a partner in the new partnership, Isabel contributed Furniture and Fixtures that cost P900,000 with a book value of P300,000 after four years of use without salvage value. The partners agreed that the said property should have been depreciated over a 10-year useful life. How much will the property be

Q: The Molson Company had budgeted production for the year as follows: Quarter 1 2 3 4 Production in u...

A: Closing inventory of raw materials = Opening inventory + Purchases made during the period - Consumpt...

Q: XYZ's Preserves currently makes jams and jellies and a variety of decorative jars used for packaging...

A: The variable costs are the costs that vary with the change in the output but the per unit variable c...

Q: The direct materials are added at the start of the production process while conversion costs are add...

A: Solution: Computation of Equivalent unit of Production Particulars Physical Units Material Conv...

Q: X Company pays time and a half for hours in excess of 40 hours per week. If an individual is paid P6...

A: Normal wage rate per hour = P60 Extra time wage rate per hour = 60*1.50 = P90 Normal hours = 40 hour...

Q: Huxley's Toy Store has $2,805 of inventory on hand at the beginning of the month. During the month, ...

A: Inventory Management: Inventory management alludes to the method involved with requesting, putting a...

Q: Assume Sherwin-Williams Company, a large paint manufacturer, has determined the following activity c...

A: Product cost refers to the costs of manufacturing a product. These prices include direct labor, dire...

Q: Information concerning a product produced by Ender Company appears here: 2$ %24 165 Sales price per ...

A: Contribution margin per unit = Selling price per unit - Variable cost per unit   Break-even units = ...

Q: Q1.)Why do you think an industrial partner does not share in the losses of partnership?

A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...

Q: Froot Loop Inc. a cereal manufacturer, has variable costs of $0.80 per unit of product. In May, the ...

A:

Q: Units started 100,000 20,000 14,500 97,000 Work in process, beginning (35% complete) Work in process...

A:

Q: ons occurred during the year ending De ed company called BETA Ltd. A acquired equipment valued at $4...

A: A January 1 The Asset account, Equipment, increases by $490,000. The Stock account increases by $490...

Q: Frances Newberry is the payroll accountant for Pack-It Services of Jackson, Arizona. The employees o...

A: Payroll accounting is a person who essentially does he calculation, management, recording, and analy...

Q: Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade d...

A: Note: 2/EOM, n/60: Here, 2 represents the discount rate if payment is made within two days after the...

Q: expectedly increased f investors know this.

A: Given information Money demand in UK Md/P=e(-0.5*i)*Y Ms=M I=i-US+e^e-e M=1100 Y=1506 P=1   i-US=0.0...

Q: The accounting records of ABC Corp shows the following: Increase of RM if 45,000; decrease din FG In...

A: Solution: Cost of raw materials used during the period = Purchases of raw materials + Transportation...

Q: A furniture manufacturer has a unit cost of $100 on an end table and wishes to achieve a margin of 6...

A: Unit cost to manufacturer = $100 Required margin of manufacturer = 60% on selling price Required mar...

Q: The Lite Manufacturing Company has the following financial information: ·         Manufacturing ove...

A: Solution: Manufacturing overhead = 300,800 Direct labor = Manufacturing overhead / 50% = 300,800 / 5...

Q: The following are examples of non-adjusting events after the reporting period that would generally r...

A: The determination after the reporting period of the amount of profit sharing or bonus payments, is a...

Q: Sweet Catering completed the following selected transactions during May 2016: May 1: Prepaid rent f...

A: The income statement is prepared to record the revenues and expenses and find the net income or loss...

Q: Ayres Services acquired an asset for $128 million in 2021. The asset is depreciated for financial re...

A: Deferred tax liability or Deferred tax assets are created due to temporary differences arrived betwe...

Q: The Love Manufacturing Company has the following financial information: ·         Manufacturing ove...

A: The Cost of Goods Sold (COGS) is the cumulative total of direct costs incurred for the goods or serv...

Q: Diane works for Fashion Services in Alberta and earns an annual salary of

A:                                                It is assumed that the tax year is 2021.             ...

Q: Statement of financial position as at the beginning of the earliest comparative period is not requir...

A: Statement of financial position as at the beginning of the earliest comparative period is required w...

Q: on sells products for $43 each that have variab ual fixed cost is $638,000. ontribution margin appro...

