monthly:

Q: If National Co. has calculated that it needs to sell 20,000 units in order to earn an after-tax targ...

A: No. of units need to sell to earn desired profit = (Desired profit before tax + Fixed costs) / Contr...

Q: National Co. has the followng data for the month of February February 28 P15,000 6,000 36,000 nvento...

A: solution concept prime cost is given as the sum of cost of direct material and direct labor cost The...

Q: Parent Corporation acquired all the identifiable net assets of Sub Company by issuing ordinary share...

A: Herein the question Par value of shares issued is P2, wheras the fair value is P8. As per PFRS 3 bus...

Q: Gain on bargain purchase

A: Gain on bargain purchase is included as goodwill under the assets' side of the consolidated balance ...

Q: Which of the following is incorrect regarding measurement period? a. If the initial accounting for ...

A: Measurement period refers to the one year period that the variable hour employee's weekly measured t...

Q: Parent Corporation acquired 80% of the outstanding voting stock of Sub Company for P4,500,000 on Jan...

A: Fair value of the net assets of Sub Company will be book value of assets plus increase in undervalue...

Q: Manufacturing Overhead Allocation Base and Calculating the Cost of Jobs. Pyramid Company expects to ...

A: a) Predetermined Overhead rate based on Direct Labor Hours = Manufacturing overhead costs ÷Direct La...

Q: Parent Company acquired Sub Company on February 6, 2022. The following out of pocket costs of the co...

A: The question is related to Share Issue Expenses. Expenditure incurred in connection with issue of sh...

Q: Mr. Lopez opened a mini grocery store with the business name Lopez Fiesta Mart. Operations began on ...

A: A ledger is a log or list of accounts that keeps track of account transfers. A general ledger repres...

Q: rice P200 10 per hour) our) P60 40 15

A: Conversion cost is the sum of direct Labor cost and Manufacturing overhead cost.   In the given ques...

Q: d. Assume instead that the bonds were repaid for $940,000 after interest was paid in Year 3. Provide...

A: Let us calculate Present value of future interest payments and principal using 6% discount rate as t...

Q: Acme Corp has fixed has fixed overhead of $250,000 for its plant and salaries of $350,000. It sells ...

A: Profit = sales - variable cost - fixed cost  

Q: (a) Prepare journal entries for the month of April 2021. You may omit explanations. (b) Prepare adju...

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into debi...

Q: Acme Corp has fixed has fixed overhead of $250,000 for its plant and salaries of $350,000. It sells ...

A: Net Profit is revenue minus variable and fixed expenses.  

Q: 1. Besides earning a profit, what other objectives might a business have? How can Accounting play an...

A: Introduction Accounting can be define as a process which helps companies to maintain their large nu...

Q: Shauna and Danielle decided to liquidate their jointly owned corporation, Woodward Fashions Incorpor...

A: Answer:- d. The Danielles tax basis in the building and land after the complete liquidation Tax Basi...

Q: The shareholders' equities of Parent and Sub Companies at July 15, 2022 were as follows: Parent 15,0...

A: Here We understand that After Amalgamation all reserve and surplus of Subsidiary merged with Parent ...

Q: Comet  Bhd  (CB)  is  a  Malaysian  telecommunication  multinational  company and  has  seven  (7) s...

A: (a) (i) Selling price of Merdeka bonds : RM 459,464 Explanation Selling price of bonds = Present val...

Q: An entity acquired a 30% interest in another entity in Year I. In Year 2, it acquired another 50% eq...

A: As per IFRS/PFRS3 Business combination,  An entity after acquiring controlling stake, it's previousl...

Q: The Bulldogs Inc. is projecting an annual growth rate at 6%. The most recent dividend paid was P4.00...

A: Cost of Equity: In accounting, the cost of equity is the rate of return required by a firm for a pro...

Q: At what sales volume in units would the two compensation plans be indifferent?     20,000 units 13,3...

A: Here in this question, we are required to calculate the indifference point. Indifferent point is a p...

Q: Statement I: During the measurement period, the acquirer shall prospectively adjust the provisional ...

A: Measurement period :- Measurement period is the period after the acquisition date during which the a...

Q: You have a  food cart business that sells hotdogs for P25 each. The variable costs per hotdog are P1...

A: Formula =   Break even point =. Fixed cost / contribution                                           ...

Q: Firms with a high degree of operating leverage:

A: Degree of operating leverage is a measure that determines the quantum of change in a company's opera...

Q: The Bonita Corporation reports the following adjusted account balances, shown in alphabetical order,...

