what are the major advantages of accounting?
Q: T/F: The statement of cash flows reports the cash inflows and outflows from operating, investing,…
A: Cash inflow means the amount of cash received by an entity during a period and cash outflow means…
Q: Alles Company uses a job costing system that applies factory overhead on the basis of direct labor…
A: Predetermined overhead rate = Overhead applied to G15/Direct labor cost of G15
Q: On July 31, 2014, the following data were accumulated to assist the accountant in prepar- ing the…
A: Adjusting entries are those which are reported in the books at the end of the period so as to adjust…
Q: On December 31, 2023, Berclair Incorporated had 200 million shares of common stock and 3 million…
A: Basic EPS EPS is known as Basic earnings per share. It is the measure of profit/ earnings…
Q: ABC Corporation issued $1,000,000 of 10-year bonds with a stated interest rate of 8%. The bonds pay…
A: Given, Face value of bonds = $1,000,000 Stated interest rate = 8 % Number of years = 10
Q: Please fill in the blanks?
A: Given in the question: Adjusted gross income = $129,000 Nonrecaptured $1231 Loss Section is 1231…
Q: Entity A, a VAT-registered business in the Philippines, had total sales of $3,000,000 and total…
A: The value contributed at each stage of the production of goods or services is subject to a…
Q: Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $…
A: EVA is a financial performance indicator that assesses the value a firm generates for its…
Q: Accounting ABC Corporation has the following information for the year: Net Sales $1,000,000,…
A: Given the information provided: Net Sales = $1,000,000 Beginning Inventory = $200,000 Purchases =…
Q: Required information [The following information applies to the questions displayed below.] Selected…
A: Income Statement - An income Statement is a financial statement that includes Revenue earned and…
Q: Lily's taxable income before these transactions is $195,500.What are Lily's taxable income a…
A: Capital gain refers to the profit earned from the sale or exchange of a capital asset, such as…
Q: Accounting XYZ Company acquired a building for $500,000. The company paid $100,000 in cash and…
A: A journal entry is a record of a business transaction in an accounting system. It is used to capture…
Q: Aylmer-in-You (AIY) Inc. projects unit sales for a new opera tenor emulation implant as follows:…
A: Net present value refers to the method of capital budgeting used for estimating the viability of the…
Q: Fletcher Company collected the following data regarding production of one of its products. Compute…
A: The spending variance is the difference between the actual and standard production data. The…
Q: Required: 1. Prepare the journal entries necessary to record the transactions. If no entry is…
A: The intangible asset is a non-current asset or a non-monetary fixed asset which does not have any…
Q: Required: 1. Determine the activity rates based on practical capacity and the cost of idle capacity…
A: Coffee Bean Incorporated (CBI) has two coffee products - Mona Loa and Malaysian CBI’s controller,…
Q: Fill in the missing items for the following inventories: Beginning balance Ending balance…
A: Lets understand the basics. Inventories are part of the balance sheet of the company. These are…
Q: Araneta Forwarders, Inc. is planning to purchase a new delivery vehicle costing P500,000. Test run…
A: We are provided with data to calculate net investment or net cash outflows, but the options doesn't…
Q: Pinnacle Corporation acquired all of Stengl Corporation's common stock by issuing 500,000 shares of…
A: A general journal is defined as a book in which the raw data pertaining to the transactions or…
Q: XYZ Company had the following information: Net Sales $1,000,000, Beginning Inventory $200,000,…
A: Cost of goods sold is the amount of money incurred on the making of the goods sold in the market.…
Q: The following December 31, 2024, fiscal year-end account balance information is available for the…
A: Balance Sheet - Balance Sheet includes Assets, Liabilities and stockholder's Equity. Assets includes…
Q: Cullumber Co. began operations on July 1. It uses a perpetual inventory system. During July, the…
A: In a perpetual inventory system, the accounting for inventory is done on sale or purchase of…
Q: The income statement for Crane, Inc. is as follows: CRANE, INC. Income Statement For the Year Ended…
A: Earnings per share :— It is calculated by dividing income available to common stockholders equity by…
Q: Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar…
A: Income Statement - An income Statement is a financial statement that includes revenue earned and…
Q: Sheridan Company's inventory records show the following data: Units Unit Cost 10500 $9.20 8700 8.00…
A: Lets understand the basics. There are various methods which are followed by entity for valuing the…
