Accounting Questions and Answers November 11, 2021

ABC Company operates a branch. At the end of the year, the Branch account in the books of the home office shows a balance of P150,000. The following information is ascertained: (see image below). All other transactions are presumed to have been properly recorded. Determine the adjusted balance of the Home office account on the books of the branch

a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in transit on December 31. b. A home office accounts receivable for P10,500 was collected by the branch. Said collection was not reported to the home office by the branch. c. Supplies of P4,500 was returned by the branch to the home office but the home

Calculate the income statement and obtain: a. Daily cost b. Monthly cost c. Product cost Company ABC Statement of income Budget for April 2022 ----------------------------------- Produce and sell----------------------------------product x Price mp--------------------------------------------45-x product

The following Trial Balance of Michael Bolton has been prepared by an inefficient bookkeeper. You are required to correct it:- Trial Balance for the period ended 28/02/1998 Dr. Cr. $ $ Capital 33,000 Premises 27,000 Drawings 4,750 Plant 14,850 Stock (February 1) 4,500 Office Furniture (February 1) 3,500 Insurance 425 Salaries 9,950 Commission

Sun company makes special components for solar panel manufacturers. The cost details of job No: A007 is given below, The details material needed for job No: A007 is as follow, Type of Material Quantity needed Cost per unit X 750 cm $20 per meter Y 5 kg $5 per kg Royalty payment of $100 has to be paid to the designer of this solar panel for each

1. We have a product that you are preparing to launch. We have spent 10.000 Euro once. Our aim is to run campaigns with a 20% margin on D14 according to the below Days: D0 D1 D2 D3 D4 D5. What is the maximum CPI (CPI rates are at the bottom of the page) limit to reach your aim? Daily Retention D0 D1 D2 D3 D4 D5 D6 D7 D8 D9 D10 D11 D12 D13 D14 100%

The council of the Town of Tulia approved the 2013 budget as follows Budgeted 2013 revenues from Property taxes Sales taxes 5,000,000 1,000,000 Appropriations for 2013 4,600,000 1,200,000 100,000 Salaries Materials Equipment During 2013, the towns mayor presented the council with a budget revision to increase the amount of appropriation for

The Wells Fargo branch in Portland must keep enough money on hand to satisfy customers cash demands. Suppose that the daily demand for cash at this branch follows a normal distribution with means and standard deviation summarized as follows (in $1,000s): The bank orders cash once a week that arrives in an armored truck on Sunday night to replenish

You are raising 500 Cornish Cross straight-run broilers. The birds arrived on April 15 and will go to the processor on June 15. You sell ready-to-use whole chickens to area restaurants they pay $15 per bird. You purchase your feed from a local cooperative you get a 21% starter for $385.00/1-ton tote. (For simplicity this is your only feed).

Stephanie and Matt are married with no children. In 2021, they have a total gross income of $140,000. Their allowable deductions for adjusted gross income total $6,000, and they have $16,000 of allowable itemized deductions. Compute Stephanie and Matt's 2021 taxable income and 2021 income tax liability. Assume that in addition to the information

For each of the following types of audit reports, indicate whether the opinion may be "unmodified" and whether the report typically contains an emphasis-of-matter or basis for modification paragraph. Assume in all situations that the effects are material. The answers are either Yes or No on both parts. Situation Unmodified? Additional Paragraph?

Mississippi Mile Travel Company is conducting a sensitivity analysis in order to assess the company's margin of safety in units and in dollars. Predicted data indicate that 4,900 travel package sales can be expected while 2,300 package sales are necessary to meet the company's breakeven point. Each travel package sells for 2,900. Calculate the

Consider a plate formed by a homogeneous material with Youngs modulus E, and Poissons ratio v. The plate has total thickness h, the reference plane is located at the center of the plate, and N and Ny are applied at z h2. Find the stiffness matrix of the plate.

