the following describe accounting describe accounting, except A. A service activity B. An information system C. A univer

Q: 174. Helix Co. entered into the following transactions involving short-term notes payable. On May 14...

A: The journal entries are prepared to keep the record of day to day transactions of the business. 

Q: Pharoah’s flour supplier has announced a shortage of gluten-free flour. As a result, Pharoah will on...

A: Contribution means the difference between the selling price and variable cost. When some input is in...

Q: Hammer Corporation wants to purchase a new machine for $303,000. Management predicts that the machin...

A: Accounting (book) rate of return (ARR)ARR is useful to calculate investment profitability quickly. I...

Q: If ABC Co purchases the net assets of XYZ Co by issuing 50,000 shares of their P20 par value ordinar...

A:

Q: Use the information below to figure out what the Cost of Goods Sold is for the order placed for FIF...

A: Since the No. of units in the order placed are not given, let's assume the order placed is for 150 u...

Q: Which of the following is not a special journal?

A: 1. A. Unadjusted trial balance  Real accounts are presented in what formal report is unadjusted trai...

Q: Compute the cost of the ending inventory under the average-cost method in a periodic inventory syste...

A: Inventory valuation refers to the methods used by the company to determine the value of its inventor...

Q: Department G had 2,280 units 25% completed at the beginning of the period, 12,600 units were complet...

A: Equivalent units concept is used when opening or ending work in progress is not 100% complete but pa...

Q: amination - Trimester 3 2021 Trimester 3 2021 Final Onlf The auditor decides to increase the calcula...

A: In audits, the materiality level relates to the baseline utilized to establish reasonable assurance ...

Q: JT Company purchased land as a factory site. An old building on the property was demolished, and con...

A: 1. $5000 should be capitalised in Land account  2.D. As a reduction of cost of building.  

Q: Aug. 9) Paid $125 cash for shipping charges related to the August 5 sale to Baird Corp. Aug. 10) Bai...

A: Impact on Income - Income = Revenue - Expenses All the Income earned are added to it and expense are...

Q: Co D acquires a plant for £600.000 on 1 Jan 2016. This machinery is depreciated on a straight-line b...

A: Revaluation surplus = Revalued amount - Carrying value = £480.000 - £400.000 = £80.000 Yearly deprec...

Q: Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow,...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: Multiple choice: 1. The term ‘present obligation’ connotes A. Liability B. Asset C. Income D. Equity...

A: Obligation is a term used for denoting that a person is in a condition of being legally bounded.Owne...

Q: Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, 8.3) M...

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

Q: Nottaway Flooring produces custom-made floor tiles. The company’s Raw Material Inventory account con...

A: The question is based on the concept of Cost Accounting.

Q: Sheridan Corporation's capital structure consists of 50,000 shares of common stock. At December 31, ...

A: An income statement is a financial statement which shows a company's income and expenses. It also in...

Q: From the following particulars prepare a balance sheet for Health and Wellness Hospital as at Decemb...

A: Since basic accounting equation is  Total assets = Total liabilities + Owners equity  

Q: Kiss Co. donated inventory with an adjusted basis of $50,000 and a $78,000 fair market value to a qu...

A: Solution:- Given, Kiss Co. donated inventory adjusted basis of $50,000 and a $78,000 fair market val...

Q: Matthews Co. acquired all of the common stock of Jackson Co. on January 1, 2020. As of that date, Ja...

A: Particulars. Amount Life Annual Amortization Purchase Price of Jackson Co. $588,000    Book value. (...

Q: Kellogg Company is the world's leading producer of ready-to-eat o ading producer of grain-based conv...

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: On January 1, 2019, Drennen Inc. issued $5 million face amount of 10-year, 14% stated rate bonds whe...

A: Given: Face value= $5,000,000 i (Stated interest rate) = 14% n (Time period)= 10 x 2 = 20 Market int...

Q: 2) A proper manual payment certification includes whose signature? [List the types of certification....

A: Manual payments are cash payments made in person to a beneficiary.

Q: 10. On January 2, 2021, X Co. acquired all the ordinary share of Y Co. for P2,060,000. On that date,...

A: Take note that the existing Goodwill of Acquiree is written off and wont be included to your Book va...

Q: (BUSINESS LAW)   Provide a very clear and detailed introduction on the meaning of “REAL PROPERTY” ...