Q: Tamarisk Inc. is contemplating a capital project with a cost of $143000. The project will generate…
A: Capital budgeting is the process of evaluating and selecting long-term investments that will benefit…
Q: Fixed costs: Allocated portion of receptionist's salary Dentist salary Equipment depreciation.…
A: REVENUE & SPENDING VARIANCE In Case of Sales & Net Operating Income ; if Budgeted Sales is…
Q: The county collector of Sun County is responsible for collecting all property taxes levied by funds…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Guy McKinley started the McKinley Charter Service at the beginning of August 20X1. On August 31,…
A: The profitability of the entity is indicated by the income statement because it reports the revenues…
Q: Coburn (beginning capital $60.000) and Webb (beginning capital $86.000) are partners. During 2022,…
A: No interest on capital is allowed to partners if no interest is mentioned in the partnership deed.…
Q: What is the maximum IRA contribution that Mr. Janson can make under each of the following…
A: The term "maximum IRA contribution" refers to the most money a person can deposit into an IRA during…
Q: 5. Research and list 3 examples the BAS related services that a registered BAS agent is authorised…
A: BAS stands for Business Activity Statement, which is a tax reporting requirement for businesses in…
Q: Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy…
A: Pension expense is the amount that a business charges to expense in relation to its liabilities for…
Q: Exercise 6-36 (Algo) Process Costing (LO 6-1) Bremen Fitness Products produces a sports drink. On…
A: EQUIVALENT UNITS OF PRODUCTION Equivalent Production is represents the production of a process in…
Q: ining mounts Operating Lease Kulver's Inc. leases equipment from Equip Inc. on January 1, 2020,…
A: Answer :- Lease Liability = 48,816 Right of use Asset = 50,256
Q: The following information is available for Sanhill Company: Receipts from customers $221,300…
A: A CFS (cash flow statement) is a kind of financial statement that shows the flow of cash during a…
Q: Glencove Company makes one model of radar gun used by law enforcement officers. All direct materials…
A: The equivalent units are calculated on the basis of the percentage of the work completed. The unit…
Q: Maribeth Paz owns and operates an interior design studio called Aesthetic Designs. The following…
A: Financial Statements - Financial Statements includes Income Statement, Statement of Owner's Equity…
Q: long-term investments for proceeds of $39,000. The company purchased land and a new building for…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Accounting ABC Corporation had the following cash transactions during the year: Cash collections…
A: To calculate the net cash flow from operating activities, we need to determine the cash inflows and…
Q: Mason Company has two manufacturing departments-Machining and Assembly. The company considers all of…
A: Predetermined OH = Total Overhead Cost / Predetermined OH base
Q: Choose the stakeholder that is MOST likely to ask the following question. Will the business be able…
A: Business is defined as any unit that is engaged in executing activities. They may be involved in…
Q: A major electronics company has acquired a green field site to build a new factory. The land costs…
A: The cost of land would consist of the land purchase cost, professional fee paid for such…
Q: Vaughn Manufacturing's cost of goods sold is $300000 variable and $220000 fixed. The company's…
A: The contribution margin is the amount that is left after the consumption of variable costs. The…
Q: Montclair Company is considering a project that will require a $510,000 loan. It presently has total…
A: Ratio analysis is the study of the financial statement of a company by interpreting values presented…
Q: 44. Subject:- Accounting Duval Company issues four-year bonds with a $114,000 par value on…
A: A bond is a debt security. Borrowers issue bonds to raise money from investors willing to lend…
Q: Sheridan Inc. (SI) has a short-term working capital loan to help finance its working capital. The…
A: The current ratio is a short-term solvency ratio. A higher ratio is preferred by creditors. The…
Q: Tim, a single taxpayer, operates a business as a single-member LLC. In 2022, his LLC reports…
A: An excess business loss is the amount by which the total deductions attributable to all of your…
Q: Salvatori, Incorporated, manufactures and sells two products Product A4 and Product Q5. Data…
A: Using activity-based costing, the overhead is applied to the production on the basis of different…
Q: January 10, 2022, Michael Roberts Design Services purchased treasury stock at a cost of $24 million.…
A: The journal entries are prepared to record the transactions on regular basis. The treasury stock…
what are the major advantages of accounting?
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