Why do governments intervene in setting accounting standards instead of leaving it to the private sector

Q: Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect…

A: Journal Entry :— It is an act of recording transaction in books of account when transaction…

Q: Ruby and Anita are partners. Ruby has a capital balance of $240,000 and Anita has a capital balance…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: A company buys a Platform for $800,000 on January 1, 2019. The e of the rig is 10 years and the…

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Q: Selected financial statement data for Schmitzer Incorporated is shown below:   2024 2023 Balance…

A: 1. GROSS PROFIT RATIO :  = (SALES - COST OF GOODS SOLD) / SALES X100 2. INVENTORY TURNOVER RATIO :…

Q: Bramble Company, has these account balances at December 31, 2022. Notes payable ($60,000 due after…

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Q: Deleon Inc. is preparing its annual budgets for the year ending December 31, 2022. Accounting…

A: The base for preparing the Direct materials purchase budget is the production budget. The Direct…

Q: 2) A 10 year bond with 5 years remaining is sold at a discoung of $4.12 .If the face and redemption…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Complete the following  Invoice Date goods are received terms last day of discount period final day…

A: 3/10 EOM meaning there is a discount of 3% if the due is paid within 10 days, which is July 6, from…

Q: Bon Nebo Co. sold 13,000 annual subscriptions of Bjorn for $63 during December 20Y5. These new…

A: Current liabilities: Liabilities that are due to be paid within one year or within one operating…

Q: Dec. 1 Bal., 4,200 units, 2/5 completed 31 Direct materials, 75,600 units 31 Direct labor 31 Factory…

A: Number of units in WIP Inventory Dec 31 = Beginning units + units started – units completed

Q: X Company makes Chicken nuggets, a mass-market high- volume product, and Unicorn nuggets, a premium…

A: Given the company is using traditional cost allocation with single cost pool for both high volume…

Q: During the month of June, a company’s direct materials costs for the production of Product X were as…

A: Answer:- 1 Material variance meaning:- This represents the discrepancy between the actual cost of…

Q: he Arcade Company entered into a 10 year lease under which it made payments of R26 720 annually in…

A: Lease is type of arrangement where the owner gives the right to use the assets during the given…

Q: Using the provided budgeted information for production of 10,000 and 15,000 units, prepare a…

A: There are two types of cost Variable and Fixed cost .Variable cost varies with production but…

Q: ncome ted account balances: unts receivable -ued interest receivable End of Year $ 650,000 9.00A…

A: Cash flow statements refer to those financial documents that reflect all the cash that a company…

Q: Case #4 Karm Inc. operates a facility that contains two manufacturing facilities: Division A and…

A: Single-rate cost allocation takes one rate to allocate total cost i.e. it does not differentiate…

Q: Michelle exchanges land in Illinois with a FMV of $100,000 and an adjusted basis of $60,000 for land…

A: Fair market value refers to the current price that an interested buyer in the open market is willing…

Q: later, on April 28, 2022, reporting a $1,150 balance due. Which, statement is correct regarding the…

A: Failure to pay penalty refers to the situation when an entity fails to pay the desired sum of a…

Q: Intercontinental, Incorporated, uses a perpetual inventory system. Consider the following…

A: Inventory Valuation Method - Inventory Valuation can be done using three methods - a. FIFO Method b.…

Q: An actual cost system may be used in the:                 a. neither process costing nor job order…

A: As per the Honor code of Bartleby we are bound to given the answer of first question part only,…

Q: Calculate the Ending Inventory, Cost of Goods Sold, Cost of Goods Available for Sale and Gross…

A: Inventory Valuation - Inventory can be valued using three methods - a. FIFO - Under this method…

Q: Earnings: $460,000 Stock: 2,000 shares purchased at $5 per sha Sales purchases an additional 2,000…

A: Answer :Common stock issued = 20,900 Treasury stock already purchased = 2000 Additional treasury…

Q: Curt sells music CDs.  He pays $9 for a CD and uses a 33% markup on cost.  At what price should Curt…

A: The value that a participant adds to the cost price of a product is referred to as the mark-up for…

Q: 10-year, $1,000 par value bond is selling at $1,158.91. Interest on this bond is paid semianually.…

A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value…

Q: Hershey Company is one of the world’s leading producers of chocolates, candies, and confections.…

A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…

Q: On January 1, 2022, Balance Bar Co. receives a 5-year, $100,000 zero-interest-bearing note for…

