Cupcake and Sugar share profits and losses 1/3 and 6/9 respectively. Cupcake receives a monthly salary of P15,000. If Cupcake's capital balance is P250,000 at the beginning of the year and P150,000 at the end of the year, and annual partnership income after salaries is P120,000, then Cupcake withdrew a.) P130,000 b.) P155,000 c.) P320,000 d.) P180,000

Q: uring September, the fund was depleted by the following disbursements: Shipping expense 740 240…

A: The petty cash fund is established to maintain the cash balance for the smaller cash transactions…

Q: Bill and Kim Johnson are purchasing a house for $263,000. Their bank requires them to pay a 20% down…

A: A mortgage refers to a loan used to buy or maintain and repair a building, land, or other real…

Q: Required: (a) Calculate Direct materials price and quantity variances. (b) Calculate Direct labour…

A: Introduction : The discrepancy between the standard cost of materials generated from production…

Q: Prepare the journal entry for the following trading securities investment transactions of Johnson…

A: Formula: Journals: Recording of a business transactions in a chronological order. First step in the…

Q: 7- Presented below is selected information related to Sultan Company at December 31, 2020. Sultan…

A: >Assets are the financial resources or investment of an entity on which it has control and these…

Q: CFC Pty Ltd (‘the company’) recorded the following transactions in relation to its franking account:…

A: Franking Account : it is the account that recorded the tax paid by the entity. Further the credit of…

Q: A sales tax taxes your Oa. consumption financed by income. O b.income based on ability to pay. Oc…

A: Solution:- Sales Tax:- A Sales tax is a consumption tax imposed by the government on the sale of…

Q: Based on recent experience, a company knows that its production follows an 80% learning curve. The…

A: Learning curve implies that with each production unit, the workers working on that products get…

Q: a. As to this plan, how much is included in Andrew's gross estate? 4,846,560 x Feedback V Check My…

A: Solution:- Given, Andrew was a participant in his employer's contributory qualified pension plan at…

Q: Shake It Off Co. was formed on July 1, 2018. It was authorized to issue 1,800,000 shares of 10 par…

A: The value of stock dividends will be measured as follows: a) If 20% or more is declared; retained…

Q: QUESTION 10 FICA Rate (Social Security + Medicare Withholding) 7.65% (6.2% + 1.45%) Employee 7.65%…

A: The FICA Rate (Social Security + Medicare withholding) is 7.65% with a maximum of 6.2% as social…

Q: In 2022 Blue Company was involved in the following inter corporate stock investments;   11/12/22…

A: Blue Company Journal Entry  Date particulars Amount Dr. Amount Cr. 11-12-22…

Q: QUESTION 14 If you are in the highest tax bracket. your tax rate on long-term capital gains is O a.…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: QUESTION 1 Big Three Co issue its $68000 bonds at a price of 96.1 the company will debit cash for $

A: Bonds issued for =$ 68,000 Bonds price = 96.10 No. of bonds issued = 68,000 /100 = 680 bonds

Q: has 3 items, (a), (b), and (c))

A: The actual price for materials is lower than the standard price. Material usage variance is…

Q: The payroll register of Chen Heritage Co. indicates $2,220 of social security withheld and $555 of…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Entries for Sale of Fixed Asset  Equipment acquired on January 8 at a cost of $107,330 has an…

A: Depreciation= (Cost- salvage value)/useful life = (107330-7850)/12 = $ 8290 1.  book value at the…

Q: Oriole Corporation has 74,000 shares of common stock outstanding It declares a $2 per share cash…

A: Formula: Dividend amount = Number of outstanding shares x Dividend per share

Q: On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,700,…

A: A journal entry is a recording of a commercial transaction in the accounting system of a company.…

Q: Determine the monthly principal and interest payment for a 15-year mortgage when the amount financed…

A: Given, Principal amount= $95,000 Time period= 15 years Annual percentage rate= 6%   The next step…

Q: Oven Roasted sold $394,000 of consumer electronics during July under a two-year warranty. The cost…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Alex Bodvin acquires a residential rental property on June 1, 2021 at a cost of $450,000. Of this…

A: Here discuss about the details of the calculation of the capital cost allowance which are involved…

Q: Shoshin, Inc. owns land and building in Manila used for operations and administration. The company…

A: The question is related to  reclassification from owner-occupied property to investment property.

Q: Which of the following statements is FALSE? Question 7 options: 1) As computerized accounting…

A: Computerized accounting- Computerized accounting is a software-based budgeting and accounting method…

Q: I it IV question 14

A: The question is related to Cash Flow Statement. Cash Flow Statement is summary of cash receipts and…

Q: Prepare the following financial statements for Sea View Tour Income Statement for the yearended 31…

A: Introduction : An income statement is a financial statement that shows the income and expenses of a…

Q: Discuss the major characteristics of a theory.

A: Discussion of major characteristics of a theory

Q: In the accounting process, financial statements must be prepared _________ A.    After the adjusting…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: Bramble Corp. issued 1,200 9%, 8-year, $1,000 bonds dated January 1, 2022, at face value. Interest…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

Q: Grand Champion Inc. purchased America’s Sweethearts Corporation On January 1, 2019. At the time,…

A: The technique of integrating many business divisions of a company into a bigger organization is…

Q: Lambert Corporation sells merchandise at a list price of $70,000 with accompanying terms of 2/10, n/…

A: Every business should be documented in at least two locations, according to the logic of a journal…

Q: Raymond Moss, vice president of Moss Auto Parts, gets an annual bonus of 15% of any income, before…

A: A bonus is monetary recompense that exceeds the recipient's usual payment expectations. Bonuses can…

Q: At December 31, 2022 the following information (in thousands) was available for Swifty Inc: ending…

A: Formula: Inventory turnover = Cost of goods sold / Average inventory.

Q: 1. On January 1, 2021 Dona Company purchased 10% of another entity’s outstanding ordinary shares…

A: Income Statement: An accounting report that indicates the company's profitability structure…

Q: For puposes of computing the weighted average number of shares outstanding during the year, a…

A: Shares outstanding refer to the amount of stock of a business that is currently held by all of its…

Q: On August 31, 2021, Company ABC purchased a new machine The agreement stipulated that ABC make four…

A: Its a basic question of compound interest ( according to my understanding the question is asked)…

Q: The manufacturing costs of Barretto Enterprises for three months of the year follow:     Total…

A: High-low method: It is the method in which Fixed cost and variable costs are separated from the…

Q: Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance…

A: Formula: Net income = Total revenues - Total expenses

Q: A company just starting business uses a periodic inventory system. A physical count of merchandise…

A: Introduction: LIFO: LIFO stands for Last in First out. Which means last received inventory to be…

Q: Required: Using the average costing method: (please show the ave method solution) a. Compute the…

A: Introduction: The average cost technique divides the overall cost of goods purchased or produced in…

Q: January 1 Common stock is issued in exchange for cash in the amount of. .. 410,000 The company…

A: Date Particulars  debit Credit Jan 1 Common stock 410000        To cash   410000         Jan…

Q: ompute the break-even sales (units) under the proposed program for the following year. fill in the…

A: Workings:- Computation of fixed and varaible expenses:- Particulars Total Variable Fixed…

Q: During 2019, Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans…

A: Every business should be documented in at least two locations, according to the logic of a journal…

Q: Steel Magnolia Incorporated purchased a trademark 7 years ago for $275,000. Steel Magnolia believed…

A: An impairment loss seems to be the amount whereby an asset's or cash-generating unit's carrying…

Q: [17] Monetary-unit sampling (MUS) can be used to project the A. Monetary amount of error in a…

A: MUS (monetary-unit sampling) is a quantitative sampling approach for determining the amount of…

Q: A company reports the following amounts at the end of the year: Total sales revenue = $560,000;…

A: Formula: Net revenues = Total sales revenue - sales discounts - sales returns - sales allowance

Q: Hammond Manufacturing Inc. was legally incorporated on January 2, 2020. Its articles of…

A:

Q: Miami Solar manufactures solar panels for industrial use. The company budgets production of 4,500…

A: Budgets are prepared by the management for estimating the total revenue and expenses to be incurred.…

Q: Stencil Co. reported the following data for the year 2018: Gross Profit P 192,000 Cost of Goods…

A: Cost of goods sold = Beginning finished goods inventory + cost of goods manufactured - Ending…

Q: Mr Ventura engaged in a Milling business to serve the needs of farmers in the rural areas of…

A: Accounting books: Accounting books are the records of company in which they recognize regular…