ILLUSTRATE THE VARIOUS COST CLASSIFICATIONS.

Q: He Brat fetime pilt on 4 May 2015 was to a trust and this resulted in a gross changeable transfer of…

A: Gift Tax: The gift tax prevent the individual who are transferring their property or cash as a gift…

Q: Jorioz Co makes joint products X and Y. $120,000 joint processing costs are incurred At the…

A: If the cost of the further processing is higher than the additional revenue of product Z, it will be…

Q: What self-employment tax rate is applied to earnings that exceed $142,800 in a year and also do NOT…

A: Self-Employment Tax: Taxes for Social Security and Medicare are combined into a single payment…

Q: Administrative Expenses $ 250,000 Building 1,025,000 Cash 97,000 Cost of Merchandise Sold 1,400,000…

A: Income statement records all the revenue and expenses and helps to determine net income of the…

Q: The partnership had an income of P675,000 during 2013 but was less successful during 2014, when…

A: It is given in the question that after the distribution of salaries and interest on capital the…

Q: Calculate: a) The break-even level of production and sales b) The margin of safety

A: Given in the question: Per Desk Amount Direct Materials  €3.00 Direct Labour…

Q: During 2019, Minh Corporation had a net income of $144,000. Ordinary share capital was $200,000…

A: The cash flow statement is prepared to record the cash flow from various activities such as…

Q: A ladies' suit selling for $145 is marked down 25% for a special promotion. It is later marked down…

A: Lets understand the basics. Management gives offer for the discount for attracting more selling than…

Q: Explain why many companies believe that cash flow budgeting is important

A:

Q: IFRS is a Single set of high quality, globally accepted and enforced set of standards that require…

A: IFRS refers to International Financial Reporting standards which are the globally accepted…

Q: Forecasted Statements and Ratios Upton Computers makes bulk purchases of small computers, stocks…

A: AFN=((A0S0)×(S1-S0))-((L0S0)×(S1-S0))-(M×S1×b) Where; A0=Current assets S0=Sales S1=New Sales…

Q: On February 3, the company purchased materials amounting to P950,000 on account. Transportation…

A: Perpetual Inventory System: A perpetual inventory system is a computer software that makes ongoing…

Q: A machine bought at P420,000 has an economic life of 6 years with a salvage value of P50,000. Cost…

A: Depreciation is the decrease in the value of assets due to its use or obsolescence.

Q: 1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended December…

A: Income statement is prepared to analyse profit making position of the business. This shows all…

Q: Required: 1. Journalize the transactions in the books of DEF Company.

A: Date (April) Particulars Debit (P) Credit (P) 2 AM company       Sales 250,000     250,000…

Q: CREATE A SAMPLE FINANCIAL STATEMENT OF AN EVENT ORGANIZING COMPANY

A: Income statement The purpose of preparing the income statement is to know the net income which are…

Q: 1. Mohammed is admitted to the partnership of Rashed & Ameer. Prior to his admission, the…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: Explain how an entity would initially and subsequently measure its right-of-use asset and lease…

A: Lease Liability: Initial measurement: The Lease Liability is initially measured at the present…

Q: In your audit of Entity A, you noted that the Rent expense account has an ending balance of…

A: Note:- Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: using the macrs rates from the following table, what is the book value of a $3000 computer after 3…

A: As per MACRS table, the depreciation for first 3 years and accumulated depreciation is as follows:…

Q: A4) Finance Under s7 of the Resource Management Act, in achieving the purpose of the Act all persons…

A: Answer:-  Resource Management meaning:- When an organization's resources are needed, resource…

Q: Cosmetics in Iloilo City employs Mary Santos, the branch manager, and her sales assistant, Jane…

A: The control weakness are the weakness when they are failure of internal control to prevent detect…

Q: Lewis Corporation Lewis Corporation had traditionally used the FIFO method of inventory valuation.…

A: In case of increasing value  of inventory purchase LIFO method of inventory give less profit and in…

Q: Suka Tenis Group manufactured 100,000 tennis rackets in 2022 and reported the following costs: RM RM…

