Entity A publishes quarterly interim financial reports.  Entity A’s annual depreciation for items of PPE is P120,000.  At the end of the first quarter, Entity A’s inventories have a cost of P600,000 and a net realizable value of P510,000.   Entity A expects that the total employee bonuses (13th month pay) that will be paid

Q: Problem 6. Use the following information for the next two questions: DISCALCED BAREFOOTED NAKASAKASA...

A: When an offer grants the option to acquire additional goods or services , such an option or offer is...

Q: A table for a monthly bank reconciliation dated September 30 is given below. For each item 1 through...

A: Bank reconciliation refers to the method used by the company to match the bank statement as well as ...

Q: Crispin Santos started a retail merchandise business on January 1, 2020. During the year ended Decem...

A: Since all the purchases are on credit, it can be calculated from balancing creditors account.   Calc...

Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was obta...

A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is pr...

Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was obta...

A: Lets understand the basics. Adjustment entry is need to pass to record the correct amount of revenue...

Q: A. Operating expenses are a function of: a. The cost of equity and the cost of debt b. The...

A: Operating Expenses: In the business world, an operational expenditure is a cost that a company incur...

Q: n January 2021, ABC Inc. paid property taxes on its factory building for the calendar year 2021 in t...

A: Solution: Property taxes is for whole year, therefore same should be recognized equally in each quar...

Q: Alexander Murils owes P 25,000 due in one year and P 75,000 due in 4 years. He missed these 2 payme...

A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...

Q: Willams Company computed its cost per equivalent unit for direct materials to be $180 and its cost p...

A: Finished goods inventory = No. of units completed and transferred x Cost per Equivalent unit where, ...

Q: The equity section of Whispering Inc. at January 1, 2022, was as follows. Share capital-ordinary Acc...

A: The equity is equal to assets minus liabilities. Equity is also known as stockholder's equity or own...

Q: Magic Sunrays Ltd is a Johannesburg Stock Exchange (JSE) listed company. Below is an extract from it...

A: Cash Flow Statement - Under Cash Flow, there are three types of activities involved - Operating Act...

Q: The following information has been obtained for Sheridan Corporation. 1. Prior to 2020, taxable inco...

A: Solution Income statement is a financial statement thats shows you the company's income and expendit...

Q: Compute the tax due if the corporation is a non-resident foreign corporation. a. 800,000.00 b. 750,0...

A: Answer: Non resident foreign corporations are taxed over income earned from Philippines only. The ta...

Q: X Corporation allows its sales manager to incur expenses subject to reimbursements, as follows: Elec...

A: 1. Amount subject to fringe benefit tax Electricity 70% borne by Company  14000 Water - 70% in ...

Q: Distinguish between a fictitious transaction and an artificial transaction?

A: The difference between fictitious transaction and an artificial transaction is based on the definiti...

Q: Lulu Company and its divisions are engaged solely in manufacturing operations. The following data pe...

A: Answer: Option D. 6

Q: A retailer obtains a 21% retail discount, a 15% wholesale discount and 5% volume discount. The retai...

A: Net Price For Calculating the Net Price after discount first to taken the Discounted Price and Divid...

Q: Budgeted Data Assombly Finishing Overhead cost %24 3,600,000 $2,400,000 20,000 direct labor hours 12...

A: Single plantwide overhead rate = Total overhead costs / Total direct labor hours

Q: Four factors come together In production activity: beginning work In process Innventory, direct nate...

A: Answer 1) Beginning work in process inventory cost is carry forward from previous accounting period ...

Q: [The following information applies to the questions displayed below.] Felix & Company reports the fo...

A: The costs are classified as fixed and variable costs. The high low method is used to separate the fi...

Q: Presented below is selected information pertaining to the Cassie Inc: Cash balance, January 1, 2020...

A: Capital account balance, December 31, 2020 = Total asset, December 31, 2020 - Total liabilities, Dec...

Q: Salem Company has outstanding $100 million of 7% bonds, due in 7 years, and callable at 104. The bon...

A: Solution Note :Dear student as per the Q&A guideline we are required to answer the first questio...

Q: Why are claims on income discretionary with equityfinancing but nondiscretionary with debt financing...

A: Liability: In monetary bookkeeping, a liability is characterized as the future penances of financial...

Q: Which of the following Is the correct formula for calculating days' sales in raw materials Inventory...

A: The ratio analysis helps to analyse the financial statements of the business.  

Q: Wellco returned 43 barrels to its supplier.  The supplier paid $34.50 in cash for each barrel.

A: The answer is stated below:

Q: What would be the book value after three years using the DDB?

A: In double declining balance method, the depreciation is calculated based on book value of assets. Th...

Q: On July 1, 2021, an interest payment date, $150,000 of converted into 3,000 shares of Mack Co. commo...

A: Introduction:- The following basic information as follows under- On July 1, 2021, an interest payme...

Q: Kang, King, and Kong are partners in KKK partnership. They share profit or loss in the ratio of 5:3:...

A: Partnership is the association of two or more persons who have agreed to share profit and loss on th...

Q: Percy receives a basic salary of $750,000 per annum in 2021. His employer pays rent of $50, 000 per ...

A: Total taxable emoluments for the year 2021 =  basic salary + non-cash perquisites  basic salary =  $...

Q: An analyst has compiled the following information relating to a company for the year ended 31 Decemb...

A: Return on equity (ROE)=Net Profit after taxTotal Shareholder's Equity at year-end×100

Q: Why is EBITDA controversial?

A: Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) is a metric used to assess ...

Q: A vendor prepares 100.00 hotdogs every day and sells at $20.00/piece. For each hot dog, he spends $1...

A: Profit: Following the deduction of all expenditures, profit is the money that a firm makes. Profitab...

Q: The historical cost of land and building of Airbag Ltd that purchased three years ago are $500 000 a...

A: Yearly depreciation of building (before revaluation) = Cost - Residual value Estimated useful life  ...

Q: Justifies ignoring the matching principle in certain circumstances.

A: option b is correct   Justifies ignoring the matching principle in certain circumstances 

Q: On July 1, 2020, Tealight Company issued 2,000 $ 1,000 bonds at 103. Each bond was issued with one d...

A: The process of recording financial activity for the first time in the books of accounts is known as ...

Q: Required information (The following information applies to the questioni displayed below Adger Corpo...

A: The flexible budget report is prepared to find the variance between actual results and standard resu...

Q: On April 1, Year 1, Greenway Corporation issues $20 million of 10%, 20-year bonds payable at par. In...

A: Bonds means an instrument issued by company acknowledging the debt due from company to bond holder. ...

Q: ABC Company was engaged in leasing machinery. The following were obtained from the incomplete record...

A: The accrued rent income is the rent earned but not received yet.  It is treated as a current asset i...

Q: Costs for Different Levels of Units Produced and Sold Direct labor At 2,000 units At 4,000 units $ 2...

A: 1. Variable cost - It refers to the cost which changes with the change in the same ratio as a change...

Q: Determining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million. ...

A: Gross Profit = Sales - Cost of Goods Sold

Q: Based on the information in scenario C, classify the information (1-8) according to the elements of ...

A: Here given the details of elements of Auditing findings which are involved with the each and every a...

Q: ABC Enterprises is a multi-divisional firm that makes and sells personal protective equipment to hea...

A: Introduction:- ABC Enterprises is a multi-divisional corporation that manufactures and distributes p...

Q: LZS Bhd produces a single product called MY2.5 which is being exported to Indonesia. You are the man...

A: Sales variance = Actual sales - budgeted sales = RM 551,000 - (9,500 Units * 60 RM) = RM 19,000 (UNF...

Q: Crispin Santos started a retail merchandise business on January 1, 2021. During the year ended Decem...

A: Purchases means where the goods has been purchased for the resale purpose. Gross purchases means whe...

Q: Elaborate/Explain Integer Linear Optimization and give example

A: Answer:- Integer linear optimization is a further version of linear programming where the condition ...

Q: On what basis shall we allocate resources to Program A instead of Program B,” is the perennial state...

A: When compared to other types of budgeting, such as that used by typical private sector organisations...

Q: Unit $6.55 $3.45 $1.45 Direct materials Direct labor Variable manufacturing overhead Fixed manufactu...

A: The costs are distinguished as variable and fixed cost.  The variable cost per unit remains constant...

Q: PE 2. Baler Company has annual sales of P2.5M with variable expenses of 60 percent of sales and fixe...

A: Solution Given Annual sales 2.5M Variable expenses 60% of sales Fixed expense per mo...

Q: PROBLEM NO.1- Composition of cash and cash equivalents The following data pertain to PRTC Corporatio...

A: Computation of the cash and cash equivalents to be reported on the entity's December 31 2018 stateme...

Q: Wharton, Inc., pays income taxes on capital gains (Including gains on marketable securities) at a ra...

A: Realized Gain = Cash - Cost Tax amount = Realized Gain * Tax rate

Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.