Acme Corporation had the following expenses:   1. 1,000 pads of paper embossed with the company logo to hand out at the Big Time Convention $700 2. Display racks to use at the convention center 200 3. An all-expense vacation for Susie’s 25 years of service awarded under a qualified plan 2,500 4. A golden cone to recognize Wayne’s on the job safety record 320 Acme has a qualified plan for the job awards. Calculate Acme’s total deductions for the above expenses.

Q: If Branch B is closed, one personnel (with salary of P30,000) have to be transferred to the home…

A: Answer: We do not agree with manager, as if Branch B is closed Net operating income for company will…

Q: Siegel Company spent $14,000 on direct supplies and $19,000 on compensation for manufacturing…

A: Related to sales revenue for such units sold, manufacturing costs for the units sold, and overall…

Q: An executive receives an annual salary of P500,000 and his secretary a salary of P160,000 a year. A…

A: Annual salary of executive= P 500,000 No. of hours worked by executive in a year= 3,000 Salary cost…

Q: The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential…

A: Formula: Implicit cost = Entrepreneur's potential earnings as a salaried worker + Value of…

Q: ast Company has 11,800 items of building supplies on hand that cost $354,000, a bill related to…

A: Supplies in hand has a cost of $354,000 on which $74,000 has been paid and $280,000 is payable.

Q: 1. An executive receives an annual salary of P600,000 and his secretary a salary of P180,000. A…

A: Cost accounting is beneficial since it can demonstrate where a corporation spends money, earns…

Q: How many performance obligation/s are there? Enumerate.   Bartle Company signed a contract…

A: Performance obligation refers to the assurance for the performance of service or transfer of goods…

Q: Todd Lay just began working as a cost accountant for Enteron Industries Inc., which manufactures…

A: 1.Mr. T must have recorded the factory wages as a debit to work in process. The factory wages come…

Q: Foster has built a new factory incurring the following costs: $'000 Land 1,200 Materials 2,400…

A: We have the following information regarding the cost of the newly built factory:

Q: The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential…

A: Explicit Cost: The Explicit cost includes the annual lease on building, Payments to workers &…

Q: Gentry Machines. Inc .. has just received a special job order from one of itsclients.The following…

A: Cash flow after taxes (CFAT) is a form of measuring the financial performance that depicts a…

Q: At the beginning of the year, an audio engineer quit his job and gave up a salary of $1,175,000.00…

A: The gap between total revenues, minus costs, as well as the opportunity cost connected with the…

Q: . Compute the machine hour rate? ii. Ascertain the cost of a job which requires 1200 machine hours…

A: Costing of a product is done so as to determine the various points in which funds have been spent to…

Q: An air-conditioning contractor is installing a heat pump system in a privatehome. He has agreed to…

A: Costs which are directly traceable to the cost object are known as direct costs.

Q: Foster has built a new factory incurring the following costs: $'000 Land 1,200 Materials 2,400…

A: We have the following information:

Q: Kylie Builders Inc. is building a new home for Cassie Proffit at a contracted price of $200,000. The…

A: Solution:- Preparation the sections of the balance sheet and the income statement of Kylie Builders…

Q: Mary Givens and Peggy Moser are partners engaged in operating The G&M Doll Shop, which has…

A: The Federal Insurance Contributions Act (FICA) seems to be a United States legislation that requires…

Q: Stuart Studio, an art studio, prepared a new catalog for the National School of Heavy Equipment, a…

A: Law of Contract Gilbert and Donald Shaw run a National School for which Stuart studio has developed…

Q: Davis & Company is an architectural firm specializing in home remodeling for private clients and new…

A: Answer) Calculation of Amount to be Billed Amount to be billed = Total Cost of Job X 132% Amount to…

Q: 2. Find a worker's gross pay if the worker is paid a straight piecework rate of P25 for each…

A: The question is related Gross pay based on piece rate.  Gross pay = Rate per piece × Total peice

Q: The May clinic runs a small office in Columbia. May pays the building owner a rent of 12000 a month…

A: Hourly Rate [A] Actual hours in the month [B] Monthly Personnel cost [C = A x B]…

Q: Randy Inc. produces and sells tablets. The company incurred the following costs for the May:…

A: 1. Direct material = Attachable keyboard + Miscellaneous soldering material used to seal case +…

Q: Your Company uses a total of 15,000 units of a part that are produced and used every year. The…

A: Make cost is the cost of producing the product internally. Buy cost is the cost to purchase the…

Q: This case is based on an actual situation. Centennial Construction Company, headquartered in Dallas,…

A: Internal control: Internal control is a policy or procedures enforced by management in an…

Q: Consider the following cost items:1. Salaries of players on the Boston Red Sox.2. Year-end completed…

A: Income statement:   Income statement is a financial statement that shows the net income or net loss…

Q: The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential…

A: Explicit cost means the cost paid to resources which are not owned by the business. Economic costs…

Q: Juan Dela Cruz, an entrepreneur, has sold 5,000 units of RCC Pipes for 600/unit. The following are…

A: Projected income statement is an income statement prepared based on the projections for a future…

Q: An executive receives an annual salary of P300,000 and his secretary a salary of P60,000 a year. A…

A: Given, Executive annual salary = P 300,000 Secretary annual salary = P 60,000 Executive working…

Q: The following information relates to the costs of Carox Limited for November 2021.     N$'000…

A: Costs are majorly classified into : (1) Direct Costs - Costs that are directly associated with the…

Q: Blizzard Inc. hired the barber shop to provide haircuts to its employees for the next six months.…

A:

Q: During​ December, Littleton designed a landscape plan and the client prepaid $6,000. Littleton…

A: Unearned revenue is a liability for the business.

Q: Clemens Cars’s job cost sheet for Job A40 shows that the cost to add security features to a car was…

A: Job order costing: Job order costing is one of the methods of cost accounting under which cost is…

Q: Marx and Tyler provides hair-cutting services in the local community. In February, the business cut…

A: The calculation of Cost of service to provide one hair cut is shown hereunder : Total haircuts in…

Q: Belpre Inc. constructed a new office building. Building material costs for the new building were…

A: Cost of the self-constructed assets include: Material costs Labor costs Overhead costs Interest on…

Q: A manufacturer of a car estimated that the raw materials will have a total cost of ₱400,000. There…

A: Here in this case, we are required to calculate the cost of car. Cost of car includes the material,…

Q: contractor has a job which should be completed in 135 days. At present, he has 80 men on the job and…

A: Liquidated damages =(160-135) *520         =13000 80 Men completed  in 160 days. To complete in 135…

Q: Profit Using Accounting Costs Profit Using Opportunity Costs Total Revenue Cost Nail technicians…

A:

Q: Super Seniors is a not-for-profit organization that provides services to senior citizens. Super…

A: Definition: Expenses: Expenses are costs incurred for the operations of a business. The costs…

Q: A manufacturing plant wishes to buy a new equipment so the purchasing department did some research…

A: GIVEN   A manufacturing plant wishes to buy a new equipment so the purchasing department did some…

Q: Dee Beach, the consultant introduced at the beginning of section three of the chapter, has obtained…

A: Job Costing: Job costing is a costing technique used by the business that provides goods or services…

Q: B-You is a consulting firm that works with managers to improve their interpersonal skills. Recently,…

A: Differential cost is the difference in the cost of two different decisions, or a change in the…

Q: LLC Service Inc. provides professional consultancy services to third-party firms. Professional staff…

A: Calculation of total billing for the job Professional staff are paid  = P150 per hour time is billed…

Q: In March, Crane Company completes Jobs 10 and 11. Job 10 cost $21,000 and Job 11 $31,000. On March…

A: Journal entry for completion of both the josbs will be done as under:Work in process inventory of…

Q: At the beginning of the year, an audio engineer quit his job and gave up a salary of 175.00 per year…

A: Solution:- A)Calculation of the total explicit, total implicit and total economic costs for the year…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is