What are the uses of manual accounting information systems in business? What are the benefits of shifting to an electronic accounting system?

Q: For the fiscal year 2015, Zeus Inc. recorded $1,750,000 in credit sales. On December 31, 2015, the…

A: Solution:- Preparation of necessary adjusting journal entries as follows under:- Journal entry is…

Q: The company was organized on January 1, Year 1. The firm was authorized to issue 500,0O00 shares of…

A: Shareholder equity means the amount that belong to the owner of the company i.e. share holder.…

Q: 1. In 2022, a corporation earns $65,000 from its business operations and has $10,000 of dividend…

A: Taxable income means the base income on which the tax would be levied and it involves some or all of…

Q: Moath Company reports the following for the month of June. Units Unit Cost Total Cost 200 $ 1,000…

A: Formula: Weighted average unit cost = Total cost / Number of units. Division of Number of units with…

Q: A construction company purchases $50,000 worth of equipment on July 1, 2014. The company estimates…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: Bannister Motors Corporation reported the following var

A: Variance manages the cost gauge of the project. It furnishes you with data about whether you are an…

Q: Indicate whether the following items are treated as "Separately stated item" or "Nonseparately…

A: Meaning: S Corporation means corporations which don't pay income tax themselves but act as a channel…

Q: CHOICE QUESTIONS Which of the following assets held by an enterprise would qualify investment…

A: Basic Concept of IAS-40 - "Investment Property"

Q: From the following facts, for the units produced depreciation, what is:   Given: COST  - $ 40,000…

A: Depreciation expense as per units of production  method = unit production rate × Units produced

Q: A company’s flexible budget for 16,000 units of production showed sales, $96,000; variable costs,…

A: A fixed cost is one who doesn't change in response to activities. It must be paid on a recurring…

Q: The balance sheets for Crosby Inc. and Gretzky Company reflect the following. Crosby Inc Gretzky…

A: For Crosby Inc. a. Total liabilities to equity ratio = (Current liabilities + long term…

Q: Business transaction analysis 1. Paid loan payables amounting to 15,000 2. Bought office supplies on…

A: The journal entries are prepared to record day to day transactions of the business on regular basis…

Q: Required: 1. Express each year's income statement in common-size percentages. (R

A:

Q: The company's accounts receivable to 500,000. Prepaid Expenses and unearned income are 30,000 and…

A: Introduction: Balance sheet: All Assets and liabilities are to be shown in Balance sheet. It tells…

Q: . is planning to introduce changes in its collection procedures. The new procedures are expected to…

A: Basic concept of Accounting

Q: Question 3 Ghaz Company produces two types of sound units: Deluxe and Regular. Activity data is as…

A: ABC costing is a method where cost is allocated based on activity. It does not uses single overhead…

Q: The Company provided the following stockholders' equity account balances at the end of the year:…

A: Common shares are the ordinary shares issued by the company to the common shareholders. Treasury…

Q: pany is preparing its master budget for 2022. Relevant data pertaining to its sales, production, and…

A: A sales budget is a financial plan that estimates a company's total revenue in a specific time…

Q: Use the information for the next two (2) questions. Bold Company estimated annual warranty expense…

A: Introduction: Warranty liability means repairing the products which was sold earlier. Warranty…

Q: Slippers and Crystal Balls.  FGI estimates they can sell 30,000 Glass Slippers and 20,000 Crystal…

A: The contribution margin is calculated as difference between sales and variable costs.

Q: The following information was taken from the segmented income statement of Restin, Inc., and the…

A: In evaluation, whether continue to invest or not in a division, company should calculate the…

Q: Question 3 Ghaz Company produces two types of sound units: Deluxe and Regular. Activity data is as…

A: ABC costing is a system where cost and overheads are allocated based on the activities assigned to…

Q: Please type the answer by computer so I can see it clearly, thank you!!! Company (Newton Limited) is…

A:

Q: Use the following to answer the questions DO NOT INCLUDE COMMAS OR DOLLAR SIGNS IN YOUR ANSWERS…

A: Introduction: Current ratio: It tells the ability of the Company to pay to its short term…

Q: A company has fixed costs of $270,000, a contribution margin per unit is $14, and contribution…

A: Target contribution margin = Target income + Fixed cost = $60,000 + $270,000 = $330,000

Q: b) Discuss four possible causes for each of the following variances:  (i) Materials usage (ii)…

A: Variance analysis is the analysis of the actual results of the operations with the standards of the…

Q: Question: How much is the income or loss after tax for 2021? Kindly prepare a good presentation of…

A: Answer:-  Income after tax definition:- Income after tax or profit after tax, is that amount of…

Q: Play-Disc makes Frisbee-type plastic discs. Each 12-inch diameter plastic disc has the following…

A: Working Note: Budgeted overhead per unit = Variable overhead + Fixed overhead = $0.70 + 1.80 = $2.50…

Q: 2B) A company revalues its buildings and decides to incorporate the revaluation into the financial…

A: Given that, Cost of building = $1,500,000  Depreciation       = $450,000 Depreciation rate = 2% per…

Q: The balance sheet for Violeta Corporation at the end of the current year includes the followi 000…

A: Formulas: No. of times bond interest earned = Earnings before interest and tax / Interest expense…

Q: ormat: 11,111 U or 11,111 F 1. Sales price variance 2. Cost price variance 3. Quantity variance…

A: Concept of Standard Cost, Variance Analysis

Q: QUESTION 19 There are linternal and external users of financial statement information. Identify two…

A: Financial statement consists of income statement, statement of shareholders fund, balance sheet,…

Q: Use the following information for Questions 1 a) and 1 b): a) At the beginning of the year, Juju…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Make a list of the pluses and minuses of investing in either common stock or preferred stock, and…

A: investment means knowing the risk and return associated after analysing the market and individual…

Q: Overhead Budget Johnston Company cleans and applies powder coat paint to metal items on a…

A: The question is based on the concept of Cost Accounting,

Q: Question 1 Use the following information for Questions 1 a) and 1 b): a) At the beginning of the…

A: Firing Polishing Total i) Predetermined plant-wide overhead rate 4.5 1.1   ii) Overhead…

Q: Using the folowing information, prepare a bank reconciliation. • Bank balance: $4,687 Book balance:…

A: Bank reconciliation statement means the statement in which the balance as per cash book and balance…

Q: On January 1, 2020, Edgar Company entered into a six-year lease with a lessor. Annual lease payments…

A: a)Annual lease payments=P1,200,000 Annual executory payments=P200,000 PV of an ordinary annuity of 1…

Q: 8. Cost of goods sold budget Direct materials used Part K298 Part C30 Direct labor used Overhead…

A: Budgeting is an important tool for  cost managers of an entity. Budgeting means pre estimation of…

Q: Which of the following statement is correct?  Statement I – The renunciation by the surviving…

A: Answer:-  Donation definition:- Donation can be defined as something donated to charity, specially a…

Q: Nutterco, Inc., produces two types of nut butter: peanut butter and cashew butter. Of the two,peanut…

A: Segment reporting is the practice of distinguishing a company's operating segments in the disclosure…

Q: A diesel-powered tractor with a cost of $249,520 and an estimated residual value of $7,600 is…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: open a Canine Calé where patrons can enjoy delicious baked goo ing the real estate listings, Merry…

A: The answer has been mentioned bwlow.A s

Q: A drive in movie theater has been selling popcorn, and the small concession stand has normally…

A: Break-even point analysis is calculated to determine number of units produced to cover fixed and…

Q: A company can increase its return on assets by doing which of the following: O a. Decreasing…

A: Return on assets = Net Income / Total assets Decreasing expenses while maintaining revenues:…

Q: Scooby Snacks Corporation estimates uncollectible accounts based on an aging of accounts receivable…

A: Allowance for doubtful accounts means where account receivables are not going to recover in full and…

Q: unt should be reported as adjusted net income for 2019?  5. What amount should b

A: The answer has been mentioned below.

Q: On April 1, 2020, ABC Corporation borrows $50,000 on a 6-month note that charges an annual interest…

A: Total cash paid on maturity = Face value of the Notes + Interest on Notes where, Interest on Notes =…

Q: for 5 years. Sale price at fair value 20,000,000 Carrying amount of building 24,000,000 Annual…

A: Cost of the right use of assets refers to the right of a lessee to utilize the asset till the life…

Q: Scrap/Rework HotPie's Bakery's #1 selling product is the Walder Pie. Use this financial information…

A: Defective units means the units which has got some defect while manufacturing and need to be sold as…