Micro-business entities can use which basis of accounting
Q: HELLO reported the following items on its December 31, 2020 trial balance: Accounts Payable, P1,089,...
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...
Q: The assets and liabilities of Smith Company are as follows: Cash $28,650, Supplies, $840; Equipment,...
A: Formula: Accounting equation : Assets = Liabilities + Owners equity
Q: Balerio Corporation's relevant range of activity is 8,000 units to 12,000 units. When it produces an...
A: Lets understand the basics. Product cost is a cost which is incurred to manufacture product. This ty...
Q: QUESTION 7 In computing depreciation, salvage value is a. the fair value of a plant asset on the dat...
A: Salvage Value of an asset is the estimated realizable value from the disposal of the asset at the en...
Q: Directions: Complete the table below. The first item has been done 101 List of Accounts Decreased by...
A: Here we are given with different types of accounts. We need to determine what type of account is thi...
Q: Camp Rainbow offers overnight summer camp programs for children ages 10–14 every summer during June ...
A: Variable operating cost per child=(Highest activity cost-Lowest activity cost)(Highest activity unit...
Q: Learning Task #1 Directions: Complete the table below. The first item has been done for you. Decreas...
A: Classification of accounts under British rule: According to the British rule, Accounts have been cl...
Q: Which of the following situation in which the quality of the company’s pay-out to shareholders may d...
A: a. Decrease in cash position
Q: WEAK, Inc. Pertinent data are shown below: FEEBLE Co. WEAK, Inc. Equipment 4,000,000 8,000,000 Accum...
A: Particulars Feeble Co. Weak Inc. Carrying amount of equipment 3200000 4800000 Fair va...
Q: Company H started its operations in 2021 and made the following asset purchases: asset purch...
A: GIVEN Company H started its operations in 2021 and made the following asset purchases: ...
Q: Clara Company purchased equipment for P5,000,000 on January 1, 2021 with a useful life of 10 years a...
A: Introduction Decrease in value of assets due to obsolete and old condition this decrease in asset ca...
Q: for for 20 táxáblé yéàr of ML partnership corporation) including partner's own income citizens) are ...
A: The sharing of profit and loss in accordance with the profit and loss sharing ratio.it completely de...
Q: Inter Company was founded in Dec 2018. Inter Company provides sports services to customers. During m...
A: Inter company Trail b...
Q: Gail , Inc. has a bonus plan covering all employees. The total bonus is equal to 10% of Gail 's prel...
A: Bonus = Income before bonus and tax x bonus rate
Q: In the course of your examination of the accounts of Toledo, Inc. you obtain the following informati...
A: Unamortized bond premium is the difference between the bond value (less of interest) and the carryin...
Q: Rooney Company incurred $280,000 of research and development cost in its laboratory to develop a pat...
A: A patent is the granting of a proprietary interest to an inventor by a sovereign authority. In retur...
Q: Luke is an employee at a management firm. His manager tells him that the firm plans to establish a n...
A: GIVEN Luke is an employee at a management firm. His manager tells him that the firm plans to estab...
Q: International Cargo Inc. which is subjected to 20% tax rate employs residual dividend policy to its ...
A: Introduction Residual dividend policy : Under this company uses earnings to pay capital expenditures...
Q: lampett, Incorporated, converted to an S corporation on January 1, 2020. At that time, Clampett, Inc...
A: The capital gains tax is a tax applied on the profit gained on a sale of an investment. When you sel...
Q: 2. Analyze the statement of financial position for the year 2020 and compare it with the year 20...
A: Consolidated statement of financial position is a statement which depicts the resources owned by the...
Q: Tell whether each of the following accounts is part of net sales, cost of goods sold, operating expe...
A: Explanation- All are in different different account according to their nature.Here is the nature of ...
Q: 2. What is the measurement of the equipment that ceases to be held for sale on December 31, 2023? * ...
A: Held for sale refers to the assets which the organization has intention to sell off, when the assets...
Q: Estimated total machine-hours used Estimated total fixed manufacturing overhead Estimated variable m...
A: Predetermined overhead rate = Estimated total overhead / Estimated machine hours = (2500*$1.50 + 150...
Q: The selling price of the Appliances Company's units is P 80,000 each. The buyers are provided with a...
A: The warranty Expense is the expense estimated based on past year experience depending on sales incur...
Q: 47- Scott is 15 years old and qualifies as a dependent of his parents. During 2019 he earns $2,500 f...
