A company received 505 pairs of slippers on consignment from C Company. C company’s cost for each pair of slippers was P800 each, and they were priced to sell at P1,000.   A Company’s commission on consigned goods is 10%. On December 31, 2021, 5 pairs remained.   On December 31, 2021, what amount should be reported as payable for the consigned goods? a. 454,000 b. 404,000 c. 490,000 d. 450,000

Q: Which of the following is the incorrect effect of counterbalancing errors? a. None of the statement...

A: Counterbalancing error is made when  an error is made that cancels out another error. For example th...

Q: Based on the account balances below, what is the total of the debit and credit columns of the adjust...

A: An adjusted trial balance is a compilation of the ending balances in all accounts after the adjustin...

Q: Purchases of P 200,000 in 2021 were recorded as purchases of 2022. What would be the adjusting entry...

A: The errors of prior periods are mistakes committed in prior periods that should be rectified in curr...

Q: Sarasota Importers provides the following pension plan information. Fair value of pension plan ass...

A: Plan assets are the assets/investments held by a long-term employee benefit fund for the purpose of ...

Q: uring your audit of the books of Alarcon Corporation for the year ended December 31, 2021, you disco...

A: Sometimes the accrued expenses are missed due to which there is increase in net income and retained ...

Q: The following information is available for Baton Corporation: January 1, 2021 Shares outstanding 4,0...

A: Basic earnings per share = (Net income - Preferred dividend) / Weighted average no. of common shares...

Q: Fred is considering three job offers in advertising. • A full-time position as a coordinator that pa...

A:

Q: Standards deals with the principles and methods of determining depreciation and amortization cost: C...

A: CAS (Cost Accounting standards) are set of standards used for determining cost of goods manufactured...

Q: In year 2022, payment of rent for the month is debited to Rent Income. What is the effect of the err...

A: Correct entry: Debit: Rent expense  Credit: Cash   Entry recorded: Debit: Rent income Credit: Cash  ...

Q: CBC Inc is currently operating at 80% capacity. Its machine and factory has a maximum production cap...

A: Variable cost means the cost which vary with the level of output where as fixed cost remain fixed wh...

Q: If Opening Work in progress is 10,000 Units, 80% complete with respect to materials and 60% complete...

A: Solution..   Beginning work in process inventory = 10,000 units  Units started in = 20,000  Units co...

Q: Required 1 Required 2 Required 3 la. Compute the following variances for May, materials price and qu...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: As per the accrual concept of accounting, any financial or business transaction should be recorded: ...

A: Lets understand the basics. Accrual concept of accounting is one of the concept of accounting in whi...

Q: Clock Company showed the following errors in their account during December 31, 2021: • Dividends of ...

A: Solution Concept Failure to record dividend has no impact on the net income as dividend paid is the ...

Q: Find Total Capital: Tier 1 capital = 350 Subordinated unsecured debt, 15-year remaining maturity = 9...

A: Bank needs to maintain various ratios and tier 2 capital is the 2nd layer of capital which needs to ...

Q: On May 31, RDC Company had a cash balance per books of $13,022. The bank statement from City Bank on...

A: Bank reconciliation statement is represented in a tabular format, that shows the differences between...

Q: CALIFORNIA CORP. manufactures candles in various shapes, sizes, colors, and scents. Depending on the...

A:

Q: Answer the following problems. Show your solutions. Annuity 1. How much money will you accumulate by...

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...

Q: During your audit of the books of Colorado Corporation for the year er December 31, 2021, you discov...

A: Accrued income refers to income earned but not yet received. Example - Rent receivable Accrued expen...

Q: Koontz Company manufactures a number of products. The standards relating to one of these products ar...

A: Solution Working note 1- Labor efficiency variance = Sr(Ah-Sh). = 19(19000*1 - 19000*0.95 =18050 U. ...

Q: The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estima...

A: The budgeted income statement contains all of the line items found in a typical income statement, wi...

Q: Net income at year end will be overstated if Group of answer choices a. Accrued income is not recog...

A: Prepaid expenses are those expenses which occur during the commencement of a business and are contin...

Q: On November 15, 2010, Abar Corporation acquired Rapids, a Company that operates a scenic railway alo...

A: Impairment means the reduction or decline in value of asset because of negative changes in the exter...

Q: Net income at year end will be overstated if a. Prepaid expense is not recognized b. Accrued incom...

A: a. Prepaid expense is not recognized No effect on net income   b. Accrued income is not recognized N...

Q: The Distance Plus partnership has the following capital balances at the beginning of the current yea...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: da Corp. purchased a 12-month insurance policy on March 1, 2017 for $588C expiration of this asset w...

A: Insurance expenses will be recorded at the year end by passing adjustment entry for the expired port...

Q: A company purchased machinery on December 31, 2026, paying P80,000 down and agreeing to pay the bala...

A: Carrying amount of the note = Present value of annual installments  where, Present value of annual i...

Q: rerhead Variances, Two- And Three-Variance Analyses erstman, Inc., uses a standard costing system an...

A: Solution Formulas 1- Fixed overhead spending variance = Budgeted fixed overhead - Actual fixed overh...

Q: On December 31, 2019, after recording interest and amortization, Lyka Company converted P5,000,000 o...

A: A share premium account occurs in the shareholders' equity portion of the balance sheet.  It is also...

Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...

A: Casey made a taxable gift = $5.7 million  to both Stephanie and Linda Total taxable gifts = $11.4  

Q: Find the payment made by the ordinary annuity with the given present value. $216,967; quarterly paym...

A: Present Value of Ordinary Annuity (End) = r * P / {1 – (1+r)-(n)} rate of interest= 8% Per quarter i...

Q: Question 4: Investments Please note that this question has two independent parts. Part 1: On January...

A:

Q: For 2010 and 2011, Sabil Corporation earned net income of $480,000 and S640.000 and paid dividends o...

A: Journal entries is the recording of transaction at the initial stage of incurring the transactions.

Q: At December 31, 2021, Hancock Company had 500,000 shares of common stock issued and outstanding, 400...

A: Answer) Calculation of Earnings per Common Share Earnings per common share = Earnings available for ...

Q: How is the cost price of the finished product formed / shaped?

A: production of goods and providing of services various cost , These are variable and fixed , the vari...

Q: dated Janun ne 30 and Dece old for $231,570 nt of the discour

A: Bonds payable are one of the sources of finance and are shown as liability. If the interest rate is ...

Q: From the following information, find the branch profit or loss of the branch: PARTICULARSs AMOUNT Op...

A: Cost of goods sold = Sales/(1 + 0.20)             = 120,000/1.20             = 100,000    

Q: ABC Company’s record shows December 31 balance of P2,350,000 for its accounts receivable. The follow...

A: Adjusted balance of accounts receivables is the balance of AR after all the adjustments to be given ...

Q: I need help with this one

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for yo...

Q: Lens Junction sells lenses for $46 each and is estimating sales of 14,000 units in January and 19,00...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: Exercise 7-18 (Algo) Notes receivable [LO7-7] On June 30, 2021, the Esquire Company sold some mercha...

A: Notes receivable is considered a negotiable instrument. it is classified under current assets if the...

Q: Sagada Company's summary of cash records show the following for the year 2022, its first year of ope...

A: The net income is calculated as difference between total revenues and total expenses. for cash basis...

Q: Joint ventures are a common way of doing business nowadays. Explain what a joint venture is, and sta...

A: A joint venture is a short-term business venture in which two or more people work together and share...

Q: Gregor's Gewgaws provides the following income statement information for this fiscal year: Revenues ...

A: Return on investment is one of the profitability ratio which shows how much net income has been earn...

Q: OI March 1, 2021, Remy Corporation issued $1,000,000 of 8% nonconvertible bonds at 104, which are du...

A: Paid-in capital is the money a company has received from investors in return for issuing stock.   Pa...

Q: Required: 1. Compute the following variances for July: (Indicate the effect of each variance by sele...

A: Solution:- Given, Dawson Toys, Ltd., produces a toy called the Maze Direct materials = 8 microns per...

Q: Quipplex Limited is currently preparing budgets for September to December. Its estimated sales figur...

A: Budgets are made to estimate the number of units to be manufactured, estimate the inventory levels a...

Q: Division Northeast Southeast West Sales $ ? $10,980,000 $ ? Net operating income $ ? $878,400 $432,0...

A: Margin = Net Operating Income / Sales Turnover = Sales / Average Operating Assets Return on Investme...

Q: Sunland Care centers Inc. provides financing and capital to the healthcare industry, with a particul...

A: Solution A Bond is a fixed obligation to pay that is issued by a corporation or government entity to...

Q: For Sheridan Company, variable costs are 70% of sales, and fxed costs are $179,400. Management's net...

A: Formula: Required sales in dollars = ( Fixed cost + Targeted income ) / contribution margin ratio