A home office bills its branch at 120% of cost.  During 2022, inventory costing the home office P320,000 was transferred to the branch.

Q: 1. A partnership began its first year of operations with the following capital balances: Young,…

A: Partners Capital: In a capital partnership, the members of the capital partnership participate in…

Q: Apple, Blandy, Cherry, and Debbie are partners sharing profits and losses in the ratio of 40%, 30%,…

A: Partnership is the association of two or more persons who have agreed to share profit and losses in…

Q: *You can't use Excel or any other software to solve the problems. Problem 1: A small used delivery…

A: 1.Straight line method : Under this depreciation method a fixed amount of depreciation is charged…

Q: Selected comparative statement data for Oriole Company are presented below. All balance sheet data…

A: Ratio analysis helps to analyze the financial statements of the company. The management can take…

Q: The tax rate on income on Philippine Bonds (PH Bonds) 0% 10% 20%

A: A bond is a form of collecting money from the general public or banks. The bond is a type of…

Q: Explain and give example of the following Management Reports Procedures Activities: Budget vs.…

A: Budgeting becomes a crucial part of business management as it facilitates evaluating and analyzing…

Q: Webby Corporation reported the following amounts on its income statement: service revenues, $32,500;…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: DIDAL Company owns a ranch which produces the livestock which it uses in its meat processing…

A: Current Liabilities are those dues and obligations which needs to be settled or being paid out by…

Q: an ind

A: An income(sum of all total income) that can be received by a person in a full year is termed gross…

Q: Ugly Corp. issued 50,000 shares of P100 par ordinary share for all outstanding shares of Dolls…

A: Expense is the cost incurred in a company to perform operations for generating revenue. The…

Q: Purchases budget. Lirect Labor Budget Crescent Company produces stuffed toy animals; one of these is…

A: Direct material purchase budget shows the requirement of the material and the cost to purchase that…

Q: Feinan Sports, Inc., manufactures sporting equipment, including weight-lifting gloves. A national…

A: Materials are the actual goods utilized to make a product. Direct materials for a baker, for…

Q: Bowie Sporting Goods manufactures sleeping bags. The manufacturing standards per sleeping bag, based…

A: 1 Standard data is calculated by considering budgeted data and using actual data. 2 Variance…

Q: Golf Trends is an importer of a wide variety of Cleveland golf products. On 1 November 2018 the…

A:

Q: The following is the Balance Sheet of Lila Ltd. as on .31.12.2814. Liabilities Amount ($) Assets…

A: The term balance sheet refers to a financial statement that reports a company's assets, liabilities,…

Q: XYZ company provided the following information: Sales Accounts payable Selling expenses…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: e following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash…

A: Assets include the tangible and intangible rights of a business enterprise which is carried the…

Q: 1. Presented here are the components in Sanders Company's income statement. Determine the missing…

A: As requested to answer C& D so we are answering only C& D parts.

Q: Face value X PV of 1 at effective rate for 3 periods Face Value X PV of ordinary annuity of 1 at ER…

A:

Q: 5. Which of the following is a business asset?

A: Assets are resources that are controlled which results from prior transactions that are expected to…

Q: 2. Raymond and Michele file a joint tax return. Raymond earned $83,000 during the year, while…

A: 1) RAYMOND AND MICHELE FILE JOINT TAX RETURN RAYMOND EARNED $83,000 MICHELLE EARNED - $139,000 FOR…

Q: Cakdale fashions. INC'S 2021 Income Statement is Reported below net sale Call erodet) Less: Cost of…

A: Note: “As the question has more than 3 sub-parts, the first 3 subparts are answered. If you want the…

Q: Recorded an adjusting journal entry for the portion of insurance coverage

A: Adjusting entry means where some adjustment need to be made at the end of specified period for…

Q: Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000…

A: Ending inventory refers to the units lying with the business at the end of a specific time period.

Q: During 2012, Honey company purchased marketable equity securities  for P3,700,000 to be held as…

A: The unrealized loss is a loss that is recorded by the company when the market value of the…

Q: MCS purchased computer parts on account amounting to R115 000 from a supplier which is a registered…

A: The journal entries are prepared to record day to day transactions of the business on regular basis.

Q: Waterway Company manufactures widgets. Carla Vista Company has approached Waterway with a proposal…

A: We should not consider unavoidable manufacturing overhead. Because they are fixed cost and not…

Q: The following information was taken from the balance sheet of Aglugub Cash P13 250 Accounts Payable…

A: Introduction: Working Capital: Capital spent for running the day to day business activities called…

Q: Laurent is a single individual with an adjusted groes income of $50.000 in 2021. During the ourent…

A: Deductions are the reliefs which are given to the individuals for certain aspects. These amounts are…

Q: General Merchandising Co. Selling price is P2,750, Selling expenses is P500 and the Cost to sell s…

A: As per IAS 2 Inventories,  Inventory is to be measured at lower of cost or Net Realizable value Net…

Q: Cash Budget Khloe Company imports gift items from overseas and sells them to gift shops and…

A: The cash budget is prepared to record the cash receipts and cash disbursements made during the…

Q: - Calculate the number of direct labor hours Johnston must budget for the coming year. Calculate the…

A: The question is based on the concept of Cost Accounting. A direct labour hours budget is used to…

Q: Aguas Company produces tables. The following data apply for the month of March: Raw materials…

A: Journal entries should not be used to record routine transactions such as customer billings and…

Q: Maynard Corporation reports net assets of P300,000 at book value. These assets have an estimated…

A: Definition and Goodwill Formula Control premium is the excess price paid over the market price of…

Q: TWENTYFIRST Corporation a manufacturer of cleaning products is preparing annual financial statements…

A: If the contingent liability is likely to occur and the amount can be reasonably estimated, the same…

Q: depreciation) totals $1 2,000 on July 31, Year 3. on and answer in the bOx For

A: It is given that the property sold for the amount $120,000.

Q: Meaning and types of accounting

A: Introduction: Accounting is one in all the foremost important roles of a corporation. An accountant…

Q: Direct Materials Purchases Budget FlashKick Company manufactures and sells soccer balls for teams of…

A: The direct materials purchase budget is prepared to estimate the number of raw materials required to…

Q: Which of the following statements is true of a trial balance? O A. A trial balance is the first step…

A: Trial balance means the statement prepared from ledger account where all debit and credit balance…

Q: Activity-Based Budget Olympus, Inc., manufactures three models of mattresses: the Sleepeze, the…

A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…

Q: What are some civil and criminal consequences if CPAs/auditors fail to follow professional…

A: The CPA may be held liable to financial users for any fraud and/or intentional deceit committed. Any…

Q: XYZ Corp issued a 5-year 5% bond i $800 original issue price, and a 7% y

A: Future annuity – suppose an equal sum of money is invested in the bank on a recurring basis what…

Q: Q.2 From the following particulars ascertain the lábour cost per day o 8 hours: 1.Basic.pay…

A: Basic pay=₹200 p.m. Leave pay 5% of ₹200i.e. ₹10p.m. Employer's contribution to PF 8% of ₹210…

Q: If a company is operating with ethical marketing behavior it: changes customer feedback to be…

A: Marketing is the most important function of business. But doing it ethically is even more important…

Q: Answer the question below based on the following scenario and table. Scenario: A US-based…

A: According to the given  scenario, a multinational corporation located in the United States spends…

Q: Assume the following: • The standard price per pound is $2.00. • The standard quantity of pounds…

A: Material Price Variance - It is calculated by using following formula - (Actual Quantity Purchased *…

Q: RY Corporation had a profit margin of 6.25%, a total assets turnover of 1.5, and an equity…

A: Return on equity (ROE): ROE measure the profitability of the organization in relation to the equity.…

Q: Homer Corp. is considering the purchase of a new piece of equipment. The cost savings from the…

A: Formula: Annual Net cash flow = Annual income after-tax + Annual depreciation where, Annual…

Q: On July 1, 2019, GAR Company acquired 800,000 shares of FAR Company at a price of P13 per share. GAR…

A: Total number of shares outstanding of FAR Company = P5,000,000P5 per share = 1,000,000 shares % of…

Q: Jerry has been assigned to the audit of Strongbow LLC, a large, decentralized provider of soft…

A: Performing audit procedures on the physical count of inventory is a significant factor to be focused…

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.