Gonzalez, Inc. manufactures stereo speakers in two factories one in Vandalia, Illinois and another in Merced, California. The Vandalia factory uses direct labor hours (DLHS) for its overhead rate and the Merced factory uses machinehours (MHs) for its overhead rate. Information related to both plants for last year is presented below Estimated

Cyrus Bautista owns and operates Aquarius Advertising Services. On January 1, 20Y3, Cyrus Bautista, Capital had a balance of 619,600. During the year, Cyrus invested an additional 38,000 and withdrew 17,500. For the year ended December 31, 20Y3, Aquarius Advertising Services reported a net income of 93,050. Prepare a statement of owners equity for

How would you determine which method of depreciation, economic life, and salvage value to use for your accounting depreciation for your business automobile? Do you agree with the current tax law in that we can use one method of depreciation for our accounting records and another method for our tax return (e.g. S-L for books and D-D for our tax

Accounting information systems trivia questions: Audit trail of typical documents/records in the revenue cycle who typically receives a copy and why and which documents/records may refer to another document/record. Basic database principles in the revenue cycle, such as typical primary keys, foreign keys, secondary keys, and concatenated primary

The National Company for investments was established on 30/6/2018 and you were assigned as an auditor to audit the companys financial statements for the financial period ended 31/12/2019. During this financial period, the company had a deal of acquisition to have a group of companies with a percentage not less than 90%. Most of these companies you

Wildcat Pizza, Inc. (WP) is a local pizza restaurant, which has been operating in one Western Massachusetts town for over 5 years. WP has a lively takeout and delivery business and cozy dining space for approximately 40 patrons. Wildcat Pizza is looking toward the future and is considering revising its target capital structure. Currently, they

In December 2008, Bernard Madoff revealed that the asset management arm of his firm, Bernard L. Madoff Investment Securities, was "just one big lie". In what he described as a Ponzi scheme, it's estimated he took his investors for a cool $65 billion over the course of nearly two decades. And he didn't just con fat-cat billionaires and celebrities

Prepare Teslas company financial statements and information? Note that financial statement data must be for the last 5 years. This includes ratios, trends, statistics, and all analytical measures assembled. Also, answer the following for Tesla: 1. Assumptions. Identification of important assumptions regarding a companys industry and business

Oliver Glenn owns 20% of the shares of Treatz Inc., a Canadian-qualified small business corporation. Oliver purchased the shares from a previous shareholder for $50,000. The stated paid-up capital of the shares is $10,000. Two other shareholders own equal portions of the remaining shares of Treatz. Oliver has decided to sell the shares, which have

A financial crime that was decided in the last five (5) years. A financial crime involving fraud, misappropriation of assets, or fraudulent financial statements. ETHICS AWARENESS TESTS ADDRESS THE FOLLOWING QUESTIONS: SMELL: Does it smell right? When you consider the situation in the light of commonly accepted ethical principles and your own moral

Berkshire Hathaway purchased its Apple shares at about $20 billion. At the end of 2017, the market value of Apple shares was about $28 billion. Under the new accounting rule for passive equity investments, how would Berkshire Hathaway account for the temporary difference between tax and financial reporting profitability assuming that unrealized

You are a CPA and the controller for small savings and loans. The organization is at a critical juncture. You and the top management of the savings and loan have a meeting about the current status of the organization prior to your annual audit. The main concern is the collectability of several real estate loans. The savings and loan is a small

Record two payments: one cheque to the Receiver General for Canada for GST and one to the Minister of Finance of British Columbia for PST. The balances in the accounts are as follows: GST Payable $5,870, GST Recoverable $700, and PST Payable $8,070.

Record the purchase on account of $500 of office supplies and $5,400 of merchandise for resale in the province of Manitoba. The company uses a perpetual inventory system and the purchase of merchandise is PST exempt. The PST rate is 8%.

Thompson Company has the following information for the year ended April 31, 2018.

Use the information to prepare a schedule of cost of goods manufactured and an income statement. Assume no indirect materials are used and all amounts are shown in milions. Begin by preparing a schedule of cost of goods manufactured. Thompson Company Schedule of Cost of Goods Manufactured Year Ended December 31, 2018 Data Table (in millions)

a) Analyze each element of the balance sheet equation. Use six accounting transactions, illustrating the accounting theory and the effect of these individual accounting transactions upon the two sections of the balance sheet. (25 Marks) b) Critically discuss the reasons for a business to prepare a set of financial accounts. The discussion should

