company reported the following results: Sales $400,000 Variable expenses Contribution margi...
A: Solution 1: Margin = Net operating income / Sales = $80,000 / $400,000 = 20% Hence 2nd option is cor...
Q: The return on plan assets a.is the change in the fair value of the plan assets during the year. b....
A: Introduction:- A long-term employee benefit fund's plan assets are assets/investments kept for the p...
Q: Here are selected 2022 transactions of Blue Spruce Company. Jan. 1 Retired a piece of machinery...
A:
Q: e owner of Total Care Trading received the amount loaned personally from a bank amounting to P1,500,...
A: Solution: Increase in the total assets of the business = cash invested in business = P400,000 Loan i...
Q: g the same infor
A: Under direct method; cash received from customer, cash paid to creditors for inventory, for operatin...
Q: Monty Company's payroll for the week ending January 15 amounted to $357,000 for salaries and wages. ...
A: Payroll: Payroll is the remuneration that a firm is required to pay to its workers for a certain per...
Q: Partial Balance Sheets as of December 31 2021 2020 Assets Cash Accounts receivable Inventory Liabili...
A: Format:- Cashflow statement - Cash flows from operating activities (indirect Method) Cash flows...
Q: The selling price per unit is OMR 13. The above figures are for an output of 85,000 units, the capac...
A: Relevant costing is a type of costing that is used to make decisions about a specific client.
Q: Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,0...
A: Revenue earned during the year from payment received on May 1 = Total amount received x no. of month...
Q: what are Audit Assumption
A: Answer: The audit that is conducted is such that there are assumptions made.
Q: Under M. Sabio Company’s accounting system, all insurance premiums paid are debited to prepaid insur...
A: Total amount of insurance premiums paid by M. Sabio during 2019= Prepaid Insurance at December 31, 2...
Q: immy Author Company has the following data for the past year: Actual overhead $512,000 Applied...
A:
Complete the General Ledger based on the recorded
Remember to: write the date, explanation, and fill out the value in the corresponding DR or CR column. Your explanation should only contain the other account names as per your journal entries, separated by a "/" where necessary.
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- Print Item From the data below for Wong Company, prepare the closing entries for the year ended December 31. Cash dividends $47,000 Sales 982,600 Sales returns and allowances 3,960 Interest revenue 10,521 Factory overhead (debit) 210,620 Factory overhead (credit) 210,620 Cost of goods sold 726,820 Wages expense 130,745 Supplies expense 9,900 Depreciation expense-office equipment 6,900 Utilities expense 5,840 Bad debt expense 1,680 Advertising expense 11,120 Interest expense 9,860 Income tax expense 32,050 If an amount box does not require an entry, leave it blank. Page: 1 POST. DATE DESCRIPTION DEBIT CREDITPrepare the journal entry to reconcile the bank statement in EB9.Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
- The schedule of accounts payable lists each creditors account balance, and the total equals the _________________. a. Controlling account in the journal b. Accounts Payable account in the general ledger c. Accounts Receivable account in the general ledger d. Purchases account in the general ledger e. Sales account in the general ledgerPA5. 7.4 Brown Inc. records purchases in a purchases journal and purchase returns in the general journal. Record the following transactions using a purchases journal, a general journal, and an accounts payable subsidiary ledger. The company uses the periodic method of accounting for inventory. Oct.1 Purchased inventory on account from Price Inc. for $2,000 Oct.1 Purchased inventory on account from Cabrera Inc. for $3,000 Oct.8 Returned half of the inventory to Price Inc. Oct.9 Purchased inventory on account from Price Inc. for $4,200Journalizing Purchases Returns and Allowances and Posting to General Ledger and Accounts Payable Ledger Transactions for July and the beginning balances for selected general ledger and accounts payable ledger accounts are shown. July 7 Returned merchandise to Starcraft Industries, $750. 