Make a journal entry with this. Bambinini Artsy is a sole proprietorship small business firm

Q: Review the following independent auditors’ report: To the Board of Directors and Shareholders Comp...

A: GIVEN   To the Board of Directors and Shareholders Company XYZ"We have audited the accompanying bala...

Q: Is (freight-in, materials) included in the cost of goods manufactured statement

A: The cost of having goods or materials delivered to a business for manufacture or resale is known as ...

Q: Problem 2 ABM Enterprise would like to evaluate/analyze an investment proposal. Siven the following:...

A: The Net Present Value: Managers constantly use capital budgeting tools to assess prospective investm...

Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...

A: Lets understand the basics. When asset is transfer for non monetary consideration then exchange shou...

Q: Why do we need to pass the consolidation elimination entry every time we prepare a consolidated fina...

A: Consolidation elimination entry that eliminate duplicate revenue, expenses, receivables, and payable...

Q: 33..... On January 2, 2017 Skysong Company leases a machine with a fair value of $35,000 from Snead...

A: Lease is a type of financing option which allows a company to use assets for definite period by maki...

Q: Banzon and Borja are partners in B&B Enterprises. Partnership profits and losses are allocated as fo...

A: portion of Banzon = Salaries + interest + equal portion of remaining profit       Banzon Borja to...

Q: Format: 111,111 National Co. has the following balance sheet as of December 31, 2022. P 100,000 100,...

A: Forecast in Additional Fund Needed (AFN) Forecast of Additional Fund Needed in the financial stateme...

Q: Journalize the selected transactions. Assume 360 days per year. Description choices are: Accounts P...

A: The journal entries are prepared to record day to day transactions of the business on regular basis....

Q: what drawings are concerning small business and answering her query concerning her holiday.

A: Dear Linda,    I acknowledge your query concerning your holidays and drawings. Drawings refers to an...

Q: Locust Software sells computer training packages to its business customers at a price of $101. The c...

A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...

Q: Directions: Identify the accounting principles that are being violated in the situation below. 7. ES...

A: Ans. Accounting principles are the basis or rules which need to be followed while preparing the book...

Q: Reynolds Co issued $87 million face amount of 11.00% bonds when market interest rates were 10 90% fo...

A: Solution: Bonds are issued by a company to borrow funds for the business. It is having a par value, ...

Q: Which of the following statements is not true concerning interim financial reporting and inventories...

A: Companies that use the LIFO method may encounter a liquidation of base period inventories at an inte...

Q: Intro A week ago, a euro cost $1.06. Today, a euro costs $1.13. Part 1 What is the percent change in...

A: Answer 1) Calculation of Percentage Change in Euro Percentage change in Euro = ($ 1.13 - $ 1.06)/ $ ...

Q: P a y t o n company payroll for the year is $747,930. Of this amount, $469,230 is for wages paid e x...

A: Total unemployment taxes=Net Futa tax+Net suta tax

Q: HOW IS THE ACCOUNTANCY PROFESSION BEING REGULATED? EXPLAIN

A: An accounting career consists of getting ready monetary statements, auditing organization statistics...

Q: Overhead spending variance is the difference between the * actual overhead cost and budgeted overhe...

A: Overhead spending variance = AH * ( AR - SR ) Where , AH = actual hours AR = Actual variable overhea...

Q: ry 4 years. T

A: Cost of vulnerability as, =50% of process Asset=5010010,000,000=$5,000,000    

Q: Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Mo...

A: Unit Cost = Total Costs / Equivalent units Cost accounted for : Transferred out = Transferred out un...

Q: Di Ka Mahal Company reported total purchases of P2,500,000 in its cash basis financial statements on...

A: The purchases on accrual basis can be calculated as change in account payable and the cash paid for ...

Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60 % and 40% , respective...

A: When a new partner is admitted into a partnership firm then the profit sharing ratio of the existing...

Q: Depreciation and amortization are added back in computing operating cash flows because: a They repr...

A: Cash Flow statement is just a detailed cash account. It shows how changes in balance sheet and incom...

Q: öf thé nát is the present value of the followin annually? Beginning Cash Flow of Year 1 P2,500 2 2,7...

A: The present value of a future sum of money or stream of cash flows with a fixed rate of return is it...

Q: Which of the following statements about intuitive approaches is/are false? -Ignoring or discounting...

A: The intuitive approach is the way people think or make decisions naturally and without any use of fo...

Q: JFC Corporation values its inventory by using retail method: 4. How much is the ending inventory at...

