Explain what is Flow Cost Accounting, its nature.

Q: 11. How much is the consolidated retained earnings on December 31, 2020? a. P190,750 b. P139,750 c. ...

A: Retained earnings are those earnings which the company has not paid out in the form of dividend mean...

Q: Cari Furniture has the following information in respect of Coffee tables for 2021:   Production sp...

A: The purchase budget is prepared to estimate the units to be purchased during the period.

Q: 1. What is the distinction between product costs and period costs? 2. Why is it important to sort co...

A: Here is the answer for your first question: 1. Distinction between product costs and period cost: ...

Q: e the incremental method to record the issuance of the bonds and warrants.

A: Solution Working note Method to be used         =incremental method to record the issuance of the bo...

Q: f there are accounts larger than overall materiality, does that mean that all those accounts needs t...

A: Solution Concept Materiality                 Materiality in an audit of financial statements as prov...

Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately inves...

A: 1. Cash Book Date Account Titles Debit Credit  Balance Nov. 30 Beginning balance      $12,800...

Q: 1. Calculate the company's activity variances for July. (Indicate the effect of each variance by sel...

A: Activity variances refers to the differences between the planning budget and the flexible budget tha...

Q: Instructions Prepare the adjusting entry for each of the following for year ended December 31, 2019....

A: Answer-    Adjusting entries are accounting journal entries that convert a company's accounting reco...

Q: The Robbins Company manufactures special purpose machines to order. On January 1, there were two job...

A: Job order costing is used for personalized products or services to fulfill some particular orders or...

Q: a. Who will suffer negative effects if you do not comply with Lisa Infante's instructions? Who will ...

A: (a) If you do not follow LisaInfante's directions as assistant controller, you may face certain cons...

Q: Yara manufactures state-of-the-art chairs. Manufacturing costs are expected to be £120 per chair, co...

A: Special order is one time order which a company received. The decision regarding whether to accept i...

Q: A business pays weekly salaries of P200,000 on Friday for five-day week ending on that day. If  the ...

A: 5 days salaries expense = P200,000   Monday to Wednesday = 3 days 3 days salaries expense = (P200,00...

Q: RR Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common stock ...

A:            working notes 1)    Computation of Net assets of GG Company Particulars Amount PHP I...

Q: equation of exchange from part b) and information of the Bank of Ghana’s Quarterly Bulletin/Statisti...

A: a) Velocity: It refers to the number of time at which money changes hands or moves from one transact...

Q: 4. Which is true regarding the Non controlling interest? * [a] It is accounted for in the subsidiary...

A: Solution Concept The consolidated financial statements is required to be prepared by the parent comp...

Q: Mowbot's management is evaluating new proposals for production machines from three companies: Brawn ...

A: Present Value Annuity Factor=1-11+ratetimerate

Q: You are auditing the financial statements of Austin Software Company, which is a fast-growing softwa...

A: Introduction:- Audit procedures are actions taken by auditors to obtain all relevant information abo...

Q: A machine costs rs. 22,000 and it's salvage value after its useful life of 5 years is rs. 4,000. Ear...

A: Answer: Given   Machine cost 22000 Salvage value 4000 Useful life 5     Depreciation ye...

Q: Veronica and Jasmine are twin sisters. They recently bought a townhouse together because they knew t...

A: The process of making estimate regarding future expenditures with a planned level of income is calle...

Q: Beside the dollar cost, what other costs should you consider when comparing alternative solutions to...

A: There could be lot of factors which are to be considered while comparing alternative solutions to a ...

Q: Record the necessary fair value adjustment on December 31, assuming that the market value of the com...

A: a.     "Answer Date              Particulars        Debit       Credit a. 4-Dec  marketable  Securit...

Q: For each of the following (1) identify the type of account as an asset, liability, equity, revenue, ...

A: The balance sheet represents the financial position of the business with its assets , liabilities an...

Q: PART I- FMT Company had the following balance sheets and income statements accounts over the last th...

A: Horizontal Analysis - Horizontal Analysis is calculated by first calculating difference between bas...

Q: When cash is debited, a typical credit is to O Accounts receivable Withdrawals O Expenses O Accounts...

A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question ...

Q: As the usefulness of the property and equipment asset account of an entity expires, O A liability is...

