During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (4) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the cost of sales. Answer:
Q: On January 1, 20x1 Plaka Co. acquired goods for sale in the ordinary course of business for…
A: Given information, Purchase price = P250,000 Refundable purchase taxes included in above = 5000…
Q: Problem 7. Consider the following data about Rock N' Roses Corp: Current ratio, 0.50; Quick ratio,…
A: We have assumed that prepaid expenses are not there . Current ratio = Current AssetsCurrent…
Q: Heinz Company began operations on January 1, 2019, and uses the FIFO method in costing its raw…
A: Change in Inventory Valuation Method: A change in the technique of calculating inventory costs is…
Q: he following information was obtained for the grinding department of Harlan Company for May: BWIP…
A: Process costing is a costing method that is generally employed by the firms involved in the…
Q: DUse the following to answer questions 18 - 22 Attention Men's Wear, Inc. Balance Sheet…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: QUESTION 1 Ava Consulting issued 1430 shares of previously unissued common stock with a par value of…
A: The debit to cash will be amount received on issue of shares
Q: 1 The city in which you live provides its budget information in monthly budgetary control reports…
A: Budget It is important for the business entity to prepare the budgetary preparation which can be…
Q: Explain why each activity has value added or non-value added. Activity Classification a. Inventory…
A: Value Added Activities are the activities done to provide benefits to the customers. These are the…
Q: Both Lauren Jason Who is worse off in this situation? give the money in the first stage. surplus,…
A: whenever 2 person who work together do not trust or corporate with each other then the trust issue…
Q: Gia Corporation purchased machinery on January 1, 2019 for ₱840,000. The company used the…
A: 1. It has to be handled prospectively, therefore there is no cumulative effect on tax. Answer is…
Q: On December 31, 2020 Mega Nhon Company changed its method of accounting for inventory from weighted…
A: Basic Closing inventory increase the gross profit which in turn increase the net profit. Tax is…
Q: On 1-1-2013 X firm purchased a roasting machine for TK. 80000 and griding machine for TK 60000. On…
A: Depreciation is the reduction in the value of a particular asset. It is the expense incurred when we…
Q: Conventional versus Unconventional Monetary Policy Discuss the key ideas in Neo-Fisherism. Discuss…
A: Answer:- a Key ideas Neo-Fisherism:- The basic Neo-Fisherian theory is that central banks may…
Q: Q2/The University of Anbar purchased equipment for the purposes of the construction campaign in the…
A: The Fixed Ratio Method of Depreciation is Straight-line Method of Depreciation. Under this method,…
Q: Hansen Corporation. a C Corporation (mot a manufacturer) reports the following items in income and…
A: Taxable Income: Taxable Income is the amount determined by deducting the allowed deductions from the…
Q: c Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons.…
A: Solution: Equivalent units are the units which represents the % of work completed during the period.…
Q: The charter of a corporation provides for the issuance of 120,000 shares of common stock. Assume…
A: Formula: Total dividends = Number of Outstanding shares x Dividend per share
Q: Oriole Company buys land for $121000 in 2021. As of 3/31/22, the land has appreciated in value to…
A: Increase in the value of land in one year is equal to: = Amount as on balance sheet date - amount as…
Q: ted) note payable to First Bank at P8,000,000 and accrued interest On January 1, 2021, Granada…
A: Present value of the new note payable on Jan 1, 2021 = Interest payment × PV of ordinary annuity at…
Q: The ff data were made available from a single entry set of books of PETRA Trading owned by Petra…
A: In a single entry system to compute the gross sales and net incomes the following work is needed to…
Q: In preparing its flexible budget given the actual units sold was 20% greater than budgeted, its…
A: Flexible Budget A flexible budget adjusts to changes in actual revenue levels. Actual revenues or…
Q: Schwert Corp. shows the following information on its 2015 income statement: Particulars ($) Sales…
A:
Q: 7. Unit sales needed to attain a Target Profit of P50,000. 8. Peso Sales needed to attain a Target…
A: Cost Volume Profit Analysis is a method of Cost Accounting to analyse the product/service costs,…
Q: mma Consulting had previously purchased 2838 shares of treasury stock for $7 per share. Emma then…
A: Solution: Treasury stock are the stock which are purchased by the company of its own shares. These…
Q: During the reporting year the company's commodity output amounted cost - 12 million rubles,…
A: For many years, the Company earned significant cash from operations and has a strong credit capacity…
Q: Compare and contrast the Hecksher-Ohlin theory and the increasing returns to scale theory? Clearly,…
A: there are different theory given in the economics related to the international trade according to…
Q: D00. Ta aible fo
A: Introduction Additional refundable tax is computed as 1023% of the lesser of the following:…
Q: Based on past experience, Maas Corp. (a U.S.-based company) expects to purchase raw materials from a…
A: Following is the journal entry with correct amount
Q: The actual information pertains to the third quarter. As part of the budgeting process, the Duck…
A: Static budget of variable cost for 19000 units = $185,000
Q: You plan on starting a lawn mowing business by investing $700 of your own money and purchasing $500…
A: Computation of budgeted margin per unit is enumerated as below:
Q: How are losses allocated to S Corporation owners ?
A: S Corporation: As far as federal taxation is concerned, S companies are corporations that have…
Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity: Preference share…
A: Depreciation expense is the portion of cost of the fixed assets to be written off periodically in…
Q: Southwest Components recently switched to activity-based costing from the department allocation…
A: T-accounts also known as Ledger account are the posting of transaction from journal entries.…
Q: On March 1, your checkbook balance is $565.02, and the bank statement balance is $464.07. An…
A: Bank Reconcilation: It is the method involved with matching the balance in bank balance as per…
Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: Problem 6-10 (Static) Long-term contract; revenue recognition over time (LO6-8, 6-9] [The following…
A: The question is based on the concept of Financial Accounting.
Q: Bramble Production is planning to sell 650 boxes of ceramic tile, with production estimated at 830…
A: Manufacturing overhead, in the given case, is being applied at the rate of 130% of the direct labor.
Q: On January 1, 2021, Heaven Inc. reported the following shareholders' equity: Preference share…
A: Retained earnings are the earnings that have been accumulated over a period of time. The ending…
Q: Management of Lasalyano Corporation has asked for your help as an intern in preparing some key…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in…
A:
Q: At the beginning of current year, Black Company changed the inventory cost flow method to FIFO from…
A: The increase in beginning inventory increases the cost of goods sold and increase in ending…
Q: Study and analyze the criteria established in GASB Statements 14, 34 and 39. Evaluate the following…
A: Government Accounting Standard Board is an organization in the private sector. For US state and…
Q: Suppose you have been hired by President Emmanuel Macron of France as an economic policy consultant.…
A: Answer:- A new tax on gasoline would be most economically efficient. Government will be able to get…
Q: A business issued a 120-day, 15% note for $83,000 to a creditor on account. Journalize the entries…
A: Interest expense = $83,000 x 15% x 120/360 = $4,150
Q: On January 1, 2017, Nobel Corporation acquired machinery at a cost of ₱800,000. Nobel adopted the…
A: Depreciation is expense. Expense reduce the net income due to which less tax required to be paid.…
Q: andard material cost per kg of raw material is $8.75. Standard material allowed per unit is 6 Kg.…
A: Standard cost per output unit = Standard quantity × Standard price
Q: Compute the quick ratio on December 31 for each year. Round to one decimal place. 20Y4 20Y3 Quick…
A: The Qúick ratio measures the company ability to meet it so term and urgent need so it measure the…
Q: If selling price $40 per unit Variable cost $25 per unit…
A: Break even point = fixed cost / contribution per unit Sales = fixed + desired profit / contribution…
Q: Ig Pros inc. calculates income under absorption costing. company provic bonuses to managers in 2021,…
A: Under Variable Costing Method, only Variable cost of production are included to calculate the…
Q: Miracle Corporation reports the following amounts in its December 31, 20XF income statement: Sales…
A: The earnings per share is calculated as net income divided by average number of shares outstanding.
Step by step
Solved in 2 steps
- Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.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.Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?
- If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000Air Compressors Inc. purchases compressor parts for its inventory from a supplier. The following transactions take place during the current year: A. On April 5, the company purchases 400 parts for $8.30 per part, on credit. Terms of the purchase are 4/ 10, n/30, invoice dated April 5. B. On May 5, Air Compressors does not pay the amount due and renegotiates with the supplier. The supplier agrees to $400 cash immediately as partial payment on note payable due, converting the debt owed into a short-term note, with a 7% annual interest rate, payable in three months from May 5. C. On August 5, Air Compressors pays its account in full. Record the journal entries to recognize the initial purchase, the conversion plus cash, and the payment.
- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?Rix Company sells home appliances and provides installation and service for its customers. On April 1, 2019, a customer purchased a dishwasher that Rix normally sells for 1,000. In addition, the customer purchased the installation service and a 3-year service contract, with stand-alone selling prices of 200 and 400, respectively. Because the customer purchased all three items as a bundle, Rix charged the customer 1,400. Required: 1. How should the transaction price be allocated among the products? 2. Prepare the journal entries to recognize revenue related to each product in 2019.
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Review the following transactions and prepare any necessary journal entries for Lands Inc. A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory, on credit, for $12.50 each. Credit terms are 4/15, n/30 from the invoice date of December 10. B. On December 28, Lands pays the amount due in cash to the supplier.