A company has two service departments (S1 and S2) and two production departments (P1 and P2). Departmental data for January were as follows:
Q: Compute the break-even point in sales dollars for the company as a whole and the margin of safety in…
A: Break-even point refers to a point at which the company earns neither profit nor deficit. If the…
Q: ew Policies how Attempt History urrent Attempt in Progress Axteks Corporation has the following cost…
A: The cost of goods manufactured includes the total costs incurred to get the finished goods during…
Q: What is the difference between contingent claims (options) and forward
A:
Q: Warm Hands, a small company based in Prince Edward Island, manufactures and sells two types of…
A: Contribution= sales less variable cost
Q: Doorstop Manufacturing uses flexible budgets to manage its operations. Budgeted manufacturing…
A: All production expenditures other than direct materials are included in the factory overhead budget.…
Q: On December 31, 2020, Fire Corporation appropriately changed its inventory costing method from FIFO…
A: Inventory costing methods can be of various types such as FIFO, LIFO, weighted average etc. The…
Q: 2014 revenues were $76,000. 2014 expenses were $48,500. Dividends declared and paid during 2014…
A: Correct option is Retained earnings at December 31, 2014 were $55,000
Q: Mr. Cauzone decided to wind-up his Company on 12/31/21. After selling all assets and settling all…
A: Income tax is a sort of tax imposed by the government on income made by businesses and persons under…
Q: A furniture company manufactures desks and chairs. Each desk uses four units of wood, and each chair…
A: a) Optimal Solution: No. of units of Desks produced = 125 No. of units of Chairs produced =…
Q: On January 1, 2020, the Carla Vista Company budget committee has reached agreement on the following…
A: Production budgets are used by manufacturers to specify the amount of product units to be…
Q: What is the ending balance of the following account on April 30? Accounts Payable Payments 2,000…
A: >Accounts Payable is the accumulated balance that the company or organisation owes to suppliers…
Q: . Calculate the break-even sales when a business has sales of $824,000 and a margin of safety of…
A: Introduction: The dollar amounts of income at which a firm generates no profit are referred to as…
Q: The process of posting is the transfer of debits and credits from the O a. T accounts to the…
A: The process of preparation of Final accounts is: Preparing Journal Entries against Transactions.…
Q: Wayne Johnson, president of Banshee Company, recently returned from a conference on quality and…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: One of the College of Engineering laboratories bought a machine for its purchasing value ($50000)…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: Goodwill of a firm is to be valued at two years' purchase of three years' average profits. The…
A: Answer- Given: The profits of the last 3 years - 2015 : Rs 30000. 2016 : Rs 40,000 2017 : Rs…
Q: Define the following terms: ‘stakeholder’; ‘shareholder’ and ‘stakeholder analysis’. Using a named…
A: stakeholder: any individual or organization, which affects a company or gets affected by a company,…
Q: • Jason Kendel had gross earnings of $250 last week. He is single and claims only himself as an…
A: Calculation of amount withheld Particulars Amount Gross Earnings 250 Less: exemption…
Q: Determine which of the following three alternatives is most efficient and which one is more…
A: The evaluation of investment alternatives is a part of the management’s responsibility. When a…
Q: How do you find full absorption cost
A: Absorption costing refers to the method of managerial accounting in order to capture all the costs…
Q: Roaa and Salma were partners in a firm sharing profits in the ratio of their capitals contributed on…
A: The profit sharing ratio of Roaa and Salma is calculated as Capital of Roaa : Capital of Salma…
Q: uppose you sell 8,000 of the 3 pack lenses described in question 3 above in one year. You cost on…
A: Net income is the profit generated from conducting the business activities for a particular period.
Q: BARK Corporation acquired 10,000 Company shares on February 5, 2016 at P50 which include P10 per…
A: A dividend is the payout of a portion of a company's worth to a group of shareholders chosen by the…
Q: can i get answers for activity 4 please
A: Here to discuss about the details of the preparation of the ledger account trial balance profit and…
Q: Total sales revenue Selling price per snowboard Variable selling expense per snowboard Variable…
A: Cost of goods sold = Beginning inventory + purchases - Ending Inventory = $91000 + $350000 - $111000…
Q: hat amount of cash should Orange and Lemon respectively received?
