e Collection period 21.9
Q: Cozy Corporation purchased supplies at a cost of S24,000 during the current year. At January 1, supp...
A: For calculating supplies expense, we need to use below formula. Supplies expense = Opening balance o...
Q: The following events occurred in Fresh Cleaning Company in December 2021: (1) A customer has purchas...
A: The main objective of any set of accounting standards appears to be to ensure that a company's finan...
Q: Indicate if assessable income has been derived and when it was derived in the following situations....
A: The employee received = $1500 on 29th June. Assessable income will be derived in the period in which...
Q: Indicate whether the statement is TRUE OR FALSE. 9. Creditor is the maker of the check. a. true b...
A: 9.First we have to know about the meaning of creditors i.e. A creditor is a person, bank, or other ...
Q: Earth Oil Company acquired the following unexplored leases during 2018: Lease Acres Bonus/Acre 2,000...
A: The exploration cost is the cost incurred by the company while searching for oil or gas. Particul...
Q: A resident citizen taxpayer sold a principal residence located in the Philippines. Other data regard...
A: Introduction: The net price is the price at which a product or service is sold after all taxes and o...
Q: At the end of the current year, the unadjusted trial balance of Branco, Inc., indicated $5,835,000 i...
A: Introduction:- A trial balance is a list of all the accounts in a company's general ledger (includin...
Q: Required: Prepare the company's budgeted income statement for the year.
A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...
Q: Who can sue the auditor? how they can sue the auditor. Explain.
A: An auditor is a person or an entity (if the auditor is a firm), who is authorized and assigned/hired...
Q: Grill's Floori Allowance f receivable cchedu Hule of
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: Activity No. 06 - Financial Statement Preparation Instruction: Prepare the following 1. Income State...
A: Net Income = Total Revenue - Total expenses Net increase in equity = Additional capital invested + N...
Q: Singer and McMann are partners in a business. Singer's original capital was $43,200 and McMann's was...
A: Interest on Singer's capital = $43,200 x 10% = $4,320 Interest on McMann's capital = $52,800 x 10% =...
Q: Naomi uses the filing status of Single for 2021. Her taxable income is $612.353, which includes $25,...
A: Question 1 For 2021 When single tax payers As total taxalable income is Then qualified dividend ta...
Q: Journal entries a. $30,000 cash was borrowed on a five-year 10% note payable, dated 5/1/2021. b. $...
A: Solution A journal is the company's official book in which all business transactions are recorded in...
Q: Instruction: For each transaction, indicate whether the assets (A), liabilities (L) or owner's equit...
A: 1. Buying equipment paying cash will increase equipment and decrease cash. 2. Paying monthly rent ex...
Q: Entries for Issuing Bonds and Amortizing Premium by Straight-Line Method Smiley Corporation wholesal...
A: Given, Issue price =$8,900,000 Cash received =$10,399,742 a. Journalize the entry to record the is...
Q: a. Determine Jane's total cash inflows and cash outflows. b. Determine the net cash flow for the mon...
A: Cash is an important current asset which stands with the financial position and provides liquidity m...
Q: Assume that sales revenue in 2022 changed to S755,00 and cost
A: The income statement explains the financial performance of the company for a particular period of ti...
Q: Use the data in Exhibit 14.5 On October 7, Schmidt Machinery Company purchased 720 pounds of PVC at ...
A: journal entry under cost accounting integrated set where both financial and cost systems are recorde...
Q: manufactures and sells high-priced motorcycles. The Engine Division produces and sells engines to ot...
A: Differential analysis is performed fir the situation when two alternatives are available for the com...
Q: On December 31, 2021, Sampaguita Company provided the following information: Accounts Payable, inclu...
A: Current liabilities: Liabilities that have to be paid within one year or one operating cycle, whiche...
Q: Relax Spa Company is engaged in providing facial and body treatment in a spa centre. Customers are r...
A: Introduction: An income statement or profit and loss account (also known as a profit and loss statem...
Q: On November 5,2019, ABC Corporation’s truck was in an accident with an auto driven by Mikey. ABC rec...
A: Let's understand some basics The general concept of accrual accounting is that economic events are r...
Q: Compute for the capital gains tax
A: Capital gains tax is the tax amount which has to be paid to the government on the gains which has be...
Q: On April 5, 2019, Janeen Camoct took out an 7.75% loan for $22,000. The loan is due March 9, 2020. U...
