has the following information: Sales P 480,000 Operating expenses 300,000 Net loss (60,000)
Q: Blossom, Inc. prepared the following master budget items for July: Production and sales 22,000 units…
A: The flexible budget is prepared for actual units produced with budgeted rates.
Q: New Gadgets, Incorporated, currently pays no dividend but is expected to pay its first annual…
A: The price of the stock at the end of 6 years is given by: =Dividend at the end of year 7/(Required…
Q: How is the accounting treatment of an event that occurred on the date before the report was…
A: Subsequent events are events occurring after balance sheet but before the issue of financial…
Q: The amount of sale to qualified PWDS INCLUSIVE of VAT is P1,120,000. Under the law, senior citizens…
A: Introduction Persons With Disability (PWDs) according to republic act 10754 are eligible to get a…
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: The Bronco Corporation exchanged land for equipment. The land had a book value of $138,000 and a…
A: Exchange means to give up something for something else. Here in the question, Land is exchanged with…
Q: Pretty Pillows, Mfg., manufactures silk throw pillows. Last month the company produced 3,890…
A: Cost of goods manufactured: It means total manufacturing costs, including all direct materials,…
Q: Make a cash budget for fire ltd. for the march and april month
A: Cash budget is the budget in which it is recorded about how much cash balance company or the…
Q: 1 20 million 6% convertibl ecember 2019, the holder convert the notes into ord e converted into 50…
A: 20 Million 6% Convert-able Loan Notes on jan -01,2017 31.12.2019 Maturity Date Term - 3 years…
Q: July 1 Iavestment of the owner 3 cash sales 13 loan 15 Collection of accounts 20 Purchase returns 29…
A: Cash Flow Statement is a part of Financial Statements which shows the inflow and outflow of cash…
Q: Shown below is the sales forecast for Cooper Inc. for the first four months of the coming year Apr…
A: Cash inflows in March = cash sales + cash collected in month of march
Q: impopo Ltd issued 200 000% debentures on 1Jan 2010. The debentures were issued at R7 each and are…
A: Whenever debenture issued at Par and reedemable at Premium then such an excess amount can be treated…
Q: Which of the following checks can not be encashed but instead merely deposited? . Stale check…
A: Introduction: Banks: Banks accepts deposits from the customers and gives loans to the needy people.…
Q: Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $18.5…
A: Pensionable earnings refer to those earnings which are useful to evaluate the pension contributions…
Q: A boat is purchased for $51,000 and has a resale value of $42,000 after a useful life of 6 years.…
A: Calculation of depreciation under straight line method Cost - salvage value / useful life of asset…
Q: what amount of depletion should be included in cost of goods sold? 3,375,000 O 4,570,000 O 3,427,500…
A: Depletion refers to the reducing in the value of natural resources of the earth from extraction of…
Q: Part 1 On April 1, 2020. Shelter Bay Inc. has available for issue S00,000 honds due in four years…
A: Valuation of Bond
Q: on December 31, 2022 to be ab d of each month for the next 2 mount on deposit will earn ann d…
A: Given as, PMT=4000 RATE =2%/12 N=25 x 12=300
Q: On July 1, 2020, Oliver Construction Corp. contracted to build an office building for Annalise Inc.,…
A: Percentage Completion Method: The percentage of completion may be calculated by dividing current…
Q: A strategic systems plan is a major output of the steering committee and 2. professional's in-charge…
A: The Strategic Systems Planning methodology or SSP is applicable to any type of organizations. It…
Q: A family friend has asked your help in analyzing the operations of three anonymous companies…
A: Formulas: Net operating income = Average operating assets x ROI Dollar amount = Average operating…
Q: As sales manager, lohn was grven the following static budget report in the cothing dopartment of…
A: The flexible budget is prepared on the basis of actual results and standard rates. The variance is…
Q: 1a. A machine was purchased 4 years ago for $50,00O. The depreciation amount each year was $10,000.…
A: Depreciation charging method includes: Straight-line method Declining balance method…
Q: Add any values according to you petty cash statement
A: Petty cash statement is the statement in which all the expenses which are related to it and which…
Q: As sales manager, John was given the Dunham Company for the month of C
A: In this question, we have to make a flexible budget report.
