Name: Grade & Section: Date: FABM 2 The following transactions happened at the end of the month: 1. Office Supplies worth P2 000.00 are already used. 2. Computer is estimated to be used for three years and has a residual value of P2 500.00. 3. Shikamaru rendered service to Naruto. 4. It is determined that 12% of Accounts Receivable will be uncollectible. Date Account Titles and Explanation Ref Debit Credit
Q: Old Country Links, Incorporated, produces sausages in three production departments-Mixing, Casing…
A: Hi student Since there are multiple subparts asked, we will answer only first three subparts.…
Q: Answer the following: 1 What is the payback period on each of the above projects? 2 Given that you…
A: PAYBACK PERIOD Payback Period is one of the important Capital Budgeting Technique. Payback Period is…
Q: G and L form a limited partnership. L contributes $2,000, and G, who does not contribute cash, will…
A: The partnership agreement typically includes provisions on the allocation of profits and losses, the…
Q: TRUE OR FALSE A non-stock, non-profit institution must be organized for religious, charitable,…
A: A non-stock, non-profit institution has two main components or parts to it – non-stock and…
Q: Required information PA6-3 (Static) Recording Sales with Discounts and Estimated and Actual Returns,…
A: Inventory valuation is the process of determining the value of goods or products held for sale by a…
Q: The following accounts appear in the ledger of Monroe Entertainment Co. All accounts have normal…
A: TRAIL BALANCE Trail Balance shows the closing Balance of all the Ledgers. Tail Balance is the List…
Q: True or False: increasing the salvage value increases depreciation expense. False True or False:…
A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…
Q: Wall finalised a lease arrangement with deliverrite on 1 July 2022 for a fleet of delivery vehicles…
A: Lease is defined a contractual agreement incorporated between two business entities where one entity…
Q: ing company that produces a single product has provided the following data concerning its most…
A: Product cost is the cost incurred for manufacturing a product .Under variable costing , product…
Q: Martinez Company's relevant range of production is 7,500 units to 12,500 units. When it produces and…
A: Variable Cost :— It is the cost that changes with change in activity of cost driver. Variable cost…
Q: Complete the following using compound future value. (Use the Table provided.) Time 6 months…
A: FUTURE VALUE Future value is the value of an asset at a specific date. Future Value is the Value…
Q: he lab does not maintain an inventory of test tubes. As a result, the tubes purchased each month are…
A: A management accounting approach called variance analysis is used to examine the discrepancy between…
Q: B Current and Quick Ratios the Nelson Company has $1,170,000 in current assets and $450,000 in…
A: The question is based on the concept of Financial Accounting. Current ratio is the ratio that shows…
Q: Beginning Balance 01/01/Year 2 23,000 33,000 13,300 8,300 34,400 Better Corporation completed the…
A: Preparing the accounting equation as follows: Better Corporation Accounting Equation Assets…
Q: Oscar Optical Corporation provides a full line of designer eyewear to consumers. Oscar reporte…
A: Solution: Profit margin = Net Income / sales 2018 $ 43,700 / $ 500,000 =…
Q: When writing off a customer's account using the allowance method: A. Bad Debts Expense is increased…
A: Using allowance method, the bad debt expense is estimated and recorded before actual bad expenses…
Q: • The loss from the sale of § 1244 stock results in an ordinary loss ✔ of $ 90,000 ✓ . The worthless…
A: 1. Loss from sale of 1244 stock result an ordinary loss of $90000 (120000-30000) 2. The worthless…
Q: Henna Company produces and sells two products, Carvings and Mementos. It manufactures these products…
A: Contribution margin takes into consideration only variable expenses of the business while net income…
Q: Presented below are a number of balance sheet items for Marigold, Inc. for the current year, 2017.…
A: Balance Sheet :— It is one of the financial statement that shows list of final ending balances of…
Q: [The following information applies to the questions displayed below] Annin Laboratories uses the…
A: FIFO METHOD :— Under this method, equivalent units is calculated by adding equivalent units in…
Q: Use the May 31 fiscal year-end information from the following ledger accounts (assume that all…
A: The closing entries are prepared to close the temporary accounts of the business. The temporary…
Q: Give a brief analysis of profit,loss in this annual direct budget report.