A business sold equipment for $8,000 in cash proceeds which had an original cost of $50,000 and accumulated depreciation at the date of sale of $40,000. Which of the statements below is true? A) A loss of $8,000 was reported in the income statement and a cash inflow of $13,000 was reported in the cash flow statement. B) A loss was not reported in

Statement of financial position items for Elridge Inc. follow for the current year, 2020 Accumulated depreciation equipment Inventory Rent Payable Income tax payable Rent payable (longterm) Common Shares (20,000 shares issued) Preferred shares (15,000 shares issued) Prepaid expenses Equipment Goodwill 125,000 292,000 Payroll taxes payable Bonds

The following information is available for Core Company for the year ended December 31, 2021: Instructions Use the above information to prepare a classified balance sheet for Core Company the year ended December 31, - For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

Accounts payable Stock investments (longterm) Accumulated depreciation, equipment Retained earnings Common stock 4,700 8,400 4,000 16,000 4,800 2,500 6,000 1,500 2,600 3,000 10,000 7,500 Intangible assets Notes payable (due in 5 years) Accounts receivable Cash Debt investments (shortterm) Land Equipment

The Empire Hotel is a full-service hotel in a large city. Empire is organized into three departments that are treated as investment centers. Budget information for the coming year for these three departments is shown as follows. The managers of each of the departments are evaluated and bonuses are awarded each year based on ROI. Empire Hotel Hotel

During the yearend inventory count conducted on 31 December 2020, your audit team observed that several workers were loading up some goods into a truck. Upon query, the warehouse manager explained that these relate to urgent lastminute purchase by a major customer that must be shipped out immediately. Your team also noted a particular section of

At the beginning of the current period, Funko Co. had a balance of $92,000 in Accounts Receivable and a $6,440 credit balance in Allowance for Doubtful Accounts. In the period, it had net credit sales of $368,000 and collections of $332,580. It wrote off accounts receivable of $11,000 as uncollectible. After a $2,280 account was written off as

In the fourth quarter, the following entries related to its equity are recorded. Date General Journal Debit Credit Retained Earnings Common Dividend Payable Common Dividend Payable October 2 70,000 70,000 October 25 70,000 Cash Retained Earnings 70,000 October 31 75,000 Common Stock Dividend Distributable 36,000 39,000 PaidIn Capital in Excess of

Transformational Airlines issued several convertible bonds on January 1, 2021. Each bond is convertible into a specified number of common shares. The bonds pay interest on lanuary 1 and July 1 of each year. On July 2, 2022, some of the bondholders decided to exercise the conversion privilege. Other information regarding the bonds follows

Scholars have argued that strategic management and innovation management are two sides of the same coin. However, some entities do not have strategic plans but have recorded significant progress in innovative activities. Discuss this statement.

The seller in a business combination may contractually indemnify the acquirer for the outcome of a contingency or uncertainty related to all or part of a specific asset or liability. For example, the seller may indemnify the acquirer against losses above a specified amount on a liability arising from a particular contingency in other words, the

Drayton Limited is a small specialist manufacturer of components used in the manufacture of yachts. Drayton Limited has been asked to supply 500 identical components to one of its major customers over the next year, and is deciding whether to accept the order. Each component uses 8kg of steel. Drayton Limited currently has inventories of 10,000kg

Consider the following information for two SINGLE taxpayers for 2021 (no children) 1. Wage Income Situation A Situation B 120,000 1,955 81,000 1,955 Tax free intertest income Inhertiance received Medical expenses paid Social security taxes paid Medicare taxes paid State income taxes paid Local property taxes paid Mortgage Interest paid Charitbale

describe the behavior of piezoelectric actuator when applying electric field in terms of a) Polarization (P) and Electric Field (E) graph b) Dimension Changing of piezoelectric when applying electric field c) 2 applications of piezoelectric actuators

Asian Transit Marine Corporation (Lessee) leases a forklift from NDP Leasing Corp. (Lessor). The lease, signed on January 1, 2019, specifies that NDP grants right-of-use of the lift to Asian Transit. The lease terms are as follows: 1. Lease is non-cancelable, term of four years, equal rental payments of P9,538.39 at the beginning of each year

