7. At the beginning of the day, you have P20 cash in your pocket. At the end of the day, you have P5 left. If you make a horizontal analysis of your pocket, you will conclude that your cash has decreased by 80% during the day. 8. In a vertical analysis, you would conclude that out of your total allowance, 40% is spent om snacks. Fact pattern: 11 Your Papa gave you' an allowance of P10, good for one week. By the end of the week, you have P2 left. The following were your expenditures during weeks: Transportation - P4 Snacks - P3 Text (cellphone load)- P 1 9. In a vertical analysis, you would conclude that out of your total allowance you spent 80% back the P2 excess allowance to Papa.
Q: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.
A: The purpose of entries is to keep track of the financial transactions. To generate a journal entry,…
Q: Match the statements below with the accounting assumption, characteristic, or principle to which the…
A: Introduction: Accounting: Accounting is an art of recording , classifying , summarising and…
Q: Botella Company produces plastic bottles. The unit for costing purposes is a case of 18 bottles.The…
A: Calculation of Material Price variance Material price variance = (Standard price per lb. of material…
Q: On January 1, 2021, X Company bought a machine for $44,000. It's now January 1, 2022, and management…
A: A replacement decision refers to the decision to replace a present asset with a newer model of the…
Q: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.
A: The company can raise funds by various methods. One of them is by issuing common stock. The common…
Q: How much is the net cash flows from operating activities?
A: Answer:
Q: Refer to the information for Cuneo Company above.Required:1. Prepare a common-size income statement…
A: A common-size income statement seems to be one where every line item is stated as a percentage of a…
Q: True or false The income or loss reflected in the Income Statement is the result of the application…
A: The major accounting concepts are enumerated as below : a) Accrual b) Consistency c) Going concern…
Q: Macinski Leasing Company Leases a new machine to Sharrer Corporation. The machine has a cost of…
A: Solution Working- Annual repayment amount = Fair value of machine / Present value of 3 years. =…
Q: QUESTION 5 A password text box hides text entered by the user. O True O False
A: Password protects the user information as it convert the input into encrypted data which is not…
Q: Primara Corporation has a standard costing system in which it applies overhead to products on the…
A: Predetermined overhead rate(fixed portion)= Budgeted fixed overhead cost/Budgeted direct labor hours…
Q: If sales are $500,000, variable cost are $200,000, and fixed costs are $240,000, what is the…
A: Contribution margin ratio is calculated as ratio of contribution and sales
Q: X wishes to file his 2019 income tax return. To avoid penalty, he must file his return on or before:…
A: Income tax return is the statement of income and tax required to file with tax authorities by the…
Q: Sandhill Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's…
A: The company commits to provide the monthly income once the employee retire in a defined benefit…
Q: During the 2022 ending inventory count, Sungjae Im miscounts ending inventory and determines that he…
A: The cost of goods sold is calculated as difference between cost of goods available for sale and…
Q: the statement is false. 1. Financial statements are useless to a person who does not know how to…
A: Horizontal analysis is used in the review of a company's financial statements over multiple periods.…
Q: The responsible use and protection of the natural environment is known as O a) Environmental Rights…
A: Environmental protection seems to be the activity of people, organizations, and governments…
Q: Journal entry?
A: Answer:
Q: a-1. Determine the unadjusted rate of return and (use ave places. (i.e., 0.2345 should be entered as…
A: IRR is a tool that is used to calculate the return over the project cash flow or its investment. If…
Q: The total liabilities of ABC Company for the period ending December 31, 202 amounted to P300,000.…
A: The liabilities are the amount due to be paid to the outsiders including creditors, suppliers, etc.
Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.
