ABC company recorded a net loss of P215,000 for the year just ended. Total operating expenses was P3,789,000, cost of sales was P1,819,300, and sales discount was P80,890. How much is the gross sales that the company generated during the year?

Q: Data pertaining to Lakers Co.’s manufacturing operations: INVENTORIES   April 1, 20X1   April 30,...

A: Correct option: ₱118,000 Incorrect option: ₱150,000 ₱109,000 ₱115,000

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A: Current assets: Current assets are all those assets that are expected to be sold or used as a result...

Q: how much is the Additional Financing Needed for the entire 4 years (total AFN for the 4-year period)...

A: AFN is the Additional financing needs of the organization which is planning to expand its business. ...

Q: Kenzie Company purchased a 3-D printer for $597,000. Although this printer is expected to last for t...

A: Depreciation- A depreciation term refers to reduce or fall in the price of tangible assets till its ...

Q: A Blue Ocean Co. has the following balance sheet: Cash                                             ...

A:  Projected Sales in Year 1 = Current Sales + Increase in sales 

Q: X and Y formed a partnership on March 1, 2018 and agreed to share profit 80% and 20%, respectively. ...

A: Partnership is one of the agreement or arrangement between two or more than two persons, in which th...

Q: iness. For example, Coca‐Cola has announced that it wants to buy China Huiyuan Juice Gr

A: The details are discussed as follows 

Q: Appliance Company makes cooling fans. The firm’s income statement is as follows: Sales (7,000 fans a...

A: Operating Leverage: Increasing operating income by increasing revenue is a cost-accounting formula t...

Q: Sprint Shoes Inc. had a beginning inventory of 9,700 units on January 1, 20X1. The costs associated ...

A: The inventory valuation is based on the flow of inventory. The LIFO method says that recently purcha...

Q: Please prepare a statement of cash flows using the following data. Please include any equations or c...

A: Cash Flow statements are the statement of changes in cash in an organization. Any non-cash item will...

Q: During the audit of Company XYZ, John Doe, the plant manager tells you that the company purchased an...

A: Answer: As per GAAP, in case of fixed assets the asset is firstly recognized at the cost.  In our ca...

Q: Oriole Cupcakes Co. is selling cupcakes for $10 for a box of one dozen. Oriole has fixed costs equal...

A:

Q: Which of the following should not be reported retroactively? Use of an unacceptable accounting pr...

A: Accounting principles are the rules and criteria that businesses must adhere to when reporting finan...

Q: Bank Reconciliation: Identify whether the item should be added or subtracted from the bank balance o...

A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...

Q: Check my work China Dragon purchased new restaurant equipment on September 1, 2021, for $12,000. Res...

A: As per Straight line depreciation method Depreciation is uniform for all the years. The formula is  ...

Q: Selling price per unit ₱25 Number of units sold 15,000 Contribution margin ratio 30% Net Incom...

A: Contribution margin: Difference between the sales and the variable costs is called contribution marg...

Q: The following are selected budgeted data for Green Company for the coming year: Budgeted sales ₱60...

A: Breakeven point is point at which no profit no loss, means total cost is equal to total revenue. For...

Q: Current assets that fluctuate with the firm’s operations are called Permanent Current Assets true o...

A: Current assets are those type of assets which are either in cash or can be coverted into cash into c...

Q: Which of the following income is subject to capital gains taxation? *

A: Answer: Capital gain tax is applicable for capital asset.  Capital asset are those assets which are ...

Q: Ising the dropdown buttons, select the Item that accurately describes the values that either etained...

A: Retained earnings refers to the amount which is left from the profit of company after paying all the...

Q: The manager of a fabric store has noticed a considerable increase in the amount of defective fabric ...

A: SOLUTION INCREASING FLAWS MAY RESULT IN A SIGNIFICANT LOSS FOR THE COMPANY. BECAUSE THEY ARE NOW CON...

Q: For each of the summarized transactions for the Village of Sycamore General Fund, prepare the genera...

A:

Q: ABC Corporation provided the following condensed operating report. Sales                           ...

A: Sales                                    2,000,000 Less: Cost of sales               1,200,000 Gross...

Q: Calculate the diluted carnings per share (EPS) on the continuing operations of ABC for the year ende...

A: Diluted earnings per share are the earnings per share which a company has earned per share if the co...

