Q: oumalize all necessary entries for 2019 and 2020 for CBD Co from the following
A: As per IRS rules if a corporation's estimated tax for the year is $…
Q: ACFR 2021- What types of information are included in the Statistical Section?
A: The statistical section generally contain five sections
Q: what was austal limited 2019 assest
A: Austal limited is a company involved in business of shipbuilding.
Q: REQUIRED: Prepare all indicated entries for 2018, 2018, and 2020.
A: Journal entry is part of book keeping.
Q: In 2020, the two bend points for computing Social Security’s Primary Insurance Amount (PIA) are $960…
A: Primary Insurance Amount is one of the parts of Social Security Rules in the US. This is a kind of…
Q: After considering the given transactions, how much is the total shareholder's equity of the December…
A: Stockholders Equity can be calculated in two ways 1. By using the values from balance sheet 2.…
Q: Made an adjustment for the cost of the insurance that expired in 2020.
A: Adjustments are made at the end of the year in order to make the necessary corrections and recording…
Q: Prepare all the necessary journal entries for the year 2020, 2021 and 2022.
A: 12% , 1000000 ,3 year Bond Issued Price 103084 Principal Payment is due on 31.12.23 Annual…
Q: The following information was obtained from the financial statements of X Inc. Defined Benefit Plan…
A: Here asked for multi sub part question we will solve first three sub part question for you. If you…
Q: Selling, General & Administrative
A: The income statement is one of a company’s core financial statements that are prepared to find out…
Q: The cost of materials purchases for 2021?
A: We have to do the reverse calculation in the cost sheet to find the cost of materials purchases for…
Q: What is Jensen's AGI for the current year?
A: CORRECT OPTION : D
Q: What funding status would Sherman report in its December 31,2020 Balance Sheet?
A: Projected Benefit Obligation= $1,450,000 Accumulated Benefit Obligation = $1,250,000 Plan Assets at…
Q: interpret or compare its results from 2018 to 2019
A: Current ratio means the ability of the company to repay the current liabilities of the company with…
Q: Assuming that Kennel does use the equity method, what amount will it report on its statement of…
A: Introduction: One of 3 financial Statements is that the financial statement. The financial…
Q: The entry to record the retirement in May 2019 would ar):
A: Answer: Option a
Q: Compute pension expense for Howard Corp. for the year 2020 by preparing a pension worksheet.…
A: PLEASE GIVE A LIKE, your response matters Journal: Journal ENTRY is considered as a book of…
Q: Mayumi, rank and file, reports fne following for fhe year 2021:
A: In Phillipines as per the provisions of BIR all allowances on…
Q: Upon the study of the SFP For the year ended December 31, 2020. What is the total interest expense…
A: Financial statement means the trading and profit and loss account and balance sheet of the company…
Q: Determine the carrying amount of the investment in associate on December 31, 2020
A: Carrying value is an accounting store of worth that bases the worth of an asset or firm on the…
Q: For 2020, Sweet Inc. computed its annual postretirement expense as $234,100. Sweet’s contribution to…
A: Post-retirement benefit expense is the cost of pension recognized for the period. When determining…
Q: how much is the gross profit to be recognized in 2023?
A: Gross profit recognized in 2023= total Gross profit - gross profit in 2022.
Q: Required: Prepare the relevant journal entries for the year 2021 and 2022
A: Lanier Corporation has acquired Plant and Machinery and is following revaluation model of…
Q: Provide your comment about the accounting treatment for additional investment made by Ruby on 31st…
A: Additional investment made by the owner into the business increase the overall capital of the…
Q: Required: a. Prepare a statement of activities for the Watson Foundation for this year. (Negative…
A: Non Profit Organisation The purpose of establishing the non profit organisation is the primary motor…
Q: Which of the following is a demographic assumption for purposes of applying PAS 19? A. Future…
A: The acronym PAS stands for Philippines Accounting Standard. PAS 10 applies to all the employees of…
Q: The following information was obtained from the financial statements of X Inc. Defined Benefit Plan…
A: SOLUTION- PENSION MEANS MONEY THAT IS PAID REGULARLY BY A GOVERNMENT OR COMPANY TO SOMEBODY WHO HAS…
Q: For 2020, Sampsell Inc. computed its annual postretirement expense as $240,900. Sampsell's…
A: Journal entry: A journal entry is a systematic record of a financial transaction recorded in…
Q: Compute for the premiums expense for the year ended: A. December 31, 2020 B. December 31, 2021
A: At the time of selling products, companies offers various discounts and premiums to its customers…
Q: *see attached problem REQUIRED: What is the compensation expense for 2022?
A: Share option means where the employees is given share free of cost or at very nominal value if the…
Q: Use this information, along with other da ation at January 31, 2020. What percenta
A: 1. The calculation as, Total cost on Dec 31, 2020 $ 35,945 Balance after accumulated…
Q: a. What amount of income should be reported for the current year if the percentage of completion…
A: Formula: Revenue Recognized= Cost Incurred to DateEstimated Total Cost×Contract Price-Revenue…
Q: appropriate journal entry
A: The subscription received in December 2020 for 2021 is an unearned revenue which is to be treated as…
Q: Calculate Sapna's chargeable income for 2019
A: Base salary of Sapna = ($42,000 / 12 )*11 = $38,500 Free meals = 15 * 48 weeks (Feb - Dec) = $720…
Q: Calculate property taxes collected ratio The statistical section of the city of Tallahassee's CAFR…
A: Collection Rate Percentage = (Tax Collected/Tax Levied)X100…
Q: The interest income to be recognized in 2022 is?
A:
Q: What does interim testing mean? Give some examples of substantive tests that can be done before the…
A: Substantive tests are those which are conducted by the auditor to assess account balances and…
Q: Prepare the journal entries required in 2021, if any, to record construction costs, revenues, and…
A: The percentage of completion method is a method of recognizing revenues for contracts that span over…
Q: epare all indicated journal entries for 2020 and 2021.
A: Journal entry: Journal entry is the book of original entry where first transactions are recorded in…
Q: What amount of gain on reversal of impairment loss should be recognized in 2020?
A: Impairment of assets means when actual recoverable value of the asset is less than the carrying…
Q: Record the transactions in the General Journal for the year 2020
A: NOTE : As per BARTLEBY guidelines, when multiple sub parts of question are given, then first three…
Q: The required loss allowance at Dec. 31, 2020 is
A:
Q: Discuss the objectives of segmental information and the requirements for the disclosure of segmental…
A:
Q: i. What income did ABC originally report for 2019 in connection with this investment? On comparative…
A: i) Any investment in another company below 20% is considered normal equity investment and is…
Q: Find the cost of good sold and other operating expense 2019:
A: Cost goods sold represents the amount incurred by the entity for making the sales for a particular…
Q: What is Donald's QBI deduction for 2020?
A:
Q: When MUST the Policy Summary for a life insurance policy be delivered? Prior to the sales…
A: Life insurance is a type of insurance which provides assurance to a insured person to provide…
Q: Required Provide the necessary journal entries to correct BSW's accounts in 2019 and 2020
A: In 2019, there is the requirement to put one journal entry to record promissory note which BSW has…
Calculate the current ratio for Pearson & Litt for 2019 and Explain the results of the current-test ratio.
Learn your way
Includes step-by-step video
Step by step
Solved in 3 steps
- Consider the info provided below as well as the financial statements and answer the questions that follow.Pearson & Litt is a manufacturing company in the Eastern Cape. Their factory manufactures glass wine bottles for the Blue Valley Beer Co. For 2019 and 2020 respectively :Sales price per unit R15 and R19Variable cost per unit R6 and R7Fixed cost (FC) per annum R650 000 and R 855 500Fixed cost per unit R3 and R4Current assets R450 600 and R560 700Current liabilities R510 000 and R780 000Retained profit R21 809 and R17 600Net Sales R2 900 320 and R 3 100 100Cost of sales R390 000 and R475 000 The gross profit margin indicates how profitable sales have been.Q.1 Calculate the gross profit margin for Pearson & Litt for 2020. Q.2 Explain the results of the gross profit margin calculation.Consider the info provided below as well as the financial statements and answer the questions that follow.Pearson & Litt is a manufacturing company in the Eastern Cape. Their factory manufactures glass wine bottles for the Blue Valley Beer Co. For 2019 and 2020 respectively :Sales price per unit R15 and R19Variable cost per unit R6 and R7Fixed cost (FC) per annum R650 000 and R 855 500Fixed cost per unit R3 and R4Current assets R450 600 and R560 700Current liabilities R510 000 and R780 000Retained profit R21 809 and R17 600Net Sales R2 900 320 and R 3 100 100Cost of sales R390 000 and R475 000 The current ratio reflects the relationship between the value of the current assets and the extent of the current liabilities of a business.Q.1 Calculate the current ratio for Pearson & Litt for 2019. Q.2 Explain the results of the current‐test ratio.HINT: Include the minimum ratio recommended for the ratio in youranswer.Bizara (Pty) Ltd manufactures two products. The following information is available for the financial year ended 31 December 2022: Product South Africa Malawi Product A 6000 5000 Product B 9000 6000 The selling prices per unit are R150 and R100 for Product A and Product B respectively. All goods are sold for cash. Materials quantity requirements and unit costs: Material Tap Tap Product A 3Kg 1Kg Product B 2Kg 1Kg Material cost per kg R14 R2,50 Labour requirements and hourly rates: Department A Department B Product A 2 hours 0,5 hours Product B 1,75 hours 0,5 hours Hourly rate R10,00 R9,00 Inventories of materials: Tap Kap Opening inventory (01 January 2020) 10000 kg 2000 kg Closing inventory (31 December 2020 12000 kg 2500 kg Inventories of finished goods: Opening Inventory Closing Inventory Units Unit Price Units…
- Management Science: XY Company manufactures and sells LCD monitor at P5000 each. The production officer reported the following: Sale price: P5000 per monitor direct materials cost: P1000 per unit direct labor cost: P550 per unit other overhead cost P950 per unit Fixed costs related to the production are also reported: salary of management: P200,000 rent for the factory: P150,000, other salaries: P140,000 depreciation of equipment: P12,000Compute the profit functionManagement Science: XY Company manufactures and sells LCD monitor at P5000 each. The production officer reported the following: Sale price: P5000 per monitor direct materials cost: P1000 per unit direct labor cost: P550 per unit other overhead cost P950 per unit Fixed costs related to the production are also reported: salary of management: P200,000 rent for the factory: P150,000, other salaries: P140,000 depreciation of equipment: P12,000Compute the total fixed costAssume that the following table represents a production schedule for Rhithabile Enterprises, a South African company that produces a cheaper 70% alcohol hand sanitizer for the local market to fight COVID19. The company started operating in January 2021 and output started coming out in February. Month Quantity (Litres) Total Revenue in Rands Total Cost in Rands (TC)‘000’ Profit Average Revenue Average production Cost (TR) ‘000’ (R) ‘000’ (R) (R) Jan 0 0 200 -200 - - Feb 1000 - 300 100 - - March 2000 800 500 - - - April - 1200 - 400 - - May 4000 1600 1200 - - - June - 2000 - 300 - - July 6000 - 2300 - - - Aug 7000 2800 3000 - - - Sept 9000 3200 - -600 - - Questions:1a. Complete the table by calculating the missing figures. 1b. At what quantity (Litres) is revenue (TR) maximised? 1c. In which month/s and at what quantities was profit maximised?1d. The profit figure for the month of January is –R200.…
- TikTok Electronics manufactures an aluminium fibre tripod model “TRI-X” which sells for$1,600. The production cost computed per unit under traditional costing for each model in2019 was as follows:Traditional Costing TRIXDirect Materials $700Direct Labour ($20/hour) $120Manufacturing overhead ($38 per DLH) $228Total per unit cost $1, 048In 2019, TikTok Electronics manufactured 26,000 units of TRI-X. Under traditional costing, thegross profit on TRI-X was $552 ($1,600-$1,048). Management is considering phasing out TRIX as it has continuously failed to reach the gross profit target of $600. Before finalizing itsdecision, management asks TikTok Electronics management accountant to prepare an 3analysis using activity-based costing (ABC). The management accountant accumulates thefollowing information about overhead for the year ended December 31, 2019.Activity CostPoolsCost Drivers EstimatedOverheadExpected Use ofCost DriversPurchasing Number oforders$1,200,000 40,000Machine setups Number…TikTok Electronics manufactures an aluminium fibre tripod model “TRI-X” which sells for$1,600. The production cost computed per unit under traditional costing for each model in2019 was as follows:Traditional Costing TRIXDirect Materials $700Direct Labour ($20/hour) $120Manufacturing overhead ($38 per DLH) $228Total per unit cost $1, 048In 2019, TikTok Electronics manufactured 26,000 units of TRI-X. Under traditional costing, thegross profit on TRI-X was $552 ($1,600-$1,048). Management is considering phasing out TRIX as it has continuously failed to reach the gross profit target of $600. Before finalizing itsdecision, management asks TikTok Electronics management accountant to prepare an3analysis using activity-based costing (ABC). The management accountant accumulates thefollowing information about overhead for the year ended December 31, 2019.Activity CostPoolsCost Drivers EstimatedOverheadExpected Use ofCost DriversPurchasing Number oforders$1,200,000 40,000Machine setups Number…Ratliff Appliances Company makes a household appliance with model number RM16. The goal for 2020 is to reduce direct materials usage per unit. No defective units are currently produced. Manufacturing conversion costs depend on production capacity defined in terms of RM16 units that can be produced. The industry market size for appliances increased 10% from 2019 to 2020. The following additional data are available for 2019 and 2020: 2019 2020 Units Produced & Sold 33,000 37,950 Selling Price $ 360 $ 345 Direct Materials (square feet) 82,500 87,000 Direct Material Costs per square foot $ 31 $ 33 Manufacturing capacity (units) 41,250 39,850 Total Conversion Costs $ 866,250 $ 797,000 Conversion Costs per unit of capacity $ 21 $ 20 Ignoring the market growth, but considering your answer to question (a), how much of Ratliff Co’s change in income from 2019 to 2020 is due to a cost leadership strategy?
- TikTok Electronics manufactures an aluminium fibre tripod model “TRI-X” which sells for$1,600. The production cost computed per unit under traditional costing for each model in2019 was as follows: Traditional Costing TRIXDirect Materials $700Direct Labour ($20/hour) $120Manufacturing overhead ($38 per DLH) $228Total per unit cost $1, 048 In 2019, TikTok Electronics manufactured 26,000 units of TRI-X. Under traditional costing, thegross profit on TRI-X was $552 ($1,600-$1,048). Management is considering phasing out TRIX as it has continuously failed to reach the gross profit target of $600. Before finalizing itsdecision, management asks TikTok Electronics management accountant to prepare an analysis using activity-based costing (ABC). The management accountant accummulates the following information…TikTok Electronics manufactures an aluminium fibre tripod model “TRI-X” which sells for$1,600. The production cost computed per unit under traditional costing for each model in2019 was as follows: Traditional Costing TRIXDirect Materials $700Direct Labour ($20/hour) $120Manufacturing overhead ($38 per DLH) $228Total per unit cost $1, 048 In 2019, TikTok Electronics manufactured 26,000 units of TRI-X. Under traditional costing, thegross profit on TRI-X was $552 ($1,600-$1,048). Management is considering phasing out TRIX as it has continuously failed to reach the gross profit target of $600. Before finalizing itsdecision, management asks TikTok Electronics management accountant to prepare an analysis using activity-based costing (ABC). The management accountant accummulates the following information…Management Science: XY Company manufactures and sells LCD monitor at P5000 each. The production officer reported the following: Sale price: P5000 per monitor direct materials cost: P1000 per unit direct labor cost: P550 per unit other overhead cost P950 per unit Fixed costs related to the production are also reported: salary of management: P200,000 rent for the factory: P150,000, other salaries: P140,000 depreciation of equipment: P12,000Find the break-even sales revenue