Which of the following is NOT correct

Q: Following are accounts and year-end adjusted balances of Cruz Company as of December 31. Number…

A: Closing Entries - Closing Entries are required to close the temporary accounts of the company.…

Q: Calculate Ms. Berry’s MONTHLY  tax deduction under the PAYE system if the annual income tax…

A: The PAYE system stands for "Pay As You Earn" and is a system used to collect income tax from…

Q: The partnership of Larson, Norris, Spencer, and Harrison has decided to terminate operations and…

A: Partnership is a form of business in which two or more persons carry a business and share profit and…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15, n/45. The cost of the goods…

A: Gross profit is the amount of income earned by the entity after deducting the cost of goods sold…

Q: review the picture below and correct any lines that involve formulas and add any lines that arent…

A: A main company's financial data and that of its companies are combined into one detailed financial…

Q: Following are selected accounts for Green Corporation and Vega Company as of December 31, 2023.…

A: The consolidated financial statements are the statement prepared by the parent company to show the…

Q: In 2022, Mr Kind, a resident of Alberta and has a taxable income of $122,500. Calculate his 2022…

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Q: Nevada Corporation makes a product with the following standard costs: Standard Quantity or Hours…

A: Standard rate = $3.00 per ounce  Actual rate = $2.90 per ounce  Actual quantity purchased= 32,600…

Q: please answer correct and complete with working thanks

A: Return on equity (ROE) is a measure of financial performance calculated by dividing net income by…

Q: On January 1, Tan and Green form a partnership. Tan contributes inventory valued at $90,200 and…

A: Partnership is an aggreement between two or more persons to operate a business in consideration of…

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

A: Let's calculate the total cost of inventory according to lower of Cost or NRV :

Q: ces Shadee Corporation expects to sell 630 sun shades in May and 420 in June. Each shade sells for…

A: A budgeted Income statement is prepared by using budgeted figures to find out the net profit or loss…

Q: Loss is generally considered a tax relief and

A: Prior year losses can be set off against future profits in order to reduce the amount of tax that a…

Q: Which one of the following ratios is an indicator of the long-run safety of a firm?   Question 22…

A: Financial ratios are used by analysts and investors to evaluate a company's financial performance…

Q: Bonita Landscaping Limited has determined that its lawn maintenance division is a cash-generating…

A: Impairment can be defined as a permanent reduction in the value of assets either fixed tangible or…

Q: Assume you are the department 8 manager for Marley's Manufacturing. Marley's operates under a…

A: The income statement includes all the revenue and expenses. The resulting amount after deducting…

Q: .   D i f f e r e n t i a t e   b e t w e e n   h o r  i z o n t a  l  a n d  v e r t i c a l   a n…

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

Q: atly had to pay 8% interest for money that it borrowed from British Nation credit ratings that…

A: Answer : Journal entries : Date Particular Debit Credit July 1,2025 Note receivable a/c Dr.…

Q: Witten Corporation is a service company that measures its output by the number of customers served.…

A: Flexible budget is a budget which used to adjusts a firm's volume levels. it changes as per the…

Q: Sturgis Manufacturing produces one model of precision tool and accounts for costs using a job cost…

A: The direct cost include direct materials and direct labor cost. The manufacturing overhead is…

Q: indicate in the chart the number of insurable hours, the amount of insurable earnings and state…

A: The question provides three scenarios related to insurable hours and earnings for three different…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $8.…

A: Periodic inventory system is system where the count of inventory is done on periodic basis. Thus the…

Q: Early in January 2021, DeVille Company purchased machinery costing $760,000. For financial reporting…

A: A journal entry is a record of a financial transaction that a company or individual makes, which is…

Q: ita deposits $1,300 into an account that earns 2.9% annual interest compounded semiually. What will…

A: Compound interest is the concept of earning interest not only on the principal amount invested, but…

Q: Bramble Corporation operates in an industry that has a high rate of bad debts. Before any year-end…

A: Balance for allowance for doubtful accounts = Accounts receivable*Probability of uncollection

Q: Albany Division is considering the acquisition of a new asset that will cost $540,000 and have a…

A: Return on investment (ROI) is a performance measure used to evaluate the efficiency or profitability…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $8.…

A: FIFO or First-in, First Out means that units from beginning inventory and early purchases will be…

Q: Cast Iron Grills, Incorporated, manufactures premium gas barbecue grills. The company reports…

A: LIFO Method Under LIFO Inventory Cost Method, Units which comes in last will be sold first and the…

Q: Problem 18.31 Contribution Margin Variance, Contribution Margin Volume Variance, Sales Mix Variance…

A: A variance occurs when there is a difference between actual results and budgeted results.