Florida Corporation, an S corporation, liquidates this year by distributing a parcel of land to its sole shareholder, Tim Smith. The fair market value of the parcel is $50,000, and its tax basis is $30,000. Tim's basis in his stock is $25,000. How much gain must Tim recognize (if any) as a result of the distribution, and what is his basis in the

The outbreak of coronavirus (COVID-19) in Wuhan, China in December 2019 has rapidly morphed into an unprecedented health, economic and geopolitical crisis. With over 15 million confirmed COVID-19 cases and more than 600,000 deaths worldwide, the global pandemic is wreaking havoc on the global economy, triggering severe economic downturns, sending

Two accountants, Ben and Frank, are arguing about the merits of presenting an income statement in the multiple-step versus the single-step format. The discussion involves the following 2020 information for Sims Company (in thousands): Officers' salaries $4,900 Delivery expense $2,690 Depreciation of office furniture and equipment 3,960 Sales

Stranson Inc., a company using ASPE, completed the following transactions and events during the accounting year just ended, December 31, 2017. Interest rates reflect market rates unless indicated. 1. Merchandise was purchased in exchange for a 30,000 maturity value in one year (ie March 31,2018), dated April 1, 2017, 7 discounted note. Also, you

A company starts on January 1st with a stock of a particular material obtained by a purchase of 20 units at a cost of 14 per unit. On January 20th 40 units of the material are purchased at a cost of 15 per unit. On January 30th, production withdraws 40 units of the material from stock. The cost of the 40 units for production when reckoned on the

Food outlets in airport terminals are able to charge a higher price than their high street equivalent because demand for food in airport terminals is A BCD perfectly price inelastic. relatively price inelastic. perfectly price elastic. relatively price elastic.

Stranson Inc., a company using ASPE, completed the following transactions and events during the accounting year just ended, December 31, 2017. Interest rates reflect market rates unless indicated. 1. Merchandise was purchased in exchange for a 30,000 maturity value in one year (ig March 31,2018), dated April 1, 2017, 7 discounted note. Also, you

Bramble Company had the following department information for the month of September Total materials costs, 46000 equivalent units of materials, 20000 total conversion costs, 32000 and equivalent units of conversion costs, 8000. What is the total manufacturing cost per unit for the month of September O 4.00. O 2.79. O 6.30. O 1.60.

Dutch Co, a Vietnamese company, uses a perpetual inventory system and tax deduction method. During March, 2020, the following transactions occurred (VND 1.000) Mar.2 Purchased merchandise from Tuan Company for 22.000 (exclusive of VAT 10) under credit terms of 120, n30, invoice dated Mar 2. Freight charges 2.200 (exclusive of VAT 10) paid cash in

About the Company o General Information Ownership Sector Products Production Capacity Sales volume Market shares and competitors Suppliers and customers (domestic and/or international) . o Organization Chart Organizational Analysis (Division of responsibilities, Hiera established: mechanic or organic structure) Roles of Industrial Engineers in the

Are auditors truly independent An auditing academic was heard to make the following statement True audit independence can never be achieved Auditors operate in a commercial environment and need to work to wvin the audit of a client. The ongoing fees that they receive are then obviously conditional on managements approval. If management is unhappy

Oppong Corporation completed the following petty cash transactions during August and September in 2014 August 1 Drew a 300,00 choque, cashed it, and gave the proceeds and the petty cash box to Carter Stark, the petty cashior. August 3 Paid 23.80 courier charges to deliver merchandise to a customer. August 5 Paid 37.95 to mail a contract to a

PROBLEM 6 (a) Find the time domain signal of the spectrum given in Fig p4. (8pts) (b) Determine if h(t) cos (7t)u(t) is memorylesscausal M. stable (7pts) M.M.M. 0 arg(X(e)) 2 IX(e) sin (2) FIG P4 3 2a Life 10

13 Example 14.7: On January 1,2016, the Ruffin Corporation issued $40,000 par value, 4%,four-year bonds that mature on Decemb

On January 1,2016, the Ruffin Corporation issued 40,000 par value, 4, fouryear bonds that mature on December 31, 2019. Ruffin will pay interest semiannually on June 30 and December 31. The companys fiscal year ends on December 31. What is the issue price of this bond assuming that the market rate of interest is 2 What is the journal entry to

