Diaz Company owns a machine that cost $126,800 and has accumulated depreciation of $93.000. Prepare the entry to record the disposal of the machine on January 1 in each seperate situation. 1. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine., receiving nothing in return. 2 Diaz cold the machine for $17600 cash

Q: eginning of March and no beginning Inventories. The company has hwo manufacturing departments-Moldin...

A: Plantwide predetermined overhwad rate=Total overheadTotal machine hour

Q: Martin has a controlling interest in Rowen's outstanding stock. At the current year-end, the followi...

A: Introduction Consolidated financial statements are the financial statements of a company with multip...

Q: Townson Company had gross wages of $200,000 during the week ended December 10. The amount of wages s...

A: Employers Payroll Tax Expense: Employer-paid payroll taxes include federal income tax as well as Med...

Q: What is the difference between Direct and Indirect Financing?

A: Financing refers to raising of funds or capital from various sources. In this process, company borro...

Q: On January 1, 2020, Edison Co. issued eight-year bonds with a face value of P 2,000,000 and a stated...

A: Solution: Bonds are the debt instruments issued by entity to obtain funding. Bonds are having define...

Q: Suppose you are a bank loan manager. Your target EAR is 5%. Now, you are required to offer bank loan...

A: Calculation of monthly instalment for 3 years Customer want to Borrow- $ 1,000,000 EAR - 5 %  Month ...

Q: Indicate the amount in the blank. No peso sign, no decimal and no comma (this will be automated). Ex...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...

Q: A.comply with the buyer's request.   B.advise the seller to accept the offer for $140,000.   C.tell ...

A: Broker obtains 120 days listing for $ 150000 on property.  Broker acting as sub agent for seller Bro...

Q: QWE Corporation has the following information available for March of the current year. Beginning Wor...

A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...

Q: On January 1, 2019, Aspen Company acquired 80 percent of Birch Company's voting stock for $352,000. ...

A: Accruals are revenues or expenditures incurred that influence a company's net income on the financia...

Q: on your answer in the previous requirement, provide and justify a proper transfer price. (130 words)

A:   Cost per Tires Direct Material Cost   $            95 Direct Labour Cost   $            54 V...

Q: Ordinary Shares, P15, 20,000 shares authorized,       270,000.00 18,000 shares issued   Subscription...

A: * As per Bartleby policy, if question contains multiple subparts then answer first three only.   1. ...

Q: Name: Learning Task #1 Directions: Complete the table below. The first item has been done for you. D...

A: The question is related to Classifications of the item given. 

Q: Failure to record depreciation at the end of an accounting period results in a. Overstated expenses...

A: The business organizations are required to charge the depreciation expense on their assets so that t...

Q: E6.7 (LO 2). AP Jeters Company uses a periodie inventory system and reports the following for the mo...

A: First-In, First-Out (FIFO) & Last-In, First-Out (LIFO): First in, first-out (FIFO) is an account...

Q: -- 9, fg, and flg and = 5 - x, g(x) = x2 x).

A: Given: fx=5-xgx=x2-4x

Q: High company, your client, failed to record accrued salaries expense of 50,000 as of December 31, 20...

A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...

Q: Which of the following statement is incorrect? * a. Trade payable are classified as current liabili...

A: Current Liability: Current liabilities are commitments or debts owed by a company that is due within...

Q: The Malaysia debt as of today amounts to 12 trillion. This balloons with an interest rate of 0.16% y...

A:

Q: purchased equipment on January 1, 2018, for 528,000. Suppose 2019. Accumulated Depreciation as of De...

A: Loss on Sale of Equipment=  Book Value- Cash Received = (Cost - Accumulated Depreciation)- Cash Recd...

Q: Cash or Stock In the business world, firms acquire other companies all the time. However, the quest...

A: Parent company-A parent company is single company that has a controlling interest in another company...

Q: On Jan. 1, 2021, Yumi Co. settled a P 1,000,000 loan payable with an unamortized discount of P 20,00...

A: Solution: carrying value of loan = Loan amount - Unamortized discount = P1,000,000 - P20,000 = P980,...

Q: Their goodwill and intangible assets, net decreased from 2020 to 2021 which is the sum of the carryi...

A: The value of Goodwill of General motors declines in 2021 to 5087 from 5230 in 2020. The decrease is ...

Q: At the beginning of fiscal 2010 Phoebe Bridgers INC had retained earnings of USD1,000,000 and at the...

A: The question is based on the concept of Financial Accounting. The profit earned during the year is t...