A: The company can raise funds by various methods. Some of them are, by way of issuing common stock,…
Q: The following transactions of MORALES Accounting Firm during the first month of Operations: April 1…
A: The journal is prepared to record the transactions of the business on daily basis. The ledger…
Q: ILLUSTRATION-1 The following transactions of MORALES Accounting Firm during the first month of…
A: In this question, we will post journal entries with proper narration
Q: Castor Incorporated is preparing its mastet budget. Budgeted sales and cash payments for merchandise…
A:
Q: ested P42,500 personal funds in a new bar amuel Barbo, M.D. nedical equipment costing P95,000 from…
A:
Q: Unlimited Doors showed supplies available during the year of $1,700. A count of the supplies on hand…
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is…
Q: Reliance Corporation sold 4,900 units of its product at a price of $24 per unit. Total variable cost…
A: The contribution margin is calculated as difference between sales and variable costs. CM per unit =…
Q: The following preliminary unadjusted trial balance of Ranger Co., a sports ticket agency, does not…
A: Unadjusted Trial Balance Unadjusted trial balance is prepared at the end of the financial year after…
Q: Required Informatlon Problem 25-49 (LO 25-2) (Algo) [The following Information applies to the…
A: Casey made a taxable gift = of $7.4 million each to both Stephanie and Linda. Total gift value =…
Q: The accountant for Eva's Laundry prepared the following unadjusted and adjusted trial balances.…
A: Adjusted trial balance: All accounts in the general ledger with nonzero balances, including…
Q: MCC company uses straight-line depreciation (round to the nearest whole month) and adjusts its…
A: Annual depreciation before the upgradation = (Cost - salvage value)/Useful life =…
Q: Ridley Corporation is a manufacturing company in the Caribbean. The company sponsors a defined…
A: A pension plan amount is refers to as a amount that is promised by the employer under the pension…
Q: Tackett Company sel's a single product for $75 each. the variable costs are $45 cach. Total fixed…
A: Formula: Units to be sold to achieve a target profit = ( Fixed cost + target profit ) / Unit…
Q: Icon Company provided the following data for the current year: Sales on account Notes received to…
A: Under double entry system of bookkeeping one account is debited and other is credited. 1. Revenue…
Q: The Justice Corporation is authorized to issue 500,000 shares of ordinary share capital with a…
A: A Journal entry is a primary entry that records the financial transactions initially. The…
Q: Skysong Company established a petty cash fund on May 1 for $100. The company reimbursed the fund on…
A: On establishment of petty cash fund the cash will go to petty cash fund.
Q: Age Interval Est. Percentage Uncollectible Balance Not due $63,000 2% 1-30 days past due 7,100 31-60…
A: Formula: Estimated uncollectible amount = Balance amount x Estimated percentage Uncollectible
Q: Case Scenario1 - Hien Hien is in business selling high quality glassware to retailers. Her…
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: Liabilities and Equity Assets Cash Accounts receivables 34,000 Inventory Prepaid Insurance Capital…
A: a) Account Receivable is the shown on asset side of balance sheet . It is the amount that is to be…
Q: Your Company's standards call for 1.85 hours per unit. The company planned to produce 900 units…
A: Standard hour allowed for may production is used to calculate variance. The variance is considered…
Q: If BHD 12000 is invested on June 25, 2022 at 6% interest compounded semi-annually, find the maturity…
A: This compound interest calculator is a tool to help you estimate how much money you will receive on…
Q: 5. A 180-day simple interest note was signed on March 15, 20xx with a face value of 65,000 at 8.25%…
A:
Q: Benz work
A: In this question, we have to calculate the latter’s compensation income it is a taxable income…
Q: 1. Which of the following statements is FALSE? A. Cash includes coins, bills and checks. B. Prepaid…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: We consider a hotel resort which contains a casino. The nightly rate for the room is $ 400. There…
A: Competitive ratio refers to the worst case ratio between the cost of the solution found by the…
Q: Definition of the following in Accounting 1. Cost of Patent Inclusions 2. Impairment of Trademark…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Whit corporation sells washing machine that carry a three year warranty against manufacturer's…
A:
Q: Direction: Use given the ratio compute the Financial Ratio Analysis. The comparative statement of…
A: Financial ratios are the formulas used by the management to make it easy to understand the financial…
Q: Jan. Issued 1,000 shares of Common Stock, $2 par for $12 per share. Record the journal entry.
A: Lets understand the basics. For recording financial event and transaction, journal entry is required…
Q: April Issued 5,000 share of Common Stock, $2 par for $17 per share. Record the journal entry.
