lev besqu (5) If the total cost of an item, including 8% sales tax, is $28.62, what was the price before adding in sales tax ?
Q: The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:…
A: The bank reconciliation statement is prepared to reconcile the difference between the balance of…
Q: ) In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa…
A: BS termed as Balance sheet which is one of vital financial statements of the business as this states…
Q: The following costs relate to Antonio Industries for the last quarter: Conversion cost Direct…
A: Introduction: Prime costs: Sum of both direct materials and direct labor cost derives the prime…
Q: Identify which company’s shares you would recommend as the better investment. Provide explanations.…
A: Ratio Analysis: It is the analyze of Company's financial and trend of the company's results to…
Q: Discuss the various reasons why one corporation might invest in the stock of another corporation?
A: These are the companies which are identified as a seprate legal entity and has a feature of limited…
Q: Mr Alex opened furniture shop called Alex Furniture Shop and completed the following transactions in…
A: The journal entries represent the country entry sustain which means a transaction effected a minimum…
Q: QUESTION 1 a) In January, Protech BH
A: Prime Cost = Raw material + Direct Labor Conversion Cost = Direct Labor cost + Production overheads
Q: Details of a company's first two years of operations are shown: Year 1 Year 2…
A: The net income is calculated using various methods as absorption costing, variable costing. Using…
Q: Coronado's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information…
A: In the context of the given question, we are required to compute the ending inventory under the FIFO…
Q: share. On the date of payment, the shares were selli The journal entry to record the foregoing…
A: When liability is repaid the liabilities of company would decrease and since liabilities have credit…
Q: Enibro Item No. 5 is based on the following information: 019nd no bsand 21 S..oW mail 16 Mario…
A: The companies procure funds for their financing needs through the issue of shares. The shares are…
Q: at
A: Harold's Harold's Death Small Flat is valued = £170,000 other assets = £680,000
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: Sandhill Company's chart of accounts includes the following selected accounts. 101 Cash 401 Sales…
A: In the context of the given question, we are going to prepare a chart of journal entries. Journal…
Q: Hayday PLC. Trial Balance as at 31st December 2021 is shown below: £s Revenue Administrative…
A:
Q: Post the transaction activity from requirement 1 to the T-Accounts below All accounts begin with…
A: Preparation of T-Accounts Cash A/c Particulars Amount ($) Particulars Amount ($) To capital…
Q: Exercise 1 Direction: Record the following transactions. Use as many records or sheets as you can.…
A: Net income is the amount that remains with the company out of revenue earned after the payment of…
Q: From the following balances of Jamal Plc., as at 31.12.21 Prepare Financial statement.…
A: Financial statements mainly consist of two statements namely, the income statement and balance…
Q: The partners Aces, Hearts, Cloves and Joker share profit and loss equally. Capital balances before…
A: Here discuss about the liquidation process to get the amount received by the partner in the…
Q: Mr kunal is employed in a company at banglore. Calculate his income salary if you are given the…
A:
Q: Record the above summary transactions. (Record journal entries in the order presented in the…
A: The act of maintaining or making records of any transactions both monetary or non-monetary.…
Q: On January 1, 2017, Blizzards-R-Us purchased a snow-blowing machine for $125,000. The machine was…
A: To a change in the estimate of residual value and remaining useful life of an asset, the prospective…
Q: Fantastic Plastics manufactures plastic bottles that are used by other companies for packaging. The…
A: No. of machine - 4 No. of units to be produced (in a month) - 10,000 unit * 4 machine * 80%…
Q: 4: Prepare the final 52,000 Accounts Payable Accounts Receivable 38,000 1,200 Accrued Interest…
A: Income Statement is a summary of all revenues, gains and all expenses and losses incurred during the…
Q: January 1, 20x1, ABC Bank extended a P1,000,000 loan to XYZ. Principal is due on December 31, 20x5…
A: Explanation of Concept Current problem is related to the concept of impairment of asset value. Every…
Q: rchased 300 shares of OXG stock on August 2, 2020, for $1,500. In October 2021, OXG issued a 10%…
A: Basis is the value of assets held by the person for accounting and taxation purposes and assets can…
Q: On November 3, the Milwaukee Bucks sold a six-game pack of advance tickets for $300 cash. On…
A: Introduction: Journals: All the business transactions are to be recorded in journals. Al the…
Q: Calculate inventory valuation using FIFO method using the following information The following…
A: The FIFO method of inventory valuation assumes that the product that was purchased first will be…
Q: Finch and Gerhardt are partners. Finch's capital balance is P100,000 and Gerhardt's is P140,000 They…
A: The bonus that is granted to the existing partners on the admission of a new partner is the amount…
Q: Item No. 8 is based on the following information: sidsy69 2970 000,001 9 Whistleblow, Inc. issued…
A: The shares issued for legal expenses or other payments, with lower par value, leads to increase…
Q: 2. The Ylaya Textile Mill produces denim. The fixed monthly cost is P21,000, and the variable cost…
A: Break-even volume as a percentage of capacity= Break-even volume / Operating capacity x100…
Q: A cement manufacturer has supplied the following data: 220,000 Tons of cement produced and sold…
A: Increase in sales volume is increase in number of units. 220000 tons + 5℅ = 231000 tons
Q: THIS QUESTION REQUIRES AN ESSAY STYLE ANSWER Maddy and Maxie are running a coffee shop.. They agree…
A: partnership is the business that two or more person agree in order to start a business to share…
Q: Using activity-based costing, applied quality control factory overhead for the 1,000 laser printers…
A: Using activity-based costing, applied quality control factory overhead for the 1,000 laser printers…
Q: Bean Corporation purchased 35% of the outstanding shares of common stock of Williams Corporation as…
A: Consolidation: It refers to a process whereby one of the business acquires more than 50% ordinary…
