Rapisarda Company Unadjusted Trial Balance December 31, 2019 Account Debit Credit $ 2,000 33,000 26,000 211,000 Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation (Equipment) Other Assets Accounts Payable Note Payable (due in 10 years) $ 75,000 24,000 12,000 40,000 100,000 11,000 243,000 Common Stock Retained Earnings, 12/31/2018 Service Revenue Rent Expense Wages Expense Interest Expense 84,000 97,000 4,000 $481,000 Totals $481,000

Q: Furchases $250,000 Cost of goods sold 250,000 Eeginning balance 30,000 Ending balance ?

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Ending inventory = Beginning...

Q: ABC Company has 560,000 shares of common stock outstanding with a par value of $10. During the year,...

A: Retained earnings balance can be calculated by adding up net income and deducting dividends paid fro...

Q: You borrow money on a self liquidating installment loan (equal payments at the end of each year, eac...

A: A self-liquidating loan seems to be a sort of short-term loan wherein the borrowed money has been us...

Q: Haynes, Inc., obtained 100 percent of Turner Company’s common stock on January 1, 2020, by issuing 1...

A: A business combination is a transaction in which a buyer takes over control of another company (the ...

Q: . Sold merchandise on account, $12,900, with terms 2/10, net 30 on December 26. The cost of the good...

A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...

Q: laremore Industries uses a weighted-average process-costing system. All materials are added at ne be...

A: Solution: Ending work in process refers to the costs which have been added to the production but the...

Q: ABC put up a qualified retirement plan approved by the BIR. It appointed B Corp. to administer the p...

A: 1. The first-year pension expenditure is equal to the total of previous years plus the current years...

Q: The below information is related to ABC Corporation: Common Stock, $1 par value $4,500,000 Paid-in...

A: Total capital  contributed means amount contributed by stockholders to company. It can be through  I...

Q: derived the following income in 2020: Business income of P400,000 Compensation income of P200,000 I...

A: Capital gains are taxed differently than ordinary income and capital gains generally arise when gain...

Q: ABC Company issued 10,000 common stocks with a par value of $5 and a fair value of $25 per share alo...

A: Fair value of common stock = Number of common stock issued × Fair value of each stock = 10,000×$25 =...

Q: Age of Receivables. (Classify them to: 0-30 days, 31-60, 61-90, and 90+ days) Afterwards, compute fo...

A: The calculation of Age of Receivables and past due ratio are shown hereunder : Past due ratio is cal...

Q: 2nd Quarter 350,000 340,000 365,000 465,000 Provide the under/(over) valuation of the entity to be a...

A: The price-to-earnings ratio (P / E) is related to the company's price and earnings per share. A high...

Q: On April 1, 2016, Lanz Company issued at 99 plus accrued interest, 200 of its 8%, P 1,000 bonds. The...

A: Bonds are the type of debt security issued by the company having a fixed percentage of coupon rate t...

Q: The 2:1 split of shares (stock split-up) to. decreases par value per share and increases total equit...

A: Stock splitting is a process associated with reducing the face value of the stock for cut the market...

Q: 2. Explain the difference between data and information.

A: The question is related to Difference between data and information. 

Q: 031017 033117 ********* *** ***10,000.00 *********.68 32,100. 32,106.68 32,105.34 42,105.34 28634 12...

A: Formula for calculation of Withholding Tax = Tax Deducted/Amount Credited * 100   Case 1: Amount Cre...

Q: ssment, sh t is manuf

A: Given: Incurred expenditure amounting=R22,500 Incurred patent registration=R3,000

Q: Accounting Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month a...

A: A cash budget details the predicted sources as well as uses of cash over a given time period. This b...

Q: A. She can work at McCray-Hall educational publishing as an editor with a salary of $46,500 per year...

A: The salary calculation is made general weekly or monthly. In many cases, salary/ wages per day or pe...

Q: 19.Design cycle time is an example of a(n): Financial performance measure Service-after-sale process...

A: When there are no interruptions, the DESIGNED CYCLE TIME is the calculated time it takes for a works...

Q: LoneStar Co. is a manufacturing company that produces only one product, cowboy boots, has provided t...

A: Manufacturing Overheads: Manufacturing overheads constitutes all the costs of indirect nature, that ...

Q: At 1 July 2018, Twister Ltd acquired a piece of equipment for a cost of $100,000 which is part of th...

A: Fixed Assets: Fixed assets are acquired by an entity in order to get economic privileges for longer ...

Q: An investment of S110.000 in safe 10-year corporate bonds yieids an average of 12% per year, payable...

A: In this question, we will find out that how much his $110,000 be worth in 10 years in todays purchas...

Q: March Transactions: Mar. 1 Established a petty cash fund of $856.   31 The amount of cash in the pet...

