Which of the following would be considered a long-term liability? a. interest payable b. mortgages payable c. accounts payable d. salaries payable

Q: 52. A note receivable in installment at the end of each period:   Group of answer choices   shall b...

A: A Note receivable is an instrument which is issued as an evidence for goods purchased on credit or a...

Q: # 1. A theater owner is considering the installation of an air conditioning system which he believed...

A: Step2 in the solution. 

Q: What is Accounting

A: Bookkeeping refers to the process of identifying, measuring and recording of financial transactions....

Q: January 8 Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No. 1474. 14 ...

A: Date Account Titles  Debit   Credit  January'8 C.Cline  $   1,050     Sales    $   1,000   Sal...

Q: calculate her gross pay for the last pay period.

A: Solution:- Given, Whitney receives a semi-monthly salary of $2,800 and has 40-hour workweeks. So, Wh...

Q: Pharoah Corporation issued 117,000 shares of $19 par value, cumulative, 7% preferred stock on Januar...

A: Preferred Stock = Number of shares * Par Value Paid in capital in excess of par - Preferred stock = ...

Q: Outstanding checks for current period shall:

A: Outstanding checks are the check which are issued but not yet presented by other or cleared by bank....

Q: Leprechan Inc. had the following stock and convertible securities outstanding on January 1: • 750,00...

A: Earnings per share (EPS) is calculated by dividing a company's profit by the number of shares of com...

Q: Question 4: Following balances have been extracted from the ledger of Titan Plc at 31 December 2020 ...

A: The calculation of the amount to be shown in financial statements is being done of Land and Building...

Q: James joined a partnership by contributing the following: cash, P20,000;accounts receivable, P4,000;...

A:   Ans.   P 248,000

Q: profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their partnership r...

A: The ending capital of partners is calculated after adjustments for additional investment, Drawings, ...

Q: Shaw sold 1500 units of XOM for $20 per unit plus 8% sales taxes to Polo Company in cash. Sales tax ...

A: Formula: Sales revenue = Sales units x Sales price per unit

Q: what are some of the key strategic functions of the CFO in the current world of business? How does t...

A: 1) Following are the key strategic functions of the CFO in the current world of business: Analysis ...

Q: How fill IRS Form 1120 Corporations with this info: (it's a fake company) For learning purposes only...

A: The answer for the above question is given in the following steps for your reference.  

Q: Ppaeng Company produces three products, A, B, and C, all made from the same materials. For the past ...

A: Total number of machine hours used =  4,000 units x 5 hours + 5,000 units x 7 hours + 3,200 units x ...

Q: At December 31, 2020 Rice Company had 300,000 shares of common stock and 10,000 shares of 6%, $100 p...

A: Solution: Outstanding common shares on Dec 31, 2020 = 300000 shares Outstanding common shares on Dec...

Q: Employee Pensions (LO 5.4)

A: According to SEP-IRA plan, a self-employed person can contribute towards a retirement scheme or an e...

Q: month?   A. 5.72 B. 5.61

A: Joint cost: It is the cost of producing two products or services together in a single process. Commo...

Q: Job 123A has total cost assigned P24,000 which includes direct materials cost of P6,000. The factory...

A: Conversion cost  = Total cost - Direct material cost = P24,000 - P6,000 = P18,000   Conversion cost ...

Q: Job 456 manufactured 12,000 units that were completed in February at unit costs presented as follows...

A:

Q: What will you use to allocate the cost of the purchasing department? a.Number of purchase orders ge...

A: Answer) The correct answer in the given question is: Number of purchase orders generated   Justifi...

Q: income statement based on a sales volume of 1,000 units (the relevant range of production is 500 uni...

A: The operating leverage is calculated as contribution margin divided by EBIT. 

Q: The Assembly Department started the month with 59,000 units in its beginning work in process invento...

A: Units transferred to the next processing department = Beginning work in process inventory + Addition...

Q: PE 4. Maharlika Company manufacture two products, Alpha and Beta. Fixed costs equal P146,000. Produc...

A: Net income = Sales - variable cost= contribution Contribution- fixed cost = profit  Break even sales...

Q: XYZ Enterprises produces high quality blankets sold to hotels and resorts. Blankets must be well mad...

A: The special order should be considered of it provides additional income to the business. 

Q: When the book made a debit error in prior period and corrected in the current period:

A: Error is the wrong entry made by the company in recording the transactions in the respective ledgers...

Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year ...

A: Formula Used for calculation: Cost of goods sold % = ( Cost of goods sold value / Sales value ) x 10...

Q: AB Partnership’s operation for the year 2022 resulted in a profit of P240,000. Their profit sharing ...

A: Here the profit amount is given and we have to allocate this amount as per the terms provided here. 

Q: P21.3 (LO 2) Groupwork (Lessee Entries and Statement of Financial Position Presentation) Ludwick Ste...

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

Q: J'S vehicle struck a low hanging tree limb causing $470 damage to the windshield. If J's Personal Au...

A: Insurance refers to a contract in the form of a policy between the insurance holders and insurance c...

Q: Exercise 6-21 (Algo) Long-term contract; revenue recognition over time; loss projected on entire pro...

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

Q: What is Accou

A: Accounting: It is defined as a process of gathering, recording, summarizing, analyzing, and communic...

Q: Diane works for Fashion Services in Alberta and earns an annual salary of

A:                                                It is assumed that the tax year is 2021.             ...

Q: The following income statements illustrate different cost structures for two competing companies: In...

A: Total fixed cost does not changes with the change in the level of output Variable cost per unit will...

Q: Statement of financial position as at the beginning of the earliest comparative period is not requir...

A: Statement of financial position as at the beginning of the earliest comparative period is required w...

Q: On May 10, Bramble Corp. issues 1,200 shares of $7 par value common stock for cash at $12 per share....

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

Q: December 31. Garcon Реpper Company $ 16,450 19,950 9,000 22,750 35,000 13,300 16,000 7,200 12,000 43...

A: The prime cost comprises of direct material and direct labor cost. The conversion cost comprises of ...

Q: . The total cost assigned to job 777C is P24,000 which includes direct materials cost of P6,000. The...

A: Solution: Total cost assigned to Job = P24,000 Factory overhead = 150% of direct labor cost Conversi...

Q: Billy, Vhong and Jhong have average capital balances during the year of P1,000,000, P400,000, and P1...

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

Q: Examples of when an entity has retained substantially all the risks and rewards of ownership of tran...

A: Following is the example of entity has retained substantially all the risk and rewards of ownership.

Q: According to Statistics Conada population projections, visible minorities could account for over of ...

A: Option (A)30%

Q: Mr. JCT is working a company providing 401(k) retirement plan. He contributed $6,000 to the plan thi...

A: Retirement Plan- A defined contribution plan is referred to as a 401(k). It entails both the employe...

Q: The following data are available: Actual OH is 300,000; Overapplied OH is 25,000; Budgeted machine h...

A: Applied overhead = Actual OH + Overapplied OH Overhead rate = Applied overhead / Actual Machine hour...

Q: Pro Accountants Inc. (PAI) had the following transactions in 2021: A total of $1,450,000 was billed ...

A: *As per Bartleby Policy, if the question are not related then answer first only. As per accrual basi...

Q: What is the audit assertion underlying the tracing procedure?

A: Tracing is the opposite of vouching. In vouching, process started with accounting records and flow t...

Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year ...

A: Lets understand the basics. Common size income statement is a statement which shows the comparison o...

Q: Division-A makes a part that it sells to customers outside of the company. Data concerning this part...

A: The variable cost changes with change in number of units produced.  The fixed costs remains constant...

Q: Hongkong Company decided to construct its own building. The total expenditures until completionamoun...

A: Total expenditures amounted to 5,000,000 incurred until completion of construction , out of which 2,...

Q: Your firm needs to downsize one of its divisions and is tasking you with offering buyouts to two of ...

A: OPTIMAL BUYOUT THEORY. Name PV WAGES/PV(Productivity) PV(Alternative) Kaylee    $100000     $102000 ...

Q: Accounting Ledger Accounting Equation - - On September 1, 2010, the business agreed to cater 23 even...

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.  The a...

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.