Who is the father of Accounting and why he was called the father?

Q: Cathy’s Cookies produces cookies for resale at local grocery stores. The company is currently in the...

A: Sales (units) for the quarter = Prior year quarterly sales + 20% increase 

Q: The operations vice president of Security Home Bank has been intelested IN has been particularly con...

A: Solution: First stage allocation under activity based costing is distribution of cost to different a...

Q: Herbert and Ireneo are partners sharing profits and losses in the ratio of 60 % and 40% , respective...

A: When a new partner is admitted into a partnership firm then the profit sharing ratio of the existing...

Q: Tartufo Corp. entered into a 5-year lease agreement with Gelato Inc. to lease equipment beginning on...

A: Initial measement of lease contract: Year Annual lease payments Present value factor @ 8% Present...

Q: [The folowng information applies to the questions displayed below The foilowing summary data for the...

A: Assets=Liabilities+Stockholders' Equity

Q: Balances January 1, current year Accounts receivable (various customers) Allowance for doubtful acco...

A: Sales discount = Net sales * discount rate Credit Sales net of return = Total credit sales - Sales r...

Q: The balance sheet is prepared before the statement of changes in owners equity. True or false?

A: Statement of changes in equity reflects various changes in accounts related to equity such as common...

Q: Consider the following situations for Shocker: 1. On November 28, 2024, Shocker received a $3,000 pa...

A: Adjusting Entry: Adjusting entry alludes to a bunch of diary sections recorded toward the finish of ...

Q: Calculate the amount of overhead allocated to the products of a company that has a predetermined ove...

A: Amount of overhead allocated to the product = Actual machine-hours x Predetermined overhead rate whe...

Q: d. A large customer owing $2.8 million for products it already received declared bankruptcy, leaving...

A: A large customer owing $2.8 million for products it already received declared bankruptcy, leaving no...

Q: A responsibility center's contribution margin ratio is 40%, and its common fixed costs are currently...

A: Increase in margin = Increase in contribution margin - Increase in fixed costs where, Increase in co...

Q: Assume Jack and Jill, 25 and 75 percent shareholders, respectively, in UpAHill Corporation, have tax...

A: Tax is the amount that is charged by the government from the organization and individuals on the inc...

Q: Name of the Amount Name of the Amount | Account | Bank loan Bills payables Stock Capital Account 200...

A: Trial balance is a list of all ledger accounts having debit or credit balances , it helps in prepara...

Q: 9.Hong Kong Clothiers reported revenue of $5,150,000 for its year ended December 31, 2021. Accounts ...

A: Answer -  Cash collected from customers = Sales Revenue + Opening Account Receivable - Closing Accou...

Q: COMPLETE THE FOLLOWING JOURNAL ENTERIES FOR SAFETY HOSPITAL FOR 2021   a.      January 31 -  Purch...

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....

Q: Horten Sporting Goods Corporation makes two types of racquets, tennis and badminton. The company use...

A: Total cost of a product comprises of direct materials, direct labor and overhead applied cost.

Q: 3. ABC Corporation is authorized to issue 80,000 ordinary shares. During the current year, the corpo...

A: (a) Paid in capital in excess of par per share = 20 - 5 = 15 per shares

Q: At the end of 2021, Magilke is evaluating the results of the instructional business. Due to fierce c...

A: Impairment: A impairment loss happens while the conveying measure of a resource is more prominent th...

Q: The accounts below appear in the ledger of Buffalo Company.     Retained Earnings   Dr.   Cr.  ...

A:   Journal entry is the process of summarizing the financial data of a company in a specific format....

Q: Crane Resort Corp. issued a 20-year, 4%, $298,000 mortgage note payable to finance the construction ...

A: The question is based on the concept of Financial Accounting.

Q: What is the business tax liability of gas and water utilities with gross receipts exceeding P10,000,...

A: Tax liability is the amount of tax obligation on an entity. It is the liability that an entity has t...

Q: for the Compute following (show your solution): 1. Total Current Assets 2. Total Non-current Assets ...

A: 2. Balance Sheet - This Statement shows the balance of assets liabilities and Equity as at the balan...

Q: COCO Inc. has a credit agreement which is revolving fund with its bank under which it can borrow up ...

A: THe question is based on the concept of the Financial Management.

Q: 4. (Present value of an ordinary annuity) What is the present value of the following annuities? a. $...

A: a. Present value = Amount{[1 - (1 + Rate)^-Time] / Rate} Present value = $2,500{[1 - (1 + 0.07)^-10]...

Q: EXHIBIT 25-2 The Exemption Equivalent Year of Transfer Gift Tax Estate Tax 1986 $500,000 $500,000 19...

A: Solution Estate tax  is a tax on your right to transfer property  at your death.

Q: Differentiate a “deposit" and a “deposit substitute"?

A: Deposit is the amount of customer money which is held by bank or other institution. Deposit substitu...

Q: The Snella Company reports 2023 Pre-tax Net Income of $10,000. The following items exist:

A: Income tax is levied on income. The composition of total tax revenue earned from this taxation incre...

Q: Susan Carrie is planning to sell her special pottery for $25 per unit. She purchases units from  a l...

A: Breakeven point implies that point at which firms earn no profit and bear no loss so directly we can...

Q: An Ontario employee is paid on a bi-weekly pay schedule. His Gross Earnings for this pay cycle is $2...

A:   Withholding refers to the portion of an employee's wages that is excluded from the paychecks of e...

Q: ich of the following would least likely cause an unfavorable materials quantity(usage) variance? * ...

A: Solution: Material quantity (usage) variance is the difference between actual quantity of materials ...

Q: Complete the ordinary annuity as an annuity due (future value) for the following: (Please u Table.) ...

A: Solution: Future value is the future amount of money invested today at defined growth rate after spe...

Q: rty classifed as held for sale are presented separately as current asset. True or False?

A: Solution: Assets held for sale are those assets which the company intends to sell. These held for sa...

Q: Teal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The followin...

A: The question is based on the concept of Lease Accounting.

Q: Subject- Audit SUMMARIZE THE CORE ISSUES for the following topic:- • ISA 510, Subsequent Events

A: Introduction:- The auditor's responsibilities in relation to opening balances in an initial audit en...

Q: objective of Managerial Accounting?

A: Managerial accounting is the system in which the method of accounting provides such statements or re...

Q: Sawi Ak Co. acquires copyright from authors, paying advance royalties in some cases and in others, p...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: Closing entries transfer the balances of the permanent accounts to the temporary accounts.   Select ...

A: The permanent accounts will usually appear in the post-closing trial balance. The temporary account ...

Q: Please see below. I need help making a made up purchase schedule of inventory. Please include parts ...

A: Purchase Schedule Purchases schedule which comprises the details of order number and date of the pur...

Q: Berman V. Parker is plannir which offers to lend the m

A:

Q: Question 21                 What is the January Sales Revenue related to Job 3?   Question 21 optio...

A: Q21. Job 3: Sales revenue = Units sold × Sales value = 10,000×$50 = $500,000

Q: Required information (The following information applies to the questions displayed below) Warnerwood...

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method.

Q: Marin Ltd. started the year with a balance owing from Stratford Inc. of $31,200. After several phone...

A: Journal entry refer to the first step in process of accounting which refer to recording of financial...

Q: The firm is formed to purchase and operate a vehicle. The purpose of the vehicle is to operate a ta...

A:

Q: On January 1, 2020, Pangarap Nalang Company showed total assets of P5,000,000, total liabilities of ...

A: Answer -    Working Note :  Calculation of Retained Earnings:  Particulars Amount Amount Total ...

Q: Calculate the breakeven point and contribution margin. Breakeven point Fixed cost Contribution margi...

A: Break even point = Fixed costs / Contribution margin per unit where, Contribution margin per unit = ...

Q: 3. Mala-Prohibita Company has annual credit purchase of ₱720,000 with a usual term of 3/10, net 35. ...

A: The simple cost of foregoing the cash discount is computed following formula: - Cost =  Discount Per...

Q: Assume the following year 2 income statement for Johnstone Corporation, which was a C corporation in...

A: Ordinary loss - An ordinary loss is failure realized by a taxpayer when charge exceeds revenues in r...

Q: Teal Leasing Company agrees to lease equipment to Flint Corporation on January 1, 2020. The followin...

A: Lease: A lease is a lawful agreement by which one party conveys land, property, administrations, and...

Q: Under accrual method, what is the income before taxes should Iniwan report in its December 31, 2020?...

A: Accrual basis income before taxes is the income which a company has earned during the year as per th...

Q: Using Excel spreadsheet / worksheet, determine Anna's profit. Attach excel solution.

A: Operating income refers to the income or gross profit generated by the company from its operations o...