Accounting Answers

Assume that assets and liabilities increased by Br.240,000, and Br. 120,000 respectively during a given year.

Assume the following additional particulars further

▪️ Revenues generated during the year…. Br.80,000

▪️ Additional investment made by the owner during the year ………. Br. 70,000

▪️ Amount withdrawn by the owner during the year…. $10,000

Required: correct if the next calculation of the expense based on the above question.

if it is correct show every step of the calculation and write the explanation.

revenue..................8,000

Expense..................267050=8000+240000-120000+E

267050=236000+E

EXPENSE= 31050

Increase in Asset Gain .................240000

increase in Liability...................... (120000)

Net income...................................267050

Assume that assets and liabilities increased by Br.240,000, and Br. 120,000 respectively during a given year.

Assume the following additional particulars further

▪️ Revenues generated during the year…. Br.80,000

▪️ Additional investment made by the owner during the year ………. Br. 70,000

▪️ Amount withdrawn by the owner during the year…. $10,000

Required: Determine the amount of expense incurred during the year

revenue asset- liability= expenses

true or false

 assess the status of the different continents in the world regarding its sustainable tourism practices and initiative from scale to 1-10 rate and explain your rating

Firm ABC has the following production function 𝑄 = 6𝐾 3 + 4𝐾𝐿 − 𝐿 3 i. Determine the average products of capital (K) and labour (L). [4 Marks] ii. Find the marginal products of capital and labour (MPK and MPL)

This is an Accounting Question.

Compare and contrast the direct write-off method and the allowance method for bad debts. When is the expense for uncollected accounts receivable recognized under each method? Why is the direct write-off method not considered to follow generally accepted accounting?

In which section of the statement of financial position would the closing balance for trade receivable be shown?

Dec. 1 Mr. John transferred cash from his personal account to the business 150,000.

1 Paid five months’ rent in advance, 30,000

1 Paid annual Insurance premium of 7,200

11 Purchased a truck for 110,000 by paying 60,000 Cash and giving a notes payable for the difference.

12 Purchased equipment on account, 11,000

13 Purchased supplies on account 2400.

14 Paid insurance premiums of 8100

15 Received cash for services completed 36,000.

18 Paid salaries of 9000.

21 Paid its liabilities for the purchase of equipment made on December 12

24 Provided Service on account, 52,000

27 Paid utilities expense 12,500.

27 Paid miscellaneous expenses 1,200.

28 Received cash from customers on account 24,000

30 Paid salaries to employees 5,000

30. The owner withdrew 2,000 for

Required: Assume beginning balances for selected accounts: Cash, 22,000 ; Equipment, 10,000; Supplies,1,000; Accounts Receivable, 11,000 Prepare a trial balance and journalize the adjustments and post the entries to the ledger

ERP systems have many disadvantages, such as being complex, very expensive, and difficult to implement. However, they have powerful advantages, such as better customer service, more integrated operations, and access to all or most of an organization’s data. If you were asked to determine if your company should implement an ERP system, how would you determine whether the benefits of a new system outweigh its disadvantages? Write 100 words for the answer.

On June 30, 2021, a flash flood damaged the warehouse and factory of a particular

manufacturing company, completely destroying the work in process inventory. There was

no damage to either the direct materials or finished goods inventories. A physical inventory

taken after the flood revealed the following costs

Direct material $62,000

Work in process -0-

Finished goods 119,000

The inventory on June 1, 2021, consisted of the following

Direct material $30,000

Work in process 100,000

Finished goods 140,000

A review of the records disclosed that the gross margin historically approximated 25% of sales.

The sales for the first six months of 2021 were $340,000. Direct material purchases were

$1150,000. Direct labor costs for this period were $80,000, and manufacturing overhead has

historically been 50% of direct labor hour.

Required: Compute the cost of work in process destroyed on June 30, 2021