gkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. Jungkook Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid? A. 0 B. 2,950 C. 3,050

Q: Explain TWO (2) external corporate governance mechanisms that can be imposed on Serba Dinamik’s Grou...

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Q: erm, Chaprers Baved TB MC Qu. 7-139 Berry Co. purchases a patent on January 1, 2021... Berry Co. pur...

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A: IFRS refers to International Financial Reporting Standards. It consists of the globally acceptable a...

Q: Which of the following transactions results in the recognition of an exp O Withdrawal of cash by the...

A: Solution 1: An Expense is the cost of operations that a business incurs to generate revenue. In shor...

Q: In 2020, Ted Baker had total assets of $510.31 million, of which $219.92 million were total noncurre...

A: Total assets = Non current assets - Current assets     $510.31 million = $219.92 million - Current ...

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A: The partnership comes into existence when two or more persons agree to do the business and share pro...

Q: Hermosa, Ic., produces one model of mountain bike. Partial information for the company follows: Numb...

A: Formulas: Contribution margin ratio = Contribution margin / sales Contribution margin = Sales - Vari...

Q: 231.89 264.3540 498 527.88 989 1038.45

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A: Standards are set in advance, from the standard set the actual performance are required to be measur...

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Q: Prepare the adjusting entry for each 8l following for year ended December 31, 2021. 1. Received Php ...

A: Journal entry - It refers to the process where the business transactions are recorded in the books o...

Q: TB MC Qu. 6-137 Using a perpetual inventory system, how... Using a perpetual Inventory system, how s...

A: The question is based on the concept of Cost Accounting. Purchases, buy returns and allowances, purc...

Q: Which is true regarding the Non controlling interest? [a] It is accounted for in the subsidiary’s b...

A: Non controlling interest is also known minority interest. Minority interest means held company's equ...

Q: Which of the following accounts would probably need to be adjusted at year O Notes Payable Supplies ...

A: Solution: Broadly there are 4 type of accounts that requires adjustment at year end. They are accrue...

Q: Henry Company is a marketer of branded foods to retail and foodservice channels. Exhibit 6.18 presen...

A: Introduction:- In an accounting statement, a company often makes several sorts of changes during the...

Q: Diamond Corporation is planning a bond issue with an escalating coupon rate. The annual coupon rate ...

A: Lets understand the basics. For calculating bond's current price, we will need to discount the cash ...

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purc...

A: The cost of goods sold indicates the actual cost of goods sold and net profit is the excess of reven...

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A: Pre-acquisition earnings means such profits or retained earnings belonging to the subsidiary which a...

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Q: orm the Journal entry of the given transaction:   date/s transaction debit credit Sep-02 Garcia in...

A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are ...

Q: 36. At January 1, 2020, Jake, Inc. has beginnin 15,000 units during the first quarter of 2020 with a...

A: Solution Given Beginning inventory on Jan 1 2020 4000 Units to be sold during first quarte...

Q: RR Corporation acquired 80 percent of the stock of GG Company by issuing shares of its common stock ...

A: The question is related to Consolidation. The details are given below.  Given that  Share of RR Corp...

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A: business combination refers to to separate enterprises into a single economic entity as a result of ...

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Q: Accounts means

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Q: Colt Company 1. 3

A: A cash account refers to the account which reflects all the money transactions made by an entity.

Q: Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 26,400 games las...

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Q: [ine ToIioWing inrormation appiies to the questions dispiayea below.j Del Gato Clinic's cash account...

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A:

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A: calculation of average collection period are as follows

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A: Ratio analysis is a method of computing and analyzing financial ratios to form a judgement regarding...

Q: Suppose you want to invest php 10, 000.00 in the bank forG years. The Land bank of the Philippines (...

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A: Accounting means the process of recording the transaction , posting , summarising , interpreting and...

Q: Everlast Manufacturing Company uses a predetermined manufacturing overhead rate based on a  percenta...

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Q: it advisable to create a separate cost center or at least a separate cost location for the new envir...

A: solution Concept Cost center                 Cost center is basically a department which requires th...