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Q: Required: Prepare the relevant journal entries for the year 2021 and 2022
A: Lanier Corporation has acquired Plant and Machinery and is following revaluation model of measuremen...
Q: PinishNa Inc. has determined the following information related to operations for 2025: Revenue from...
A: The lower amount of Depreciation is charged in 2024 is just an error which can be solved by showing ...
Q: Elaine, James, and Jeremy form Forest Corporation by transferring the following items to the corpora...
A: ANSWER General Rule under sec 351(a) : No gain or lossshall be recognized if the property is trans...
Q: 8-4 A paper mill is considering two types of pollution control equipment. A Neutralization Precipita...
A: Present value is the value of an investment or amount at the future date for the interest rate provi...
Q: A product is sold at $12 per unit, the unit contribution margin is $7, and total fixed expenses are ...
A: Break even sales = Total fixed expenses/Contribution margin per unit
Q: Gon and Killua formed a partnership on January 1, 2019 with Gon contributing 16,000 while Killua con...
A: Capital contribution of Killua = Fair of assets contributed = 4,800 + 3,200 = 8,000
Q: On 1 January 2016, PT ABC paid Rp 2 million for 30% shares of PT Willow. Accumulated loss of PT Will...
A: Answer: In the books of PT ABC, Rp 17 million will be shown as investment in PT Willo for the year e...
Q: Matthew's Fish Fry has a monthly target operating income of $6600. Variable expenses are 80% of sale...
A: Target operating income = $6600 Fixed expenses = $840 Target Contribution margin = $7440 Target sale...
Q: 2. Prepare a horizontal analysis for 2022 using 2021 as the base year. (Note: If the percentage incr...
A: Horizontal analysis is used to compare the financial statement with the previous year. It helps mana...
Q: The Acme Manufacturing Company is concerned about its warehouse needs and how they can best be met. ...
A: Using only a public warehouse Month Sales(S) WarehouseThroughput(T= S / Density) Monthly handling...
Q: 1)Claire wants to start her own dog treat business. She can purchase a suitable factory for $250,000...
A: Implicit costs are those costs which a person could earn by choosing another option. It is same as o...
Q: a. The cost of completed and transferred out units in Mixing department is? b. The cost of Work in...
A: Equivalent units of products concept came in to existence when some units are not fully completed at...
Q: On November 1, 2021 Martinez Home Remodeling enters into a contract to "finish" a customer's baseme...
A: In the given case the project includes finishing the customer basement which includes all the activi...
Q: Date Debit Credit Balance Jan. 1 Balance 158,100 July 31 Purchase of equipment 70,300 228,400 Sept. ...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: ne revenue recognition principle (point of sale).
A: There are two bases of Accounting (1) Cash bases Accounting System (2) Accrual bases Accounting Syst...
Q: Middler Corporation, a manufacturer of electronics and communications systems, allocates Computing a...
A: Solution:- a)Determination of the service allocation rate for the four CCS service categories for Oc...
Q: What is your introspection on how Equity & Debt Financing impacts one's view?
A: Debt Financing :Debt financing involves borrowing funds from investors by issuing corporate bonds.Th...
Q: employees as to taxability
A: Correct Answer is :- C Corporate earner Employees.
Q: Calculating Average Operating Assets, Margin, Turnover, and Return on Investment East Mullett Manuf...
A: Turnover = Sales / Average operating assets Margin = Net income / sales
Q: A recent annual report for Wilmington, Inc. contained the following information: Retained earnings ...
A: Number of shares issued at the end of the current year = Common Stock account totaled at the end of ...
Q: Monument Company (a U.S.-based company) ordered a machine costing €200,000 from a foreign supplier o...
A: Forward contract fair value hedge of foreign currency firm commitment. The machinery should be capit...
Q: arket's Risk premium measures Select one: a. The market return plus the risk free rate. b. The ris...
A: The market risk premium represents the market participants demand extra return by increasing the ris...
Q: The Jonathan Corp. acquires a machine with an original cost of $9000 on January 1, 2016. The machine...
A: Sum-of-years = 1+2+3+4+5 = 15 years Depreciation rate under Diminishing-balance = 1 /life of assets ...
Q: Note: Round all answers to the nearest cent when necessary. Calculate the amount financed, the finan...
