What is the reason for closing accounts?
Q: Please explain how to arrive at the "Market Price of Bonds (% of face) = 94.285%" section in the exc...
A: The price for bond implies to the consideration amount paid by investor for purchasing bond. In prov...
Q: Perform a solvency analysis for the two quotas
A: Ratio analysis is one of the analysis technique that is used by the accountants and decision makers,...
Q: Case 2: Non-Controlling Interest measured at fair value Inahan Co. elects the option to measure the ...
A: 1. Transaction cost incurred = fair value of land - book value of land =P1000000-P750000 = P 250000...
Q: he following events occurred in Fresh Cleaning Company in December 2021: (1) A customer has purchase...
A: Accounting principles are those rules and regulations that a business entity must adhere to while re...
Q: The flexible budget will report for fixed costs.
A: Solution Concept Flexible budget is a budget in which the variable cost is adjusted on the basis of ...
Q: An electronic game listed at $103.00 less 30%, 7%, 5% is offered at a further reduced price of $58.6...
A: Given information, Electronic game listed at $103.00 less 30%, 7%, 5% is offered at a further reduce...
Q: Why do they need accounting information? 1. Investors 2. Employees and labour unions 3. Lenders ...
A: Accounting information is important for decision making, record keeping, and discovery and preventio...
Q: Exercise 6-8 (Algo) Performance obligations; customer option for additional goods or services [LO6-4...
A: The c
Q: During 2021, ABC Partnership had non-separately stated loss (ordinary operating loss) of $(80,000), ...
A: Form 1040 is the form used for individual income tax returns in US. Schedule E of the form is used f...
Q: Sayers Company purchased a building for $250,000 on January 2, 2019. The building has an expected re...
A: As per the guide lines we can solve 3 part (first three) of the question . answer for remaining ques...
Q: Commercial Solutions Company manufactures a cleaning solvent. The company employs both skilled and...
A: Labor mix variance measures the deviation of labor cost due to labor mix. The formula for labor mi...
Q: Required information [The following information applies to the questions displayed below.] Cane Comp...
A: Contribution margin refers to the selling price deducted by variable cost. It ought to cover the fix...
Q: 13. Which is not acceptable for valuation of inventory? a. historical cost c. prime cost d. estimate...
A: Inventory should be valued at cost or Net realisable value whichever is lower. ▪︎Cost may be the H...
Q: The accountant for the Goshen Company assembled the following data: June 30 July 31 Cash account bal...
A: *As per bartleby guidelines, in case of interlinked question answer first 3 only A bank reconcilia...
Q: Sales Operating income Invested capital $8,100,000 648,000 9,000,000 In an effort to make something ...
A: Return on Investment=Operating IncomeInvested Capital×100
Q: Instruction: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equit...
A: 1. Buying equipment paying cash will increase equipment and decrease cash. 2. Paying monthly rent ex...
Q: At 31 March 2015, the balance of the Cash account according to the records of Harmony Company was $...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: he firm is contemplating the following (base case): Vehicle acquisition cost ...
A: Shareholder's earnings (returns) can be in two ways. First, dividends, and secondly, an increase in ...
Q: An entity reported taxable income of P 8,000,000 during 2019. Its first year of operations. The foll...
A: Deferred Tax The purpose of creating deferred tax which is any kind of excess amount which are repor...
Q: Which should be recorded in accounts receivable? a. receivables from officers b. receivables from ...
A: Accounts Receivable refers to the amount owed by the customers to a business for purchase of goods o...
Q: Blender Mixer Direct material Direct labor 2$ 23 $. 34 16 44 Manufacturing overhead @ $56 per machin...
A: This question is about deciding which product is produced and what quantity by optimum use of the sc...
Q: The Trump tax changes (i.e., the TCJA) allows deductions (either as a FOR or FROM AGI Deduction) for...
A: The following are allowed deductions: 1. Casualty losses on personal use asset in declared disaster ...
Q: Nezuko Inc. Statement of Comprehensive Income For the Year Ended December 31, 2020 (Expressed in mil...
A: Times interest earned ratio measures the ability to meet interest payment. Formula: Times interest e...
Q: Lucky Clothing creates and sells t-shirts that can be customized. The cost of sales order processing...
A: Activity based costing is the costing method of allocation of the costs to the department or to the ...
Q: Interchange Inc. had sales of $400,000, based on a unit selling price of $200. The variable cost per...
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The ...
A: The balance sheet represents the financial position of the company that includes the assets, liabili...
Q: a. the cost of goods on hand at the beginning and the cost of goods purchased during the period b. t...
A: >Cost of Goods available for sale is includes:--Cost of goods manufactured as adjusted by increas...
Q: Income Statements For the Years Ended December 31 20Y7 20Υ6 Fees earned Expenses $1,534,000 $1,300,0...
A: Horizontal analysis means where the analysis is made with regard with two different period where as ...
Q: Sparkling Beverages makes one of its products by way of three separate stages. Details of production...
A: The term "process accounting" refers to a procedure in which raw materials are added to several proc...
Q: Refer to the data for Pettijohn Inc. What is the firm's quick ratio? 0.49 0.61 O 0.73 0.87 O 1.05 Pe...
A: Quick Ratio = (Cash & Cash Equivalents + Accounts Receivables) / Current Liabilities Return on E...
Q: Adelphia Brokers, a full service brokerage house, brought in William N. Thomas, a specialist in fina...
A: Lets understand with the basic. Here in this case, we are required to calculate the total cost of th...
Q: On May 7, Bergan Company purchased on account 10,000 units of raw materials at $8 per unit. During M...
A: The question is based on the concept of Cost Accounting.
Q: a. Prepare the lease amortization schedule(s) for Donahue for all 4 years of the lease. b. Prepare t...
A: Rauch AG leases a piece of equipment to Donahue SA on Jan 01, 2022. Annual lease payments is 4892 at...
Q: What is accounting
A: Generally Accepted Accounting Principles (GAAP): A definitive objective of GAAP is to guarantee an o...
Q: Accounts Receivable 9,500 3,500 36,000 Supplien Equipment Accumulated Depreciation Accounts Payable ...
A: A Trial Balance is a statement that shows either the balance or total amount of the debit and the cr...
Q: Billings Company has the following information available for September 2017. Unit selling price of ...
A: Cost volume profit analysis is the technique used by the management for decision-making. It includes...
Q: he balance sheet of Matnog Company as of December 31, 2022 is as follows: Assets Li...
A: Note 1:In Case of consolidated balance sheet Gain on acquisition is recorded as Zero. As only post...
Q: Practice Exercises - Stock Options On November 1, 2020, Pronghorn Company adopted a stock-option pla...
A: The question is based on the concept of Financial Accounting
Q: 18. Barkley Inc. prepaid for an insurance policy on July 31, Year 2, in the amount of 6,000. The ent...
A: Prepaid insurance policy means that a part of the amount is paid in advance. Here the amount is 6,00...
Q: Cozy Corporation purchased supplies at a cost of $24,000 during the current year. At January 1, supp...
A: Formula: Supplies expense = Beginning supplies + Supplies purchased - Ending Supplies
Q: Sensible Company provided the following ledger account of the cash in bank maintained with Second Ba...
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...
Q: ABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for $2...
A: Formula: Cost of Goods Sold = Beginning Inventory + Purchases – Ending Inventory Ending Inventory = ...
Q: Instruction: For each transaction, identify the account debited and credited. Debit Credit 1 Clark L...
A: Introduction: Journals: Recording of a business transaction in a chronological order. First step in ...
Q: please help me understand how to calculate this problem
A: Variable Cost - The total cost of production of a good comprises of the total fixed cost of producti...
