any
Q: Mabbut Company has the following departmental manufacturing layout for one of its plants:…
A: Production rate measures the quantity of products that can be manufactured during a given period of…
Q: Internal Service Fund, Statement of Cash Flows. Prepare a statement of cash flows for the internal…
A: Cash flow statement is a statement that shown inflow and outflow of cash for that particular year or…
Q: The balance in the supplies account on June 1 was $7,000, supplies purchased during June were…
A: Consumption of supplies = Opening balance+Purchases-Closing balance
Q: Question:2 3M reports following for the month of April. Unit cost or Units selling price Date…
A:
Q: On January 1, 2021, Brianne Company acquired 30% of the voting share capital of another entity for…
A: Gain on sale of investment = P 4500000 - (50% x P5000000) = P2000000
Q: Bramble Company manufactures a variety of tools and industrial equipment. The company operates…
A: Solution:- Preparation of a responsibility report for the home division as follows under:- Notes:-…
Q: 7. The records of Lunch Co. on December 31, 20x1 show following information: Debits Credits…
A: An income statement is one of the important statements in a company's financial statements that…
Q: Nebraska Company, a merchandising firm, is preparing its master budget and has gathered the…
A: Disbursemnt means sending out. The cash disbursement means any payment made in cash
Q: n
A: Interest on promissory notes: Interest on the promissory note is a return to the person lending the…
Q: 6.Dalian Company provides the following information: Price per unit $20.00 Variable cost per unit…
A: Break even point in units = Fixed cost/contribution margin per unit
Q: Mary made an initial investment of $41,290. The investment grows at 3% per year compounded…
A: GIVEN Mary made an initial investment of $41,290. The investment grows at 3% per year compounded…
Q: Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as…
A: Traceable fixed costs are costs which the company is able to allocate to department or segment.…
Q: Fairfield Company management has budgeted the following amounts for its next fiscal year: Total…
A: Break-even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit =…
Q: Mr Adam wants to sell his car, which he purchased at RM 85,000 after using it for three years. The…
A: The formula for calculating depreciation value using declining balance method is Depreciation per…
Q: A Company has been operating for one year. On January 1, at the start of its second year, its income…
A: The journal keeps the record for day to day transactions of the business on regular basis. The…
Q: Loan amount = $ 10000 on November 01, 2020 for 5 years Interest rate @10 PA
A: Formula: Interest expense = Loan amount x Interest rate x Time period
Q: Round "Current ratio" answer to two decimal places. A. Working capital B. Current ratio
A: Solution:- A)Calculation of Working capital as follows under:- Working capital:- Working capital is…
Q: After analyzing the data, prepare a bank reconciliation for M Park Corporation at March 31st.…
A: Bank reconciliation refers to the method used by the company to match the bank statement as well as…
Q: Complete the common-size income statement below: Common-Size Income Statement 2016 Revenues $ 29,970…
A: Formula: Formula: Revenues % = ( Revenues value / Revenues value ) x 100
Q: Unit 1 question 9
A: 1. Payment of Creditors on account- Cash Payment Journal 2. Return of Merchandise sold for credit-…
Q: A retailer buys an alarm set for RM 850. Operating expenses are 5 % based on cost. The retailer…
A: Net profit on sale means the excess of selling price over cost of the product.
Q: Several expenditures are listed below. Indicate whether or not each expenditure would be included in…
A: Equipment cost includes Purchase Price ( Invoice price less deduction ) Transportation ( Freight…
Q: Unit VIII question 8
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: What is the gain (or loss) from the derecognition of liability?
