hel
Q: Perpetual Inventory Using Weighted Average Beginning inventory, purchases, and sales for WCS12 are a...
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods sol...
Q: The post-closing trial balance of Peter’s Lawn Services as at 30 June 2021 is as follows: The follo...
A: Journal entries refers to reporting or posting of the transactions into the books of the entity and ...
Q: An entity is a manufacturer of machinery. It uses lease agreements to sell its product. On January 1...
A: Solution: Amount of sales revenue should be recognized by the entity = Present value of lease paymen...
Q: Cliff Company traded in an old truck for a new one. The old truck had a cost of $300,000 and accumul...
A: Recorded value of new Truck = Fair value of the new Truck received where, Fair value of the new Tru...
Q: Flounder Company sells tablet PCs combined with Internet service, which permits the tablet to connec...
A: Journal entries shows the recording of transaction during an accounting year.
Q: 10 Alawad Company’s capital employed on 1-1 2020 was OMR 150,000 and the profits for the last five ...
A: Super profit is the excess of average profits earned over the normal profits earned on capital emplo...
Q: PLEASE SHOW ALL WORK Interest Rate: 9% each year Starting Balance: $150 Time Passed: 14 years How m...
A: Total simple interest: = $150×9%×14 = $189
Q: What steps can you take to put your stock-investing plan into action?
A: Solution: To begin investing in stock securities, you must first get a general grasp of the economy....
Q: Steve Reese is a well-known interior designer in Fort Worth, Texas. He wants to start his own busine...
A: A partnership is an arrangement made between two or more parties to control, manage and business ope...
Q: he costs incurred by Treats Bakery Ltd. as part of its operations are listed below. Cost Items Amo...
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...
Q: 11, Dudley Bank has the following balance sheet and income statement. For Dudley Bank, calculate: R...
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...
Q: An entity reported pretax financial income of P8,000,000 for the current year. The taxable income wa...
A: Total tax payable = taxable income x income tax rate = P7,000,000 x 30% = P2,100,000
Q: Separate costs were as follows: Personal Training Apparel Labor $231,000 $33,250 Supplies 151,300 70...
A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...
Q: The buyer calls cash discount as a. Managing discount b. Purchase discount O c. Sales discount d. Al...
A: The buyer receives the discount on purchases.
Q: Inventory turnover and number of days' sales in inventory Financial statement data for years ending ...
A: The inventory shows the current assets that are presented in the balance sheet of the company.
Q: The FOB term is used with an identified physical location to determine_
A: FOB (Free On Board) is the term used to indicate who is responsible for the goods if it is damaged...
Q: On December 31, 2019, an entity reported a deferred tax liability of P600,000 and a deferred tax ass...
A: Increase in deferred tax liability = Ending deferred tax liability - Beginning deferred tax liabilit...
Q: Hunter Sailing Company exchanged an old sailboat for a new one. The old sailboat had a cost of $210,...
A: Solution: Book value of old sailboat = Cost - Accumulated depreciation = $210,000 - $105,000 = $105,...
Q: ɪꜱ ᴘʜ
A: Perpetual is the term in capital budgeting which is used for indifinite life. Here in the given ques...
Q: Create T-accounts and Trial Balance for the general journal? I am Banker. General Journal Account Ca...
A: Cash A/c (T-Chart) Date Debit Amount Date Credit Amount 12-Nov Common Stock A/c $17580.0...
Q: the simple interest he got.
A: Interest: Interest is the income generated from investing an amount in a bank or any other financial...
Q: P 275,000 10,000 75,000 9,000 15,000 20,000 5,000 2. Wellina Reyes, Capital Unearned Commission Inco...
A: The total revenue is calculated as follows:
Q: Record the following transactions for a perpetual inventory system in general journal form. Round yo...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Ivan, vat registered real estate dealer sold a residential lot on October 2018. The following inform...
A: Answer: Output tax is tax calculated on outward supplies by registered person.
Q: Explain what a common stock yield is and why it matters to investors. Also, define and explain the s...
A: Answer are as follows.
Q: 2. On January 1, 2020, an entity entered into a long-term construction contract with fixed contract ...
A: Using percentage method of completion, the gross profits is realized on the basis of percentage of w...
Q: Annual cash flows from two competing investment opportunities are given. Each investment opportunity...
A: The question is based on the concept of Financial Management.
Q: Diego Company manufactures one product that is sold for $80 per unit in two geographic regions—the E...
A: Unit product cost under absorption costing is $ 60
Q: Del Mundo, Ballada and Mendoza are partners sharing profit on a 7:2:1 rat Burgos was admitted into t...
A: Note: “Since you have asked multiple question, we will solve the first question for you. If you want...
Q: On January 1, 2019, Travel Corporation signed an 8-year operating lease for office space at P300, 00...
A: Additional rent for 2019 = (annual company sales - 2000000) x 5% = (2500000-2000000)*5% = P25,000
Q: TRUE OR FALSE? If the carrying amount of a liability is higher than the tax base, the difference is ...
A: The given statement is True...If the carrying amount of a liability is higher than the tax base, the...
Q: Chapter 11 Canvas Homework – SHOW YOUR WORK Service Department Charges: Anibo Aviation Services has ...
A: Service Department Charges - The cost of service departments are allocated to the operating departme...
Q: Why might firm decide to implement only certain modules in an an ERP system rather than a complete i...
A: Introduction; ERP is a kind of software that businesses use to manage their operational tasks more e...
Q: 1. Since the inception of cheap businesses, people have "voted" for lower costs over personalized se...
A: This question explains about the inception of cheap businesses, people have "voted" for lower costs ...
Q: The details of ABC Company are as under: 60% (Cash sales) Sales 20,000,000 Cost of sales 12,000,000 ...
A: Average stock = (Beginning stock + Ending stock) / 2 = (420000+165000)/2 = $292,500
Q: Somar Fashions purchases T-shirts for $22 less 28%. During a promotion, Somar Fashions sold the T-sh...
A: Mark-down: A price markdown is a decrease in the selling price of retail products that are done on p...
Q: mpetel
A:
Q: Kingbird Company exchanged equipment used in its manufacturing operations plus $3,600 in cash for si...
A: Journal means the book of prime entry where all entries are recorded in different pages.
Q: PART 3: BUDGETING FOR A SNOWIE BUSINESS Now assume the Snowie supplier increases the cost of a gallo...
A: Working Notes :- Sales Revenue = 5 * 69 * 20 = 6900 Ice Expense = 0.2 * 69 * 20 = 276 Spoon straws =...
Q: On 2 January 2016, ME Ltd (ME) issued $10,000,000 5-year bonds for $10,811,090. The stated coupon ra...
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are ...
Q: Diaz Company owns a machine that cost $125,400 and has accumulated depreciation of $92,500. Prepare ...
A: Answer 1) Date General Journal Debit Credit Jan'1 Cash $ 16,300 ...
Q: Subject: Cost management & accounting Q.1 Direct Material = Rs. 50,000 Direct Labour = 75,000 Rent ...
A:
Q: On March 1, 20x7, the amount of accounts receivable to be recorded:
A: Accounts receivable is the balance of money due to a firm for goods or services delivered or used bu...
Q: When it comes to bond values, what role do interest rates play? How can you value a bond if you don'...
A: Introduction: Bonds are a kind of debt owed by the corporation that must be paid back. Coupon intere...
Q: ABC Company Comparative Statement of Comprehensive Income (In Thousand Pesos) Horizontal An...
A: Horizontal Analysis - Horizontal Analysis is calculated by first calculating difference between base...
Q: Delta Company sells to wholesalers on terms 2/15, net 30. Delta has no cash sales but 50% of Delta's...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: Why might firm decide to implement only certain modules in an an ERP system rather than a complete i...
A: Introduction: ERP is a kind of software that businesses use to manage their operational tasks more e...
Q: cash balances:
A: In the December 31, 2019, statement of financial position, what total amount should be reported as c...
Q: Required: (a) Prepare a statement of equivalent production to determine the equivalent units for dir...
A: Process costing is an accounting method typically used by companies that mass produce very similar o...
Q: The recording of closing entries serves two objectives. What are they?
A: Closing entry: It is a journal entry that is written at the end of the accounting period to change t...
