Compute for the premiums expense for the year ended: A. December 31, 2020 B. December 31, 2021
Q: Prepare a balance sheet, assuming that the current portion of the note payable is $7,000
A: Balance sheet refers to a statement which provides a brief summary of the company’s Assets, Owner’s…
Q: The following data were taken from the records of C5 Drinks Company for the years ending Year 1 and…
A: The net income can be calculated using various methods as variable costing and absorption costing…
Q: Adrian pays ₱618312 cash and the balance in 22 quarterly payments of ₱27442 for a house and lot. If…
A:
Q: Dennis Goods Company prepared the following preliminary forecast concerning product G for the…
A: Introduction: Operating income is an accounting metric that measures the amount of profit created by…
Q: What are the five basic accounting principles?
A: Introduction:- Accounting principles are the rules, regulations and guidelines that an organization…
Q: Determine the cost assigned to ending inventory and to cost of goods sold using FIFO. Perpetual…
A: Inventory valuation refers to the methods used by the company to determine the value of its…
Q: Skysong Inc, a greeting card company, had the following statements prepared as of December 31, 2020.…
A: A cash flow statement indicates cash inflow and cash outflow information of a particular time…
Q: 4. The following investment portfolio of equity securities (all acquired during 2019) accounted for…
A:
Q: What amount should be recorded as gain on fair value adjustment in the statement of profit or loss…
A: As Per Ind As (Indian Accounting Standard) and IAS(International Accounting Standard) 2 Inventories…
Q: A company's bank statement shows $715 direct debits and $353 investment income not recorded in the…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Kim, Nicolas, and Troy are general partners in KNT Partnership sharing profits and losses in the…
A: Meaning of Liquidation: ( Business comes to an end) Liquidation is the process of close the business…
Q: On January 1, 2018, Sneezy Company purchased patent at a cost of P1,920,000 at which date the…
A: To calculate the amortization on patent in 2020 we first need to calculate the book value of patent…
Q: Prepare the Following Journal Entries Ledger Trial Balance Income Statement Balance Sheet…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: ccount set up by the for
A: 1. Risk in the workplace is a broad term. It refers to any event or scenario that could hinder and…
Q: ny acquired thre preparing financi hat date, no forma
A: Calculation of amortization of intangible assets By straight line method formula = Cost/ Use full…
Q: Disintermediation The cutting out of marketing channel intermediaries by product or service…
A: Disintermediation occurs when product or service producers cut out intermediaries and go directly to…
Q: January 15, 2022; 5,000 balls @ P28 Sales: January 5, 2022; 4,500 balls January 20, 2022; 5,200…
A: Valuation of inventory may be based on : LIFO , FIFO , Average cost
Q: Given the facts in the question above, what is the figure for the bank balance to be reported in the…
A: Introduction: When you make a payment, credit is applied to your account. When you return something…
Q: Greenwood Company manufactures two products—14,000 units of Product Y and 6,000 units of Product Z.…
A: Overhead allocation is based on a predetermined overhead rate. The predetermined overhead rate can…
Q: The original price of a stock is Php 32.75 and its current price is 39.75. For the past year, the…
A: Lets understand the basics. Return on investment is a income earned and gain made on the investment.…
Q: USCo purchases widgets in the United States and sells them abroad with title on resale passing in…
A: As per 906 US Tax laws, the foreign tax credit can be utilised as a tax credit or by way of the…
Q: On June 30, 20x1, Cockroach Co. acquired 75,000 of Nymph Co.'s 100,000 outstanding equity shares…
A: Consolidation In the consolidation Parent company acquired more than 50% shares of the subsidiary…
Q: No.2 Given the facts in the question above, what is the figure for the bank balance to be reported…
A: The bank reconciliation statement is prepared to equate the balances of cash book and passbook with…
Q: Beginning stockholders' equity $ 17,700 Ending stockholders' equity 36,700 Issuance of stock 9,500…
A: Introduction: Dividends: Dividends are distributed to share holders as a return on their investment…
Q: Total Assets for Wendy's Pumpkins on 1 January 2020 was $650,000 and on 31 December 2020 was…
A: The ratio analysis helps to analyse the financial statements of the business on the basis of various…
Q: 1) prepare a multi- step income statement. 2) prepare statement of Owners Equity
A: Introduction: Operating expenses and operating revenues are separated from non-operating expenses…
Q: 4.20 Dennis Goods Company prepared the following preliminary forecast concerning product G for the…
A: Introduction: Operating income is an accounting measure that measures the amount of profit made by a…
Q: Of the following individuals who would be a resident or deemed resident of Canada for tax purposes…
A: The answer for the multiple choice question and relevant explanation are presented hereunder : There…
Q: 12. The Thomas Company has two service departments and two operating departments. The following data…
A: Cost allocation is a method of delivering relief to the cost centers of a common service…
Q: what is the amount of income tax payable for 2022?
