Define the following concepts: a)Prime cost    b) Non production cost

Q: On January 1, 2021, Maroon Company entered into a five-year nonrenewable operating lease, commencing…

A: A lease is an agreement where the owner of the asset transfers the right of use of the asset to the…

Q: SLO-2.3. The first or original step in recording transactions is in the = OLedger Journal OTrial…

A: Journal: It is the first step where the transactions are posted in the form of Debit and Credit…

Q: 2. How many shares of common stock are outstanding at year-end? 3. What is the total paid-in capital…

A: Total Paid in capital means par value of common stock as well as paid in capital in excess of par…

Q: Pharoah Company purchased for $4,543,000 a mine that is estimated to have 45,430,000 tons of ore and…

A: Introduction: Depletion: Depletion expense to be recorded in Income statement. Depletion is…

Q: Montello Inc. purchases a delivery truck for $14,000. The truck has a salvage value of $2,000 and is…

A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…

Q: A promise to pay an amount on a specific future date plus interest is recorded in which account?…

A: Accounts Receivable, Unearned Revenue and Accounts Payable does not carry interest. Also there is no…

Q: 3) Aira Company reported gross payroll of P600,000 for the month of January. The entity paid the…

A: Payroll It is important to maintain the payroll process by the management which is distributed to…

Q: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods this method of collection…

Q: Pocono Cement Forms expects $1,120,000 in overhead during the next year. It does not know whether it…

A: Predetermined overhead rate = Expected overhead / Anticipated direct labor hours  Or Predetermined…

Q: Tina Goldsmith sells her 25% partnership interest to George Holden for $50,000. At the time of the…

A: Capital Gain: The difference between the amount realized in cash by selling the interest in a…

Q: Terms Using the information given in the table, find Cash Discount/Dating cash discount due date.…

A: Due date is the date at which the payment has to be made to the creditor or on which date it is…

Q: Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented…

A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are…

Q: P642,007.30 in b

A: Introduction Present value of bond:-

Q: Why would Commodore’s auditor insist that Rob document any sales booked under the book-and-hold…

A: An auditor is someone who verifies the accuracy of recorded commercial transactions. Auditors are…

Q: Suppose the economy is in a recession and the government is running a budget surplus. This implies…

A: budget surplus when there is more income than expenditure a surplus is indication that the…

Q: Which one of the following is not a factor that helps determine a company's credit rating? Its…

A: A credit rating can be defined as the evaluation of a person or entity’s ability to pay obligations.…

Q: During 2019, Maricar Company guaranteed a supplier’s P5,000,000 loan from a bank. On October 1,…

A: Introduction:- During 2019, Maricar Company guaranteed a supplier’s P5,000,000 loan from a bank. On…

Q: Do you believe that the events immediately following GM's bankruptcy alleviated the concerns that…

A: Answer:- In the annual report of the GM. The corporation is recurring losses from the operations,…

Q: Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1…

A: The question is based on the concept of Financial Accounting.

Q: me that on January 2, 2020, the Valenzuela Corporation issues P1,000,000, 5-year term bonds with a…

A: Concept of Bond Valuation

Q: A public school teacher receiving a monthly salary of P26,494 with mandatory annual deductions of…

A: GIVEN   A public school teacher receiving a monthly salary of P26,494 with mandatory annual…

Q: Beginning inventory, purchases, and sales data for portable game players are as follows: Apr. 1…

A: Under FIFO Method, using perpetual inventory system, Cost of goods sold and value of ending…

Q: Sansa Company has outstanding 7% 10-year P5,000,000 face value bond. The bond was issued and dated…

A:

Q: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an…

A: Formula: Interest amount = Loan amount x Interest rate x Time period

Q: On Jauary 1, 2020, Nice Company signed a 10-year operating lease for office space at P 576,000 per…

A: Rental expense is the expense which is paid for letting out the property for use in the business…

Q: e $67,000. P Ltd sold inventory of $109,000 to S Ltd on 1 Ju

A: Consolidation is a process of showing all the financial statements of the parent and the subsidiary…

Q: A corporation commenced operations on January 1, 2019. It has the following account balances at…

A: Common Stock - Common Stock is the shares issued at the time of incorporation of business. Common…

Q: Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities…

A:

Q: On June 1, 2024, First National leased a building. The lease agreement calls for First National to…

A: Monthly interest rate = 7%/12 = 0.58333333% Number of months = 12 x 2 = 24

Q: The management of Ballard MicroBrew is considering the purchase of an automated bottling machine for…

A: Depreciation  Cost of the machine - salvage value/ useful life of the asset It is seen that there is…

Q: Which of the following decreases total equity? A. A stock split B. Recording Revenue C. The…

A: A. A stock split: No change in total equity   B. Recording Revenue: Increase in total equity   C.…

Q: A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions of…

A: GIVEN   A call center agent receiving a monthly salary of P21,000 with mandatory annual deductions…

Q: Profitability Ratios The following information has been gathered for Malette Manufacturing: Net…

A: Solution:- 1)Computation of the return on assets as follows under:- It measures a company's…

Q: Interest rate implicit in the lease: 10% Unguaranteed residual value: P150,000 • Initial direct…

A: Under lease, residual value can be guaranteed or unguaranteed and any lease portion which is not…

Q: On December 31, 2021, Maroon Co. leased an equipment with a cot of P2,000,000 to Green Co. for 5…

A:

Q: 1) Tappa Corp.'s current liabilities at December 31, 2020, totaled P1,600,000 before any necessary…

A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…

Q: You are evaluating a new product. In year 3 of your analysis, you are projecting pro forma sales of…

A: In the question all figures are direct only depreciation amount needs to be calculated as per…

Q: Gold Estate is in the business of leasing new sophisticated equipment. As lessor, the entity expects…

A: Gross Investment in lease can be derived by using following formula: Gross Investment = (Lease…

Q: II. Directions: Problem Solving: Prepare Trial Balance for the accounts of Corny Enterprises as of…

A: A trial balance seems to be a statement that shows the sums, or totals of debits as well as credits,…

Q: SLO-3.3. Liabilities are reported on the OIncome Statement Ostatement of Owner's Equity Ostatement…

A: Basic accounting  equation  is  Total Assets  = Total liabilities  + Owners Equity

Q: - Bianca Capital issued 500, $1,000 convertible bonds at 103. Each bond will be converted to 10…

A: Bonds are high-risk financial instruments that allow a corporation to raise funds and fulfill…

Q: Question 2 If you are single and make $300,000 what is your marginal Question 3 If you are single…

A: Taxable Income Amount Multiplication Amount Mutliply Subtraction Amount Tax Atleast $ 100000 but…

Q: Delata Corporation bought a condominium unit for P6,000,0000. The fair market value of the property…

A: GIVEN   Delata Corporation bought a condominium unit for P6,000,0000. The fair market value of the…

Q: elta Corporation cost inclusive of is P6,800,000 wh uch is the fringe b ng that the owne

A: GIVEN The acquisition cost inclusive of 12% interest  P6,720,000 the property per tax declaration is…

Q: revenue yable-bank yable (b) nclude two se 0% poto iccus

A: Current Liabilities:

Q: Is there a financial impact on the total cost of the project, and if so, how much of an impact? The…

A: NOTES: Duration= 12months, Regular employees =7, Rate = 51 per hour, overhead rate = 150%, Working…

Q: Exercise 10-5 Working Backwards from Labor Variances [LO10-2] The auto repair shop of Quality Motor…

A: Working Notes: Calculation of Standard Labor hours allowed for Actual output Standard labor hours…

Q: Accounting Instructions: Complete the journal entries for the following events. Enter numbers…

A: Journal means the book of original entry where the entry is passed for the very first time after…

Q: Define the following concepts: a) Absorption costing- b) Cost behavour-

A: Absorption costing is a cost accounting method used to value the inventory.

Q: 4. First Metro Pacific was able to persuade Francis to join the company as its Assistant Vice…

A: Fringe benefit tax is paid by employers on certain benefits they provide to their employees or their…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.