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

Q: The executor of Rose Shield's estate listed the following properties (at fair value): Cash $ 300,000…

A: Introduction: A journal entry is a record of a business arrangement in the accounting system of a…

Q: If a company constructs a laboratory building to be used as a research and development facility, the…

A: Introduction:- All costs pertaining to the construction or purchase of new buildings should be…

Q: Question. Tradewinds Construction Company had 4 dump trucks, 2 excavators, and other construction…

A: Introduction:

Q: calculate the total product cost per unit under variable costing.

A: Total product cost per unit is the cost of the unit which has been incurred by the company in order…

Q: Sept1 Business owner also paid a $8,000 worth computer for the business. Dr. Choose... Cr. Choose...…

A: Journal entries recording is the initial step of accounting process, under which atleast one account…

Q: Ann Felberg is the sole owner of Fehlberg's Craft Shop. Ann has provided the following trial balance…

A: Opening inventory is to be debited to trading account and from trading account closing inventory has…

Q: Is if nation in which the nonresident foreign corporation is domiciled permits a credit for taxes…

A: As per section 28(B)(5)(b) of the tax code 1997, The dividend paid by domestic corporations to…

Q: What are the net sales from the following income statement? Income Statement Sales $12,900 Returns…

A: Introduction: Sales are any operating incomes earned by a company thru the business activities, such…

Q: When it is impossible to determine whether a change is a change in estimate or a change in policy,…

A: As per relevant accounting rules, accounting policy refers to the type of valuation or method a…

Q: On April 2, 2020, enson Ltd. acquired 2,500 shares of Lam Corp. for $5o,000: ihts investment…

A: Introduction: Journal entries should not be used to record basic transactions such as customer…

Q: What is the net income taxable?

A: Net Income taxable is the taxable income which has been earned during the year by taxpayer which are…

Q: Explain the objectives of governmental financial reporting as developed by GASB

A: The Government Accounting Standard Board (GASB) is defined as an organization that performs the…

Q: Directions: Apply the basic equation of income statement written above and answer the questions…

A: Comment-  Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: On July 1, 2018, Pearl Industries sold administrative equipment with a book value of $1,000,000 to…

A: Investment- An asset generated by an investor using their own money and resources is called an…

Q: Vaasa Chemicals makes a product by way of two processes – Mixing & Refining. Its process costing…

A: Comment; Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…

Q: Accounting information systems have five generic parts. Outputs of the purchases and cash…

A: Accounting is the process of recording, classifying and summarising all financial information in…

Q: General Journal Debit Credit

A: Partnership refers to the legal act of agreement between two or more persons who decided to run the…

Q: PT X has nominal preference shares of Rp. 1 billion, 6%. PT X's profit during the year was Rp. 200…

A: Dividend to Preferred shareholders: Preferred shareholders are given preference when dividend is…

Q: 25. Calculate the amount of corporate income tax due and the net income after taxes (in $) for the…

A: Introduction: Net income after taxes: Deduction of Tax liability amount from Taxable income derives…

Q: Bond Company has 50,000 ordinary shares held by Sassa Company. Sassa acquired these 50,000 shares in…

A: Step 1 Journal Entries In the Books of Bond Company Date Particulars Amount () Amount () Aug.…

Q: Why are adjusting entries needed? What would the effect be of not preparing and posting adjusting…

A: Journal- A journal keeps track of all of an organization's business transactions. A company may…

Q: Why is there a need to re-evaluate impairments due to trigger events?

A: When-ever there are any types of assets which are non-tangible assets as well as tangible assets…

Q: The group's debtors are equity stockholders."  explain

A: Characteristics of Equity shareholders are as follows: Equity shareholders are permanent in nature…

Q: On January 1, 2022, Gore, Inc. purchased a machine for €720,000 which will be depreciated €72,000…

A: Depreciation per year for the financial statement reporting purpose = €72,000 And  Depreciation per…

Q: On September 1, 2021, Allied Moving Corp. borrows $90,000 cash from First National Bank. Allied…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: In history's accounting practise, what function does an Accounting Information System play?

A: Accounting information system (AIS) is a collective mechanism wherein information or data related to…

Q: 49. Sure Ako Corporation reported pretax income of P4,500,000 for the year ended December 31, 2022.…

A: A tax expenditure is a debt payable to the federal, government, and/or local governments for a…

Q: y 2, 2022, Toyota sold a car to Irish for P1,050,000. On this date, the car cost P735,000. Irish…

A: The the car are sold on the installment than the present value of these installments would be the…

Q: afty Ltd purchased an equipment on 1 July 2019 for $500 000, and its useful life to be five years,…

A: If accounting income is less than taxable income it means we have paid more taxes in current year…

Q: Kevin Limited issued 6000, 11% debentures of $100 each at Discount of 5%. All the debentures are to…

A: Debentures are being issued as a form of debt or obligation of the business, on which regular…

Q: BTB (Pty) Limited is a distributor of PPE to rural health clinics in KZN. Turnover has been good and…

A: Given, All sales are made on credit and collected as follows: 40% in the month of the sale…

Q: Services Proctor r Question 3 Use the following information to solve for the unknown amount. Be sure…

A: Formula  Assets - liabilities = Equity Equity as on 12 / 31 / 20   = 34320 - 25453  = 8867

Q: A company just starting its business made the following four inventory purchases in June:

A: Cost per unit. = Total Cost / No.of units purchased   June 1 : $832/260 = $3.2 June 10 : $1056/320 =…

Q: A bank statement received by Allied Ltd for the month of February 2022 showed a credit balance of…

A: Introduction: BRS: BRS stands for Bank Reconciliation statement. To reconcile the differences…

Q: Question. If given the following information: 2,073 Current Assets Current Liabilities. 1,634 Cash…

A: Introduction: The current ratio evaluates a company's ability to pay its bills in the short term. It…

Q: nes the has of Tais ar Coronado Industries det uly. There are 4200 pounds direct materials on hand…

A: Direct Materials Budget The direct materials budget calculates the materials that must be purchased,…

Q: An invoice for $3200, dated  March 20, terms 3/10 E.O.M., was received on March 23. What  payment…

A: Terms 3/10 E.O.M means that 3% discount will be provided to customer if payment is being made by…

Q: single and has to relocate in order to begin a new job. She travels 400 kilometers closer to her new…

A: Explanation of the concept Relocation expenses are the expenses which have been incurred for…

Q: In the month of July, a convenience store had total sales of $102,300 from its gas pumps and other…

A: Given that, Total sales = $102,300  In-store products sales = 36% of total sales  HST = 13%

Q: A carpenter produced 200 sofas which he sold at k5000/ sofa, he incurred k5000 on raw materials, he…

A: Accounting profit refers to the net income of the company.  Accounting Profit= Revenue - Explicit…

Q: At the end of its last fiscal year, December 31, 2021, Sink Corporation had issued 360,000 shares of…

A: According to the question, we are required to prepare the journal entries. The journal entries: The…

Q: Compare the alternatives below using AW and i = 10% per year C D First Cost, $ -50,000 -250,000…

A: Operating Cost  Operating costs are the day-to-day costs of running a firm. COGS (cost of goods…

Q: Record the following transactions for the month of December, 2021 for Dell’s Enterprise in their…

A: Lets understand the basics. There are steps of recording transaction in books of account and prepare…

Q: Using the Balance Sheet and the Income Statement (Statement of Revenues and Expenses)  calculate…

A: Operating Margin Ratio: Operating income/Total Operating Revenue =115,000/2,000,000 = 0.0575 = 5.75%

Q: Financial Accounting II Questions QUESTION 2 (a)Explain: - the difference between gross profit and…

A: Books of Accounts: Day to day business transactions are required to record by all business…

Q: An entity is planning to sell the business to new interests. The cumulative net earnings for the…

A: At the time of purchase or acquisition of any business or empire, sometimes amount paid for…

Q: On January 1, 20X2, partners ABC, BCD and CDE, who share profits and losses in the ratio of 5:3:2,…

A: Liquidation of a partnership can be explained as closure or shutting of business activities due to…

Q: NewB Company sells bags with a selling price of P10,000 per bag and a variable cost of P4,000 per…

A: Breakeven sales is that level of sales at which business is fully recovering it's fixed costs and…

Q: An investor is trying to decide between Portfolio ST and Portfolio BT. Portfolio ST comprises of…

A: Answer (1) There are two portfolio ST and BT. To find out the optimal portfolio considering the…

Q: Using the double entry system together with the accounting equation, determine what is debits and…

A: Accounting equation of business has three important elements. These are assets, liabilities and…