Q: Required information Required information SB Exercise E8-5 to E8-10 [The following information…

A: Budgeted income statement means calculation of net income expected in coming time. Income…

Q: How do you determine relevant costs associated with special sales offer

A: Relevant costs are costs that are directly related to a specific decision and will be affected by…

Q: 2022, Wynn Sheet Metal had taxable income of $8,050. The amount of depreciation reported in the 2022…

A: There could be difference between accounting income and taxable income. Accounting income is income…

Q: Sales Revenue: November December January $ Total Expenses $ 14,029.00 15,710.00 NET INCOME…

A: Net earnings is a word used in finance to describe the amount of revenue or loss that a company has…

Q: A large corporation Laplata Industries has decided to donate $10 million to the Children’s Hospital…

A: Not-for-Profit Entities, requires that any donations that are received be recorded as revenue in the…

Q: oms SFP at Decer PRONGHORN CORPORATION Shareholders' Equity v 31, 2020. The company follows IFRS. $

A: Stockholders' equity refers to the assets remaining in a business once all liabilities have been…

Q: Nicholas Company uses special strapping equipment in its packaging business. The equipment was…

A: Impairment of Asset - When the carrying value of asset is more than the fair value of asset the said…

Q: Chapter 5: Purchase of Merchandise The Reading Cat has decided to expand their merchandise beyond…

A: Inventory refers to the goods and materials that a company holds for sale or production. These can…

Q: Frosty Snow Removal's cost formula for its vehicle operating cost is $1,900 per month plus $395 per…

A: The variance is the difference between standard and actual costs incurred for production. The…

Q: a.  Young Company budgets sales of $960,000, fixed costs of $34,600, and variable costs of $153,600.…

A: Contribution margin ratio = Contribution margin/Sales Contribution margin = Sales*Contribution…

Q: Pen Supply Corp. began operations on March 1, 20Y5. On this date, the company paid for the following…

A: Organizational expenses : Organizational expenses are the one time expenses that are related to the…

Q: Prepare and income statement, retained earnings statement and balance statement for Zonic Sanitizing…

A: The financial statements of the business include income statement, statement of retained earnings,…

Q: Nevada Corporation makes a product with the following standard costs: Standard Quantity Standard…

A: Material quantity variance is the difference between the estimated quantity of material and the…

Q: Direct materials used and Direct labor cost  are incorrect

A: Direct consists of Direct labor, Direct Material. While applied manufacturing overhead is an…

Q: The LaGrange Corporation had the following budgeted sales for the first half of the current year:…

A: Total credit sales = Accounts receivable/Uncollected percentage of sales Total cash collected = Cash…

Q: The following data relate to Hick's Cable Company’s defined benefit pension plan:     ($ in…

A: Pension plan assets are the contributions made towards the pension plans in order to finance the…

Q: Dodge Company produces a single product. The company has set the ollowing standards for materials…

A: Standard costing is a method of costing where the cost of each product is estimated as part of…

Q: You place an order for 310 units of inventory at a unit price of $160. The supplier offers terms of…

A: 1/15, net 90 means if the amount due is paid within 15 days, the customer will get 1% discount,…

Q: A company began January with 6,000 units of its principal product. The cost of each unit is $8.…

A: Last-in First Out: Under LIFO, units purchased last are the units to be sold first.

Q: After the tangible assets have been adjusted to the current market prices, the capital accounts of…

A: The bonus of $10,000 given to new partner is to be allocated to Cecil Jacobs and Maria Esteban…

Q: Income Statement Revenues Cost of sales Gross profit Selling, distribution, general, and…

A: Income Statement - An income Statement is a financial statement that includes Revenue earned and…