buds: re purchased at a cost of $6,202 each. In add 248 cash on each case to have the inven heir place of business. October were 85 cases which yielded total s were sold on account to three longstanding cu of 67 cases was purchased at a total cost of 5 s purchased on November 4 were returned to model ordered.
Q: At the beginning of November, Yoshi Inc.'s inventory consists of 63 units with a cost per unit of $9...
A: Inventory cost refers to the price paid for the inventory in addition to any other costs that are in...
Q: Under the new Tax Cut and Jobs Act of 2017 rules for the computation of taxable income did not chang...
A: ANSWER Tax Liability: Tax liability is the total amount of money that is liable to pay the tax b...
Q: n January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabilitie...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: Required information [The following information applies to the questions displayed below.] Following...
A: Journal is the book of primary entry. All the transactions are recorded initially in the journal,acc...
Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wire...
A: Perpetual and Periodic Inventory system Purchase and sales records are updated constantly in perpet...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition is a concept that includes all the costs at the time of purchase. It is net pric...
Q: Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which t...
A: The question is based on the concept of Financial Accounting.
Q: Age of Customer Debt Amounts owed Estimate of % that (including GST) will not be collected. 1-30 day...
A: Answer a Journal Entry Account Titles and Explanations Debit Credit Bad Debts Expense...
Q: On December 31, 20x1, ABC Co. has no intention of selling a land classified as investment property m...
A: Given that as on December 31, 20X1, the company has no intention of selling the land which is classi...
Q: If a company receives $10,800 from the owner to establish a proprietorship, the effect on the accoun...
A: When a proprietor makes investment to start a business it is known as capital contribution. Money i...
Q: at December 31, 2013, Veto Co. had the following balances in the accounts it maintains at NHI Bank -...
A: solution concept The debt securities acquired three months or less before maturity date are to be cl...
Q: ===== ==== Test I: Identification: Identify the correct and complete answer on the question provided...
A: Assets includes all type of rights and resources being held by the business. It will include current...
Q: The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $6...
A: As per recording process , First journal entries are prepared from which entries are posted into T-a...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: A. Explain the matching concept by incorporating the terms ‘recognized’, revenue recognition princip...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On ...
A: Income statement is the financial statement which is prepared to compute the net income and to check...
Q: XYZ Company prepares monthly interim financial statements. The company needs to estimate the month-e...
A: Solution: Sales made during June = collection made in June + ending accounts receivable - beginning ...
Q: estion 3. A company has peting one another under consideration and provides you the following inform...
A: Incremental Cash Flows: It the cash flow because of taking a new project. It can be positive or nega...
Q: Using the pre-determined overhead rate calculated above, calculate the overhead that would be alloca...
A: >Predetermined Overhead rate is calculated at the beginning of the period to allocate the overhea...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A:
Q: What is the future value of a $900 annuity payment over five years if interest rates are 8 percent? ...
A: The accumulated value can be calculated as future value of annuity
Q: acquisition date, the acquirer could only determine a provisional fair value for the Plant. On March...
A: Cash 50000 Furniture & fittings 20000 Accounts receivable 5000 Plant 131000 Less...
Q: At October 1, 2021, Swifty Industries had an accounts payable balance of $41100. During the month, t...
A: Accounts payable (AP) are amounts owed to vendors or suppliers for goods or services not yet paid fo...
Q: Give examples of differences in corporate governance in different countries ( Continental Europe &am...
A: A set of rules, policies, regulations, processes, and practices used to control, regulate, and direc...
Q: On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,...
A: Computation of fair value of 3 years old cow 25000 * 75 = 1875000 Computation of fair value of 0.5 y...
Q: se the following information for the next five questions:On January 1, 2021, ABC Co. acquired all of...
A: solution given Number of ABC co’s share 60000 Par value per share 40 Fair value of i...
Q: Simon Company's year-end balance sheets follow. At December 31 2017 2016 2015 Assets $ 25,796 $ 30,1...
A: Days Sales Uncollected: The days' sales uncollected ratio is a liquidity measure that creditors and ...
