Explain Prudence concept and provide example.
Q: Consider a machine which costs $115,000 now and which has a useful life of seven years. This machine…
A: The following the information in the question: 1. Machine which costs $115,000 2. Useful life of…
Q: Start up expenses: To start the gym, the initial total investment required is $162,544.55EC. This…
A: Balance Sheet The purpose of preparing the balance sheet is to know the actual position of assets…
Q: Year 0 1 2 Recognized Gain
A: Year Recognized Gain ($) 0 0 1 0 2 125000
Q: Using the MACRS three-year table, how much will a $1,000 cell phone be worth after 2 years (the book…
A: Answer:- MACRS meaning:- MACRS is the acronym of the the modified accelerated cost recovery system.…
Q: depreciation would be calculated immediately. Greymare’s borrowing rate is 12%. Assume this is a…
A: Assuming depreciation is on straight line basis. Each year depreciation would be (83000/8) $10375 If…
Q: XYZ Ltd. has the following costs for 1,000 units: Total Cost Direct materials € 1.500 Direct labour…
A: Direct material is the material which is directly used for the production of the goods.
Q: Titus spider toys was the manufacturer of spider toys and has huge market share with tremendous…
A: Cash cycle is one of the important metric used in business which shows number of days that it takes…
Q: 1. It is assumed that the land was sold by Bright Company to Avrill Company and PT Saman still owns…
A: Given in the question: 2015 2016 Bright Company's Separate Income 300000000…
Q: On July 15, 2024, Ortiz & Company signed a contract to provide EverFresh Bakery with an…
A: Calibration contract service is for one year. However scale and software has been delivered in the…
Q: ontemplating the acquisition of a machine that costs $50,000 and promises to reduce annual cash…
A: Operating costs are the ongoing expenses incurred in a business's normal day-to-day operations.…
Q: Over the past year Bob and Clark Manufacturing had an average quarterly sales for the past 5 years…
A: Seasonal Index has an average value of 1. If seasonal index is above 1, it indicates variation due…
Q: Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and…
A: Budgeting - Budgeting is the process of estimating future operations based on past performance. %…
Q: Corny and Sweet grows and sells sweet corn at its roadside produce stand. The selling price per…
A: The break even sales units are calculated as fixed cost divided by contribution margin per unit.
Q: What are operating expenses?
A: Expenses refers to the money outflow or the assets outflow to another company or to individual…
Q: . How much is the net income for distribution to partners? A. P 2,750,000 B. P 2,900,000 C. P…
A: 7. Net Income for Distribution to partners D. P 5,750,000 is correct option. Explanation: Gross…
Q: A plant bought a calciner for P220,000.00 and uses it for 10years, the life span of the equipment.…
A: Depreciation Methods: a) Straight Line Method: Calculation of Book Value of Calciner (Asset) after 5…
Q: Martinez Co. borrowed $79,200 on March 1 of the current year by signing a 60-day, 9%,…
A: The interest expense is calculated as follows $79200 × 9% × 60/360 = $1188
Q: Part 1: 1. Identify and list the deposits in transit at the end of December. 2. Identify and list…
A: As per Bartleby guidelines, we are only allowed to answer the first one in case of multiple…
Q: Need help with question 2, if you could please just explain to me how this done.
A: Any number with decimal of more than 0.5, will rounded off to the next number. If it is less than…
Q: new merchandising business, Dazzle Corporation started its operations last January 1, 2020.…
A: Balance Sheet: It is the statement or sheet where Assets, Liabilities and Owner's Equity are shown…
Q: Iakisthike, LLC has two lines of products, Regular and Super, and is thinking about discontinuing…
A: Total fixed manufacturing cost = [$140,000 - (7,000 x $18)] + [$375,000 - (3,000 x $109)] = $62,000…
Q: J 7 Qualtronics, Inc is raising capital for a new silicon chip manufacturing facility. They've…
A: After-tax WACC=Face value of bonds×Post tax cost of bonds+Value of loan×Post tax cost of loan+Amount…
Q: Eplain why a contract existed between your mother and Jewel on June 7, 2022?
A:
Q: The Income Statement for the year 2021 of Mira Co. contains the following information: Revenue…
A: Stockholder equity statement is the one where net income and additional capital introduced are added…
Q: The acquisition of a new machine with a purchase price of $80,545, transportation costs of $9,221,…
A: Asset is the resource owned by an entity which are held for generating future revenues.
