Accounting Answers

1. F. Directions: Read the following extended definitions. Discuss with a partner the kind of information that has been included. Does the definition mainly discuss components, applications, history, examples, or something else? Explain your answer 

21. -22. A pollution is a form of environmental contamination resulting from human activity. Some common forms of pollution are wastes from the burning of fossil fuels and sewage running into rivers. Even litter and excessive noise or light can be considered forms of pollution because of the impact they can have on the environment. 

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A, B and C are partners sharing profits in the ratio of 5:4:1. C is guaranteed that his share in a year will not be less than ₹5,000. Profit for the year ended 31st March, 2021 is ₹40,000. Deficiency in the guaranteed profit of C is to be borne by B. Deficiency to be borne by B is:

SunnyDay Sdn.Bhd. Is a company that sells scarves. Each of its scarves has its own sewn logo. The cost of each logo is ￥27. Darryl, the company's operations manager, received $20 per logo from an outside carrier. SunnyDay Sdn. bhd. Produces 100,000 logos for scarves every month. Its last cost accounting statement is: Direct Material =$550,000, Direct cost=$800,000, Variable overhead=$350,000, Fixed cost=$1,000,000, The Total cost = $2700000.

As the company's accountant, do you suggest Darryl accept the offer from this supplier? Why is that?

Instructions:

Prepare journal entries for the following transactions:

13. Joaquin purchased 100,000 shares of Joker Corporation with par value of 100 for 1,000 per share.

14. Bruno Mars sold his 100,00 shares on Pop Corporation with par value of 100 per share to Kendrick.

How would you define fixed and variable product costs? How are these costs used in determining the contribution margin of different products manufactured and sold? What relationship do you see between these cost behaviors as they relate to the volume of sales/production and profitability?