Q: Freeflight Airlines is presently operating at 70 percent of capacity. Management of the airline is c...
A: The division may be incurring losses on individual level but on whole it may be providing benefit to...
Q: Saved Living Ornaments is offering a special for wedding planners. Wedding flower orders totaling ov...
A: Trade discount is that discount which is given on the list price of the product to all the customers...
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: Consolidated financial statements are those statements which are prepared for the consolidation of t...
Q: Bari Jay, a gown manufacturer, received an order for prom dresses from China. Her cost is $33 a gown...
A: Selling price = Cost/(1- Markup)
Q: The transactions of Belle Company's appear below. 1. D. Belle created a new business and invested $6...
A: Cash Reference Number Amount Amount Reference Number 1 $ 6,400 $ 5,300 2 5 ...
Q: 12. An industrial salesperson has weekly earnings of $572. He is married and claims four withholding...
A: Calculation of Net Pay For Calculating the Net pay of the individual who has working in the factory ...
Q: Lawson Consulting, which began operations on December 1, had the following accounts and amounts on D...
A: Statement of owner's equity indicates the investment balance of the owner. The ending balance of own...
Q: Cash ccounts receivable quipment ccounts payable . Lawson, Capital $ 11,500 I. Lawson, Withdrawals 5...
A: Solution: Statement of owner's Equity is a statement which represents beginning and ending balances ...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: Answer: ABC co has acquired 100% of the shares of XYZ Inc. Given Fair value of identifiable assets o...
Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...
A: Answer: Given 1. ABC Co's share capital consists of 60,000 ordinary shares with par value of ₱40 per...
Q: On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven-year, 7% ins...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: On May 1, 20X1, Starlight Company purchased $750,000 of Gazing Corp's 12% bonds at 100 plus accrued ...
A: Journal entries shows the recording of the transaction during an accounting year and every transacti...
Q: Required: For the year ended 30 June 2023, prepare the pre-acquisition elimination entries.
A: Safe Ltd. acquired 100% shares of Mission Ltd. on 1st July 2021. Thus Mission Ltd. is a wholly owned...
Q: ABC Corporation issued 15%, 1,000-par value preference shares. Interest is payable monthly. It will ...
A: Let the current market price of preference share be P Interest = 1,000 x 15% = 150 FV = Face value...
Q: $ 11,500 I. Lawson, Withdrawals 5,800 Services revenue 7,800 Rent expense 4,170 Wages expense 19,130...
A: Solution: Balance is a financial statement which summarizes all the assets, liabilities and equity o...
Q: Question 4 Explain the measurement of accounts receivable. (Write a complete answer)
A: Financial Accounting: Financial accounting is the efficient strategy of recording, ordering, summing...
Q: What does the balance sheet measure? What is the “ Accounting Equation” used in a balance sheet?
A: The financial statements of the business include the balance sheet and income statement.
Q: 1 Aug Started business with $150, 000 in the bank 27 Aug Electricity paid by cash $1,500.00 3 Aug Bo...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Josh purchased a new machine for his business. Josh expects to produce 80 products at P 100,000.00 p...
A: Cash flow is the flow of cash in entity. There can be inflow or outflow of cash depending upon the e...
Q: Explain and answer the following questions below: 1. Explain the financial presentation and classifi...
A: Cash refers to the currency and coins which is most liquid asset of the company which could possess....
Q: Multiple choice 1. Copies of sales invoice are used to do all of the following except A. Ship the me...
A: Sales invoice is a document given to buyer of goods or service. It represents the sale. It includes ...
Q: On August 22, 20X1, an employee of Bell Company mistakenly debited the Truck Expense account rather ...
A: Errors are unintentional mistakes this is due to oversight or wrong totalling or posting entry in wr...
Q: YSL Corporation, SME, acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2019...
A: Non-controlling interest is the part of net assets and ownership that is not in the hands of parents...
Step by step
Solved in 3 steps with 1 images
- Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was $2,500 and they served 115 clients during the year. If operating expenses for the year were $302,000 what was their net income?On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is attempting to project cash receipts and disbursements through April 30. On May 1, a note payable of 10,000 will be due. This amount was borrowed on January 1 to carry the company through its first four months of operation. The unit purchase cost of the companys single product, a box of Sweet Pleasures chocolates, is 12. The unit sales price is 28. Projected purchases and sales in units for the first four months are: Sales terms call for a 5% discount if paid within the same month that the sale occurred. It is expected that 50% of the billings will be collected within the discount period, 25% by the end of the month after purchase, 19% in the following month, and 6% will be uncollectible. Approximately 60% of the purchases are paid for in the month purchased. The rest are due and payable in the next month. Total fixed marketing and administrative expenses for each month include cash expenses of 5,000 and depreciation on equipment of 2,000. Variable marketing and administrative expenses total 6 per unit sold. All marketing and administrative expenses are paid as incurred. REQUIREMENT You have been asked to prepare a cash budget for the next four months to see if the loan can be repaid. Review the worksheet CASHBUD that follows these requirements. The problem data have already been entered in the Data Section of the worksheet.SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands ofWireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair ofearbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZOT6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactionsrelating to the “TOZO T6” earbuds:October 8 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business.October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers)November 4 A new batch of 67 cases was purchased at a total…
- SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands ofWireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair ofearbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZOT6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactionsrelating to the “TOZO T6” earbuds:October 8 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freightcharge of $248 cash on each case to have the inventory shipped from the point ofpurchase to their place of business.October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 ofthese cases were sold on account to three longstanding customers)November 4 A new batch of 67 cases was purchased at a total cost of $465,650November 10 5 of the cases purchased on November 4 were returned to the supplier, as they were not…SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands ofWireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair ofearbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZOT6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactionsrelating to the “TOZO T6” earbuds:October 8 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business.October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers)November 4 A new batch of 67 cases was purchased at a total…LOUD BASE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. LOUD BASE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the “TOZO T6” earbuds: Unless otherwise stated, assume that all purchases were on account and received on the dates stated. Required: A) Prepare a perpetual inventory record for this merchandise, using the first in, first out (FIFO) method of inventory valuation to determine SOUND CORE’s cost of goods sold for the quarter and the value of ending.
- LOUD BASE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. LOUD BASE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the “TOZO T6” earbuds A) Given that selling, distribution and administrative costs associated with the TOZO T6 brand of earbuds for the quarter were $42,844, $38,120 and $157,076 respectively, prepare an income statement for LOUD BASE WIRELESS (TOZO T6) for the quarter ended December 31, 2021.SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the “TOZO T6” earbuds: October 8 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) November 4 A new batch of 67 cases was purchased at a total cost of $465,650 November 10 5 of the cases purchased on November 4 were…SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactions relating to the “TOZO T6” earbuds: October 8 98 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) November 4 A new batch of 67 cases was purchased at a total cost of $465,650 November 10 5 of the cases purchased on November 4 were…
- SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactionsrelating to the “TOZO T6” earbuds: October 8 8 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) November 4 A new batch of 67 cases was purchased at a total cost of $465,650 November 10 5 of the cases purchased on November 4 were returned to the supplier,…SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactionsrelating to the “TOZO T6” earbuds: October 8 8 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) November 4 A new batch of 67 cases was purchased at a total cost of $465,650 November 10 5 of the cases purchased on November 4 were returned to the supplier,…SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wireless Earbuds Bluetooth Headphones. The earbuds are sold in cases, with each case containing a pair of earbuds. SOUND CORE began the last quarter (October to December) of 2021 with 30 cases of the (TOZO T6) earbuds at a total cost of $187,800. During the quarter the business completed the following transactionsrelating to the “TOZO T6” earbuds: October 8 8 cases were purchased at a cost of $6,202 each. In addition, the business paid a freight charge of $248 cash on each case to have the inventory shipped from the point of purchase to their place of business. October 31 The sales for October were 85 cases which yielded total sales revenue of $809,030. (25 of these cases were sold on account to three longstanding customers) November 4 A new batch of 67 cases was purchased at a total cost of $465,650 November 10 5 of the cases purchased on November 4 were returned to the supplier,…