what is accounting and why do we need it?

Q: Oki Company pays $285,200 for equipment expected to last four years and have a $30,000 salvage…

A: The minor expenses related to fixed assets are recorded as repairs and maintenance expenses.  The…

Q: On January 1, 2024, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable…

A: Formula: Premium on Bonds = Issue value of the bonds - Face value of the bonds Interest payment =…

Q: Explain why accurate accounting information and audited financial statements are important.

A: Accurate accounting information and audited financial statements are very important in order to get…

Q: Using a periodic FIFO inventory system, determine the cost of the closing inventory and the cost of…

A: Ans. As per FIFO method, the unit of goods which is purchased first is sold first. Hence, the name…

Q: On January 1, 2020, London Company purchased a large have a residual value at that time of P600,000.…

A: Depreciation rate as per double declining method 100/ useful life * 2 100/4 * 2 50% Carrying amount…

Q: nus is given to the old partners-

A: Partnership is a relationship between the two or more persons who are agreed to share profit of the…

Q: 1.1 Calculate the economic order quantity (EOQ) per annum. Economic order quantity Startrek…

A: As per the guidelines, in the case of two or more independent questions, the solution to the first…

Q: Unruh, Grey, and Carter are partners with capital balances of P80,000, P200,000, and…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: PT Angkasa which is located at Jalan Angkasa Pura No.234 Jakarta, on May 1, 2019 established a petty…

A: Petty cash fund: Petty cash fund is a type of fund maintained by a company for the purpose of…

Q: Suppose the State government is considering two alternative projects: Option A - An affordable…

A: Net Present Value=(Present Value of Cash Inflows-Present Value of Cash Outflows)

Q: "he following information applies to the questions displayed below.] n January 1, 2024, Splash City…

A: Amortization Schedule A loan amortization schedule is a comprehensive table of periodic loan…

Q: Holden Simpson manages a Dairy Land drive-in. His straight-time pay is $16 per hour, with…

A: Computation of gross pay 40 * $16 + [(51 - 40hrs) * $16 *1.5] $640 + $264 $904  Computation of Net…

Q: The COVID-24 Food Kitchen provides hot meals to homeless and low-income individuals and families. It…

A: Non-profit organization are those business entities who work for the betterment of the society by…

Q: Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is…

A: Formula: Depreciation per mile = ( Asset value - Salvage value ) / Total Estimated miles

Q: Instruction: Write "T" if the statement is correct and "F" if incorrect. 1. When a new partner is…

A: 1) True, when a new partner is admitted then the old partnership deed is automatically and a new…

Q: Direct Materials Purchases Budget Marshall Inc. budgeted production of 40,000 personal journals in…

A: Direct material purchase budget is used to estimate the units should be purchased for the…

Q: Explain the First-In, First-Out (FIFO) method used for determining COGS and Ending Inventory cost.

A: FIFO Method of Inventory Valuation

Q: You are required to prepare: a Statement of Comprehensive Income for the year ended 31 December…

A: Statement of financial position is the balance sheet which is prepared by the company  at the end of…

Q: Using the Cost Driver rate determined above allocate overhead to the departments and determine the…

A: Safari company produces customized row boats. It follows job order costing system. It operates two…

Q: Montello Inc. purchases a delivery truck for $25,000. The truck has a salvage value of $6,000 and is…

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…

Q: a. Determine for each truck the depreciation rate per mile and the amount to be credited to the…

A: Units of activity method of Depreciation: Under this method, the asset's cost ( less any salvage…

Q: The following information is available for Pintus Company: Item Units Unit cost Total Beginning…

A: Average cost method is the method to value the cost of inventory. It is calculated by dividing total…

Q: At December 31, 2019 and 2020, Lapham Corp. had 200,000 shares of common stock and 20,000 shares of…

A: The earnings per share is calculated as net income available to common shareholders divided by…

Q: Montello Inc. purchases a delivery truck for $15,000. The truck has a salvage value of $3,000 and is…

A: Straight Line Method is a method where the Depreciable cost of an Assets is charged uniformly over…

Q: Shadee Corp. expects to sell 630 sun visors in May and 410 in June. Each visor sells for S24.…

A: Formula: Budgeted sales value = Sales units x Sales price per unit

Q: How do you determine the dollar amount of owners’ equity for a sole proprietorship, or a…

A: Introduction: A partnership is a sort of commercial organization in which the proprietors have…

Q: From the information given in the preceding question (in which Ming views X and Y as perfect…

A: Perfect complementary good is a good that must be consumed with another good. These goods can be…

Q: Star Company purchased a computer on January 2, 2012, at a cost of $2,500. The computer is expected…

A: Formulas: Gain (loss) on sale of computer = Sales value of the computer - Net book value of the…

Q: Required: Prepare a multiple-step income statement for the month of March by completing the…

A: Solution:- Preparation of Multiple-step income statement for the month end of March as follows…

Q: Denver, Incorporated, has sales of $27 million, total assets of $24.9 million, and total debt of…

A: Formula: Profit margin = Net income / Sales value

Q: What is an estate tax and donor tax? Give example how to compute estate and donor taxes

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: You are reviewing the inventories of Sheep-Ahoy Company and found the following items: In the…

A: The inventory held on date shall include all the physical inventory held by the company.

Q: Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented…

A: Profit margin is a ratio which indicated that how much profit has been generated for each dollar of…

Q: Amy and Mitchell share equally (50%) in the profits, losses, and capital of the accrual basis AM…

A: LLC interest means the entire ownership or membership interest in a limited liability company. Such…

Q: Dorsey Company manufactures three products from a common input in a joint processing operation.…

A: Financial advantage here means that after incurring the additional costs the results are positive.…

Q: Liquidation based Valuation WWW Inc. Recently has had financial difficulty and is being liquidated.…

A: PARTICULARS   REALISABLE VALUE ASSETS NOT SPECIFICALLY PLEDGED   1200000       AMOUNT…

Q: Under the Securities Act of 1933, Section ________ allows the Securities and Exchange Commission to…

A: The Securities Act of 1933: The Securities Act of 1933, also known as the "truth in securities" law,…

Q: arter 1 26,500 units arter 2 23,000 units arter 3 = 21,000 units arter 4 28,000 units h unit of…

A: Particulars Quater 1 Quarter 2 Budgeted Sales in units 26500 23000 Raw materials required per…

Q: Question Your investigation of Samsung Corp.’s various non-current asset transactions for 2021…

A: The franchise is a method used for marketing by big brands under which the franchisee uses the brand…

Q: n two securities T, and T2, he al nount he wishes to invest betw. olution of the securities for the…

A: As per protocol, allowed to answer three subpart and post the remaining in the next submission.

Q: The following information is available for Zhang Company: Item Units Beginning inventory p00 Unit…

A: Solution..     Total costs of goods available for sale  = $2,840  Total units available for sale  =…

Q: cted to havee a five year Me, with a esidu valu of S6500 wn the and of tive Jsing the…

A: Depreciation rate under double declining method 100%/ useful life * 2 100%/5 * 2 40% Book value as…

Q: Annual Interest Payment: PV of Face Value: +PV of Interest Payments: =Bond Selling Price: $…

A: The bond is said to be issued at discount if the selling price if less than face value and at…

Q: Calculate the missing information based on the format of the income statement. Gross Operating Net…

A: Formula: Net profit = Gross margin - Operating expenses

Q: Pearl company acquired 80% of Coral company on January 1, 2020. On December 2021 Pearl reported…

A:

Q: At December 31, 2020 and 2021, Funk & Noble Corporation had outstanding 1,000 million shares of…

A: Formula: Earnings per share = (Net Income - Preferred dividends) / No. of common shares outstanding…

Q: "be balance sheet of the Omar Paolo and Ouek partnershin on November 1 2016 (bet

A: In partnership liquidation ,  we first give priorty for outside…

Q: Rp. 6,000,000 term 3 months , dated May 1, 2020. On June 2, 2020, money order the discounted with…

A: Concept of Note receivable discounting

Q: 1. Prepare journal entries to record the transactions

A: Date  Particulars  Debit  Credit  1 Jan Land     Common stock     Paid in capital 2,500,000…

Q: kysong Company reports the following costs and expenses in May. Factory utilities   $14,200…

A: Cost sheet is a method of allocating total cost into different categories. It helps to identify the…