Determine the missing amounts in each of these four separate situations a through d. Supplies available-prior year-end Supplies purchased during current year Total supplies available Supplies available-current year-end Supplies expense for current year $ GA a 375 $ 2,625 3,000 (825) b 1,988 $ 6,759 8,747 1,688 1,690 (2,170) 12,491 d 7,359 (800) 7,934
Q: sists of three proce rk completed and transferred out of each department in January: Cutting $7,000…
A: Work in process inventories refers to the products which are semi finished in nature and those…
Q: Diane's Designs purchased a one-year liability insurance policy on March 1 of a year for $3,240 and…
A: Prepaid insurance means the insurance paid in advance. It, basically, represents the amount of…
Q: Cash Accounts Payable. 18,100 Accounts Receivable Service Revenue. 4,800 Land 25,100 Retained…
A: Option c is correct, Total of the credit account balance that will be shown on the adjusted trial…
Q: The following information is taken from the inventory records of the CNB Company for the month of…
A: Periodic inventory method is the one wherein the costs and inventory units are determined at the end…
Q: Mr. Josh Kho, the operations manager of Achos Merchandising Corp. Is worried about the result of its…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: ce future acquisitions. 3. A company becomes public when it starts an IPO. 4. Payment of dividends…
A: Primary market transactions are those which the new stocks and bonds are directly sell in the market…
Q: Relevant Range and Fixed and Variable Costs Child Play Inc. manufactures electronic toys within a…
A: Variable Cost per unit remains same, and fixed cost in total remains constant.
Q: The order book for an asset is given below: BID 537.04 537.00 536.93 VOL 200 300 500 ASK 537.10…
A: An Order book consists of a list of open orders from different buyers and sellers for the underlying…
Q: Assume that the manufacturing company budgets $ 80000 for total overhead costs and 2600 machine…
A: PREDETERMINED OH RATES Predetermined OH rate is an allocation rate that is used for estimation…
Q: On January 1, 2018, Harrison Ltd acquired 90 percent of Starr Company in exchange for $1,125,000…
A: Consolidation - Consolidation refers to the merging of two or more enterprises, organizations, or…
Q: The larger the inventory turnover the O a. more space is needed to store the inventory. b. slower…
A: The inventory turnover ratio (ITR) is defined as the kind of ratio used to measure the efficiency…
Q: CompuWatch Inc. produces wrist-worn tablet computers. The company uses Thin Film Crystal (TFC) LCD…
A: Lets understand the basics. Direct material price variance is a variance between the rate at which…
Q: Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months…
A: Sales discount is the discount which has been given by the corporation to the customers which has…
Q: Steps included in determining current tax expense from estimating current tax liabilities to be…
A: The number of questions is two but only the first question has been solved due to the protocol.…
Q: A and B form a new partnership. A invests P300,000 in cash for his 30% interest in the capital and…
A: Partnership refers to the agreement which is contractual in nature among two or more than two person…
Q: Direct Materials Variances The following data relate to the direct materials cost for the production…
A: Direct Material cost variance shows the effectiveness of purchase manager and production manager.
Q: Englert Hospital began using standards to evaluate its Admissions Department. The standard was…
A: The question is based on the concept of Cost Accounting.
Q: ! Required information [The following information applies to the questions displayed below.] O'Brien…
A: Variable Cost :— It is the cost that changes with change in units. It is constant in per unit for…
Q: After all of the account balances have been extended to the Income Statement columns of the…
A: Net income is the amount of income earned by an entity after deducting the expenses from the…
Q: Question 3 At the end of the year, a deductible temporary difference of $40 million has been…
A: When there is a difference in amounts of tax base and accounting base of assets and liabilities it…
Q: 1. Compare the AAOIFI Code of Professional Ethics with the IMA and AICPA Code of Professional…
A: The AAOIFI Code of Professional Ethics is substantially similar to the IMA and AICPA codes. Both…
Q: machine costing $210,200 with a four-year life and an estimated $19,000 salvage value is installed…
A: Depreciation per unit as per units of production method = (Total cost - salvage value)/Estimated…
Q: LO.5 Cindy maintains an office in her home that comprises 8% (200 square feet) of total floor space.…
A: calculation of Cindy's office in the home deduction under regular method and simplified method are…
Q: Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported…
A: Cost of the assets: As Per the cost concept, the asset should be recorded at its acquisition cost at…
Q: The Blending Department for Westiana Paints started October with 1,200 gallons in process and…
A: Weighted Average Method :— Under this method, equivalent units is calculated by adding equivalent…
Q: Pearce Company uses the FIFO method in its process costing system. The Mixing Department started the…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: define non assurance services
A: Assurance services are less formal than a financial statements auditor attestation services. Non…
Q: Enter the following information into a manual journal with credits/debits:
A: The accrual basis of accounting is the method by which revenues and expenses are recognized when…
Q: On 1 July 2020, Big Ltd acquired all the issued share capital of Small Ltd for cash for an amount of…
A: In case one company overtake the assets and liabilities of another company , then accounting for…
Q: A Company produces items to order and had the following budgeted overheads for the year on normal…
A: Lets understand the basics. Overhead absorption rate is a rate based on which overhead gets…
Q: Prepare the March journal entries for STU Corporation; remember to include an explan journal entry…
A: Journal entry is defined as the recording of transactions in the books of the company. In the…
Q: walker, inc. owns 25% of runner corporation. During 2021, walker, inc. has 580,000 of gross income…
A: If a corporation owns 20% or less in a corporation that distributes dividend, then it is entitled to…
Q: XYZ is a calendar-year corporation that began business on January 1, 2022. For the year, it reported…
A: AMT is the Term of Additional Tax Imposed on the Tax payer or on the Assesses when The Income was…
Q: Which of the following statements regarding the tax deductibility of points related to a home…
A: The home mortgage industry typically uses two types of points, origination points and discount.…
Q: Upstream Sales LO 2 LO 5 Shell Company, an 85% owned subsidiary of Plaster Company, sells…
A: Solution A journal is the book in which all business transaction are recorded in chronological…
Q: Question: Briefly discuss what is internal control is all about using the definition?
