R&R construction Limited supplies for April 2024 was: Construction Services $500,000 ( exempt VAT activity) Electrical Services $2,000,000 Surveying Services $300,000 Export Services $700,000 The VAT Rate is 15% Input Tax were as follows: Material for Construction Work - $15,000 Materials for electrical services - $52,500 Material for surveying services -$22,500 Purchase of staff uniform $4,950 The Net VAT Payable Question 47Answer a. 430,050 b. 250,050 c. 270,000 d. 325,050
Q: Sales transactions are recorded in the general journal by debiting Accounts Receivable and crediting…
A: On July 17, Brook's Floor and Tile Supply sold merchandise on account to Erica's Interiors Inc. The…
Q: 3. Which of the three types of cash flows could best be desribed as cash-basis net income? Operating…
A: The objective of the question is to identify which type of cash flow - operating, investing, or…
Q: None
A: a. In year 1, DEF recognized a loss of $15,000 on land that it had held for investment. In year 1,…
Q: Sandhill Corporation is considering two alternative investments in excavating equipment. Investment…
A: The Internal Rate of Return (IRR) is a financial metric that is widely used in capital budgeting and…
Q: go.0
A: Step 1: Collect Appropriate Information Financial Gains: fifty million dollarsWith $1.25 million in…
Q: 13. The costs of publishing a grade school textbook can be assumed to be as follows: Fixed expenses…
A: The unit contribution margin is calculated by subtracting the variable cost per unit from the…
Q: Memofax Inc. produces memory enhancement kits for fax machines. Sales have been very erratic, with…
A: To find the revised net operating income or loss, we must calculate the new sales revenue and then…
Q: Saved Shi Company is going through a Chapter 7 bankruptcy. All assets have been liquidated, and the…
A: In a Chapter 7 bankruptcy, the remaining assets are distributed among creditors according to…
Q: Florence is employed by Sparkling Drinks Limited and earns a salary of $40,000 per month. Her…
A: Part 1: AnswerThe balance of tax due from Florence to the Inland Revenue Department for the Year of…
Q: An agronomist is evaluating the resistance to insect herbivory of a two genetically modified strains…
A: To evaluate the null hypothesis that there is no difference in insect damage between the three…
Q: ABC Limited located in a country which has a capital gains tax, conducted the following…
A: To calculate the capital gains tax, we need to determine the total taxable capital gains for the…
Q: Consider the following information for a particular company and calculate the gross profit…
A: Approach to solving the question: For better clarity of the solution, I have provided the…
Q: At December 31, 2027, the trading debt securities for Wildhorse, Inc. are as follows. Security Cost…
A: Step 1:Step 2:Step 3: Step 4:
Q: What’s going on here? A) What analogy did Dr. Fraser use to help you remember what types of accounts…
A: Step 1: "net" amount is equivalent to "book" value. Step 2: Step 3: Step 4:
Q: Question: Highly Suspect Corp. has current liabilities of $417,000, a quick ratio of 1.20, an…
A: Step 1: Compute the current assetsCurrent ratio = Current assets / Current liabilitiesCurrent assets…
Q: Matthew and Kimberly Garfield invested $7,300 in a savings account paying 5% annual interest when…
A: Step 1:We have to calculate the total saved amount in the savings account on the 16th birthday. For…
Q: 9. Powell Corporation issued a $525,000, 6%, 10-year bond payable on January 1, 2025. Journalize the…
A: Step 1: Let's first understand the definition of bonds:They are a type of long-term instrument which…
Q: The declaration and issuance of a stock dividend results in a reduction of the issuing corporation's…
A: A stock dividend is a dividend payment made in the form of additional shares rather than a cash…
Q: help please answer in text form with proper workings and explanation for each and every part and…
A: 3) The sales amount and units sold are given, so with that we can compute the selling price. To do…
Q: A6
A: The objective of the question is to calculate the contribution margin per unit and the break-even…
Q: Lou Barlow, a divisional manager for Sage Company, has an opportunity to manufacture and sell one of…
A: Capital Budgeting is defined as the process by which a business determines which fixed asset…
Q: 2. Determine the total interest to date.