A: Standard deduction for individual that are dependent is limited to the greater of $1100 or Income e...
Q: Carbonandum universe produces card board and has the below mentioned details for March 31, 2021: Par...
A: Transactions of an entity will be initially recorded through various journal entries in the books of...
Q: Which of the following statements is incorrect? O If the current ratio is too high the company may n...
A:
Q: Content * CengageNOWv2 On x Forms By Mail |USCIS X + Home USCIS 53'F ment/takeAssignmentMain.do?invo...
A: Internal Control: Internal controls are the components, rules, and systems executed by an organizati...
Q: GEB PHOTOGRAPHY Trial Balance July 31,2019 Debit Credit Cash 403,003 A...
A: The closing entries are prepared to close the temporary accounts of the business. The revenue and ex...
Q: Micro Tek Inc. is considering an investment in new equipment that will be used to manufacture a smar...
A: Average rate of return = Average annual income / Average investment Where Average investment = (cos...
Q: Analyze the statement of operations for the year 2020 and compare it with the year 2019. Identify an...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: suming a 360-day year, when a $12,600, 90-day, 11% interest-bearing note payable matures, total paym...
A: Maturity Value of Note Payable = Face Value + Interest Maturity value = Face Value + (Face Value x R...
Q: Required Information (The following information applies to the questions displeyed below) Selected c...
A: A common size income statement is an income statement in which each line item is expressed as a perc...
Q: Dove, Inc., had additions to retained earnings for the year just ended of $638,000. The firm paid ou...
A: Calculation of above requirement are as follows.
Q: Ben and Co. inaugurated a sales promotion campaign on May 31, 2019, whereby Ben placed a coupon in e...
A: Number of redeemable coupon for chocolates sold = 400,000×60% = 240000 redeemable coupons Balance co...
Q: For the properties listed below compute the depreciation taken during the useful life of the propert...
A: MARCS is the short form for the Modified Accelerated cost Recovery System. It provides various asset...
Q: According to its original plan, Finch Consulting Services Company plans to charge its customers for ...
A: Revenue is Flexible budget hours × budget hours × service charge - $128 per hour Variable costs is ...
Q: Provide the quick ratio. Given: Current Assets Cash in bank P282,506 Due from related p...
A: current ratio are those ratio that measures the liquidity of the company it is the ability of compan...
Q: Explain the difference between tax reliefs and tax credits
A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether loc...
Q: Silver Limited is a manufacturing company that produces furniture. To improve efficiency and usefuln...
A: Accounting control refers to the process that are executed through firm in order to ensure the accur...
Q: 0.15 0.05 001 -0.03 -0.01 0.09 the expected returns of the two stocks? the standard deviations of th...
A: The term expected return of stock refers to the profit or loss amount which investor anticipates on ...
Q: Liquidity ratio Josh Smith has compiled some of his personal financial data in order to determine hi...
A: The correct answer for the above question is given in the following steps for your reference.
Q: Question Content Area According to GAAP, interest cost incurred to finance construction of an asset...
A: 1) The period of capitalization should end when the asset is ready for intended use. 2)when the asse...
Q: 1. When does the concept of "undervalued" and "overvalued" arise? How can you increase or decrease b...
A: When you invest in stock market than you need to think properly and with financial security and sens...
Q: Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales data for DVD players are as...
A: 1. FIFO Method - Under FIFO Method, Inventory purchased first are sold out. 2. LIFO Method - Under...
Q: 3. What amount should be recognized as gain on reclassification of the equipment in 2023? * Problem ...
A: The correct calculation of the answer is given in the following steps for your reference
Q: Given the following data for ABC company for the year ended 2018: inventory turnover ratio = 5.3125x...
A: Answer) Calculation of Property, Plant and Equipment Fixed Assets turnover ratio = Net Sales/ Averag...
Q: A one-year insurance policy was purchased on June 1 for $1,680. Journalize the adjusting entry requi...
A: Introduction:- At the time of purchase the insurance policy, debit the Prepaid Expense account to sh...
Q: Prepare a flexible budgeted income for 120,000 units using the following information from a static b...
A: A budget is a statement that is prepared by the companies, government, and individuals based on the ...
Q: What does it mean when we say that individuals as a group are net suppliers of funds for financial i...
A: The question requires the power of individuals to spent . Also where does they spent the remaining (...
Micro-business entities can use which basis of accounting
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