Depreciation of a factory equipment is treated as ? While depreciation of an automobile used for sales staff is treated as?
Q: Required: 1. Determine the amounts necessary to record income taxes for 2021, and prepare the…
A: Journal entries refers to the official book of a firm/company which is used to record the day to day…
Q: Ivanhoe Company, organized in 2022, has these transactions related to intangible assets in that…
A: Patent Amortization for year 2022 = $305500/5 =$61100 Franchise Amortization for 6 months (July 1st…
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: CloverSweet Inc. manufactures a product that goes through two departments prior to completion. The…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: difference between IFRS standardization and harmonization
A: Financial Reporting (IFRS) are a set of accounting principles for financial reporting published by…
Q: The following investment portfolio of equity securities (all acquired during 2019) accounted for as…
A: Here discuss about the unrealized gain or loss arised from the equity securities which are traded in…
Q: C4 Company owns 8% of Isolate Inc., P100 par, 140,000 outstanding ordinary shares which was acquired…
A: Equity investment which are designated as fair value through profit or loss are recorded initially…
Q: Using the following information about Sophie's business, answer the following question Credit Month…
A: Cash payment refers to the amount paid through the recipient of the goods and the services to the…
Q: Bed & Bath, a retailing company, has two departments-Hardware and Linens. The company's most recent…
A: A contribution margin income statement subtracts all variable expenses from sales to calculate the…
Q: What is the initial cost of the machine on July 31, 2022?
A: A new machine was acquired on July 31, 2022 by Harian Company. Now the cost of a Property, Plant…
Q: Pesto Company started its business in selling printers with three-year warranty. It estimates its…
A: Warranty means the undertaking given by the company selling the goods that in case of any defect ,…
Q: The Rollins Company has office employees and shipping employees. A summary of their earnings and…
A: Payroll Accounting: Accounting for payroll is a method of keeping track of the costs that are…
Q: 5. On January 1, 2021, MNO Company acquired 12,500 of the outstanding common shares of Esther…
A: The question is related Business Combination. The details are as under Stake of MNO Comapny in…
Q: In an audit of financial statements for a company, the auditor considers internal control a. To the…
A: Audit refers to the examination or checking of the financial statements or the books of company in…
Q: On December 31, 2021, Sleepy Corporation purchased for P40,000,000 cash all of the outstanding…
A: Goodwill: Goodwill is an intangible asset that is associated with the purchase of one company by…
Q: Business ratios of financial statements are generally categorized as one of the following areas,…
A: Introduction:- Ratio analysis used to analysis business performance. It gives idea of company…
Q: Requirement: 1.Provide the reconciling entries in the books of home office. 2.Provide the…
A: NOSOME Co. operates a branch in Quezon City. At close of business on December 31, 20x9, Quezon…
Q: True or False 1. Personal factors such as age, income, household size, and personal beliefs…
A: 1. Factors that affects the level of savings and consumption of an individual are age, level of…
Q: Data related to a bond issued by Roxon enterprises is given below: Interest expense on bond Increase…
A: Where bonds are issued at a price lower than it's par value, it is called a discount bond. These…
Q: A company just starting business made the following four inventory purchases in June: June 1 110…
A: Using average method, the average cost per unit is calculated as total cost of goods available for…
Q: For the next (2) two questions: STU Company purchased 10,000 shares representing 2% ownership of…
A: The income statement of a company represents the outcome of the operations of the business in terms…
Q: The average price of a gallon of gas In 2018 Increased $0.30 (12.4 percent) from $242 in 2017 to…
A: Since you have posted a question with multiple sub-parts, we will do the first three sub-parts for…
Q: s of P2,000,000 are due on December 31, 2019. The lea
A: To find the balance of assets in Dec 31, 2022 as,
Q: ABC corporation incurred fixed manufacturing costs of $17,000 during 2017. Other information for…
A: Absorption costing is a method of aggregating and allocating manufacturing process expenses to…
Q: If the foreign operations reports in the currency of hyperinflationary economy, assets and…
A: IAS 29 Financial Reporting in Hyperinflationary Economies applies where an entity's functional…
Q: The following information on a defined benefit plan is provided: FVPA, beg…
A: Defined Benefit Plan Defined benefit plan which are provided to the employees of the entity after…
Q: 16. The annual premium on an insurance policy is $1, 200. First, find the premium per period if…
A: Insurance means the contract in which one party bears the risk of the other party. In this two-party…
Q: The current sections of Larkspur, Inc.'s balance sheets at December 31, 2021 and 2022, are presented…
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…
Q: If you invest £150 at 4% for 11 years how much money would you have at the end of the investment…
A: Future Value of ordinary annuity=Annuity×1+ratetime-1rate Present Value Annuity…
Q: Mary bought a bike
A: All sorts of future cash flows in respect of adding interest on present value are known as future…
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: Klumper Corporation is a diversified manufacturer of industrial goods. The company's activity-based…
A: The overhead cost is assigned to different products on the basis of predetermined overhead rate.
Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…
A: Person includes : an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…
Q: 54. In relation to transaction #1, How much is the capital gains tax due, if any? A. PO C.…
A: Capital gain refers to the concept where the profit earned on the asset sale which has increase in…
Q: This position determines eligibility for housing assistance and prepares rent calculations. If Ms.…
A: Income received each week=Annual IncomeNo. of weeks in a year
Q: VC Corporation's books disclosed the following information as of December 31, 2021 P 2,000,000 Net…
A: Formula: Accounts receivable turnover = Net credit sales / Average accounts receivable where,…
Q: Company A, makes and sells two types of shoes, Plin and Facy. Data concerning these products are as…
A: The break even sales are the sales where business earns no profit no loss during the period. The…
Q: o ente
A: Liabilities are accumulated financial obligations that result from past events that are expected to…
Q: The Marine Division of Pacific Corp. has average invested assets of $110,000,000. Sales revenue of…
A: Residual income = Operating income - (Average invested assets x Hurdle rate)
Q: The following details were obtained from the accounting records of Civil Construction Consultants at…
A: The process of recording business transactions in the books of accounts for the first time is…
Q: Sonimad Sawmill, Inc. (SSI), purchases logs from independent timber contractors and processesthem…
A: Introduction : Joint Processing cost describes that cost which has been incurred in the processing…
Q: Vhat is the correct amount of inventory?
A: amount of inventory = FG + cost + goods in process +material + factory supplies
Q: Jaybu Company acquired the following portfolio of equity instruments held for trading during 2022…
A: If equity instruments are held for trading then on each reporting date, investments are reported at…
Q: age 65 for the rest of her life. At age 65 her expected return multiple is 20. In the year that she…
A: Deferred Annuity In the deferred annuity which are given some benefit after a stipulated period of…
Q: Enumerate and define the two equity accounts that would have to be maintained for every partner in a…
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: A partially completed pension spreadsheet showing the relationships among the elements that comprise…
A: Pension fund are created to provide the future benefits to the employees of the organization.
Q: OXia Company completes a local bank's loan application and applies for a six-month loan. 1. To…
A: Reviewing of loan application by the banks: When any customer or client apply for bank loans then…
Q: An adjusting entry in relation to unearned revenues will: а. increase total liabilities. b. increase…
A: The Unearned revenue is the revenue received in cash in advance but not earned yet by the business.
Q: An auditor's objectives in evaluating accounting estimates include all of the following except to…
A: Audit: It is a procedure for examining a company's financial statements. The goal of auditing is…
Q: Alyeska Services Company, a division of a major oil company, provides various services to the…
A: Calculation of Margin Operating Margin = Net Operating Income/ Sales Operating Margin = $ 5,500,000/…
Step by step
Solved in 2 steps
- Depreciation of a factory equipment is treated as ____, while deprecation of an automobile used for sales staff is treated as ____.Depreciation expense on equipment a could be either a product cost or a period cost, depending on whether it is factory equipment or office equipment that is being depreciated. • b. is neither a product or a period cost. • c. is always a period cost• d. is always a product costFor a car manufacturing company, the depreciation expense of the office equipment is best described as: *
- For financial accounting purposes, depreciation on the equipment used to produce tote bags isa(n) ____________________. However, for financial accounting purposes, depreciationon any equipment used by the company in selling and administrative activities is classified asa(n) ______________________. In terms of cost behavior, depreciation is usually a(n)_________________________.In a manufacturing company, which of the following will affect gross profit? A change in the depreciation policy applied to production equipment Insurance paid on delivery vehicles Reduction in the overdraft interest rate Cost of training finance staff on the use of an accounting packageDepreciation of a factory equipment is treated as ____, while deprecation of an automobile used for sales staff is treated as ____. A. Manufacturing overhead and selling overhead B. Direct cost and indirect cost C. Manufacturing overhead in both cases D. Direct cost and selling overhead
- Which of the following costs is NOT capitalized as inventory? a. Rent on Head Office building b. Costs of delivering finished goods c. Manufacturing overhead cost d. Factory amortizationIn Principles of Accounting I, we learned the journal entry for depreciation is: Debit – Depreciation Expense $X,XXX Credit – Accumulated Depreciation - (asset) $X,XXX 1) How is depreciation recorded differently under job order costing and how would you explain the difference to a non-accountant? 2) Suppose you had to record depreciation of $700 on factory equipment and $225 on office equipment. What would the journal entry look like?In a manufacturing company, which of the following will affect gross profit?a. A change in the depreciation policy applied to production equipmentb. Insurance paid on delivery vehiclesc. Reduction in the overdraft interest rated. Cost of training finance staff on the use of an accounting package
- Lost of accounts Accounts Payable Accounts Receivable Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Cash Cost of Completed Service Contracts Cost of Goods Sold Depreciation Expense Employer Fringe Benefits Payable Employer Payroll Taxes Payable Factory Labor Factory Wages Payable Finished Goods Inventory Manufacturing Overhead Operating Overhead Prepaid Property Taxes Raw Materials Inventory Salaries and Wages Payable Sales Revenue Service Contracts in Process Service Salaries and Wages Supplies Utilities Payable Work in Process InventoryAs you have seen in Chapter 17, companies depreciate, or write off, the expense of tangible assets such as trucks and equipment over a period of their useful lives. Many companies also have intangible assets that must be accounted for as an expense over a period of time. Intangible assets are resources that benefit the company but do not have any physical substance. Some examples are copyrights, franchises, patents, trademarks, and leases. In accounting, intangible assets are written off in a procedure known as asset amortization. This is much like straight-line depreciation, but there is no salvage value. Suppose you are the accountant for a certain pharmaceutical company. In January 2000, the company purchased the patent rights for a new medication from Novae, Inc., for $18,000,000. The patent had 15 years remaining as its useful life. In January 2005, your pharmaceutical company successfully defended its right to the patent in a lawsuit that cost $630,000 in legal fees. (a) Using…The following are classified under period costs, except: * 1 point a. Depreciation of factory equipment b. Depreciation of office equipment c. Commission of salesman d. Office supplies