ages for cost of inve gal business mbling activities
Q: 1 Aug Started business with $150, 000 in the bank 3 Aug Bought supplies on c...
A: Introduction:- The act of recording or keeping track of any financial or non-financial action is kno...
Q: One advantage of switching from a partnership to the corporate form of organization is the following...
A: It makes it easier for the firm to raise additional capital
Q: Sarasota Company has the following stockholders’ equity accounts at December 31, 2020. Common Sto...
A: The question is based on the concept of Financial Accounting.
Q: Determine the amounts that Beckman should report in its year-end consolidated financial statements f...
A: Amount Non-controlling interest in subsidiary income $9,640 ...
Q: When the effective interest method is used, the amortization of the bond premium decreases interest ...
A: Lets understand the basics. For amortization of premium and discount, there are two methods which ar...
Q: Angela Corporation (a private company) acquired all of the outstanding voting stock of Eddy Tech, In...
A: A consolidated financial financial statement that includes all of the divisions or subsidiaries of a...
Q: lexible Budget for Assembly Department Cabinaire Inc. is one of the largest manufacturers of office...
A: Solution Concept Flexible budget is a budget which is prepared by adjusting the variable cost as per...
Q: If I am in the United States military and I was in training for three months and I generated income,...
A: Internal Revenue Service: The Internal Revenue Service is the country's expense assortment office an...
Q: LAVARN Company sells milled rice în Isabela Province. On September 15, a flood destroyed the company...
A: The ending inventory is calculated as cost of goods available for sales minus cost of goods sold. Co...
Q: XYZ is considering the option to invest excess cash in short-term financial instruments. XYZ wishes ...
A: Introduction:- The commitment of an asset to increase in value over time is referred to as investmen...
Q: A company manufactures and sells a single product. Budgeted data per unit of the product is: $ per ...
A: Using variable costing, fixed production cost is treated as period cost and is to be expensed in the...
Q: discuss experience of learning from different social, cultural, economic and demographic backgrounds...
A: Answer: Learning is the process of growth in various forms. It is the running process of life. Learn...
Q: Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, an...
A: Solution Working- Social security tax = 1000*6.2% = 62 Medicare tax = 1000 * 1.45% = 21.025 Withhol...
Q: Account Code Account Titles Padilla, Drawings Equipment Accounts Payable Notes Payable Land Prepaid ...
A: Introduction: Income statement: All revenues and expenses are to be shown in the income statement. I...
Q: The unearned rent account has a balance of P36,000. If P4,000 of the P36,000 is unearned at the end ...
A: Adjusting entries are recorded in the books in order to add the correct effect of transactions in th...
Q: 2. Johnathan moved during the year for work. It was an eligible relocation. His employer reimbursed ...
A: Loss is the amount which the person or employee or even the company has incurred from selling the as...
Q: AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had te...
A: Biological assets on December 31, 2021: Animals available on January 1, 2021 – animals sold during t...
Q: Redwood Company sells craft kits and supplies to retail outlets and through its catalog. Some of the...
A: Activity based Costing - In this type of costing, cost are allocated on the basis on no of cost pool...
Q: Blue Limited uses a perpetual inventory system. The inventory records show the following data for it...
A: FIFO is the method of inventory valuation whereby the goods that are initially bought are to be sold...
Q: You are assigned to prepare the financial statements of LIVA Company for the year 2021. The followin...
A: Average Cost Approach: This approach allocates a cost to inventory items based on the overall cost o...
Q: E3.11 (LO 2, 3), AP The ledger of Armour Lake Lumber Supply on July 31, 2022, includes the following...
A: Journal entries are used to keep track of the financial transactions. To create a journal entry, you...
Q: How would a property dividend declared before end of reporting period and to be distributed in the n...
A: The first question pertains to shares sold on subscription basis. Subscription shares give the subsc...
Q: A wholly-owned subsidiary of a corporation is liguidated. The corporation has a basis of $300,000 in...
A: Realized gain Realized gain is referred to as those results from selling an asset at a price higher...
Q: count on all
A: In the rate of 3.5% conversion rate, new confirmed booking as, = 3.5 % of 2347892 = 82176
Q: Eisha Company conducted a physical count on December 31, 2021 which showed inventory with a total co...
A: Under FOB destination, titles of goods are transferred to the buyer only when goods are delivered to...
Q: AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2020, it had te...
A: December 31, 2021 Fair value with no growth (Same Age) 1 years old animal = 10 x 600 = 6,000 Fair ...
Q: Flexible Budget for Selling and Administrative Expenses for a Service company Daybreak Technologies...