15 Returned merchandise to XYZ, Inc., $530. 27 Returned merchandise to Datamagic, $820. General Ledger Account No. Account Balance July 1, 20-- 202 Accounts Payable $10,640 501.1 Purchases Returns and Allowances Accounts Payable Ledger Name Balance July 1, 20-- Datamagic $2,680 Starcraft Industries 4,310 XYZ, Inc. 3,650 Required: Using page 3 of a general journal and the general ledger accounts and accounts payable ledger accounts, journalize and post the transactions. GENERAL JOURNAL PAGE 3 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Jul. 7 Jul. 15 Jul. 27 GENERAL LEDGER ACCOUNT Accounts Payable ACCOUNT NO. 202 BALANCE DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT 20-- Jul. 1 Balance 10,640.00
- Identify Transactions in Accounts Receivable Subsidiary Ledger The debits and credits from three related transactions are presented in the following customer's account taken from the accounts receivable subsidiary ledger: Mission Design NAME 1319 Elm Street ADDRESS Post. Ref. Date Item Debit Credit Balance 20Υ7 Apr. 3 R44 740 740 Apr. 6 J11 60 680 Apr. 24 CR81 680 Describe each transaction and identify the source of each posting. Describe each transaction Identify the source Apr. 3 Apr. 6 Apr. 24engageNOWv2 | Online teachir X * CengageNOWv2| Online teachir x .com/ilrm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * A eBook Show Me How Accounts Receivable Analysis A company reports the following: Sales $671,600 Average accounts receivable (net) 67,160 Determine (a) the accounts receivable turnover and (b) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. a. Accounts receivable turnover b. Number of days' sales in receivables days Previous Next Check My Work 11:16 AM 67°F Sunny A O E D a ) 12/3/2021 n sc hone backsoceThe following balances apply to this question BANK Mar Balance b/d 20 Mar Total 83 1 000 31 раyments 138 Mar Total 31 receipts Balance c/d 8 021 A A Apr | Balance b/d 8 1 021 Which one of the following amounts represents B? A. R45 118 B. R56 337 OC. R55 128 D. R55 117
- The following events occur for Messer Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 July 23, 2024 Provide services to customers on account for $37,400. Receive $26,500 from customers on account. Estimate that 30% of uncollected accounts will not be received. Provide services to customers on account for $50,400. Receive $6,000 from customers for services provided in 2024. December 31, 2024 April 12, 2025 June 28, 2025 September 13, 2025 October 5, 2025 December 31, 2025 Write off the remaining amounts owed from services provided in 2024. Receive $44,500 from customers for services provided in 2025. Estimate that 30% of uncollected accounts will not be received.Consider the following information items as you respond to the question:i. Customer master fileii. Journal entry to record the receipt of cashiii. Pre-numbered documentsiv. Schedule of accounts receivableAccounting information systems have five generic elements. Which of the following statements is most true? A. "Pre-numbered documents" can be an example of three of the five elements. B. "Schedule of accounts receivable" can be an example of all five elements. C. Both "Pre-numbered documents" can be an example of three of the five elements and "Schedule of accounts receivable" can be an example of all five elements are true. D. Neither "Pre-numbered documents" can be an example of three of the five elements nor "Schedule of accounts receivable" can be an example of all five elements is true.How effective is the organization in collecting its receivables? Use the Hillside, Inc. Balance Sheet information in cells A2 through D18 and cells A21 through B38 to complete the Financial Performance Calculations in cells A40 through C60. Table 1: Hillside, Inc. Balance Sheet ($ in Millions) ASSETS LIABILITIES Cash & Marketable Securities 449.90 Accounts Payable 1,611.20 Accounts Receivable 954.80 Salaries Payable 225.20 Inventories 3,645.20 Other Current Liabilities 1,118.80 Other Current Assets 116.60 Total Current Liabilities 2,955.20 Total Current Assets 5,165.27 Other Liabilities 693.40 Machinery & Equipment 1,688.90 Land 1,129.70 Total Liabilities 3,648.60 Buildings 2,348.40 Depreciation (575.60) SHAREHOLDER'S…