A: Solution:- a)Calculation of amount financed as follows:- =Purchase price - Down payment =$2,600 - $0...
Q: The management of Wyoming Corporation is considering the purchase of a new machine costing $375,000....
A: Average rate of return = Average profit / Initial investment where, Average profit = Total profit / ...
Q: terpretation of Account
A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the r...
Q: ) Classify each cost element as either fixed, variable, or mixed b) Calculate: i) the variable prod...
A: Solution Answer for part a) and part b) i) and ii) is given Concept The formula for high low method...
Q: How is a departmental contribution to overhead an effective tool in assessing each department's perf...
A: The Departmental Contribution is the difference between Department Revenue and the direct Expesnes. ...
Q: Presented below is information related to equipment owned by Coronado Company at December 31, 2020. ...
A: Recovery of impairment loss = Fair value on December 31, 2021 - Fair value on December 31, 2020 = $...
Q: Osprey Company has working capital in the amount of $1,300,000. For each of the following transactio...
A: The amount of money a firm utilizes in its day-to-day trade operations is referred to as working cap...
Q: ABC Corporation Asset Acquisition Data December 31, 2020 Asset Acquisition Data 1. Vehicle for $ 86,...
A: 1. Depreciation Expenses - Depreciation Expenses are the expense incurred on the wear and tear of th...
Q: Sky High Seats manufactures seats for airplanes. The company has the capacity to produce 100,000 sea...
A: Increase (decrease) in operating income = (Sale price per unit for special order - Variable Manufact...
Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS 12?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...
Q: A manufacturing company's budgeted income statement includes the following data: Data extracted fr...
A: Cash budget means expected cash receipts and expected cash payment with opening and closing cash bal...
Q: On January 2021, Mercury Corporation is engaged in the sale of goods and services with net sales and...
A: Income tax is used to fund government services, pay debts, and give commodities to citizens. Persona...
Q: Creative Computing sells a laptop computer called the Creative Package to Professor Smith with an ex...
A: The performance obligation is the promise made by the parties when they are entered into the contrac...
Q: a. Compute the current ratio and operating cash flow to current liability ratios for each year. Veri...
A: Current ratio = Current assets / Current liabilities OCFCL = Net cash flow from operating activities...
Q: Sale of an capital assets is subject to
A: Option a is wrong because regular income tax is applied in case of income from salary, business or o...
Q: When companies consider outsourcing a product, fixed costs are always irrelevant. Question 31 opti...
A: Fixed cost is the cost that does not change with the change in the output of the company. The compan...
Q: Janitorial Department Cafeteria Department Cutting Department Assembly Department Department costs $...
A: Solution: Janitorial Cafeteria Cutting Assembly Support department costs 310000 200000 ...
Q: McElroy Inc., a marketing consulting firm, entered into the following three revenue contracts in Mar...
A:
Q: oker Company manufactures three types of televisions: Model A, B and C. The company uses the activit...
A: ABC distributes manufacturing overhead expenses to goods in a more rational manner than the old meth...
Q: Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on acc...
A: Cash journal shows the transactions that includes cash receipt and cash payment by the company.
Q: Accounting i
A: Option a is wrong because the statement is true. Accounting is used for reporting purpose to both in...
Q: Walton Airline Company is considering expanding its territory. The company has the opportunity to pu...
A: Solution a.1: Payback period (first plane) = Initial cost / Annual cash flows = 13500000 / 5400000 =...
Q: An 8-year project is estimated to cost $496,000 and have no residual value. If the straight-line dep...
A: Average investment = (Beginning investment + Ending investment)/2
Q: De Luna Bhd Statement of Profit or Loss and Other Comprehensive Income for the year ended 30 June 20...
A: The statement of cash flows is an important financial document that depicts all of the business's ca...
Q: BK Corporation has a value of operations equal to P2,100, short-term investments of P100, debt of P...
A: Outstanding shares means the stock of the business which is held presently through its shareholders,...
Q: Briefly explain the ten cost drivers in a company.
A: The question is related to the Activity Based Costing. The Cost driver is a facor that causes a chan...
Q: Flatfish Limited reported the following items in shareholders' equity on December 31, 2020: Share ca...
A: Cumulative preference share holders enjoy the right to claim any unpaid dividend from the previous y...
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