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: Which of the following statements is true of tactical decisions? a.Tactical decisions do not have…
A: The tactical decision is taken by the company by choosing certain options from specific goals of the…
Q: 1. Provide ALL adjustments by the end of 2017 (all journal entries have to have account numbers). he…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Firsts step…
Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…
A: The deferred expenses are the expenses incurred but not yet due for payment. The deferred revenue is…
Q: Lincoln Corporation used the following data to evaluate their current operating system. The company…
A: The static budget variance of variable Cost = Actual variable Cost - Budgeted variable Cost
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: Cito's Corp. has current assets of $4.5 million and current liabilities of $3.6 million. The current…
A: Financial ratios are those which provide a summary of the accounts of a company and helps an…
Q: The stockholders' equity section on the December 31 balance sheet of Hadley Corporation reported the…
A: Paid in Capital:-It is the cash or other assets given by the investors in exchange for Stocks i.e…
Q: A certain car was purchased for $25,00 has a resale value of $16,000 after a uset years. What is the…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Q: The following information relates to EAZ Company for the year ended December 31, 2018: Raw materials…
A: Cost of goods manufactured - Cost of Goods Manufactured is the total cost incurred for manufactured…
Q: Based on the following audited financial statements of Fast Truckers at the end of December 31,…
A: Beginning capital = Ending capital - Net income for the year where, Ending capital = Total assets at…
Q: e "Happy Cow" store sells skim milk that is delivered daily. The demand has a uniform distribution…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 15,365.85 16,134.15 32,268.29 Determine the taxable income for Year 2 (only - not the total)
A: Taxable income refers to the net income that is derived after deducting all the expenses in a year…
Q: Required information (The following information applies to the questions displayed below.) Donnie…
A: Stockholders' equity section is a part of Company's balance sheet which consists of Contributed…
Q: Depreciation Method
A: In this question, we have to calculate depreciation by three method straight-line, production method…
Q: On January 1, 2021, Abba Company sold a piece of equipment to Bacus Company with a cost of…
A: Annual Payment = P×r×1+rn1+rn-1 where, P= principal amount= P4,000,000 r= rate of interest= 10% n=…
Q: 3. System requirements are features that must be included in the new information systems to satisfy…
A: There are different types of requirements, generally confused to differentiate between business…
Q: QUESTION 1 Ava Consulting issued 1180 shares of previously unissued common stock with a par value of…
A: Solution: Additional paid in capital is the capital which is the excess of issue price from par…
Q: Question 28 X operates a standard marginal costing system. The following budgeted and standard cost…
A: The direct material price variance would be one of two variances being used to evaluate direct…
Q: What is the difference between order discounts and volume discounts?
A: there are different types of discount from the cells that customer can earn close discount are…
Q: Whispering Winds Corp. sold $5,900,000, 11%, 15-year bonds on January 1, 2022. The bonds were dated…
A: The bonds are the financial instruments used by the business to raise money from the market or other…
Q: Income Statements and Firm Performance: Variable and AbsorptionCostingJellison Company had the…
A: An income statement is a statement that summarizes a company's profits and costs. It also displays…
Q: e) None of these answers. 9. Ahmed's employer provides him with S150,000 of group term ife insurance…
A: Group Term Life Insurance is a type of insurance offered to a group of people under the same policy.…
Q: OUse the following to answer questions 18 - 22 Attention Men's Wear, Inc. Balance Sheet…
A: Treasury stocks are contra equity items which are in the nature of share repurchase and are…
Q: A company was organized on January 1, 2019. During its first year, the company issued the following…
A: The question is based on the concept of Financial Accounting. Preference shareholders carries the…
Peace Inc. has the following information:
Sales P 480,000
Operating expenses 300,000
Net loss (60,000)
How much is the entity's cost of sales?
