What precisely distinguishes accounting from business admin

Q: Zachariah City's water utility fund enters into a five-year lease for maintenance equipment on July…

A: According to the given question, we are required to prepare Journal entries in the books of…

Q: Why Amazon uses the Indirect Method for forecasting it's cash flow from Operating activities in…

A: For predicting future cash flow in the most accurate way, the direct method focuses on identifying…

Q: Investing activities include the acquisition and disposition of assets. Provide four specific…

A: Cash flow statement means the statement which shows the movement of cash in the business. It include…

Q: Summit Apparel has the following accounts at December 31: Common Stock. $1 par value, 1.700,000…

A: Let's Understand some basics Stockholder's Equity is shown on the liability side of the Balance…

Q: Visayas Corporation has one temporary difference at the end of 2020 that will reverse and cause…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: A certain business owns a piece of machinery used in manufacturing. In June 2022, after the 2021…

A: Ans. Change in the estimate of machines remaining useful life is an accounting estimate.

Q: Dotty, age 40, incurred and paid for the following items this year: Doctor visits for allergy…

A: As per IRS, expenses paid during the year less reimbursed portion by employer or insurance company…

Q: The following data pertain to an investment proposal (Ignore income taxes.):   Cost of the…

A: Net present value is the value which is calculated by discounting the future cash inflows and then…

Q: Sheffield's Book Warehouse distributes hardcover books to retail stores and extends credit terms of…

A: Journal entry is the primary step to record transaction in the books of account. The debit and…

Q: 5.The amount computed under the percentage of credit sales method is the     bad debts expense for…

A: Every business runs for the purpose of generating sales and profit. Sales revenue means amount of…

Q: Cost of Goods Sold, Cost of Goods Manufactured Princeton 3 Company has the following information for…

A: Cost of Goods Sold: The entire amount that your company spent for costs that are directly connected…

Q: Landvision Inc. had net income in 2020 for $120,000. Here are some of the extra financial ratios…

A: Return on Equity- Return on Equity can also be referred to as "Return on Net Assets." It calculates…

Q: Firm Valuation Through Excess Returns Approach The incorporation of XYZ Inc. was completed through…

A: Debt can take several forms, including company loans, commercial mortgages, asset finance, and…

Q: The following transactions for the month of March have been journalized and posted to the proper O…

A: Accounting equation is one of the important concept in accounting. It has three important elements,…

Q: The following data were gathered to use in reconciling the bank account of Eves Company: Balance per…

A: Bank Reconciliation is a document that compares the bank balance on an entity's balance sheet to the…

Q: A company paid P0.48 in cash dividends per share. Its earnings per share is P3.20 and its market…

A: Investors use book value of the share to find out the entities value for equity from which they will…

Q: The cost per unit associated with the production of Xen Merchandising are the following: Direct…

A: Product cost is incurred by the business entity when the product is manufactured and services are…

Q: Why is a 100% audit not possible for some companies? A. Some companies are too large B. People…

A: Introduction: The term "audit" is a rather wide phrase that simply suggests a comprehensive…

Q: 3. On January 1, 2020, Metro Industrial Company leased equipment to Western Company for a four-year…

A: In the context of the given question, we are required to compute the solutions.   Lease: A Lease…

Q: Keith is an employee of a real estate company. He has negotiated car benefits with his employer.…

A: FBT stands for Fridge Benefit tax. It is the amount of tax to be paid on the employee's fringe…

Q: Trial Balance? Cash Debit balances 10,700 Accounts receivable 23,750 Credit balances

A: Introduction: Trial Balance: All the final ledger accounts balances are posted in Trial Balance to…

Q: 1. A company is evaluating two projects, A and B. The company's cost of capital has been determined…

A: Answer:- Net present value of project A is 2,530. Explanation:-  Computation of net present value of…

Q: Which of the following statements is true of raw materials? ) a) They are categorized as consumer…

A: Raw material known as Unprocessed material, that is basic material from which a final product to be…

Q: On January 1, 2018, Sunrise Corporation issued $4,000,000 face value, 8% coupon, 5-year bonds dated…

A: Bond Issue: The issuance of bonds is one method that businesses may use to obtain capital. A bond…

Q: On January 1, 2020, Mcllroy, Inc., acquired a 60 percent interest in the common stock of Stinson,…

