Q: The Valdez Mug Company manufactures plastic mugs that sell to wholesalers for P4.00 each. Variable a...
A: Contribution margin per unit = Sales price - Total variable cost per unit = P4 - P2.2 = P1.80 per un...
Q: Jay owns 100% of Kaye Company. In 2020, Kaye Company recognizes a long-term capital gain (LTCG) of ...
A: In the sole proprietorship, the individual member would be taxed as individual and the same tax rate...
Q: Carnation Company issued a P2,000,000 12% face value bonds, 10 years, on April 1, 20X2 for P1,964,60...
A: The bonds are issued at discount when market rate is higher than the coupon rate of bonds.
Q: Obligations which are expected to be liquidate through the use of existing current assets or the cre...
A: Current Liabilities - Current Liabilities are the liabilities which are required to be repaid within...
Q: uditors must not only decide whether to accept new clients; they also should periodically review the...
A: Auditors has a right to take all working papers and ask relevant question from the personnel working...
Q: Exercise 2. Blanche Corporations estimated its unit costs of producing and selling 12,000 units per ...
A: SOLUTION- VARIABLE COST = IT IS AN EXPENSE THAT CHANGES IN PROPORTION TO PRODUCTION OUTPUT OR SALES....
Q: Job 243 was recently completed. The following data have been recorded on its job cost sheet Direct m...
A: Direct labor cost = Labor hours x wage rate per hour = 445 x 13 = $5,785 M...
Q: Dennis Company sells a product for P20, variable costs are P8 per unit, and fixed costs are P32,000....
A: Selling Price per unit= P 20 Variable Cost per unit = P 8 Contribution Margin per unit = Sales - va...
Q: Explain the different approaches used for current asset investment policies. Explain the different a...
A: Current Assets Investment Policies While adopting the current assets / working capital investment po...
Q: Which enhancing quality best describes the business scenario below? Target Corporation issues its qu...
A: Enhancing Quality: If a company's annual reports are audited by a certified public accountant, it me...
Q: ABC Company has revenues of Php500,000, variable costs of Php350,000, and fixed cost of Php135,000. ...
A: Variable costs are those costs which changes with change in level of activity. Fixed costs are costs...
Q: On January 1, 2016, Dexon Corp had 20,000 shares of common shares outstanding. It sold another 2,600...
A: Earnings per share formula: =(Net Income - Preferred stock dividends) / Common stock outstanding
Q: THE STATEMENT OF PROFIT OR LOSS AND THE STATEMENT OF CHANGES IN EQUITY High Sky Ltd incurred the f...
A: The statement of profit or loss is the part of the financial statement prepared at the end of the re...
Q: In alphabetical order below are balance sheet items for Allen Company at December 31, 2020. Sarah Al...
A: The balance sheet represents the financial position of the business on a particular date.
Q: For each transaction, indicate the following January 2 transaction is given as an example. (a) The b...
A: Journal Entry: Date Particulars Debit Credit Jan-02 Cash A/c Dr $10,000 To Owner's Capit...
Q: Which of the following is the accounting report that shows all the income of the business in a perio...
A: The financial statement refers to the final accounts prepared by the management of the entity at the...
Q: follows. All employees worked the full WEEKLY SUMMARY UNITS PRODUCED EMPLOYEE'S NAME F. Chimienti M....
A: Payroll Payroll payment is one of the important segment in the organisation. Management implement s...
Q: 1. Determine the activity rate for each activity. Activity Rate Production /mh Setup /setup Inspecti...
A: ABC Costing i.e Activity Based costing is one of the method of allocating indirect overheads to thei...
Q: On August 1, 20X2, White Co. acquired Black Co. bonds with a face value of P90,000 at 95 plus accrue...
A: Present value of bond:-
Q: Problem C: Effective Cost of Trade Payables: ABC has a major supplier that offers a credit term of 2...
A: 7. Calculation of Simple Payable Rate: Payment Date for discount = 10 Payment Date without discount ...
Q: Wozniacki and others form Jewel LLC, with each receiving a one-fifth interest in the capital and pro...
A: A partnership is a type of business that contains two or more partners who would share the profit an...
Q: Rod Dall Co. reports net income of $ 90,00O. The income ratios are Rod 68% and Dall 32%. Indicate th...
A: 1. Divison of Net Income : Share of partner is already given , we will divide the net income of Part...
Q: A list of financial statement items for Maloney Company at June 30, 2022 includes the following: $5,...
A: Assets which are converted into cash within one year from the date of balance sheet or within the op...
Q: ate of 12% per year.
A: Simple interest (SI) is the cost of borrowing. It is the interest only on the principal amount as a...
Q: On October 31, Pidgeon Stones Inc., a marble contractor, issued for cash 70,300 shares of $10 par co...
A: The firm can raise the amount through different modes some of them are, by issuing common stock, by ...
Q: Internal Insights Inc., a developer of radiology equipment, has stock outstanding as follows: 10,000...
A: Cumulative Preference share: To be eligible for dividends, a firm must pay all dividends to cumulati...
Q: Vanvalkenburg, Inc., manufactures and sells two products: Product Q5 and Product JO. The company has...
A: This question deals with the calculation of activity rate for the production order activity cost poo...
Q: Ashley Linkletter, age 21, expects to graduate next spring with a bachelor's degree in business admi...
A: 1)Clarify her values and lifestyle trade offs ? 1)TRADEOFF refers to the reducing the cost of your...
Q: Suppose the following information (in millions of dollars) is available for Limited Brands for a rec...
A: Solution:- Calculation of Earnings per share as follows under:- Introduction:- Basic information giv...
Q: A business purchased equipment for $125,000 on January 1 of the current year. The equipment will be ...
A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life o...
Q: Products Ltd Schedule of Cost of Goods Manufactured For the year ended xxxx Direct materials: Raw ma...
A: The schedule of cost of goods manufactured is prepared to record all the production costs for the go...
Q: Dec 2. Invested P120,000 to start an accounting practice, Emily Cruz, Accountant 2.Paid monthly offi...
A: Important Note: As per Bartleby policy if there are multiple subpart of a question then only first 3...
Q: Mr. Klean opened a Cleaning Service shop on September 1, 2019. During the month, the business comple...
A: The journal entries refer to the accounting entries passed in the books of accounts using the double...
Q: how should this be reported? The choices are: During 2021, Smith Company filed suit against West Com...
A: Contingent Asset: A contingent asset is a a potential asset means there is potential economic benef...
Q: What are some of the issues that arise in evaluating and maintaining control over foreign operations...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Prepare the issuer's journal entry for each of the following separate transactions. a. On March 1, A...
A: For running any business or company , we need to have long term sources of funds so that business ca...
Q: Martorrie operates a retail store. The following balances were extracted from the books ofaccounts a...
A: Trial balance shows balances for all the general ledger accounts. Income statement shows all incomes...
Q: and P 200,000, respectively, sharing profits and losses on a 5:3:2 ratio. On July 1, 2021, Arlean wi...
A: Introduction If any partner withdraw from the partnership then such partnership should pay the inter...
Q: nd the future value and compound interest on $4,000 at 4% compounded semiannually for two years. Use...
A: The question is based on the concept of Financial Management.
Q: Neptune Trading bought a new motor vehicle worth RM350,000 on 1 January 2019. The motor vehicle is t...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed asset with usage a...
Q: Why are external documents considered more reliable evidence than internal documents? What aspects o...
A: External evidence is seen as more credible than internal evidence since it has passed through the ha...
Q: Morningside Co. acquires, at book value, Glacier Industries on January 2, 2019, by issuing 40,000 co...
A: Consolidation represents the acquisition of one company by another company.
Q: I wanted to check on the formula for minimum acceptable price in terms of special orders. Here is so...
A: In acceptance of special order, the minimum selling price will be equal to: Cost to be incurred due...
Q: Sheridan Co. capital balances are Barr $34,200, Croy $26,800, and Eubank $16,700. The partners share...
A: The journal entries of the admission of the Tovar partnership and final distribution of the cash of ...
Q: Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as f...
A: Each transaction in business effect two or more account as debit one account and credit other.
Q: Responsibilities of an accountant
A: Accountant: An Accountant is a professional who is responsible for keeping and interpreting financia...
Q: If a company is using accrual basis accounting, when should it record revenue? A. when cash ...
A: Cash basis accounting: In cash basis accounting, revenue is recognized when payment is received and ...
Q: Susie Smith C
A:
Q: In Year 1, Lee Incorporated billed its customers $56,300 for services performed. The company collect...
A: As per accounting equation in business, total assets should always be equal to total liabilities and...
Q: Given the following information: Net income $965 Sales $22,653 Total Assets (average) $21,188 ...
A: Asset turnover ratio which indicates that how a company is efficient to generate the revenue..Higher...
Question: On May 1, 2020, Hazel borrowed a sum of money from Far East Bank , payable for 2 years at 8% simple interest. She paid P6,000 for the interest of her loan. Find how much was borrowed by Hazel.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.Compound Interest Issues You are given the following situations: 1. Thomas Petty owes a debt of 7,000 from the purchase of a boat. The debt bears 12% interest payable annually. Thomas will pay the debt and interest in 5 annual installments beginning in 1 year. Calculate the equal annual installments that will pay off the debt and interest at 12% on the unpaid balance. 2. On January 1, 2019, John Cothran offers to buy Ruth Houses used tractor and equipment for 4,000 payable in 12 equal semiannual installments which are to include payment of 10% interest on the unpaid balance and payment of a portion of the principal with the first installment to be made on January 1, 2019. Calculate the amount of each of these installments. 3. Nadine Love invests in a 60,000 annuity at 12% compounded annually on March 1, 2019. The first of 15 receipts from the annuity is payable to Love on March 1, 2029, 10 years after the annuity is purchased and on the date Love expects to retire. Calculate the amount of each of the 15 equal annual receipts. Required: Using the appropriate tables, solve each of the preceding situations.Refer to the present value table information on the previous page. What amount should Brett have in his bank account today, before withdrawal, if he needs 2,000 each year for 4 years, with the first withdrawal to be made today and each subsequent withdrawal at 1-year intervals? (Brett is to have exactly a zero balance in his bank account after the fourth withdrawal.) a. 2,000 + (2,000 0.926) + (2,000 0. 857) + (2,000 0.794) b. 2,0000.7354 c. (2,000 0.926) + (2,000 0.857) + (2,000 0.794) + (2,000 0.735) d. 2,0000.9264
- Determining Loan Repayments Jerry Rockness needs 40,000 to pay off a loan due on December 31, 2028. His plans included the making of 10 annual deposits beginning on December 31, 2019, in accumulating a fund to pay off the loan. Without making a precise calculation, Jerry made 3 annual deposits of 4,000 each on December 31, 2019, 2020, and 2021, which have been earning interest at 10% compounded annually. Required: What is the equal amount of each of the next 7 deposits for the period December 31, 2022, to December 31, 2028, to reach the fund objective, assuming that the fund will continue to earn interest at 10% compounded annually?Use Future Value and Present Value Tables to Apply Compound Interest to Accounting Transactions Kristen Quinn makes equal deposits of $500 semiannually for 4 years. Required: What is the future value at 8%? (Note: Round answers to two decimal places.)
