Names Lal Prasad Singh Ram Gross wages $250 $225 $275 $285 FNPF 6% 6% 6% 6% Union Fees $10 $15 $18 LICI $11 $12 $16 $17 Direct bank loan $20 $30 $35 $40
Q: Throughout 2019, Hogan Corporation had 54,000,000 shares of common stock outstanding. In addition,…
A: Introduction Diluted earnings per share is used to estimate a company's profits per share as if all…
Q: How much would be the net margin impact (assuming 50% of revenue is cost of sales) and net working…
A: Net margin is the margin on the sales which has been made by the company which will be the profit on…
Q: 1. 2. 3. QUESTION 4 Raw materials... Packaging materials Work in progress. Finished goods.…
A:
Q: Garcia Company issues 13.5%, 15-year bonds with a par value of $490,000 and semiannual interest…
A: Face Value of bonds = $490,000 Par value of a bond = 100 Selling price of a bond = 112.25
Q: budgeted overhead
A: A budget is a statement containing an estimate of future income and expenses. To prepare a budget,…
Q: 44. An entity has revalued its property and has recognized the increase in the revaluation reserve…
A: The total sum of income, assets, transactions, and other economic activity that is subject to taxes…
Q: Raphael and Martina are engage and are planning to travel to Las Wegas during the 2021 Christmas
A: Each and every citizen who has earned the income had to pay the required taxes during the period and…
Q: Creative Solutions Company, a computer consulting firm, has decided to write off the $15,220 balance…
A: Accounts receivables is the amount to be received within a year. Accounts receivables is a current…
Q: Determine what is the net capital by the gain or loss generated taxpayer in 2021.
A: IRS classifies the capital gains and losses as long term and short term. If an asset is held for…
Q: Explain Audit data analytics in risk assurance
A: Audit analytics is the analytics of audit data often through the use of technology. It involves…
Q: Requirement 1. Prepare a comparative common-size income statement for Mariner Designs, Inc. using…
A: COMPARATIVE INCOME STATEMENT Comparative income statements which show a company's income…
Q: Question: Why payroll internal controls are important? briefly explain.
A: Payroll internal controls seem to be the methods and processes that the business employs to…
Q: The desired accumulated amount is $25,000 after 10 years invested in an account with 3.6% interest…
A: The question is based on the concept of Financial Management. Present value of the future value can…
Q: Fred currently earns $10,400 per month. Fred has been offered the chance to transfer for three to…
A: calculation of Fred gross income reported are as follows
Q: a. Deposited P120,000 in a bank account in the name of the business. b. Bought office equipment on…
A: The journal entries are prepared to record the transactions on regular basis. The assets and…
Q: adium Inc. produces a variety of household cleaning products. Palladium’s controller has developed…
A: Overhead - Overheads are expenses incurred by a company in carrying out its daily operations.…
Q: The debits to Work in Process—Assembly Department for April, together with data concerning…
A: Material cost is the cost incurred on the direct material during the production process. It is a…
Q: P2-1A Lott Company uses a job order cost system and applies overhead to production on the basis of…
A: Job costing is accounting which tracks the costs and revenues by "job" and enables standardized…
Q: Note 1: On April 1 of the current year, Warren Corporation received a $42,000, 6 percent note from a…
A: The question is based on the concept of Financial Accounting.
Q: Calculate (a) the amount financed, (b) the total finance charge, and (c) APR by table lookup.(Use…
A: INTRODUCTION: The annual Percentage Rate denotes the yearly cost of the loan and is given as a…
Q: Intangible assets are amortized when: There is no more depreciation available to take. It has a…
A: Companies use assets to operate their businesses. These assets include such things as fixed assets,…
Q: Journalize the following transactions, using the direct write-off method of accounting for…
A: The question is based on the concept of Financial Accounting.
Q: Comparison of Methods of Allocation Duweynie Pottery, Inc., is divided into two operating divisions:…
A: The direct allocation method is a technique for charging the cost of service departments to other…
Q: McCullough Hospital uses a job-order costing system to assign costs to its patients. Its direct…
A: Costing is a technique to note down in the business records the expenses incurred by an entity to…
Q: 99 2012. A B Peace Plc had the following balances in its accounts at 31 December 2011 and 31…
A: Q 99 Solution: Cash and Cash Equivalent constitute most liquid current assets like cash in hand,…
Q: Jackie is single and has taxable income of $34,275 without considering the sale of a capital asset…
A: Capital Gain is the gain on selling of capital asset during the year, there are two types of capital…
Q: The bookkeeper for Wood Manufacturing Company made the following journal entry Land Buildings Cash…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Rate 10% 12% 22% 24% 32% 35% 37% Single Single Tax Rates $0-$9,875 $9,875-$40,125 $40,125-$85,525…
A: Taxes are to be paid by the citizen and but tax to paid depends on the income earned and it…
Q: 18. A non degree candidate must include scholarship and fellowship awards income. 19. 20. gross Rent…
A: Here asked for multi question we will solve for first question for you. If you need additional…
Q: If the cost of inventory is falling over time, which of the following statements is true? O FIFO…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: How much is the carrying amount/initial recognition of the bond for each of the below…
A: Given in the question: Face Value of Bond = 2,000,000 Life = 5 Years Coupon Rate = 10% Ongoing…
Q: • IN SEQUENCIAL PRODUCTION PROCESS A, B AND C, • MATERIAL ABSORBED FOR PROCESS A IS $50.000;…
A:
Q: Skysong Corp. supplies its customers with high-quality canvas tents. These canvas tents sell for…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: 1) World Coffee, Incorporated has provided the following information pertaining to the store's month…
A:
Q: Consider the following transactions: • Paid $4,000 cash for supplies • Paid $6,000 cash in employee…
A: The cash basis of accounting records the income as and when they are received and records the…
Q: he following information relates to Zulu Company’s accounts receivable for 20X1:…
A: The question is based on the concept of Financial Accounting.