A. 340,000
B. 360,000
C. 240,000
D. 420,000
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The follooving information relates to Snorbird Corporation Sales at the breakeven point P312.500 lotal foed expenses 250,000 et opetating income 150,000 what is Sncwbird s margin of safetyPeace Inc. has the following information: Sales P 480,000 Operating expenses 300,000 Net loss (60,000) How much is Peace Inc.'s gross profit if its gross profit is 50% based on sales?A. 260,000B. 180,000C. 240,000D. 280,000Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporation
- Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.Best Feeds, Inc. has the following information on their income statement: Sales $2,000,000 Cash Costs 1,200,000 Depreciation 100,000 EBIT 700,000 Interest Expense 200,000 EBT 500,000 Taxes (25%) 125,000 Net Income $ 375,000 What is their NOPAT? Group of answer choices $427,620 $450,120 $375,000 $498,750 $525,000Shs. Sales Revenue 400,000,000 Less: cost of sales 253,000,000 Gross profit 147,000,000 Add: miscellaneous income 53,000,000 Gross profit 200,000,000 Less: Operating expenses Rent of office space 6,000,000 Electricity 3,200,000 Staff salaries & wages 2,000,000 Telephone and meals 7,000,000 Repairs 2,600,000 Sales promotions 3,600,000 Depreciation 10,000,000 Consultancy fees 5,000,000 Bad debts 7,500,000 Donations 22,000,000 -98,900,000 Surplus 101,100,000 Gift of Stationery from Picfare 26,000,000 Transport paid for the Gift 500,000 telephone and meals Meals 1,750,000 shareholders consumption 2625000 Telephone 2625000 5250000 Total Telephone and Meals 7,000,000 Donations Donations 1,000,000 NRM Donation 19000000 Donations 2000000…
- ABC Co. provided the following:Administrative expenses 400,000Cost of sales 1,800,000Distribution costs 450,000Loss – exchange differences on translating foreign operations 100,000Finance costs 300,000Gains – cash flow hedges 50,000Gains on property revaluations 250,000Loss for the year from discontinued operations 90,000Other expenses 150,000Other income 110,000Gain – remeasurement of defined operations 270,000Sales 3,200,000Share of gain on property revaluation of associates 120,000Share of profits of associates 80,000Loss – available for sale financial assets 70,0001. Ignoring taxes, the amount reported in the profit or loss section for the year ended December 31, 2020 is2. Ignoring taxes, the amount reported in the other comprehensive income section for the year endedDecember 31, 2020 isAustralia Company has three business segments with the following Information: One Two Three Sales to outsiders P8,000,000 P4,000,000 P6,000,000 Intersegment transfers 600,000 1,000,000 1,400,000 Interest income - outsiders 400,000 500,000 600,000 Interest income - intersegment loans 300,000 400,000 500,000 What is the minimum amount of revenue that each of those segments must have to be considered reportable?Prepare a common size statement for Mickey Corp and Mighty Corp Mickey Corp. Mighty Corp Sales 2,300,000.00 1,860.000.00 Cost of Sales. 1,050,000.00 980,000.00 Gross Profit on sales. 1,250,000.00. 880,000.00 Operating expenses 950,000.00 400,000.00 Net Income. 300,000.00. 480,000.00a) Prepare common statementb) Give your written analysis.
- net sales 330 000 lD ., other revenue and gains 170 000 lD., building 500 000 lD ., notes payable 120 000 lD., cost of purchases 150 000 lD ., other expenses and losses 150 000 lD., the net profit is:- 250 000 lD. 830 000 lD . 120 000 lD . 200 000 lD . no one .5. If sales revenues are P400,000, cost of goods sold is P310,000, and operating expenses are P60,000 the gross profit is: a. P90,000O b. P340,000 c. P400,000 d. P30,000XYZ Inc. had the following figures in its Income Statement: (please show solution) Sales Php 920,000.00 Cost of Goods Sold Php 320,000.00 Other Income Php 50,000.00 Salaries Php 220,000.00 Advertising Php 100,000.00 Rent Php 80,000.00 Other Expenses Php 50,000.00 How much is the income/loss? Kindly indicate if your answer is income or loss.