TRUE OR FALSE   The main difference between the function and the nature of expense methods is the segregation of operating and non-operating items under the function of expense method.

Q: From the French Instrument Corporation second-quarter report ended 2018, do a vertical analysis for…

A: Vertical analysis: It implies to a method of analyzing or evaluating the financial statements of a…

Q: Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal…

A: Cash flow statement is a statement that shown inflow and outflow of cash for that particular year or…

Q: The following information is taken from Lab Works Canada testing Service: Month Number of Tests…

A: The high-low method is used to differentiate the mixed cost. The mixed cost is the combination of…

Q: Markup and margin as percentages are equal. O True O False

A:

Q: Perform a horizontal analysis and put the correct answer in the appropriate blocks for only these…

A: Horizontal Analysis ITEM 31 DEC 2022 comparison year A 31 DEC 2021 base year B DIFFERENCE…

Q: The ledgerof VW Co. in 20x1 includes the following: Cash 200,000 Accounts receivable 400,000…

A: Rectification of Errors: It is the method of revising mistakes  made in recorded transactions.…

Q: Jennifer Corporation has issued 300,000 shares of $3 par value common stock. It authorized 600,000…

A: Stockholders equity is the amount the owner of company have invested in the business and retained…

Q: Mr Adam wants to sell his car, which he purchased at RM 85,000 after using it for three years. The…

A: Sum of the year digits method: Under this method of depreciation, the depreciation rate percentage…

Q: After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st.…

A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…

Q: CommercialServices.com Corporation provides business-to-business services on the Internet. Data…

A: Return on investment is calculated by dividing net income by average total assets.

Q: Question: Under the fair value model, what is the amount reported in the 2022 profit or loss?…

A: Fair Value model Under the fair value model, the value of the investment property is remeasured at…

Q: Debit Credit Cash $31,000 Accounts Receivable 7,400 Prepaid Insurance 21,000 Accounts Payable…

A: Given  Current assets = 31000+7400+21000+57500 = 116900 Current liabilities = 15100+16500+73000 =…

Q: Stute whether the following are non-current assets, current assets, owner's equty. non-current…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…

Q: Maynard Enterprises paid $1,468 in dividends and $1,214 in interest over the past year. The common…

A: Net income can be calculated after deducting a decrease in retained earnings from the dividend paid.

Q: 4- Mr Burns Riley, a British citizen and a resident exercised employment in Malaysia for the…

A: Malaysian Tax Residency Status: In Malaysia, the taxability on an individual is applicable based on…

Q: Supplies $ 32,000 Service Revenue $ 110,000 Supplies Expense 9,000 Salaries and Wages Expense 38,000…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The amount available under the line of credit is Prepare the appropriate journal entries through th-…

A: A journal entry is an accounting entry that is used to document a business transaction in the…

Q: Cynthia Reynolds deposited $22,000 in an account paying interest of 4% compounded annually. Click…

A: Lets understand the basics. Compounding interest is a interest calculated on the principle as well…

Q: Fatin buys a new café furniture worth RM 9,200. She receives an invoice dated 19 April 2021 with…

A: Cash discount: Cash discount is an incentive provided by the selling party to the purchaser for a…

Q: Why do we need to differentiate lessor accounting for direct financing lease and sales-type lease?

A: Lease contract: Lease contract is an arrangement occurs between two individuals or entities through…

Q: The following balances were taken from a sole trader’s accounts for the year  ended 30 June 2021:…

A: Solution: Capital account balance on 30.06.2021 = Beginning capita balance + Profit for the year =…

Q: Falcon Ltd is a software company and in on 1st of Oct 2020 it sold its software product to Mira Ltd…

A: Answer:-  Financial statement:- Financial statement are those written documents which describe a…

Q: Is internal auditing an assurance activity or a consulting activity? Cite illustrative example/s to…

A: Internal Auditing: Internal auditing is a service provided by an independent third party to review…

Q: VAT payable in February is

A: Introduction:- The following formula used to calculate vat payable as follows under:- VAT Payable =…

Q: What is the payback period? Round up to the next month Use the following table:

A: Year Cash outflows Cash inflows Net cash flow Cumulative Cashflows Payback period 0 -240000…

Q: Marie Company, a publicly-listed entity, had the following account balances on December 31, 2021:…

