ank you
Q: 52. How much is the total expense for the month of February 2022 P103,001 P105,235 P107,253 P103,253…
A: Here asked about the details of total sales details which comprises of both cash sales and sales on…
Q: The going concern assumption is inappropriate when: Select one: а. liquidation appears likely. b.…
A: Going concern assumption states that business will be continued for indefinite period of time. So…
Q: Coronado Co. uses a periodic inventory system. Its records show the following for the month of May,…
A: FIFO LIFO Ending inventory may 31 $330 $242 Cost of goods sold $902 $990
Q: Which of the following statements is correct in accordance with AASB 16 Leases? Group of answer…
A: The question is related to Accounting for Lease.
Q: May Made cash sales of $6,300; the cost of the inventory was $3,700. 1 5 Purchased $2,000 of…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: An installment note payable for a principal amount of $48,000 at 6% interest requires Lawson Company…
A: preparation of an amortization table amount borrowed = 48,000 rate of interest = 6%annually annual…
Q: 956 Exercise Company X has a capital budget of OMR1,000,000. Company has the following options to…
A: Formula: Net Present Value = Present Value of Cash inflows – Initial investment Present Value of…
Q: Prakesh Company has the following data for one of its manufacturing cells: Maximum units produced…
A: theoretical cycle time is calculated by taking maximum unit produced and hours of production of…
Q: Question 2 please see the following financial information for Company A and B respectively.…
A: ROE = Return on equity Return on equity is a measure of company's profitability (Net income) with…
Q: ash account in the current asset section of the statement of financial position fo pany showed a…
A: Correct cash balance =petty cash fund + checking account balance + undeposited receipts + currencies…
Q: Which machine would you recommend given the following information and interest rate is 10%? New…
A: Decision-making about which machine to use can best be done by using the Net Present Value (NPV)…
Q: Company is subject to an income tax rate of 30%. It has the provided the following data on December…
A: Ratio Analysis is a method of evaluation of the financial performances of an organisation during a…
Q: What is the difference between Cost-Volume Profit graph and Profit-Volume graph?
A: Introduction:- Cost-Volume Profit graph displays the relationship between the cost of units…
Q: 1.An inventory of supplies showed $2,000 were used up. 2. The furniture was purchased for $20,000.…
A: Trial Balance After completing the Journalize and ledger posting next process is to prepare the…
Q: ABC Merchandising buys merchandise costing P35,000 and returns P10,000 cost of the merchandise. If…
A: Term 2/10, N30 means that if the buyer pays the dues within 10 days then the buyer is eligible for a…
Q: A trader enters into a FRA to receive at the rate 4% on the principal of $1.000,000 over the period…
A: Answer:- Forward Rate Agreement definition:- Forward rate agreements (FRAs) are basically over the…
Q: 12/31/2018 12/31/2019 Accounts payable $2,500 $6,400 Accounts receivable 3,500 8,500 Cash 4,700…
A: Formulas: Working Capital = Total Current assets - Total Current liabilities Current ratio = Total…
Q: Question 1 The following information is taken from the General Ledger of Ben's BMX Bikes at…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: How does the sales mix affect the calculation of the break-even point?
A: Meaning of sales mix When a company sells two or more products, then the concept of sales mix…
Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Transaction: On August 1, the business, Design Thinking Ltd, provided consulting services for a…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Preferred shares, $4.55 non-cumulative, 52,000 shares authorized and issued* $ 3,328,000…
A: Cumulative Preference Shares: In the case of missing dividend payments in the past, cumulative…
Q: Mateo Lopez is not a resident of Canada. For the current year, Mateo has a worldwide income of…
A: Tax return: Tax return is a detailed document defining all the sources of income from which a…
Q: A master production schedule is most likely to be useful in
A: Answer: Reducing excess production of inventory
Q: Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for…
A: 1. Determination of Journal entries for the 2021 write-offs and collection of previous written offs…
Q: AJ is a 30% partner in the Trane partnership, a calendar year end entity. On January 1, AJ has an…
A: Partnership: Partnership is one of the form of business where minimum of two persons assented to…
Q: a. Sampson Co. sold merchandise to Batson Co. on account, $36,000, terms 2/15, net 45. p. The cost…
A: The perpetual inventory system maintains the record for cost of goods sold with every sale…
Q: Prepare adjusting entries assuming errors were discovered in (a) 2020, (b) 2021, and (c) 2022.
A: Adjusting entries refers to the journal entries in the general ledger of the company that occurs at…
Q: A machine that cost $105,000 has an estimated residual value of $5,000 and an estimated useful life…
A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…
Q: Consider the following information regarding Seek Ltd (ASX:SEK) in Australia Year 0 Year 1…
A: GIVEN Consider the following information regarding Seek Ltd (ASX:SEK) in Australia…
Q: of this question, how would I be able to solve for the amount ending balance in retained earnings? I…
A: Given:
Q: Sale of land $ 194,000 Purchase of treasury stock 33,000 Issuance of common stock 116,000 Payment of…
A: Investing activities section of the Statement of cash flow reports the cash inflow from the sales of…
Q: nancial difficulties has negotiated a restructuring of its 10%, P10,000,000 note payable due on…
A: Interest expense refers to the costs incurred by a borrower while it tried to borrow funds or money…
Q: Illustration 2. Business Combination Achieved in Stages and without transfer of consideration On…
A: Statement of net Assets Particulars Amount Share Capital 1,000,000 Security Premium…
Q: What is a financial assets held for trading?It is measurement still applicable? explain
A: Meaning of Financial assets held for trading: A financial asset is held for trading if the entity…
Q: APA Medical Center has collected data on all of its activities for the past seven months. Data for…
A: For the companies that are involved in the manufacturing process, there are two types of costs…
Q: Sale of land $ 194,000 Purchase of treasury stock 33,000 Issuance of common stock 116,000 Payment of…
A: Introduction: Statement of cash flows: All cash in and out flows are flows are statement of cash…
Q: a baker calculated the cost of ingredients for a bran muffin at S0.37 and wanted a 40% food…
A: Pricing is an important decision in every field of business. In restaurants, the selling price of…
Q: Q3. If the unit selling price is $16, the unit variable cost is $12, and fixed costs are $160,000,…
A: Answer) Calculation of Number of units to be sold to earn Target Income of $ 29,000 Number of units…
Q: On January 1 , 2021, Gray Co. issued its 10%, 4-year convertible debt instrument with a face amount…
A: Above question is based on Compounded Financial Instrument. In these type of instrument, two…
Q: Calculate cost of goods sold and ending inventory for Emergicare's bandages orders using FIFO, LIFO…
A: Inventory valuation is based on the flow of exemption used by the company. There are many methods…
Q: On January 1, 20x1, Solicit Co. acquired 12%, ₱1,000,000 bonds for ₱1,049,737. The principal is due…
A: Answer - Computation of the gain (loss) on the sale - Date Collection Intt Income Amortization…
Q: Allen corp, has a contribution margin of 46% and fixed costs of 250,930. What is the break-even…
A: The Break-even point indicates that total units are to be sold by the business entity to recover its…
Q: 6. Determine the economic life of an $900 laptop computer. Your personal interest rate is 12% per…
A: Economic life is the estimated period of time an asset remains useful to the business or owner. When…
Q: It is the end of the year, and I am completing my Accrual Income Statement. During the year I went…
A: Accrual accounting means revenue and expenses are recognized and recorded when they occur.
Q: Greener Pastures Corporation borrowed $1,250,000 on November 1, 2021. The note carried a 9 percent…
A: Since basic accounts equal is Assets = Liabilities + Owners equity
Q: Unit V question 1
A: A cost sheet is a method of allocating total cost into different categories. It helps to identify…
Q: Rebecca's Equestrian Supplies sells riding saddles. On July 1, 2008, Rebecca had 9 saddles in…
A: Cost of Goods Sold=Beginning Inventory+Purchases-Ending Inventory
Q: The term "exempt" refers to employees who fall under the purview of the minimum wage and overtime…
A: Exempt employees means employees who dont qualify for minimum wage and dont receive overtime pay.…
Q: A company uses activity-based costing. The company makes two products: A and B. The annual…
A: Product margin refers to the difference between sales value and cost of goods sold. It is also known…
ACCT 102
Please show work, thank you!
Step by step
Solved in 2 steps
- Susquehanna Company purchased an asset at the beginning of the current year for 250,000. The estimated residual value is 25,000. Susquehanna estimates that the asset will be used for 10 years and uses straight-line depreciation. Calculate the depreciation expense per year.Utica Machinery Company purchases an asset for 1,200,000. After the machine has been used for 25,000 hours, the company expects to sell the asset for 150,000. What is the depreciation rate per hour based on activity?Akron Incorporated purchased an asset at the beginning of Year 1 for 375,000. The estimated residual value is 15,000. Akron estimates that the asset has a service life of 5 years. Calculate the depreciation expense using the sum-of-the-years-digits method for Years 1 and 2 of the assets life.
- Chapman Inc. purchased a piece of equipment in 2018. Chapman depreciated the equipment on a straight-line basis over a useful life of 10 years and used a residual value of $12,000. Chapmans depreciation expense for 2019 was $11,000. What was the original cost of the building? a. $98,000 b. $110,000 c. $122,000 d. $134,000A fixed asset with a 5-year estimated useful life is sold during the second year. How would the use of the straight-line method of depreciation instead of the double-declining-balance method of depreciation affect the amount of gain or loss on the sale of the fixed asset?Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not have a residual value and is estimated to be in service for 8 years. Calculate the depreciation expense for Years 1 and 2 using the double-declining-balance method. Round to the nearest dollar.
- Bliss Company owns an asset with an estimated life of 15 years and an estimated residual value of zero. Bliss uses the straight -line method of depreciation. At the beginning of the sixth year, the assets book value is 200,000 and Bliss changes the estimate of the assets life to 25 years, so that 20 years now remain in the assets life. Explain how this change will be accounted for in Blisss financial statements, and compute the current and future annual depreciation expense.Effect of depreciation on net income Einstein Construction Co. specializes in building replicas of historic houses. Bree Andrus. president of Einstein Construction, is considering the purchase of various items of equipment on July 1. 20Y2. for $300,000. The equipment would have a useful life of five years and no residual value. In the past, all equipment has been leased. For tax purposes, Bee is considenng depreciating the equipment by the straight-line method. She discussed the matter with her CPA and learned that although the straight-line method could be elected, it was to her advantage to use the Modified Accelerated Cost Recovery System (MACRS) for tax purposes. She asked for your advice as to which method to use for tax purposes. What factors would you present for Bree’s consideration in the selection of a depreciation method?For each of the following transactions, state whether the cost would be capitalized (C) or recorded as an expense (E). A. Purchased a machine, $100,000; gave long-term note B. Paid $600 for ordinary repairs C. Purchased a patent for $45,300 cash D. Paid $200,000 cash for addition to old building E. Paid $20,000 for monthly salaries F. Paid $250 for routine maintenance G. Paid $16,000 for major repairs