A: Petty cash: Petty cash fund is established to pay small expenses like office supplies, postage etc. ...

Q: Sylvia and Strained Ltd. made a joint election under section 85, electing a transfer price of $40,00...

A: Sylvia is the sole shareholder of Strained Ltd, a taxable Canadian corporation.   Sylvia transferred...

Q: A Discuss the retirement benefits offered by government for employees in detail. Explain in which ca...

A: The majority of the retirement benefits are made up of workers' leave encashment (employees can accr...

Q: What did Lali Company show as total credits on its Trial Balance?* $574,000 $224,000 $462,900 None o...

A: The question is related to the Trial  Balance. Trial balance contains various ledger balances on a p...

Q: Garry Santos, company chief accountant: “Mark, you are asking to8 Accounting principles are designed...

A: Ethical issues in Accounting There are many types of ethical issues which are incurred to the busine...

Q: Identify a false statement:  a. If taxpayer derives income from employment only, any other income su...

A: Taxable income refers to the income on which the taxpayer is liable to pay tax to the collecting aut...

Q: Blossom Corp.’s sales slumped badly in 2020. For the first time in its history, it operated at a los...

A: The question is based on the concept of Cost Accounting.

Q: PROBLEM 3–7 (LO1,2,3,4,5,6) Comprehensive Accounting Cycle Review Problem The unadjusted trial balan...

A: T-Account The purpose of preparing the T-Account is to know the actual balance which are incurred at...

Q: The following information is available for the two production departments  (machining and assembly) ...

A: Overhead refers to ongoing business expenditures that are not directly tied to the development of a ...

Q: Information for Sabas Company # Shares Par Value Cumulative Preferred Stock            20,000 $100.0...

A: Preferred  dividend =  20,000 shares x $100 x 1.5% = $30,000

Q: Billing department Collections Bill of lading Shipping documents Collection agency Positive Assume t...

A: The question is related to Auditing and is of fill in the blanks with the appropriate word. 

Q: Mega Corporation, a domestic corporation, deposited P1,000,000 in a 7- 2 point year time deposit wit...

A: Interest income is the income earned by lending money to someone. It is earned until the money lent ...

Q: Don Camilo Company, a real estate entity, had a building in Legarda Rd. with a carrying amount of P2...

A: Carrying Amount of the Building = P20,000,000 Fair Value of the Building = P35,000,000 Useful life =...

Q: On January 1, 2021, Illuminati Company purchased 10% bonds with a face amount of P3,000,000. Th bond...

A: Computation of carrying amount of bonds on december 31,2022:   Amount Interest income Interest re...

Q: Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing methods.

A:

Q: Record the following transactions to the journal and post it to the T-accounts. Make a footing and g...

A: The first step of recording any transaction is a journal entry. A Journal book is a book of the firs...

Q: Mr. Ron acquired machinery for use in his business. After a strong typhoon, the machinery suffered p...

A: Restoration cost shall be capitalized. And also depreciation shall be deductible on such cost. Resto...

Q: LLED has purchased a new chip making machine for $1,500,000 with a salvage value of $100,000 in 10 y...

A: Straight-line depreciation per year=Cost of asset-Salvage valueUseful life

Q: BHP Billiton and Vale do Rio Doce own 50% of a company called Samarco.  After the mineral explorati...

A: Provision for Contingencies Provision for contingencies which are made to meet the unexpected losses...

Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined benef...

A: Pension expense is the cost to employer to maintain the employee's pension plan. The employee's pens...

Q: Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 manda...

A: Compensation income: The amount provided to the employees or workers for the work responsibilities p...

Q: This project covers general partnership basis issues including computation of partners' adjusted bas...

A: The significant tax implication for the year are summarized by calculating the Adjusted tax basis of...

Q: Mayumi, rank and file, reports fne following for fhe year 2021:

A:                                   In Phillipines as per the provisions of BIR all allowances on sala...

Q: st of P3,000,000 for trading, e at year end. 12/31/21 Trading 4.000.000

A: Trading investment refers to the process when one firm or entity holds stocks or shares of a company...

Q: Mr. Ron acquired machinery for use in his business. After a strong typhoon, the machinery suffered p...

A: Standard requires the entities to recognize the restoration costs at initial recognition of PPE as p...

Q: Determine the number of days from Actual Time to Approximate Time Loan date - July 31, 2021 Due da...

A: Actual days are the number of actual days in a month e.g. April - 30 days, may - 31 days. Approximat...

Q: A company bought a piece of equipment for $45,700 and expects to use it for eight years. The company...

A: Working note: Computation of rate of depreciation under double-declining balance method: Rate of Dep...

Depreciation Methods

The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.

Depreciation Accounting

In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.