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Step by step
Solved in 3 steps with 2 images
- Management accounting provides economic and financial information for external users such as shareholders, creditors and banks. Select one: True FalseDirection: Answer the following statement, write T if the statement is true and F if the statement is false. 1. Financial statements are useless to a person who does not know how to interpret the information contained in the report. 2. When making business decisions, an entrepreneur will need various sources of information. A major source of information is financial statements. 3. A comparison of the information from one period to another is called vertical analysis. 4. An analysis of the interrelationships of information in a single period, expressed as percentages of a common denominator is called horizontal analysis. 5. Entity A reported inventory balances of P100 and P50 in 2020 and 2021, respectively. In a horizontal analysis, a financial statement user would conclude that Entity A's inventory has increased by 50% from 2020 to 2021. 6. In 2020, Entity A reported sales of P100 and profit of P20. In a vertical analysis, a financial statements user would conclude that Entity A was…Which of the following statement is false? 1.Financial Accounting is optional. 2.Management Accounting is used by internal users. 3.Financial Accounting is based on double entry system. 4.Management Accounting is future oriented.
- Indicate whether the following statements about the conceptual framework are true or false. If false, provide a brief explanation supporting your position. a. Accounting rule-making that relies on a body of concepts will result in useful and consistent pronouncements. b. General-purpose financial reports are most useful to company insiders in making strategic business decisions. c. Accounting standards based on personal conceptual frameworks generally will result in consistent and comparable accounting reports. d. Capital providers are the only users who benefit from general-purpose financial reporting. e. Accounting reports should be developed so that users without knowledge of economics and business can become informed about the financial results of a company. f. The objective of financial reporting is the foundation from which the other aspects of the framework logically result.Financial statement analysis applies analytical tools to financial statements and related data for making business decisions. True or False True FalseExplain the importance of using financial management for business decisions, and provide examples to support your claims. How do these responsibilities help to inform management decisions, and what would happen if management didn't have this information? This should be a brief paragraph with examples.
- Answer of the following question related to these characteristics and constraints. Jeff Brown is evaluating two companies for future investment potential. Jeff’s task is made easier because both companies use the same accounting methods when preparing their financial statements. Which characteristic does the information Jeff will be using possess?While business decisions should be data-driven and usually involve consideration of quantitative financial information, that doesn't mean that qualitative information is not important as well. The goal of management accounting is to provide relevant information for decision-making. Qualitative considerations require subjective judgement and need multiple opinions. List and discuss 4 examples of such qualitative considerations for both decisions to accept or reject a special order and make or buy decisions.Direction: Answer comprehensively the following questions. 1. Explain the shareholder wealth maximization goal of the firm and how it can be measured. Make an argument for why it is better goal than maximizing profit. 2. What conflicts of interest can arise between managers and stockholders? 3. Name and describe as many stockholders as you can. 4. State the kinds of assurances that investors and creditors seek from a firm. 5. What are the three types of financial management decisions? For each type of decision, give an example of a business transaction that would be relevant.
- What is the accounting equation and discuss how it impacts on the operations of a business? 2. Why is liquidity critical for a business and how might this affect decision making? 3. Why is investment appraisal important to a business? Use examples to support your reasons. 4. What is meant by relevant costs and critically explain their role in decision making. 5. Discuss the benefits of the information contained in the Income Statement/Profit and Loss Account.V5. Match the following ____ Complexity in business operations a. Management compensation ____ Timely information b . Accounting procedure that a company ____ Information for control and uses monitoring c. Current and predictive information ____ Differential information d. Need for more specific reports ____ Accounting Policies e. Substantive information that is not in the financial reports f. Financial information must be quantitative g. Financial information not useful in reportsAccounting information provides useful information about business transactions and events. Those who provide and use financial reports must often select and evaluate accounting alternatives. The Conceptual Framework examines the characteristics of accounting information that make it useful for decision-making. It also points out that various limitations inherent in the measurement and reporting process may necessitate trade-offs or sacrifices among the characteristics of useful information. Instructions a. Describe briefly the following characteristics of useful accounting information. 1. Relevance. 2. Faithful representation. 3. Understandability. 4. Comparability (consistency). 5. Neutrality. b. b. For each of the following pairs of information characteristics, give an example of a situation in which one of the characteristics may be sacrificed in return for a gain in the other. 1. Relevance and faithful representation. 2. Relevance and consistency. 3. Comparability and consistency.…