1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%,

Q: 2. Estimate the 2021 ending inventory and cost of goods sold using the average cost retail method…

A: Particulars  Cost  Retail  Beginning inventory  165,000 220,000 Add: Purchases 690,000 688,000…

Q: Problem 20-4 (ATCPA Adapted) Koral Company incurred the following costs during the current year:…

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Q: Describe how the matching principle applies to contingent liabilities (hint: warranties).

A: Introduction:- Contingent liability may or may not occurred in the future. Matching principles…

Q: The format of the direc similar to that of the:

A: direct materials budget means the materials that must be purchased, by time or period. It will…

Q: 2. Prepare the year-end journal entry for depreciation in 2021. Assume that the company uses the…

A: Solution Concept Whenever there is change in estimation or method of depreciation , the effect to…

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A: Formulas: Net realizable value of the receivables = Ending Accounts receivable - Ending Allowance…

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A: Hi student Since there are multiple subparts, we will answer only first three subparts.

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A: Solution Concept Activity based costing               Under the activity based costing the activity…

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A: The answer is stated below:

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A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Weller Company's budgeted unit sales for the upcoming fiscal year are provided below: 1st Quarter…

A: Lets understand the basics. Budget is prepared by management to estimate future profit and loss from…

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A: Hi student Since there are multiple questions, we will answer only first question.

Q: ver and Short account: Choice Is used to record the income effects of cas

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A: Lets understand the basics. When one entity purchase more than 20% of the share and less than 50% of…

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A: The new equipment with commercial substance should be recorded at fair market value.

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A: The answer has been mentioned below.

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Q: PROBLEM 2: ALCOGIN CORP inventories for the month of March were as follows: March 1 March 31 Direct…

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

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A: The journal entries are prepared to keep the record of day to day transactions of the business on…

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A: Solution Concept The interest rate compounded annually means the interest is charged on interest and…

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Q: 1. Sydney plc acquired 60% of the ordinary shares in Kidney Ltd on January 1, 2013.  Kidney' Ltd's…

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Q: 3.16 A company had income of P40,000 using variable costing for a given period. Beginning and ending…

A: "Since you asked multiple questions, we will solve first question for you. If you want any specific…

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A: Bailout Payback Method Investment= P1,800,000 Year Net Cash Flow Salvage Value Cumulative Payback…

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A: Unfunded pension liability = Pension cost - Amount contributed to the pension plan administrator

Q: Problem 3: Economic Order Quantity GHI Company has an annual demand of 100,000.00 units of Material…

A: The total of material to be ordered at one time is known as the Economic ordering quantity. This…