A:

Q: On January 2, 2021, Integrity Co. sold merchandise to Honesty, Inc. for P2,500,000. The cost of…

A: The installment sales method recognizes revenue and income proportionately as cash is collected. The…

Q: On January 1 2020, Philippine Airlines purchased 20% of Cebu Pacific's total outstanding ordinary…

A: Introduction: If an investor acquires between 20 to 50% stake in the investee company then it is…

Q: The following information shows Carperk Company's individual investments in securities during its…

A: 1.   Type of Investment Classification of Long- term Investments a Long term investment Debt…

Q: What really is accounting, and how does it apply to the business world

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The…

A: Overhead means the amount of expenses incurred indirectly to produce the goods. These expenses can…

Q: Portside Watercraft uses a job order costing system. During the month, Portside purchased $173,000…

A: Introduction: In job order costing, cost is assigned to individual job and by assignment of costs,…

Q: The Metal Products Company produces a sewing machine that sells for Rs. 300. An increase of 15% in…

A: The gross profit indicates the difference between the cot of sales and the selling price. The cost…

Q: View Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for…

A: Introduction: A multi-step income statement calculates income in several steps, hence it is called…

Q: A complete set of financial statements does not include a Select the correct response: statement of…

A: Hi student Since there are multiple questions, we will answer only first question.  Accounting is…

Q: ABC Traders had the following data for Product Pink on June 20X1: Beginning balance    100  boxes at…

A: Inventory valuation is based on the flow-off issue used by the organization. It can be the first in…

Q: Jack borrowed $4239 at 7.8% to buy a used car. He paid the maturity value of $5460. Find the time of…

A: It is standard practice to calculate interest is using 360 days in a year.  Accounting year have 360…

Q: 18.On January 1, 2021, REEDY SLENDER Co. purchased fixtures at an installment price of ₱520,000.…

A: Fixed assets means the assets which is used for many years in business and depreciated over the…

Q: at least annually? Select the correct response: Land A trademark with an expected indefinite life A…

A: As per IAS 36 Impairment of asset - every assets needs to be carried at a value which is not more…

Q: 2. Arvin Manufacturing purchased 80 percent of the stock of Ronnie Mine, Inc., in 2019. In preparing…

A: In consolidated Balance sheet all Items of Asset and liabilities of both the companies added and…

Q: 2. ABC Company purchased an entity for P6,500,000 cash at the beginning of the current year. The…

A: Goodwill on Acquisition: In most cases, the value of goodwill is established during an acquisition,…

Q: of her shares, as follows: Shares Dog Ltd Cat Ltd Bird Ltd Date purchased Cost of purchase 1 March…

A: In the context of the given question, we are required to compute the capital gains or loss of…

Q: REQUIRED: • PREPARE THE CORRECT INCOME STATEMENT • PREPARE THE CORRECT BALANCE SHEET

A: The income statement and the balance sheet are the part of the financial statement that depicts the…

Q: PAS 21 prescribes disclosure of the following, except for Select the correct response: Accounting…

A: 1) PAS 21 does not prescribe disclosure of accounting policy and method of presentation. Therefore,…

Q: The home office consistently bills its branch for shipments at 120% of cost. On September 21, 2021,…

A: Whenever head office sells goods to its branch it will add certain markup on cost price. Such markup…

Q: H. Tillman performed legal services for J. Laney. Due to a cash shortage, an agreement was reached…

A: Journal entry for J.La Legal Expenses $4,500     Common stock…

Q: 1. Compute the following ratios for the past two years. (Do not round intermediate calculations.…

A: calculation of above requirement are as follows

Q: Required information [The following information applies to the questions displayed below.] JDog…

A: Book-tax difference=JDog's share in Oscar's income-Dividend already reported in gross income

Q: Equipment was acquired at the beginning of the year at a cost of $76,380. The equipment was…

A: Formula   Depreciation under straight line method =    Asset cost - salvage value / useful life

Q: On October 1, 2021, Nicklaus Corporation receives permission to replace its $1 par value common…

A: Introduction: A journal entry is a commercial transaction that is recorded in an organization's…

Q: The cost per unit associated with the production of Xen Merchandising are the following: Direct…

A: Marginal cost refers to variable cost which has to be incurred to produce a additional unit of…