A: Every company requires internal controls. Internal controls are quite important for an organization…
Q: Required a. Record the Year 1 events in general journal form and post them to T-accounts.
A: General Journal Entry A journal entry is a volume of unedited commercial transactions listed in…
Q: in his shares is $50,000 and Bronco’s E&P is $100,000. Bronco redeems 25 shares of Jack’s stock for…
A:
Q: LO.6 Jimmy establishes a Roth IRA at age 47 and contributes a total of $89,600 over 18 years. The…
A: IRA: IRA stands for Individual Retirement Account. The amount is saved for retirement purposes on…
Q: Sunland Company started business on January 1, 2024. Some of the events that occurred in its first…
A: Journal Entry :— It is an act of recording transaction in books of account when transaction…
Q: Problem 2 I-core Company acquired an equipment on January 1, 2008. The asset has an estimated life…
A: Working: 1) Depreciation rate is ascertained by means of straight line depreciation data. 2) After…
Q: The supplies account had a balance of $1,443 at the beginning of the year and was debited during the…
A: Supplies account refers to the account which has a normal debit balance and is used to record the…
Q: Revenues, expenses and withdrawal would not appear on an.
A: Revenues are the income earned by the entity. These are reported in the income statement. Expenses…
Q: Prepare the journal entry (or entries) required to record a)the original transaction, and b) the…
A: In case of multiple questions, we are allowed to solve only the first question. If you want other…
Q: The budget director of Royal Furniture Company requests estimates of sales, production, and other…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The following is the adjusted trial balance for Stockton Company. Stockton Company Adjusted Trial…
A: Any asset that may be swiftly turned into cash, frequently within a year, is referred to as a…
Q: Explain the following and Include atleast two references. A: The significance of audit data…
A: An audit is an independent review of the books of accounts for a specific period (i.e., a specific…
Q: Wildhorse had the following account balances at December Cash $24,000 Accounts Receivable 25,000…
A: Adjusted trial balance is the statement which is prepared by the entity to report the adjusted…
Q: Share capital 2,100,000 420,000 Retained earnings 420,000 588,000 3,486,000 1,386,000…
A:
Q: Temporary differences result in future taxable or deductible amounts when the related asset or…
A: INTRODUCTION: Taxable income is any gross income received and used to calculate your tax liability.…
I need help with these questions.
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Using the information provided in RE17-16, prepare the journal entries to record Year 1s (a) construction costs, (b) partial billings, (c) cash collections, and (d) gross profit.Determine net income or subscriptions to be sent to income and expenditure account for the year. 1. subscriptions received during the year Ghs 50,000; subscriptions outstanding at the end of the year Ghs 8,000; subscriptions outstanding at the beginning of the year Ghs 6,000. Determine the net income of subscriptions for the year? 2. Subscription received during the year Ghs 180,000; subscriptions outstanding at the end of the year Ghs 20,000; subscriptions received in advance at the end of year Ghs 10,000. What is the amount of subscriptions to be credited to income and expenditure account for the year? 3. Subscriptions received in cash during the year Ghs 5,000; amount received in advance for the next year is Ghs 300. Amount outstanding for current year was Ghs 400. What is the amount to be credited to income and expenditure account for the year? 4. If income is Ghs 16,000 and deficit debited to Accumulated fund is Ghs 4,300, then the expenditure is?In accordance with IFRS 15, how much is the total revenue for the year ? In accordance with IFRS 15,assuming aside from 10 used ballpens shall be returned, an additional of P 25 shall also be received to avail the correction tape,how much is the total revenue for the year ?
- 6 - Which of the following is the account and amount that should appear in the dotted places in the journal article above? a) 191 VAT Deductible 5.400 TL B) 391 VAT to be calculated Hs. 5.400 TL NS) 391 Calculated VAT Hs. 6.300 TL D) 360 Taxes and Funds Payable Hs. 5.400 TL TO) 191 VAT Deductible 5,000 TLRefer to the information provided in E19-13. Required: Using the years-of-future-service method, prepare a set of schedules to determine (1) the amortization fraction for each year and (2) the amortization of the prior service cost.Refer to the following data of OCT2023CPACompany: Assets to be realized 1,375,000Assets acquired 825,000 Liabilities liquidated 1,875,000Assets realized 1,200,000Liabilities not liquidated 1,700,000 Assets not realized 1,375,000Llabilities assumed 1,625,000Llabilities to be liquidated 2,250,000 Supplementary charges 3,125,000 Supplementary credits 2,800,000 Compute the beginning cash balance assuming that the ending balance of ordinary share and retained earnings are P1,200,000 and (400,000), respectively
- P8-8 Part 1 Required: 1. For each of these transactions, indicate the accounts, amounts, and effects (+ for increase and for decrease) on the accounting equation. a. Required information P8-8 (Algo) Determining Financial Statement Effects of Activities Related to Various Long-Lived Assets LO8-2, 8-3, 8-6 [The following information applies to the questions displayed below.] During the current year ending on December 31, BSP Company completed the following transactions: a. On January 1, purchased a patent for $29,000 cash (estimated useful life, five years). b. On January 1, purchased the assets (not detailed) of another business for $153,000 cash, including $14,000 for goodwill. The company assumed no liabilities. Goodwill has an indefinite life. c. On December 31, constructed a storage shed on land leased from D. Heald. The cost was $29,600. The company uses straight-line depreciation. The lease will expire in six years. (Amounts spent to enhance leased property are capitalized as…P8-6 Part 2 2. For each of these the assets Involved in transactions (a) through (f), record the adjusting entry for depreciation or amortization expense at the end of the current year. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. View transaction list Journal entry worksheet 2 3 4 5 6 On December 31 of the current year, sold Machine A for $6,700 cash. Original cost was $24,000; accumulated depreciation to December 31 of the prior year was $16,800 (on a straight-line basis with a $3,000 residual value and five- year useful life). Record the sale. Note: Enter debits before credits. Transaction General Journal Debit Credit e Record entry Clear entry View general journalRequired information Exercise 8-19 (Algo) Complete the accounting cycle (LO8-1, 8-2, 8-4, 8-6) [The following information applies to the questions displayed below.] On January 1, 2024, the general ledger of ACME Fireworks includes the following account balances: Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Inventory Land Equipment Accumulated Depreciation. Accounts Payable Notes Payable (6%, due April 1, 2025) Common Stock Retained Earnings Totals Debit $26,000 48,000 20,900 55,000 19,500 $169,400 January 23 Receive $126,300 from customers on accounts receivable. January 25 Pay $99,000 to inventory suppliers on accounts payable. January 31 Pay cash for monthly salaries, $52,900. Credit During January 2024, the following transactions occur: January 2 Sold gift cards totaling $9,800. The cards are redeemable for merchandise within one year of the purchase date. on account. The cost of the units sold is $84,000. $5,100 January 6 Purchase additional inventory on…
- Life-Positive’s Account Balances 2021 ($) 2022 ($) accounts payable 24,600.00 21,250.00Accounts receivable 15,700.00 12,340.00Cash 23,450.00 28,600.00Cost of goods sold 19,700.00 23,000.00Depreciation 3,090.00 4,590.00Dividends 5,800.00 10,800.00Interest 2,340.00 2,890.00Inventory 7,050.00 8,640.00Long-term debt 28,000.00 30,000.00Net fixed assets 41,500.00 48,000.00Other expenses 2,400.00 2,800.00Sales 58,000.00 62,500.00Short-term Notes Payable 2,890.00 2,340.00Shares outstanding 85,000.00 90,000.00 tax rate is 32% 4. Calculate the cash flow from assets, cash flow to creditors,and cash flow to stockholders…MC Qu. 12-127 The purchase of.. The purchase of $112,000 of equipment by Issulng a note would be reported: Multiple Choice In a supplementary schedule. as a $112,000 operating Inflow, and a $112,000 financing outflow. as a $112,000 Investing outflow, and a $112,000 financing Inflow. as a $112.000 investing Inflow, and a $112,000 financing outflow.tasks will provide further exposure to the year-end adjustments. 5.17.1 Enter the following year-end adjustments under the headings i The first one has been done for you as an example. The year-end is 28 February interest on capital Ve covered some of these adjustments. Subsequent The previous iation accounts Revision of adjustments & accounting equation covered in Grade 10 TASK 5.17 el Agency on s B. Bester and Required: the table below. 20.7. GAAP Account debited Account credited Name of No. Description Amount Name of concept applicable Section in Section in account ledger account ledger 1. Correction of Business entity rule Drawings Balance Sheet Sundry Nominal R3 000 expenses error following: 5472 For each of the adjustments indicate the effect on the accounting equation A = 0 + L. Information: 166750 in the ratio 1. Correction of error: The owner took stock for personal use at cost price, R3 000, but this has been deb- ited to Sundry expenses. 2. Omission: A direct electronic…