Q: Lily Tucker (single) owns and operates a bike shop as a sole proprietorship. In 2021, she sells the…
A: Lets understand the basics. For calculating taxable income, we need to use below formula. Taxable…
Q: Richmond Chocolates Limited, a manufacturing Company, produces a single product. The following…
A: 3. Schedule of goods manufactured in the year…
Q: Home Repair Company, a regional hardware chain that specializes in “do-it-yourself” materials and…
A: Free cash flows are the cash flows of the company after paying of all the necessary expenses to keep…
Q: Do you want to make a double entry? On November 7, 2021, a fire broke out at the store, destroying…
A: When there is a loss of goods by fire, an expense account is debited named loss by fire account and…
Q: Do the balance sheet, income statement, and statement of cash flows contain all the information you…
A: Introduction: Financial statements describe a company's operations and cash flows performance.…
Q: ABC Corp purchased land and building at a lump price of P6M. ABC demolished the building and…
A: Cost of building refers to the cost which includes the purchase price which involves price paid to…
Q: At December 31, 2008, before any year-end adjustments. Mark Company's Insurance Expense account had…
A: Prepaid expense: Prepaid expense means future expenses which are paid in advance. Initially, Prepaid…
Q: Dialo, SRL produces a single product. The cost of producing and selling a single unit of this…
A: Part a:
Q: A corporation, with a December 31, 2021 year-end, purchased manufacturing equipment for $60,000 on…
A: Assets- Assets are the resources that contribute to an organization's economic value and are…
Q: a. Bristol, who is single, has AMTI of $608,600. Her AMT exemption is $ X. b. Marley and Naila are…
A: AMT exemption amounts for 2021 (for taxes due in April 2022 or in October 2022 with an extension)…
Q: - A total of 40,000 units were in beginning WIP Inventory. All were completed and transferred out…
A:
Q: Acme has branched out to rentals of office furniture to start-up companies. Consider a $3,600 desk.…
A: Break even rate is calculated by dividing the net present value divided by the future value factor.…
Q: The following accounts were included n Angels Consultants post-closing trial balance at December 31,…
A: Current assets are those which are realizable into cash within a time period of one year. Current…
Q: XYZ Corporation's trial balance contained the following account balances at December 31, 2021…
A: Current assets are those which are owned by an entity for a short period and can be converted into…
Q: Yoric Company listed the net changes in its balance sheet accounts for the past year as follows:…
A: Statement of cash flow is the sum of all cash inflows and cash outflows during the year. The…
Q: Toll ing: Attempt of financial Accounting a) Limitations b) Convention of Materjality c) Real A/C d)…
A: Accounting: It is a process of recording, classifying, summarising, interpretating and analysing of…
Q: Ernst Company's balance sheet shows total liabilities of $32,500,000, total stockholders' equity of…
A: Formula: Debt ratio = ( Total liabilities / Total Assets ) x 100
Q: Equipment with a cost of $95,550, an estimated residual value of $4,550, and an estimated life of 13…
A: Depreciation as per straight line method is given as under: = (Original cost - Salvage value) ÷…
Q: Window World extended credit to customer Nile Jenkins in the amount of $134,900 for his purchase of…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Part 1. 1. If HHC has \$1,450 cash$500 of government Treasury bills purchased four months ago, $840…
A: The petty cash fund is created by the company to meet the small expenses or the daily expenses of…
Q: Harvest Inc. produces and sells a single product. The selling price of the product is $200.00 per…
A: Introduction: The contribution margin is a metric that shows how much a company's net sales…
Q: Alex covered his automobile for a total of RO 60,000 with Al Ahlia Insurance and a total of RO…
A: The Insurance is always the safety cover for any mishappening. In case of any mishappening the…
Q: no external financing is selling for 50. eps is 7.5 of which 60 percent is paid in dividends. the…
A: Share price (P) = Ksh 50 EPS = Ksh 7.50 Dividend paid (D0) = 60% of EPS = Ksh 4.50 Dividend payout…
Q: Pierce Company sold merchandise to Stanton Company on account FOB shipping point, 2/10, net 30, for…
A: Accounts receivable = Selling price- discount = $11300-($11300×2%) =$ 11300 -$226 =$11074
Q: explain the advantages and limitations of budgetary control in detail
A: Budgetary control is the process of preparing budgets for the future time and comparing them to…
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