Q: 73. A company entered into a contract on 1 January 20X5 to build a factory. The contract price was…
A: Percentage of completion method A long-term project or contract's revenue realization strategy is…
Q: Which of the following is not a criterion that must be met for an item to be classified as a…
A: Introduction:- A liability is commitment or responsibility of a company that results in the…
Q: PROBLEM 4-22 Basics of CVP Analysis; Cost Structure [LO1, L03, L04, L05, L05–6] Due to erratic sales…
A: As per the guidelines we can provide the answer of three sub part of any question .Answer for…
Q: 1-Statement of Affairs and Deficiency Account Miner Company is being forced into bankruptcy. The…
A: A deficiency account is prepared during liquidation in order to calculate the estimated gain and…
Q: The hypothetical flow is one of the methods used to determine the cost of inventory and the cost of…
A: Introduction: The perpetual inventory system reveals tracking and updating inventory books after…
Q: Which type of entit(ies) may prepare financial statements using a special purpose framework. Issuers…
A: Financial reports that are created for the purpose of presenting financial information to a select…
Q: On September 12, Vandelay Company sold merchandise in the amount of $7,800 to Jepson Company, with…
A: The question is based on the concept of cost accounting. When goods are purchased on the credit then…
Q: Sanchez Corporation manufactures tables for schools. The 2023 operating budget is based on sales of…
A: The question is based on the concept of Cost Accounting.
Q: Workday, Inc., is an American on-demand financial management, human capital management and Student…
A: Lets understand the basics. As per IFRS15 "Revenue from contract with cutomer", when standalone…
Q: Describe how the times interest earned ratio is used to evaluate a company’s financial condition
A: Times interest earned ratio also known as interest coverage ratio is a solvency ratio. It measures a…
Q: Activity-Based Costing for a Service Business Sterling Hotel uses activity-based costing to…
A: Using the activity-based costing technique, an organization's activities are defined, and the cost…
Q: 3. CG has two sons namely Caden and Alex. CG gave his two sons P50,000 each as an advance Christmas…
A: Since rate of interest is same, the difference in amount will depend on compounding frequency. Since…
Q: lue Inc. (BBI) listed the following items to prepare a reconciliation between book and taxable…
A: Concept of Taxes on income has been applied here, Concept implied that there are certain items…
Q: (d) What do you believe Hermann should do?
A: Traditional costing uses one overhead rate for overhead allocation based on direct cost. Activity…
Step by step
Solved in 2 steps
- The latest statement of financial position for Malorie Limited is summarized below: GH¢'000 GHc '000 GH 000 Non-current assets (NBV) 5.700 Current assets Inventory 3.500 Receivables 1.800 5.300 Current liabilities Unsecured payables 4.000 Unsecured Bank overdraft 1.600 5.600 (300) Total assets less current liabilities 5.400 Non-Current Liabilities 10% secured debentures (13.000 Net assets 2,400 Financed by: Stated capital Income Surplus 4.000 (1.600) 2.400 Malorie's stated capital consists of 4.000.000 ordinary shares issued at GHel.00 and fully paid. The non-current assets comprise freehold property with a book value of GH¢3.000.000 and plant and machinery with a book value of GHc2,700,000. The debentures are secured on the freehold property In recent years the company has suffered a series of trading losses which have brought it to the point of liquidation. The directors estimate that in a forced sale the assets will realize the following amounts. GHSFreehold premises Plant and…4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…PROBLEM 1BABY Corporation provided the following information:Balance per book, August 31 P2,000,000Receipts per book for August 4,400,000Disbursements per book for August 3,600,000Balance per bank, August 31 1,860,000Bank receipts for August 5,000,000Bank disbursements for August 3,940,000August collection of P200,000 recorded by the entity as 20,000August check in payment of account payable for P600,000 recorded by the entity as 60,000Deposit of BABE Corporation erroneously credited by bank to BABY Corporation 200,000August check of BABE Corporation erroneously charged by bank to BABY Corporation 400,000NSF Check: July 100,000August 50,000Note collected by bank for BABY Corporation: July 200,000August 300,000Deposit in transit: July 31 600,000August 31 480,000Outstanding checks July 31 100,000August 31 650,000 Requirement:Prepare a proof of cash for the month of August.