A: Cash is an assets recorded in the financial position of the business organization. Characteristics…

Q: Mary bought an electric oven listed as RM 3500 cash through an installment plan which she paid RM…

A: Answer:- a Computation of total interest charged:-  Cost of oven                  = RM3500 Less:-…

Q: In March 2022, Coca-Cola Limited made a rights issue with a subscription price of $4 per share for…

A: Right issue of Shares is a benefit provided to the existing share holders where they get a right to…

Q: Lee Manufacturing Corporation was incorporated on January 3, 2021. The corporation's financial…

A: 1. Analysis for intangible asset accounts: Patents: Particulars  Amount Unadjusted Balances…

Q: Operating costs are an important criteria when selecting what machinery would be the best choice for…

A: The formula for the total equivalent uniform annual worth (EUAW) is given below:- EUAW = EUAB…

Q: Unit V question 3

A: (a) Direct material + Direct labor + Manufacturing overhead   = 9,780 + 5110 + 8,880 (a) = 23,770…

Q: The cash flow associated with a stripper oil well is expected to be $4,000 in month one, $3,925 in…

A: The question is based on the concept of Financial Management. Annuity refers to the series of…

Q: Mr. John Wick operates books stores and renders services as a professional broker. In 2018, his…

A: Answer:-  Income tax definition:- Income tax can be defined as a tax which is levied on person or…

Q: your sister bought a condominuim unit for 9,300,000 peso through a condominium loan which she avaied…

A: The monthly amortization is the payment that has to be paid or received at the end of every month.

Q: On March 23, 2020 United Bank enters into an agreement to sell Treasury Notes to State Bank for…

A: In this question, we will prepare journal entries on March 23 and July 15.

Q: Flora Inc. reported the following information: Net income: $640,000 Depreciation expense: $79,000…

A: Introduction: Statement of cash flows: All cash in and out flows are shown in cash flow statements.…

Q: Why debit the COGS with the 25700 and not inventory of the $19,000.  Why was the  $19,000 expensed…

A: What is meant by rectification of errors? It might be possible that while preparing books of…

Q: The ABC partnership is a cash-basis, calendar-year partnership. A sells his 1/3 interest to D on…

A: Under the interim closing method,the partnership actually closes its books on the date of the…

Q: The selling price of Product Y is set at $1,200 for each unit and sales for the coming year are…

A: Target cost = Desired Sales revenue - Desired profit Desired Sales revenue = 1,000 units x $1,200 =…

Q: On December 31, 2013, Dos Company has outstanding purchase commitments for 50,000 gallons at P20 per…

A: A commitment to purchase a specific number of items in the future at a fixed price. If the agreement…

Q: Give detail definition on operational cost and explain in detail how the operational cost is…

A: Introduction:- The following definition of operational cost as follows under:- Operating costs are…

Q: You purchase a 6%, 20-year annual coupon bond for its face value. You will hold this bond for two…

A: Return on the bond at the end of the first year  = 6% + 6% of 6                               6 +…

Q: ccurred between Garfield Company and MiKi, Inc.: (a) On August 1, Garfield Company sold merchandise…

A: Journal Entries  The act of recording or keeping track of any financial or non-financial action is…

Q: Fabienne Talent Agency has a beginning capital amounting P 1,250,000, an additional investment of P…

A: Formula: Ending capital = Beginning capital + Additional investments + Net income - Withdrawals.

Q: Unit VI question 4

A: Lets understand the basics. Contribution margin is a sales less variable cost of the company.…

Q: MC15 The Emem Company acquired a building on January 1, 2022 for P18,000,000. At that date, the…

A: Under cost model, investment property is measured at cost less accumulated depreciation . Fair value…

Q: Payback, Accounting Rate of Return, Present Value, Net PresentValue, Internal Rate of ReturnAll…

A: The overall calculation is shown below,

Q: An individual (Resident citizen) earning compensation and business income provided the following…

A: Basic salary (Net of withholding tax) 400,000 Withholding tax on salary 30,000 Director's fee…

Q: La Barte Company manufactures commuter bicycles from recycled materials. The following data for July…

A: standard costing is used in cost accounting to major the standard and actual result and any…

Q: 6. Determine the economic life of an $900 laptop computer. Your personal interest rate is 12% per…

A: Economic life is the estimated period of time an asset remains useful to the business or owner. When…