. A journal designed for entering only sales on account is called the A. General journal B. Cash receipts journal C. Cash payments journal D. Sales journal

Q: El-11 Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer ...

A: Formula: Net income = Revenues - Expenses

Q: our Corporation has received a request for a special order of 6,000 units of its product for $19 eac...

A: Your Corporation has received a request for a special order of 6,000 units of its product for $19 ea...

Q: Should the amount of surplus or deficit in 2009 affect the decision to change the annual dues for 20...

A: Surplus or deficit in the income statement is the excess or shortfall of operating income of the org...

Q: On February 1, 2020, Pat Weaver Inc. (PWI) issued 11%, $1,800,000 bonds for $2,100,000. PWI retired ...

A: Bond retirement refers to the repurchase of initially issued bonds from investors. When the bonds re...

Q: . Which of these forms has additional lines for overhead application? a.Work-in-process inventory f...

A: Overhead application refers to the assignment of the costs of factory overhead to the produced units...

Q: Which of the following charitable contributions is not tax deductible? a.Clothing donated to a quali...

A: Tax deductible deductions are those allowances and reductions that are deducted for the purpose of t...

Q: 1. Prepare the income statement to reflect lower of cost or net realizable value valuation of the cu...

A: Lower of cost or NRV concept means the inventory should be reported at cost of NRV, whichever is low...

Q: Using experts can provide high quality audit evidence in specialist situations, therefore the audito...

A: Introduction:- Auditor’s can use an expertise according to requirements other than accounting. Audi...

Q: (c) Which of the following statements are true? (You may select more than one answer. Single click t...

A: First let us understand what is traditional costing method and what is activity based costing method...

Q: a. The book value after five years using straight-line depreciation is $ (Round to the nearest cent ...

A: Depreciation is the deduction in the value of fixed asset over the life of the asset. In straight li...

Q: Chris micro chip produces and sell its product at the price of P160 with its variable cost of P64. T...

A: Contribution of the product can be found out by subtracting selling price from its variable cost. Br...

Q: The following pre-closing accounts and balances were drawn from the records of Carolina Company on D...

A: Retained Earnings is the sum of All profit or losses, Reserve created for business purpose. Retained...

Q: Sharif and Huda were partners sharing profit and loss in the ratio of 3:2. They decided to admit Fat...

A: The revaluation account is prepared to distribute and transfer earnings and losses resulting from ch...

Q: Department G had 2,280 units 25% completed at the beginning of the period, 12,600 units were complet...

A: FIFO is first in first out method of process costing, under which units which are produced first wil...

Q: Eliza Vega started an accountinin on June, investing 523,000. Her net loss for the month was \$3,000...

A: Formula: Ending capital Balance = Beginning Capital balance - Net loss - Withdrawals

Q: Compute the cost of the ending inventory under the average-cost method in a periodic inventory syste...

A: Inventory valuation refers to the methods used by the company to determine the value of its inventor...

Q: Analyze the conceptual framework of the pronouncement on equity investments under the international ...

A: Equity Investments: When money is invested in a firm via the purchase of shares in that company on t...

Q: Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer se...

A: Ending inventory refers to the value of inventory lying with the entity at the end of the accounting...

Q: In Year 1of its operations, Reliable Company has revenues of $600,000 and expenses of $400,000. Of t...

A: Revenue.                                         $600000 less : expenses  ($400000 - $70000 +$30000)...

Q: Prudential Company sold 30 air conditioning units, on January 15, 2020; sale price for each unit is ...

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

Q: Shirley Company obtained the following information at the beginning of the current year prior to the...

A: Calculation     Amount $   Current service cost        2,500,000 Add: Unrecognized actuarial ...

Q: Increase (decrease) to income Impact on Income Aug. 1) Purchased merchandise from Aron Company for $...

A: Impact on Income - Impact on Income is the statement includes all the expenses and income that made ...

Q: Lucy must close the accounting books in the old system to have a complete set of financial statement...

A: In certain situations the business may decide to implement new systems for the recording of the acco...

Q: What critique can be said about this?

A: Financial ratios (FR) are those ratios which compare the line items of the financial statements (FS)...

Q: Stephanie's Bridal Shoppe sells wedding dresses. The average selling price of each dress is $1,000, ...

A: Contribution = Sales - Variable costs Sales = Number of units * Selling price per unit Variable cost...

