Totals 35,970 | 55,970 Other data: 1. Supplies on hand total Tk 480. 2. Depreciation is Tk 800 per quarter. 3. Interest accrued on 6-month note payable, issued January 1, Tk 300. 4. Insurance expires at the rate of Tk 200 per month i.e., tk 600 for the quarter. 5. Services provided but unbilled at March 31 total Tk 1,030 Requirements:
Q: ABD Company's direct labor cost is 30% of its conversion cost. If the manufacturing overhead cost fo...
A: The conversion cost include direct labor and manufacturing overhead. If direct labor represents 30% ...
Q: ABD Company's manufacturing overhead is 20% of its total conversion costs. If direct labor is PhP2,2...
A: Lets understand the basics. Conversion cost is a cost to convert direct material into finished goods...
Q: Bank Reconciliation The following data were accumulated for use in reconciling the bank account of C...
A: A bank reconciliation statement aligns an organization's bank account with its financial documents b...
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: Lets understand the basics. Risk assessment procedure is performed by the auditor to obtain understa...
Q: The following transactions were completed by the company. a. The company completed consulting work f...
A: Please see Step 2 for required information.
Q: On June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following...
A: The income statement is prepared to record revenue and expenses for the current period. The income s...
Q: Tl1e shareholders’ equity section of Gaines industries’s balance sheet appeared as follows at Decemb...
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...
Q: Susan is looking for a method of how she could calculate and interpret the financial ratio so as to ...
A: Benchmarking: Under this method, some benchmarks are set and the actual results are evaluated by com...
Q: Whitaker Consulting Company has prepared a trial balance on following partially completed worksheet ...
A: Worksheet is a 10 column sheet which is being prepared for to first show unadjusted general ledger b...
Q: What is standard? O A mean of evaluating the acceptability for use to ensure products, services and ...
A: Standards are the prescribed norms and guidelines that entity is required to follow and work upon to...
Q: Nicanor, a Non-Resident Alien residing in Canada, bought 20,000 (@par value of Php 100) shares of st...
A: As per the provisions of BIR . a non-resident alien is charged for in...
Q: n February direct labor was 60% percent of conversion cost. If the manufacturing overhead cost for t...
A: The conversion costs include direct labor and manufacturing overhead. If direct labor represents 60%...
Q: The following costs were incurred in March: Direct materials = Php1,950,000 Direct labor = PhP1,20...
A: Prime costs include direct material costs and direct labor costs
Q: What is your estimate of the stock's current price?.
A: Required Rate of Return on Equity = Risk Free Rate + (Beta x Market risk Premium) Current Share Pric...
Q: Below is an income statement for Howell Company: Sales $600,000 Variable costs (150,000) Contributi...
A: The break even sales are the sales where business earns no profit no loss during the period. The bre...
Q: property at P 20,000,000. If Nicanor utilized P 8,000,000 of the proceeds of the sale in acquiring a...
A: Nicanor sold his rest house in Pangasinan for P 80,00,000. Now sale of property will attract a capit...
Q: The following is a list (in random order) of KIP International Products Company’s December 31, 2019,...
A: A balance sheet is a financial statement that shows the assets, liabilities, and shareholder equity ...
Q: my wc Information pertaining to Noskey Corporation's sales revenue follows: November 2021 (Actual) $...
A: A cash budget is a forecast of a company's free cash flow over a given time period. This budget is u...
Q: American Importers reports net income of S50,000 and sales revenue of S625,000. If the company's gro...
A: Lets understand the basics. Gross profit rate is a rate generated from the sales of the company . It...
Q: allumber Company manufactures basketballs. The first step is the production of internal rubber bladd...
A: The equivalent units are the units which are completed or the portion of units completed during the ...
Q: CFAS Company issued 100,000, P50 par value, ordinary shares and 20,000, P100 par value, preference s...
A: Share premium is an excess value of proceeds over the par value of the share. It can be calculated b...
Q: What is the balance of D's capital account at the end of the second year?
A: The partnership between partners and the distribution of profits and losses is governed by mutual ag...
Q: Pls answer this question with solutions. In 20x1, LUMINOUS SHINING Co. recalled a product due to a p...
A: Provision is recognized at the reasonable estimate of the probable loss.
Q: A company's accounts payable dated December 31. 2021. totaled P1.000.000 before any necessary year-e...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: In the course of your company's audit to BLACKPINK CORPORATION'S cash in bank for the year ended Dec...
A: The statement of proof of cash is prepared by starting with the opening cash balance as per book and...
Q: The following is an alphabetical list of Lloyd’s Hudson Dealership Inc.’s December 31, 2019, balance...
A: A Balance Sheet is the financial statement that is prepared by every organization at the end of an a...
