Answer if true or false. If false write the word that makes the statement incorrect/wrong. 1. In other words, "F.O.B. destination" signifies that the buyer receives title on the shipment date. 2. The sale of an extended warranty contract on a washer and dryer is an example of revenue earned from ongoing operating activities. 3. Because it increases the amount of customers, many businesses accept credit cards when selling goods.
Q: How much is the patient services revenue? How much is the operating revenue? How much is the total n...
A: Patient revenue services includes charges for direct patient care such as doctor's fees,room charges...
Q: Incorrect answer icon Your answer is incorrect. Martinez Corporation entered into a finance lease to...
A: GIVEN calculation of value of right- of use asset value of lease liability = $72,735 Commission...
Q: San Miguel Beer Manufacturing business reported the following for its first year of operation: Purch...
A: Net Revenue - Net Revenue is calculated after deducting Returns and discount from the gross sales.
Q: 20.... . . . Your answer is incorrect. On December 31, 2019, Sandhill Company leased machinery fro...
A: Leases is a form of contract or arrangement between two parties under which one party provides it's ...
Q: an auditor finds any misstatements or deviations in planned procedures: a. the auditor should not re...
A: When an auditor finds any misstatements or deviations in the financial statements then the auditor h...
Q: Knowledge Check 01 Why is accounting important? Accounting information impacts all of us. O Accounti...
A: Accounting - Accounting means recording of transaction in systematic, prescribed format and summariz...
Q: Can you please explain the statement with an example? Also, check whether my understanding of the ex...
A: Fixed costs refer to the costs that do not tend to change with the change in production volume withi...
Q: Failure to provide any level of care in fulfilling a duty owed to another party, including reckless ...
A: Constructive fraud occurs when you falsify or omit vital facts when speaking with somebody who belie...
Q: 1. How much is the raw materials used in production? 2. How much is the total manufacturing cost? 3....
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: OSLO COMPANY–First Department Production Cost Report – Weighted Average Method For Month Ended May 3...
A: Equivalent units concept is used when opening or ending work in progress is not 100% complete but pa...
Q: Calculate Joan's travel expense deduction for the trip, assuming the trip was made in 2021. 1,465 x
A: Travel expense refers to those expenses which are incurred by the employees of the company at the ti...
Q: rue or False: Effectiveness is doing the right things of completing activities so that the organiza...
A: The basic meaning of effectiveness in Management is that the concerned person/team has a capability ...
Q: In your own words, Explain the accounting cycle. 5 sentences only. No google and plagiarism.
A: Accounting Cycle - Accounting Cycles is the process of recording a transaction through different sta...
Q: Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial in...
A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is so...
Q: Assume at December 31, 2020, Kraft Heinz Foods Inc. reported the following amounts (in millions) in ...
A: Here in this question, we are required to calculate two ratios. Debt to asset ratio showing how much...
Q: On January 1, 2021, Cameron Inc. bought 10% of the outstanding common stock of Lake Construction Com...
A: SOLUTION WORKING NOTE- PARTICULARS INVESTEE NET ASSETS OWNERSHIP INTEREST NET ASSET PURCHASED D...
Q: Choy, after recelving her degree in Hotel and Restaurant Management began her own business called Ch...
A: Acccounting equation is the basic principle of accounting which states that Asset = Liability + Capi...
Q: JJ Corporation resells one product to a small isolated community. It sells an average of 60 sacks, b...
A: EOQ refers to the Economic order quantity, at EOQ level the cost of inventory is lowest but we need ...
Q: Problem 6-2B Calculate ending inventory, cost of goods sold, sales revenue, and gross profit for fou...
A: Cost of Goods sold Under LIFO method using periodic inventory system, cost of goods sold is calculat...
Q: Company showed equipment with an original cost pf P379,000 and P344,000 with accumulated depreciatio...
A: Depreciation is an expense which is charged on depreciable assets. Depreciation is the reduction in ...
Q: Upon further investigation, you have found that the amount of account payables for Companies A and X...
A: Ratio Analysis: Under Ratio analysis, various items of financial information in the financial stat...
Q: JJ Corporation is analyzing its option to restrict its credit terms. Current sales level is P6,000,0...
A: solution below are the given details about both situations For current Current sales level ...
Q: On January 1, 2020, ABC Corporation invested in P2,000,000 bonds of DEF Company that will mature on ...
A: Value of the investment= Present value of principal + Present value of interest payments where, ...
Q: n 2019, Bright Inc. sold its parking lot for P2,400,000 payable on installment. The lot was previous...
A: We know that in Installment method profit is defer till the time we received actual cash from sale o...
Q: The balance sheets of HiROE Inc. showed the following at December 31, 2020 and 2019: December 31,...
A: Depreciation is a method of allocating the expense of a tangible or physical asset over its estimate...
Q: What is Declan's Design's 2022 Cash Flows from Operating Activities? Question 23 options: Incr...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: buds: re purchased at a cost of $6,202 each. In add 248 cash on each case to have the inven heir pla...
A: i.) At EOQ the stock administration cost will be minimum EOQ = 2 × A × OC = 2 × 108...
Q: Using the data provided, perform the steps below to complete the final project. On December 1, 2...
A: Trial Balance Debit ($) Credit ($) Cash (Note) 153,150 Office Supplies 500 Equipm...
Q: On October 1, Goodwell Company rented warehouse space to a tenant for $1,600 per month and received ...
A: The Unearned revenue is the revenue received but not earned yet. It is a current liability for the b...
Q: You are a newly hired accountant for Sushi Beeber, Inc., a retail company specializing in apparel fo...
A: Weighted Average Cost of Inventory: It is the weighted average to calculate the amount of cost of ...
Q: Assume your organization has the following inventory changes during the year: Beginning inventory-1...
A: Introduction:- The term inventory refers to both the raw materials utilised in manufacturing and the...
Q: After preparing and posting the closing entries for revenues and expenses, the income summary accoun...
A: Closing entries are made every year in order to ascertain the results. For a manufacturing concern...
Q: Choy, after receiving her degree in Hotel and Restaurant Management began her own business called Ch...
A: Accounting equation is one of the important concept in accounting which says that total assets must ...
Q: 2-a. Refer to the original data. How much will net operating income increase (decrease) per month if...
A: Operating income refers to the income or gross profit generated by the company from its operations o...
Q: urn not later than January 15, 2022. The tax due per his return is P100,000.
A: Failure to pay tax due according to rules and regulations before the stipulated date attracts the in...
Q: In 2018, the Board of Trustees of Ayala Foundation designated an amount of current funds for college...
A: solution concept current unrestricted funds current unrestricted funds means the fun...
Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...
A: The multi-step Income Statement is a detailed vertical format income statement in which we can have ...
Q: 1
A: The present value factor (PVF) is a financial treatment used for estimation of the current value of ...
Q: Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial in...
A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is so...
Q: Robinson Products Company has two service departments (S1 and S2) and two production departments (P1...
A: Calculation of missing information: S1 total cost allocation to P2 = 100% - 10% - 20% ...
Q: Preparation of Closing Entries and a Statement of Earnings Clayoquot Boat Repair Ltd. has entered a...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: 5. The following account balances were taken from the 2021 adjusted trial balance of the Bowler Corp...
A: Income Statement is the statement which shows the net income earned or net loss incurred by the comp...
Q: Additional data obtained from an examination of the accounts in a ledger for 20Y3 are as follows: ...
A: Cash Flow Statement - The Cash Flow Statement is the statement that shows the cash inflow and outflo...
Q: What are the main differences between ARMs and FRMs loans? You need to highlight the differences in ...
A: Loan which are provides to the borrower either in Adjusted Rate of Mortgage or Fixed Rate of Mortgag...
Q: S11-1 Accounting for a note payable On 30 June 2016, Cameron Clothing purchased $10000 of inventory ...
A: Note payable is a debt-instrument by which companies borrow for a short duration of time (less than ...
Q: Which of the following activities in not an element of a CPA firm's quality control system to be con...
A: The effectiveness of a company's quality control system is primarily reliant on its employees' abili...
Q: Question: Considering the year-ending adjusting journal entries for the periodic inventory system. I...
A: Formula: Cost of goods sold= opening inventory+purchases - closing inventory. Gross profit = sales -...
Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...
A: Solution Concept Journal entry is a book where the business transactions are recorded It is recorde...
Q: The following items are reported on a company's balance sheet: Cash $550,800 Marketable securities 4...
A: Ratio analysis helps to analyze the financial statements of the company. The management can take dec...
