for A and use LCNR
Q: he following transactions and adjusting entries were completed by a paper-packaging company called…
A: A general journal is a daybook or subsidiary journal in which transactions relating to adjustment…
Q: .2)KK Limited owns a property that is used as its head office in Pretoria. On 1 st January 2020,…
A: Under the operating lease, the ownership rights of property remains with lessor, thus even after the…
Q: Choose one specialized industry and identify one specific financial reporting standards or distinct…
A: Accounting policies are that polices which has been set and implemented by the company and which are…
Q: Glen Pool Club, Inc., has an installment loan outstanding with a current balance of $141,000. The…
A: Loan Outstanding =$ 141,000 Interest rate = 6% p.a 6% interest p.a. is given so one month's…
Q: Perdue Company purchased equipment on October 1 for $44,530. The equipment was expected to have a…
A: Double Decline Method: It is a kind of accelerated depreciation technique in which the asset value…
Q: As of December 31, 2022, 380 lots were sold and the market value of each lot had increased to…
A: Answer:- Investment property definition:- A investment property can be defined as a real estate…
Q: Question Content Area High-Low Method The manufacturing costs of Kellam Industries for the first…
A: a)Calculation of Variable cost per unit as follows:- = (Highest activity cost – Low activity cost) /…
Q: You borrow money on a self liquidating installmer each payment is part principal part interest) Loan…
A: This simple interest calculates an accrued amount that includes principal plus interest.interest…
Q: Product Quantity Cost Net Realizable Value Revolvers 17 124 159 Spurs 28 25 20 Hats 11 54 44 $3,152.…
A: Formula: Inventory value = Quantity x lower of cost or NRV
Q: Operating Leverage Beck Inc. and Bryant Inc. have the following operating data: Beck Inc. Bryant…
A:
Q: When the outstanding preference share capital is multiplied by the participation rate, the result…
A: Outstanding shares refers to the aggregate number of shares that a corporation has issued to…
Q: Appendix: EOQ Diane Delbert operates a health food bakery that uses a special type of ground flour…
A: EOQ - 2 x annual demand x order cost/ carrying cost Appropriate order point = Average daily usage x…
Q: 2) Troy Ltd purchased a new machine on 1 October 2016 at a cost of $114,000. The entity estimated…
A: Formula: Straight line method depreciation = ( Asset cost - Salvage value ) / useful life
Q: Cari Tank (CT) produces and sells water tanks for the Regional market. The following are estimates…
A: Break even (units)=Fixed annual costSelling Price-Variable cost per unit Sale at desired profit…
Q: Schedule of Cash Payments for a Service Company EastGate Physical Therapy Inc. is planning its cash…
A:
Q: Year one income statement by months ( sales by year 3 $2.7m 2.7 m /3 = $900,000 average each year…
A: Total expenses = Costs of goods sold + Depreciation (Capital expenses), Location expenses,…
Q: Fixed assets are reported on the balance sheet at their "net book values." Do these amounts…
A: As a normal practice assuming going concern approach, the company records it assets at book value or…
Q: Fifteen $5,000 bonds redeemable at par bearing 8% coupons payable quarterly are sold nine years…
A: No of Bond = 15 Face Value of Bond= $ 5000 Coupon Rate = 8% Period = 9 years Yield to Maturity =…
Q: everal metrics from the Global Reporting Initiatives' (GRI) sustainability reporting standards and…
A: Balanced Scorecard- A balanced scorecard is a statistic for measuring managerial performance. It is…
Q: no more risky than this one. Machine A Machine B Original cost Labor per year Maintenance per year…
A: Calculation of present Value of Net Cash Outflow of Machine A Present Value of Net Cash Outflow =…
Q: The manufacturing costs of Barretto Enterprises for three months of the year follow: Total…
A: High-low method: It is the method in which Fixed cost and variable costs are separated from the…
Q: Debit Credit Cash $31,000 Accounts Receivable 7,400 Prepaid Insurance 21,000 Accounts Payable…
A: Lets understand the basics. Working capital is capital required to operate day to day business…
Q: Shelby Corporation was organized in January to operate an air-conditioning sales and service…
A: The stockholders' equity represents the total equity that belongs to the shareholders of the…
Q: has 3 items, (a), (b), and (c))
A: The actual price for materials is lower than the standard price. Material usage variance is…
Q: ) An office building is currently for sale, and you are thinking of purchasing it. From your…
A: Desired amount of Investment is needs to be calculated for required rate of return Income for 15…
Q: QUESTION 14 If you are in the highest tax bracket. your tax rate on long-term capital gains is O a.…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: In determining the basis of like-kind property received, postponed losses are: O Subtracted from the…
A: Section 1031 of IRC (Internal revenue code) includes the term 'like kind property' for referring to…
Q: Additional Algo 12-6 Quantity Discounts A store estimates their holding costs at 34% and incurs a…
A: Annual Holding Cost=Holding Cost per unit×Quantity Ordered2 Annual Ordering Cost=Ordering Cost per…
