How much is the Unearned Revenue for Unredeemed Premiums at December 31, 2021? 2. How much is the Total Revenue to be recognized in 2021?
Q: Account Balance Rs.48,800 Salman, capital Advertising expense Accounts payable Sales commission…
A: A trial balance is a record-keeping worksheet that aggregates all blockchain and distributed…
Q: Q38-Cumulative Dividends Homework Unanswered Due Today, 6:00 PM Fill in the Blanks Type your answers…
A: Explanation of Concept Preference Share Preference Shares are the shares which have been issued…
Q: 3. Goods received in December 2019 were recorded as purchases when paid in 2020. The goods were…
A: As per the Accrual Concept of Accounting, Expense should be recorded as when they due, irrespective…
Q: You are examining the financial statements of DON JOHN CORPORATION which ends on December 31. DON…
A: Inventory: The word "inventory" is an accounting term that refers to all of the stock that is in the…
Q: Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On…
A: The income statement shows the net income and net loss that is calculated by deducting the expense…
Q: Prepare a basic income statement forecast for the subsequent fiscal year, using a percentage of…
A: Income Statement The purpose of preparing the income statement is to know the net income which are…
Q: Current Year Previous Year Accounts payable $67,712 $52,900 Long-term debt 30,966 39,700 Based on…
A: Formula used: Amount of change = Current year - Previous year Deduction of previous year value from…
Q: 1) The annual amount of the distribution received by 2) The annual amount of the distribution…
A: The total amount of payments that will be received by B = 310 X $1000= $310000 Payment for an…
Q: . On November 1, 20x1, ABC discounted a P1,000,000, 90-day note, received from a customer on…
A: Discounted discounts are a way for a business to reduce its receivable bank account to meet its…
Q: Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax…
A: Federal tax is calculated as per the schedule given by IRS. Average rate of tax means the effective…
Q: Identify the CORRECT statement regarding the effect of lease on return on capital employed. Select…
A: Taking assets on lease is the best ways to save money which was supposed to be blocked if purchased…
Q: Sunshine Company has the following assets: Land sold in the ordinary course of business…
A: Land sold in the ordinary course of business is classified as inventory as per IAS 2,…
Q: Michelle operates several food trucks. Indicate the amount (if any) that she can deduct as an…
A: There are certain expenses and losses which are allowed as deduction for the taxation purpose. The…
Q: Cash dividends, property dividends, and scrip dividends are examples of dividends that_ Select one:…
A: Retained Earnings - Retained Earnings is the company's accumulated earnings that is retained by the…
Q: Street Bank is considering giving Fallen Company a loan. Before doing so, it decides that further…
A: Inventory- Inventory is the goods that a company keeps in order to generate revenue. This includes…
Q: Johan wants to buy a car on hire purchase for N$49000 at the rate of 12% p.a. repayable using…
A: This question relates to Time Value of Money. Installment Amount = P x r / [1 - {1 / (1 + r)^n}]…
Q: Under which of the following instances can vanishing deduction be claimed? I. A succession which was…
A: Answer:- Vanishing deduction meaning:- The vanishing deduction is one of the standard deductions…
Q: The Jonnie Company owns 75% of the Junior Company. On December 31, 2020, the last day of the…
A: As per PFRS 3, Business Combination, the unrealized profit on the upstream transactions should be…
Q: E5-9 The Palmer Acres Inn is trying to determine its break-even point during its off-peak- season.…
A: The Break-even point is the situation where the company does not earn profit and does not incur a…
Q: Revenue Expenses Cost of merchandise sold. Selling general, admin. expenses Other expenses Total…
A: Formula used: Change in Amount = year 2 value - year 1 value
Q: 3. Bach Co. acquired a 20% interest in C Major Co. on December 31, 20x3 for P630,000. During 20x4, C…
A: The dividend is the distribution of profit among the shareholders of the company. A dividend…
Q: estion Inc., registered with BIR in 12, has the following data the year 2X18 Gross receipts…
A: Tax refers to the compulsory charge levied by the government over the income gained by an entity.
Q: If Tony dies prior to expiration of the 10-year period, will any portion of the remaining payments…
A: No, any portion of remaining payments will not include in Tony’s gross estate under 2033. it is…
Q: Assume, that on June 2, 2022, PVH Corp., borrowed $10,500,000 cash from Fifth Third Bank to meet…
A: Introduction: Many bonds or investments provide interest at maturity, which indicates that the whole…
Q: Craven City borrows $2,000,000 in bonds payable on January 1, 2022, and the bonds are scheduled to…
A: Amount of debt to be rapaid on december 31,2022 will include-principal repayment +interest…
Q: ncome on December 31, 20x1? Karen Co. purchased the following equity securities on January 1, 2…
A: As per IFRS If investment in equity shares other than those held for trading is measured at Fair…
Q: National Income measures are not good measures of development." What are your opinions about this…
A: There are certain limitations that is associated with measurement of National income as National…
Q: RPI, Inc. Balance Sheets for 12/31/02 and 12/31/03 2002 $16,000 7,000 42,000 50,000 1,200 $116,200…
A: Financial statement analysis is done to analyze the overall performance of a business entity.
Q: Using this information, complete the Statement of Cash Flows: - Land was sold for $25,000 in cash -…
A: The cash flow statement assesses a corporation's ability to handle its cash balance, or how…
Q: On Oct 1, 20X1 ABC Co. discounted a one year 12% P600,000 note received from a customer on January…
A: Note discounting: Note discounting means selling or pledging of the notes to the bank prior to the…
Q: Sheridan Company uses both special journals and a general journal as described in this chapter. On…
A: Account receivable is the balance of money due to a firm for goods used by the customer but not paid…
Q: 5. Goods received in January 2020 were recorded as purchase on account in December 2019. The goods…
A: Errors - Errors can affect the income statement and balance sheet by understating it or overstating…
Q: Running Company had the following information for the month of June: Work in process beginning…
A: Process costing is used in an organization where a similar product is produced and goods are…
Q: Typewritten for an upvote. No upvote for handwritten. Please skip if you have already done this.…
A: The question is related to the Mutiple Income Statement, Statement of Changes in Owner’s Equity and…
Q: Under which type of investment classification is directly attributable cost of acquisition is not…
A: A FINANCIAL ASSET IS INITIALLY MEASURED AT FAIR VALUE PLUS TRANSACTION COSTS , UNLESS IT IS CARRIED…
Q: 1. Enumerate 10 reason why do you need to study Information System in the field of accounting. 2.…
A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500…
A: The amount of direct material used can be determined by adding the beginning balance and purchases…
Q: Edwards City has the following information for its general fund for the upcoming fiscal year. Which…
A: Budgetary fund balance can be calculated after deducting Appropriations from estimated revenue. If…
Q: How much is the unrealized gain (loss) accumulated in equity as of December 31, 20x2? Karen Co.…
A: The answer for the multiple choice question and relevant working are presented hereunder : Cost of…
Q: Rommel, Inc. acquired a 60% interest in Mikee Company several years ago. During 2020, Mikee sold…
A: Answer - Calculation of consolidated cost of sales - Particulars Amount Cost of sales of…
Q: Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner,…
A: Lets understand the basics. Liquidation may happen due to voluntary or compulsory basis. In…
Q: On Oct 1, 20X1 ABC Co. discounted a one year 12% P600,000 note received from a customer on January…
A: Note discounting: Note discounting means selling or pledging the notes to the bank prior to the…
Q: Cambridge Corp. has a single class of shares. As its year ended December 31, 2015, the company had…
A: The journal entry is used to keep and make records of the business transaction and these…
Q: e will be useful for 10 years. The vehicle can be solved for PHP 10,000 at the end of its useful…
A: Under straight line depreciation method, equal amount is being charged as depreciation in every year…
Q: ClamShell Security (CSS) is a division of a large, listed company, X3Cate Limited (X3L). The CSS…
A:
Q: Company cell phone bill received, but not paid, $80 what will be the general entry?
A: Introduction: A journal entry is a document of the business arrangement in a company's accounting…
Q: )What are the motivations behind DeFi?
