Make a system for recording the cost of raw materials using the complete Perpetual method
Q: On December 31, 2019, an entity reported a deferred tax liability of P600,000 and a deferred tax…
A: Deferred tax is calculated on the Temporary differences. Income tax is paid on the taxable income.…
Q: Richards Corporation had net income of $231,470 and paid dividends to common stockholders of…
A: Price-earnings ratio = Market price per share / Earnings per share Market price per share = $52 per…
Q: a. P15,000 b. P62,000 C. P77,000 d. P80,000 70. How much should be recognized as R&D expense? a.…
A:
Q: Noora Company manufactures quality hair care product. The ingredients are combined in the mixing…
A: Solution: Noora Company Production Cost report - Mixing Department Computation of Equivalent…
Q: 1. How does a company use break even point and sales mix to determine how many units of each product…
A: Sales MIx Percentage is multiplied by Contribution per unit to give weighted average contribtion…
Q: During the year 2021,David Company purchased 1,000 shares of Goliath Company ordinary shares at P150…
A: The shares designated to be valued at fair value through other comprehensive income are to be…
Q: On Feb. 5, 20x2, an employee filed a P 2,000,000 lawsuit against Steel Co. for damages suffered when…
A: The law suit damages must be accrued as a loss contingency because an unfavorable outcome is…
Q: Bee Inc. issues P 3,000,000, 9%, bonds for P 2,817,000. The market interest rate for these bonds is…
A: Formulas: Unamortized bond discount = Total bond discount - bond discount amortized where, Total…
Q: of the last three years. The units in year 1 beginning inventory were based on production of 500…
A: The variable costing income statement treats fixed manufacturing cost to be expensed during the…
Q: ž Inventory U Apr 24 Apr. 30 Apr 30 Balance 0 s, and sales data for portable game players are as…
A: Lets understand the basics. In LIFO basis company assumes that, goods purchase last in the inventory…
Q: An entity reported pretax financial income of P8.000,000 for the current year. The taxable income…
A: Income tax is paid on the taxable income. Taxable income is calculated after making the adjustments…
Q: The T-accounts for Equipment and the related Accumulated Depreciation-Equipment for Sheffield…
A: Cash flow from the sale of Equipment is calculated by substructing the loss on sale from the Net…
Q: Malit Corporation has a total shareholders' equity of P1,000,000, including retained earnings of…
A: Stockholders are the company's business owners who invest in the company's equity. As a return on…
Q: . During the year 2019, Active Company acquired 10,000 ordinary shares of Passive Company P250,000…
A: Cost of equity investment = P250000 + P 5000 = P255000 Market value as on Decemeber 31, 2019 =…
Q: A journal entry for a $700 payment for Prepaid Rent was erroneously recorded as a debit to Prepaid…
A: Introduction:- Journal entries used to record business transactions. Journal entries play vital role…
Q: Noora Company manufactures quality hair care product . The ingredients are combine in the mixing…
A: Equivalent units means number of units that is taken as completed for the calculation of cost per…
Q: Explain and Give recommendation and lesson learned
A: We are given the liquidity ratios of an organization over 5 years from 2016-2020. The liquidity…
Q: At the end of the current year, $27,480 of fees have been earned but have not been billed to…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…
Q: If E-P28,091.16 and N = P11,213.00, what is the value of D? Note: E= Total Earnings D- Deduction N=…
A: Formula used : Net pay = Total Earnings - Deductions
Q: During the year 2021, David Company purchased 1,000 shares of Goliath Company ordinary shares at…
A: The shares designated to be valued at fair value through other comprehensive income are to be…
Q: MD Corp. completed the following transactions relating to investment in AO Company ordinary sha…
A: When shares for investment are purchased, they are recorded at the cost. At the end of every…
Q: How much should be reclassified to Retained Earnings as a result of derecognizing the investment in…
A: Any increase or decrease in investment is an increase or decrease in revenue of the company and has…
Q: what recent development in FP&A, if any, can significantly help companies deal with a black swan…