A: A financial plan that forecasts a company's annual revenues, costs, and net income is known as an…
Q: Here is the word problem that I attempted: Jamie Lee and Ross were stunned to find that their…
A: The family need method is a method that has you calculating your immediate needs upon death, adding…
Q: Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022:…
A: Tax liability refers to the actual amount due to the revenue collection authority by the income…
Q: Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022:…
A: The fraction of gross income that the IRS considers being subject to taxes is known as taxable…
Q: The following information pertains to Diane Company. Assume that all balance sheet amounts represent…
A: Dividend is the amount of payment made to the preferred and common shares in the form of return. It…
Q: Rios Co. is a regional insurance company that began operations on January 1, 20Y2. The following…
A: Journal entries are the first step in the accounting cycle and are used to record financial…
Q: Dank Ltd reported cost of goods sold as follows: 2021 2022 Beginning inventory $…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. The…
Q: Determine the break-even point in dollars for two divisions. Mega Electronix sells television sets…
A: Break-even point is the sales level where the company makes no profit no loss. Fixed costs is used…
Q: Indicate by letter whether each of the events listed below increase (l), decreases (D), or has no…
A: The phrase "projected benefit obligation" (PBO) refers to the predicted amount of money that a…
Q: Kenneth Heun, president of Concrete Always, agrees to construct a concrete cart path at Dakota Golf…
A: Transaction price that should be computed for this agreement : Price + Performance bonus =…
Q: Frustration Industries, Inc., issued $74,500 of bonds, paid cash dividends of $18,000, sold…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Required information [The following information applies to the questions displayed below.] Dengo…
A:
Q: Qalvin Corporation, a MSME, reported the following gross income and expenses in 2022: Philippines…
A: Taxable income is the income earned by a person and he\she is liable to pay tax on it. Corporate…
Q: Ziebart Corp.'s EBITDA last year was $430,000 ( = EBIT + depreciation + amortization), its interest…
A: EBITDA means earnings before interest, tax, depreciation and amortization. It is the amount which is…
Q: Hammer Time Company reported the following: • Income from continuing operations of $1,000,000 • Loss…
A: Explanation:- To calculate the earnings per share (EPS) on net income for Hammer Time, we need to…
Q: Qalvin, a large non-profit non-stock school has a gross income of P4,000,000, only 40% of which was…
A: The payment owed by an individual, business, or other entity to a federal, state or local tax body…
Q: Video Planet (VP) sells a big screen TV package consisting of a 60-inch plasma TV, a universal…
A: Note : There are three approaches to calculating the stand alone selling price of the installation…
Q: Reed Corporation has two production departments, Machining and Finishing. The company uses a…
A: The Numerical has covered the concept of Predetermined Overhead and Computation of Total Cost for a…
Q: Pina Corporation purchased a special tractor on December 31, 2020. The purchase agreement stipulated…
A: PRESENT VALUE Present Value is the Current Value of future Sum of Money. Present Value of Annual…
Q: 6. Y Corporation is a manufacturing company engaged in the production of a single special product…
A: Direct materials used = Beginning direct materials inventory + Purchases - Ending direct materials…
Q: On August 5, 2021, Cullumber Furniture shipped 50 dining sets on consignment to Furniture Outlet,…
A: Lets understand the basics. In consigement, consignor and consignee relation is like agent and…
Q: Percentage of gross margin 550,000 revenue 165,0000 good of sold operating expensive 325,0000
A: Gross margin is the percentage of gross profit or gross loss in comparison to sales. It is…
Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…
A: Trial Balance: Trial balance is a statement in which closing balance of all ledger accounts are…
Q: The following costs result from the production and sale of 4,650 drum sets manufactured by Tight…
A: Lets understand the basics. Contribution margin income statement is a statement which shows how the…
Q: The adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the…
A: INCOME STATEMENT Income Statement is one of the Important Financial Statement of the Company. Income…
Q: Optimal Health is an outpatient surgical clinic. The clinic's three activities, their overhead cost,…
A: ACTIVITY BASED COSTING Activity Based Costing is a Powerful tool for measuring performance.…