Q: Which of the following is not an operating activity?

A: ANSWER Option B is correct = payment of cash dividend   Explanation Payment of cash dividend is an f...

Q: Cullumber Company owns delivery equipment that cost $53,800 and has accumulated depreciation of $27,...

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three sub...

Q: Financial Statements from the End-of-Period Spreadsheet Bamboo Consulting is a consulting firm owned...

A: The financial statements are prepared in order to show the operating performance of the business and...

Q: Williams moved out of Los Angeles District in June 2018. Williams' account had a zero balance in Jul...

A: The answer is stated below:

Q: The following information relates to Sunland Limited's Cash account. The reconciled cash balance fro...

A: Journal entries refer to posting of the transactions into the day book or accounts of company and it...

Q: REQUIRED: • Statement of Comprehensive Income • Statement of Financial Position • Statement of Chang...

A: Financial statements are those statements which are prepared at the end of accounting period. The ma...

Q: The Vladimir Corporation purchased an equipment on January 1, 2020. The machine cost P 92,000, with ...

A: Depreciation is used to denote a decrease in the value of fixed assets. Depreciation is the permanen...

Q: Practice: Landscape Company sells a mower it used in its business. Acquisition (historical) cost was...

A: Note: Since we answer only one question, We’ll answer the first question since the exact one wasn’t ...

Q: Long Range Company provides computer repairs. Long Range charges $35/hour for repair work. Variable ...

A: Sales price per hour = $35 Variable cost per hour = $21 Contribution ratio  = (35-21)/35            ...

Q: On December 31, 20x0 an entity sells one of its assets to a leasing company and immediately leases i...

A: Lease is an contract enforceable under the law, in which the owner of the asset rent the asset to th...

Q: 7. Stock quotes Smith Enterprises recently was profiled on a financial information website and toute...

A: Smith Company trades on NYSE as it is already mentioned in the question. 

Q: Question three : Seif Company sells many products. chairs is one of its popular items. Below is an a...

A: The inventory can be valued using various methods as LIFO, FIFO and weighted average method. 

Q: COTB MC Qu. 8-44 (Algo) Assume the sales budget for April. Assume the sales budget for Aprit and May...

A: Solution..   Units to be produced  April = 45,000 units  May = 46,000 units  Raw material required p...

Q: The assets and liabilities of Smith Company are as follows: Cash $28,650, Supplies, $840; Equipment,...

A: Formula: Accounting equation : Assets = Liabilities + Owners equity

Q: Prepare a flexible budgeted income for 120,000 units using the following information from a static b...

A: A budget is a statement that is prepared by the companies, government, and individuals based on the ...

Q: may you please help me with the following question thank you

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Mini, Inc., earns pretax book net income of $1,132,000 in 2020, its first year of operations. Mini r...

A: There are two types of differences can arise in the accounting. One is temporary difference and othe...

Q: The following information pertains to the physical inventory of Electronics Unlimited taken at Decem...

A: Please see Step 2 for the table as required.

Q: Question Two: Read the following transactions related to Inter Company: Inter Company was founded in...

A: The T-accounts are prepared by posting the transactions to their specific account and further find t...

Q: Failure to record accrued salaries at the end of an accounting period would not result in a. Unde...

A:

Q: Current Attempt in Progress The following information relates to Blossom Limited's Cash account. The...

A: NSF Checks and fees = NSF check + NSF fees Cash balance = Opening cash balance + Cash receipts - Cas...

Q: Problem 2-7 Classification of Accounts - General/Administrative expenses or Selling Expenses or Not ...

A: Classification of above expenses are as follows.

Q: PROBLEM 18.2A Computing and Using Unit Costs LO18-2, LO18-3, O LO18-4, @ LO18-5 One of Spa Magic's p...

A: Answer:-  Cost of production report:- Cost of production report is a kind of document which is basic...

Q: Total sales 2,000,000 360,000 1,500,000 2,100,000 Profit Beginning total sales Ending total sales ha...

A: Return on investment is percentage profit earned on the investment that is earned over the period of...

Q: On January 1, 20x1, Puno Inc. acquired 80% interest in Dong Company. During 20x2, Puno and Dong repo...

A: Business combination refers to the agreement or contract between two companies in which a company ob...

Q: The following pertained to Lomi Inc.: Product               Sales Price          Unit Variable Cost...

A: Solution:- Calculation of break-even point in units and Break-even in pesos as follows under:- Break...

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.