A: Retail inventory method is used by the retail operations like department stores to value the invento...

Q: 4. Estrada V. Escritor sells on terms 3/10, net 30. Total sales for the year are ₱2,539,130.  Forty ...

A: Accounts receivables are those customer accounts to whom business has made credit sales on account a...

Q: On January 1, 2021, Grace Corp. created a special building fund by depositing a single sum of P300,0...

A: The question is based on the concept of Financial Management.

Q: The Sales Director of National Co. suggests that certain credit terms be modified. He estimates the ...

A: The question is related to Management of Receivables. The Receivables will be calculated with the he...

Q: The National Co. has an inventory conversion period of 60 days, a receivable conversion period of 35...

A: Solution Working note - Average daily sales = 3375000 / 360 = 9,375.

Q: Discussion Question _Job Costing I The Harriott manufacturing company uses job order costing system....

A: Job costing is one of the peculiar method of accounting. In basic terms it is designed a way so that...

Q: c. What is the total manufacturing cost of each vehicle if 100 vehicles are produced each month? 500...

A: Manufacturing cost is the total cost in production of product. It includes all the cost which makes ...

Q: Information about the Harmonious Company's two products includes: Unit selling price Unit variable c...

A: Hi student Since there are multiple questions, we will answer only first question. Breakeven sales i...

Q: The firms similar to Raphael Marco is having a P/E Multiple of 4. Given the earnings per share calcu...

A: P/E Multiple = Market Price per share/ Earnings per share

Q: Use the following to answer questions 28 – 30 The company lent $100,000 on September 1, 20XA at 3% s...

A: Interest revenue = Amount lent x rate of interest x No. of months / 12

Q: Problem 3-1 – Audit of various investments Ace Holding Co. shows the following investments in its ac...

A: Solution Royalty income  is income  received from allowing someone to use your property.

Q: Paltel Group has the following Earnings and Securities: Net income for 2020 $450,000 100,000 Weighte...

A: Diluted Earning per share: It measures  adjusted net profits distributable to each share of total co...

Q: Using Excel to Cost Inventory Student Work Area PROBLEM In its first month of operations, McLanie Co...

A: Weighted Average Cost Method: This approach is typically employed when inventory items are so closel...

Q: Pricing Plan 1 - $30 per person (a special pack will be included) Pricing Plan 2 - $25 per visitor (...

A: Hi student Since there are multiple subparts, we will answer only first three subparts.  

Q: Debit Credit Cash $ 1,260   Accounts Receivable 2,300   Prepaid Insurance 2,600   Notes Receivable (...

A: Sky Blue Corporation Income Statement for the period ended December 31    Amount  Sales Revenu...

Q: The company invested $200,000 on April 1, 20XA at 4.5% simple interest for 2 years (24 months). 23. ...

A: The company has invested $ 200,000 on April 1, 20XA at 4.5% simple interest p.a. for 24 months' (i.e...

Q: On September 1, 2021, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds paya...

A: Discount Amortization=Amount of bonds issued×Rate of interest×Number of monthPeriod of issuance Prem...

Q: What are 2 disadvantages of environmental accounting and 1 advantage of environmental accounting?

A: The term "environmental accounting," also known as "green accounting," refers to the modification of...

Q: B. Record the transactions stated above in the general journal. C. Post the transactions to the gene...

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

Q: sements from the firm. According to the understanding and acceptance of the basic principles and con...

A: Marketing managers should be informed about it by the accounts and finance manager or controller.  P...

Q: Determine whether there is a likelihood of fraudulent income based on the review of information you ...

A: As a lead forensic investigator, some information has been gathered from the internet search of Jale...

Q: Caren corp produces 85,600 units for the year and sold 81,750 units at P22.30 per unit. Its practica...

A: Cost of goods manufactured for the year: =Direct Materials + Direct Labor +Manufacturing overhead va...

Q: On 1-1-2011, the company REGAL purchased 30% of the outstanding voting shares of company ARON for $6...

A: The income reported by REGAL during 2015 pertaining to the ARON was $39,000 Explanation: $39,000 = $...

Q: Provide chronological analysis of Tyler's treatment of NOLs through 2021 and report NOL carry forwar...

A: NOL stands for the net operating loss which is the loss which has been incurred by the company durin...

Q: 13. When Joshua purchased Jasmin's P1,000,000 capital interest for 12. When Joshua purchased Jasmin'...

A: 1. False.  A partnership firm can be dissolved any time with the consent of all the partners whether...

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is