- Bank ABC has 0.06 of spread, 391 million OMR of interest expenses, 531 millions of Interest bearing liabilities, and 671 million OMR of Earning Assets. Calculate Net Interest Income for АВС Bank. Select one: O a. 925.35 Million OMR O b. 534.35 Million OMR Oc. 143.35 Million OMR O d. 62.83 Million OMRThe following information for Rainbow National Bank are given:Report of Income Tk.Interest income 1,250Interest expense 500Total assets 40,000Securities losses or gains 1,000Earning assets 30,000Total liabilities 30,000Taxes paid 1,000Shares of common stock outstanding 3,000Noninterest income 8,000Noninterest expense 6,000Provision for loan losses 2,500Calculate:ROE, ROA, net interest margin, earnings per share, net noninterest margin and netoperating margin.EMM, Inc. has the following balance sheet: EMM, Incorporated Balance Sheet as of 12/31/X0 Assets Liabilities and Equity Cash $ 1,200 Accounts payable $ 4,900 Accounts receivable 8,900 Bank note payable 7,700 Inventory 6,100 Long-term assets 4,400 Equity 8,000 $ 20,600 $ 20,600 It has estimated the following relationships between sales and the various assets and liabilities that vary with the level of sales: Accounts receivable = $3,560 + 0.35 Sales, Inventory = $2,356 + 0.28 Sales, Accounts payable = $1,449 + 0.20 Sales. If the firm expects sales of $27,000, what are the forecasted levels of the balance sheet items above? Round your answers to the nearest dollar. Accounts receivable: $ Inventory: $ Accounts payable: $ Will the expansion in accounts payable cover the expansion in inventory and accounts receivable? Round your answers to the nearest dollar. The expansion in accounts payable of $ the total…
- In 2021, Bank Muscat reported the following amounts in its Balance sheet and Income Statement. Assets 1032600 OMR Liabilities 805500 OMR Interest Revenue 602300 OMR Interest Expense 404000 OMR Earning assets are 75% of Total Assets. Interest Bearing Liabilities are 80% of Total Liabilities. What is the Spread of Bank Muscat? Select one: Oa. 2.54 % Ob. 15.08 % Oc. 8.17 % Od. 27.62 %Selected financial data regarding current assets and current liabilities for ACME Corporation and Wayne Enterprises, are as follows: ACME Corporation Wayne EnterprisesCurrent assets:Cash and cash equivalents $ 2,494 $ 541Current investments 125Net receivables 1,395 217Inventory 10,710 8,600Other current assets 773 301Total current assets $15,372 $9,784Current liabilitiesCurrent debt $ 1,321 $ 47Accounts payable 8,871 5,327Other current liabilities 1,270 2,334Total current…The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 P56,000 11/29 84,720 Two Co. 83,680 09/02 48,000 08/20 35,680 Three Corp. 122,400 12/08 80,000 10/25 42,400 Four Co. 180,560 11/17 92,560 10/09 88,000 Five Co. 126,400 12/12 76,800 12/02 49,600 Six, Inc. 69,600 09/12 69,600 Total P723,360 P723,360 The estimated bad debt rates below are based on the Corporation’s receivable collection experience. Age of accounts Rate 0 – 30 days 1% 31 – 60 days 1.5% 61 – 90 days 3% 91 – 120 days 10% Over 120 days 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 1. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
- 19. Ebasan Company have the following account balances: Cash (net of overdraft of P100,000) Accounts receivable Accounts payable Notes payable Loans payable Income tax payable Warranty obligations Deferred revenue Cumulative, redeemable preference shares at the option of the holder Non-cumulative, non-redeemable preference shares What is the total amount considered as financial liabilities? A. 4,620,000 B. 3,620,000 C. 4,600,000 D. 4,500,000 P300,0000 450,000 1,200,000 500,000 1,800,000 120,000 180,000 240,000 1,000,000 2,000,000Consider the following data : Total interest income 520,500 Total interest expense 145,300 Non interest income 65,200 Non interest expense 45,800 Provision for loan losses 5,400 Loss on securities 2,500 Taxes 1,800 The bank efficiency ratio would be Select one: O a. 14.77% O b. 10.40% O c. -65% O d. 65%54. CPA Company assigned P 4,000,000 of accounts receivables as collateral for a P1,500,000 5% loan with a bank. The entity was also assessed by the bank a finance charge of 6% on the transaction and is paid up front. What amount should be recorded as a gain or loss on the transfer of accounts receivables?