Q: Assume that you are responsible for planning a banquet for your school’s accounting club. The banque...

A: Fixed Costs: Fixed costs, otherwise called overhead expenses or indirect expenses, are costs of doin...

Q: Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and al...

A: The cost of good available for sale means the cost of ram material and labor cost used in production...

Q: Jada Company had the following transactions during the year: Purchased a machine for $430,000 using...

A: GIVEN   Jada Company had the following transactions during the year: Purchased a machine for $430,0...

Q: be allocated on the basis of dollars of assets employed; human resources costs are to be allocated o...

A: Cost allocation is a process of allocating overhead cost of service department to the operating depa...

Q: In the world of specialized industries, identify some specialized transactions in hotels. Provide br...

A: Accounting in the Hotel industry normally pertains to providing accommodation and food. Although, th...

Q: 1 Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5, 000, and $60...

A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...

Q: What is the incremental cost associated with this special order

A: Since 2/3 of overhead is fixed, the remaining 1/3 will be variable. Overhead cost per unit ₱ 3 ...

Q: A.M.I. Corporation reported income taxes of $362,884,000 on its 2022 income statement. Its balance s...

A: Cash payment for income taxes = Income taxes payable at December 31, 2021 + income taxes expense for...

Q: The unadjusted Trial Balance Columns of a worksheet total $85,500. The Adjustments columns contain e...

A: Introduction:- Unadjusted trial balance contains list of all the general ledger balances before maki...

Q: On January 1, 20x1, ABC Co leased equipment to XYZ, on the lease is shown below. Inc. Information Co...

A: First of all, we have to calculate the Present value of lease liability using 12% Present value of l...

Q: Prepare the journal entries for the above events for the month of February 2022 in the General Journ...

A: Journal entry is the basic entry and as well the first entry which is recorded journal book of the c...

Q: Exercise 3-1 (Division of Profit using Ratios) Bong. Bueno, and Bunny formed a partnership and have ...

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

Q: DN Company reported the following on December 31, 2021, before adjustments: ACcounts Receivable P19,...

A: Solution Given On December 31 2021 before adjustment Accounts receivables 19000000 Allowan...

Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P520,000. During the year the c...

A: Owners capital means net assets of the company. To calculate owners capital at the end of the year a...

Q: After preparing and posting the closing entries for revenues and expenses, the income summary accoun...

A: The closing entries are prepared to close the temporary accounts of the business including revenue, ...

Q: ABC had the following net income (loss) the first three years of operation: $7,000, ($1,600), and $3...

A: The dividend is a method of distributing profit among the shareholders. It can be in the form of a c...

Q: The AA Tours Partnership earned P500,000 this year. The partners have equal capital  balances, and s...

A: sharing of profit of of partnership firm among partners are done on the basis of their profit sharin...

Q: FDN Company paid employee wages on and through Friday, January 26, and the next payroll will be paid...

A: The accrued wages are the wages that are due to be paid but not paid during the period. 

Q: On January 1, 2021, the balance of Owner's Capital of FDN Company is P440,000. During the year the c...

A: Owners' investment balance can be calculated by adding investment and net income and adjusting withd...

Q: The following are selected budgeted data for Green Company for the coming year: Budgeted sales ₱60...

A: Margin of safety: Margin of safety is the point  after which profit will be happen in multiple of co...

Q: what is the value of the firm?

A: Free cash flow refers to the cash flow generated by the company in the year from its operations afte...

Q: In the Statement of Changes in Equity, the result from the Statement of Profit or Loss is always add...

A: The income statement is prepared to find the profit or net loss incurred during the period. 

Q: Kobe, Inc. had the following information relating to 2020. Budgeted factory overhead ₱ 74,800 Act...

A: Predetermined overhead rate = Budgeted factory overhead / Estimated labor hours Applied factory over...

Q: The following unadjusted trial balance is for Ace Construction Company at its June 30 current fiscal...

A: Hi student Since there are multiple subparts, we will answer only first three subparts.

Q: Which of the reconciling items listed below require an entry in the company's accounts? (None of the...

A: Reasoning: Bank service charges are to be recorded in the books by the company since it is unrecord...

Q: Problem 13-13 (IAA) Wholesome Company sold merchandise on a basis to dealers. The gross profit was 2...

A: SOLUTION GROSS PROFIT = SALES - COGS.