Q: Describe the five variables (Assets price, Strick price or Exercise Price, Risk- Free- Rate, Time to...
A: Five Variable of Black-Scholes Merton Formula Assets Price Strike Price or Exercise Price Risk Fr...
Q: All That Blooms provides environmentally friendly lawn services for homeowners. Its operating costs ...
A: Break even point = Total Fixed costs / Contribution margin per unit where, Contribution margin per u...
Q: lying factory overhead nstructions Chart of Accounts Factory Overhead Journal structions rgan Compan...
A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...
Q: he firm is contemplating the following (base case): Vehicle acquisition cost ...
A: The earnings of a company is distributed amongst various stakeholders. These stakeholders receive t...
Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacture would be considere...
A: The cost to deliver finished product to customer It is a unit cost hence it is Product- MOH
Q: eEgg is considering the purchase of a new distributed network computer system to help handle its war...
A: Here asked for multi sub part question we will solve first three sub part question for you. If you ...
7. What is the reason for closing accounts?
from Financial
Step by step
Solved in 2 steps
- Which of the following is a major challenge facing the accounting profession? O A. Accounting for hard assets O B. Backward-looking information O. Financial measurements O D. TimelinessWhy does a financial statement preparer need to stay current in financial accounting? Question 13 options:Explain the term “aging of accounts”? Explain with one example.
- How to do T accounts in accounting?Which of the following is not a major challenge facing the accounting profession? a. Nonfinancial measurements. b. Timeliness. c. Accounting for hard assets. d. Forward-looking information.What accounts are considered temporary? Describe the process to close these temporary accounts? list the steps in the accounting cycle and describe the importance of each step ? What is liquidity? What is solvency? How are these evaluated in a business ?
- Q#3: How is accidental loss of goods treated in final account in case: Why is it necessary to keep the issue of bad debts into consideration always? How I this placed in the final accounts.15 - What is the name of the accounts that are used to monitor the changes in resources and give the remainder?A) ACTIVE ACCOUNTSB) PASSIVE ACCOUNTSC) EXPENSE ACCOUNTSD) INCOME ACCOUNTSE) OPEN ACCOUNT30. MC.03.035 Bright Services pays wages of a part-time employee. The transaction would involve a a. debit to Cash. b. debit to Wages Expense. c. credit to Prepaid Expenses. d. credit to Wages Payable. 31. MC.03.036 Patrick Services paid the office rent for the current month. The transaction would involve a a. credit to Prepaid Rent. b. debit to Rent Expense. c. debit to Cash. d. credit to Rent Payable. 32. MC.03.037 Homer Services pays the monthly rent, $5,000. The transaction would involve a a. debit to Rent Expense. b. credit to Rent Payable. c. debit to Cash. d. debit to Prepaid Rent. 33. MC.03.038 P. Baker deposits $10,000 in a bank account, in the name of his business, to be used to purchase equipment. The journal entry to record the transaction would involve a: a. credit to P. Baker, Capital. b. credit to P. Baker, Drawing. c. credit to Cash. d. credit to Equipment.
- 34. MC.03.039 The requires that assets be recorded at the actual cost. a. cost principle b. matching principle c. business entity principle d. fair value principle 35. MC.03.040 For a journal entry to be complete, it must contain a. the date. b. a credit entry. c. a debit entry. d. an explanation. e. All of these listed answers are correct. 36. MC.03.041 Which of the following is correct concerning recording journal entries? a. Dollar signs are always recorded in the journal. b. The credit part of the entry is recorded first. c. The credit account is always indented underneath the debit entry. d. The debit part of the entry is recorded last..Explain the concept of double-entry accounting and its significance in maintaining accurate financial records.43. The purchase of supplies on credit to be use on the main office of the entity, will cause a corresponding what effect on corresponding accounts? a. Increase in assets and decrease in liabilities b. Both increase in assets and liabilities c. Increase in liabilities and decrease in assets d. Both decrease in assets and liabilities