3. Time Bomb Traders Inc. in Burnaby just received an invoice dated May 1, 2022 from Urban Eats headphones in the amount of $60,000 with terms of 4/15, 2/30, n/45 ROG. The items on the invoice are received
Q: Prepare the journal entry to record the purchase of the machines, indicating the initial cost of…
A: Journal entries are passed following the golden rules of accounting. Debit all assets and expenses…
Q: QUESTION Analyze GBATT’s operational performance by describing its year over year performance.
A: Analysis of GBATT's operational performance by year over year: As we can see that in year 2021 in…
Q: 15. What is the spending variance related to shipping expenses?
A: Budgeted units = 15,000 Actual units sold = 17,000 Flexible Budget - Amount of Selling Expenses on…
Q: Statin company expected to sell 3000 masks for $200 each but ended up selling 7500 for $150 each.…
A: Margin mixture variance :— It is the multiplication of Standard margin and difference of actual…
Q: a. Radiant Age Berhad acquired 30% of the ordinary shares of Glitter Berhad on 1 January 2022.…
A: One firm can gain control of another by acquiring or owning common stock. If one firm purchases a…
Q: C10.58 Solid State sells electronic products. The controller is responsible for preparing the master…
A: Introduction Accounts Receivables: Accounts Receivable (AR) is the term used to describe the money…
Q: The expected average rate of return for a proposed investment of $6,250,000 in a fixed asset, using…
A: Rate of return on investment is the percentage return earned on the investment in fixed assets by an…
Q: Required: Prepare the entry to close the firm's Income Summary account as of its December 31…
A: Profit & Loss Appropriation Account is prepared by the Partnership Firm to distribute the Profit…
Q: Instructions: 1. 2. 3. 4. As of June 30, the end of current fiscal year, the accountant of Universe…
A: Journal Entry :- A journal entry is the act of recording any transaction, whether one that is…
Q: c-1. The sales policy at the St. Cloud plant dictates that job bids be calculated by adding 32…
A: 1. Two methods are followed and compared for overhead rate computation and total manufacturing cost.…
Q: Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative…
A: When each line item on an income statement is expressed as a percentage of revenue or sales, the…
Q: The chart of accounts of Angel's Delivery Service of Flin Flon includes the fol- lowing: Cash, 111;…
A: Creating a trial balance is the first step in closing the books at the end of an accounting period.…
Q: Exercise 13-10 (Algo) Part 3 [Alternate Version] (3-a) Compute times interest earned for the current…
A: The time interest earned ratio indicates the ability of the company to pay out its debt obligation…
Q: Covid Resources Student Services Use the information in the adjusted trial balance presented below…
A: Liabilities means the amount payable to an outside by the business entity. Current liability means…
Q: Sales Revenue Variable Costs Fixed costs Profit Number of rooms occupied Sales Room Rate Variable…
A: whenever there is case of evaluation to be done it is important to analyse the actual data and…
Q: Betty of $50,000 and a fair market value of $150,000 that was subject to a mortgage of $120,000 in…
A: Adjusted net fair market value=(Adjusted basis−Mortgage)50%=$150,000−$120,00050%=$30,00050%=$60,000…
Q: Prepare journal Entries: Oscar is a self-employed electrician. He purchases a piece of equipment for…
A: Introduction: A journal entry contains information about a single business transaction, such as the…
Q: Sasu Company went into liquidation on 1.1.2014 The liquidator whose remuneration is 3% on all the…
A: In preparation for discontinuing all operating activities, an entity may choose to liquidate itself…
Q: Comparative data on three companies in the same service industry are given below: Required: 2.…
A: Ratio analysis helps to analyze the financial statements of the company. The management can make…
Q: Walton Moran manages the cutting department of Greene Zachary Company. He purchased a tree-cutting…
A: In management accounting, the phrase "relevant cost" refers to avoidable expenses that are only…
Q: Which of the following items are included in the governmental activities column of the government-…
A:
Q: how much is the Allowance for Overvaluation after adjustment?
A: Given that, Allowance for overvaluation = P157,500 Shippment from home office = 120% of cost…
Q: Complete the inventory schedule assuming the Weighted Average (WAVG) inventory…
A: It has been mentioned in the question that the average weighted inventory valuation has been used by…
Q: Required information [The following information applies to the questions displayed below.] Lansing…
A: Introduction: The direct method of operating activities cash flows is one of two methods in a cash…
Q: Riley Company promises to pay Janet Anderson or her estate $150,000 per year for the next 10 years,…
A: Ans. The amount promised by the company is $150000 * 10 i.e.$1500000. This amount will be the full…
Q: Morgan Industries is comparing and contrasting its ending inventory value in terms of the three…
A: Answer : Option b. Weighted Average inventory cost method is correct answer. Weighted Average cost…
Q: 1. Prepare a cost of production report, and identify the missing amounts for Work in…
A: Inventory in process, July 1 30000 Add: Received from materials storeroom 155000 Total units…
Q: TLC Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it…
A: Net present value is the difference between present value of cash inflows and present value of cash…
Q: QUESTION 30 If a loss contingency related to a lawsuit against a firm is deemed to have a reasonable…
A: There are some liabilities for which companies are not prepared in present it all depends on the…
Q: The Unearned Service Revenue account shows an end-of-year balance of P30,000. The adjusting entry to…
A: The Unearned revenue is the revenue received in advance but has not been earned yet. It has credit…
Q: Relevant account balances for Martinez Corporation are: 12/31/17 1/01/17 Accounts receivable…
A: Cash paid to suppliers means the amount of money paid to the creditors or suppliers of an entity…
Q: . The Bureau of Internal Revenue filed a case against Prorealty Corporation due to…
A: This is a case of tax delinquency and penalties for companies operating in the Philippines. Tax law…
Q: [The following information applies to the questions displayed below.] Marco Company shows the…
A: Particular 306 307 308 April Total Direct labor cost (a) $ 90,200 $ 163,000 $…
Q: For the next fiscal year, you forecast net income of $49,600 and ending assets of $505,800. Your…
A: Debt equity ratio = total debts/ shareholders fund Share holders include share capital ,reserves and…
Q: Option 1: He needs to rent a kiosk cart in the mall which will cost $600 a month. In addition, there…
A: Break even Analysis When determining when you will break even financially, a break-even analysis…
Q: 1.1 ) A steel bar manufacturer business can make 15000 bar a week. It is determined that to achieve…
A: Selling price=Total SalesUnits sold
Q: When the indirect method is used to determine net cash provided by (used in) operating activities,…
A: Under the indirect method, the net cash flow from operating activities is calculated by adjusting…
Q: The Victoria Telephone Company has a $1,000 par value bond outstanding that pays 18 percent interest…
A: Computation of price of bond : a. 25 years Years Particulars cash flow PV Factor @19% (round…
Q: A company's cash flows from investing activities include cash transactions relating to the purchase…
A: Investing Activities are those activities which are related to the purchase or disposal of the…
Q: Question 5.1…
A: The four key business metrics that are measured by the balanced scorecard are learning and growth,…
Q: Please indicate whether each entry is accounted for in profit or loss (P/L), other comprehensive…
A: Lets understand the basics. Profit or loss account is statement which shows revenue and expense…
Q: Lansing Company's current-year income statement and selected balance sheet data at December 31 of…
A: Cash flow from operating activities is a part of cash flow statement. The cash flow statement is an…
Q: On the first day of the fiscal year, a company issues a $3,400,000, 9%, 5-year bond that pays…
A: Solution; Face value of bond = $3,400,000 Issue price of bond = $3,682,766 Premium on issue of bond…
Q: An equipment has been sold by 100,000 SR on cash, accumulated depreciation 200,000 SR, and Book…
A: Lets understand the basics. Gain or loss on the sale of asset is a gain or loss that are incurred…
Q: Diluted earnings per share shows dilution resulting from additional shares that may be issued for…
A: Introduction:- Diluted Earnings Per Share indicates the residual net profits accountable to each…
Q: Compute the unadjusted cost of goods sold for the year. Do not include any underapplied or…
A: Cost of goods sold :— It is the total cost of units sold to customer. Predetermined overhead rate…
Q: Required: 1. Give the entry to record the receipt of the down payment, and the succeeding payment on…
A: Revenue Recognition Revenue recognition specifies the particular circumstances under which revenue…
Q: Determine the present value amount, using the following partial table of present value of $1 at…
A: Present Value means the present worth of the amount receivable or payable in the future period.…
Q: You manage a motel of 100 rooms. Below is the information of the direct costs budget of the rooms…
A: Budgeted contributory Income :— It is calculated as revenue for the room minus direct cost of the…
Q: On December 31 Wintergreen, Inc., issued $150,000 of 7 percent, 10-year bonds at a price of 93.25.
A: Bond is issued on discount when the bond is issued less than the market price of bond. Discount…
Step by step
Solved in 3 steps
- Taylor Company recently purchased a piece of equipment for $2,000 which will be paid within 30 days after delivery. At what point would the event be recorded in Taylors accounting system? When Taylor signs the agreement with the seller When Taylor receives an invoice (a bill) from the setter When Taylor receives the asset from the seller When Taylor pays $2.000 cash to the sellerReview the following transactions, and prepare any necessary journal entries. A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of the purchase are 4/10, n/50 from the invoice date of July 16. B. On August 10, Hondo Inc. receives advance cash payment from a client for legal services in the amount of $9,000. Hondo had yet to provide legal services as of August 10. C. On September 22, Jack Pies sells thirty pies for $25 cash per pie. The sales tax rate is 8%. D. On November 8, More Supplies paid a portion of their noncurrent note in the amount of $3,250 cash.Review the following transactions and prepare any necessary journal entries. A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the purchase are 3/10, n/30 from the invoice date of January 5. B. On February 18, Melon Construction receives advance cash payment from a client for construction services in the amount of $20,000. Melon had yet to provide construction services as of February 18. C. On March 21, Noonan Smoothies sells 875 smoothies for $4 cash per smoothie. The sales tax rate is 6.5%. D. On June 7, Organic Methods paid a portion of their noncurrent note in the amount of $9,340 cash.
- Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment immediately and instead will provide payment within thirty days of the invoice date. Additional information: Lamplight purchases thirty light fixtures for $20 each on August 1, invoice date August 1, with no discount terms Lamplight returns ten light fixtures (receiving a credit amount for the total purchase price per fixture of $20 each) on August 3. Lamplight purchases an additional fifteen light fixtures for $15 each on August 19, invoice date August 19, with no discount terms. Lamplight pays $100 toward its account on August 22. What amount does Lamplight Plus still owe to the supplier on August 30? What account is used to recognize this outstanding amount?Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.A small business receives an invoice for $1675 on January 5, 2022 and the payment terms are 5/14, 2/21, n/60. If $1000 was paid on January 25, what would the amount credited be? (Round accurately to two decimal places and include a dollar sign.)
- What payment on January 31, 2014 will settle an invoice for $3,500 dated January 27, 2014 and payment terms 3/10 E.O.M.? Round to the nearest centNed's Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned's decides to send in a $2,000 partial payment. a) By what date must the partial payment be sent to take advantage of the cash discount? b) What is the net date? c) If partial payment was sent by the discount date, what is the balance still due on the order?A furniture store received an invoice from a supplier for $12282 dated July 13, 2022 with terms 5/10, 2/20, n/60. A partial payment, in the amount of $5373 is made on July 20. What amount is credited to the account? Boyd Industries received an invoice dated September 4, 2021 with terms 2.5/10, n/30. The amount stated on the invoice was $6386. What is the amount due on September 10 if the invoice is to be paid in full? A set of weights has a list price of $97. If discounts of 14%, 10% and 3% are offered, what is the single equivalent discount rate (SEDR) that was given? Write your final answer as a percent rounded to 2 decimal places. A microwave oven has a list price of $93 less discounts of 16%, 5% and 2%. What is the net price of the microwave oven? Beatles Office Products bought a desk for $735 and plans a mark up of $626. During a clearance sale, they decided to mark down the regular selling price of the desk by 16%. What was the clearance sale price of the desk?…
- An invoice of RO 50,000 with the terms 7/18, n/30, ROG is dated on May 10th. The goods are received on May 15th. The bill is paid on June 1st. Calculate the amount paid.On October 1, 2024, Microchip lent $99,000 to another company. A note was signed with principal and 10% interest to be paid on September 30, 2025. On November 1, 2024, the company paid its landlord $12,000 representing rent for the months of November through January. Prepaid rent was debited at the time of payment. On August 1, 2024, collected $18,000 in advance rent from another company that is renting a portion of Microchip’s factory. The $18,000 represents one year’s rent and the entire amount was credited to deferred rent revenue at the time cash was received. Depreciation on office equipment is $6,500 for the year. Vacation pay for the year that had been earned by employees but not paid to them or recorded is $10,000. The company records vacation pay as salaries expense. Microchip began the year with $4,000 in its asset account, supplies. During the year, $8,500 in supplies were purchased and debited to supplies. At year-end, supplies costing $4,250 remain on hand. Required:…7. On 1 – 4 – 2018 Ms. Bushra Al Khair LLC buys 150 Apple phone @ 225 each from a local supplier. The supplier offers a trade discount of 5% on amounts in excess of RO 10,000 (i.e. the trade discount does not apply to the first RO 10,000). He is offered a 2.5% cash discount for immediate payment. What is the amount payable by Ms. Bushra Al Khair LLC assuming that if she makes payment after 3 months?