FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Q: Can you provide me the full answer for this quiestion
A: Formulas for different financial ratios are as follows.
Q: I'd like the 1st question answered please for problem 23
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: can you also explain what part is a. b. and c. please
A: A budget is an estimate of amount which is prepared by the management for various planning and…
Q: Can you please step this out line by line (not all in one line) and state the formula used
A: The concept of time value of money states that worth of money changes with passage of time. This is…
Q: Student ID Day 63638034 Monday 23957096 Thursday 28080825 Monday Exam Score 61 70 1. How many…
A: =COUNTIF is used to count the cells satisfying the given criteria in the given range.
Q: incorfrect please redo with a accurate answer
A: Molding FabricationMachine Hours $      2,500.00 $      1,500.00Fixed Manufacturing Overhead cost  $…
Q: Could you please do a step by step solving process for this question?
A: PVIFA refers to present value interest factor of an annuity. It is used to determine the present…
Q: Please answer sections d), e) and f)
A: Debt Management Ratios are financial metrics that provide insights into a company's ability to…
Q: What is the after announcment?  This is from question a.
A: Debt Value = $2,700,000Current Debt-to-equity ratio = 30%Increased Debt-to-equity ratio = 50%EBIT =…
Q: can you be more clear of what the answer is? thanks
A: Given: Beginning of the Year Common Stock = $8 Additional Paid in Surplus = $138 End of the Year…
Q: im.2 answer must be in proper format or i will give down vote
A: When it comes to writing essays or papers, this are the things you have to consider: FORMAT:1.…
Q: Can you please show how to solve question 4, 5, 6a, 6b.
A: Capital budgeting is a financial management process used by organizations to evaluate and make…
Q: question 33
A: Traditional IRA is one of the plans which are used by the taxpayers so that the tax amount which is…
Q: please display your formula used in your work
A: Monthly payment refers to the payment amount for the loan grounded on the constant payments as well…
Q: answer is incorrect, pls recheck
A: Statement of Comprehensive Income: Comprehensive income is a measure of the changes in owners'…
Q: 7. The ultimate control of the corporation rests with the board of directors.
A: Introduction:- Board of directors:- Board of directors play vital role in every organization for…
Q: Can you explain each point in detail, if possible?
A: Lets understand the basics. Cash management is must requirement for banks in todays world. This is…
Q: ansawer
A: Where a partnership itself is generally not subject to income tax, individual partners (including…
Q: can you please solve the second question
A: Cost per good unit is calculated as total cost divided by number of good units. The cost can be…
Q: can i please get a correct answer for that question
A: The statement of comprehensive income is computed by adding the net income – which is found by…
Q: how do you calculate the answers for question a
A: On reading the 4th line of the question, we came across a statement "The company currently absorbs…
Q: Please answer section d) only
A: Degree of combined leverage (DCL) It is a leverage ratio that includes the combined effects, caused…
bartleby

Concept explainers

Contract Costing
Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required…
Question

Please answer question B, note that the question is complete

(a) One Cycle Limited (OCL) is a manufacturer of sports bicycles. The company uses Pirelli-P44X tyres in its sports bicycles. The following information is provided in relation to Pirelli-P44X tyres for the year 2021. V The annual demand for Pirelli-P44X tyres is 400,000 tyres. V The ordering cost per order is Kshs 10,500. V The Holding cost per unit of Pirelli-P44X tyre is Shs 158. Required; i) Calculate the Economic order Quantity (EOQ) for the Pirelli-P44X tyres using the information provided above Page 1 of 5 ii) Calculate the total ordering cost and the total holding cost if the reorder quantity is as per the EOQ computed in (i) above. iii) Explain the trade-off that occurs between the ordering cost and the holding cost as the order quantity increases iv) Explain two assumptions of the Economic order Quantity (EOQ) _
expand button
Transcribed Image Text:(a) One Cycle Limited (OCL) is a manufacturer of sports bicycles. The company uses Pirelli-P44X tyres in its sports bicycles. The following information is provided in relation to Pirelli-P44X tyres for the year 2021. V The annual demand for Pirelli-P44X tyres is 400,000 tyres. V The ordering cost per order is Kshs 10,500. V The Holding cost per unit of Pirelli-P44X tyre is Shs 158. Required; i) Calculate the Economic order Quantity (EOQ) for the Pirelli-P44X tyres using the information provided above Page 1 of 5 ii) Calculate the total ordering cost and the total holding cost if the reorder quantity is as per the EOQ computed in (i) above. iii) Explain the trade-off that occurs between the ordering cost and the holding cost as the order quantity increases iv) Explain two assumptions of the Economic order Quantity (EOQ) _
(b) Explain how you would treat and record each of the following cost information when preparing the contract account for a construction contract of H.Young Itd a construction company that has been operating in Kenya for the last three years. i) The company purchased building materials including cement.sand.paint.roofing tiles and other material at a cost of Shs 250,000,000 ii) Some of the purchased building materials were defective and were returned to the supplier. These materials had been purchased at a cost of Shs 23,000,000. iii) A huge fire at the contract site destroyed building materials valued at Shs 35,000,000 iv) The company purchased a construction crane at a purchase cost of 20,000,000 v) The company hired dynamics networking company to install electrical cables in the building at a cost of 8,500,000 vi) The manual construction workers hired for the contract during the year were paid 45,000,000.
expand button
Transcribed Image Text:(b) Explain how you would treat and record each of the following cost information when preparing the contract account for a construction contract of H.Young Itd a construction company that has been operating in Kenya for the last three years. i) The company purchased building materials including cement.sand.paint.roofing tiles and other material at a cost of Shs 250,000,000 ii) Some of the purchased building materials were defective and were returned to the supplier. These materials had been purchased at a cost of Shs 23,000,000. iii) A huge fire at the contract site destroyed building materials valued at Shs 35,000,000 iv) The company purchased a construction crane at a purchase cost of 20,000,000 v) The company hired dynamics networking company to install electrical cables in the building at a cost of 8,500,000 vi) The manual construction workers hired for the contract during the year were paid 45,000,000.
Expert Solution
Check Mark
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
See solutionCheck out a sample Q&A here
Step 1: Introduction to contract account
VIEW
Step 2: Accounting Treatment of Various Costs in Construction Contract for Company H
VIEW
Solution
VIEW
bartleby

Step by stepSolved in 3 steps

See solution
Check out a sample Q&A here
Blurred answer
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education
SEE MORE TEXTBOOKS