What is the appropriate term for how the company distributes a portion of its profits? How does this benefit the local community? What is the benefit to the company and local community by this action?

Q: Cash Accounts receivable Teaching supplies Prepaid insurance Prepaid rent Professional library…

A: Financial statements mainly comprise three statements, income statement, balance sheet, and cash…

Q: Ross corporation makes all sales on account. The June 30th balance sheet balance in its accounts…

A: 70% of sales of June are collected in June, hence the amount of $240,000 represents 30% of sales of…

Q: Equivalent Units of Conversion Costs The Rolling Department of Kraus Steel Company had 7,220 tons in…

A: Solution...     Equivalent unit of conversion costs

Q: For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation…

A: Depreciation is the amount which is to be reduced from value of assets to recognise the normal…

Q: Current Attempt in Progress Sheffield Company showed the following balances at the end of its first…

A: The trial balance records all the accounts with their respective balances. Assets have debit…

Q: corporation sold a parcel of land used in its acquired five years ago at P1,500,000. What is elect…

A: When you sold property after holding for more than one year than you may need to pay the capital…

Q: Payton Company has the following segment revenues for the two most recent fiscal years. Segment…

A: Solution...       % of vertical analysis  = segment Revenue / Total Revenue  * 100

Q: Using the following information: 1. The bank statement balance is $2,803. 2. The cash account…

A: Introduction:- Bank reconciliation is a process to match the cash account of a company with the bank…

Q: The prepaid insurance account had a beginning balance of $3,420 and was debited for $6,460 of…

A: The adjustment entries are required at the year end to adjust the deferral and accruals for the…

Q: what are the possible causes of adverse Wage rate varianc

A: Introduction:- Standard costs are estimates of the actual costs in a company’s production process…

Q: Required: (1) Prepare a statement of cash flows using the indirect method for the year ended June…

A: The indirect cash flow method calculates cash flow by adjusting net income with differences from…

Q: On June 8, Williams Company issued an $72,000, 7%, 120-day note payable to Brown Industries.…

A: The maturity amount of a bond is the total amount that the issuer of the bond has to pay in order to…

Q: Current Attempt in Progress On January 1, Pina Colada Corp. had 62,100 shares of no-par common stock…

A: Journal entries is the primary step to record the transaction in the books of accounts. The…

Q: Waterway Company is trying to determine the equivalent units of production for conversion costs with…

A: Conversion costs are costs related to direct labor and manufacturing overhead to convert the raw…

Q: A business operated at 100% of capacity during its first month and incurred the following costs:…

A: Absorption Costing Method :— Under this method, total manufacturing cost or production cost is the…

Q: Waterway, Inc. buys 1,000 video game CDs from a distributor who is discontinuing those games. The…

A: Cost per unit is to be allocated as per selling price ratio.

Q: In 2022, Pane in the Glass window company sold 100 windows on account for $200 each, By 12/31/2022 ,…

A: the balance sheet is prepared by the company and it a record all the expect of the assets on the…

Q: Comprehensive Problem (Algo) LO 12-1, 12-2, 12-3, 12-4 During Year 3, Anywhere, Inc. (Al) incurred…

A: EQUIVALENT UNITS PRODUCTION Equivalent units Production of a Process in term of Completed Units.…

Q: A company started the accounting period with accounts payable of $45,000 and ended the accounting…

A: Beginning accounts payable and credit purchase during the period represents the total amount payable…

Q: Consider an asset that costs $1,280,170 and is depreciated straight-line to 83,206 over its 14-year…

A: Cost of asset = 1,280,170 residual value = 83206  estimated life = 14 year annual depreciation =…

Q: efined contribution  plan? I. An entity shall not disclose the amount recognized as expense for a…

A: Under the define contribution plan the primary funded by the employee as the participant differs a…

Q: The Toy Company A toy company in business for seventy years has consistent sales of $20 million per…

A: Costing the product is an important process of accounting cycle. It is the price that plays a great…

Q: On December 31, 2024, Sunland Company had 1,360,000 share 2024, stockholders' equity had the amounts…

A: Journal entry represents the initial recording the financial transactions of the company. It…

Q: Land originally purchased for $28,219 is sold for $74,957 in cash. What is the effect of the sale on…

A: If the land is sold at a higher price than the purchase price, profit has been made.  Profit on sale…

Q: Required information [The following information applies to the questions displayed below) On October…

A: Warranty is the promise made by the seller to the buyer of the product or repair or replace the…

Q: canova corporation adopted the dollar value LIFO retail method on janurary 1, 2024. on that date,…

A: Answer:-  LIFO retail method:- Inventory is determined using the last in, first out (LIFO) method…

Q: Audry has a debt of 335,150 with an interest rate of 5.65% for from the beginning of the month of…

A: Calculation of Interest using approximate time and exact interest method Principal (P) 335,150…

Q: a change in accounting principle is inseparable from the effect of a change in estimate, this…

A: The change in accounting  change than  accounting principles change in accounting estimate in…

Q: Use the following information from the Adjustments columns of a 10-column work sheet. Unadjusted…

A: S.no.    Account.              Debit($)    Credit($) A         Insurance expense  1198…

Q: Sheffield Company is preparing its direct labor budget for 2022 from the following production budget…

A: The direct labor budget is prepared to record the direct labor cost to be incurred during the…

Q: During 2022, Ebenezer (single) decided to sell his long-time personal residence. He purchased the…

A: The question has asked to compute the recognized gain.   Recognized gain: Recognized gain indicates…

Q: On December 31, 2021, Ghani Catering discovered that one of its customers, Vince Suerty, had gone…

A: Journal entry is a primary entry that records the financial transactions initially. The transactions…

Q: opening inventory 2400 units opening inventory 3300 units closing inventory 500 units closing…

A: A sales budget is a financial strategy that projects the entire income of a business over a given…

Q: Flapjack Corporation had 7,712 actual direct labor hours at an actual rate of $12.30 pe completed…

A: "Since you have asked multiple questions, we will answer first question for you. If you want other…

Q: Selected information about income statement accounts for the Reed Company is presented below (the…

A: Comparative Income Statement: Multiple accounting periods results are shown separately in columns on…

Q: ($ thousands) Sales Cost of goods sold Gross profit Operating expenses Net income ($ thousands)…

A: Percentage has been calculated by using 2015 as base year.

Q: A company manufactures various-sized plastic bottles for its medicinal product. The manufacturing…

A: Requirement:-a Preparation of a differential analysis dated July 31 to determine whether the company…

Q: P11.2A (LO 2, 3, 4) Remmers Corporation, a publicly traded company, was organized on January 1,…

A: Journal entry is the procedure for initially documenting commercial transactions in the books of…

Q: Current Attempt in Progress During March, Indigo, Inc. purchases and uses 10,900 pounds of materials…

A: Total Material Variance :— It is the difference between standard direct material cost and actual…

Q: Nelson Company's Radio Division currently is purchasing transistors from Charlotte Co. for $3.50…

A: Answer  For making.Internal transfers between  division’s  the transfer price to be considered  is…

Q: 5) Zitrik Corporation manufactured 110,000 buckets during February. The variable overhead…

A: The variance is the difference between the actual data and standard output of the production. The…

Q: In Year 1, Better Sleep Company began to receive complaints from physicians that patients were…

A: The contingent liabilities will be recorded as a liability in the balance sheet if the probability…

Q: 1. On 9/20/22, Manhattan Trading shipped goods costing $200,000 to Queens Appliances Store on…

A: The perpetual inventory system means that the changes to inventory are immediately recorded through…

Q: Pronghorn Company is considering two capital investment proposals. Relevant data on each project are…

A: (a) Cash payback period for each project:                                           Project Red…

Q: A company estimates that it will incur $3510000 of overhead each year in three departments:…

A: Lets understand the basics. Overhead costs are cost which are not specifically related to any…

Q: What is the difference between experience versus assets with an example?

A: Experience and assets are both important components of an individual or organization, but they have…

Q: financial statements are presented for 1997, the current year, and the four preceding years, 1993,…

A: Answer  As per paragraph 15 IAS 1made it clear that consistency in Application  of accounting…

Q: Great Outdoors Company makes two types of camping tents. Making a standard camping tent requires 4…

A: Clearing the concept in this question: Manufacturing cost is allocated to the products based on the…

Q: A debt pf $42,000 is repaid by payments of $3,872 made at the end of every six months. Interest is…

A: The periodic payment is made to repay the loan. The periodic payment includes both the interest and…

Q: gross margin of $4,000,000, an operating income of $1,500,000, and net income of $1,000,000. Total…

A: there are different ratio that is to be calculated by the company in order to provide the inside of…