Q: Why do you think it’s so important for businesses to also put an emphasis on managerial accounting?…
A: Managerial accounting provides essential information to business managers that helps them make…
Q: Shalom Company prepared the following overhead budget for next month: Activity level 7,500 machine…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Whispering Steel Company, as lessee, signed a lease agreement for equipment for 5 years, beginning…
A: A lease indicates an agreement taking place between two parties known as lessor and lessee. Here,…
Step by step
Solved in 3 steps
- lemic Calendar My MCBS Library English (en) - ndamentals of Financial Accounting Summer Session 12021/ACT 140/D2 / Final Examination/ AC In a bank reconciliation statement, explain. A. Non-sufficient-funds (NSF) check B. What is a deposit in transit? A BI - mcbs.proctoring.online is sharing your screen. Stop 11prado chnical University, / Unit 3: Financial Mathematics / Learn: Cash and Bank Reconciliation nand Bank Reconciliation Questions + Question 5 Which of the following is an example of a book item, an item that is found on the bank statement that you have not recorded in the books yet? Bank service charge Cash deposits made at the bank last month Interest earned last year Taxable income I don't know One attempt You answered 3 out of 4 correctly. Asking up to 8. Submit answer Exitedugen.wileyplus.com SOFTWARE UPDATE Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements macOS Big Sur 11.3.1 is available and will be in later tonight. CALCULATOR PRINTER VERSION 4 ВАCK Problem 8-03A a-b (Part Level Submission) (Video) Bramble Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August. Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $210. 15 Replenished the petty cash fund by writing a check for $205.80. On this date, the fund consisted of $4.20 in cash and these petty cash receipts: freight-out $92.00, entertainment ex $47.60, postage expense $41.90, and miscellaneous expense $22.80. 16 Increased the amount of the petty cash fund to $325 by writing a check for $115.00. 31 Replenished the petty cash fund by writing a check for $308.80. On this date, the fund consisted…
- Background Layout- Theme Transition I12CE IE 3 Responsible Bank 210 2nd Street Bank Statement 2$ Checking Account Statement Page: 1 of 1 Anytown, MH 06930 1. If we put withdrawals and deposits in the same column. how can they be repreSented? Andre Person 1729 Euclid Ave Anytown, MH 06930 Statemet Ferind 2017-10-01 to 2017-1101 rount N 1120635978 Date Description Withdrawais Deposits Balance 2017-10-03 Previous Balance 201715e5 Check Number 256 2017-10-06 ATM Deposit - Cash 2017-10-10 Wire Transfer 2017-10-17 Point of Sale- Grocery Store 2017-10-25 Funds Transfer from Savings 2017-10-28 Check Number 257 2012.10-29 Online Payment Phone Services 39.87 28.50 1137 Your answer here 45.00 58.37 18.46 203 52.03 10.03 62.47 37.91 16.43 50.00 42.00 72.50 2. Andre withdraws $40 to buy a music player. What is his new balance? Your answer here er notesE5-4 Identifying Internal Control Principles in Cash Payment ProcessesHome Repair Corp. (HRC) operates a building maintenance and repair business. The business hasthree office employees—a sales manager, a materials/crew manager, and an accountant. HRC’scash payments system is described below.a. After a contract is signed with a customer, the sales manager prepares a prenumberedpurchase requisition form that indicates the materials needed for the work at the repair site. b. Based on the purchase requisition form, the materials/crew manager prepares and sends aprenumbered purchase order to suppliers of materials, advising them of the specific materialsneeded and the repair site to which they should be delivered.c. The materials/crew manager is the only employee authorized to order goods.d. Upon receiving a supplier’s invoice, the accountant compares it to terms indicated on thepurchase order, noting in particular the prices charged and quantities ordered.e. If these documents are in…edugen.wileyplus.com US Return to Blackboard Weygandt, Accounting Principles, 13th Edition, Custom WileyPLUS Course for Bronx Community College Help | System Announcements Exercise 8-11 a-b (Part Level Submission) (Video) CALCULATOR PRINTER V The following information pertains to Bonita Video Company. 1. Cash balance per bank, July 31, $7,763. 2. July bank service charge not recorded by the depositor $38. 3. Cash balance per books, July 31, $7,784. 4. Deposits in transit, July 31, $1,750. 5. Bank collected $1,150 note for Bonita in July, plus interest $46, less fee $30. The collection has not been recorded by Bonita, and no interest has been accrued. 6. Outstanding checks, July 31, $601. (a) Your answer is partially correct. Try again. Prepare a bank reconciliation at July 31. (List items that increase cash balance first.) BONITA VIDEO COMPANY Bank Reconciliation July 31 7763 Cash balance per bank statement 1750 Add Deposits in transit 9513 601 Less Outstanding checks 10114 Adjusted…