Q: roblem 8: The following information was extracted from the first vear of absorption-based
A: In Variable costing fixed costs are considered as period costs and not...
Q: The audit risk model consists of: AR = IR x R x DR. The detection risk is the dependent variable. Wh...
A: Detection Risk dependent on the level of inherent risk and level of control risk. The relationship b...
Q: The following is a trail balance of ACC Limited for the year ended 31 December 2014: R BALANCE SHE...
A:
Q: In this assignment you will have the opportunity to demonstrate your ability to Forecast financial...
A: The correct answer for the above mentioned question is given in the following steps for your referen...
Q: Use the percentage method to compute the federal income taxes to withhold from the wages or salaries...
A: Normally the employer must refer Form W-4 of the employee when the emplo...
Q: 41. The following transaction relate to Tool Company’s contingencies. The financial statements ar...
A:
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: The procedure for equipment and machine are as follows more properly have been capitalized -Recalc...
Q: You audited the financial statements of PIS Corp. for the first time in 2022. The company started it...
A: Calculation of Net income in 2020. Particulars 2020 2021 2022 Net income 65,500 97,000 115,700...
Q: At the begining of 2020, Flynne Company decided to change from the LIFO to the FIFO inventory cost f...
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the quest...
Q: Disregarding business and professional income, how much is the gross compensation income of ROSE for...
A: The calculation of the gross compensation income of ROSE for the taxable income 2019 is shown hereun...
Q: Which of the following would most likely be considered as a separate performance obligation in a fra...
A: Lets understand the basics. As per IAS 115, one of the criteria is to identify performance obligati...
Q: ent value of note in 60,747 48,037 33,801 142,585
A: Given: Franchisee probability of collection cash down payment present value of note Direct cost ...
Q: Sarasota Corp. reported net sales S 600,000, cost of goods sold $ 336,000, operating expenses $ 160,...
A: The question is related to Profitability. There are two types of measure of Profitability. 1. Gross ...
Q: 9. It's two o'clock in the morning and you've been studying job-order costing for the past three hou...
A: Since the student has asked for Q9 specifically, so we are answering that question only. Job order c...
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: C. All of the choices
Q: A company issued a 3,000,000 6-year bonds dated January 1,2021, with a stated interest rate of 11%. ...
A: Carrying value of the bonds = Present value of principal + Present value of interest payments where,...
Q: Richard would like to invest on long-term debt securities, specifically bonds. Instruct Richard to g...
A: The securities are issued by the company in order to fulfill its capital requirements. It helps the ...
Q: Phil Corporation gave Manager A, a resident citizen grocery allowance worth P 39,000 How much is the...
A: Fringe benefits provided to the managerial and supervisory employees are taxable with the 32% fringe...
Q: Spiceland Corporation is in the process of obtaining a loan at City Bank. The bank has requested aud...
A: What is meant by Accounting Error? Accounting error is the mistake done unintentionally. For instanc...
Q: On January 1, 2021, a company issued serial bonds with a face value of 3,000,000 and a stated rate o...
A: Carrying value of the bonds = Present value of principal + Present value of interest payments where,...
Q: On January 1, 2021, a company issued serial bonds with a face value of P3,000.000 and stated rate of...
A: Carrying value of the bonds = Present value of principal + Present value of interest payments where,...
Q: In the issuance of treasury bills (T-bills) the government is the a. Debtor b. Creditor c. Guarantor...
A: The treasury bills are the financial instruments for the business which are used to raise money from...
Q: Indicate whether each statement describes financial accounting or managerial accounting.A. The infor...
A: Financial Accounting means the process of recording the transaction , posting , summarizing , interp...
Q: A company’s accounts payable dated December 31, 2021, totaled P1,000,000 before any necessary year-e...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Step by step
Solved in 2 steps
- On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…Prepare an annual income statement from the following adjusted trial balance.Blossom EnterprisesAdjusted Trial Balance December 31, 2020AccountDebitCreditCash$1,900Accounts Receivable 14, 100Allowance for Doubtful Accounts$900Prepaid Insurance1, 900Equipment26, 400Accumulated Depreciation4, 600Notes Payable9, 000Accounts Payable2, 800Salaries and Wages Payable2, 000 Interest Payable100Common Stock16,000Retained Earnings7, 800Dividends2, 500Service Revenue123, 500Salaries and Wages Expense84, 700Rent Expense23, 000Supplies Expense5, 500Insurance Expense3, 000Interest Expense600Bad Debt Expense900Depreciation Expense2, 200$166, 700$166, 700Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. What is the balance sheet classification for a note payable due in six months that was used to purchase abuilding?