A: REAL PROPERTY Real property is synonymous with Real Estate and it is the land, everything that is pe...

Q: Q8: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income St...

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale ...

Q: O60 260 300 Land 300 120 130 Buildings (net) 1,200 220 280 Equipment 360 100 75 Accounts payable 480...

A: Consolidation means combination of assets and liabilities and other financial items of two or more c...

Q: Break-Even in Units and Sales Dollars, Margin of Safety

A: Break-even point refers to a point at which the company earns neither profit nor deficit. If the com...

Q: Which of the following charitable contributions is not tax deductible? a.Clothing donated to a quali...

A: Tax deductible deductions are those allowances and reductions that are deducted for the purpose of t...

Q: Poll Board Inc. manufactures several models of high-quality skateboards. The company's ABC system ha...

A: Activity based costing means where the product is valued on the basis of actual direct material , di...

Q: a) What are the normal and abnormal spoilage units, respectively, for March when using FIFO? b) Usi...

A: Process costing is one of the type and form of costing, under which product has to go through severa...

Q: ker Rs. 2,600, Laxman Rs. 500); Creditors Rs. 7,100 (Reddy & Co. Rs. 3,020, Kishore Rs. 4,080); Capi...

A: The ledgers are the accounting books of the organization which record all of the financial data incu...

Q: The focus of the SEC's comment letters to early adopters of ASC 606 included the disaggregation of r...

A: ASC 606 is the latest standard for revenue recognition that effects all the businesses that enters i...

Q: Indus clothing provides you the following ledger balances. Prepare trial balance as on 31* December,...

A: Trial balance is the summarized statement which contains debit and credit balances of various types ...

Q: Department G had 2,280 units 25% completed at the beginning of the period, 12,600 units were complet...

A: FIFO is first in first out method of process costing, under which units which are produced first wil...

Q: The following information came from the books and records of ABC Corporation and its branch. The bal...

A: Head office means from where the company mainly operate and all branches are controlled from that po...

Q: ds. During the current year, his interest on the loan is $30,0 vestment income and he has no other i...

A: Assessees are eligible for a deduction for definite interest incurred or paid throughout the fiscal ...

Q: 1. In relation to March 1 transaction, the necessary adjusting journal entry includes

A: As per our protocol we provide solution to the one question only but as you have asked multiple choi...

Q: Direct materials: $2,200 Factory overhead: $490 Direct labor: $900 Beginning work in process: none (...

A: Formula: Total Manufacturing cost = Direct materials + Direct labor + Factory overhead

Q: Your Company makes and sells electric fans. Each fan regularly sells for $42. Your Company is now se...

A: Operating income = Sales Revenue - Total Variable costs - Total Fixed costs  Variable cost is the co...

Q: what are the 4 major cost flow assumptions in accounting?

A: In cash flow assumptions we report inventory cost as cost of goods sold

Q: Stacy's Dress Shop received a $1,240 invoice dated July 27 with 5/10, 4/15, n/60 terms. On August 10...

A: Note: 5/10, n/30: Here, 5 represents the discount rate if payment is made within ten days. And if pa...

Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...

A: Solution Current asset means all assets of the company that are expected to be sold or used as a res...

Q: 1. ARC Company has fixed costs of P125,000. At the breakeven point, 100,000 units are sold. If varia...

A:   Break even point means where there is no profit no loss. Variable cost means the cost which vary w...

Q: Shawnee Motors Inc. assembles and sells snowmobile engines. The company began operations on August 1...

A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is ign...

Q: Llewelyn Company purchased 3,600 shares of its own $8 par value common stock when the market price o...

A: To create a journal entry, you enter transaction details into ones company's books. Your journal ent...

Q: Problem 8-21 Involuntary Conversions (LO 8.12) Teresa's manufacturing plant is destroyed by fire. Th...

A: The term "adjusted basis" refers to a significant change in the recorded initial cost of an asset or...

Q: At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtfu...

A: Formula: Amount of the Adjusting entry for uncollectible accounts =  balance of Allowance for Doubtf...

Q: Clark Company's master budget includes $264,000 for equipment depreciation. The master budget was pr...

A:   The calculation of standard depreciation per chargeable hour has been made as follows: Standard de...

Q: On January 1, 2015, Ernie and Bert both sole proprietors decided to form a partnership to expand bot...

A: