Christian Company provided the following data for the current year: Sales Sales salaries Advertising Indirect labor Delivery expense Freight in Depreciation- machinery Factory taxes Purchases Direct labor Factory supplies expense Office supplies expense Office salaries 8,000,000 520,000 120,000 600,000 160,000 80,000 50,000 130,000 1,600,000 1,480,000 120,000 30,000 800,000 480,000 100,000 150,000 220,000 170,000 Factory superintendence Doubtful accounts Factory maintenance Factory heat, light and power Income tax expense Inventory balances at the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods Goods in process Raw materials 200,000 decrease 90,000 decrease 100,000 increase Required: Prepare an income statement for the current year supported by a schedule of cost goods manufaatunO
Q: A home office bills its branch at 120% of cost. During 2022, inventory costing the home office…
A: The beginning inventory of branch includes the goods available for sale at billed price from home as…
Q: Silven Industries, which manufactures and sells a highly successful line of summer lotions and…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: 1)Ladders Company has the following information available for May (All materials are added at the…
A: Solution... Units completed and transferred out = 100,000 Ending work in process inventory =…
Q: On July 1, 2020, Philip Company acquired the net assets of Shayne Company for a consideration…
A: The exact net fair value could not be ascertained on the date of acquisition. The net assets of…
Q: according to kaplan and norton, what characteristics/features make the balance scorecard so special…
A: Answer:- Balanced Scorecard:- The balanced scorecard is basically an effective approach converting…
Q: Keesha Co. borrows $100,000 cash on November 1 of the current year by signing a 150-day, 10%,…
A: Notes Payable: Known as long-term obligations, notes payable represent the money a firm owes to its…
Q: Harvey Company produces two models of blenders: the “Super Model” (priced at $400) and the “Special…
A: ABC costing uses different cost drivers to the overheads. These cost drivers are based on the…
Q: more than one answers is correct ( )Which of the following should NOT be added to net income in…
A: In calculation of cash flow from Operating Activities using indirect method, the following…
Q: 6. Some years pass and the value of your home has risen to $900,000. Your home equity is more than…
A: Home equity refers to the property portion which is owned truly and the lender has the interest in…
Q: Follow Accrual method Cost of Goods Sold $ 164,000 Income Tax Expense 17,470 Merchandise Sales…
A: Cost of goods sold is the actual cost of goods that are being sold to the customers. Gross profit is…
Q: Compute the following ratios for 2022. (Round Debt to total assets ratio to 1 decimal place, e.g 1.8
A: Introduction:- Debt total asset ratio indicates total amount of debt of a company holds to finance…
Q: Claire Corporation owns 80% of Jerald, Inc. ordinary stock. During 2020, Claire sold Jerald for…
A: Claire Corporation owns 80% of Jerald, Inc. The intra-company sales would be eliminated from the sum…
Q: Required: Prepare Income Statement. Reflect in the income statement the net sales, net purchases,…
A: Income statement is one of the financial statement being prepared for measuring profitability of the…
Q: 1 Required: 2 Compute the following liquidity ratios for 2016. Round to the 3 required number of…
A: The ratio is used to establish a relationship between two variables. In accounting, ratios are…
Q: One of the following attributes in respect of accounting transactions is not correct: O a.…
A: Accounting transactions indicate the system of recording events having a monetary value that have…
Q: Prepare the companies financial statements including income statement, equity statement, balance…
A: Financial Statements: Financial Statements are the summary Reports that shows the financial results…
Q: The trial balance is a proof about the following accuracies except one: O a. That there are no other…
A: Trial balance is prepared with a view to ensure the arithmetic accuracy of account balances of the…
Q: Given: The Company showed Cost of Goods Sold amounting to P440,000 and its gross profit rate is 45%.…
A: Gross profit ratio is a profitability ratio that calculates the percentage of sales that exceed the…
Q: 3. JFINEX Corporation has a retained earnings of 2,100,000. The company reported an EBIT of 540,000…
A: Formula: Dividend payout ratio = ( Declared total dividends / Net income ) x 100
Q: The production budget shows expected unit sales of 37000. Beginning finished goods units are 3600.…
A: The question is based on the concept of Cost Accounting. Ending inventory is the balancing figure…
Q: 11. Biscoe. has historically used FIFO inventory costing method. In year 4 the company decided to…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Acquiree Inc. has 100,000 shares of P2 par value stock outstanding. Acquirer Co. purchased 30,000…
A: Goodwill = Acquisition date fair value/purchase consideration - Net assets at Fair value
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P300,000 on Sep 29, 2021.…
A: A cash discount is a reduction in the price paid for a product or service if you pay with cash…
Q: A paper mill located in a smail rural town uses complicated, heavy-duty machines to turn logs into…
A: Backward integration in supply chain analysis refers to the suppliers of raw materials and other…
Q: A company isues a note receivable in place of an outstanding accounts receivable balance. The note…
A: Notes Receivables Issued: It is possible to get a note receivable by writing a promise to receive a…
Q: Vati-Vati CC produces and sells only one product. The following data is available: Cost of sales…
A: Cost of Sales = 550000 Gross Profit = 350000 Calculation of Sales figure form available data In…
Q: Given: The 456 Company purchased office supplies from A-One Supplies worth P124,000 on July 06,…
A: In the given question, A-one Supplies has offered a trade discount of 15% and 10%: It implies that…
Q: Tanner-UNF Corporation acquired as an investment $300 million of 6% bonds, dated July 1, on July 1,…
A: Solution 1-3: Journal Entries - Tanner - UNF Corporation Event Date Particulars Debit…
Q: The following information was taken from the
A: Working capital is a measure of both a company's efficiency and its short-term financial health. The…
Q: How should become great in it ?
A: Introduction: If you want to start or enhance your career in information technology (IT), you need…
Q: Evaluate the following statements using relevant diagrams and provide detailed explanations. The…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: omplete the following: FLASH TRUCKING SERVICES INCOME STATEMENT DECEMBER 31, 2014 FLASH TRUCKING…
A: Financial statements are those statements which are prepared at the end of the period in order to…
Q: id dráwbarks? Find the nouhe al
A: Capital budgeting is a technique used to choose the best investment opportunity out of the available…
Q: 21. The_is a popular liquidity ratio formula. It is the total of current assets divided by the total…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: The general journal records the daily transactions of a business pertaining to: O a. Sales…
A: A journal entry is the first step in recording financial transactions in the books of business…
Q: At December 31, 2021, ABC had 20,000 shares of P1 par value treasury shares that had been acquired…
A: The treasury stock includes the shares that are repurchased by the company and these shares are not…
Q: What are the ethical responsibilities of the tax practitioner in dealing with tax evasion?
A: Tax evasion is described as the unlawful nonpayment of actual tax due or unpaid wages. The IRS can…
Q: half yearly payments of £74,000 in advance -Note the Interest rate inherent in the lease is 3%…
A: Lease Accounting Financial lease Accounting, recording transaction in the books of leasee
Q: Factory utilities Sales salaries 11,000 118,000 Sales commissions 49,000 55,000 91,000 55,000…
A: (Note: Since you have posted a multi-part question, we will solve the first three parts for you. For…
Q: Nawa CC produces and sells only one product. The following data is available: Inventory levels…
A: Closing inventory (finished goods) = opening finished goods +units purchased- units sold
Q: A new drill press is being considered to purchased. The estimated first cost is Php 200,000. The net…
A:
Q: 1. Explain the difference between the social role of accounting and the traditional role of…
A: Accounting is a process of keeping books of account for daily business transactions to know the net…
Q: What was Albay's cost of goods sold? Albay Company incurred the following costs and expense during…
A: The cost of goods sold is calculated as difference between total cost of goods available for sale…
Q: Which is typically not considered a crucial cost driver: 1. Marketing intensity 2. Capacity…
A: The cost drivers are used to allocate the costs of overhead to the number of produced units, in…
Q: According to PAS 1, dividends declared by an entity are disclosed in the a. Statement of changes…
A: According to PAS 1 Presentation of Financial Statements the dividends declared by the company will…
Q: What information does articles of incorporation include?
A: A corporation is required to formulate and sign a set of formal documents at the time of…
Q: Explain and describe the various costing methods used in management accounting
A: There can be several types of costing methods that are used in Managment accounting that help and…
Q: Depreciation expense is 2.4% of the gross beginning balance of property, plant and equipment (PPE).…
A: Accumulated depreciation represent the total depreciation charged on the asset till date from the…
Q: On February 5, 2021, an employee filed a P2,000,000 lawsuit against ABC Company for damages suffered…
A: Liabilities are the obligations or dues that needs to be paid out or settled by the business. It can…
Q: the property factor, leased property is generally valued at
A: A lease is an agreement to use an asset of another party for a fixed period of time in exchange for…
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
answer with explanation/solution
Step by step
Solved in 2 steps
- Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. 1. What is the amount of cost of goods sold for the current period?2. What is the amount of general and administrative…Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. 1. What is the amount of cost of goods sold for the current period?2. What is the amount of general and administrative…Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. Questions 3. What is the amount of selling and distribution expense for the current period?4. How much is the net income for…
- A financial analyst for Simon Manufacturing prepared the following report: Customers Customer-Level Operating Income Customer Revenue A $5041.00 $26,250 B $4202.00 $30,000 C $3368.00 $15,000 D $1069.50 $7,300 E $984.80 $5,100 F $844.80 $4,400 G $336.60 $1,800 H $252.00 $4,500 I ($168.00) $2,400 J ($676.00) $2,600 What is the cumulative customer-level operating income as a percentage of customer level operating income for the top 4 most profitable (operating income) customers? 1) 17.4% 2) 89.7% 3) 85.0% 4) 79.1%Cost of Goods Manufactured; Income Statement The following data pertain to BaborCompany for the fiscal year ended December 31:[LO 3-4]Prior December 31 Current December 31Purchases of materials $165,000Direct labor 114,000Indirect labor 45,000Factory insurance 8,000Depreciation—factory 33,000Repairs and maintenance—factory 11,000Marketing expenses 144,000General and administrative expenses 86,000Materials Inventory $23,000 55,000Work-in-Process Inventory 13,000 16,000Finished Goods Inventory 17,000 24,000Sales in the current year were $625,000.Required Prepare a schedule of cost of goods manufactured and an income statement for the current yearfor Babor Company similar to those in Exhibit 3.15A.All products at Luke Corp. are allocated a portion of corporate overhead costs, which is computed as a percent of product revenue. The percentage rate is based on the level of corporate costs as a percentage of revenues. Data on corporate costs and revenues for the past two years were stated as: Corporate Revenue Corporate Overhead Costs Most recent year $ 112,750,000 $ 10,237,500 Previous year $ 76,200,000 $ 7,921,000 Using the data in the table apply the high low method (based on revenues) to determine the variable corporate overhead costs per sales dollar. Round to the nearest 0.001.
- 52 The information provided by ABC Manufacturing Corp. disclosed the following: INCOME STATEMENT Gross Sales – Php 50M Cost of goods/sales: Direct materials – Php 10M Direct labor – Php 10M Manufacturing overhead – Php 5M Operating expenses: Salaries and wages – Php 1M Professional fees – Php 1M Supplies – Php 1M Depreciation – Php 1M Training expenses* – Php 1M BALANCE SHEET Assets – Php 20M Liability – Php 5M SHE – Php 15M *Requirements for additional deduction on training expenses are complied with. Compute the income tax. Group of answer choices b. 4,000,000 d. 4,875,000 c. 3,900,000 a. 5,000,0004. Selected account balances for the year ended December 31 are provided below for MelodyCompany:Selling and Administrative salaries . . . . . . . . . . . . . . . . . . . . P110,000Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . P290,000Direct Labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P80,000Manufacturing overhead . . . . . . . . . . . . . . . . . . .. . . . . . . . . . P270,000Sales commissions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . P50,000 Inventory balances at the beginning and end of the year were as follow:Beginning of the year End of the yearRaw materials . . . . . . . . . . . . . . P40,000 P10,000Work in process . .. . . . . . . .. . . ? P35,000Finished goods . . . . . . . . . . . . . P50,000 ? The total manufacturing costs for the were P683,000; the goods available for sale totaledP740,000; and the…Income tax was $200,000 for the year. Income tax payable was $20,000 at the beginning of the year and $30,000 at end of the year. Cash payments for income tax reported on the cash flow statement using the direct method is: A.$200,000 B.$220,000 C.$230,000 D.$190,000 Conversion costs are a.direct materials and factory overhead b.direct materials and indirect labor c.factory overhead and direct labor d.direct materials and direct labor
- Charlie Corporation provided the following account balances for the year ended December 31:Selling expenses, P215,000Purchases of raw materials, P260,000Administrative expenses, P160,000Direct labor, P?Manufacturing overhead, P240,000Inventory balances at the beginning of the year were as follows:Raw materials, P50,000Work in process, P33,000Finished goods, P30,000The total manufacturing costs for the year were P675,000, where overhead is applied at 120% of direct labor cost; cost of goods available for sale totaled P720,000; cost of goods sold amount to P665,000.How much are the ending balances of raw materials, work in process, and finished goods inventory? RM Inventory, end – P75,000 ; WIP inventory, end – P15,000 ; FG inventory end – P25,000 RM Inventory, end – P75,000 ; WIP inventory, end – P18,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end – P15,000 ; FG inventory end – P55,000 RM Inventory, end – P25,000 ; WIP inventory, end –…Kansas Plating Company reported a cost of goods manufactured of P260,000, with the firm's year-end balance sheet revealing work in process and finished goods of P35,000 and P67,000, respectively. If supplemental information disclosed raw materials used in production of P40,000, direct labor of P70,000, and manufacturing overhead of P120,000, 1) how much was the total production cost incurred during the period? 2) how much was the company's beginning work in process? Case B For the year just ended, Cole Corporation's manufacturing costs (raw materials used, direct labor, and manufacturing overhead) totaled P1,500,000. Beginning and ending work-in-process inventories were P60,000 and P90,000, respectively. Cole's balance sheet also revealed respective beginning and ending finished-goods inventories of P250,000 and P180,000. On the basis of this information, 3) how much would the company report as cost of goods manufactured (CGM)?, and 4) cost of goods sold (CGS)? Case C For each of…The following data were summarized from the accounting records for Jersey Coast Construction Company for the year ended June 30, 20Y8: Cost of goods sold: Service department charges: Commercial Division $422,110 Commercial Division $57,560 Residential Division 218,470 Residential Division 37,840 Administrative expenses: Net sales: Commercial Division $76,750 Commercial Division $639,560 Residential Division 78,030 Residential Division 390,130 Prepare divisional income statements for Jersey Coast Construction Company. Jersey Coast Construction CompanyDivisional Income StatementsFor the Year Ended June 30, 20Y8 Commercial Division Residential Division $Net sales $Net sales Cost of goods sold Cost of goods sold $Gross profit $Gross profit Administrative expenses Administrative expenses $Income from operations before service department charges $Income from operations before service department charges…