A: Liquidation of the partnership is the process and act in which the liabilities which are external…
Q: On 1/1/2021 Shack Co. purchased Mansion Co. for $5,000,000. The following is the balance sheet of…
A: When a company acquires another company, all the assets and liabilities of the transferor company…
Q: From the following particulars ascertain the labour cost per day of 8 hours:
A: Total labor cost per man for 200 hours 250 10
Q: Which of the following depreciation methods most closely approximates the method used to deplete the…
A: Normally Depletion method of depreciation is used for natural resource. Similar to any other…
Q: An investor earns $138639 in the 2021/22 tax year. She purchases shares worth $4251 on 15 April 2021…
A: Income tax payable is tax liability which is paid to the government on the income of individual, A…
Q: Pastina Company sells various types of pasta to grocery chains as private label brands. The…
A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the…
Q: Gana Company maintains its accounting records on the cash basis. During 2020, it paid a total of…
A: The accrual basis accounting system state that expenses should be recognized when goods or services…
Q: Procedual costing: Assume that the materials are added uniformly throughout Process II. Unit…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Answer is not complete. Summary of Transactions a. Services performed for customers, $69000, of…
A: The net income is included in the income statement of the company. It is calculated by deducting the…
Q: Fresh Co. is a company that produces fruit juices. Variable Manufacturing Costs of one package of…
A: The quantity of units sold by your company within a given reporting period is referred to as sales…
Q: Cash purchases of Lowman Company for 2020 were 900,000. During the year purchase returns of 150,000…
A: Cash paid on accounts payable can be calculated by deducting purchase return and discount from the…
Q: The unearned subscriptions account reflected a balance of $32,500 prior to any adjustments. It is…
A: Unearned revenue at the starting journal entry: Cash a/c dr $32500 To unearned subscription…
Q: Karim works for a company with a 401k plan. Employees do not vest in the plan at all until they have…
A: Rolling over plans means you are saving for your future, when a person can roll over a retirement…
Q: The following data pertains to Lam Company's manufacturing operations: Inventories 4/1 4/30…
A: Conversion costs includes: Direct labor Overhead expenses
Q: Using the following information: beginning materials inventory = $50,000; raw materials purchased on…
A: The ending Inventory formula determines the value of products available for sale at the end of a…
Q: The predetermined factory overhead rate is: Multiple Choice 212% of direct labor costs.…
A: Introduction: Direct labor cost is one of the most important components of major organizational…
Q: Johnson Industries purchased metal-working lathe for $38,000. This item will be used for business…
A: Introduction Depreciation is an annual deduction that allows to recover the cost or basis of certain…
Q: 1. What are the requisites of a fortuitous event? 2. Juan is obliged to give Pedro a specific watch,…
A: Since you have posted a question with multiple sub- parts, we will solve first three sub- parts for…
Q: Calculate the average inventory (in $) and inventory turnover ratio for the given company. (Round…
A: Inventory turnover ratio = cost of goods sold / Average inventory Average inventory = Beginning…
Q: Q. No. 1. From the following information of Albert Company as on 31t December 2018: Noncurrent asset…
A: The statement of financial condition is another name for the balance sheet. As of the report date,…
Q: Using i of 9%, compare the net present worth of the net expenditures for the two proposed plans and…
A: Present value is the concept that states an amount of money today is worth more than that same…
Q: The unadjusted trial balance is prepared
A: The financial statement is the representation of the financial data of the company. It is used by…
Q: en’s outstanding stock. At the current year-end, the following information has been accumulated for…
A: Consolidated financial statements are the financial statements of a company with multiple divisions…
Q: Loak Corporation provides the following data for the year 2020: Cash sales 500,000; Collection from…
A: Gross sales are the revenues received by the company entity from the sale of its principal product…
Q: Olinick Corporation is considering a project that would require an investment of $289,000 and would…
A: Payback period is the period during which the initial investment in the project will be recovered…
A company has two service departments (S1 and S2) and two production departments (P1 and P2). Departmental data for January were as follows:
Step by step
Solved in 2 steps
- Do not copy from bartleby In 20x1, XYZ Company enters into a construction contract with a customer. The contract price is P10,000,000.Information on the contract follows:20X1 20X2 20X3Contract costs incurred during the year P2,645,132 P236,451 P2,657,000Estimated costs to complete 2,697,451 2,116,777 -Progress Billings 5,000,000 3,000,000 2,000,000Collections on progress billings 2,000,000 4,000,000 4,000,000Using the cost-to-cost method, compute the following: Note: Use up to two (2) decimal places in presenting the answer for percentage of completion. Use six (6)decimal places when applying the percentage.7. Realized gross profit in 20x2 _____________8. The balance of "Contract Liability" at the end of 20x2 _____________9. Revenue that should be recognized in 20x3 _____________10. Realized gross profit in 20x3QUESTION 1The following trial balance relates to Golden Ltd at 30th September 2018 GHS'000 GHS'000Sales (a) 760,000Material purchases (b) 128,000Production labour (b) 248,000Factory overheads (b) 160,000Distribution costs 28,400Administrative expenses (c) 92,800Finance costs 700Investment income 1,600Leased property - at cost (b) 100,000Plant and equipment - at cost (b) 89,000Accumulated amortisation/depreciation at 1/10/2017- leased property 20,000- plant and equipment…QUESTION 4 The following results are available for Division X and Y:Division X Division YProfit before interest and tax P185 000 P172, 000Capital employed P1, 540, 000 P1, 650, 000 The cost of capital is 10%.Calculate and comment on the performance of the departments based on:a. Return on capital employed b. Residual income
- Answer No. 24 Using the Percentage of completion Method, the realized gross profit or loss for the year 2021 is: a. 822,500 b. -35,000 c. 840,000 d. -122,500 No. 16 (the other picture: Roman Construction Company) The billings in excess of cost or the cost in excess of billings to be reported in the balance sheet as od December 31,2019 a. 20,000 excess of cost over billings b. 20,000 excess of billings over cost c. 900,000 excess of cost over billings d. 900,000 excess of billings over cost Provide a complete solution. Thank You1) The total assets of Best Service is P500,000. Twenty percent (20%) represents the claim of the owner. Its liability, therefore is: a. P100,000 b. P400,000 c. P500,000 d. None 2) The owner’s capital is P50,000. The creditors have 60% claim on the total assets. The correct amount of assets would be: a. P 83,333 b. P 80,000 c. P 30,000 d. P125,000Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000
- Need Part 5 5. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years assuming the following costs incurred and costs to complete information. 2021 2022 2023 Cost incurred during the year $ 2,520,000 $ 3,860,000 $ 4,080,000 Estimated costs to complete as of year-end 5,720,000 4,220,000 03) Calculate the amount of conversion cost that is incurred for Al Hood Manufacturing & Trading LLC. a. RO 8,000 b. RO 22,000 c. RO 25,000 d. RO 23,000Q22 Washington Arts allocates marketing and administrative costs to its three schools based on total annual tuition revenue for the schools: School Longview Campus Springhill Campus Center Saint Campus Total Tuition revenue $ 1,400,000 $ 1,200,000 $ 1,400,000 $ 4,000,000 Marketing and administrative $ 1,600,000 Using revenue as an allocation base, the amount of costs allocated to the Springhill Campus is calculated to be: Multiple Choice $640,000. $560,000. $400,000. $480,000. $760,000.
- Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________26. Under the step method which department will allocate its direct cost first? __________27. Under the step method which department will allocate its direct cost last? __________28. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? __________29. Using algebraic method, how…What amount was reported as current service cost by Cagayan Company ? 400 000 700 000 950 000 200 000