3. The following information applied to Flynn, Inc. for 2004: Merchandise purchased for resale Freight-in Freight-out Purchase returns P400,000 16,000 10,000 4,000 Required: Compute for Flynn's 2004 inventoriable cost
Q: Use the following information for questions. The following items are taken from the financial…
A: Income statement represents the net income of the company. Balance sheet represents all the assets,…
Q: Orman Company produces neon-colored covers for tablets (e.g., iPads). For last year, Ormanreported…
A: Income statement is prepared with a view to ascertain the net income earned by the entity over a…
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: The 150 days from November 1 will expire on March 31. Thetefore, Note will expire on March 31 next…
Q: Use the following information for questions. The following accounts were included on Stacy's Style…
A: Current Assets are those assets which can be converted into cash within a period of one year or in…
Q: What impact may the low accuracy of accounting estimates have on the annual statements?
A: Accounting estimates means estimation of the accounting transactions based on different factors like…
Q: Exercise 10.8 ROl and Investment Decisions Refer to Exercise 10.7 for data. At the end of Year 2,…
A: Return on investment (ROI) is a performance indicator that can be used to evaluate the efficiency or…
Q: BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $132,900 paid to its…
A: Payroll tax expense account refers to the account which is used to determine the balance of the…
Q: Aurora Lighting Ltd has the following income statement items: sales of $12 000 000; cost of goods…
A: Introduction: Gross profit: Deduction of cost of goods sold from the sales value derives the Gross…
Q: The following budgets are all financial budgets except for the O A. combined cash budget. OB.…
A: Financial budget will estimate organization cash budget, capital expenditure and estimate future…
Q: On April 23, 2020, Charming Company classified a noncurrent asset held for sale in accordance with…
A: Non-current assets are the one which are available with the owner for more than 5 years and are…
Q: Calculate COGS from the following? Opening stock - OMR 12,000 Closing stock - OMR 8,000 Purchases -…
A: Formula used: Cost of goods sold = Opening stock + Purchases - Closing stock
Q: What is the total costs transferred from Department 1 to Department 2?
A: As per our protocol we provide solution to the one question only and you have asked two multiple…
Q: Delta Company produces a single product. The cost of producing and selling a single unit of this…
A: Lets understand the basics. When there is special order received from the outsider and company is…
Q: Prepare a complete statement of cash flows using the indirect method for the current year. (Amounts…
A: Cash flow statement (CFS) refers to a financial statement which shows the flows of cash and cash…
Q: In the trial balance the balances of accounts are classified as follows, except one statement: a.…
A: Trial balance is the list of all ledger accounts which is written in the debit or credit side…
Q: 3.A machine with a cost of? S20,000, a salvage value of? $8,000 and expected life of 15 years was…
A: Depreciation under Straight line method = (Cost - Residual value / Expected useful life)
Q: pplier (industrial division, Advance Micro Incorporated, or Admiral Electric) should the commercial…
A: The transfer price is the price charged for goods or services when the good is transferred from one…
Q: Determine the amount of cash received from customers for each of the three independent situations…
A: Cash Received from Customers = Sales Revenue + Accounts Receivable Decrease or Cash Received from…
Q: Problem: Happy realized income of P97.000 before interest and income taxes, with Assets of…
A: There are two ways of raising funds in the company, either through borrowings or by issuing shares…
Q: Question 3 What is the difference between the way product and period costs are accounted for? O…
A:
Q: At the end of the month, the schedule of accounts payable (a list of ending amounts owed to…
A: Accounts payable is a part of current liabilities which shows the amount due to creditors in respect…
Q: The carrying amount of production machine as of December 31, 2020 is
A: Carrying value of the asset at a particular date is the value of the said value in the books of the…
Q: Kingcade Corporation keeps careful track of the time required to fill orders. Data concerning a…
A: Formula used: Delivery time = Wait time + Throughput time Sum of both wait time and throughput time…
Q: Del Spencer is the owner and founder of Del Spencer's Men's Clothing Store. Del Spencer's has its…
A: Working Note: June July August September Total sales $53,000 $46,000 $57,000 $82,000 Less:…
Q: What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?
A: Tax evasion is described as the unlawful nonpayment of actual tax due or unpaid wages. The IRS can…
Q: The total depreciation for the year ended December 31, 2020 is 5. The carrying amount of production…
A: Carrying amount of the assets is the value of the assets which has been computed when the…
Q: Swifty Corporation’s comparative balance sheets are presented below. SWIFTY CORPORATION Balance…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: On January 1, 2016, Bise Company signed an eight-year lease for office space. The entity has the…
A: Depreciation: - Depreciation is the amount of reduction in the value of assets by its regular use…
Q: The following selected transactions relate to investment activities of Ornamental Insulation…
A: Available for sale securities refer to those securities purchased by a business entity for the…
Q: Bonneau Company currently has 20,000 shares of $10 par common stock outstanding. Prepare entries to…
A: Treasury stock: Shares which are bought back by the company from the open market but not retired…
Q: Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells…
A: The budget for cash receipts shows the future cash receipts that the company could collect in a…
Q: G. H. I. J. Budget Perf
A: The term with definition as,
Q: 2. A company is uncertain how many units of a new product can be sold each year. To determine its…
A: The rate of return on annual sales is calculated by taking the profit generated by the sales divided…
Q: Required: 1. Compute the profit-linked productivity measure. By how much did profits increase due to…
A: Profits Profits refer to the monetary benefit realized when the total revenues from a business…
Q: Q4] Deewali advance given to an employee is a) Revenue Expenditure b) Capital Expenditure e)…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: What is the depreciation of the building for 2021?
