825.000 1.050 000 1.400 000
Q: The covenants and other terms of the agreement between the issuer of bonds and the lender are set fo...
A: A bond covenant is a legally binding term of agreement between a bond issuer and a bondholder. It in...
Q: Raw Materials Work in Process Finished Goods The following actual costs wer
A: 4. Prepare a schedule for the cost of goods sold as follows: -
Q: Assignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogress3Dfalse Complete ...
A: Production Cost report - It is report of production which contains the total cost, including operati...
Q: Triton Consulting is a consulting firm owned and operated by Jayson Neese. The folloving end-of-peri...
A: Net Income = Total Revenue - Total expense Retained earnings , ending balance = Retained earnings , ...
Q: eBook Print Item Journal entries for available-for-sale securities M. Jones Inc. purchased the foll...
A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...
Q: The adjusted trial balance for Lifesaver Corp. at the end of the Current year, 2020, contained the f...
A: Non-current liabilities are those which are not payable within a period of twelve months. It include...
Q: Bally Manufacturing sent Intel Corporation an invoice for machinery with a $14,400 list price. Bally...
A: Trade discount = List price x Trade discount rate Cash discount = (List price - Trade discount ) x...
Q: Is offering clients big discounts to shift future revenue into the current quarter a violation of US...
A: Revenue Recognition According the US Generally Accepted Accounting Principles (GAAP) the recognition...
Q: Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of-period ...
A: Net Income = Total Revenue - Total expense Retained earnings , ending balance = Retained earnings , ...
Q: Yale Corporation issued to Zap Corporation $60,000, 8% (cash interest payable semiannually on June 3...
A: Issue price of the bonds = Present value of principal + Present value of interest payments where, ...
Q: Julius Ceasar organized Eternal Images, a photography and portrait studio, on Oct. 1, 2020. The st...
A: The journal entries are prepared to record day to day transactions of the business. The T-accounts a...
Q: O O O O O Section 1: General Information X GIn the three-stage mpairm QLSfelWr2G3Yy-WzMesbLH8bwuZF1c...
A: Present value of the note= Present value of principal + Present value of interest payments where, ...
Q: 5. An Office Equipment had a cost of P40,000 and its accumulated depreciation is P2,000. At the end ...
A: Increase in expenses should be debited. Accumulated depreciation is a contra asset account and incre...
Q: Question 2 Leslie, age 27, is an employee of Naples Corp. which provides the following nondiscrimina...
A: Introduction:- Leslie, a 27-year-old employee at Naples Corp., received the following nondiscriminat...
Q: YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after d...
A: Cost of goods sold = Sales / (1 + markup) Amount of loss from theft = Estimated ending inventory - ...
Q: equired: Compute the plantwide predetermined overhead rate. . During the year, Job 400 was started a...
A: Solution Concept that is involved We determine plant wide overhead rate by using the estimated figur...
Q: During the course of your examination of the financial statements of Trojan Corporation for the year...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Lychee Company uses the retail method of inventory valuation. The following information is available...
A:
Q: In the recent year Hill Corporation had net income of $140,000, interest expense of $40,000, and tax...
A: Net Income before interest and taxes = Net income + Interest expense + Tax expense Net Income before...
Q: A mortgage is a security interest in a debtor's real property. True False
A: Solution Concept Mortgage When someone needs to borrow a sum from any person or fina...
Q: BC Corporation receives checks from its customers. The total check value averages 700,000 each day. ...
A: Solution Given The total check value averages 700,000 each day average days from deposits...
Q: Financial data for Joel de Paris, Inc., for last year follow: Joel de Paris, Inc. Balance Sheet Begi...
A: Average operating assets is recognized as to those assets which are required to conduct the ongoing ...
Q: Comprehend and Apply the elements of costing to the job environment. Evaluate and Integrate the rol...
A: costing is system for assigning the cost to the business and its element. costing involved assignmen...
Q: Give example of personal assets
A: An asset is a resource owened by individual or business that provides p...
Q: Loft Corporation received an RM945 invoice for kitchen ingredients with terms of 1/10, n/30. The fir...
A: Note: 1/10, n/30: Here, 1 represent the discount rate if payment is made within ten days. And if pay...
Q: A group of thirty 2-year old cattle was held at January 1, 2021. On this same date, additional five ...
A: January 1, 2021 Fair value of 2 years old cattle = 35 x 12,500 = 437,500 Fair value of newborn calve...
Q: At December 31, 2020 the following balances existed on the books of Kingsley Ltd.: Bonds Payable $1,...
A: If the carrying value of the bonds is more than the redemption value, then there will be gain on red...
Q: LAVARN Company sells milled rice in Isabela Province. On September 15, a flood destroyed the company...
A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit ratio
Q: Case Study [to be submitted in an excel sheet. Attached] Accenture PLC is a multinational profession...
A: Journal Entry - It is record of every business transaction in day to day life whether it is economic...
Q: Which of the following is deductible as interest on Schedule A? a.Subscriptions to professional pub...
A: Answer Schedule A is for itemized deductions.it contains medical and rental expense, contribution an...
Q: YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after d...
A: Cost of goods sold = Sales - Gross profit where, Gross profit = Sales x Gross profit ratio
Q: Merlyn Company has the following budgeted variable costs per unit produced: DIRECT MATRERIALS $5....
A: A flexible budget is an estimation of the total cost based on the performance of the business.It inc...
Q: 1 2 3 4 5 6 7 8 9 10 11 Chapter 1: Applying Excel Data Sales $66,640 Variable cos...
A: Gross margin = Sales - Cost of goods sold Contribution margin = Sales - Total variable costs
Q: AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had te...
A: Biological assets available at the end of the year (December 31, 2021): 2-year old animals = 10 - 3 ...
Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The followin...
A: Average Cost Approach: This approach allocates a cost to inventory items based on the overall cost o...
Q: 37.What inventory system would you expect to find in the following situations? A. Diamond ring depa...
A: Solution Concept Perpetual inventory system is a system of inventory where the record of inventory I...
Q: Gain on sale of equipment $ 95,000 Cash dividends declared ...
A: The income statement and the retained earnings as,
Q: YNA Inc. operates a jewelry store. On the morning of February 14, an inventory was conducted after d...
A: Cost of goods sold = Sales / (1 + markup) Estimated ending inventory = Inventory on hand, February ...
Q: As an auditor, how would you audit the following Internal Control Revenue
A: Answer: Auditor is the person who audits the financial statement to present independent opinion. The...
Q: Instructions Prepare an income statement, a retained carnings statement, and a balance sheet from th...
A: Plevin Company's Income Statement, Statement of Retained Earnings and Balance Sheet are attached in ...
Q: ABC Co. made the following transactions during the month of January 2021: Purchased 1,000 units at P...
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods fo...
Q: mobile phone that sells for RM1,499 is marked up 30% of the selling price. (a) Ca...
A: Solution a: Markup on selling price means markup % given will be the percentage of sales price. Ther...
Q: What amount should be presented as a deduction from cost of goods sold?
A: The GAAP principles require that the inventory should be valued at the lessor amount of its laid dow...
Q: Let's try these: Prepare the journal entries for the following transactions: July 1- Mr. Bon Hok wit...
A: Partnership firm is a corporate structure where two or more persons come together to share profits o...
Q: Nayvicky Company is making plans for the introduction of a new product, which has a target selling p...
A: Given: Fixed overhead cost P200,000 Variable overhead cost per unit = P10 Labour hours calculation...
Q: Part B Required 6. Prepare journal entries to record each of the following November transactions. 7....
A: As per the honor code, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit t...
Q: Comprehend and Apply the elements of costing to the process environment.
A: Process Costing is used for industries involving continuous production of goods having same identifi...
Q: ACAR Photography Adjusted TRIAL BALANCE Dec., 31, 2018 Debit Accounts |Cash Accounts receivable Supp...
A: Formula: Net income = Total Revenues - Total Expenses
Q: Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, an...
A: Solution Working- Social security tax = 1000*6.2% = 62 Medicare tax = 1000 * 1.45% = 21.025 Withhol...
Q: What is the fair value of the biological assets on December 31, 2021?
A: Biological assets refer to those assets of an organization which are living. It is generally the ass...
Step by step
Solved in 3 steps
- Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the allowance method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Refer to the information provided in RE8-4. If Paul Corporations inventory at January 1, 2019, had a cost and net realizable value of 300,000, prepare the journal entry to record the reductions to NRV for Paul Corporation assuming that Paul uses a periodic inventory system and the direct method. Paul Corporation uses FIFO and reports the following inventory information: Assuming Paul uses a perpetual inventory system and the direct method, prepare the journal entry to record the write-down of inventory.
- Schmidt Company began operations on January 1, 2018, and used the LIFO inventory method for both financial reporting and income taxes. However, at the beginning of 2020, Schmidt decided to switch to the average cost inventory method for financial and income tax reporting. It had previously reported the following financial statement information for 2019: An analysis of the accounting records discloses the following cost of goods sold under the LIFO and average cost inventory methods: There are no indirect effects of the change in inventory method. Revenues for 2020 total 130,000; operating expenses for 2020 total 30,000. Schmidt is subject to a 21% income tax rate in all years; it pays all income taxes payable in the next quarter. Assume that any deferred tax liability was paid in the subsequent year. Schmidt had 10,000 shares of common stock outstanding during all years; it paid dividends of 1 per share in 2020. At the end of 2020, Schmidt had cash of 15,600, inventory of 34,000, other assets of 76,000, income taxes payable of 4,200, and accounts payable of 3,000. It desires to show financial statements for the current year and previous year in its 2020 annual report. Required: 1. Prepare the journal entry to reflect the change in method at the beginning of 2020. Show supporting calculations. 2. Prepare the 2020 financial statements. Notes to the financial statements are not necessary. Show supporting calculations.Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
- At the end of 2019, Manny Company recorded its ending inventory at 350,000 based on a physical count. During 2020, the company discovered that the correct inventory value at the end of 2019 should have been 400,000 because it made a counting error. Upon discovery of this error in 2020, what correcting journal entry will Manny make? Ignore income taxes.The following items were included in Venicio Corporations inventory account on December 31, 2019: What amount should Venicio report as inventory at December 31, 2019? a. 21,000 b. 20,400 c. 26,000 d. 35,000Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.
- Koopman Company began operations on January 1, 2018, and uses they FIFO inventory method for financial reporting and the average cost inventory method for income taxes. At the beginning of 2020, Koopman decided to switch to the average cost inventory method for financial reporting. It had previously reported the following financial statement information for 2019: An analysis of the accounting records discloses the following cost of goods sold under the FIFO and average cost inventory methods: There are no indirect effects of the change in inventory method. Revenues for 2020 total 130,000; operating expenses for 2020 total 30,000. Koopman is subject to a 21% income tax rate in all years; it pays the income taxes payable of a current year in the first quarter of the next year. Koopman had 10,000 shares of common stock outstanding during all years; it paid dividends of 1 per share in 2020. At the end of 2020, Koopman had cash of 10,000, inventory of 24,000, other assets of 70,800, accounts payable of 4,500, and income taxes payable of 6,000. It desires to show financial statements for the current year and previous year in its 2020 annual report. Required: 1. Prepare the journal entry to reflect the change in methods at the beginning of 2020. Show supporting calculations. 2. Prepare the 2020 financial statements. Notes to the financial statements are not necessary. Show supporting calculations.Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.The cost of the inventory on January 31, 2019, under the FIFO method is: a. 400 b. 2,700 c. 3,100 d. 3,200
