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Financial accounting is the subject of the accounting branch that deals with recording, summarizing, and reporting business transactions. It has a high demand due to its extensive scopes, though acing the subject is more difficult than you anticipate. It requires in-depth knowledge and some specific skills. Under this condition, students need expert financial accounting homework help.

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For Subject Challenges

Keeping pace with the changing landscape and staying ahead of the curve often seems highly challenging. Here, we have mentioned some difficulties students encounter while studying financial accounting. You will get an overview of why the subject is hard to ace.

Lacking industry-specific regulations and standards

One of the major aspects of acing financial accounting is familiarity with different industry-specific standards and regulations. Students cannot predict the best financial advice if they don't have a strong understanding of these standards and business regulations. They need to understand systems to record financial data accurately and be able to generate valuable financial reports for businesses.

Absence of proper application knowledge

Proper knowledge of reporting standards and how to apply accounting principles in different situations is the key to success for financial accounting students. Due to the lack of application knowledge, students won't be able to do proper findings. It could hinder them from displaying their decision-making prowess students as they often fail to come up with accurate problem-solving strategies.

Absence of critical thinking & analytical skills

Students must be efficient in critical thinking and analytical skills to utilize different types of financial data effectively. These two skills empower students to interpret financial data accurately and analyze the interplay between the organization & the data. Critical thinking helps to understand its impacts before concluding the measures that the management of businesses should take.

Inability to identify errors in problem statements

Financial accounting students often need to perform diverse complex calculations. While doing extensive information excavations that connect those data to uncover valuable financial findings, making mistakes is quite common for students. However, the inability to identify errors is what makes things challenging. It hampers problem-solving methods and can cause unwanted occurrences in business finances.

Lacking management ability to make impactful decisions

For financial accounting students, reviewing financial data and distilling those for managing information can be intense, though it's significant for decision-making. Lacking financial data management skill disrupt the data sorting and providing accurate information to the senior leadership. Thus, it may impact the response of the data in a negative way.

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Recently Asked Financial Accounting Questions

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  • Q1:Listed as follows are nine technical terms used in this chapter. Liquidity Adequate disclosure Income Summary Nominal accounts After-closing trial balance Interim financial statements Real accounts Closing entries Dividends Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not describe any of the items. a. The accounting principle intended to assist users in interpreting financial statements. b. A term used to describe a company's ability to pay its obligations as they come due. C. A term used in reference to accounts that are closed at year-end. d. e. A term used in reference to accounts that are not closed at year-end. A document prepared to assist management in detecting whether any errors occurred in post- ing the closing entries. f. A policy decision by a corporation to distribute a portion of its income to stockholders. g. The process by which the Retained Earnings account is updated at year-end. h. Entries made during the accounting period to correct errors in the original recording of com- plex transactions.See Answer
  • Q2:5 . 10 Compute and discuss briefly the significance of the following measures as they relate to Save-A- Lot Supplies. a. Net income percentage in current year. b. Return on equity in current year. c. Working capital on December 31, current year. d. Current ratio on December 31, current year.See Answer
  • Q3: Sprinkles Ice Cream Shoppe Please read the instructions carefully. A new client of yours, Lilly Waters wants to open an ice cream shop near the downtown shopping center. She will sell ice cream cones or in a cup, shakes, sundaes, and soda.Her grand opening will be September 30, 2020. The name of her business is Sprinkles!You, as an independent consultant, have been hired to develop a cash pro forma budget for her business venture (note: this is a spreadsheet that helps forecast income and expenses over a period of time). It used to plan for and manage the business if done correctly. Assignment:Using Microsoft Excel, construct a monthly proforma cash budget for your client for the first year of operations.Use the file attached Excel Template - "Sprinkles" as your starting point. Download and use this file as the basis for your assignment. Do not make any changes to this pre-defined template items (this means start with the items that already included and that are expected in the spreadsheet). You may add your information to the existing sheets. You may add extra worksheets as needed as well update the template.Do not use a template from a previous semester – this is academic dishonesty and will be subject to disciplinary action.Place the finished cash pro forma on a worksheet labeled "Cash Pro Forma".Place all your case assumptions data on a separate worksheet. Label the worksheet"Assumptions" (note: each piece of data must appear in its own cell on the Assumption sheet).Place your start-up costs on a third worksheet labeled "Startup Costs"Create two additional worksheets for your recommendations. You will choose 2 of the 3 recommendations defined at the end of this document. Label one worksheet "Specialty Desserts" (this will include: Banana Splits, Double Delight Brownie Fudge and Molten Lava Spectacular), or "Ice Cream Cakes" or Iced Coffee.• Appropriate Charts (graphs): You will be creating two separate charts so create and label two additional worksheets for the charts (each chart will be in its own worksheet). Chart One -"Monthly Product Revenue" – this will show the monthly revenue for each of your five products for the entire year.Chart Two – "Total Product Net Income" - You want to track the total product net income for the year to determine any trends or projections in product sales.Make sure both charts are formatted correctly (i.e. appropriate title, legend where appropriate, data series properly labeled) and they are appropriate for business use. Information needed to complete assignment:Sugar cones, milkshakes, sundaes, toppings, soda and bottle water. Product Selling Prices:I scoop Cup or Sugar Cone - $2.252 scoops Cup or Sugar Cone - $3.253 scoops Cup or Sugar Cone - $4.25 I scoop Sugar Cone - $2.252 scoops Sugar Cone - $3.253 scoops Sugar Cone – $4.25 Small Shake – $2.95 Medium Shake - $3.75 Large Shake – $4.50 Small Sundae (1 topping) - $2.55 Medium Sundae (1 topping) - $3.55 Large Sundae (1 topping) - $4.65 Additional topping: .50 per topping Soda -$1.25 a bottle Bottled Water - $1.00 a bottle Cost of Goods Sold:Ice Cream Cones (Ice cream ingredients and cone) cost $1.10 for 1 scoop and .20 cents extra for each additional scoop Ice cream Cups (Ice cream ingredients and cup) cost $1.25 and .20 cents per extra for each additional scoop Small Shake cost $1.40 Medium Shake cost $1.55 Large Shake cost $1.75 Small Sundae cost $1.201 Medium Sundae cost $1.50 Large Sundae cost $1.75 Additional Toppings cost $.10 Sodas cost about $.7 per 16 oz. bottle Water cost $.6 per 16 oz bottle The building rent is $2500 per month.Phone will cost about $100 per month. Electricity should cost about $800 a month.Insurance will be $850 a month.Advertising and promotion will be $500 a month. Operating Hours:Sprinkles will be open seven days a week.Sprinkles will serve ice cream products all day and will be open from 11 am – 8 pm on weekdays (Monday – Thursday, Sunday).Friday Saturday 11 am – 11 pm Employees:Two hourly employees on Friday, Saturday and Sunday.One hourly employee needed during Monday - Thursday.Either an assistant manager or manager is required during the Sprinkles Operating hours.Your client will be the manager and draw a salary of $35,000 per year (including benefits). She will work during the busiest times and fill in for the assistant manager. Approximately 40%.The assistant manager will receive a salary of $22,400 per year(including benefits). Approximately 60%.Hourly workers will be paid $8.75 an hour. Demand Rate:Monday - Thursday the owner expects 10 customers per hour.Friday - Sunday the owner expects an average of 20 customers per hour.. Product demand on average:1/2 of all customers will buy 1 scoop Ice Cream Cones 1/2 of all customers will buy 2 scoop Ice Cream Cones 1/3 of all customer will buy 3 scoop Ice Cream Cones 1/2 of all customers will buy 1 scoop Ice Cream cups 1/2 of all customers will buy 2 scoop Ice Cream cups 1/3 of all customer will buy 3 scoop Ice Cream cups 1/4 of all customers will buy Medium Shakes 1/4 of all customers will buy Large Shakes 1/2 of all customers will buy Small shakes 1/4 of all customers will buy a Large Sundae 1/3 of all customers will buy a Medium Sundae 1/4 of all customers will buy Small Sundae 3/4 of all customers will buy a Soda 1/4 of all customers will buy a Bottled Water 1/4 of all customers will buy an additional topping Start-up costs Kitchen equipment: $10,250 Cash register and sales equipment: $1,350 Initial inventory: $4,500 Pre-opening marketing: $1,500 Store fixtures (chairs, tables etc.): $4,500 Oil paintings of your client's momma and grandma to hang on the wall: $350 Licenses: $1,025 Security deposit: $4,500 First Insurance Payment: $750 Your client has $8,000 and plans to borrow the rest from the bank with a five-year loan at 2.5% interest. You are to calculate the monthly loan payment using the appropriate financial function.Assume a tax rate of 21% if Income Before Taxes (IBT) is equal to or is greater than$13,500. Assume a tax rate of 13% if IBT is less than $13,500. You are to calculate the monthly tax payment using the appropriate logical function.Assume that sales will grow at an average of 1.50% per month. Assume that each month contains 4.2 weeks. Recommendations:Show your client how these recommendations would affect the bottom line by recreating the pro forma for each scenario, and applying the data analysis to determine profitability. You do not have to start from scratch, but note, these are completely independent pro formas. They must update accordingly from the data worksheets.Plan on showing your analysis and discussing the proforma changes that occur under each new scenario and how it affects profitability.Use a formatted text box (not a comment) to explain your recommendations under each new pro forma. This will be approximately a 2-3 paragraph endeavor. Scenario One: "What if" Analysis for adding flavored ice coffees.Your client is unsure if she should sell flavored ice coffees. She thinks she can sell a coffee to every second customer and it seems to be lucrative because the coffee sells for $3.75 each and costs him only $1.60 to purchase.Unfortunately your client is afraid that he would cannibalize his soft drink sales with the coffee customers (one soft drink less for every coffee sold). It will cost him $5,250 to purchase the equipment and insurance costs would rise by another $155 per month due to the hot equipment needed to make the coffee.What is your recommendation: Should your client offer flavored coffee to her customers? Scenario Two: “What if" Analysis Your client would like to consider adding ice cream cakes to the list of items available for sale. She is wanting to offer cakes with customized cake, ice cream decorations. She thinks she can sell 20 small cakes a week and 25 large cakes a week. It seems to be lucrative because the small cake is $16.95 and the large cake is $23.95. Costs are$5.45 per small cake and $7.40 per large cake.It will cost her $3,250 to purchase the equipment and insurance costs would rise by another $255 per month due to the hot equipment needed to make the cakes.What is your recommendation? Would it be profitable to sell the cakes?Bonus Scenario Three: "What if" Analysis - Optional 10 pts. You may choose to complete this bonus scenario. It is optional.Your client would like to consider adding three specialty sundaes (Banana Split, Molten Lava Explosion, Nutty Chocolate Brownie. She thinks she can sell a specialty sundae to half the customers per day and it seems to be lucrative because these sundaes sell for 4.75 each and costs him only $1.85 to make.Unfortunately, your client is afraid that she would cannibalize his regular sundae sales.It will cost her $3,250 to purchase the equipment and insurance costs would rise by another $255 per month due to the hot equipment needed to make the brownie sand molten cake.For this scenario create and use a pivot table to explain your recommendation along with the other scenario criteria instructions.See Answer
  • Q4: Conoy 2018, a government department entered into a contract with Consultant Co Pty Ltd for the provision of services by Robert Black, an technician who is nominated in the contract. The contract specifies that Robert Is required to develop a product for use in the department's IT system in accordance with functionali specifications provided by the department. The contract specifies a fixed amount by way of payment to Consultant Co for the development of the product that is required to be produced within 12months of commencement of the contract. The contract is for the performance of a specific task that produces an outcome or result, with Robert maintaining a high level of discretion and flexibility as to how the work ought to be performed. Payment is not made until the work is performed, although installments are payable upon the achievement of particular milestones. Discuss the tax implications of the personal services income (PSI) legislation to the above arrangement, (500 words)See Answer
  • Q5: Use a geometric gradient formula to compute the present value, P, for the following cash flows. See Answer
  • Q6: A student has a job that leaves her with $300 per month in disposable income. She decides that she will use the money to buy a car. Before looking for a car, she arranges a 100% loan whose terms are $300 per month for 48 months at 9% nominal annual interest. What is the maximum car purchase price that she can afford with her loan?See Answer
  • Q7: AFTER-TAX COST OF DEBT The Holmes Company's currently outstanding bonds have an 8% coupon and a 10% yield to maturity. Holmes believes it could issue new bonds at par that would provide a similar yield to maturity. If its marginal tax rate is 40%, what is Holmes' after-tax cost of debt?10-1See Answer