Please help me
Step by step
Solved in 2 steps
- Buchanan Imports purchased McLaren Corporation for $5,000,000 cash when McLaren had net assets worth $4,500,000. A. What is the amount of goodwill in this transaction? B. What is Buchanans journal entry to record the purchase of McLaren? C. What journal entry should Buchanan write when the company internally generates additional goodwill in the year following the purchase of McLaren?Garcia Co. owns equipment that costs $150,000, with accumulated depreciation of $65,000. Garcia sells the equipment for cash. Record the journal entry for the sale of the equipment if Garcia were to sell the equipment for the following amounts: A. $90,000 cash B. $85,000 cash C. $80,000 cashJay sold three items of business equipment for a total of 300,000. None of the equipment was appraised to determine its value. Jays cost and adjusted basis for the assets are as follows: Jay has been unable to establish the fair market values of the three assets. All he can determine is that combined they were worth 300,000 to the buyer in this arms length transaction. How should Jay allocate the sales price and figure the gain or loss on the sale of the three assets?
- In October, Dean Company exchanged an old packing machine costing P240,000 and 50% depreciated, for a dissimilar used machine and paid a cash difference of P32,000. The market value of the old packaging machine was determined to be P140,000. How much is the cost of the newly acquired machine and the amount of gain or loss, respectively, that Dean should record on this exchange?Hot Company exchanges an automobile machine with a carrying amount of $135,000 ( original cost , $550,000) for a molding machine owned by Water Company. The molding machine is carried in Water's Company books at a cost of $240,000 with an accumulated depreciation of $83,000 at the time of exchange. Assume that no cash is involved in the transaction, and the fair value of the automobile is not readily determinable. The fair market value of the molding machine is $172,800. How much is the gain or loss on the exchange of Water Company?Gilly Construction trades in an old tractor for a new tractor, receiving a $29,000 trade-in allowance and paying the remaining $83,000 in cash. The old tractor had cost $96,000 and had accumulated depreciation of $52,500. Answer the following questions assuming the exchange has commercial substance. 1. What is the book value of the old tractor at the time of exchange? 2. What is the loss on this asset exchange? 3. What amount should be recorded (debited) in the asset account for the new tractor?
- Caleb Company owns a machine that had cost $46,000 with accumulated depreciation of $20,200. Caleb exchanges the machine for a newer model that has a market value of $56,000. Record the exchange assuming Caleb paid $31,800 cash and the exchange has commercial substance. Record the exchange assuming Caleb paid $23,800 cash and the exchange has commercial substance.Acme Corp. entered into an exchange transaction with XYZ Co. Acme gave XYZ used production equipment and $5,000. In return, Acme received two used vehicles. The production equipment Acme gave up related to a discontinued product and had been idle for the previous three months. The equipment cost Acme $180,000 and depreciation of $150,000 had been recorded at the time of the exchange. Acme had attempted to sell the equipment but was unable to locate a buyer until XYZ proposed the current exchange. The vehicles Acme received will be used in current operations. Acme has needed these vehicles for some time but due to cash flow concerns have not been able to purchase these type vehicles. The company has relied on rentals to carry out the company’s needs. Acme has determined, based on market sources, fair value estimates for each of the vehicles. Vehicle 1’s fair value estimate is $15,000 and Vehicle 2’s fair value estimate is $30,000. Acme’s controller, Chuck Hayes, has never dealt…Rain Company traded a manual weather machine for an automated weather machine and gave $40,000 cash. The manual machine cost $495,000, had a net book value of $350,000, and a fair value of $360,000. The automated machine was originally purchased by Shine Company for $510,000 and had a net book value of $430,000. It has a fair market value of $450,000. Determine the value of the asset received for Rain and Shine assuming the exchange does not have commercial substance. Please include the appropriate dollar sign and commas (example $25,000).
- HOT Company exchanges an automobile machine with a carrying amount of $135,000 ( original cost , $550,000) for a molding machine owned by Water Company. The molding machine is carried in Water's Company books at a cost of $240,000 with an accumulated depreciation of $83,000 at the time of exchange. Assume that the fair values of the automobile and the molding machine are $145,000 and $150,000, respectively. In addition, Hot Company paid $5,000 to Water Company to complete the transaction. 1. How much is the gain or loss on the exchange to be recognized by Water Company?Opal, Inc. owns a delivery truck that initially cost $40,000. After a depreciation of $15,000 had been deducted, the truck was traded-in on a new truck that cost $50,000. Opal was required to pay the car dealer $10,000 in cash. What is Opal's basis for the new truck?Alamos Co. exchanged equipment and $17,000 cash for similar equipment. The book value and the fair value of the old equipment were $80,700 and $90,700, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of: