What is the account used to record amounts withdrawn for personal use (not for business use) by an owner of a sole proprietorship called? Group of answer choices revenue capital drawing investment

Q: 15 Bradford contributed cash of $25,000 and Land with an adjusted Basis of 545,000 and a Fair Market…

A: Partnership is the business where 2 or more than 2 parties can invest and share and also contributes…

Q: lerina is a restaurant owner in Burwood, VIC. The business prepaid the insurance premium a year in…

A: Prepaid insurance premium is the amount of insurance premium paid in advance.

Q: On January 1, 2020, Blue company purchased X company for P25 Million. At such date, X Company had…

A: Answer:-  Definition of meaning:- Goodwill is a kind of an intangible asset generally related with…

Q: Activity IV. Journal Entry Jerome Garcia started a new business and completed these transactions…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: How to increase ROA and ROE in a rural bank? Explain thoroughly

A: ROA = NET INCOME /TOTAL ASSETS. NET INCOME. is the net earnings for the period of time that we want…

Q: Before posting business transactions to the ledger, we first enter the business transaction in a…

A: The accounting is a process to classify the transactions, record the transactions of the business,…

Q: Accounting systems are designed to show the increases and decreases in each accounting equation…

A: Solution: A account contains a record of business transactions. It is a separate record within the…

Q: Company manufactures three products - A, B, and as a result of a joint process.

A: The joint processing cost is P 288,000 .…

Q: Waterway Corporation’s December 31, 2020 balance sheet showed the following: 8% preferred stock,…

A: Paid in capital represents the shares issued and paid by the shareholders' equity of the company. It…

Q: True or False: Borrowing and repaying debt principal does not impact net worth. Select one: True…

A: Net worth is the sum of all your assets, including financial and non-financial, less any…

Q: Stockinger Corporation has provided the following information concerning a capital budgeting…

A: Depreciation per annum  = $296000/4 = $74000 per annum

Q: ABC Company acquired 80% of DEF Company prior to 2023. During 2023 the individual companies included…

A: Consolidated financial statements refers to the statements which shows the combination of the value…

Q: 6. Writé Up 20X7 March 1 Started business with £750 cash and £9,000 in the bank. == 2 Received a…

A:

Q: What will be the effect on total stockholders’ equity?

A: A corporation purchases 43800 shares of its own $15 par common stock for $35 per share, recording it…

Q: . X assigned his partnership shares to Y. X did not get the consent from the other partners but he…

A: Comment-  We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: Why is segregation of duties important in an IT environment. What are some advantages of using IT…

A: Segregation of Duties  is a critical component of risk management and internal controls in a…

Q: The Express Company is preparing its cash budget for the month of June. The following information is…

A: Lets understand the basics. Management prepares cash collection and cash disbursement schedule to…

Q: A. While examining the December 31, 2020 financial statements of Don Co., you discover the fol-…

A: 1) overstated opening inventory reduce net income, so we need to aad it back.  2) understated…

Q: The following information is available for a firm:

A: Answer: 1. $85,000 2. $132,750 3. $119,900 4. $217,750 5. $252,650 6. $96,130 Explanation: 1. The…

Q: Prepare the journal entry(s) for the admission of IU to the partnership assuming IU invested…

A: Admission of a partner into the partnership business can be made by either the acceptance and…

Q: 1. On November 1, 2020, an entity acquired on account goods from a foreign supplier at a cost of…

A: Carrying amount of monetary asset means carrying amount of accounts receivable.

Q: Product-Costing Accuracy, Corporate Strategy, ABCAutotech Manufacturing is engaged in the production…

A: Gross margin is defined as the difference between revenue and cost of goods sold, divided by…

Q: The auditor assigned to audit the property, plant and equipment requested a schedule of property…

A: 1. Completeness assertions : This assertion asserts that  all the transactions are recorded in…

Q: Ayres Services acquired an asset for $168 million in 2021. The asset is depreciated for financial…

A: Introduction: The deferred tax liability on a corporation's balance sheet signifies a future tax…

Q: Balance Sheet Jack and Jill Corporation's year-end 2018 balance sheet lists current assets of…

A: Introduction: The number of assets remaining in a company after all liabilities have been resolved…

Q: Victory Worship Partnership has the following account balances before liquidation (see attached…

A: As Given Before dissolution, Victory Worship Partnership had the following account balances. Some…

Q: Maintenance costs for a machine with an expected 10-year life are estimated to be $1,700 each year…

A: Lets understand the basics. Present worth calculation is a present value of the all the future…

Q: Sarah G. Company is under court-supervised liquidation due to its insolvency. The court appointed…

A: The estimated recovery percentage of unsecured creditors without priority is calculated by dividing…

Q: The following information has been extracted from the financial statements of Muggie Pty. Ltd., a…

A: Net profit is the net income of the business after considering all the expenses and all the incomes…

Q: A company has an overdue 10% note payable to Filipino Bank amounting to P8,000,000 with accrued…

A: Debt Restructuring - It is an event under which debtor is in financial difficulty and creditors…

Q: Modern Movables Corporation is a Virginia-based manufacturer of furniture. In a recent quarter, it…

A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…

Q: Information for the Hi-Test company’s production process for September follows. Assume that all…

A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…

Q: On January 1, 2022, A company issued 1,000 of its January 1, 2017, 8%, 10 year, P1,000 face value…

A:

Q: Every partner may check the books and records of the partnership so that they can make good…

A: Partnership is one of the form of arrangement or agreement between two or more than two persons,…

Q: What principle is applied when the properties bought by a corporation is wholly owned by the…

A: Corporation is one of the legal form of business organisation, under which several members invest…

Q: 2021, a company issued 6% bonds with a maturity value of P40,000, together with 1,000 shares of its…

A: Share premium is amount which is paid in excess of par value of ordinary shares. It is given that…

Q: Gina Electronics Inc. has long-term bonds with a face value of $2M, the coupon rate on the bonds is…

A: Weighted average cost of capital is total cost of raising funds for the business and it includes…

Q: Please solve part B

A: In case of liquidating contribution, partner's basis must be reduced to zero in all cases. Cash,…

Q: Bonneau Corporation declares a cash dividend of $100,000 on July 1 for any shareholder on record on…

A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…

Q: True or False: Borrowing and repaying debt principal does not impact net worth.

A: Net worth is the difference between the assets and liabilities of the company. If the assets are…

Q: et Income (in millions) ? ? Weighted Average Shares Outstanding (in millions)     Basic Number…

A: EPS means earnings per share which represents the amount of money received by each shareholders out…

Q: Antonio Miranda, a former professional golf star, operates Antonio's Pro Shop at Bay Golf Course. At…

A: Perpetual Inventory System: It is the system where continual track of  inventory balances are kept…

Q: A non-individual taxpayer made available the following financial information covering TY 2021:…

A: The income Tax Rate on the Domestic Companies is 30% which is applicable on the Net Business Income…

Q: Analyze the balance sheet

A:

Q: ute is $9.50 per direct labor-hour. The production budget calls for producing 2,200 units in June…

A: Meaning of Direct labor Budget : The direct labor budget is useful the number of laborers who will…

Q: Hendry Limited produces a mini-kitchen called Town Cook, which is enjoying extensive popularity…

A:

Q: Bonneau Corporation declares a cash dividend of $100,000 on July 1 for any shareholder on record on…

A: The dividend to shareholders is declared and paid from the retained earnings of the business.

Q: Negotiations on a new contract have started. The contractor has 500 employees, the contract is 2.5%…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: (b) Explain the reasons why Carad Co would be interested in the material price planning variance and…

A: The variations between predicted and actual results of a manufacturing process or other commercial…

Q: The four major financial reports that summarize the effects of economic events (like the results of…

A: Economic events are the financial transactions that are occurring in the regular course of business.…