- 7.Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021: Accounts payable $26,800Bonds payable, due 2030 24,900Salaries payable 16,900Notes payable, due 2022 22,000Notes payable, due 2026 40,800 What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet? Group of answer choices $65,700 $43,700 $106,500 $68,600The balance of Material Q on May 1 and the receipts and issuances during May are as follows: Balance, May 1 8 at $32 Received, May 11 23 at $33 Received, May 25 15 at $35 Issued, May 17 14 Issued, May 27 18 Determine the cost of each of the issuances under a perpetual system, using the FIFO method.Problem 5: The following selected accounts were taken from the trial balance of Romen Company as December 31, 2020: 750,000 150,000 450,000 2,700,000 525,000 3,900,000 30,000 150,000 240,000 900,000 1,800,000 4,460,000 222,000 393,600 150,000 2,787,500 Accounts receivable Installment receivable – 2018 Installment receivable - 2019 Installment receivable – 2020 Beginning inventory Purchases Freight-in Repossessed merchandise @ NRV Repossession loss Cash sales Credit sales Installment sales Deferred gross profit – 2018 Deferred gross profit – 2019 Operating expenses Cost of installment sales Additional information: a. Gross profit rate for 2018 and 2019 installment sales were 30% and 32%, respectively. b. The entry for repossessed goods was: Repossessed Merchandise Repossession loss Installment Receivable – 2018 150,000 240,000 180,000 210,000 c. Merchandise on hand at the end of 2020 (new and repossessed) was 282,000. Installment Received - 2019 Required: Compute for the following : 1.…
- Guardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021The following is the PT ABC Balance Sheet PT ABCTrial balance31 December 200X Debit (Rp) Credit (Rp) Long Term Notes Payable 155.750.000 Interest expense 13.470.000 Adjustment Data: 1.There is an installment of Rp 9,000,000 for long-term notes due next year Required: Make an adjusting entry to the account in question!
- The trial balance and additional information given below was obtained from the records of Vancouver Traders on 28 February 2020, the end of the financial year.REQUIREDUse the trial balance, adjustments and additional information to prepare the Income statement for the year ended 28 February 2020 Vancouver TradersPRE-ADJUSTMENT TRIAL BALANCE ON 28 FEBRUARY 2020Balance sheet accounts sectionDebitCreditCapital1 300 000Drawings96 000Land and Buildings912 000Vehicles at Cost672 000Equipment at Cost480 000Accumulated Depreciation on Vehicles384 000Accumulated Depreciation on Equipment168 800Fixed deposit: Fin Bank (9% p.a.)144 000Trading inventory123 000Debtors control142 420Provision for Bad Debts7 200Bank59 944Cash Float7 200Creditors Control133 344Mortgage Loan Fin Bank (12%)240 000Nominal Accounts SectionSales1 510 320Cost of sales432 000Sales returns9 600Salaries and wages427 200Bad debts13 400Stationery21 800Rates and Taxes57 100Motor expenses96 000 Repairs to building17 200Telephone32…Details about the account balances and general journal information of Maxwell Company for 2019 are given below. Beginning account balances for 2019 Amunt Ca Land Suli Unmed Reven ee Cn Sk Retainad Eanings 20.00 The following are the general journal information of Maxwell Соmpany for 2019 Mane Compy General ural. 219 Account T Event D Cre 1. Cad Bask Lon Offee Egieel 15.000 Cah 150 Accou Rocile 35,000 Service Reven 35, 4. Ca 15000 Account Roceinabe 15,00 Dividends 5000 Cah 5,00 hupaid Re 120 Cah 12,00 Lncamed Revenee 5000 Senice Reven Rest Eapee huped Ro 4.000 6000 Spples spense Supple 10,00 Required: b. Prepare T- Account c. Prepare Trial Balanc. d. Prepare Income Statement e. Prepare Balance SheetHELP ME PREPARE A CLASSIFIED BALANCE SHEET AT DEC.31,2019. THE NOTE PAYABLE HAS A STATED INTEREST RATE OF 6% AND THE PRINCIPAL AND INTEREST ARE DUE ON NOV.6,2021 ?? Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial balance. COOKIE CREATIONSAdjusted Trial BalanceDecember 31, 2019 Debit Credit Cash $1,460 Accounts Receivable 1,085 Supplies 430 Prepaid Insurance 1,500 Equipment 1,500 Accumulated Depreciation—Equipment $50 Accounts Payable 95 Salaries and Wages Payable 69 Interest Payable 20 Unearned Service Revenue 370 Notes Payable 2,500 Owner’s Capital 990 Owner’s Drawings 620 Service Revenue 5,588 Salaries and Wages Expense 1,247 Utilities Expense 155…