A: Asset Account Expires: This occurs when a cost is totally consumed or when a benefit is received in ...

Q: AA Company produces and sells refrigerator magnets to be sold as novelty items by resorts. Last year...

A: Margin of Safety = Actual sales - Break even sales Break-even sales = Fixed costs / Contribution mar...

Q: prises purchased equipment for... t for $75,500 on January 1, 2021. The equipment is expected to hav...

A: Solution Given Purchase cost 75500 Date of purchase January 1 2021 Residual value ...

Q: The accountant at Fidel Trading has received the November 2010 bank statement. She immediately inves...

A: As per the requirement adjusted cash book , journal entry and bank reconciliation statement of Fidel...

Q: To raise operating funds, National Distribution Center sold its office building to an insurance comp...

A: Lease Payment There two types of leases which are involved in the accounting.  One is Operating leas...

Q: For each employee listed, use both the wage-bracket method and the percentage method to calculate fe...

A: Tax is the means by which a government or taxing authority imposes or levies a tax on its citizens a...

Q: Most companies use a chart of accounts prepared by the Entity's accounting department O Accounting S...

A: Accounting means the process of recording the transaction , posting , summarising , interpreting and...

Q: hy do fraud examiners prefer documents over witnesses

A: Solution Concept \Fraud examiners                 Fraud examiners are the professional who examines ...

Q: rancis worked 10 hours from Monday to Friday. Overtime is based on an 8-hour workday and his daily w...

A: Solution Given Normal hour per day 8 hour Hours worked per day 10 hour Daily wage ra...

Q: year, the following events occurred: Summer Company is a wholesaler of car seatcovers. At the heginn...

A: Inventory is the raw materials used in production as well as the goods that are available for sale. ...

Q: Journal entry of the transaction: date/s transaction debit credit Apr-02 Invested in the painting b...

A: Recording journal entries for the transactions occurred by the business is an important process in w...

Q: Use the following to answer questions 18 – 21 BY Ic., begins the year with inventory of $36,500 and ...

A: Net sales = Sales - Sales returns and allowances Cost of goods sold = Beginning inventory + Purchase...

Q: For each of the following (1) identify the type of account as an asset, liability, equity, revenue, ...

A: Here is the answer of the first question Classification under Asset , Liablity , Equity, Expenses or...

Q: 4. RR Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common sto...

A: A business acquisition occurs when one company purchases most / all of another company’s shares or c...

Q: hat the answer for 4-5 I had got 35,000 for number 4 and it’s was wrong. I had got 705,000 for numbe...

A: Solution Concept Formula used Cost of goods sold           =beginning inventory +purchases – ending ...

Q: Qu. 7-107 Kansas Enterprises purchased equipment for... Kansas Enterprises purchased equipment for $...

A: Straight-line method: The straight-line method is a method of determining depreciation and amortizat...

Q: The Majors Company collected the following information (in days): Inspecting product Transporting pr...

A: The production cycle time is the time it takes to transform raw resources into finished goods. It is...

Q: ge Company makes 30% of its sales for cash and 70% on account. 60% of the credit sales are collected...

A: Cash Receipts from Customers is based on budgeted cash receipts that is estimated on specific percen...

Q: At December 31, year 1, Charter Holding Co. owned the following marketable securities in capital sto...

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: Meng Company is preparing a flexible budgetfor next year and requires a breakdown of the factory mai...

A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...

Q: Garamond Corporation reported the following income statement and balance sheet for the previous year...

A: The Return On Equity (ROE) ratio is a metric that quantifies how much a company's common stock owner...

Q: If you were interested in determining a company's ability to survive over a long period of time, you...

A: Ratio analysis is a method of computing and analyzing financial ratios to form a judgement regarding...

Q: a) Calculate the value of your savings at the end of 30 years.

A: solution given Saving at beginning of month (P) 325 Number of years 30 Interest rate...

Q: Which of the following is a business event that is not considered a recordable transaction? O A cust...

A: Transaction means any events which is denoted in money terms and which can be recorded in books of a...

Q: Requirements: 1. Separate and arrange the accounts and prepare the 3 year Balance sheet and Income S...

A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...

Q: Henry is saving his money to purchase ACE Engineering Company at a cost of $1,000,000.     He curre...

A: solution given Required amount (Future value ) 1000000 Current amount (present value ) 2...