A: Kochi Company showed the following data with respect to a matured obligation: Notes payable…
Q: equired: (a) Compute (i) the cost of goods sold; (ii) gross profit; and (iii) the gross profit rate…
A: as per the guidelines we can provide the answer for 1 question as the both question are different .…
Q: Markup and margin as percentages are equal. O True O False
A: Answer:- Markup meaning:- The percentage amount by which the cost of a particular product is…
Q: My question is this: GIPI will depreciate the gymnasium building using the straight-line method over…
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its…
Q: Katipunan Company has financial liability (accounted under amortized cost) with face amount of…
A: Share premium is the amount over and above the par value received by the company. It is the…
Q: create 2 problems (required must vary) for each type of depreciation. 1. Straight Line Method 2.…
A: Deprecaition There are different depreciation method which are applicable in the assets of the…
Q: The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer,…
A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…
Q: Actual manufacturing overhead 592.800 Estimated manufacturing overhead $87.000 Direct laborhours…
A: Predetermined overhead rate is the overhead rate which is calculated by using the budgeted data. It…
Q: Markup and margin as percentages are equal. O True O False
A: Answer: Markup and Margin as percentage are equal. FALSE The profit margin is 30% when expressed as…
Q: ratios listed on table a for each year (2020 & 2021): a. For each ratio includes the formula with…
A: The answers have been mentioned below.
Q: a new home in Houston. The realized gain on the second sale is $275,220. Do not round any division.
A: In this question, we have to find out the recognized gain on the second sale.
Q: the projected year. Unit selling price, unit variable costs, and fixed costs are estimated to (1)…
A: Compute (1) the contribution margin for the current year and the projected year Current Year…
Q: Belinda, a 55 year old single woman with no dependents, has a $75,000 gröup term life insurance…
A: Answer:- Term life insurance definition:- A term insurance policy is one of the most basic and…
Q: TRUE OR FALSE The main difference between the function and the nature of expense methods is the…
A: Salaries, rent, supplies, and travel are all examples of natural expense classifications whereas in…
Q: Standard Direct Materials Cost per Unit from Variance Data The following data relating to direct…
A: Standard cost is the estimated or budgeted cost for a product. Actual cost is the cost incurred in…
Q: Ekedahl Company has had 4 years of retained earnings. Due to this success, the market price of its…
A: Answer - Working note - Stock Dividend Shsres = No of Shares outstanding * Stock dividend…
Q: Dalian Company provides the following information: Price per uit Variable cost per uniti Fixed cost…
A: The contribution margin indicates the excess amount available for recovering the fixed cost.
Q: Here are selected 2022 transactions of Sunland Company. Jan. 1 Retired a piece of machinery…
A: The depreciation expense is charged on fixed assets as reduction in the value of fixed assets with…
Q: Dome Metals has credit sales of $450,000 yearly with credit terms of net 45 days, which is also the…
A: Credit management is considered to be important part. Discount are offered in order to receive…
Q: On January 2, 2020, Tuao Company purchased 10% of Abulug Company's outstanding ordinary shares for…
A: Formula: Ending balance = Beginning balance + Net income - Dividends paid.
Q: Anders Company used the moving average method to determine the cost of the inventory. During January…
A: It is method of Perpetual Inventory Costing System where in the unit cost is calculated every time…
Q: Mr. John Wick operates books stores and renders services as a professional broker. In 2018, his…
A: Answer:- Income tax definition:- Income tax can be defined as a tax which is levied on person or…
Q: (a) Preparethebankreconciliationstatementasat31August2022. (b)…
A: We are given the cash balance of Isofac company and bank balance as on 31st August 2022 which are…
Q: 3-July Purchased land for golf course, put 10% down and agreed to pay the balance in six months, by…
A: Introduction: Journal entries: Recording of a business transactions in a chronological order. First…
Q: a. Determine the direct labor rate variance, direct labor time variance, and total direct labor cost…
A: Solution:- a)Calculation of Direct labor rate variance as follows under:- labor rate variance
Q: Unit VI question 12 part a
A: Contribution margin refers to the difference between sales value and variable cost. After deducting…
Q: Mario’s Home System has sale of $2,820, costs of goods sold of $2,160, inventory of $504, and…
A: The term inventory refers to both raw materials used in manufacturing and completed goods that are…
Step by step
Solved in 2 steps
- a) On January 1, 2022, Dymaxium Inc. a Canadian company, sold Alberta beef to a foreign company for FC$200,000, with payment due on March 1, 2008. ON the same date, Dymaxium entered into a forward contract with the bank to sell the foreign currency (FC) it will receive on March 1, 2022 at a rate of FC1=C$1.16. The forward contract was designed as a fair value hedge of the FC receivable. On March 1, 2022, Dymaxium received the payment from the foreign company and settled the forward contract with the bank. Spot exchange rates were as follows: January 1, 2022 FC1 = C$1.18 March 1, 2022 FC1 = C$1.19 Required Prepare journal entries to record the above transactions 1On September 30, 2020, Chicken Ltd., a Canadian company, entered into a contract to purchase goodsfrom Wing Ltd., a foreign corporation. The terms of the contract call for the goods to be delivered toChicken Ltd.'s Edmonton location on May 30, 2021. The cost of goods is EUR $1,000,000 to be settled onJuly 31, 2021. On September 30, 2020, Chicken Ltd. also arranged for a forward contract through its bank for EUR$1,000,000. The goods were delivered on time, and Chicken Ltd, settled with Wing Ltd. on July 31, 2021.Chicken Ltd. has a April 30 year-end.The spot and forward rates are as follows: Spot Rate ($CAD)1 USD = x.xX CAD Forward Rate($CAD)1 USD = XXX CAD September 30, 2020 $1.42 $1.46 April 30, 2021 $1.44 $1.48 May 30, 2021 $1.45 $1.49 July 31, 2021 $1.50 $1.50 RequiredPrepare Chicken Ltd.'s journal entries to reflect the above assuming that:a. the hedge is a cash flow hedge, andb. the hedge is a fair value hedge.On 1 November 2022, Long Ltd enters a contract to buy inventory from an overseas supplier, with the inventory to be delivered in six months' time. A sum of US$1 000000 is payable on delivery of the inventory. Long Ltd does not want to be exposed to potential losses associated with changes in the exchange rate. As a result, Long Ltd takes out a forward rate contract with Board Bank to purchase US$1 000000 in six months' time at an exchange rate of A$1.00 = US$0.70. REQUIRED Explain who now bears the risks associated with changes in the exchange rate, and calculate how much Long Ltd will ultimately pay for the invento
- On May 8, 2019, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The terms of the sale required Lopez to pay 800,000 pesos on February 10, 2020. Jett prepares quarterly financial statements on March 31, June 30, September 30, and December 31. The exchange rates for pesos during the time the receivable is outstanding follow. Compute the foreign exchange gain or loss that Jett should report on each of its quarterly income statements for the last three quarters of 2019 and the first quarter of 2020. Also compute the amount reported on Jett’s balance sheets at the end of each of its last three quarters of 2019. May 8, 2019 . $0.1323 June 30, 2019 . 0.1352 September 30, 2019 . 0.1368 December 31, 2019 0.1335 February 10, 2020 . 0.1386In September 1, 20X1, True North Ltd. a Canadian company, entered into an agreement with Langdon Ltd, a foreign company, to purchase inventory for 100,000 FC. The inventory is to be delivered on February 15, X2. According to the agreement, True North will make payment on March 15, 20X2. On September 2, 20X1, True North’s bank arranged for a 100,000 FC hedge against True North’s commitment to Langdon. The spot rate on September 2 was 1 FC = $3.60 CDN, and the March 15, 20X2 rate was 1FC = $3.66 CDN. At True North’s December 31, 20X1 year end, the spot rate was 1FC= $3.63 CDN and the forward rate for march 15, 20X2 was 1FC=$3.65 CDN. With Langdon delivered the merchandise to True North on February 15, 20X2, the spot rate was 1 FC = $3.66 CDN and the forward rate was 1FC=$3.675 CDN. True North paid Langdon on March 15, as required. On that date, the spot rate was 1FC= $ 3.69 CDN. The hedge arranged by True North is a cash hedge, Prepare the journal entries to record the acquisition…On 15 May 2020 Penn Ltd, an Australian company with functional currency of Australian dollars acquires goods on credit from a supplier in Cardiff. The goods are shipped FOB Cardiff on 15 May 2020. The cost of the goods is UK200,000 and the debt remains unpaid at 30 June 2020. On 15 May 2020 the exchange rate is A$1.00 = UK0.56. On 30 June 2020 it is A$1.00 = UK0.53. Penn Ltd's reporting date is 30 June. Provide the accounting entries necessary to account for the above purchase transaction for the year ending 30 June 2020.
- Myway Company sold equipment to a Canadian company for 100,000 Canadian dollars (C$) on January 1, 20X9, with settlement to be in 60 days. On the same date, Alman entered into a 60-day forward contract to sell 100,000 Canadian dollars at a forward rate of 1 C$ = $.94 in order to manage its exposed foreign currency receivable. The forward contract is not designated as a hedge. The spot rates were: January 1 (1 C$ = $0945); March 1 (1C$ = $0.930). Based on the preceding information, the entry to revalue foreign currency payable to current U.S. dollar value on March 1 will have: A. a credit to Foreign Currency Transaction Gain for $1,500. B. a debit to Foreign Currency Transaction Loss for $2,500. C. a debit to Foreign Currency Transaction Loss for $1,500. D. a credit to Foreign Currency Transaction Gain for $1,000.On December 1, Year 1, Triaxal Incorporation enters into a forward contract to sell one million Philippines pesos (PP) to its bank in exchange for Canadian dollars on March 1, Year 2, at the market rate for a 90-day forward contract of PP1=$0.0227. On December 31, Year 1, Triaxal’s year-end, the 60-day forward rate to sell Philippines pesos on March 1 is quoted at PP1=$0.0222. On March 1, Year 2, the currencies are exchanged when the spot rate is PP1=$0.0220. Required Prepare journal entries for speculative forward contract under Gross Method and Net Method.ABC Company has the Philippine peso as its functional currency. The entity expects to purchase goods from USA for $50,000 on March 31, 2023. Accordingly, the entity is exposed to a foreign currency risk. If the dollar increases before the purchase takes place, the entity will have to pay more pesos to obtain the $50,000 that it will have to pay for the goods. On October 1, 2022, the entity entered into a foreign currency forward contract with a bank speculator to purchased $50,000 in six months for a fixed amount of P2,050,000 or P41 to $1. This forward contract is designated as cash flow hedge of the entity’s exposure to increase in dollar exchange rate. On December 31, 2022, the exchange rate is P42 to $1 and on March 31, 2023, the exchange rate is P44 to $1. How much is the derivative asset (liability) on October 1, 2022?
- On 1 March 2020 Holmes Ltd enters into a binding agreement with a New Zealand company, which requires the New Zealand Company to construct an item of machinery for Holmes Ltd. The cost of the machinery is NZ$750,000. The machinery is completed on 1 June 2021 and shipped FOB Auckland on that date. The debt is unpaid at 30 June 2020, which is also Holmes Ltd’s reporting date.The exchange rates at the relevant dates are:1 March 2011 A$1.00 = NZ$1.201 June 2011 A$1.00 = NZ$1.3030 June 2011 A$1.00 = NZ$1.25Required:a) Determine the amount in AUD, as at:• 1 March 2020; and• 30 June 2020b) Prepare the journal entries for the above dates showing the amount of exchange gain or lossWolters Corporation is a U.S. corporation that purchased 50,000 chocolate bars from a foreign manufacturer on March 1, 2024 for 80,000 foreign currency units, to be paid on April 30, 2024. On March 1, 2024 Wolters also entered into a forward contract to purchase 80,000 foreign currency units on April 30, 2024. Wolters has a March 31 year end. Exchange rates are as follows: Date Spot Rate Forward Rate 3/1/24 $0.69 $0.65 3/31/24 $0.61 $0.63 4/30/24 $0.66 $0.66 Required: Prepare the journal entries to record the transactions through April 30, 2024. March 31 is the fiscal period end. Ignore the split between spot gain/loss and time value. (a) ABC Co has a year end of 31 December 20X1 and uses the dollar ($) as its functional currency. On 25 October 20X1 ABC Co buys goods from a Swedish supplier for Swedish Krona (SWK) 286,000. Rates of exchange: 25 October 20X1 $1 = SWK 11.16 16 November 20X1 $1 = SWK 10.87 31 December 20X1 $1 = SWK 11.02 Required: Show the accounting treatment for the above transactions if: (a) A payment of SWK286,000 is made on 16 November 20X1. (b) The amount owed remains outstanding at the year-end date.