A: Budget means the expected value of future. Budget is not affected by the actual value as it is prepa...
Q: Which of the statements related to stakeholder conflict in business is FALSE? A. Stakeholders are ...
A: Solution Concept Stakeholders of business Stakeholders in business means the persons...
Q: The following data show the units in beginning work in process inventory, the number of units starte...
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a...
Q: Data concerning Lancaster Corporation's single product appear below: Per Unit Percent of Sales Selli...
A: Net operating income is a method used by real estate professionals to determine the exact value of r...
Q: Christine receives 1 000 shares of stock in ABC
A: Working note:- Christine received 1000 sh...
Q: es of merchandise include all brands, whether high-end or low-end product, catering to both ind nd i...
A: Solution Concept Discount term 3/10 net 30 means that if the payment is made within 10 days of invoi...
Q: Calculate the capitalized cost of a project that has an initial cost of P3,000,000 and an additional...
A: Financial Management- Financial management refers to the process of controlling of the sources of fu...
Q: what should a management board and a supervisory board of a company do before aquiring a new agro- c...
A: Acquisition is the combination of another business or company into another company which has acquire...
Q: Complete the accounting equation, and journal entries for the transactions given below. Complete the...
A: Accounting Equation Transaction Assets = Liabilities + Capital C Can...
Q: Use the information below to answer the following two questions: Herbal Company provides the followi...
A: Total manufacturing cost is a sum of direct material, direct labor, and manufacturing overhead costs...
Q: AJUMA Farms operates a farm with various plants and a herd of animals. On January 1, 2021, it had te...
A: Biological assets held by AJUMA Farms on December 31, 2021: Animals available on December 31, 2021 =...
Q: A man buys a house and lot worth P1M if paid in cash. On the instalment basis he pays P500,000 down ...
A: Lets understand the basics. In this question, we are required to prepare installment payment schedul...
Q: ALVR Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 12% pay...
A: The question requires calculation of interest on December 31 , 2022. Given that , Interest payable =...
Q: What is the carrying amount of the note as of December 31, 2022? On January 1, 2022. TGIG sold equi...
A: Carrying amount of the Note = Present value of the annual instalments where, Present value of the an...
Q: Page 3 of 4 I. TAXABLE OR NON-TAXABLE INCOME Put a CHECK MARK on the appropriate column. If the bene...
A: Ans. De Minibus Benefits are benefits of small value given by the employer to the employees besides ...
Q: b) Refer to the following data: Direct material used ...
A: Period costs are those costs that are not included in the cost of the product and are expensed in th...
Q: Ending Inventory at Cost 739,160 Goods Available for Sale at retail 3,930,000 16,000 48,500 Sales Di...
A: Under Retail Method, the cost to income ratio is calculated using the following formula: Cost to Inc...
Q: Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The actual cash received from cash sales was $14,953 and the amount indicated by the cash register t...
A: Theory part: Journalizing: Each and every business transactions are recorded in Journal books. Anoth...
Q: Static Budget versus Flexible Budget The production supervisor of the Machining Department for Celt...
A: Flexible budgets are those budgets and estimates which are made for future period of time and which ...
Q: The following information is extracted from the shareholders' equity section of the statement of fin...
A: The calculation of Book Value of Preferred and Common shares is shown hereunder : Liquidation value ...
Q: At January 1,2020, the Retained Earnings account has a balance of P 3,500,000. During the year, a 15...
A: Retained earnings, also called as reserves and surplus, refer to the accumulated amount left out of ...
Q: e beginning of the year as an opening entry. C. As soon as the account goes bad. D. At the end of th...
A: The company is following the allowance method for recording bad debt expenses. Under this method an ...
Q: The rate of interest actually earned by bondholders is called the Select one: O a. effective rate. O...
A: Solution Concept If the coupon rate of bond is greater than the market rate of interest , bond is pr...
How much of the following is gross income subject to income tax?
Step by step
Solved in 2 steps
- Identify the relevant transaction for this entry: Assets Owner’s equity Liabilities +R8000 +R8000 0 Received R8000 cash for debtors R8 000 cash paid for rent Cash sales of inventory R8 000 Received R8 000 cash for rentPls answer this question with solutions. SENTIENT AWARE Co. is engaged in logistics services. During the year, a warehouse was destroyed by fire. It was estimated that SENTIENT will probably pay around ₱200M in damages caused to the goods owned by customers that were contained in the destroyed warehouse. The contents of the warehouse are insured for ₱80M. SENTIENT’s claim for the insurance has been approved for payment by the insurance company. How much is the provision to be recognized? a. 200Mc. 60M b. 120Md. 01. X purchased goods for AED 2000/- on 15 days credit. In this transaction cash A/c tobe reduced by AED 2000/- False True 2. All the expenses Pertaining to the revenue of that period is considered as per a).Entity concept c). Matching concept d). Going concern concept b). Accrual Concept 3. Inflation effect in the transaction is ignored as per the Matching principle Dual aspect concept Monetary concept Going concern concept
- Question 1. Trial balanceLand and premises 2000000Furniture 120000Inventory (01/04/19) 80000Import on duty 4000Wages of contract workers 46000Salaries 64000Carriage for goods purchased 5200Carriage for goods sold 12400Discounts 24900 25080Purchases and sales 705200 237252200 Rent 11200 13000Commission 15600 17400Bills receivable 1080012% investment (1/10/19) 136000Donation to national fund 1260010% bank loan 112000Factory rent 64000Receivables and payables 920000 240000eBank 728000Bad debts 66000 Provision for doubtful debts 20000Rates and taxes 31200BrokerageCapitalQueen corona 500000Queen covid 500000Current accountQueen corona 20000Queen covid 128000 Additional informationDue to the economic recession at the moment, the partners estimated that more of their receivables may not be able to settle their debts, hence, they wrote off additional debts of GHc 15000 and agreed to maintain provisions for doubtful debts at 5%.They agreed to provide for discount on receivables at 5%.All…Write TRUE f the analysis for each transaction is correct and FALSE if it is not. The owner purchased furniture for Php5,500 on account Analysis: Increase in Asset: Furniture and Fixture Php 5,500 Decrease in Asset: Accounts Receivable Php 5,500 The business bought a lot for Php50,000 paying cash of Php20,000 with the balance covered by a promissory note Analysis: Increase in Asset: Land Php50,000 Decrease in Asset: Cash Php20,000 Increase in Liability: Notes Payable Php30,000Ma3. For each one, select: a. operational activities b. Investment activities c. Financial activities d. Operational part, investment part e. Financing part, operational part ____1. Costs incurred to settle a long-term debt ____2.Balance of some zero-coupon bonds, five years from its maturity date ____3.Compensation received from an insurance company for the destruction of a warehouse and the inventory that was stored there ____4.Money received as a result of canceling a life insurance policy in which the company was the beneficiary. ____5.Premiums paid for a life insurance policy in which the company was beneficiary. ____6. Dividend received from an investment in common stock accounted for with the equity method.
- PLEASE SHOW SOLUTIONS IN GOOD ACCOUNTING FORM. 6. On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During the year, Kit Inc. transfers cash and merchandise to the branch worth P15,000 and P45,000 respectively. Freight was paid by the home office worth P1,500 included in the cost of merchandise. The home office also incurred P5,700 expenses of which 30 percent was allocated to the branch. On December 31, 2020, the branch incurred a loss of P4,000. What is the balance of the branch account as per home office books?Explain whether the following transaction would give rise to a capital gain charge: (a) Winnings from legal gambling (b) Gains on the disposal of copyright for a play by the Institute of Culture. (c) Gains arising from damages to a warehouse building that contained goods for resale. The damage was so severe the building had to be demolished. A large sum of insurance proceeds was received. (d) Gains on the disposal of shares in an unlisted company. (e) Gain on disposal of an antique piece of furniture. give a reason for answerWhich of the following transactions would decrease asset by RO 2000 and increase expense by RO 2000 a. The business sold the goods and received cash RO 2000 b. The business borrowed loan of RO 2000 c. The business Purchased computer RO 2000 to be used in the business. d. The business paid the utilities expense RO 2000
- Identify the accounting concept that was violated in each of the following situations.5. Golden Book Company purchased a large printing machine for $1,000,000 (a material amount) and recordedthe purchase as an expenseButton Transportation purchases many pieces of office furniture with an individual cost below$200 each. Button chooses to account for these expenditures as expenses when acquired ratherthan reporting them as property, plant, and equipment on its balance sheet. The company'saccountant and independent CPA agree that no accounting principle has been violated. Whataccounting justification allows Button to expense the furniture?a. Conservatismb. Matchingc. Materialityd. VerifiabilityDetermine the classification accounts as to asset, liability and equity. If asset or liability determine if it is current or non current Account title SFP classification 1.Accrued rent 2. Marketable securities 3. Deferred income 4. Notes due to suppliers 5. Precollected rent 6. Investment in real estate 7. Notes due from customers 8. Franchise 9. Bad debts 10. Amortization- franchise 11. Patents