Q: monthly depreciation expense of $600 is recorded of urchased for $27 000 and has a $3 000 estimated…
A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…
Q: Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: Palmquist Company has five differet inventory items and applies the inventory valuation rules on an…
A: * As per Bartleby policy, of multiple subparts are there then answer first three only. As per US…
Q: Below are the financial statements for Aspirations Pty Ltd. Statement of Financial Position at 30…
A: The question is related to the Ratio Analysis. The dividend Cover is calculated with the help of…
Q: mall business ate colleges tune 500 companies lic education institutions and certain tax-exempt…
A: The companies provide the pensions plans to the employee on retirement to make their life happy and…
Q: Under accrual basis, rental income of Hamilton company for the current year is P300,000. Additional…
A: Lets understand the basics. Unearned income is a income for which cash has already been received but…
Q: ebits and total credits in the income statement column has to be the same as the difference between…
A: A worksheet (sometimes known as a spreadsheet) is made up of cells into which data may be entered…
Q: The costs of energy consumed in producing good units in the Baking Department of Victor Company were…
A: Cost per equivalent unit can be calculated by dividing the total cost of energy consumed by the…
Q: In the accounting process, financial statements must be prepared _________ A. After the adjusting…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: A corporation has experienced losses greater than profits in the past three years since…
A: The shareholders' equity is calculated as sum of capital, investment, retained earnings and further…
Q: Problem Set 1 Sugar Sweet (SS) Company produces and sells 7,000 specialty Treats per year at a…
A: Operating Income- Operating income is a secretarial figure that measures the amount of revenue…
Q: For the year ending December 31, 2022, Sheridan Inc reports net income Ss147,000 and cash dividends…
A: Retained earnings: Retained earnings is the accumulation of the profit earned by the organization…
Q: Your calendar year company places a $85,000 inventory order December 27 which shipped to your…
A: FOB Shipping Point: As per FOB Shipping Point, the buyer is responsible for goods damaged if any in…
Q: Calculate depreciation expense using the activity-based method for 2021 and 2022, assuming a…
A: Year Depreciation expenses 2021 $4,280 2022 $5,840
Q: Given the following year-end information, compute Greenwood Corporation’s basic and diluted earnings…
A: A share represents in a firm is a unit of stock ownership. Dividends are distributed to shareholders…
Q: Q8 ABC Bakers is a partnership concern owned and operated by Mr. X and Mr. Y. Identify the option…
A: There are variety of the way during which a partnership could also be defined, but there are four…
Q: Amira and Tay each started with $200,000. They retired, and both took out $6,500 of their money at…
A:
Q: There are various users of accounting information. Identify any three and explain how they benefit…
A: There are external and internal users of accounting information. The external users inlcudes…
Q: Identify and discuss the best costing system for Fruity Thirsty to record their direct materials,…
A: The answer for the question on identifying the best Costing system for Fruity Thirsty is discussed…
Q: Which of the following statements is NOT CORRECT relative to source documents? a. The internally…
A: Source documents are those documents which are provided as evidence that a particular transaction…
Q: Kansas Enterprises purchased equipment for $74,500 on January 1, 2021. The equipment is expected to…
A: Formula: Straight line method depreciation =( Asset cost - Salvage value ) / Useful life
Q: A company reports the following amounts at the end of the year: Total sales revenue - $560,000;…
A: Net sales revenue is calculated as making adjustments for sales return and allowance, sales discount…
make sure to read full question and use NON LCNRV for A and use LCNRV for b
Step by step
Solved in 3 steps
- Presented below are the year-end balance of the assets and liabilitiespertaining to Starlight Merchandising 2020 2019Cash P150,000 P120,000Equity investment at FVPL 260,000 230,000AR, net 360,000 400,000Inventories 705,000 635,000Prepaid Expenses 130,000 128,000Accounts payable 182,000 136,000Other current liabilities 141,000 125,000Bonds Payable 200,000 200,000Additional investment made by the owner during 2020 was P150,000 but a P200,000 personal liability was paid out of company's funds. What is the company's profit or loss for the year ended December 31, 2020? 30,000 800,000 Answer not given 140,000 700,000Combate Company reported total purchases of P3,200,000 in its accrual basis financial statement on December 31, 2020. Additional information revealed the following: Accounts payable, December 31, 2019 P900,000 Accounts payable- December 31, 2020 1,250,000 What is the amount of purchases under the cash basis for the year ended December 31, 2020? A.P4,100,000 B. P4,450,000 C. P2,850,000 D. P3,550,000GCASH accounts for sales under the installment method. On January 1, 2020 its ledger accounts included the following balances:Installment Receivable, 2018 P 38,500Installment Receivable, 2019 155,000Deferred Gross Profit, 2018 11,550Deferred Gross Profit, 2019 62,000Installment Sales in 2020 were made at 42% gross profit rate. December 31, 2019 account balances before adjustment were as follows:Installment Receivable, 2018 P 0Installment Receivable, 2019 42,000Installment Receivable, 2020 100,500Deferred Gross Profit, 2018 11,550Deferred Gross Profit, 2019 62,000Deferred Gross Profit, 2020 75,810The total realized gross profit on December 31, 2020 is:a. P90,350 c. P98,910b. P97,510 d. P97,350
- The following selected accounts were taken from the trial balance of Romen Company as December 31, 2020: Accounts receivable 750,000 I nstallment receivable – 2018 150,000 Installment receivable - 2019 450,000 Installment receivable – 2020 2,700,000 Beginning inventory 525,000 Purchases 3,900,000 Freight-in 30,000 Repossessed merchandise @ NRV 150,000 Repossession loss 240,000 Cash sales 900,000 Credit sales 1,800,000 Installment sales 4,460,000 Deferred gross profit – 2018 222,000 Deferred gross profit – 2019 393,600 Operating expenses 150,000 Cost of installment sales 2,787,500 Additional information: Gross profit rate for 2018 and 2019 installment sales were 30% and 32%, respectively. The entry for repossessed goods was: Repossessed Merchandise 150,000 Repossession loss 240,000 Installment Receivable – 2018 180,000 Installment Received - 2019 210,000 Merchandise on hand at the end of 2020 (new and repossessed) was 282,000. Required: Compute for the following : Total realized…Prepare the necessary joumal entries for the following fiscal year 2022 transactions made by Airflowing Corp. Additional Information: 1 Ai rflowing Corp. year-end is 12/31. 2 Assume straight-line amortization of discounts. 3 Ai rflowing Corp. records all purchases and payables at gross. Description Date February 2, 2022 Aiflowing Corp. purchased goods from Vents Inc for $ 250,00 ( 3/ 10, n 30 terms were February 26, 2022 Airfbwing Corp. paid Vents inc. for the 2/2/22 purchase. June 1, 2022 Arfbwing Corp. purchased a truck for $ 85,000 from Ford Mator Company Fleet Sales Division. The sales agreement call for Airfbwing Corp. to pay 10,000 on purchase date and to sign a 1-year, 10% note forthe remaning balance of the purchase price. July 1, 2022 Arfbwing Corp. borrowed from St. Paul Nat ibnalBank $ 3500,0 by signing a $ 3,700,000 zero-interest be aring note due one year from July 1 Airflowing Corp.s CFO has concerns re bted to cash the frst quarter of 2023.Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?
- Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December31, 2019 $60,000; Purchases $650,000; Operating expenses $100,000. What would the gross profit for Bubba Co. for 2019 be?Inventory Write-Down The inventory records of Frost Company for the years 2019 and 2020 reveal the cost and market of the January 1, 2019, inventory to be 125,000. On December 31, 2019, the cost of inventory was 130,000, while the market value was only 128,000. The December 31, 2020, market value of inventory was 140,000, and the cost was only 135,000. Frost uses a perpetual inventory system. Required: 1. Assume the inventory that existed at the end of 2019 was sold in 2020. Prepare the journal entries at the end of 2019 and 2020 to record the lower of cost or net realizable value under the: a. allowance method b. direct method 2. Show the presentation of cost of goods sold and inventory of Frosts income statement and balance sheet for 2019 and 2020 under the: a. allowance method (assume the cost of goods sold prior to applying the lower of cost or net realizable value rule was 595,000 and 605,000 for 2019 and 2020, respectively) b. direct methodThe cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
- The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000The following information are extracted from the books and records of Pinoy Company and itsbranch. The balances are at December 31, 2020, the fourth year of the company’s operations.Home Office Books Branch BooksSales 200,000Shipments to branch 60,000Shipments from home office 80,000Purchases 30,000Expenses 60,000Inventory, Jan. 1 20,000Allowance for overvaluation of branch inventory 24,000There are no shipments in transit between the home office and the branch. Both shipmentsaccounts are properly recorded. The ending inventory at billed price includes merchandiseacquired from the home office in the amount of P20,000 and P6,000 acquired from vendorsfor a total of P26,000.1. How much was acquired from outsiders?2. What is the true branch net income according to the generally accepted accounting principles?The following information are extracted from the books and records of Pinoy Company and itsbranch. The balances are at December 31, 2020, the fourth year of the company’s operations.Home Office Books Branch BooksSales 200,000Shipments to branch 60,000Shipments from home office 80,000Purchases 30,000Expenses 60,000Inventory, Jan. 1 20,000Allowance for overvaluation of branch inventory 24,000There are no shipments in transit between the home office and the branch. Both shipmentsaccounts are properly recorded. The ending inventory at billed price includes merchandiseacquired from the home office in the amount of P20,000 and P6,000 acquired from vendorsfor a total of P26,000.1. How much was acquired from outsiders?