Draw the direct form 1 and 2 block diagram representation of the following difference equation (15pts) 1 ynyn 1n2 xn 2xn 1

ABC Bank granted a loan to a client on January 1, 20x1. The interest on the loan is 10% payable annually starting December 31, 20x1. The loan matures in four years on December 31, 20x4. Pertinent information on the loan is provided below: Principal amount 2,000,000 Origination fee 154,430 Direct origination cost 32,890 Indirect origination cost

From the following information Prepare-(40marks) Journal T-Accounts Trial Balance Adjusted Journal Adjusted trial balance Income statement Statement of changes in equity Balance sheet Closing Journal entries for the month ending January 31st 2021 in the books of Seth &Co. Mr. Seth started business in January 2021. Following transactions

Consider the following information and answer each of the questions below using arithmetic, algebra, and Excel functions as appropnate. Larz is considering an ARM loan offered by a local lender. The loan amount is 585,000. The term of the loan is 10 years. The margin on the loan is 3. The teaser (first year only) is 1. The composite rate adjusts

Accounting can be defined as the process of identifying, measuring and communicating economic information about an entity to a variety of users for decisionmaking purposes (Birt et al., 2020, p.2). Think back to your experiences of practising the manual accounting systems (e.g. manual journais, ledgers and Excel) and computerised accounting

Bramble Building Supplies total materials costs are 46,080 and total conversion costs are 44,160. Equivalent units of production for materials are 12,800, and 6,400 for conversion costs. Compute the unit costs for materials, conversion costs, and total manufacturing costs for the month. (Round answers to 2 decimal places, eg. 15.25.) Materials

You are given the following incremental claims transactions by the Claim Depart ment. Claim Number Accident Date Transaction Date Transaction Type Amount 07012015 09012015 09012015 09012015 09012015 09012015 06012016 06012016 06012016 06012016 09012015 09152015 10152015 05152016 09152017 09152017 06012016 01012017 07012017 07012017 Loss Payment

You are given the following incremental claims transactions by the Claim Depart ment. Claim Number Accident Date Transaction Date Transaction Type Amount 07012015 09012015 09012015 09012015 09012015 09012015 06012016 06012016 06012016 06012016 09012015 09152015 10152015 05152016 09152017 09152017 06012016 01012017 07012017 07012017 Loss Payment

Danny Inc. uses leases as a means of selling its equipment. On January 1, 2019, Danny leased a machine to Eddy Inc for 5 years. The machine had a book value (carrying amount) of $20,000 and a remaining economic life of 6 years. The fair market value of the machine was $24,000 at the time of the noncancelable lease. Danny's implicit rate is 8% for

On December 31, 2019, the statement of financial position of PAYDAY SALE Corp. showed the following accounts balances Notes Receivable P2,100,000 Interest Receivable 33,750 Additional Information Notes Receivable consisted of two promissory noted as follows A. P1,500,000 This is a 9 interestbearing note dated October 1, 2019. It is payable in 3

1. Define f, frequency distribution, N, percent, percentage, percentage frequency, f, raw data, raw scores, relative frequency, rf, ungrouped frequency distribution. 2. The ability to adapt to differing social situations is a characteristic often found in effective leaders. Suppose you measured 20 people on a scale of adaptability in which scores

For each company, prepare the necessary journal entry to record the exchange. (The exchange has commercial substance.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Bramble Corporation, which

Helmholtz coils are composed of two coils of wire that have their centers on the same axis, separated by a distance that is equal to the radius of the coils (figure below). The coils have N turns of wire that carry a current of i in the same direction. If one coil is centered at the origin, and the other at x R. 00 1) If one coil is centered at

Why does James Rachels think that cultural relativism is not consistent with the common-sense, moral intuition that our society is making moral progress (in the long run, anyway)?

Preparation of the wages control account plus an evaluation of the impact of a proposed piecework system. One of the production departments in A Ltds factory employs 52 direct operatives and nine indirect operatives. Basic hourly rates of pay are 14.40 and 11.70, respectively. Overtime, which is worked regularly to meet general production

Using the following information for Emergent Corporation, prepare property cdassified balance sheet for haly 31, 2019. Acrmunts Payable 33,72 Arrmunts Recevable 136,200 Arrumudeted teprwIn ng Accumulated Deprociation Equipment 140, 117,625 Adanional Pald in Capital Conmon Stock 406,325 Alowance tor Uncalioctible Accounts 26,025 Buldings Cashtaral

Sam SE acquires Roy SE for a total price of 9.8 million on 1 April 2017. Both firms report under IFRS. Below are the identifiable assets and liabilities of Roy SE at the moment of acquisition: Copyrights Machinery Buildings Land Debt obligations Amounts in 1,000 1,200 1,700 2,800 5,400 2,300 An external professional firm determined at this moment

As of December 31, 2021, Cady Construction has one construction job for which the construction in progress (CIP) account has a balance of 20,000 and the billings on construction contract account has a balance of 14,000. Cady has another construction job for which the construction in progress account has a balance of 3,000 and the billings on

435 Proration of overhead. The RowOnWatershed Company (ROW) produces a line of nonmotorized boats. ROW uses a normalcosting system and allocates manufacturing overhead using direct manufacturing labor cost. The following data are for 2020 Budgeted manufacturing overhead cost 110,000 Budgeted direct manufacturing labor cost 220,000 Actual

Use the following information to answer the questions Assets Liabilities and Equity Cash 12,000 Accounts payable 19,000 Marketable securities 4,000 Notes payable 8,000 Accounts receivable 8,000 Current liabilities 27,000 Inventory 33,000 Longterm debt 80,000 Current assets 57,000 Total liabilities 107,000 Machines 30,000 22,000 52,000 42,000

431 Job costing, journal entries. Docks Transport assembles prestige manufactured homes. Its jobcosting system has two directcost categories (direct materials and direct manufacturing labor) and one indirectcost pool (manufacturing overhead allocated at a budgeted 21 per madwinehour in 2020). The following data (in millions) show operation costs

Syarikat Serimas Bhd sales data as follows November 2021 Disember 2021 January 2022 90,000 250,000 340,000 120,000 150,000 Cash sales Credit sales Total 400,000 270,000 390,000 550,000 1. The companys management Account Receivables Policy is 60 collected within the sales month, while the rest is collected in the following month. The direct

10. The costs of making 2000 items of a product are 4000 for the fxxed costs and 6000 for the variable costs. a. To make a profit of 2000, the selling price per item will have to be b. To break even, the selling price per item will have to be. C. An increase in labour costs results in the variable costs being increased by 10. This will increase

1.Why do students of financial accounting need to bother with the study of theories? Why not just study some more of the numerous accounting standards or other pronouncements of the accounting profession? 2.Why would (or perhaps should ) accounting practitioners and accounting regulators consider various theories of accounting ? 3.Do all theories

Under the direct write-off method, the account credited when an account is determined to be uncollectible is Bad Debt Expense Sales; Allowance for Bad Debts Accounts Receivable

Grano BV and Henco BV manufacture fairly similar remote-controlled toy cars. Sido BV, a retailer of children's toys, expects to buy and sell 4000 of these cars each year. Both Grano and Henco can supply all of Sido's needs and Sido prefers to use only one supplier for these cars. An electronic link will make ordering costs negligible for either

Grano Henco Purchase price of the car Relevant incremental carrying costs of insurance, materials handling, breakage, etc., per car per year Expected number of stockouts per year resulting from late deliveries 50 49 11 10 20 cars 150 cars Stockout costs per car Expected number of cars sold that will be returned owing to quality and other problems

A ray of light enters an equilateral prism made of material with n=1.45 at angle of emergence theta. The internally refracted ray is parallel to the base of the prism. What is the angle of refraction for the ray leaving the prism? A 46.5 B 30.0 C 20.2 D 15.7 I know we have to use some form of snell's law here but I don't know how to start when

On January 1, 2014, Company P acquired 80% of Company S for $570,000 when the book value of net assets was $600,000. This excess of implied value over book value was allocated to equipment $50,000 with a 10-year life and goodwill $62,500. On January 2, 2015, Company P issued $120,000 of 8% bonds at face value to help finance the purchase of 25% of

Galaxy Donuts has a cash conversion cycle of ______ days, which is a very healthy turnover rate. A. 120 B. 60 C. 30 D. 90.

Two forces of magnitudes 3.0 N and 4.0 N act on an object. How are the directions of the two forces related if (a) the net force has magnitude 7.0 N or (b) the net force has magnitude 5.0 N? ( c) What relationship between the directions gives the smallest magnitude net force, and what is this magnitude?

Totals of various columns from the work sheet are shown below. What is the net income or loss Income Statement Debit 8.500 Balance Sheet Credit Debit 4.300 Credit 6.050 6,750 Net loss of 4,300 Net income of 1.750 Net loss of 1750 Net income ot 4.300

During the month of February, Hoffer Company had cash receipts of $12,900 and cash disbursements of $14,900. The February 28 cash balance was $3,600. What was the January 31 beginning cash balance? $1,600 $5,600 $2,000 $0 $7,600

Perez Manufacturing Company was started on January 1, Year 1, when it acquired 90,000 cash by issuing common stock. Perez immediately purchased office furniture and manufacturing equipment costing 8,400 and 33,100, respectively. The office furniture had an eightyear useful life and a zero salvage value. The manufacturing equipment had a 3.900

On March 2, Ivanhoe Company sold 840,000 of merchandise on account to Sarasota Company, terms 310, n30. The cost of the merchandise sold was 603,000. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry for the

Advise the board how Disneyland could encourage key staff to accept the suggested new performance management system (balanced scorecard) and ensure the staff are committed to business performance improvement at Disneyland.

The acquisition cost of a plant asset should be calculated using the following equation Multiple Choice Acquisition Cost Cash Price Capital Expenditures Acquisition Cost book velue Capital Expenditures Acquisition Cost Cash Price Capital Expenditures Acquisition Cost discount amount Capital Expenditures

a) Find the standard matrix for the linear transformation from R 3 to R 3 that rotates vectors by /4 radians about the xaxis, counterclockwise looking towards the yz plane from the point (1, 0, 0). (Note: under this rotation, points on the positive yaxis will rotate to points with positive y and zcoordinates.) b) Find the standard matrix for the

Longevity Constructions Ltd purchased a truck costing $148,100. The truck was shipped to the company at a cost of $2,050. It is expected to have a residual value of $9,000 at the end of its useful life of 10 years or 310,000 kilometres. The firms financial year ends on 31 December each year. Ignore GST. Required: a. Assume the truck was purchased

During June 2021, the following transactions occurred in Michael Ltd, a business that sells stationery to companies on credit. The entitys accounting period ends on 30 June each year. The accounting records of Michael Ltd in 2021 reveals the following. Ignore GST. $ Cash sales (for the year) 22,000 Credit sales (for the year) 1,606,275 Credit

You are working for the temporary accounting employment agency known as Accountants. Today you have been asked to work at High Jewellery, a small jewellery store that operates in inner city Sydney and is owned by Alexia Smith. Your task here is to provide advice about the firms inventory system. The following information relates to the

The following information is available for the Memphis and Billings companies Memphis Billings 1,268,040 1,241,720 830,520 912,520 326,760 278, 100 1,140,000 350,000 Sales Cost of goods sold. Operating expenses Total assets Stockholders equity 1,120,000 390,000 Required a. Prepare a common size income statement for each company. b. Compute the

A distribution channel for the sale of imported Italian leather shoes includes a manufacturer, a distributor and a retailer. The retailer sells the shoes to his consumers for 123 a pair, earning a margin of 22. The distributor buys the product directly from the manufacturer for 62. The manufacturer realizes a 64 margin when selling to the

In 2021, NB Incorporateds federal taxable income was 252,000. Compute the required installment payments of 2021 tax in each of the following cases Required a. NBs 2022 taxable income is 561,000. b. NBs 2022 taxable income is 731,000 c. NBs 2022 taxable income is 1,222,000. a Total installment payments b. Total installment payments Total

Q2Q1 What are the simplest logic expressions for J2 and K2 Do not use XORs. Variable A is an input. 12 QOA 00 01 11 10 00 0 0 1 J2 01 11 10 X X 1 0 X0 X 0 1 0 0 X Q2Q1 QOA 00 01 11 10 00 01 1 1 X X X 1 100 0 0 K2 K2 11 10 X X X 0 X