A: Interest refers to the amount of return that is received by the lender by borrowing a sum to the bor...
Q: data below please complete a P&L Account Opening Stock - £800,000 Depreciation - ...
A: At first case the income statement is prepared to you know the net profit of the company. this show...
Q: Question 18, P1-10 (book/static) Part 1 of 2 Interest versus dividend expense Derwent Ltd., has anno...
A: Earning before tax = EBIT - interest expense
Q: .How much is the transaction costs incurred during the business combination?
A: The answers for the multiple choice questions and relevant working are presented hereunder : Transac...
Q: Riverbed Corp. uses the direct method to prepare its statement of cash flows. Riverbed trial balance...
A: Since you have posted question with multiple sub-parts we will do the first three sub-parts for you ...
Q: Which of the following factors will most likely have a negative impact or
A: Functions of Budget: Planning: It facilitates planning for future activities. Controlling: Budgets ...
Q: On the first day of the fiscal year, a company issues a $5,300,000, 8%, five-year bond that pays sem...
A: Interest expense = Cash interest paid - premium amortized semi annually
Q: Hemingway Corporation is considering expanding its operations to boost its income, but before making...
A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...
Q: he firm is contemplating the following (base case): Vehicle acquisition cost ...
A: The earnings of a company is distributed amongst various stakeholders. These stakeholders receive t...
Q: Case 3: Non-Controlling Interest measured at proportionate share in net assets Inahan Co. elects the...
A: 1. Transaction cost incurred fair value of land - book value of land = P1000000 - P 7500000 = P 250...
Q: Instruction: Prepare the following 1. Income Statement 2. Statement of Changes in Equity 3. Statemen...
A: Financial statements refers to the statement which includes BS (Balance Sheet), income statement (IS...
Q: par while attending college and earned $ The total withholding taxes she paid $450. Carmen also earn...
A: Taxable income refers to the part of the income which is used in determining the person or individua...
Q: Winner's Circle has just received a special one-time order for 875 medals at $305 per medal. For thi...
A: Incremental analysis is carried out to ascertain if the available alternative is profitable for the ...
Q: a. Identify the type of lease involved and give reasons for your classification. Discuss the account...
A: The type of lease involved is an operating lease because the asset is not a specialised asset and th...
Q: Below the General Journal entries from Part B, record the following six transactions. XYZ Co. operat...
A: XYZ Co. operates in Saskatchewan a Canadian province. Here the rate of GST is 5% and PST is 6%. Most...
Q: On December 31, 20--, Karmansky Company needed to record its accrued wages for year-end. If December...
A: Accrued salaries expense = Gross pay x no. of days accrued / 5 day week Accrued salaries payable = ...
Q: Activity 1- ACCHT 221 - RECORDING TRANSACTIONS ; POSTING TO LEDGER AND PREPARATION OF TRIAL BALANCI ...
A:
Q: Depreciation charged in costing books is ? 12,500 and in financial books is ? 11,200. What will be t...
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as D...
Q: Compute for the ratio that measures how quickly Nezuko Inc. inventory converted into sales
A: Introduction:- Inventory Conversion Period shows how much time it takes to convert the inventory int...
Q: Lucky Clothing creates and sells t-shirts that can be customized. The cost of sales order processing...
A: Activity based costing is the costing method of allocation of the costs to the department or to the ...
Q: Find the cash flow from financing activities of public trading company which was in the business of ...
A: Solution Cash flow statement is a financial statement that provides aggregate data regarding all cas...
Q: before-tax yearly income of $203,000 and has no debt outstanding. Expanding Hemingway Corporation is...
A: The formula to calculate tax liability is - Tax liability = EBT * Tax rate where, EBT is Earning bef...
Q: Mary, a widow, died in 2022. Her personal representative filed a federal estate tax return showing t...
A: As you asked multiple questions,but as per our company policy we are giving answer to first question...
Q: TABLE 13-2 Present value of an annuity of $1 Period 2% 3% 5% 6% 7% 8% 9% 10% 11% 12% 13% 1. 0.9804 0...
A: Value of different alternate offers is examined on basis of concept of time value of money and annui...
Q: in its first year of business, Miss Take, the bookkeeper, eroneously recorded a $1,000 period cost a...
A: Period cost is also written as fixed cost which remains constant at every level of production. Exam...
Q: what is the difference between secured transactions and unsecured transactions
A: Secured transactions are the transactions which are supported by collateral or any other security. U...
3. What could be the interpretation of the average collection period between Boswell Inc. and Kimye Inc.
a. Boswell's receivables are slightly more liquid than Kimye's receivables
b. Kimye's receivables are slightly more liquid than Boswell's receivables
Step by step
Solved in 3 steps
- Hh2. Net credit sales for Turner Company are $200,000 for the year and the average accounts receivable balance is $20,000. What is the company's average collection period? (Use 365 days in a year.) Multiple Choice 5 days 548 days 54.8 days 36.5 daysQ5 Libscomb Technologies' annual sales are $6,879,896 and all sales are made on credit, it purchases $3,179,857 of materials each year (and this is its cost of goods sold). Libscomb also has $565,311 of inventory, $545,421 of accounts receivable, and $422,365 of accounts payable. Assume a 365 day year. What is Libscomb’s Operating Cycle (in days)?Desiccate purchases direct materials each month. Its payment history shows that 70% is paid in the month of purchase with the remaining balance pad the month after purchase. Prepare a cash payment schedule for March if in January through March, it purchased $35,000, $37,000, and $39,000, respectively.
- Q4 Libscomb Technologies' annual sales are $6,743,847 and all sales are made on credit, it purchases $3,304,291 of materials each year (and this is its cost of goods sold). Libscomb also has $535,216 of inventory, $1,475,000 of accounts receivable, and $1,400,000 of accounts payable. Assume a 365 day year. What is Libscomb’s Receivables Period (in days)?18. The following information pertains to Q Company:Trade accounts receivable, net of P10,000 credit balance in customers’ accounts, P350,000Notes receivable, P30,000 due in 12 months, P210,000Advances to officers, due in 2 years, P20,000Advances to suppliers, P10,000Sale price of unsold goods sent on consignment to Entity F (120% of cost), P24,000Security deposit paid on a one-year lease contract, P6,000Dividends receivable, P30,000Determine the total current receivables.Net Credit Sales = 12,000. Accounts receivable turnover = 18.8 times. Cost of goods sold = 2,000. Days in Year = 365 days. How much is average collection period in days?
- CASE 1 The following are the information obtained from AMC Company:July August SeptemberCash Sales P24,000 P32,000 P36,000Credit Sales 220,000 300,000 240,000Purchases 180,000 240,000 220,000Operating Expenses 30,000 36,000 32,000Interest Expense - 4,000 -Credit sales are collected 50% in the month of sale, 40% in the month following, 8% in the second monthfollowing, and 2% uncollectible. Credit sales for May and June are expected to be P200,000 and P180,000,respectively. Purchases of merchandise, all on account, are paid 60% in the month of purchase and 40% in themonth following. Purchases for June are estimated at P160,000. Expenses include depreciation of P4,000monthly and are paid in the month incurred. The cash balance on June 30, 201A is P54,000.Required: Prepare a cash budget by month for the quarter ending September 30, 201A. Support your solutionwith schedules of cash receipts and cash payments CASE 2 Sanchez Company, a wholesaler, budgeted the following sales for the…39. CityMarket, Inc.'s purchases during the year were $118,378. The balance sheet shows an average accounts payable balance of $12,000. CityMarket's payables payment period is closest to: 37 days. 44 days. 52 days.7 Oman chromite company LLC had sales last year of OMR 500,000, including cash sales of OMR 208,000. If its average collection period was 120 days, its opening accounts receivable is OMR 100,000, the closing accounts receivable is closest to ____________.(Assume a 365 days year.) a. OMR 192,000 b. OMR 96,000 c. OMR 98,000 d. OMR 92,000
- A firm has sales of $1.4 million, and 10 percent of the sales are for cash. The year-end accounts receivable balance is $205,000. What is the average collection period? (Use 365 days in a year. Do not round intermediate calculation. Round the final answer to the 1 decimal place.) Average collection period days 76thjbnnJan Feb March Purchases on account $260,000 $293,000 $330,000 The vendors have required the following terms of payment: Month of purchase 30% First month after the purchase 35% Second month after the purchase 35% Calculate the total payment on account for the month of March.months sales jan 4,900 feb 4,800 march 4,900 April 5,100 May 6,000 June 6,250 July 6,350 Weight; 0.45, 0.35, 0.20 forecase sales for the period of April to August using the weight as given