A real property dealer sold an agricultural lot for P 2,500,000 with the following values Appraisal Value P 3,000,000 2,000,000 Zonal Value Assessed Value 1,500,000 Compute the Output VAT. A. 180,000 B. 240,000 C. 300,000 D. 360,000
Q: MaxiDrive manufactures a wide variety of parts for recreational boating, including a gear and…
A: A target cost is the maximum amount of cost that can be incurred on a product, however, the firm can…
Q: Lucido Products markets two computer games: Claimjumper and Makeover. A contribution format income…
A: Contribution margin is the amount that an entity has, as its earnings after deducting the variable…
Q: Vaughn Company makes and sells artistic frames for pictures. The controller is responsible for…
A: Budget is the statement which is prepared by the entity for the purpose of estimating the revenues…
Q: Resale Value The estimated resale value R (in dollars) of a company car after t years is given by…
A: The equipment undergoes depreciation with time and in accelerated method there is exponential form…
Q: Required: Deer Lake Incorporated uses a job order cost system with manufacturing overhead applied to…
A: The cost of goods manufactured is calculated as follows - Total Manufacturing Cost = Direct Material…
Q: Hexagon reports operating cash flows of $3.50 billion, investing cash flows of $0.50 billion, and…
A: The cash flow statement is one of the financial statements prepared by the companies at the end of…
Q: On August 1, 2015, Toy inc. purchosed a new piece of equipment that cost$25000. The estimoted useful…
A: Solution... Cost of asset = $25,000 Life = 5 years Method of depreciation = Double declining…
Q: In addition to the fraud triangle, what are a couple other tools used to indicate the potential for…
A: Accounting fraud is defined as the deliberate distortion or manipulation of financial facts for…
Q: What is the journal entry for this transaction: Jethro bought an SUV at a value of $50,000 for his…
A: JOURNAL ENTRIES Journal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: Listed below are 15 terms followed by a list of phrases that describe or characterize each of the…
A: Interest expense: Outstanding balance times effective rate. Disclosure only: Nonlease payments.…
Q: Cost per Equivalent Unit The cost of direct materials transferred into the Rolling Department of…
A: INTRODUCTION:- This is a cost accounting problem that involves calculating the direct materials and…
Q: To reduce the cost to deliver a product or service to consumers, a company must focus on operational…
A: The objective of an organisation is to reduce cost and improve quality of products. This gives…
Q: Arberg Company’s controller prepared the following budgeted income statement for the coming year:…
A: An income statement shows a company's profitability and also shows the cost and expenses of a…
Q: In the allowance method why when account receivable is write off, bad debt expense is not debited?
A: The allowance Method is an indirect method of writing off bad debts. It means setting aside a…
Q: The Platter Valley factory of Bybee Industries manufactures field boots. The cost of each boot…
A: Formula used: Variable factory overhead spending variance=Standard rate-Actual rate×Actual hours…
Q: A company has to make a decision about expanding its production facilities. Research indicates that…
A: Net Present Value (NPV) is the difference between the present value of cash inflows and the present…
Q: Cheesecake Factory Restaurant Company purchased equipment that cost $520,000. It had an estimated…
A: Depreciation Expenses - Depreciation Expense incurred on the Fixed assets of the company. They are…
Q: During its first five years of operations, White Consulting reports net income and pays dividends as…
A: Retained earnings are the balance of accumulated profit earned during the life of the business after…
Q: The controller of Sweet Acacia Company estimates sales and production for the first four months of…
A: Budgeting - Budgeting is a method of estimating on the basis of past performance the future…
Q: Determining amounts to be paid on invoices Determine the amount to be paid in full settlement of…
A: FOB shipping point is a term used in the transportation industry to indicate who is responsible for…
Q: On January 1, 2022, Kinney, Inc., an S corporation, reports $32,800 of accumulated E & P and a…
A: Accumulated adjustments account (AAA): It refers to a corporation's account that tracks adjustments…
Q: On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,200, Novak…
A: Under Allowance method, estimated uncollectible balances were initially recognized as expenses in…
Q: Jenny Jones is the assistant accountant for the Anzac Ltd corporate group. Jenny has recorded the…
A: Introduction Here, we are the group accountants. So, we will be working on the consolidated…
Q: Steve's tentative minimum tax (TMT) for 2022 is $245,800. Note: Leave no answer blank. Enter zero if…
A: The Alternative Minimum Tax (AMT) is a parallel tax system in the United States that operates…
Q: On July 8, a fire destroyed the entire merchandise inventory on hand of Larrenaga Wholesale…
A: The ending inventory is calculated as difference between cost of goods available for sale and cost…
Q: Cougar’s Accounting Services provides low-cost tax advice and preparation to those with financial…
A: The Accounting Equation Is The Basic Element Of The Balance Sheet. It Shows The Total Assets Equals…
Q: Q1- Company P purchased 70% stock in Company S on Jan 1, 20X1 for $200,000. For the year 20X1,…
A: When a company purchases the shares of another company with aim of earning, the investor expects…
Q: Question 2 Squirrel Ltd issued $20,000,000 of bonds on June 1, 2022. The bond issue carries an…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: ferred intercompany inventory profits sume on May 15, 2019, a parent company purchased a 75%…
A: Introduction:- A parent company is an entity that controls one or more entities (Subsidiary…
Q: Current Attempt in Progress Oriole Farms reports the following results for the month of November:…
A: Cost volume profit analysis is the technique used by management for decision-making. The methods…
Q: Blossom Company makes and sells artistic frames for pictures. The controller is responsible for…
A: Budget is the statement which is prepared by the entity for the purpose of estimating the revenues…
Q: Accounts Payable Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment…
A: The phrase "exchange of assets without commercial substance" describes a scenario in which two…
Q: 5. M&M's trademark has estimated future cash flows of $40 billion, a book value of $60 billion, and…
A: An impairment loss is the amount by which the carrying amount of an asset or a cash-generating unit…
Q: A man made a loan of $102 to be repaid with $129 at the end of 5 months. What was the annual…
A: SIMPLE INTEREST Simple Interest is Computed by multiplying Principal Amount and Simple Interest…
Q: Perez Corporation runs two convenience stores, one in Connecticut and one in Rhode Island. Operating…
A: Variable costs are those type of costs which changes along with change in activity level.…
Q: Assume the following for White Top Incorporated for the current fiscal year. White Top applies…
A: Lets understand the basics. Budgeted overhead rate is calculated based on the budgeted overhead and…
Q: On June 1, 2024, Sheridan Bottle Company sold $3,420,000 in long-term bonds for $2.999,701. The…
A: The question is based on the concept of Financial Accounting. Bonds are in the nature of financial…
Q: Liang Company began operations in Year 1. During its first two years, the company completed a number…
A: The journal entries are prepared to record the transactions on regular basis. The allowance for…
Q: You consider purchasing a new piece of equipment (7yr MACRS property) for your manufacturing process…
A: MACRS stands for modified accelerated cost recovery system, this system is used in the US that…
Q: Presented below are two independent situations: a) On December 31, 2021, Legault Corporation had…
A: Bonds is a financial instrument which is used to generate cash it has a period of one year or more…
Q: Meale Company makes a household appliance with model number X500. The goal for 2015 is to reduce…
A: Net operating income measures an income-producing property's profitability before adding in any…
Q: A budget is a detailed plan of all the economic activities of a business. It acts as a business…
A: A budget is a financial plan that quantifies future expectations and actions of a business or…
Q: Statement of Cash Flows-Indirect Method The comparative balance sheet of Yellow Dog Enterprises Inc.…
A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…
Q: The shareholders' equity of ILP Industries includes the items shown below. The board of directors of…
A: Lets understand the basics. Shares are generally dividend into two types which are, (1) Common stock…
Q: Required information [The following information applies to the questions displayed below.] Jackson…
A: For the total contributions you make each year to all of your traditional IRA and Roth IRAs can't…
Q: The balance sheet extract of a company appears as follows over two periods: 2017 2022 Stock 50,000…
A: The sources of funds indicate the sources where the money was generated. The uses of funds indicate…
Q: Trift Company made total purchases of $305,000 in the most current year. It paid freight in of…
A: Cost of Inventory = Purchase price + Freight in - Purchase Return - purchase Discount.
Q: 0 P= ? 1 $20,000 2 Years 3 4
A: Formula for monthly compounding of interest is as follows:- A= P(1+r÷n)^n*t Where A is amount…
Q: Symphony Electronics produces wireless speakers for outdoor use on patios, decks, etc. Their most…
A: Budgeting - Budgeting is a method of preparing estimated cash collection and payment to make a plan…
Q: Unearned Revenue Jennifer’s Landscaping Services signed a $400-per-month contract on November 1 to…
A: The Unearned revenue is the amount of cash receipts in advance for which service is not provided…
Step by step
Solved in 2 steps
- the following expeditures were incurred by Obermeyer company in purchasing land : cash price $70,000, accured taxes $3,000, attorneys' fee $2500, real estate broker's commission $2000, and clearing and grading $3500. what is the cost of the lamnd?The following expenditures were incurred by Monty Company in purchasing land: cash price $73,000, accrued taxes $5,500, attorneys’ fees $2,800, real estate broker’s commission $1,100, and clearing and grading $5,700. What is the cost of the land? Cost of the land $Carlos Company purchased a building and land for $400,000 in total. Individually, the landappraised for $84,000 and the building appraised for $336,000. How much of the purchaseprice should be allocated to the cost of the land?a. $75,000b. $80,000c. $84,000d. $400,000
- At the beginning of the current year, Dianne company purchased a tract of land for P6,000,000. The entity incurred additional cost of 1,500,000 durinhg the remainder of the year in preparing the land for sale. The tract was subdivided into residential lots as follows: LOT CLASS Number of lots Sales Price per lot A 100 P240,000 B 100 P160,000 C 200 P100,000 If 150 class C lots were sold, How much is the cost of unsold class C lots?Simons Company purchased land to build a new factory. The following expenditures were made in conjunction with the land purchase: • Purchase price of the land, $150,000 • Real estate commissions of 7% of the purchase price • Land survey, $5,000 • Back taxes, $5,000 What is the initial value of the land? a. $160,000 b. $160,500 c. $165,500 d. $170,500Prince company had bought $5,400,000, and additional realtor's fee of $50,000 an office building and the lot it is built. Calculate the initial measurement of the building and lot. These are the information pertaining the property bought: Current Appraised Value Seller's Original Cost Lot 2,000,000 1,400,000 Office Building 3,000,000 2,800,000 5,000,000 4,200,000
- A SE company has on its books for its proved property: P/P- tangible assets $50,000 Well and E&F $220,000 Accumulated DD&A $32,000 If the entire proved property is sold for $220,000, what will be any gain or loss? AccouintingInc paid $950,000 for a basket purchase that included office furniture, a building, and land. An appraiser provided the following estimates of the appraised values of the assets if they had been purchased separately : office furniture, $190,000. Building: $740,000. Land: $132,000. Based on this information, what is the cost that should be allocated to the land? Round to 2 decimal places. A. $171,000 B. $132,000 C. $316,667 D. $114,0001. The following expenditures were incurred by Grouper Company in purchasing land: cash price $80,000, accrued taxes $3,500, attorneys’ fees $2,100, real estate broker’s commission $1,600, and clearing and grading $5,100. What is the cost of the land? 2. Riverbed Company incurs the following expenditures in purchasing a truck: cash price $53,000, accident insurance $4,500, sales taxes $2,900, motor vehicle license $100, and painting and lettering $400. What is the cost of the truck?
- In December 20x8, the Ayala Co. purchased land for P300,000. The land was held until December 20x9, when it was sold for P400,000. The historical cost/constant peso statement of profit or loss for the year ended December 31, 20x9, should include how much gain or loss on this sale? *Merchant Company purchased land for a building site. The costs associated with the property were: Purchase price $ 188,000 Real estate commissions 16,300 Legal fees 2,100 Expenses of clearing the land 3,300 What is the total recorded cost of the land? Mutiple Choice $192,100 $206,400 $188,000 $209,700 $204,300Lenny Corporation purchased for P690,000 a tract of land on which a warehouse and office building were located. The following data were collected concerning the property: Current Assessed Vendor's Valuation Original Cost Land P280,000 P180,000 Warehouse 320,000 315,000 Office Building 200,000 129,000 P800,000 P624,000 Determine the appropriate amount that Lenny should charge to land. a. P280,000 b. P199,000 c. P241,500 d. P690,000