A: The answer for the theory question on the development in FP&A that helps companies in dealing…
Q: Item Retire bonds Issue bonds Amortization of discount Section of Statement of Cash Flows Added or…
A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular…
Q: Discuss the nature of each account and why you stated it, as well as the importance of ensuring that…
A:
Q: With $6,790,000 Paul's will creates a trust with the following provisions: life estate to Jacob…
A: The generation-skipping transfer tax is a statutory tax imposed when the property is transferred by…
Q: Barkov Industries makes an electronic component in two departments, Machining and Assembly. The…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: Direct Materials Variances The following data relate to the direct materials cost for the production…
A: Introduction:- Standard Costing is a predetermined cost. It is used to measure the efficiency of…
Q: Based on the Module 1 content, briefly explain what the theory of comparative advantage would…
A: Opportunity cost means the number of units of a product forgone in order to produce a unit of…
Q: An entity reported the following assets and liabilities at year-end: Carrying amount Tax…
A: In simple term Deferred tax is a duty responsibility that is payable in future. how much personal…
Q: Direct Materials Variances Bellingham Company produces a product that requires 11 standard pounds…
A: The variance is the difference between the actual data and standard output of the production.…
Q: The following data were accumulated for use in reconciling the bank account of Nakajima Co. for…
A: The balance sheet represents the financial position of the company. It involves the assets,…
Q: Intangible Asset & Impairment PT Cabo is operating in the cosmetics industry. A company-owned…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: How much is the company's expected cash collections in the month of May?
A: Expected cash collection is the collection of cash which has been received by the company during the…
Q: Noora Company manufactures quality hair care product. The ingredients are combined in the mixing…
A: (a) The following is the physical flow schedule:- Physical flow schedule for the mixing…
Q: A company reports the following: Net income Preferred dividends Shares of common stock outstanding…
A: Formula used: Earnings per share = ( Net income - Preferred dividends ) / Shares of common stock…
Q: ane's wages are $18,900 and she receives dividend income of $900. Diane’s 2019 earned income was…
A: The answer has been mentioned below.
Q: 40% for business purposes at his trading store Menlyn Mowbray’s costs for in relation to this…
A: Taxable income is the portion of an income of individual , firm , company that would have pay to…
Q: On January 1, 2017, Beyonce Company leased a music studio from Simon company on a 5-year lease term…
A: Calculation of lease liability and Right-of-use asset on lease commencement date (January 1, 2017):…
Q: Make a system for recording the cost of raw materials using the complete Periodic method.
A: In the periodic method, the inventory is valued as per the buying rate of each unit of inventory. it…
Q: In the month of January beginning Peter company borrowed $ 5000 from Lios by issuing 10 % Note,…
A: Introduction: Journals: Each and every business transactions are to be recorded in journals. All the…
Q: What amount of fair value gain should the company report in profit or loss resulting from…
A: The determination of fair value gain that should be reported in profit or loss resulting from…
Q: On Jan. 1, 2021, Bee Co. settled a P 1,000,000 loan by issuing to the lender 10,000 shares with par…
A: The loan is the amount in which one party lends money to another party. The money is lent for a…
Q: Laser Delivery Services, Incorporated (LDS), was incorporated January 1. The following transactions…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: $2.00 $10.00 $20.00 overhead cost is mostly fixed. Only 30% of manufacturing overhe omizing the…
A: Minimum sales price that is break even is where there is no profit or loss. Minimum sale price is…
Q: Del Gato Clinic's cash account shows an $12,472 debit balance and its bank statement shows $13,074…
A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…
Q: ate annuity on
A: Given as, 5000 for 5 years and 15000 for next 5 years.
Q: Assets are the O a. resources owned by the business. O b. personal property of the owners. O c. c.…
A: A business asset is an item or resources of a value owned by the company which can be tangible or…
Q: An entity accounted for land using the revaluation model. On October 1,2020, the entity classified a…
A: Impairment loss is the permanent diminution in the value of asset. it shows the decrease in the fair…
Q: depletion expense should be recognized for 2021? 550,000
A:
Step by step
Solved in 2 steps
- The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200A. At the end of December 2020, the accounting records of XYZ firm present the following transactions for a particular merchandise that sold at €20 per unit: Transaction Units Amount Inventory, 1/12/2020 200 2,000 € Purchase, 10/12/2020 150 1,800 € Purchase, 15/12/2020 120 1,800 €Purchase, 23/12/2020 170 2,720 € Sale 180 Sale 120 In addition, the level of operating expenses in December is €1,500 and the tax rate is 20%. The firm has decided to distribute the after-tax profits to shareholders. 1. If XYZ firm uses a periodic inventory system, prepare a summarized income statement for December 2020 under each inventory cost flow assumption: (a) weighted average, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was out of the beginning inventory and the second sale was out of the December 23 purchase. Exhibit inventory calculations in detail. 2. Which…Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2020. Date January 11 January 24 February 8 March 16 June 11 Quantities Purchased 1,300 630 Sold 330 605 Balance Unit Price of Purchase 430 1,730 1,400 795 1,425 $4.60 $4.80 $5.30 (a) Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method. Ending inventory $ Compute the cost of goods sold for the first 6 months under the periodic FIFO inventory pricing method. Cost of Goods Sold $
- If the Cost of Sales for Company Z is $912,500 for the 2019 year, and the Days Inventory Held is 25. The value of the Inventory at the end of 2019 is: $ 62,500 $ 36,500 $ 3,042 $ 2,500Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P600,000, P300,000 and P20,000. What is the cot of goods sold for the year ended 2020?Crane Corporation sells item A as part of its product line. Information as to balances on hand, purchases, and sales of item A are given in the following table for the first six months of 2025. Date January 11 January 24 February 8 March 16 June 11 (a) Purchased 1,320 Ending inventory Quantities 700 Sold 340 560 Balance 440 1.760 1,420 860 1,560 Unit Price of Purchase $4.70 $4.80 $5.20 Compute the ending inventory at June 30 under the perpetual LIFO inventory pricing method.
- The following information was obtained from the accor February 2020, the end of the financial year: Opening inventory Closing inventory Purchases Import duties Carriage on sales The cost of sales for the year ended 29 February 2020 amounted to Select one: a. R1 030 000 b. R1 080 000 c. R1 115 000 d. R1 065 000Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P500,000, P300,000 and P40,000. What is the gross profit for the year ended 2020?
- Grit Company had the following for 2019: Purchase P40,000 • Purchase returns and allowances P2,000 Freight In P3,000 Beginning Inventory - 5,000 Ending Inventory - P8,000 What was the cost of goods sold ?Assume that Distributor Company Inc. has the following inventory item on hand at December 31, 2018:Historical cost : $1,000Replacement cost: $900Estimated Selling price: $ 1,050Estimated costs to complete and sell: $100Required: Write down the journal entry at end of 20181) Follow IFRS2) Follow U.S GAAP6. MNO Company is preparing the annual financial statements dated December 31, 2022. Information about inventory stocked for regular sale follows: Item A B C D Quantity on Hand 80 35 40 75 Unit Cost When Acquired €50 €20 €50 €40 Market Value at year end €30 €25 €80 €20 a) Compute the valuation for the December 31, 2022, inventory using the lower-of-cost-or-net realizable value basis and make necessary adjusting journal entries. b) Sold 15 units of A for €20 in cash, 3 units of B for €30 and 10 units of C for €75 cach in cash and written-off 5 units of D. Make necessary journal entries. 7. Improvements were made to the leased warehouse on June 01, 2021 at a cost of $ 22,000. The estimated life of the improvement is ten years. Lease contract terminates on December 31, 2025. Make necessary entries as of 31.12.2021 and 31.12.2022.