- e - Prod x Module 8 Assessments - ACG20 * CengageNOWv2 | Online teachir ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Entries for Bank Reconciliation The following data were accumulated for use in reconciling the bank account of Mathers Co. for July: 1. Cash balance according to the company's records at July 31, $32,110. 2. Cash balance according to the bank statement at July 31, $31,350. 3. Checks outstanding, $2,870. 4. Deposit in transit, not recorded by bank, $4,150. 5. A check for $170 in payment of an account was erroneously recorded in the check register as $710. 6. Bank debit memo for service charges, $20. Journalize the entries that should be made by the company, part (A) Error and part (B) Service Charge a. July 31 Cash Accounts Payable v b. July 31 Miscellaneous Expense v Cash v Feedback Check My Work Keep in mind that the company needs to journalize any adjusting items in the company section…MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS: 7) Customer transferred 85 .000 TL to the Bank, to close the openaccount 8 ) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .Customer issued 95.000 advance check for the order . 9) Land is Purchased for 2.850.000 TL + %10 VAT from X Company andBank transfer is made to X company. Real Estate Service Invoice is 80.000 + %10VAT.Half check is issued and balance is on account. Property tax is 70.000 TL ,paid cash.Alabama A&M AppsAnywhere Content * CengageNOWv2 | Online teachin x + A v2.cengagenow.com/iln/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Apps M Gmail O YouTube A Maps a News E Reading list Bank Reconciliation and Entries The cash account for Stone Systems at July 31, 20Y5, indicated a balance of $12,700. The bank statement indicated a balance of $15,810 on July 31, 20Y5. Comparing the bank statement and the accompanying canceled checks and memos with the records reveals the following reconciling items: a. Checks outstanding totaled $5,690. b. A deposit of $5,930, representing receipts of July 31, had been made too late to appear on the bank statement. c. The bank had collected $3,080 on a note left for collection. The face of the note was $2,920. d. A check for $500 returned with the statement had been incorrectly recorded by Stone Systems as $550. The check was for the payment of an obligation to Holland Co. for the purchase of office…
- urrent Attempt in Progress This information relates to the Cash account in the ledger of Wildhorse Company. Balance September 1–$17,770; Cash deposited-$64,000 Balance September 30-$18,790; Checks written-$62,800 The September bank statement shows a balance of $17,870 at September 30 and the following memoranda. Credits Debits Collection from customer of electronic funds transfer $2,200 NSF check: H. Kane $930 Interest earned on checking account 70 Safety deposit box rent 85 At September 30, deposits in transit were $5,133 and outstanding checks totaled $2,778. Prepare the bank reconciliation at September 30, 2022. (List items that increase balance as per bank & books first.) WILDHORSE COMPANY Bank Reconciliation 2$ 2$ %24 %24 %24 > > > > > > > >4. Describe the nature of a bank reconciliation statement. 5. Identify common reconciling items and describe each of them. 6. Analyze the effects of the identified reconciling items. Reference: Quarter 1 Module 9 - Fundamentals of Accountancy, Business and Management 2 LEARNING ACTIVITY 9:1 Presented hereunder are the details of your Cash Receipts Journal, Cash Disbursements Journal and the Bank Statement of Banco de Oro. Cash Receipts Journal O.R. Number 0001 0002 Amount Date Payor P 30,000 June 3 Odessa Allera 20,000 5,000 10,000 20 Arnold Navales 0003 Juanita Nambatac 29 30 0004 Kyle Jamora Cash Disbursements Journal Check Number 6581 .6582 6583 6584 Amount Date Рayee Star 5 Grocery DX Convenience Store MY Store Eddie Gomez P 5,000 7,000 10,000 June 5 15 21 8,000 9,000 25 28 Rodolfo de la Torre 6585 Banco de Oro Bank Statement For the month of June, 20A Date Withdrawal Deposit P 30,000 Balance June 4 P 30,000 25,000 45,000 15 6581 P 5,000 21 20,000 25 6584 8,000 37,000 28 6585 9,000…secure means of storing money in which individuals or business can deposit or withdraw money as needed fee paid regularly at a set rate companies engaged in the business of dealing with the monetary transactions of individual and commercial clients secure means of storing money while earning interest : Savings Account :: Financial Institutions :: Checking Account :: Interest 3 4 8 9. Next Sign ou LO