Q: 1. How much is the cash balance after all transactions were taken into account? 2. How much is the a...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Step by step
Solved in 2 steps
- 2. Which is a true statement? Federal law requires all businesses to offer credit to customers. A customer may claim dissatisfaction with a product as a means of refusing to make payments. A business has the legal right to harass a customer until a debt is paid. If a company is run correctly, it will not have to deal with uncollectibles. 3. Why might a customer frequently ask for changes in the payment schedule? They are traveling a lot. Their pay day changes depending on their schedule. They are sick a lot. The customer may be having trouble making payments.Which of the following statements is correct about credit period? A. If a customer purchases goods within the credit period, a cash discount will be allowed to the customer B. If a customer settles the payment within the credit period, a cash discount will be allowed to the customer C. It refers to the period in which customers must settle their debts due D. It refers to the period in which customers need to settle one-third of the debts in order to avoid further interests charged1. Granting the credit is one business function of the sales returns and allowance class of transaction. True False 2. The revenue should be recognized by the company once the cash is collected. False True 3. Which one of the following procedures performed for the billing function provides evidence for the occurrence assertion? a. Making sure that no shipment has been billed more than twice or to the wrong customer b. Making sure that each shipment is billed at the correct amount c. Making sure that each shipment is billed on the proper period d. Making sure that all shipments have been billed 4. The sales and collection cycle applies to: a. Non-profit organizations. b. Corporates. c. none of the mentioned answers. d. Governmental Bodies 5. Sales revenue should be recognized when: a. sales are invoiced. b. payment is received from the customer. c. the customer's order is received. d. goods are shipped. 6. Which one…
- 4. Consider the following two statements (1) Businesses should deny credit to customer to eliminate the costs of collecting trade receivables. (2) Trade receivable factoring could provide immediate funds to businesses after credit sales. Which one of the following combinations relating to the above statements is correct? A (1) True (2) False B (1) True (2) True C (1) False (2) True D (1) False (2) FalseSubject: Mathematics in the Modern World (MMW) 1. This is a credit card fee that you have to pay when you withdraw money from the card at an ATM? a. Decline Fee b. Balance Transfer Fee c. Application Fee d. Cash Advance Fee 2. Generally called the buyer’s or homeowner’s equity or a type of payment, often in cash, made in the early stages of a purchase of an expensive good or service. a. Down payment b. Amortization c. Mortgage loan d. Home ownership 3. It is sometimes called a “winner-take-all” method. a. Plurality Method b. Borda Count Method c. Pairwise Comparison d. Plurality with Elimination 4. If Peter is preferred over Ned in a head-to-head comparison and Peter is preferred over MJ and Peter is preferred over May, then Ned should win the election. Does this satisfy the Condorcet Criterion? a. No, because it should be Peter. b. No, because it should be MJ. c. Yes, because it is an election. d. Yes, because it is a one-on-one comparison.In a system like QuickBooks Online, when should you create an invoice? a. When a customer purchases goods or services and pays you in cash at the time of the sale b. When a customer purchases goods or services but does not pay you at the time of the sale c. When a customer purchases goods or services and pays you by check or credit card at the time of the sale d. When a customer purchases goods or services, but you don't want to record the sale as final
- This module discusses discounts given out to customers based on payment terms, such as 2/10, n/30. : What would the credit terms 3/15, n/45 stand for? Explain why it is important for a company to keep track of how much money in discounts is given out? What account is used to track discounts? From a business owner's point of view, what are the advantages of allowing discounts? From a business owner's point of view, what are the disadvantages of allowing discounts?Accounting for E-commerce Transactions: In e-commerce accounting, what is the appropriate treatment for recognizing revenue from the sale of goods when using the accrual basis? A. Recognize revenue when cash is received from customers. B. Recognize revenue when goods are shipped or services are provided, and the customer is obligated to pay. C. Recognize revenue only when customers make the payment through credit cards. D. Recognize revenue at the end of the financial year for all completed transactionsMultiple choice: 1. Your business sells goods to a credit customer. Which of the following accounts is increased? A. Accounts Receivable B. Cost of sales C. Salea D. All of these 2. The business renders services to clients. A. Sales B. Service fees C. Interest income D. Gain
- Manufacturers, distributors, wholesalers, and retailers usually sell goods on credit rather than for cash. An invoice for the goods is sent, and the seller specifies payment terms on the invoice. These payment terms indicate when the invoice amount is due for payment and how much is to be paid. The business selling the goods can offer a cash discount to encourage prompt payment. This discount reduces the amount to be paid, and is based on the original amount of the invoice, the discount rate, and the timing of the payment or payments. Question: Discuss the above statement by answering the following: 2- Specify the type of discount debated in the statement and the required conditions to be applied.Describe 2 accrual transactions and 2 deferral transactions. For the accrual transactions, please use credit or debit sales and credit purchase. For the deferral transactions, please use prepaid insurance and prepaid telephone charges. Note: This can be made up amounts, just as long as they make sense. This is for an Electrotechnology Sales and Repairs business. Please include the dates that the transactions occurred. Please see below, as I have included an example of what the end product should look like. Please include an explanation as to what was done. Accruals: 1. On March 30, 2021 Ortiz LLC provided accounting reservices for Beker Law firm and sent them a bill for $5,000. Payment has not been received to this day. 2. Store supplies of $200 are on hand. The supplies account shows a $1,900 balance. Deferrals: 1. On April 1, 2021. ORTIZ LLC paid $12,000 for a one-year insurance Policy. 2. On February 1, 2021 . ORTIZ LLC received $20,000 for accounting services for 1 year.Manufacturers, distributors, wholesalers, and retailers usually sell goods on credit rather than for cash. An invoice for the goods is sent, and the seller specifies payment terms on the invoice. These payment terms indicate when the invoice amount is due for payment and how much is to be paid. The business selling the goods can offer a cash discount to encourage prompt payment. This discount reduces the amount to be paid, and is based on the original amount of the invoice, the discount rate, and the timing of the payment or payments. Question: Discuss the above statement by answering the following: Elucidate the importance of discount for buyers and sellers. Specify the type of discount debated in the statement and the required conditions to be applied.