Question 2 (1
Q: Determine the WACC, and determine whether the company generated value or not, and what the amount…
A: The weighted Average cost of capital is calculated by multiplying the cost of the source of finance…
Q: business like NetSolutions estimates customer refunds and allowances for each year’s sales that…
A: Customer refunds and allowances is a current liability as cash outflow will be required to settle…
Q: There are numerous types of collaborative arrangements, each with its own advantages or costs.…
A: Collaborative arrangements involve the contract of two or more parties which signs the agreement to…
Q: Loak Corporation provides the following data for the year 2020: Cash sales 500,000; Collection from…
A: Gross sales are the revenues received by the company entity from the sale of its principal product…
Q: Olinick Corporation is considering a project that would require an investment of $289,000 and would…
A: Payback period is the period during which the initial investment in the project will be recovered…
Q: Mason Industries purchased a drilling rig for $75,900. Delivery costs totaled $2,852. The useful…
A: Straight Line Method of Depreciation: In this method an equal amount is charged or written off…
Q: Lion Consulting Adjusted Trial Balance June 30, 2019 Debit Balances Credit Balances Cash…
A: Current liabilities: Liabilities that are due to be paid within one year or within one operating…
Q: 2 If the D, E, and F Partnership is liquidated by selling the noncash assets for $390,000 and…
A: Partnership D, E, F is going into liquidation. We are given the balance sheet as on the date of…
Q: Following are the transactions of a new company called Pose-for-Pics. Aug. 1 Madison Harris, the…
A: Solution: Journal entries follows double entry book keeping system which ensures that every…
Q: Fill in each of following T-accounts for Belle Co.'s seven transactions listed here. The T-accounts…
A:
Q: Indicate the appropriate entries for Prince Company and Albert Company respectively
A: Journal entries (JE) refers to the entries which records the event into original books of accounts…
Q: Assuming the company produced 24,000 fully and partially finished units during the year, determine…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: P9.1.1 Adjusting Entry Prepaid Insurance At January 31, 2022 Cy needs to update his accounts before…
A: Prepaid insurance is a cost associated with an insurance contract that has been paid in advance of…
Q: year ended December 31, 2019 (all amounts are based on the relevant : ness Loss 212,700 s From…
A: Net income refers to the sum value of money gained by an entity through its business activities.
Q: Although merchandising transactions affect the balance sheet in reporting inventory, they primarily…
A: Solution: Merchandising transactions involves purchase and sales of goods. these transactions…
Q: Use the Adjusted Trial Balance in the Module for Lion Consulting.On the Balance Sheet, what is the…
A: Long Term Liabilities are liabilities which are due for payment in more than 12 months from the…
Q: What is the total revenue of the reportable segments after considering the quantitative thresholds…
A: The reportable segments are those segments which have to be shown and to be declared by the company…
Q: On April 1, Proton Corporation purchased for P855,000 a tract of land on which was located a…
A: Fixed assets are assets that are purchased for a lengthy period of time and are unlikely to be…
Q: What is the revenue account for a merchandising business called? Group of answer choices gross…
A: Solution: Merchandise business is a type of trading business that involves purchase and sales of…
Q: In which of the following categories do indirect materials belong? Product Period Manufacturing…
A: Indirect material is the one which is used in the production but not directly.
Q: Revenues come from sales of goods and services to customers and result in A.decreased assets or…
A: Revenue is the amount earned by the company from the sales of goods or services. Generating revenue…
Q: 9. Joe is married and claims three allowances. The gross earnings on his last biweekly check were…
A: The federal withholding tax rate is applicable based on the filing status of the taxpayer and the…
Q: Which of the following statements are true regarding financial instruments? (i) Financial…
A: A primary instrument is a financial asset whose price is determined solely by its market value.…
Q: View Policies Current Attempt in Progress Axteks Corporation has the following cost records for the…
A: The cost of goods manufactured is a representation of the costs of products manufactured during an…
Q: igu, Vinilly Haping proviny ne Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5] Help [The…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: The journal entry to record fees earned on account would be posted to which of the following…
A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…
Q: 3. Frank decides he better make a budget! Use the following information to calculate his budget.…
A: You have posted multiple-part question, so as per our policy only the first three sub-parts are…
Q: Statement 1: Under accrual basis, net sales is computed as the difference between sales returns and…
A: The two methods of recognizing revenues and expenses are accrual basis accounting and cash basis…
Q: Which of the following ratios would NOT be considered to be a measure of a business economic…
A: The economic performance of a business can be measured by its ability to generate profits.…
Q: 16. Ebasan Company is involved in the exploration for mineral resources. Its policy is to recognize…
A: The exploration assets are generally recognized at the cost initially. The intangible exploration…
Q: Calculate DOL, DOF, and DOT for both years. ANSWER 2020 2021
A: The following formulas are used to calculate various types of leverages:- 1. DOL=Sales-Variable…
Q: Frieden Company's contribution format income statement for last month is shown below: Sales (40,000…
A: The indifference point is when the company neither incurs loss nor profit. It is a point above which…
Q: computer shop charges P15.00 in every hour of computer rental.Represent your computer rental fee(R)…
A: R = R (t) where, R= Total Computer Rental Fee payable R(t) = Rent per Hour x Total Number of Hours…
Q: Frieden’s management is considering a major upgrade to the manufacturing equipment, which would…
A: The contribution income statement is the statment that shows the contribution margin and the…
Q: Required information PA2-3 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing…
A: A journal entry is being used to record a commercial transaction in the accounting records of a…
Q: ent year, Goldilocks Inc. signed an agreement to operate as a franchise of Cafe for an initial…
A: Acquisition cost refers to the expenses born by an entity in acquiring an asset.
Q: Which of the following is the correct option: The Leontief study testing the Heckscher-Ohlin theory…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Which of the following is a good internal control for cash payments? A.Payments to suppliers should…
A: the objective of the internal control for the gas this was meant is to ensure that gas is given only…
Q: Instructions a. What was the company's earnings per share for each year? b. Based on your findings…
A: Earnings per shares refers to the profit earned by each shareholder after paying all the expenses of…
Q: For which type of learning outcomes would be the essay test be least useful? A. Understanding of…
A: in the essay test , test is taken from the candidate and candidate is given to write an essay on the…
Q: An insurance company MUST take which of the following actions when one of its producers replace an…
A: Here discuss about the details of the procedures and action which are taken by the insurance company…
Q: Using i of 9%, compare the net present worth of the net expenditures for the two proposed plans and…
A: Present value is the concept that states an amount of money today is worth more than that same…
Q: Mark Goldsmith's broker has shown him two bonds issued by different companies. Each has a maturity…
A: Bonds are called bond goods because they typically pay a set interest rate to the borrower (coupon).…
Q: The cost of warehouse space is allocated to three inventories: raw materials, work - process, and…
A: The materials used in production as well as the commodities created that are available for sale are…
Q: Vaughn Corporation’s comparative balance sheets are presented below. VAUGHN CORPORATION Comparative…
A: Cash Flow Statement (Indirect Method) For the year ended December 31, 2022 Cash Flow from…
Q: Prepare only the trading section of the Statement of profit or loss and other comprehensive income…
A: Trading securities are debt and owner's equity that a company expects to sell in the near future for…
Q: KK Limited owns a property that is used as its head office in Pretoria. On 1 st January 2020, its…
A: A compilation of summaries of an organization's financial results, financial position, and cash…
Q: How much was the gain or loss on the sale of CD shares? a. P1,100 gain b. P2,000 gain c. P15,000…
A: Gain/Loss= Net Sales Consideration - Cost of Acquisition If the result is positive, there's a…
Q: When a customer uses a credit card such as MasterCard or VISA to buy merchandise in a store, the…
A: Solution: When a customer pays for purchase using credit card, it is a cash sales for the seller as…
Q: 1. FW of Alt. A is $Blank 1 FW of Alt. B is $Blank 2 2. 3. FW of Alt. C is sBlank 3 4. FW of Alt. D…
A: Future worth which is also written as FW is one of the techniques which is taken into account by the…
Step by step
Solved in 2 steps with 1 images
- Question 1 Complete the column to show the effects of the transactions. The first transaction has been done for you. Paid creditor RM500 by cheque. Brought in personal car worth RM40,000 for use in business. Bought equipment costing RM6,000 from Shah Enterprise on credit. Jimmy, a long time client, issued a cheque of RM2,000 for a purchase made 4 months ago. Further injection of RM20,000 as additional capital of the business Effects of transaction on Transaction Assets(RM) Equity(RM) Liabilities(RM) a -500 -500 b c d eDate Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Prepare the Trial Balance as on 31.12.2020msu college QUESTION 2 Below were transactions for the month of August 2021 for Andalas Enterprise. August Started business with RM12,000 cash. Bought goods worth RM1,000 on credit from Shah Areef Trading Paid rent RM200 cash. Deposit RM11,000 of the business cash into the bank account. Sold goods on credit to Amita Sdn. Bhd. worth RM600. Bought stationery by cheque RM50. Cash sales of RM100 to Elena. 11 Return goods worth RM150 to Shah Areef, Goods worth RM45 returned by Amita. Received commission RM100 by cash. 14 www 18 ww 20 You are required to show the effects of the transactions in the accounting equation. 1231
- Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Record Journal Entries Post them into the ledger accounts 3. Prepare the Trial Balance as on 31.12.2020Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Post them into the ledger accounts 3.Date Transaction 1.1.2020 Mr. Salim Ahmed started business as Ahmed Enterprise with OMR 70000 cash and Furniture valued at RO. 30000 as capital 15. 2. 20 Opened Bank Account and deposited 45000 OMR Cash 29.3.20 Purchased goods from Sharuk Traders for OMR 14500, paid 10% cash and remaining on credit. 21.6.20 Sold goods for 14000 OMR . 50% received in cash remaining on account to M/s. Muscat Enterprises 4.9.2017 Purchased building from Ansari Traders 25000 OMR , paid by cheques full amount . 9.12. 20 Settled accounts of Sharuk Traders by cheque. 29.12.20 Paid Salary expense 500 OMR for the month of December cash 31.12.20 Received rent revenue of 1200 OMR in cash . Required : Post them into the ledger accounts Name of Account:______________ DATE PARTICULARS AMT. DATE PARTICULARS AMT. Name of…
- Mr. Tristan Siy III established Siy Bookkeeping Services and had the following transactions for the month of February: 4 19 15 18 19 Received P35,000 cash from customers in payment of their account. Paid in cash and received an official receipt 20 from the supplier for payment of accounts, 21 28 28 Investment of P150,000 cash fund by Mr. Siy into the business. 28 Received a Charge Invoice from a supplier for the purchase of a desktop computer amounting to P32,500. The computer is estimated to be useful for five years and have a salvage value of P2,500 thereafter. Purchased supplies amounting to P18,000 in cash. Paid P6,000 insurance for six months. Issued a Service Invoice for an amount of P50,000 to a customer for services rendered on account. P20,000. Rendered services to customers billed for P30,000. Cash payment of P15,000 for the salary of an employee. Mr. Siy withdrew P12,000 cash from the business. Paid the telephone bill for February amounting to P3,000.Write up the accounts to record the following transactions: 20X7 March 1 Started business with £750 cash and £9,000 in the bank. 2 Received a loan of £2,000 from B Blane by cheque. ** 3 Bought a computer for cash £600. 5 Bought display equipment on credit from Clearcount Ltd £420. 8 Took £200 out of the bank and put it in the cash till. 15 Repaid part of Blane's loan by cheque £500. " ** " " " ** # 17 Paid amount owing to Clearcount Ltd £420 by cheque. Repaid part of Blane's loan by cash £250. 24 31 Bought a printer on credit from F Jones for £200.Scenario: Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…
- Question 1: Smokey started his own business on 1st November 2020. His business transactions for November 2020 were as follows 1 November Started in business, introducing RM650,000 of his own cash into the business. 2 November Smokey opened a business bank account and banked RM600,000 of the cash. A computer was bought for RM12,000, paid for immediately by internet transfer. 4 November 5 November Bought goods amounted RM14,000 from Lou Supplies Sdn. Bhd.; paid RM2,500 by cheque immediately but the rest will only be paid later. 6 November Sold goods, RM13,000 to Gamuda Bhd., granting credit of 30 days. Gamuda Bhd. Returned goods which had cost RM3,000. A full allowance will be given for these goods. 8 November 9 November Sold goods on credit to Mazlan Bhd. For RM13,000. 10 Returned goods, RM1,500, to Lou Supplies Sdn. Bhd. November 11 Paid wages, RM15,000 by internet transfer. November 12 November Paid the amount owing to Lou Supplies Sdn. Bhd. by cheque. 15 Smokey took cash RM3,000 for…QUESTION UW Enterprise, which is owned by Umar Wafiy, deal with selling and distributing home furniture all over Kedah. Below were the transactions for the month of March 2024, in which the business started its operation. Date 2024 March Transactions 1 Umar Wafiy invested RM150,000 cash into the business. 3 Umar Wafiy transferred RM100,000 of the cash invested into the business bank account with Bank Menabung (M) Berhad. 5 Bought goods from Home Deco Sdn Bhd on credit at a price of RM85,000. 6 Bought goods from Home Deco Sdn Bhd at a price of RM5,000 by cheque before deducting cash discount of 2%. 7 Purchased two units of computer worth RM9,800 by cheque to be used in the business. 8 Sold goods to Mewah Enterprise on credit for goods worth RM45,000. 9 Returned goods to Home Deco Sdn Bhd for goods defect during transportation amounted to RM25,000. 11 Sold goods to One Plus Trading on cash amounted to RM32,000. 17 Received RM8,000 goods returned by Mewah Enterprise due to wrong…Assume that a relatively new company you and you group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter $720.00 per box 96 Bottles fuel injector cleaner $200.00 per bottle 48 Boxes Spark Plug $300.00 per box 36 Boxes Brake Shoe…