A: Breakeven point is where the fixed cost equals the contribution margin . At breakeven point there is...

Q: g checks and tamporing with company documents. The stolen cash was used to stoke a gambling habit. I...

A: The answer has been stated below.

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Ending Capital Balance=Beginning Capital Balance+Share in Profit-Drawings

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Formula: Ending capital = Beginning Capital + share in Net profit - Withdrawals

Q: Total fixed costs P1.8M Unit selling price Unit variable cost P80.00 P56.00 dicate the effect on the...

A: Answer 1) Break-even units = Total Fixed Cost/ Contribution margin per unit Break-even units = Total...

Q: profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their partnership r...

A: The ending capital of partners is calculated after adjustments for additional investment, Drawings, ...

Q: (b) Prepare the journal entry to record 2021 income tax expense, income taxes payable, and deferred ...

A: Solution:- Given, Financial Income = $1,634,000 in 2020 and $1,359,000 in 2021. Purchase Equipment =...

Q: When the book made a debit error in prior period and corrected in the current period:

A: Error is the wrong entry made by the company in recording the transactions in the respective ledgers...

Q: A. Income ement B. Retained Earnings Statement E Batance SheeMsimpteunelassified) Adjusted Trial Bal...

A: Income statement is one of the financial statement which shows all incomes and all expenses and at t...

Q: The stockholders’ equity section of Sweet Corporation appears below as of December 31, 2017. 8% p...

A: Earnings per Share - Earnings per share is the income earned by the company to the shareholder's of ...

Q: On July 1, 2021, S Furniture, sold to B tables and chairs for a price of P500,000 for the latter's c...

A: S will not bear the loss because there is an exception to res perit domino rule

Q: Johnson Company has a breakeven point of 4,800 units. At breakeven, variable costs are P480,000 and ...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...

Q: PROBLEM 5. Austin Company produces a single product. The projected income statement for the coming y...

A: Break even point in units = Fixed cost/Contribution margin per unit Variable cost per unit = P1,100,...

Q: A company selts two types of products: standard and deluxe. It prepares the following analysis showi...

A: Activity rate = budgeted cost/ cost driver

Q: In applying the PFRS 9 impairment requirements, an entity needs to follow   Group of answer choices ...

A: Lets understand the basics. As per PFRS 9 "Impairment of financial assets", an entity needs to follo...

Q: Oslo Company prepared the following contribution format income statement based on a sales volume of ...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: 7 Augusta Inc. is a manufacturing company whose total factory overhead costs fluctuate somewhat from...

A: Under High-Low Method the per-unit variable cost is computed as follows: - Per Unit Variable Cost = ...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: A partnership is a written contract between two or more people to manage and operate a business whil...

Q: P21.11 (LO 2, 3) Groupwork (Lessee-Lessor Accounting for Residual Values) Goring Dairy leases its mi...

A: Lease- A lease is a agreement outlining the conditions under which one party agrees to rent an asset...

Q: 32. Partners X, Y and Z had average capital account balances during the year of P400,000, P500,000 a...

A: Partnership is lawful association of two or more persons to carryout any business activity and share...

Q: The A Company whose ending capital is P89,000 will be joined by Mr. B to form a partnership. Mr. B i...

A: The revaluation account is prepared to find the effect of changes on assets and liabilities on the p...

Q: Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,...

A: Introduction: Trial Balance: All the final ledger accounts balance are posted in Trial balance to ch...

Q: You note the following yield curve in The Wall Street Journal. According to the unbiased expectation...

A: In this question, we have to solve this question on the basis unbiased expectations theory.

Q: Exercise 4-16 (Algo) Computing net sales for multiple-step income statement LO P4 A company reports ...

A: Lets understand the basics. Income statement is prepared to understand the income, expenses and net ...

Q: Analyse the measures that are taken in the detection of a fraud.

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: 1. Happy, Inc. produces a product requiring 8 pounds of material at P1.50 per pound. Happy, Inc. pro...

A: Direct material used is the quantity of direct material that the company has actually used during th...

Q: Shaw sold 1500 units of XOM for $20 per unit plus 8% sales taxes to Polo Company in cash. Sales tax ...

A: Formula: Sales revenue = Sales units x Sales price per unit