Q: Sale of land $ 194,000 Purchase of treasury stock 33,000 Isuance of common stock 116,000 Payment of ...

A: Theory concept: Cash flows from Investing activity: All cash transactions relating the purchase and ...

Q: ventory on credit. ,300; the cost of th

A: The journal entry is given as,

Q: ng data were gathered to use in reconciling the bank account of Reddan Company: nce per bank $17,500...

A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with ...

Q: r-end by the lessee with a six-month advance notice. there is no renewal agreement. on july 8, 2016,...

A: A balance sheet refers to the financial statements which reflect the position of a company in terms ...

Q: ker Rs. 2,600, Laxman Rs. 500); Creditors Rs. 7,100 (Reddy & Co. Rs. 3,020, Kishore Rs. 4,080); Capi...

A: The ledgers are the accounting books of the organization which record all of the financial data incu...

Q: Advise Sam’s employer as to the FBT consequences (using statutory formula method) arising out of the...

A: FBT stands for the fringe benefit tax. It is the benefit which an employee receives from his or her ...

Q: ver the last 6 months, Rohan acquired the following assets: an engagement ring which cost $5,000 a ...

A: How to calculate capital gain or loss ? To calculate the net capital gains or losses on a particular...

Q: What is the price per share (PPS) of the round and the total number of shares post-round?

A: Correct Option: C.  Only (3) is correct The price per share (PPS) equals 1,280.00 €; the total numbe...

Q: On January 1, Year 1, Bell Corporation issued $203,000 of 10-year, 6 percent bonds at their face amo...

A: Introduction:- A journal entry is the act of recording or keeping track of any financial or non-fina...

Q: Matthews Co. acquired all of the common stock of Jackson Co. on January 1, 2020. As of that date, Ja...

A: Particulars. Amount Life Annual Amortization Purchase Price of Jackson Co. $588,000    Book value. (...

Q: Distribution of Profits or Losses Based on Partners' Agreement Abad, Aglugub, and Onate agreed to sh...

A: A partnership is an agreement between two or more partners where partners are agreed to work togethe...

Q: w Partner A and New Partner B formed a partnership on July 1, 2019. New Partner A invested Cash of P...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: A Corporation uses a job costing system and had the following data available for the current period....

A: Comment - Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the ques...

Q: What is the maximum deductible contribution into a Traditional IRA in 2021?

A: Tax refers to the amount charged by the government on individuals, partnership firms, HUF’s or any c...

Q: Calaguas and Dela Cruz formed a partnership and invested the following assets ane Two Sole Proprieto...

A: Partnership is one of the agreement or arrangement between two or more than two persons in which the...

Q: Modified Accelerated Cost Recovery System (MACRS), Election to Expense (Section 179) (LO 8.2, 8.3) M...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: What are some characteristics of healthy v. unhealthy organisational cultures

A: An organisation culture is the way in which common value sharing and define way to behave within the...

Q: Phil and Linda are 25-year-old newlyweds and file a joint tax return. Linda is covered by a retireme...

A: The maximum contribution limit to Traditional IRA is $ 6000 per person or $ 12000 if MFJ. The phaseo...

Q: Principal $60,000, Rate of interest 14%, Time 60 days.Date note made July 5, Date noted discontinued...

A: Solution: Principal amount of note = $60,000 Date of issue = July 5 Period = 60 days Maturity date =...

Q: PowerTrain Sports Inc. manufactures and sells two styles of All Terrain Vehicles (ATVs), the Mountai...

A: The contribution margin ratio is calculated as contribution margin divided by sales revenue. 

Q: On July 1, 2020, Crane Co. pays $14,760 to Cheyenne Insurance Co. for a 3-year insurance policy. Bot...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: Gemini plc manufactures four products using the same machinery. The following details relate to its ...

A: When some input is in limited capacity , then we need to find out contribution per input. For exampl...

Q: At present, a foundation who has 6 million deposit in bank with interest of 10% compounded annually,...

A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...

Q: 1. The loss absorption balances represent the maximum loss that the partners could absorb without re...

A: Answer -    1. True.  The loss absorption balances represent the maximum loss that the partners coul...

Q: Identify the 4 financial statements of a business and the time period each statement covers. What ty...

A: A financial statement is a set of structured statements that contain all the financial information i...

Management Information Systems

While undertaking any business decisions, data is the most important aspect. An information system (IS) is a set of data, computing devices and management methods that support routine company operations. A management information system (MIS) is a specific subset of IS.