A: Fv=100,000 N=5 years i=6% Then principal:$100,000 (PVF$5,6%) = $100,000 x .74726 =$74,726…

Q: Hemming Company reported the following current-year purchases and sales for its only product. Date…

A: Specific Identification Method: The particular identification approach pertains to the process of…

Q: H? Stock is credited dends is debited for $40, for $40,

A: Answer :Entry to declaration of a stock dividend Stock dividend (17000*12%*20) $40,800   Common…

Q: Actual sales price is 14% higher than budgeted, actual sales volume in units is 10% lower than…

A: The term "sales price variance" describes the discrepancy between a company's anticipated price for…

Q: Humility Inc. acquired 70% interest of Forgiveness Company, a printing business. The sale and…

A: Golden Rules of Accounting: Account Debit Credit Personal Accounts The Receiver The…

Q: On December 2, 2024, Chase, Inc. purchased furniture for its new office. In payment for the…

A: The shares issued against non cash assets are to be recorded on the basis of market value of the non…

Q: 1.Sully sold merchal merchandidse sold is435200. journALIZE THE ENTRIES FOR SULLY and aBUCK FOR THE…

A: Journal entries refer to the concept of noting all the daily transactions of a company in its books…

Q: Altona City opened a landfill that it elects to account for in an enterprise fund.  At the time the…

A: An Enterprise fund is a fund made by a government entity. The fund is used to pay for electricity,…

Q: On-the-Go, Inc., produces two models of traveling cases for laptop computers—the Programmer and the…

A: Working :-  1) Calculation of contribution margin per unit :-  Selling price per bag - variable cost…

Q: Selected accounts with some amounts omitted are as follows: Work in Process 250,640 Aug. 31 X 35,800…

A: Goods finished = Beginning WIP + Total manufacturing costs - Ending WIP Total manufacturing costs =…

Q: Kapper Company purchased 2,500 shares of its own $10 par common stock for $15 per share. Two months…

A: The cash amount will be the amount received from the sale of shares. Treasury shares are the…

Q: On October 12, 2023, Simarov, Inc. purchases a Copyright to a song, written by a person who died on…

A: A copyright is a sort of intellectual property that protects original works of authorship as soon as…

Q: Strait Co. manufactures office furniture. During the most productive month of the year, 3,500 desks…

A: The difference in the total cost is due to the variable cost. Fixed cost remains same at different…

Q: Khan Manufacturing bought a machine at the beginning of the year at a cost of $36,000. The estimated…

A: Depreciation expense per unit = (Cost - Residual value)/Estimated productive life Given, Cost =…

Q: o lose a dollar than to gain a dollar

A: Business or life is all about gaining and losing, if one person will gain something the other will…

Q: Vanessa, a single mother, has three children, Mariah (7), Alejandro (12), and Brianna (18). Brianna…

A: Child Tax Credit and Other Dependent Credit: Child tax credit can be explained as benefits in the…

Q: Given the following information from Rowdy Enterprises’ direct materials budget, how much direct…

A: The amount of direct material purchases should fulfill the production requirements as well as the…

Q: Leacock Ltd. Balance Sheet As of November 30, 2019 Current assets Cash Accounts receivable (less…

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Q: What contrasts are there between what is shown in cash flow statements and the need for firms to…

A: Cash flow statement is prepared on cash basis and it shows the actual cash position of the company.…

Q: angle concepts. Match each situation with the fraud triangle factor-opportu s monthly credit card…

A: Fraud triangle concepts refer to a concept that elaborates three facts that lead to fraudulent…

Q: Susan, Preston, and Roman are partners in a firm with the following capital account balances: Susan…

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

Q: Mr. Fabic a Filipino died in Canada leaving the following: Cost Property Bank deposit Location…

A: Funeral and judicial expenses are allowed as deductions from the gross estate. It helps in lowering…

Q: MN.43. Which of the following is not considered a self-employed person? A A joint Venture B. A…

A: The self employed is the type of business activity that is done by self and done for the self and it…

Q: On March 10, the Stone Company sold merchandise listing for $3,000 to the Dill 20, Stone Company…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: On November 1, 2023, Ohio Co. issued 12,000, $1,000 par value, 6% convertible bonds. Each bo is…

A: Interest expense is the amount charged for the borrowed fund. The bonds given in the question is…