differentiate internal user from external user of accounting information
Q: calculate the cost they pay for the purchase.
A: Cost of purchase refers to the amount paid by a company to the manufacturer or seller of a product t...
Q: Ivanhoe Leasing Company agrees to lease equipment to Shamrock Corporation on January 1, 2020. The fo...
A: Lease: A lease is an agreement by which one party conveys land, property, administrations, and so fo...
Q: Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning D...
A: Interest Cost: An interest cost is the expense caused by an element of acquired reserves. The intere...
Q: E12.30) Cost-based transfer pricing: manufacturer Refer to E12.29. The assembly division's absorptio...
A: GIVEN The assembly division's absorption cost of a component is $510, which includes $60 of applie...
Q: 13-If there are Credit sales by Mason Branch amounted to $80,000; the branch's cost of the merchandi...
A: Note: As per our guidelines, only the first question shall be answered 13. Home Office: Date A...
Q: Requested: A. Calculate the Cost of Production using the full costing and variable costing methods B...
A: A) Calculation of cost using Full costing Method:- (figures in )00,00 Particulars Amou...
Q: Happy Company provided the following profit(loss) relating to operating segments: A- 2,000,000; B - ...
A: An entity shall report separately information about an operating segment that meets the following qu...
Q: Problem 4: On January 1, 2017, an entity purchases marketable equity securities for P2,000,000. The ...
A: When entity has elected to measure the change in the fair value through other comprehensive income t...
Q: What is a Ledger?" An account An accounting journal A group or file of accounts AT-account
A: T- Account - T-Account is the representation of ledgers in the tabular form. It includes debit and c...
Q: Batches Incorporated produces joint products L, M, and N from a joint process. Information concernin...
A: The joint costs are the total costs incurred collectively two or more products.
Q: E3. You loan from a bank the amount of P100,000 with a rate of simple interest of 30% but the intere...
A: The actual rate of interest is calculated as simple interest amount divided by funds available
Q: Mars Company manufactures and sells three products. Relevant per unit data concerning each product a...
A: Solution:- 1)Computation of the contribution margin per unit of limited resource (machine hours) for...
Q: If a company purchases equipment costing $4,500 on credit, the effect on the accounting equation wou...
A: The question is related to the purchase of equipment on credit. The Accounting Equation is Assets =...
Q: What is a tax consequence for a noncorporate shareholder who receives a liquidating distribution fro...
A: Liquidating distribution is the distribution of the money to the shareholders of the company which h...
Q: Using the indirect method to prepare a statement of cash flow, the amount of depreciation expense to...
A: Answer: d. The income statement only Explanation:- Cash flow statement is a statement prepared to sh...
Q: n each of the cases below, assume that Division X has a product that can be sold either to outside c...
A: Transfer price is the price charged by the selling division from buying division for the transfer ma...
Q: Prepare correcting entries as of December 31, 2020 7. The delivery expense of P 1,800 incurred on Oc...
A: When transactions occur as part of the business operations of a company, records will be made accord...
Q: The accounting equation can be restated as: Assets - Equity = Liabilities. True or False True False
A: Solution: The basic accounting equation, also named as balance sheet equation, reflects the relation...
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: Closet Company had the following information for the month of December. All direct materials were on...
A: Calculation of Total equivalent units for conversion under the FIFO method :-
Q: Problem 3 Pni-wide overhead rate is used based on direct labor hours as cost allocation base. manufa...
A: A predetermined overhead rate is an allocation rate used to apply the estimated cost of production o...
Q: a. DOL b. DFL C. DCL
A: Solution:- a)Calculation of DOL as follows under:- Degree of Operating leverage =[sales -variable co...
Q: On November 1, 2020, Cheng Company (a U.S.-based company) forecasts the purchase of goods from a for...
A: In the given problem, here the Yuan is selling at a discount in the forward Market where( Forward ra...
Q: Bless Qulinto began operating the Quinto Modeling Agency with following: Invested cash of P500,000 a...
A: The accounting equation states that assets equal to sum of liabilities and equity. Assets = Liabilit...
Q: E15.22) Supplier Activities Classify the following supplier-related activities as either unit level,...
A:
Q: Prepare the journal entry to record Jevonte Company's issuance of 36,000 shares of its common stock ...
A: Solution: When common stock are issued for cash, cash is debited for issue price and common stock is...
Q: What is the book value of the equipment at the end of 5 years if it was bought at P870,000, salvage ...
A: Purchase Cost of Equipment P8,70,000.00 Less: Salvage Value P90,000.00 Depreciable Value (P87000...
Q: What is a liability
A: Ans. Liability is an obligation that an organisation or a person need to repay back.
Q: Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record the sa...
A: Cost of Equipment = $76800 Accumulated Depreciation = $40800 Book Value of Equipment = $76800 - $408...
Q: Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning D...
A: Solution Working note- Date Annual lease payment Interest expenses (8%) Lease Principle amou...
Q: On March 31, 2021, Chow Brothers, Inc., bought 8% of KT Manufacturing’s capital stock for $51.5 mill...
A: Investment means to put the money in some kind of asset to earn the returns at a future date.
Q: Jalapeño Corporation and Habanero Corporation formed a partnership to construct a restaurant. Jalape...
A: Partnership characteristics includes: Existence of an agreement Existence of business Sharing of pr...
Q: Alpha Electronics Cop (AEC) manufactures and sells a unique intermediate component part that is wide...
A:
Q: The constant percentage method will be used to depreciation a machine with an initial cost of P 1.2 ...
A: Depreciation refers to the method which results in decrease in the value of the asset over the expec...
Q: Darden has beginning equity of $277,000, total revenues of $63,000, and total expenses of $25,000. T...
A: Ending equity is calculated as beginning equity plus net income less dividends
Q: The contribution margin income statement of Burger Queen for January is given below: BQ sells thr...
A:
Q: Via Gelato is a popular neighborhood gelato shop. The company has provided the following cost formul...
A: The revenue and spending variance is the variance between actual results and standard results of the...
Q: processed further. Additional processing requires no special facilities, and production costs of fur...
A: Solution.. Total sales value at split off point = $40,000 + $15,000 + $16,000 = $71,000 Sales...
Q: Q-3 MNP Ltd sold 2,75,000 units of its product at 375 per unit. Variable costs are 175 per unit (man...
A: Answer i) Calculation of Break-even Sales Quantity Breakeven Sales quantity = Total fixed cost/ Cont...
Q: On October 1, 2021, POGI Company purchased 4,000 of the P1,000 face amount, 10% bonds of GANDA Compa...
A: Bonds- A bond is a fixed-income tool that represents a loan made by a shareholder to a borrower (cla...
Q: Barnes Company reports the following operating results for the month of August: sales $310,000 (unit...
A: Net Income = contribution margin - Fixed costs where, Contribution margin = Sales - Variable costs
Q: the Outlets at Mill Lake, Inc., purchased inventory costing $42,000 by signing a 7%, six-month, shor...
A: Inventory: Inventories are the items of raw materials, WIP, and Finished goods which are used for pr...
Q: The amount of cash received from a sale of property, plant and equipment with associated accumulated...
A: Comparative Balance sheet provides the change in the cost and accumulated depreciation of the fixed ...
Q: Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your...
A: Solution Capital allowance is the practice of allowing tax payers to get relief on capital expenditu...
Q: Grygiel Company leases a nonspecialized machine with a fair 20 value of $50,000 to Baker Company. Th...
A: A lease is a contract in which one party agrees to rent an asset—in this case, real estate—from anot...
Q: The equity section of the December 31, 2019, balance sheet for Delicious Alternative Desserts Inc. s...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
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: Raw material = Rp. 150.000 Labor cost = Rp. 60.000 Overhead variable cost = Rp 90.000 Fixed S&A cost...
A: In full costing, the manufacturing overhead (variable and fixed) are considered first and added to c...
Q: Determine (a) the accounts receivable turnover and (b) the number of days' sales final answers to on...
A: Solution: Number of days sales in receivable represents the average number of days a company takes t...
Q: What is leasing? Explain the process of leasing’s Underwriting process of Tenants.
A: Lease can be defined as a right to use equipment or capital goods on payment of periodical amount kn...
differentiate internal user from external user of accounting information
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- two methods of acquiring accounting information sysytem, and list there disdvantages and advantagesBriefly explain the importance of independence of the accounting function in Accounting Information System. Explainthe areas for which this concept is important.Enumerate some accounting information system input devices and indicate its purpose, including how each is used.