A: The objective of the question is to determine the balance on Andisiwe and Thobela's home loan as of…
Q: kau.3
A: Step 1:Computation of the aggregate of cost drivers for both the products: Nubby tiresSmooth…
Q: A2
A: The objective of the question is to calculate the direct labor time variance for Neighborhood…
Q: I need typing clear full answers pls i will give 5 upvotes
A: Setting Up the Bayes TestWe can set up a Bayes test to compare the null hypothesis (H_0) of p <…
Q: Cucina Corporation signed a new installment note on January 1, 2021, and deposited the proceeds of…
A: Step 1:Step 2:Step 3:Step 4:
Q: A5 accont
A: ARR = Annual net income / initial cost x 100= 26,400 / 240,000 x 100= 11% Annual Cash Flow = 26,400…
Q: Background Hyde Park Technologies Pty Ltd (HPT), a medium-sized enterprise with a turnover of $100…
A: To craft a comprehensive and compelling proposal for Hyde Park Technologies Pty Ltd (HPT) regarding…
Q: Please calculate the rental income for tax purposes. In July 2022, an individual acquires a rental…
A: The objective of the question is to calculate the rental income for tax purposes. This involves…
Q: R&R construction Limited supplies for April 2024 was: Construction Services $500,000 ( exempt…
A: The first step is to calculate the Output VAT. This is the tax that the business collects from its…
Q: A company financed the purchase of a machine with a loan at 2.75% compounded quarterly. This loan…
A: loan Calculationsa. The principal balance of the loan was accurately calculated as $268,478.32.b.…
Q: On January 1, 2025, Turner Corporation signed a $180,000, eight-year, 8% note. The loan required…
A: If you have any clarifications (i.e., expand the explanation) or want different, expanded, or…
Q: How many more payments would be required to be able to accumulate at least $54,000 by saving $1,650…
A: The objective of the question is to find out the difference in the number of payments required to…
Q: Winkin, Blinkin, and Nod are equal shareholders in SleepEZ, an S corporation. In the conditions…
A: Answer:Income Reported Daily Allocation MethodSpecific Identification…
Q: 60% increase During the months of January through June, the following total utility costs were paid…
A: Step 1: Introduction to cost of a productThe cost of a product refers to the total amount of…
Q: When are foreign currency transaction gains or losses required to be recognized in the financial…
A: Foreign currency transactions are when a business buys or sells goods or services in a currency…
Q: Give right answer
A: Given:- Sales for Year 2: $1,580,000- Total assets at the end of Year 1: $1,454,000- Total assets at…
Q: Required: Discuss the CGT consequences all 4 of the factual scenarios below. You are not required to…
A: i) Allison: Allison purchased her inaugural abode and promptly relocated to it, therefore…
Q: 2. from to recover Use the financial position of Big Co. in the preceding problem but ignore the…
A: a. Journal Entries:i. Opening Journal Entry:```Cash (Opening balance) 700 Land…
Q: None
A: Step 1: Absorption costing net operating can be calculated by making adjustments in Variable costing…
Q: C…
A: Detailed explanation:Freeman : Additional common stock issuedAssets884000…
Q: Sunland Company sells office equipment on July 31, 2022, for $22,080 cash. The office equipment…
A: Step 1:The required journal entries for the given transactions are presented hereunder:No.Account…
Q: Annie B's Homemade Ice Cream is an ice cream shop in Asheville, NC. Annie's Homemade currently owns…
A: 2. Net cash flow per month= Net cash inflow per event multiplied by the number of events per…
Q: Deflorio Corporation's inventory at the end of Year 2 was $169,000 and its inventory at the end of…
A: Step 1:Computation of the average total assets at the end of Year 2:Average total assets at the end…
Q: You observe the yields of the following Treasury securities Year Yield to Maturity Spot Rate Year…
A: Approach to solving the question: Detailed explanation: Examples: Key references: General Finance
Q: provide correct option
A: Step 1: Introduction to Cash Flow:The cash flow related to the business includes inflows through…
Q: Haas, Attorney at Law, opened his office on October 1. The account headings are presented below.…
A: ASSETS=LIABILITIES+OWNER'S CAPITAL Cash+Supplies+Prepaid Insurance+Equipment+Library=Accounts…
Q: A6 please help.....
A: Prepare the trend analysis using Excel as follows;Formula sheet:Note:To understand the calculation…
Q: None
A:
Q: Ms. Berry is employed as an Accounts Manager in the Jamaican company ADM Limited. In 2022, she…
A: Step 11. Calculate Ms. Berry's gross emoluments.Gross emoluments = Monthly salary + Director's…
Step by step
Solved in 2 steps
- Kiner, Inc. began work in 2024 on a contract for $21,000,000. Other data are as follows: Cost incurred to date $9,000,000 14,000,000 Estimated costs to complete $6,000,000 - Billings to date $7,000,000 $21,000,000 Collections to date $5,000,000 $18,000,000 If Kiner uses the cost -recovery method, the gross profit to be recognized in 2025 is A) $14,000,000 B) $7,000,000 c) 3,500,000 D) 3,400,000During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date 2025 $383,800 $905,280 626,200 302,000 2026 271,000 198,720 896,000 817,000 2027 $1,063,000 -0- 1,610,000 1,419,000Blue construction Co. has two projects for which it reported, as of December 31, 2012, the following information: Project a Project b Contract price P4, 800, 000 P860,000 2011: cost incurred 3, 400, 000 Percentage completed 75% 2012: cost incurred P1, 250, 000 P140, 000 Percentage completed 25% 15%Using the percentage of completion method of revenue recognition, gross profit on project A to be presented in 2011 would be:P 200, 000 P300, 000 P400, 000 P900, 00How much is the construction in progress on December 31,2011 from project A?200,0003,600,0003,400,0004,800,000
- Roger Inc. began work in 2021 on a contract for $8,400,000. Other data are as follows: 2021 2022 Costs incurred to date $3,600,000 $5,600,000 Estimated costs to complete 2,400,000 — Billings to date 2,800,000 8,400,000 Collections to date 2,000,000 7,200,000 Roger uses the percentage-of-completion method. Calculate the gross profit to be recognized in 2021.During 2025, Blossom Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) 2025 2026 $366,300 $831,440 623,700 262,560 297,000 894,000 270,000 816,000 Gross profit recognized in 2025 Gross profit recognized in 2026 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2027 2027 $1,067,000 $ -0- 1,590,000 1,417,000.Jen Company had a 10% P1,000,000 specific construction loan and 12% P20,000,000 general loan outstanding during 2021. The entity began the self-construction of a building on January 1, 2021 and was completed on December 31, 2021. The following expenditures were made during 2021: January 1, 2021 1,000,000April 1, 2021 2,000,000December 1, 2021 3,000,0001) What is the cost of the building on December 31, 2021?
- During 2025, Cullumber Company started a construction job with a contract price of $1,620,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date Ⓡ 2025 $393,900 $889,380 Gross profit recognized in 2026 616,100 Gross profit recognized in 2027 303,000 273.000 Gross profit recognized in 2025 $ 2026 $ $ 208,620 902,000 814,000 2027 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,061,000 -0- 1,620,000 1,418,000Gomez, Inc. began work in 2022 on contract #3814, which provided for a contract price of $19,200,000. Other details follow: 2022 2023 Costs incurred during the year $3,200,000 $9,800,000 Estimated costs to complete, as of December 31 9,600,000 0 Billings during the year 3,600,000 14,400,000 Collections during the year 2,400,000 15,600,000 Assume that Gomez uses the percentage-of-completion method of accounting. The portion of the total gross profit to be recognized as income in 2022 is a. $1,200,000.00 b. $1,600,000.00 c. $4,800,000.00 d. $6,400,000.00 Assume that Gomez uses the percentage-of-completion method of accounting. The portion of the total revenue to be recognized in 2022 is a. $1,200,000.00 b. $1,600,000.00 c. $4,800,000.00 d. $6,400,000.00 Now assume that Gomez uses the…During 2025, Oriole Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) 2025 $380,000 $847,770 Gross profit recognized in 2026 620,000 Gross profit recognized in 2027 302,000 272,000 Gross profit recognized in 2025 $ 2026 $ $ 253,230 896,000 812,000 2027 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. $1,069,000 1,610,000 1,418,000 ✩
- DPWH had the following transactions related to a construction project of school building worth P28,000,000 during the year 2021:January 25. Payment of mobilization fee equivalent to 15% of the contract price.March 10. Received 1st progress billing from the contractor equivalent to 40% completion of contract price.March 25. Paid the amount due to the contractor for the 1st progress billing. Deductions are: Recoupment of advances based on % of completion (deducted upon payment) Retention, 5% of the billings Withholding taxes (EWT & Final VAT) The entry to recognize the payment of mobilization fee includes a: a. Debit to Advances to Contractors, P4,200,000 b. Debit to Advances to Officers and Employees, P4,200,000 c. Debit to Accounts Receivable, P4,200,000 d. Debit to Advances to SDO, P4,200,000Santiago builders began construction work in 2021 for a project with contract price of P24,000,000. Santiago Builders uses percentage of completion. The financial statements for 2021 relating to the contract show the following: Accounts receivable. P 1,500,000 Construction in progress. 4,800,000 Contract billings to date. 4,500,000 Realized gross profit in 2021. 600,000 1.Compute the total cost incurred to date A.4,200,000. C. 5,400,000 B.4,800,000. D. 5,100,000 2.Compute the cash collection during 2021 A.3,000,000. C. 2,100,000 B.4,200,000. D. 3,900,000During 2025, Oriole Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. Costs incurred to date Estimated costs to complete Billings to date Collections to date (a) 2025 $396,000 $806,600 594,000 301,000 268,000 2026 Gross profit recognized in 2025 $ Gross profit recognized in 2026 $ 283,400 892,000 816,000 2027 $1,080,000 -0- 1,590,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. 1,427,000