A: Q-1 ) (c) 1,2,3and 4 Q-2) (b) 1,2,and 3
Q: Ordinary share capital, P2 par Share premium-ordinary Share premium-treasury Retained earnings…
A: Requirement: Shareholder's equity includes share capital and reserve and surplus. In the given…
Q: Which of the following statements is NOT true? O Small banks typically focus on the retail side O…
A: Banking- A bank is a type of financial institution that lends money to customers and collects demand…
Q: Havel and Petra are married and will file a joint tax return. Havel has W-2 income of $38,840, and…
A: Their taxable income is $63,382 ($38,840+$49,642-$25,100). Remember that you need to subtract the…
Beautiful Company started a new promotional program in 2021. For every 10 bottle caps returned to Beautiful, customers receive a basketball. The company estimates that only 60% of the bottles reaching the market will be redeemed. The basketball costs P100 and can be sold separately at P150. Additional information is as follows (see image below).
1. How much is the Unearned Revenue for Unredeemed Premiums at December 31, 2021?
2. How much is the Total Revenue to be recognized in 2021?
Step by step
Solved in 2 steps
- Compute for total cost of purchases. *a. P1,840,000b. P1,800,000c. P1,675,000d. P1,600,000PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000OBeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $81,000 $111,000 $ (a) $ (b) $121,000 $50,000 $ (c) $115,000 $34,000 $ (d) $ (e) $101,000 $161,000
- Inventory (01/10/18)Raw materials 28800Work in progress 37000Finished goods 33600Sales (114000 @c5) 57000Carriage on raw materials 1470General expenses 25200Selling expenses 51840Plant and machinery 250280Land 50000Bank overdraft 32120Retained earnings 816Ordinary share capital 2000008% preference share 22000Goodwill 40000Bad debts 830Trade receivables 36433Discount allowed 1440Sundry payable 56636Trade investment 8840Advertising 2250Return inwards 9000Discount received 1920Carriage outwards 2280Production wages 126000Office salaries 4860Purchases of raw materials 168000Noodles 15000Factory rent 13600Office insurance 40800Depreciation on plant and machinery 4920InventoryRaw materials 35400Work in progress 39120Loose tools 3000Additional informationDuring the year, 129000 pieces were completed. The closing inventory of finished goods is valued at the cost price per nose mask produced.Goods manufactured during the year are to be transferred to the trading account at GHc 390000.Provide…A VAT-registered business makes a sale of P12,000, inclusive of VAT. The VAT on the sale can be computed as* a. P12,000 x 12%b. P12,000 / 12% c. P12,000 x 12% / 112%d. P12,000 / 12% / 112%How much is the sales of branch to be included in the combined financial statements? 2,333,333 2,240,000 2,800,000 0 How much is the cost of goods sold of the branch to be included in the combined financial statements? 900,000 1,200,000 1,800,000 1,500,000 How much is the ending inventory of the branch to be included in the combined financial statements? 1,000,000 800,000 1,250,000 8333,333
- After the business combination on the basis of full-goodwill approach, what amount of inventory will be reported? a. P179,000 b. P200,000 c. P210,500 d. P215,000Floyd Corporation has the following four items in its ending inventory. 000Item000 000Cost000 Net Realizable 0Value (NRV)0 Jokers $2,00000 $2,100000 Penguins 5,00000 4,950000 Riddlers 4,40000 4,625000 Scarecrows 3,20000 3,830000 Determine the following: (a) the LCNRV for each item, and (b) the amount of write-down, if any, using (1) an item-by-item LCNRV evaluation and (2) a total category LCNRV evaluation.BLOCK D/2018/1 In t1, you purchase goods on target in the amount of € 9 thousand (net). Furthermore, transport costs of € 500 (net) to be paid to an external service provider for the purchase of the goods are incurred (incidental acquisition costs); payment is also made on destination. Your col- lege posts the goods receipt as follows: purchase of goods € 9,000 and amounts of € 1,710 intrade payables € 10,710 as well as Other operating expenses for trade payables €500. The goods are to be sold in t2. It is foreseeable that you will be able to sell the goods witha high profit margin. Do the postings of the colleague lead to an accrual determination of success? If further bookings or corrections are required in t1, make them and justify your action with reference to the possible bookings. relevant legal regulations!
- Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000OQuestion: Compute the COGS. Beg Inventory $10000, COGM $2000, Ending Inventory $5000Buy P 1-P Low Cost High Cost Purchase Cost C1 = 35,000+ 0.08 x 2,500,000 C2 = 35,000+ 0.12 x 2,500,000 C3 = 200,000