Q: A non-resident citizen of the Philippines is allowing his China-resident neighbor to live in his…
A: All income derived from worldwide source is taxed and this sourcing of income should be reported in…
Q: 2. Determine the balances of the partners' capital accounts as of the end of 2020. Regal Merle…
A: Note :- It is assumed that salary is paid only to Regal. Capital account balabce Regal = 115,250…
Q: 16. Q Company has the following information on December 31, 20x1 before any year-end adjustments:…
A: Doubtful accounts expenses for the year are calculated by adding to the doubtful account balance at…
Q: Darren Company, a manufacturer of wooden chairs, has the following information for the year 20xx:…
A: Factory overhead is defined as those support costs that assist in the production of the products.…
Q: On December 31, 2021, Alan and Company prepared an income statement and balance sheet but failed to…
A: Adjusting entries are passed at the end of the reporting period to record the accrual of incomes,…
Q: The income statement approach: journalizing bad debts expense and writing off accounts 00 (25 min)…
A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…
Q: pol year. She plans to become a Certified Public hes her degree in accountancy. Silver receive her…
A: Personal Finance Management is a process of handling our Finances in the areas of Spending, Savings…
Q: Dec. 31, 2016 Dec. 31, 2017 Current assets $ 210,500 $ 253,500 Plant assets 1,362,800 800,200 Total…
A: Lets understand the basics. There are two type of analysis is made which are, (1) Vertical analysis…
Q: On January 1, 2020, Sitra Company leased equipment from National Corporation. Lease payments are…
A: Lease is an arrangement under which lessor gives right of use of the leased asset to the lessee for…
Q: The Income statement for the year ended 31st December, 1998 and the balance sheet of R Ltd., as on…
A: Under the CPP method [Current Purchasing Power Method] the financial statements of the companies…
Q: ree Co., a manufacturer of heating units, summarized the following information for the year 2022:…
A: Conversion cost refers to the cost that is incurred by the manufacturing business at the time of…
Q: Where goods are sold by a person who is not the owner thereof, and who does not sell them under the…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Use the information below to calculate the following: - Total stock needs for the month…
A: The inventory is one of the most important assets of the company. the company needs to determine the…
Q: The See King Hotel's sales forecast for the next quarter, ending December 31st, indicates the…
A: Answer - Production Budget - The production budget calculates the amount of product that will…
Q: Accounts receivable increased by 5,000 Inventory decreased by 14,000 Supplies increased by 26,000…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Step by step
Solved in 3 steps
- A company has wants to earn an income of $60,000 after-taxes. If the tax rate is 32%, what must be the companys pre-tax income in order to have $60,000 after-taxes? A. $88,235 B. $19,200 C. $79,200 D. $143,0007. If net sales amounted to P200,000, net income before tax is P80,000 and the income tax rate is 30%, how much is the profit margin ratio? *a. 0.40b. 0.28c. 2.5d. 3.57 8. Interest expense for the year amounted to P90,000. Income tax expense is P100,000. If net income after tax is P620,000, what is the times interest earned ratio? *a. 6.2b. 9c. 6.888d. P720,00010. The total sales for this year is ₱5,000,000, cost of sales if 30%, operating expense is 20%, net profit before tax is 40%, how much is the non-operating items? THANKS A LOT
- Kailyn Company has a 25% margin of safety. Its before-tax return on sales is 6%, and its tax rate is 40%. If fixed costs amount to $320,000, how much sales did Kailyn make for the year?Molteni Motors Inc. recently reported $6 million of net income. Its EBIT was$13 million, and its tax rate was 40%. What was its interest expense? (Hint:Write out the headings for an income statement and then fill in the knownvalues. Then divide $6 million net income by 1 - T = 0.6 to find the pretax income. The difference between EBIT and taxable income must be theinterest expense. Use this procedure to work some of the other problems.)Little Books, Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax rate was 40%. What was its interest expense? (Hint: write out the headings for an income statement and then fill in the known values. Then divide $3 million net income by (1-T) to find pre-tax income. The difference between EBIT and taxable income must be the interest expense. Use this same procedure to work some of the other problems.)
- In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payable5. A sales manager has 30 representatives. She receives a commission of 20% from her own sales and 5% override. During the month of January, she made sales amounting to P70,000 and her representatives made P140,000. What were her total earnings? 6. Suppose the sales tax rate of Pagadian City is 7% of the purchase price. If the price of the digital camera is P 24,700, how much sales tax must be paid?1. How much will be contributed to profit before taxes by the 1,021st unit sold?
- May I ask for an explanation and solution to the question for a better understanding. Thank you! 2. If the sales this year amounted to P276,000, sales this year at last year’s price is P230,000, the cost of sales this year is P190,000, and the cost of sales this year at last year’s price is P180,000. How much is the gross profit variation due to sales quantity factor? a. P0 b. P40,000 U c. P40,000 F d. P240,000 F e. can't be determinedIn 2012, every dollar (100¢) spent on grocery items was broken down as follows: Labor = 38.5¢ Farm value of food products = 19.5¢ Advertising and packaging = 12¢ Transportation = 7.5¢ Rent and insurance = 7¢ Taxes = 6¢ Depreciation and repairs = 5¢ Profit = 4.5¢Assume the transportation cost increases by 10% per year and the labor cost increases by 4% per year for five years, with all other costs remainingconstant. Determine the percent profit in the years 2012 and 2017, assuming the profit amount remains at 4.5¢.A company buys 2mm items for $3 each and sells 1mm of those items during a year for $6 each. Marketing expenses are $200k for the year. The company has $3mm of debt with a 5% interest rate. Its depreciation expense for the year is $100k. The company’s income tax rate is 30%. Create an income statement for the company. Also, what is EBITDA?