A: Income tax payable is the payable or the amount due on the taxable income of the business which has…
Q: sampling plans focus on a. Rates of deviation from prescribed control procedures. b. Assessing the…
A: variable sampling is the process that is used in order to predict the value of specific variable…
Q: On June 30, 2021, ABC Company acquired 50,000 representing 25% ownership interest in Arthur…
A: Investment is the asset or security bought to earn returns from the same in future.
Q: Trial Balance December 31 Debit Credit Cash Accounts receivable Merchandise inventory Prepaid…
A: Introduction: Net sales value: Deduction of sales returns and allowances , sales discounts value…
Q: 8. Briefly describe the 4 principles of the Code of Conduct for a BAS Agent
A: The professional code of conduct states the principles to regulate the actions and ethical values of…
Q: The owners want to understand these numbers and how they can use the information to run the…
A: Absorption costing is also known as Full costing, absorption costing is a conventional technique of…
Q: Classified Electronics has an unfunded retiree health care plan. Each of the company’s three…
A: The expected post-retirement benefit obligation is the discounted present value of an actuarial…
Q: D. P1,800,000 The QYU, Inc. has sales of P5 million per year (all credit) and an average collection…
A: The average receivable turnover ratio is calculated as net sales divided by average account…
Q: Which of the following statements is most correct? Group of answer choices A debenture is a secured…
A: Debenture are long term debt instrument issued by the company to raise funds. The explanation is…
Q: A measure frequently used to evaluate the performance of the manager of an investment center is the…
A: Investment center is a segment within an organization with funds are allocated to each segment. The…
Q: Sweet Charity Company manufactures candy bars for fundraising initiatives for children's nonprofits.…
A: Formula used: Margin of safety in dollars = Actual sales value - Break even sales value.
Q: On January 1, 2019, company acquired 2,000,000 face amound bonds dated January 1, 2022. The bonds…
A: Introduction' Bond is a investment securities that is issued by company where investors lends money…
Q: Project Size of Project Project IRR Project V P1.0 million 12.0% Project W 1.2 million 11.5 Project…
A: The plow back ratio is a fundamental analysis metric that determines how much profit is kept after…
Q: Can you please add another 100 words on this? Feel like the question could be answered in more…
A: Introduction:- A budget is an important tool for every organization for estimating of revenue,…
Q: Thomas Company is issuing 4 000 ordinary shares, payable by instalments. Investors must pay $10 per…
A: option c Debit cash, Credit Ordinary Share Capital
Q: Rose's Pty Ltd has the following data from its accounting records for the month ended 31 March 2021:…
A: The cash flow from operating activities includes the cash flow from regular activities of the…
Q: Use the following selected information for Jim Beam Company For the year ended 31st December 2020…
A: Factory overhead is indirect labor and indirect cost involved in operating manufacturing business.…
Q: i cannot get the correct answer even when i have the correct formula (25000+(25000*.055)=26,375.00
A: Lets understand the basics. In this question, we are required to calculate minimum shares that are…
Q: 3. On December 31, 2020, GHI Corporation holds 50,000 shares of Harry Company with market value of…
A: the answer is 112,000 Credit. we will transfer 112,000 gain from the unrealized gain or loss to the…
Q: 7. Vegetables are stored in coolers at the proper temperatures. 8. Cash receipts are deposited…
A: Preventative controls are designed to be implemented prior to a threat event and reduce and/or avoid…
Q: . Inflated sales and bill-and-hold transactions. b.Bill-and-hold transactions and embezzlement of…
A: A Fraud Triangle is a framework that clearly indicates the motivation for an individual to commit…
Compute for the premiums expense for the year ended:
A. December 31, 2020
B. December 31, 2021
Step by step
Solved in 2 steps
- GameDay sells recreational vehicles along with secure parking storage to customers. Game Day sells the FB7 model for 62,000, and this price includes one year of secure parking storage. GameDay also sell secure parking storage separately for 8,000 per year, and customers can purchase the FB7 model without secure parking storage for 60,000. If a customer purchases the FB7 model with secure parking storage, how should GameDay allocate the transaction price?Lean principles Bright Night, Inc., manufactures light bulbs. Its purchasing policy requires that the purchasing agents place each quarters purchasing requirements out for bid. This is because the Purchasing Department is evaluated solely by its ability to get the lowest purchase prices. The lowest bidder receives the order for the next quarter (90 working days). To make its bulb products, Bright Night requires 36,000 pounds of glass per quarter. Bright Night received two glass bids for the third quarter, as follows: Central Glass Company: 30.00 per pound of glass. Delivery schedule: 36,000 (400 lbs. x 90 days) pounds at the beginning of July to last for 3 months. Ithaca Glass Company: 30.20 per pound of glass. Delivery schedule: 400 pounds per working day (90 days in the quarter). Bright Night accepted Central Glass Companys bid because it was the low-cost bid. Instructions 1. Comment on Bright Nights purchasing policy. 2. What are the additional (hidden) costs, beyond price, of Central Glass Companys bid? Why werent these costs considered? 3. Considering only inventory financing costs, what is the additional cost per pound of Central Glass Companys bid if the annual cost of money is 8%? (Hint: Determine the average value of glass inventory held for the quarter and multiply by the quarterly interest charge, then divide by the number of pounds.)Unearned Sales Revenue Brand Landscaping offers a promotion where a customers lawn will be mowed 20 times if the customer pays $700 in advance. Required: Prepare the journal entry to record (1) the customers' prepayment of S700 and (2) Brands mowing of the lawn one time.
- Cinnamon Depot bakes and sells cinnamon rolls for $1.75 each. The cost of producing 500,000 rolls in the prior year was: At the start of the current year, Cinnamon Depot received a special order for 18,000 rolls to be sold for $1.50 per roll. The company estimates it will incur an additional $1,000 in total fixed costs in order to lease a special machine that forms the rolls in the shape of a heart per the customers request. This order will not affect any of its other operations. Should the company accept the special order? (Show your work.)A towel is offered as a premium to customers who send in 10box tops of facial soap returned and a remittance of ₱25. Distribution cost is ₱10 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided thefollowing information: 2020 2021Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000Number of box tops returned 22,500 38,550Requirements:4. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021JINN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the premium transactions for the year given below? (if net cash…
- JIN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the premium transactions for the year given below? (if net cash outflow,…Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: How much net cash did the entity receive (give) with regards to the premium transactions for the year 2019 and 2020?Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: Compute for the premium liability for the year ended December 31, 2019 and 2020.
- Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED:Compute for the premiums expense for the year ended December 31, 2019 and 2020.Please show your solution in good accounting form. Thank you! JINN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…Please show the solution in good accounting form. Thank you! Dominic Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…