  • Q8: A 10-year annual coupon bond is currently selling for its par value of $10,000 with an annual yield of 5%.If the bond is callable at par, what is the effective duration of the bond, assuming rates change by 1.6%?See Answer
  • Q9: (a) Calculate the following ratios for McCrea plc in 2019. Return on Capital Employed (ROCE) Operating profit margin i) Inventories' turnover period Settlement period for trade receivables ) Current ratio Acid test ratio i) Gearing ratio ii) Interest cover ratio Earnings Per Share (EPS)See Answer
  • Q10: On 30 June 2020, Wick Ltd prepared an income statement and a statement of financial position but failed to take into account several adjusting entries. The incorrect income statement showed a profit of $40 000. The statement of financial position showed total assets, $120 000; total liabilities, $50 000; and equity, $70 000. The following adjustments need to be made: (1) Depreciation of $7000 was not recorded on equipment. (2) Wages amounting to $8000 for the last two days in June were not paid and not recorded. Then xt payroll will be in July. (3) Rent of $12 000 was paid for two months in advance on 1 June. The entire amount was debited to Rent Expense when paid. (1) Depreciation of $7000 was not recorded on equipment. (2) Wages amounting to $8000 for the last two days in June were not paid and not recorded. The next payroll will be in July. (3) Rent of $12 000 was paid for two months in advance on 1 June. The entire amount was debited to Rent Expense when paid. a)Prepare the adjusting entries at 30 June 2020, with narrations. (3 Marks) b)Complete the following tabulation to correct the financial statement amounts shown(indicate deductions with a bracket) (10 Marks) See Answer
  • Q11: Michino plc is a small manufacturing business based in the UK. It makes three products, details of which are shown below: All three products are produced on the same type of machines. However, some of the machines have to be repaired and will be out of commission for a period of time. This means that the machine time is limited to 840 hours a week. Required: (a)Which combination of products should be produced if the business is to produce the highest profit? (b) By how much will the normal total contribution per week be reduced as a result of the limited number of machine hours? (c) Advise management as to what solutions it might consider that would lead to a higher level of contribution for the business.See Answer
  • Q12: Compute Clear plc has produced the following budget and actual information. REQUIRED: (b) Prepare a flexible budget for Compute Clear plc to present actual versus flexed budget comparisons and also total variances. (a)You are required to prepare a traditional budget versus actual report using the above figures. (c)Using Material X as an example, demonstrate how this cost can be broken down into price and efficiency variances. Briefly comment on the significance of the results of these variances to the company.See Answer
  • Q13: You are given the following information regarding Aspek plc: Gross Sales £10,000,000. Operating expenses £3,500,000. Depreciation £1,000,000. Taxes £1,500,000. Net fixed Assets £12,000,000. Net working capital £3,000,000. You are also told that 30% of the company's assets are financed by debt which has an after-tax cost of 4%, while 70% is financed by equity with a cost of 14%. Required: (a)Calculate the Economic Added Value (EVA) of Aspek plc. (b)Briefly explain to the management of Aspek plc what the EVA calculated in part(a) represents.See Answer
  • Q14: . Special Pty Ltd, a resident private company, was incorporated on 1 July 2015.From 1 July 2011 until 30 June 2017, it conducted a travel agency business. The company incurred the following trading losses for tax purposes: > $15 000 – year ended 30 June 2016, and $22 000 – year ended 30 June 2017. In July 2013, the company discontinued its travel agency business, restructured and acquired a hotel-motel operation. The company's shareholdings of ordinary shares at the close of each financial year were as follows: For the tax year ended 30 June 2018, the company reported taxable income of $35000. Discuss the tax implications of the above events for Special Pty Ltd.See Answer
  • Q15: 3) Which of the following best explains why a patient would be willing to undergo a caesarean section when the price of the procedure is over $60,000when the price for same procedure for another patient is less than $7,000? A - The patient charged the higher price believes the medical staff used for her procedure is superior to the staff used for the lower-priced procedure. B - Willingness to pay the higher price is an example of the "snob effect" whereby the patient wishes to pay for a service another patient could not afford. C - The patient charged the higher price is given a private recovery room in the hospital; the patient charged the lower price must share a recovery room with another patient. D-A caesarian section procedure is a Giffen good. E - The cost of the procedure is covered by the patient's health insurance.See Answer
  • Q16: Ritter Razors produces deluxe razors that compete with Gillette's Mach line of razors. Total manufacturing costs are $200,000 when 30,000 packages are produced. Of this amount, total variable costs are $80,000.What are the total production costs when 35,000 packages of razors are produced? Assume the same relevant range. Determine the formula, then calculate the total production costs. See Answer