A: Cost of goods sold means the cost incurred on the manufacturing or purchase of goods which has been…

Q: Native Wood Products Ltd sells hand-made coffee tables. The shop owner has divided sales into two…

A: Breakeven sales revenue is that level of sales at which business is only recovering its fixed costs…

Q: Acme Inc. has the following information available: Actual price paid for material $1.00 Standard…

A: Note: As per the Policy , we can only answer up to 3 sub-parts, we’ll answer the first 3. Please…

Q: Growth Co has two divisions, Northern and Southern. The divisions are allowed to make their own…

A: Return on investment is  ( profit/ cost of investment) *100   The project which will give higher…

Q: When a partner decides to withdraw or retire, he may sell his capital interest either to outsiders,…

A: Introduction: A business partnership is a legal connection created by a signed agreement between two…

Q: Suppose the credit terms offered to your firm by your suppliers are 2/10, net 30 days. Out of…

A: Credit terms 2/10, net 30 means customer will get a discount of 2%, if payment is made within 10…

Q: 10 March Olga withdrew cash, $300 15 March Purchased goods on credit, $200 31 March Received cash…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Ninety thousand units were started into production during the month. The production report shows…

A: The production report shows 100000 units that are produced. This implies that the opening inventory…

Q: VERY PERI Products is considering two pieces of machinery. The first machine costs P50,000 more than…

A: Introduction: A discount rate is the rate of return used in corporate finance to reduce future cash…

Q: Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of…

A: Income statement: The income statement shows the company's revenues and expenses earned during the…

Q: Several accounts that appeared on Spring's 2017 balance sheet are as follows: Accounts Payable…

A: Current assets is the assets in the form of cash or can be converted in cash within a year. Current…

Q: Accounting Cherry Corporation had 600,000 shares of common stock outstanding during 2020. In…

A: Answer a:- EPS = $1.67. Explanation:-  Computation of EPS:-  EPS = Net Income / Outstanding shares…

Q: Kinkaid Company was incorporated at the beginning of this year and had a number of transactions. The…

A: Outstanding shares refers to the number of shares which are held by the shareholders on current…

Q: vet income? Units sold = 8700 games units Selling price per unit = $ 69 Variable expenses = $ 49…

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…

Q: 1. The original Social Security tax rate was _____ of taxable earnings. Answer:   A.    10%…

A: 1. The original social security rate tax is 1% of taxable earnings.

Q: On January 1, 2016, Rexford Company purchased a drilling machine for $11,500. The machines has an…

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…

Q: Prepare income statement Particulars Sales Purchases Salaries Ali Mamat Enterprise Trial Balance as…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Based on the minimax regret decision rule, which production volume would Zynex Co choose? 300,000…

A: The Minimax regret approach is a technique in which maximum regrets for each case is ascertained and…

Q: Account Names Cash Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable…

A: Cut Your Locks Hair Stylists                Worksheet      December 31,2014…

Q: Income Statement

A: Earnings before interest and tax refer to the revenue after deducting all the expenses relating to…

Q: The following information concerns production in the Baking Department for March. All direct…

A: >Process costing includes calculation of Equivalent units and cost per equivalent units.…

Q: McDaniel Corporation manufactures surveying equipment. Journalize the entries to record the…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: Howell Petroleum, Inc., is trying to evaluate a generation project with the following cash flows:…

A:

Q: Road Ltd started construction of equipment, a qualifying asset in terms of IAS23 Borrowing costs,…

A: Management determines the amount of borrowing costs eligible for capitalisation by applying a…

Q: Prepare the journal entries to record the following transactions, in the books of Holman Dress…

A: Introduction: Journals: All the business transactions are to be recorded in Journals. Journals are…

Q: 45 On January 1, 2019, an entity purchased equity investments held for trading (see attached image).…

A: Expenses - An expense is a cost associated with the production and sale of a product. In a firm,…

Q: Gross Margin

A: when calculating the Gross margin the cost of good sold  subtracted from the revenue generated by…