Which of the following statements is NOT TRUE about a corporation?

Q: Average Inventory, Inventory Turnover Ratio, Inventory Turnover in Days Belt Company had net sales…

A: Average inventory = (Beginning inventory + Ending inventory)/2 Inventory turnover ratio = Cost of…

Q: 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal…

A: GROSS PROFIT RATIO  Gross Profit ratio is the Ratio Between Gross profit & Net Sales. Gross…

Q: ased on your current quantities and costs, can you sell a hamburger for $2.00 and still make a…

A: Profit or loss from sale of products is computed by deducting fixed and variable costs from sales…

Q: Why should multinational companies be concerned about auditing issues? Think about this in the…

A: Multinational companies should be concerned about auditing issues because auditing is a crucial part…

Q: Gladstorm Enterprises sells a product for $50 per unit. The variable cost is $34 per unit, while…

A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…

Q: The following table indicates the net cash flows of a capital asset: Year Net Cash Flow 0 $-12,900 1…

A: Answer to Question:-                              Computation of Net Present Value Year Net…

Q: Year 1 2 6 7 8 9 10 Investment $ 31,000 $ 4,000 Cash Inflow $ 2,000 $4,000 $ 8,000 $ 9,000 $ 12,000…

A: The duration required to recoup the cost of an investment is referred to as the payback period. It…

Q: The majority of companies use this method to prepare the operating section on their statement of…

A: The correct answer is: (A) The indirect method The indirect method of preparing the operating…

Q: on January 18th 2021 Maureen purchased a put option for $600 the option expired on August the 2nd 20…

A: Put options gives you the opportunity to sell the stock on the expiration of period but there is no…

Q: Phoenix Corporation acquired the business Sun Systems for $315,000 cash and assumed all liabilities…

A: Goodwill is the difference between the identifiable net assets acquired and the amount paid in…

Q: Mahadeus opened an RRSP deposit account on December 1, 2008, with a deposit of $2300. He added $2300…

A: The amount in the account is $10,591.657   =$10,592(Rounded off)   Workings:- The deposit of $2,300…

Q: Being responsive to customer's needs means balancing all but which of the following?   Answers:…

A: Explanation : Constraints are the limitations on design, such as available of the funds, resources,…

Q: Question 15 A corporation may not be prosecuted and convicted of: a criminal offense if its agent…

A: A Corporation may not be prosecuted and convicted of: - criminal offense if its agent committed the…

Q: Bramble Limited had the following balances and transactions during the current year. 110 units at…

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

Q: How was the mark up per consulting hour of 52 calculated?

A: Activity-based costing: This costing is an accounting methodology that is based on assigning the…

Q: Trago Company manufactures a single product and has a JIT policy that ending inventory must equal…

A: Factory overhead means the amount of money incurred on the factory costs which are involved in the…

Q: The allocation base of the company is machine-hours and the estimated amount of the allocation base…

A: Lets understand the basics. Management calculates predetermine overhead rate in order to allocate…

Q: The direct and indirect methods relate to this section on the statement of cash flows: Group of…

A: An entity generates it's cash flow from different sources namely operating activities, investing…

Q: Required information [The following information applies to the questions displayed below] Financial…

A: Earnings per share indicate the profits per share of common stockholders. It can be calculated by…

Q: The 500 shares of Delta Air Lines, Incorporated stock bought at $52.45 were sold at $52. Commission…

A: The units of equity ownership in a business are referred to as shares. When it comes to some…

Q: Zoe Corporation has the following information for the month of March: Cost of direct materials used…

A: A. Cost of goods Manufactured = cost of Material used in production + Direct labor + Factory…

Q: 11. On January 1 , 2021 , Santee Company leased equipment , with a fair value of $ 25,771 ( cost of…

A: Lets understand the basics. When any asset is purchased on lease then purchase of asset on lease and…

Q: 1. Cosmo Sdn Bhd The following is the trial balance of Cosmo Sdn Bhd at 31 December 2021. Dr RM…

A: The question has asked to prepare the financial statements of Cosmo Sdn Bhd.   Financial statements:…

Q: Use the indirect method to determine Anka Company’s net cash provided or used for operating…

A: THERE ARE TWO METHODS OF OBTAINING CASH FLOW FROM OPERATING ACTIVITIES  1. DIRECT METHOD 2. INDIRECT…

Q: Truffle Inc. acquired a patent on January 1, 2015 for $7,800,000. It was expected to have a 10 year…

A: Impairment loss It is the amount by which the carrying amount of an assets or a cash-generating unit…

Q: Questions: a. What is the correct bad debt expense for the year assuming that the allowance for…

A: It has been assumed that the bankruptcy case isn't included in the ending statement provided by…

Q: Selected information from the accounting records of Ellison Manufacturing Company follows: Net sales…

A: A number of days sales in inventory is a ratio that depicts the number of days a company's cash is…

Q: Christmas Express makes wreaths in batch sizes of 23. The cutting and assembly process takes 4…

A: Value added lease time = Time Taken for Cutting and Assembly + Time Taken for Decoration

Q: 1 - Merchandising companies prepare the production budget after preparing the sales budget.   2 -…

A: Lets understand the basics. Budget prepared by the management in order to estimate future outcome of…

Q: applier Corp. enters into a government contract during the year to provide computer equipment for…

A: Answer to Question (a): Recognized Revenue $ 7,00,000 Gross Profit $ 1,35,000 Adjusted…

Q: DEF Co. is considering replacing an old machine with a new machine. The fiancial details are as…

A: Differential cost: Differential cost means the difference between cost of two alternatives.…

Q: Thad, a single taxpayer, has taxable income before the QBI deduction of $198,500. Thad, a CPA,…

A: QBI i.e. Qualified Business Income is the net amount of qualified items of income, gain, deduction…

Q: An employer's payroll tax expense would include:

A: The correct answer is: (C) FUTA, SUTA, Social Security and Medicare taxes FUTA (Federal Unemployment…

Q: Cash budgets should contain non-cash charges such as amortisation expense (depreciation) O Trye O…

A: • Cash Budget is a statement of estimated cash flows from all activities of an entity for a future…

Q: The Achyboi Candies manufacturer of chewing gum, uses a standard cost system. Standard product and…

A: Solution: Determination of PRICE VARIANCE: The materials variances for January consists of  price…

Q: A nonprofit consultant’s website recommends the following budget structure for new nonprofits.…

A: THE GIVEN TYPE OF BUDGET STRUCTURE IS CALLED INCOME AND EXPENDITURE BUDGET   This kind of budget is…

Q: Coolbrook Company has the following information available for the past year: Sales revenue Cost of…

A: Return on Investment :— It is calculated by dividing net operating income by average invested…

Q: On January 1, 2022, Skysong, Inc. had the following stockholders' equity accounts. Common Stock ($12…

A: Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…

Q: A small scale mining investment is expected to generate $60,000 per year in profits over the next 15…

A: Actual dollars also called the Nominal dollar value is the actual amount without any consideration…

Q: 2. On February 1, 2023, Marsh Contractors agreed to construct a building at a contract price of…

A: It must be understand that revenue on contracts must be recognized on proportionate basis under…

Q: Please help me answer; MusicPod's price/earnings ratio for 2019 is closest to: 21.5, 62.4, 20.0, or…

A: The dividend is declared and paid to the shareholders from the retained earnings of the business.…

Q: Accrued Revenue

A: As per guidelines,incase of multiple unrelated questions, unless specified otherwise, we need to…

Q: The dramatic collapse of the cryptocurrency exchange FTX comes just a few months after auditors from…

A: Answer:  I agree with individuals who claim that unfair criticism of auditors on the demise of…

Q: KLM Company has the opportunity to purchase an asset that costs $50,000. The asset is expected to…

A: The term "payback period" refers to the number of years that must pass before the initial monetary…

Q: Pepper Inc., an S Corporation that has “C” years E&P, has gross receipts of $780,000 ($400,000 from…

A: Please see the answer below  Calculation of penalty tax  Pepper pays a $ 1375 penalty tax of…

Q: a. How much is the Goodwill/Gain on Bargain Purchase? b. How much is the Consolidated Assets?

A: Calculation of the Goodwill/Gain on Bargain Purchase. Alpha Company purchased 75% of the shares of…

Q: Cambodian Import Company purchased a depreciable asset for $160,000 on April 1, 2014. The estimated…

A: Depreciation under straight line method is:   = (Original cost - Residual value) ÷ Useful life…

Q: Mary buys a gift card from Chipotle. How early can Chipotle recognize the revenue from Mary’s…

A: A present card is a pay-as-you-go debit card that carries a selected quantity of cash to be had to…

Q: Which of the following conditions would cause the break-even point to increase? Oa. total fixed…

A: The break even point the fixed cost of the production of the material is equal to the difference in…

Q: The allocation base of the company is machine-hours and the estimated amount of the allocation base…

A: Predetermined Overhead Rate :— It is the rate used to apply manufacturing overhead to cost objects…