  • Q17: One Network Juggernaut (“ONJ") was formed by Bill and Jim during 2019. The purpose of the business is to provide local news and sports coverage to rural areas. ONJ plans to offer daily online local news and live streaming of local sports contests free of charge. Bill and Jim expect ONJ to make a profit by charging for advertising. Bill and Jim agreed that Bill will own 60% of the business and Jim will own 40%. Bill contributed $3,000 of cash and Jim contributed $2,000 of cash to form the business on April 27,2019. ONJ is organized as a Limited Liability Company. ONJ paid $100 of legal fees to Henry in April of 2019. Henry serves as legal counsel to ONJ and drafted the organizational documents of the business. In July of 2019, ONJ hired Doug as operations manager for a monthly salary of $200. Doug's employment began on July 1, 2019. In September of 2019, ONJ borrowed $25,000 from the Bank of Choice. The terms of the loan provide for an annual interest rate of 6% beginning on September 1, 2019. Interest payments are to be made every six months, and principal payments of $5,000 are to be made on September 1of each of the next five years. ONJ purchased server equipment in October of 2019 for $24,000. The equipment was delivered and installed on November 2, 2019. ONJ began using the server on December 1, 2019. Doug estimates that the server has a useful life of five years and will have no value after this time.Doug believes that the server will decline in value evenly over time. The first daily local news was produced and made available online on December 4, 2019. Since this date, local news has been made available daily, and local sports contests have been streamed live. The ONJ business plan is to grow an online viewership for three months before selling advertising. On October 31, 2019, ONJ and the Bank of Choice agreed that the bank would have exclusive advertising rights for December of 2019 through February of 2020, its first three months of operations. Advertising on the online news site and during live streamed sports contests will begin for all other advertisers on March 1, 2020. The bank paid $120 to ONJ for the exclusive advertising for the entire three-month period on November 2, 2019. Beginning March 1, 2020, ONJ sold advertising for six months for a total of $3,600. $1,800 was paid at the time of sale, $900 was paid at the end of the first month, and the remaining $900 at the end of the third month. The local sports contests became very popular with viewers during the summer of 2020. Bill and Doug decided to make recordings of the sporting events available for purchase. During August of 2020, ONJ paid $800 for 100 USB drives with recordings of the most popular summer sporting events. ONJ made them available for purchase at $10 each, and all 100 were sold by the end of September of 2020. All customers made their purchases in cash. Also in August of 2020, ONJ made more advertising sales. Customers purchased $3,500 of advertising for the next five months. This five-month period is September of 2020 through January of 2021. The customers agreed to pay $700 at the beginning of each of the five months beginning September 1, 2020. Bill decided to get additional USB drives of the summer of 2020 sporting events and make them available for sale to customers. ONJ purchased 200 USB drives for $1,500 in October of 2020for cash. During October, November, and December of 2020, 120 of the USB drives had been sold to customers for $12 each. Customers paid cash for 40 of the USB drives, while the other 80 were sold on credit. As of December 31, 2020, ONJ had received payment from 30 of the customers who purchased their USB drive on credit. As of December 31, 2020, there were 80 USB drives remaining on hand. ONJ has not yet prepared any financial reports. ONJ hired Flo as chief financial officer to oversee financial reporting. Flo would like for financial reports to be prepared on an annual basis each calendar year. Flo has some bookkeeping experience, but she has never prepared any financial statements. She-doesn't like complicated calculations, and her desire is to keep the financial records as simple as possible. Doug supports this approach, and Bill and Jim approve. 1) Costs that benefit future periods will not be immediately expensed. 2) Any cost that is not immediately expensed will be expensed evenly over the course of its expected benefit. 3) The cost of any goods that are sold to customers will be determined at the end of the year after a count of the any goods remaining on hand. 4) The goods purchased or produced the earliest will be treated as sold first.See Answer
  • Q18: 8) A market glut, or surplus, results when the demand for a product increases more than the supply of the product increases. A - True B - FalseSee Answer
  • Q19: 1. With respect to the enhanced CCA rules, which of the following statements is correct? a A The enhanced CCA rules apply to all CCA Classes. a B The enhanced CCA rules neverapply when an asset is acquired in a non-arm’slength transaction. a C The enhanced CCA rules areexceed the cost of acquisitions.applicable when the amounts deducted for disposals q D The enhanced CCA rules require that, prior to the calculation of CCA, one-half of· the net additions for the year must be added to the UCC balance.See Answer
  • Q20: 1. In November 1 of the current year, Perry Inc. acquires a franchise for $32,000. Thefranchise has a limited life of 12 years. What is the maximum amount of CCA that PerryInc. can deduct in its current taxation year which ends on December 31? Use number ofdays to determine your answer. a B $2,666.67. 1 C $1,333.33. a D $668.49.See Answer
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Willow

Taking TutorBin's help with financial accounting homework is a ground-breaking experience. I felt helpless as I was struggling with FA problem-solving methods. Thanks to expert guidance, I can now confidently do my financial accounting homework.

Olivia

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Richard

Customized FA explanations and expert assistance improved my performance. I used expert help and submitted all my tasks without traces of plagiarism. All my tasks are done as per instructions. With a plagiarism report in hand, I know my tasks will be unique.

Willow

Taking TutorBin's help with financial accounting homework is a ground-breaking experience. I felt helpless as I was struggling with FA problem-solving methods. Thanks to expert guidance, I can now confidently do my financial accounting homework.

Olivia