Weekly

Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near ...

A: Lets understand the basics. For calculating activity variance, budgeted cost for decided activity is...

Q: Statements: I.      An internal rate of return that is greater than the cost of capital ensures that...

A: Internal Rate of Return is the Return that the project or the firm is earning and the cost of capita...

Q: Paul Corporation acquired 80 percent of Saul Company on January 1, 2019, by issuing 118,000 shares o...

A: Acqusition Cost It may be incurred several cost which are related with the Acqusition cost while car...

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume t...

A: Income statement: The income statement shows the company's revenues and expenses earned during the p...

Q: Inc. offered a one-year loan to a customer client. The instrument is a discounted note with a nomina...

A: Discount rate of note (R) = 15%

Q: Working paper that bridges the gap between the accounting records and the financial statements are c...

A: Accounting records are based on multiple documentary evidences like vouchers, ledgers, Bank Passbook...

Q: On January 1, 2021, Mama Company purchased a machine for P2,750,000. The machine was depreciated usi...

A: Solution.      Cost = P2,750,000  Life (N) = 10 years  Sum of years of digits  = N (N + 1) ÷ 2  = 10...

Q: Bulldogs Inc. uses Additional Funds Needed as a plug item. If the company had forecast its additiona...

A: Lets understand the basics. Retention ratio is a ratio which shows how much percentage income is lef...

Q: If the excel spreadsheet looked like this how would you set it up?

A: Budgeted Income Statement The purpose of preparing the budgeted income statement which knows the det...

Q: Apr. 1.   Paid the treasurer of the union the amount of union dues withheld from workers' earnings d...

A: Payroll Payroll is considered to be one of the important function in the business entity and to time...

Q: Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cas...

A: Average amount of account Receivable = Days of sales outstanding x Sales / 360 Days of Sales Outstan...

Q: The IASB standard (IFRS 3 Business Combinations) issued with respect to the treatment of negative go...

A: Negative goodwill in business combination is known as bargain purchase.It should be recognised immed...

Q: B Record the excess value (differential) reclassification entry. C Record the entry to eliminate the...

A: Consolidation: Consolidation alludes to the converging of at least two monetary things, resources, l...

Q: 30. On January 1 2021 parent co. acquired 80% of subsidiary inc.’s outstanding stocks for 1,600,000 ...

A: In case of business combination we can measure the goodwill or bargain purchase using the below ment...

Q: The LLO-44886 company uses a job-order costing system with direct labor hours as its allocation base...

A: Overhead applied  = Actual overhead + Overhead overapplied = $740,000 + $39,375 = $779,375

Q: Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90...

A: GIVEN Golf Corporation estimates that its production for the coming year will be 25,000 units, which...

Q: Calculate the retained earnings of P Company immediately after the combination:

A: Net assets of S company =  Total assets - total liabilities = P  8,000,000 - P 2,000,000 = P 6,000,0...

Q: Which of the following is true? O If a firm's volume of credit sales decreases, then its liquidity r...

A: Following is the correct option. 

Q: NEKO Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sa...

A: Calculation of days of sales outstanding   = 30% x 20 = 6 days    Calculation of credit sales = Tot...

Q: During an acquisition, when should intangible assets NOT be recognized apart from Goodwill? A. The a...

A: The correct answer is Option (d)The assets have been accounted for by the subsidiary but have no Fai...

Q: Statement I: In lumpsum liquidation, the remaining cash available after realization and payment of  ...

A: Solution:- Given, Under Lumpsum Liquidation all the assets are realized or sold and the available ca...

Q: The economic order quantity of Mama Inc. is 1,000 unit.  They sold their sole product for a selling ...

A: At economic order quantity there is minimum holding and carrying cost involve. Economic order quanti...

Q: Identify the correct classification of the following as as either: Operating Activities, Investing A...

A: The cash flow statement is an important financial statement, which is prepared to record cash flow f...

Q: Which of the following choices best describes reasonable conclusions that you might make about the t...

A: Current ratio is the one which depicts the liquidity position of an entity.

