What are the benefits of subtantive test of transactions in auditing?
Q: FISCHER CORPORATION Schedule of Cost of Goods Manufactured For the Year Ended December 31, Year 2…
A: Cost of goods manufactured is the total cost incurred for manufacturing a product .Direct…
Q: 9th Daytona 500 in February. If he paid back a $6,800 loan w
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A: Year Net cash flow PV factor @15% Present value (Net cash flow* PV factor) 1 300,000 0.870…
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A: 10% on $ 10,275 12% on ( $ 41,775 - $ 10,275) 22% on ( $ 67,300 - $ 41,775)
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A: Given, Number of pieces = 3,200 pieces Cost of manually operated = 25 Pesos Cut cost = 30% Costing…
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A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
Q: The treasurer of a credit union proposes changing the method of compounding interest on premium…
A: Effective rate of interest takes into consideration the impact of compounding frequency. The nominal…
Q: The applied manufacturing overhead for the year was closest to:
A: Applied manufacturing overhead calculated by multiplying the overhead allocation rate by the number…
Q: ustavo Fring approached Walt & Jessie Pharmaceutical Co. to buy 50 pounds of product for $50,000 a…
A: This concept is important in managerial accounting and decision-making, as it helps businesses…
Q: . Determine the direct materials price variance, direct materials quantity variance, and total…
A: a. Direct material price variance = Purchase quantity x (Actual price - Standard price) = 187,100 x…
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A: Estimated revenue is the revenue that an entity expects to earn at a future date. It is estimated in…
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A: Time value of money :— According to this concept, value of money in present day is greater than the…
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A: Equipment manufactured by Rouse Inc. Average net income = $153,000 Average investment = $900,000…
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A: Interest - Interest is the amount charged on the principal. It is calculated by multiplying Interest…
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A: When bonds are issued at a price more than face value, then it means they are issued at a premium.…
Q: Exercise 10-15 (Algorithm Enercio contributes $195,800 in exchange for a 40% interest in the…
A: Partnership:- A partnership is defined as agreement with more than two persons, who come together to…
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A: Under cost plus pricing method: Markup pricing is another name for cost-plus pricing. This pricing…
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A: Payroll is the process of calculating and administering employee compensation, which includes the…
Q: Hi when it says "Contra against purchase ledger", it means it can be registered on both Sales and…
A: Contra against purchase ledger" refers to a transaction that is recorded in the sales ledger and is…
Q: Explain what is meant by rollover relief and identify the conditions that are necessary for rollover…
A: A capital gain is the rise in the value of a capital asset that is realised upon sale of the asset.…
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A: FIFO METHOD :— Under this method, equivalent units is calculated by adding equivalent units in…
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A: Variable costs are costs that varies with the change in the level of output whereas fixed costs are…
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A: a. Balance Sheet - Balance Sheet is a Financial Statement that includes Assets, Liabilities and…
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A: The shareholders' equity increases with the net income and additional investment. The stockholders'…
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A: To keep track of a business transaction, the business organization records the transaction in the…
Q: On January 1, 2024, when its $30 par value common stock was selling for $80 per share, Novak Corp.…
A: Journal entries: Journal entries are record of transaction happening in the business. There are…
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A: We have, Actual labor = 2,420 hours at $14.10 Standard labor = 2,380 hours at $14.40 i.) We know,…
Q: Reconciliations to yield government-wide financial statements (landfill closure liability) The City…
A: The closure is the process through which a landfill or disposal site, or a section of one, ceases to…
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A: Consignment means where the goods has been sent to other person called as consignee , to be sold on…
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A: When a company distributes its profit not by cash but by issuing common stock, then such dividends…
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A: Material efficiency variance means difference between Standard cost of Standard qty for actual…
Q: At the start of 2022, Betty Veronica is considering adding a partner to her business. She envisions…
A: Introduction Hey, since there are multiple requirements posted, we will answer first three…
Q: Dawson Toys, Ltd. produces a toy called the Maze. The company has recently established a standard…
A: Variance arises when the actual costs is different from the standard costs. The results are…
Q: While follwoing the intructions, can you fill up the board in the second picture?
A: A financial analysis method known as "horizontal analysis," often called "trend analysis," examines…
Q: Williams Company computed its cost per equivalent unit for direct materials to be $1.80 and its cost…
A: Finished goods inventory refers to the products that a company has completed manufacturing or…
Q: Determine overhead under each of the following circumstances: a. A simplified cost approach is used…
A: In order to guarantee that billing rates are established appropriately, and revenues are maximized,…
Q: Sarasota Manufacturing has an annual capacity of 85,100 units per year. Currently, the year. The…
A: Change in operating income is calculated by deducting the variable costs from the sales value of the…
Q: Instructions a. Prepare the adjusting entry at December 31, 2022, to report the securities at fair…
A: Journal entry is the first stage of accounting process. Journal entry used to record business…
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A: To calculate a business's gross profit or loss from trading activities, a trading account is…
Q: Southwest toys manufacturers gloves at its San Francisco facility. The company uses job costing and…
A: Job costing is used by small organizations. It is very useful for estimation of cost for special…
Q: Each of the three independent situations below describes a finance lease in which annual lease…
A: The lease is a legal agreement between the lessor and lessee, wherein the lessor provides the asset…
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A: A non-cash expenditure known as depreciation represents an asset's decline in value over time as a…
Q: You have collected the standard cost card for one unit of the ‘Zeus’ which was in operation in the…
A: Variable overhead expenditure variance=Budgeted overheads for actual hours worked-Actual Variable…
Q: Fashionisto Incorporated is an upscale clothing store in New York City and London. Each store has…
A: The segmental income statement under the contribution margin approach is prepared to determine the…
Q: The standard costs and actual costs for factory overhead for the manufacture of 2,800 units of…
A: Overhead may be variable overhead or fixed overhead . Fixed overhead do not change if the volume of…
Q: f. On July 1, 2021, Erwin paid bondholders P1,200,000 to retire its bonds payable with a carrying…
A: While arriving at correct profit before tax we need to adjust unusual events occured during the year…
Q: Alvarado Company produced 8,000 units of product that required 7.5 standard direct labor hours per…
A: Variable overhead is the amount of overhead which is incurred by the entity with the each unit of…
Q: On July 3, 2022, Bill sold office equipment (5 year property) that he used in his business for…
A: 1. Deprecation refers to the reduction in the value of an asset over time due to wear and tear,…
What are the benefits of subtantive test of transactions in auditing?
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