Dean bought goods on credit from Easy Traders for 3600. A mark up of 20% on cost applied to these good
Q: Tired Company’s assets for the current year decreased by P135,000 while its liabilities increased by…
A: As per accounting equation, assets equals to sum of liabilities and shareholders equity.
Q: Searchlight, Inc. uses ROI to evaluate operations and requires the return on its operating units to…
A: Business organizations compute the ROI so as to know how much the investor receive in comparison to…
Q: XYZ investments Limited had the following balances as at the end of March 2917 Balances Debit(Dr)…
A: In the relevant question, we are supposed to answer the questions in line with the financial…
Q: How much was the gain or loss on the sale of CD shares? a. P1,100 gain b. P2,000 gain c. P15,000…
A: Gain/Loss= Net Sales Consideration - Cost of Acquisition If the result is positive, there's a…
Q: Exercise 5 Information. You have been provided with following information for area (x) and rent (y):…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: s cannot contravene, much less overrid
A: The answer has been mentioned below.
Q: Choose the correct statement below: A. Contingent liability is both probable and measurable. B. An…
A: The answer for the multiple choice question on choosing the correct statement and relevant…
Q: Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own…
A: As per goodwill method, the amount of goodwill is calculated by the fair market value of all the…
Q: Problem 1: On January 1, 2022, Smith Corp. issued 5-year 12% bonds with face amount of P5,000,000 at…
A: Gain or loss on the early retirement of bond will be equal to the difference between the amount paid…
Q: Charmaine purchases goods to the value of R503,48 from a supermarket .The VAT-exclusive items are…
A: The VAT stands for Value Added Tax. The VAt is a type of indirect tax that is charged on the goods.…
Q: One subunit of Harris Sports Company had the following financial results last month: (Click the icon…
A: whenever there is expenses that has to be incord standard are set for such expenses. when the actual…
Q: POPOY Co. purchased 40% of BASHA Corp. on April 1, 2022, for P500,000 when BASHA's net assets has a…
A: Carrying value of Investment in an associate is calculated as the cost of acquisition +…
Q: Prepare a journal entry for the purchase of office supplies on November 2 for $3,000, paying $350…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Doorstop Manufacturing uses flexible budgets to manage its operations. Budgeted manufacturing…
A: All production expenditures other than direct materials are included in the factory overhead budget.…
Q: • Jason Kendel had gross earnings of $250 last week. He is single and claims only himself as an…
A: Calculation of amount withheld Particulars Amount Gross Earnings 250 Less: exemption…
Q: A total of 6,850 kilograms of a raw material was purchased at a total cost of 20,550. The material…
A: Introduction: A Material Price Variance occurs when the actual price billed for materials used in…
Q: The following data are available for X Corp: Gross profit is 20% based on cost. Using ABC, compute…
A: Activity-based costing (ABC) is a method of allocation of the overhead costs incurred in the…
Q: Explain the use of spreadsheet software in business and apply this to the work of a financial…
A: Introduction:- Spreadsheet software is a software application. It is most suitable for organizing,…
Q: A. Prepare journal entries to record the transactions. B. Prepare T-accounts to show the flow of…
A: Journal is the recording or financial transactions which are to be posted in the T accounts in order…
Q: Frieden Company's contribution format income statement for last month is shown below: Sales (40,000…
A: The indifference point is when the company neither incurs loss nor profit. It is a point above which…
Q: GigaBite Company's computer system recently crashed, erasing much of the company's financial data.…
A: The direct material are the materials that are used directly for the production process.
Q: If the actual overhead costs incurred are in excess of the applied overhead costs, the difference is…
A: Gross margin is calculated by deducting the expenses from the revenues of the company. It is…
Q: How about the second question?
A: As per the accounting standard- the effects of changes in foreign exchange currency, income and…
Q: So the answer is 1394 or2450?
A: The deductible business expenses are the expenses which are incurred for business. If the expenses…
Q: EXERCISE 3: DEBT/COVERAGE RATIOS Helen Wiseman, owner of a convenience store, is meeting her banker…
A: Times Interest Earned (TIE) ratio and Fixed-charge coverage ratios are the ratios used by analysts…
Q: Prepare a journal entry on June 30 for the payment of dividends of $11,500. If an amount box does…
A: There is need to record the dividend and dividend need to be recorded in journal and both debit and…
Q: Statement of Stockholders' Equity The stockholders' equity T accounts of I-Cards Inc. for the fiscal…
A: In a stockholders' equity statement, transactions (like issue of shares, purchase of treasury stock,…
Q: The adjusted trial balance O a. is prepared on a specific date. O b. is for a period of time. O c.…
A: Ledger accounts becomes the base for the preparations of Trial balance. Trial balance consist of the…
Q: If the following adjusting entry is omitted, what effect will it have on the financial statements?…
A: Unearned income seems to be revenue collected for a good or service that the company has yet to…
Q: ing pro lance Sheet showed the following position at the date of dissolution : Liabilities Assets…
A: When the Dissolution of a Partnership firm takes place all the assets are sold, all the liabilities…
Q: Make an income statement
A: The income statement is prepared to identify the outcome of the operation, as it aids in determining…
Q: Credit sales P6,000,000 Cash sales 1,000,000 Collection from customers 5,600,000 Cash purchases…
A: Purchases under the cash basis is purchases that have been paid for during the year It includes cash…
Q: Kerr Kompany is considering investing in a project that costs $50,000 and is expected to generate…
A: Profitability index Present vale of cash inflow/ initial…
Q: e a statement of owner's equity. Assume that there was an
A: Statement of owner's equity refers to the sum value of money invested by the owner into its…
Q: ABC Company uses a Materials Inventory account to record both direct and indirect materials. ABC…
A: Work in process inventory: This implies to the partially finished goods that are not completely…
Q: Perseverance Inc. began the current year with the following: Accounts receivable 2,000,000…
A: Using cash basis accounting, the sales and expenses are recognised when cash transactions are…
Q: 4. Why would the company redeem the bonds prior to the maturity date if they were going to recognize…
A: The answer is stated below: Note: Answering the first question as there are multiple…
Q: Marissa converted an RRSP balance of $125,000 into an RRIF that will pay he $1,850 at the end of…
A: Given: - Pmt= $1,850 P= $125,000 t= 9 years or 108 months
Q: Frieden’s management is considering a major upgrade to the manufacturing equipment, which would…
A: The contribution income statement is the statment that shows the contribution margin and the…
Q: On July 1, 2022, Proton, Inc. sells equipment for P44,000. The equipment originally cost P120,000,…
A: Given: - Cost= 120,000 Accumulated Depreciation=70,000 Salvage value=20,000 Useful life= 5 years
Q: In 2016, Natural Selection, a nationwide computer dating service, had $532 million of assets and…
A: Principal and Interest = Interest payment+Principal payment/1-tax rate+Dividends/1-tax rate=…
Q: ~Why would investors provide a business with cash? ~ Why must a business provide an income statement…
A: Answer:- Investors provide a business with cash:- A company may satisfy its daily business demands…
Q: The Fortune Company reported the following income for Year 2: Sales $136,000 Cost of goods sold…
A: Time Interest Earned Ratio is to show that how much the Pre tax Income will able to adjust the…
Q: What is the IRR for both PHD and Short courses programmes?
A:
Q: If beginning and ending interest receivable were P16,000 and P5,000, respectively. Total interest…
A: Interest receivable is the amount which is yet to be received from the amount invested for example…
Q: Using the direct method, the amount of Janitorial Department cost allocated to Sales Department no.…
A: Cost allocation refers to the process which is used by the company to allocate the cost of product…
Q: The Cont Company is decentraled and divisions are considered investment centers Cond has one…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: overhead cost to jobs on the basis of machine-hours. For the current year, the c hours and incur…
A: Calculation of overhead rate on the basis of machine hours = Manufacturing overhead cost/Machine…
Q: Custard's Bakery produces a pie that requires 2.6 pounds of fruit per pie. The allowance for waste…
A: Standard direct material is the raw material quantity that is required to produce the product. The…
Q: What is the ending balance of the following account on April 30? Accounts Payable Payments 2,000…
A: >Accounts Payable is the accumulated balance that the company or organisation owes to suppliers…
Step by step
Solved in 2 steps
- Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?In its first year of operations, Dulany Company, a clothing store, purchased $18,000 of merchandisefrom a supplier on account, terms 2/10, n 30. Dulany Company returned $3,000 of defectivemerchandise, and then paid the amount due within the discount period. During the year, the companysold merchandise inventory costing $12,000 to its customers. What would be the balance in Dulany’sCompany’s Merchandise Inventory account at the end of the year?A. $2,700B. $3,200C. $3,300D. $2,640
- On August 5, Oriole Ltd. sells goods for $1530 and the cost to Oriole was $700. Oriole expects a return rate of 5%. On August 12, goods with a selling price of $440 and a cost of $245 are returned for credit and restored to inventory. The journal entry to record the return will include a a>credit to Estimated Inventory Returns for $245. b>credit to Inventory for $245. c>debit to Accounts Receivable for $440. d>credit to Refund Liability for $440.The excel merchandising purchased merchandise costing 250,000.00 for the current month. It paid 10,000.00 for freight for the shipment the goods froms the seller to its store.The home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped? Present solution in good accounting form.
- Elaine Company, a clothing store, sells clothing for a total selling price of $50,000 with a related cost of $35,000. Customers have a right of return within 30 days. Elaine Company estimates that 10% of the sales will be returned by customers. The entry to recognize the cost of inventory sold will include a credit to “inventory” and a debit to cost of goods sold for: $30,000. $31,500. $35,000. $38,500.SumOne Limited is a retail store with a 30 June year-end.The company recorded the following:2021 (Rands)Sales – May220 000 Sales – June360 000 Refunds paid out in current year (relating to the prior year provision)53 880 Refunds provision balance on 30 June 202055 850 You can assume all sales are on credit and that SumOne Limited applies a 25% markup on the cost price of all goods. The company’s refund policy states that customers can return goods within 60 days (two months) of purchase if they can provide proof of purchase. Experience shows that 8% of sales are returned in the first month following the sale, and 5% are returned in the second month.REQUIRED: 1.) Prepare the short-term provisions (provisions for refunds) note to the financial statements of SumOne Limited for the financial year ended 30 June 2021. Comparative amounts are not required.The home office bills shipments of merchandise to its branch at a markup of 20% basedon cost. At the beginning of the period, the “Allowance for markup” account has a creditbalance of ₱8,000. During the period, the home office made shipments of goods worth₱960,000, at cost. The branch reported an ending inventory of ₱480,000, at billed price.. How much is the realized mark-up?
- A retailer buys merchandise from a supplier with an invoice amount of $12,600. The terms of the sale are 6/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? $Merchandise costing $714 is sold for $1,234 on terms 2/10, n/30. If the buyer pays within the discount period, When collection of cash within the 10 days, the debit to Cash will be $On June 1, DD Company shipped twenty five DVD to BB View Store on consignment. The DVD is to be sold at an advertised price of P200 per item. The cost of each DVD to the consignor is P100. The consignor paid P75 to ship the merchandise. Commission is to be 25% of sales price. During the month, two DVD were returned. On June 30, BB View Store remitted the amount due to consignor after deducting commission of P400. The cost of inventory on consignment amounted to: The net income of the consignor for the month is: The cost of inventory on consignment amounted to: