SLO-1.1. The principle of Accounting that requires revenue recorded as soon as it is earned is called the OMatching Principle. OCost Principle ORevenue Recognition Principle OFull Disclosure Principle

Q: dent, deposited 1M in a bank (BDO) with interest rate of 10% per annum. After 6 months, A withdraw…

A: Concept of Tax  on Bank deposit Income

Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Net sales = sales - sales discounts - sales returns and Allowance  = P480000 - P20000 - P15000 =…

Q: what isAccumulated Depreciation-F&F, Accumulated Depreciation-Eqpt,, Depreciation Expense-F&F,…

A: Accumulated Depreciation - Accumulated Depreciation is the depreciation accumulated over the useful…

Q: ain Content Bob and Joan incorporate their partnership and elect to be taxed as an S Corporation. At…

A: Basic Concept

Q: The Audit Log tracks: b. a. Additions to our QBO records Modifications to our QBO record Deletions…

A: Audit log is type of document in information system that keep the record of events happening in the…

Q: An overhead absorption rate based on direct labour cost is known as the: A. Direct labour hour rate…

A: Answer:-  Overhead absorption meaning:- The quantity of indirect costs ascribed to cost items is…

Q: 0 to restore in 2018. T

A: Adjustment Journal Entry Adjustment journal entry which are provided by the business entity which…

Q: The Appliance Store is an experienced home appliance dealer. Appliance Store also offers several…

A: Revenue is the amount of money earned by an entity by selling goods or providing services.

Q: Alo Company produces commercial printers. One is the regular model, a basic model that is designed…

A:

Q: An asset was purchased for $257000. It had an estimated salvage value of $49000 and an estimated…

A: Lets understand the basics. In straight line basis, depreciation is calculated in equal installment…

Q: Janes Company provided the following information on intangible assets: A patent was purchased from…

A: Solution:- 1)Preparation of the entries necessary for years 2019 through 2021 to reflect the above…

Q: Standish Company manufactures consumer products and provided the following informationfor the month…

A: Answer 1) Calculation of Total Variable Overhead Variance Total Variable overhead variance =…

Q: A domestic corporation started operations in year 2008. The following data on income taxes during…

A: MCIT [Minimum Corporate Income tax]  is calculated as 2% of the gross loss and when the MCIT is…

Q: The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500…

A: Formula: Direct materials used = Beginning Direct materials + Purchases during the period - Ending…

Q: KPC Corporation's balance sheet and income statement is listed below. Balance Sheet This Year Last…

A:

Q: On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as…

A: Working Note: No. of shares issued under stock dividend = No. of shares outstanding x stock dividend…

Q: Ocean and Fish is a takeout food store at a popular beachside resort. Tommy Tillett, owner of Ocean…

A: Contribution margin per case for Limeade is = Selling price - variable manufacturing cost - Variable…

Q: Coronado Industries had sales in 2021 of $5,521,600 and gross profit of $893,200. Management is…

A: calculation of gross profit with all necessary requirement are as follows

Q: Which statement is most TRUE regarding Corporate Social Responsibility (CSR) Reporting as of April,…

A: Answer:-  CSR meaning:- Corporate social responsibility is a  kind of business paradigm in which…

Q: Frontier Corp. sells units for $45, has unit variable costs of $17, and fixed costs of $179,000.…

A: The contribution margin is calculated as difference between sales and variable costs.

Q: inery has been sold for 280,000. Show the accounting entries for each year up to Year 5 us

A: Brief Accounting of assets, Depreciation, Sinking fund method

Q: Prepare the current year statement of cash flows for KPC Corporation using the indirect method and…

A: Statement of cash flows is one of the important financial statement being prepared in business for…

Q: A parent company purchased an 80% interest in its subsidiary several years ago with no AAP (i.e.,…

A: Non controlling stakeholders interest = 100% - 80% (parent company interest) =20%

Q: Hendricks Company begins operations on January 1, 2023.  The company needs to determine the number…

A: The correct option with proper explanation are as follows

Q: How much cash is received from sales to customers for year 2021? Assume all the sales were made on…

A: The cash flow statement is prepared to record the cash flow from various activities during the…

Q: [The following information applies to the questions displayed below.] Ryan is self-employed. This…

A: Tax is the amount that is charged by the government to the individuals and businesses on the income…

Q: (Credit account titles are automatically indented when the amount is entered. Do not indent…

A: Under double entry system of bookkeeping one account is debited and other is credited. Assets and…

Q: Suppose you are controller of a​ medium-size oil exploration company in west Texas. You adhere to…

A: (1) As a business controller, you are prohibited from disclosing corporate information to a buddy.…

Q: Prepare Income statement Sales Accounts payable Selling expenses Administrative expenses Other…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

Q: An asset was originally purchased by the Sampson Corp. for $260,000. The depreciable base was…

A: Lets understand the basics. Salvage value is value expected to be derived from the sale of machinery…

Q: Shock Company manufactures electronic equipment. The following is a summary of its basic cost and…

A: Operating income  = Total contribution  - Fixed cost

Q: What amount should Alex report as income tax expense in its interim income statement for the first…

A: The calculation of income tax expense that is to be reported in the interim income statement for the…

Q: Q10.12 The Journal: a. Lists every journal entry made only through the onscreen journal b. Is also…

A: Journal entry recording is the first step of accounting cycle process. Under this, atleast one…

Q: ASG Corporation has the following data in their accounting books Sales-P1,000,000 Cost of Sales…

A: Introduction: Income statement: All revenues and expenses are to be show in income statement. It…

Q: 500 preference shares and 800

A: Share Subscription In the share subscription which are involved with the preference shares and…

Q: Refer to Alom, How much are the total assets of the new corporation?

A: Companies sometimes provides the holder of a shares of another company an option to sell those…

Q: The formula to calculate EVA is Net operating profit - (invested capital x weighted average cost of…

A: EVA, or economic value profit, is a measure of a corporation's economic success that is based on…

Q: The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account…

A: In preparation of closing journal entries all temporary accounts are transferred Permanent accounts.…

Q: Flyer Company has provided the following information. Cash sales, $325,000 Credit sales, $850.000…

A: Formula: Total sales = Cash sales + Credit sales. Cash and credit sales combined called as Credit…

Q: Chandler just got a job at Acme Corporate working in the IT area. His salary will be $55,000 to…

A: Retirement Plan There are many retirement plan which are available for the employees after the…

Q: An organizations stock records show the following transactions for a specific item during last…

A: The cost per unit is calculated as total cost divided by number of units produced.

Q: owns an idle land worth 1M. X works in MCDO as an accounting manager. He decided to exchange the…

A: Concept of Calculation of capital gain

Q: Balloons By Sunset (BBS) is considering the purchase of two new hot air balloons so that it can…

A: Answer 1) Calculation of Accounting Rate of Return Accounting Rate of return = Average Annual Net…

Q: Bramble Company purchased a building on January 2 by signing a long-term $606000 mortgage with…

A: GIVEN Bramble Company purchased a building on January 2 by signing a long-term $ 606000 mortgage…

Q: Tables for Life (TFL) produces wooden tables since the beginning of 2021. It sources high quality…

A: The concern has to incur the fixed cost of labour, rent and depreciation, whether the 20 tables are…

Q: Which one of the following is basically equivalent to a 2-for-1 stock split?       200% Stock…

A: Stock split means where company decided to increase the number of share and decrease the par value…

Q: Give five difference between straight line method and effective method in amortizing?

A: Solution Bond amortization At the time of issuing the bond , the market rate of interest and the…

Q: On April 15, 2023, Rizzo Inc. purchased 34,500 shares of Hernandez, Inc. for $22 per share (passive…

A: The income statement shows the net income or net loss calculated by deducting the expenses from the…

Q: Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense 120,000 $ 60,000…

A: Introduction: Gross profit : Deduction of Cost of goods sold from Sales revenue derives the Gross…

Q: resterday, ught a 1-year, coupon bond with an annual rate of 5% compounded semiannually. Today,…

A: solution concept using the principle of time value of money -if the discounting rate is  higher ,…