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A: Introduction:- The following basic information as follows:- Ban Company exchanged 40,000 shares of…
Q: In a period, sales are $140,000, purchases $75,000 and other expenses $25,000. What is the figure…
A: Net profit = Total sales - Total expenses
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A: Formula: Bad debts expense (sales method) = Sales x uncollectible % Bad debts expense (Accounts…
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A: Income is the amount of money earned. It can be done either by selling the goods or providing the…
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A: Depreciation is charged on assets due to decrease in its value with respect to passage of time and…
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A: Lets understand the basics. Depreciation is a reduction in value of asset due to wear and tear,…
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A: Cash budget: It implies to a financial plan that gives an estimated figure of all the cash outflows…
Q: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital…
A: Total Paid in capital means par value of common stock as well as paid in capital in excess of par…
Q: Standard costs assigned: Direct materials standard cost (422,000 units @ $3.00/unit) Actual costs:…
A: GIVEN Standard costs assigned Direct materiala standard cont (422,000 unita $3.00/unit)…
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A: The company can collect advance from the customer before sale of the goods this method of collection…
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A: Variance manages the cost gauge of the project. It furnishes you with data about whether you are an…
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A: GIVEN Property taxes, office expenses, and insurance and depreciation on nonmanufacturing assets…
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A: Bonus rate is 10% of corporation's income before income tax but after deduction of bonus. Tax rate…
Q: A company factored $45,000 of its accounts receivable and was charged a 4% factoring fee. The…
A: Cash received from factors = Accounts receivable transferred - factoring fees where, Factoring fees…
Q: Consider the following transactions by a corp On July 5, billed a customer for $6700 for services…
A: Answer is option d) No effect.
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A: Solution:- Preparation of journal entry as follows under:- Journal entry is the the first stage of…
Q: As per APES 110, an auditor may Select one: perform advisory services for any
A: Concept of Profession ethics of Accountant as per AEPS 110
Q: A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of…
A: GIVEN A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions…
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A: Returnable container deposits received from customers are recognised as financial liability as a…
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A: Introduction: Current ratio: It tells the ability of the company to pay its short term obligations…
Q: Shue, a partner in the Financial Brokers Partnership, has a 30 percent share in partnership profits…
A: Net Income of the partnership is calculated by subtracting total expenses from total revenues.…
Q: what problems do you see with the rule requiring a balanced cyclically adjusted budget?
A: The cyclically adjusted budget balance is known as the full employment budget . the basically…
Q: Play-Disc st of Goods Sold Budget For the Year manufacturing cost
A: Basic Concept of Cost Accounting
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A: Lets understand the basics. In high low method, fixed cost and variable cost gets separated from…
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A: Inventory purchase budget: It is a budget prepared by the company for knowing the inventory needs in…
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A: Total coats produced are 2500 , out of these 300 got spoiled so net production is 2200. Total cost…
Q: Requirement 1. Fill in the blanks for each company. (Round the contribution margin per unit and…
A: Particulars Q R S T Target Sales $ 8,00,000 $ 4,00,000 $ 1,81,250 $ 7,98,750 Variable Expenses $…
Q: Interest rate implicit in the lease: 10% Unguaranteed residual value: P150,000 • Initial direct…
A: Under lease, residual value can be guaranteed or unguaranteed and any lease portion which is not…
Q: 5. VVV Co. manufactures electric motor drills. During July 2020, Job 007 for the production of 600…
A: 1.Computation of total cost transferred to finished goods inventory: •Calculate the total…
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A: Simultaneous Equation Method: This is method of allocation of overheads costs of the service…
Q: of P100,000, and a h profession. The husbar ck of a domestic corp- e of shares, P5,000; a er of the…
A: Gross income is the income which has been earned by the person during the year and gross income for…
Q: rporation bough ation is P6,800, executives, for
A: GIVEN Delata Corporation bought a condominium unit P6,000,0000. property per tax declaration is…
Q: A credit bureau, AKA credit agencies, are companies that collect credit information about…
A: A credit bureau, AKA credit agencies are the companies that maintains credit information about…
Q: A promise to pay an amount on a specific future date plus interest is recorded in which account?…
A: Accounts Receivable, Unearned Revenue and Accounts Payable does not carry interest. Also there is no…
Q: Which one of the following is not a factor that helps determine a company's credit rating? Its…
A: A credit rating can be defined as the evaluation of a person or entity’s ability to pay obligations.…
Q: 0. Aira invested ₱ 7,000.00, part at 4% and the remainder at 8% simple interest. How much is…
A: Interest means the extra amount which we received because of investment made and will be paid in…
Q: a. Purchased $138,600 of materials. b. Used $93,540 of direct materials in production. c. Incurred…
A: The income statement shows the net profit or loss which is calculated by deducting the expenses from…
Q: Shalimar Company manufactures and sells industrial products. For next year, Shalimar has budgeted…
A:
Q: On January 1, 2018, Laica Company purchased a patent from an original patentee for P2,400,000. The…
A: Intangible Assets Example for Intangible assets are goodwill, patent, Trademark, copyright etc.…
Q: Compute the ending inventory on a dollar-value LIFO basis for each year, 2020 through 2023.
A: LIFO is the method which has been used by the company in determining the valuation of the goods and…
Q: Zoe Corporation has the following information for the month of March. Cost of materials used in…
A: GIVEN Cost of direct materials used in production $16,958 Direct labor $27,539 Factory overhead…
Q: Banko Company used the cost recovery method of accounting since it began operations in 2016. In…
A: Percentage of completed method: Under this method, the revenues and expenses are reported…
Q: DGT Corporation's management keeps track of the time it takes to process orders. During the most…
A: The manufacturing cycle efficiency tells about the efficiency of business in various aspects.
Q: depreciation.
A: Depreciation refers to a decrease in the value of a tangible asset due to various reasons such as…
Q: 1. A warehouse building is constructed at a first cost of P7.5M and with an estimated salvage value…
A: Depreciation means the amount of expenses written off from the value of fixed assets used in…
Q: Montello Inc. purchases a delivery truck for $14,000. The truck has a salvage value of $2,000 and is…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: tax in Barbados. He decided to buy a large piece of land. The land was hilly, so he blasted it to…
A: Capital gains taxes are required on the earnings from the sale of most assets if they are maintained…
Q: 18. The Disney Company's breakeven sales is P400,000 at a certain level of fixed costs. When such…
A: Lets understand the basics. Break even point is a point at which no profit no loss condition arise.…
Q: The recorded allowance for doubtful accounts should be increased by
A: Uncollectible accounts are those accounts for which it is estimated that due amount will not be…
Q: On December 31, 2021, Maroon Co. leased an equipment with a cost of P2,000,000 to Green Co. for…
A: Residual value is of two types-one is guaranteed residual value and the other is unguaranteed…
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