Q: Complete the aging schedule. Number of Days Outstanding Accounts Estimated % Total Estimated Receiva...

A: given   Prepare the adjusting journal entry to record bad debts expense at June 30 assuming that Wal...

Q: iscount offered and pays the suppliers 5 days after the due date, what is the annual intere te cost ...

A: Solution: Let Gross price = 100 Discount for payment with in 10 days = 100×2% = 2 Net price = 100 - ...

Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...

A: The Activity based costing is the modern technique to assign cost to various activities. The cost of...

Q: Shady Rest Nursing Home has 1

A: The total cost of production of a good comprises of the total fixed cost of production and the total...

Q: John Doe, a 23-year young newly graduated engineer just got a job in a major engineering firm. Human...

A: In this question, we will find out inflation rate and rate of return and all calculation due to Apri...

Q: average total assets 305,000 turnover 4.0 What is total sales

A: Total assets = 305,000 Asset turnover ratio = 4.0

Q: Take me to the text On October 1, 2020, Robby Company issued $251,000 worth of bonds at par, with th...

A: The bonds are the financial instruments used to raise money from the market. 

Q: Bulldogs Inc. enters into an agreement with a firm that will factor the company’s accounts receivabl...

A: The comparable annual cost of an asset is the yearly cost of owning, running, and maintaining it thr...

Q: A firm with seasonal sales would probably select which of the following types of loans from a bank t...

A: Seasonal sales where the products of the company would be sold only in particular season of the year...

Q: On January 1, 2021, Red Flash Photography had the following balances: Cash, $25,000; Supplies, $9,30...

A:

Q: Differentiate between centralized and decentralized operations.   Also, differentiate between a prof...

A: Departmentalization: Departmentalization is a cycle wherein occupations or groups are joined togethe...

Q: Which of the following would NOT be included in the acquisition cost?

A:                       The acquistion cost is the total cost incurred in the acuistion of asset/asset...

Q: NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a dep...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: Bulldogs Inc. is given terms of 2/10, net 45 by its suppliers. If Bulldogs Inc. forgoes the cash dis...

A: Cash discount if paid within 10 days= 2%

Q: mith Inc. expects to use 96,000 litters of paint annually costing P12 per litter. Inventory carrying...

A: Inventory carrying cost is the cost of keeping items in stock. The larger the volume of inventory, t...

Q: ABC Corporation declared 25% bonus issue to its ordinary shareholders on December 31,2021. As

A: Bonus Shares : Bonus shares means additional shares which are given to existing shareholders without...

Q: Carla Vista Hardware Store completed the following merchandising transactions in the month of May. A...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: At March 31, 2019, the end of the first year of operations at Lukancic Inc., the firm’s accountant n...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: After a long dispute, AA, BB, and CC decided to liquidate their partnership. Their capital balances ...

A: The correct answer for the above question is given in the following steps for your reference

Q: If a business owner invests $5,000 in cash into the business, which side of the T for the cash accou...

A: If business owner invests $ 5000 in cash into business then the following journal entry shall be pas...

Q: LGM Motors acquired 80% of NS Service Center outstanding shares on January 1, 2022 by paying cash. T...

A: Consolidation refers to when the parent company acquires another company and pays a certain consider...

Q: Which of the following statements is most correct?

A: Companies or government require funds and for that sometimes they issue the bonds or debentures inst...

Q: How many are the ordinary shares outstanding after reflecting the foregoing transactions for the yea...

A: Ordinary shares refer to the equity shares of the company. Ordinary or common shareholders are techn...

Q: Which costing method is best used in the trucking industry (ABC, Job Costing, Process Costing) Give ...

A: Costing Techniques: Costing techniques are strategies for finding out the cost-for-cost control and ...

Q: Coby is plumber who engages Peter to buy materials on his behalf. Peter is given a limit of $1,500 o...

A: Agency is simply an agreement by one person (the principal) in terms of which they transfer authorit...

Q: Which of the following pertaining to Consolidated Financial Statements is correct? A. The preparatio...

A: As per Accounting standards, when the parent acquires a subsidiary or have controlling entities then...

Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.