A: Depreciation is the reduction in the value of asset due to its normal use and tear and wear. It is…
Q: 18) Salaries of $675 were paid in cash. The journal entry would include a! A) debit to Accounts…
A: Introduction: Journal entry: Another name for journals is book of prime records. Recording of each…
Q: Brecker Inc., a greeting card company, had the following statements prepared as of December 31,…
A: The financial statements contain a set of statements. The three major statements in the company's…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P80,000 on April 04,…
A: Solution: List price of supplies = P80,000 Trade discount = 5%, 2% Cash discount = 5% if paid with…
Q: Fred is considering three job offers in advertising. • A full-time position as a coordinator that…
A: Gross income is the total earning a worker earns during a time period. However, there are certain…
Q: On 1/1/21, Elliott Company leased machinery with a fair value of $1,185,000 from Greene Corporation.…
A: Lease is an agreement between leaser and lessee in which leaser allows lessee to use her land…
Q: 11. Biscoe. has historically used FIFO inventory costing method. In year 4 the company decided to…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Janos Company, which has only one product, has provided the following data concerning its most…
A: Formulas: Unit product cost for the month under absorption costing = Direct materials + Direct labor…
Q: Cash Budget Janet Wooster owns a retail store that sells new and used sporting equipment. Janet has…
A: Cash Budget A cash budget is a budget prepared to estimate the expected payments and receipts of…
Q: Sellars Inc. manufactures widgets. At 30 June, the company had 2000 widgets in inventory. The…
A: Formula: Projected direct labor cost for August = Budgeted production for August x labor time…
Q: 3.A machine with a cost of? S20,000, a salvage value of? $8,000 and expected life of 15 years was…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Garcia Company issues 10.5%, 15-year bonds with a par value of $430,000 and semiannual interest…
A: Issuance of Bond: It is possible for businesses to raise funds by issuing bonds. In the case of…
Q: A company isues a note receivable in place of an outstanding accounts receivable balance. The note…
A: Notes Receivables Issued: It is possible to get a note receivable by writing a promise to receive a…
Q: Cash Receipts Budget and Accounts Receivable Aging Schedule Shalimar Company manufactures and sells…
A: Cash sales are the one for which the cash has been received for the products sold whereas credit…
Q: What amount should Justine Company report as investment in associate on December 31, 2020?
A: Justine Company, an SME, bought 20% of another entity’s ordinary shares on January 1, 2020 for…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Assume the following information for Fruitful Proprietary Limited. for the year ended December 31, 2011: Sales R5,160 Cost of goods manufactured for the year R1,800 Beginning finished goods inventory R834 Ending finished goods inventory R593 Selling and administrative expenses R424 What is the cost of goods sold for the year ended 31 December 2011?How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…Calculate gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 4000. a.OMR 24000 b.OMR 20000 c.OMR 8000 d.OMR 12000
- Miranda Company reported the following amounts on its 2018 income statement: Purchases, P100,000; Beginning inventory, P20,000; and Cost of goods sold, P110,000. Therefore, the 2018 COST OF GOOD AVAILABLE FOR SALE was ____.Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and Return inwards OMR 6000, Return outwards 4000, Purchases 15000. a. OMR 5000 b. OMR 8000 c. OMR 6000 d. OMR 12000NANA Corp. reported income before income taxes as follows:2005 P525,0002006 630,000The company uses the periodic inventory system. Ending inventories for 2005 and 2006 were properlyrecorded. The following additional information became available following an analysis of the inventories:(a) Merchandise with a gross invoice price of P7,500 was shipped FOB shipping point by a supplieron terms of 2/10, n/30 in 2005 and was recorded as a purchase by Raffy Corporation in 2005 when theinvoice was received: however, the goods were not included in the ending inventory because they werenot received until 2006. The company always takes advantage of the early payment discounts andaccordingly, records its purchases using the net method. (b) Merchandise that cost P3,000 was purchased FOB shipping point by Raffy Corporation onDecember 31, 2005 and was shipped by the supplier that day. The merchandise was not included in the2005 ending inventory and was not recorded as a purchase until 2006. (c)…
- Given the following information regarding to a recent period's operations: Sales - P? Beginning finished goods inventory - P12,000 Cost of goods manufactured - P36,000 Ending finished goods inventory - P6,000 Cost of goods sold - P? Gross margin - 40% of Sales Administrative and selling expenses_P10,000 Net operating income - P? Determine the following: • cost of goods sold • cost of goods available for sale • net operating income • gross margin • sales1. Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000 increase in accounts payable: P50,000 Disbursements for purchases of merchandise: P580,000. How much is the 2020 Cost of goods sold? * a.P510,000 b.P550,000 c.P610,000 d.P650,000 e. answer not given 2. The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? * a.P210,000 b.P284,000 c.P330,000 d.P404,000 e. answer not given 3.Positivity Company provided the following information on December 31, 2020 ( in their normal balances): Accounts Receivable- 350,000; Accounts payable - 200,000; Accrued Expenses - 150,000; Building in progress - 500,000; Cash in bank - 200,000; Cash surrender value - 150,000; Merchandise Inventory - 580,000; Office equipment….Calculate the gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 2000.,Return outwards 5000, Purchases 5000 a. OMR 8000 b. OMR 5000 c. OMR 10000 d. OMR 15000
- The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…