A: Here in this question, we are required to prepare the income statement. Income statement is a part o...

Q: Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). ...

A: In liquidation accounting, assets are valued at the expected amount for which they may be sold - whi...

Q: On January 1, 2018, Parent acquired 30,000 out of 100,000 outstanding ordinary shares of Sub for P90...

A: Here,  Parent acquired 30% interest in Subsidiary on January 1, 2018. Since the parent acquired sign...

Q: Cromwell Corporation has the following trial balance account balances, given in no certain order, as...

A: Solution Working note Calculation of net income for the period Revenue   Fees earned 233...

Q: Jones Mills Incorporated (JMI) decided to liquidate its wholly owned subsidiary, Most Help, Incorpor...

A: LIQUIDATION IS THE EVENT WHERE BUSINESS COMES TO AN END AND COMPANY STARTS  DISTRIBUTING ITS ASSET T...

Q: b. Total assets of Martin Marine equal $560,000 and its liabilities and equity amounts are equal to ...

A: Formula: Accounting equation : Assets = Liabilities + Owners equity

Q: 2. Barry's Superstore wishes to prepare financial plans. Use the financial statements on the next pa...

A: The answer is stated below:

Q: George Jetson owns and operates a restaurant and catering business which has seen the business show ...

A: Internal Controls to be placed for the receipt of both cash and credit cards for the restaurant: Se...

Q: The change in compensation plan should change the monthly breakeven point by   1,071 increase 1,071 ...

A: Breakeven Point = Fixed CostsContribution per unit

Q: 14.Kandon Enterprises, Inc., has two operating divisions; one manufactures machinery and the other b...

A: SOLUTION INCOME STATEMENT IS A FINANCIAL STATEMENT OF A COMPANY AND SHOWS THE COMPANY'S REVENUE AND ...

Q: The manager of your company told you to go out to the warehouse and count merchandise inventory. He ...

A: Answer:- Merchandise Inventory refers to the goods held by the entity either be finished goods or ra...

Q: An organization's break-even point is 6,000 units at a sales price of P50 per unit, variable cost of...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...

Q: The Nikifa, Fatihah & Wakeel partnership was formed on 1 April 2021 with cash investments by the par...

A: Partnership is a form of business organisation, under which two or more than two persons invest thei...

Q: On January 1, 2017, Abbey acquires 90 percent of Benjamin's outstanding shares. Financial informatio...

A:  

Q: All School Logos & More (ASLM) design and manufacture school uniform crests. After production,  the ...

A: (a) Raw Material consumed =  Opening stock of Raw Material  + Purchases of raw material  - Closing s...

Q: Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). ...

A: As per IRS tax basis in a property is fair market value of assets received on liquidation.

Q: Tiffany and Carlos decided to liquidate their jointly owned corporation, Royal Oak Furniture (ROF). ...

A: Gain on sale of interest in a corporation   = Consideration received - Tax basis in ROF stock.

Q: All of the following are internal failure cost except:   Downtime caused by quality problems Debuggi...

A: Internal failure costs are those which not confirmed to the quality standards and are detected befor...

Q: Hannibal Co. processes its product in three consecutive departments, A, B, and C. The following data...

A: Introduction:- A cost is the value of money spent on creating something or delivering a service that...

Q: sofie Inc. has an investment fund amounting to P4,500,000. The portfolio consists of three stocks wi...

A: Answer) Calculation of Portfolio’s Required rate of return Portfolio’s required rate of return = Ris...

Q: he average return on the Market is 10% while the nominal risk-free rate is 2.5%. Determine the requi...

A:   Expected return means the percentage of profit that investor is expected depending upon the risk (...

Q: 1.Which of the following statements regarding leases is true? Select one: a. The owner of the ass...

A: Introduction:- Lease is a legal agreement between two parties. Giving rights to use an asset given ...

Q: Total flexible budget direct materials costs: $5,000 Standard quantity of direct materials per unit:...

A: Direct Materials Efficiency Variance is a type of direct materials cost variance. It is the differen...

Q: termining the Beginning and Ending Inventory from a Partial Spreadsheet: Periodic Inventory System o...

A: The cost of goods sold is calculated as difference between cost of goods available for sale and endi...

Q: National Co. owns and operates a chain of food centers. The management is considering installing mac...

A: Indifference point = Change in fixed costs / Change in variable cost per unit

Q: Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run plant. A...

A: Answer 1) LeMans Company Statement of Cost of Goods Manufactured For the month of June    Amou...

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.