National Corporation leases its corporate headquarters building. This lease cost is fixed with respect to the company's sales volume. In a recent month in which the sales volume was 33,000 units, the lease cost was P283,800.To the nearest whole cent, what should be the average lease cost per unit at a sales volume of 31,600 units in a month? (Assume that this sales volume is within the relevant range.) Format: 1.11
Q: When a partner makes a cash withdrawal that is intended to be a permanent reduction in his or her…
A: Financial accounting refers to the type of accounting which is primarily used by the outsiders to…
Q: In a limited partnership O all partners have unlimited liability O the general partners have limited…
A: A partnership is a concept where two or more partners agree to a common business or venture. A…
Q: P1.2. Alice Hospital provides you with the following information that relates to its operating…
A: Statement of operations is a component of the financial statements that shows the net result of…
Q: Discuss this statement : " Because each nation's balance of payments equals zero , it follows that…
A: balance of payment is also known as the balance of international payment which is the statement that…
Q: red MSS Company $400. During the month of January 2021, MSS Company made the lowing transactions. 21…
A: Sales Journal: It is the book or journal to record the business transaction of the credit sales.…
Q: ident citizen provid ar:
A: Income tax is the tax levied on the total income generated during the accounting period by the state…
Q: what is the income tax due if Sandbox is a non-resident foreign corporation? P75,000…
A: Non Resident Foreign Corporation A Non Resident Foreign Corporation is one which does not have any…
Q: Compute her monthly payment. $413 $283 $460
A: An annuity is used in case of a future annuity – suppose an equal sum of money is invested in the…
Q: Krueger Corporation manufactures a single product whose selling price is $134 per unit and whose…
A: In order to determine the units sales to attain a target profit, the fixed cost plus target profit…
Q: is the income tax due if X corporation is a proprietary educational institution
A:
Q: Briefly discuss why an intra-group sale of a non-current asset needs to be adjusted for within the…
A: An intra-group sale of a non-current asset needs to be adjusted for while preparing consolidated…
Q: Deductions are allowed to: Employed taxpayers Individual taxpayers only Corporate…
A: Deduction refers to the claim to reduce the overall taxable income of the tax payer.
Q: Kibble for Kats is an exempt organization with fross receipts of $585,000. If Kibble for Kats and…
A: Explanation : As per IRS, Maximum penalty for late filing of return is the smaller of $10,500 or 5…
Q: What are the benefits of Xero accounting software in today’s business and accounting environment?…
A: Xero, essentially, is a cloud based accounting software. This online accounting software is mainly…
Q: 2. MSS Company sells Japanese comics books. On 1 January 2021, a customer, Jupiter Co., owed MSS…
A:
Q: PROBLEM NO 1 Watusi Inc. began operations in January 2021 and reported the following results for…
A: Ordinary shares are shares in a company with individual owners who can vote at company events and…
Q: Anderson disposes a vacant lot for P3,000,000. The lot has an Assessor's fair value of P2,800,000,…
A: What is the basis in the valuation of real property? The value of the real property will be based…
Q: The partners' equity accounts with the corresponding balances represent the residual equity of the…
A: Partnership business is the one where there are more than two or more partners of the business who…
Q: Chart of Accounts CHART OF ACCOUNTS Prepare the following: CODE Account Title 101 CASH 102 ACCOUNTS…
A: A ledger is a book containing accounts in which the classified and summarized information from the…
Q: What amount of Comprehensive Income should Nathan Corporation on its statement of income and…
A: Other Comprehensive Income Other comprehensive income which are included the unrealized gain or loss…
Q: ABC corporation produces plastic bottles. Details of cost are given below: Standard unit quantity…
A: Materials price variance is the variance between standard cost of materials and actual cost of…
Q: a. the organizational effectiveness perspective. conectivo
A: Internal control is designed to provide reasonable assurance regarding the achievement of objectives…
Q: How to make balance sheet to balance
A: The financial statements of the business includes the income statement and balance sheet of the…
Q: a. partner's limited liability to partnership asset
A: Partnership is a business form where the two or more individuals agree to carry a business and share…
Q: Choice $3,400 F
A: Answer: The Correct Answer is d.($3,400 U)
Q: Glenn carries on a business and is registered for GST. He made a taxable supply of goods in the…
A: Taxable supply is broadly defined to mean the supply of goods and / or services that are taxable…
Q: Direct materials are placed into production at the beginning of the process. All spoilage is normal…
A: The equivalent units are calculated on the basis of percentage of the work completed during the…
Q: Potential partners might not want to form a partnership because of the risk of having their personal…
A: solution concept partnership business partnership business is a unregistered business , with…
Q: Q1/A piece of equipment is available for purchase for ($50000), has an estimated useful life of (7…
A: Depreciation expense refers to the fall in the value of the asset due to time usage, wear and tear,…
Q: b. Income statement using the "cost of goods sold" method a: Statement of cost of goods manufactured…
A: Based on the information provided, cost of goods manufactured needs to be prepared. Cost of goods…
Q: Make or Buy Decision for a Service Company The Theater Arts Guild of Dallas (TAG-D) employs five…
A: The difference in overall costs between two viable alternative courses of action is known as…
Q: C Corporation sold $55,000,000, 8%, 10-year bonds on January 1, 2022. The bonds apply interest on…
A: The bonds are the financial instruments for the business. These instruments are useful to raise…
Q: go Laboratories, ed Statement of 30, 2022 ty capital-preferen s authorized 25 C
A: Basic and diluted EPS is to be calculated based on the given information. Basic EPS - Is the…
Q: 7. The following is the total profit earned by 2 individuals for a period of 4 months. Months Profit…
A: calculation of above requirement are as follows
Q: Accounting Tom can use the 1031 like kind exchange rules to exchange his personal vehicle for…
A: The answer for the True or false question and relevant explanation are presented hereunder : 1031…
Q: ent cash price. 5,831.86 5,831.82 5,381.68
A: The formula to calculate equivalent cash price PV= Periodic FV cashflow*(1-1/(1+i)^n/i Periodic FV…
Q: June 30, 2015, Patya Co. prepaid a 1,000,000 premium on an annual insurance policy. The premium…
A: Deferred tax liability is created when taxable income per books of accounts is higher than the…
Q: been asked to provide a training sessiondraft to new Audit Juniors on Accountants responsibilities…
A: Illustrations of Money Laundering - – Using the money received from doing criminal activities such…
Q: The following four Cases make different assumptions with respect to the amounts of income and…
A: Net Income is the total exact income after necessary deductions like expenses, such as taxes and…
Q: equity accounts with the corres sent the residual equity of the
A: Partnership refers to the legal act between two or more entities who decide to run the business…
Q: 20X3 20X2 20X1 $178,400 115,e00 $162,500 102,500 Sales $155,500 Cost of goods sold Operating…
A: Common Size Imcome Statement A common size an income statement whereby each line item is expressed…
Q: Provide the term that best describes the statement in Column A. In your answer book just write the…
A: Accrual con cept states that the expenses and revenues are recorded when accrued not when the cash…
Q: aders owns the following assets on 31 December 2021: rd EcoSport- CS 23 TM GP: Purchased on…
A: Accumulated depreciation refers to an asset's depreciation up to a single point in its life. Because…
Q: Importance of Balance Sheet in understanding Financial statements
A: A balance sheet is a financial statement that details the assets and liabilities of a corporation as…
Q: Jan 1 Bought new machineries worth P80.000 in account. Jan 3 Purchased P50,000 worth of computer…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: ges: Able Capital $ 60,000 (20%) Green Capital…
A: Partnership is the firm which is run by two or more partners on the basis of partnership agreement,…
Q: This characteristic explains why partners have a right to choose or refuse who they want to be…
A: A partnership is a form of business that agrees to carry a business and share the profits according…
Q: ue if Sandbox orporation which is an SME domestic prporation reported the allowing aross income
A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…
Q: In audits of state and local government units which of the following sections are not required in…
A: Audit report is the final conclusion of the audit which is based on the audit evidence obtained…
Q: Which of the following is NOT true about the statement of financial position of a partnership? The…
A: Statement of financial position is a part of financial statements in which assets and liabilities…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- United Banking Corporation leases its corporate headquarters building. This lease cost is fixed with respect to the company's sales volume. In a recent month in which the sales volume was 32,000 units, the lease cost was $716,800. To the nearest whole do llar, what should be the total lease cost at a sales volume of 30,900 units in a month? (Assume that this sales volume is within the relevant rangeUnited Banking Corporation leases its corporate headquarters building. This lease cost is fixed with respect to the company's sales volume. In a recent month in which the sales volume was 32,000 units, the lease cost was $716,800.To the nearest whole dollar, what should be the total lease cost at a sales volume of 30,900 units in a month? (Assume that this sales volume is within the relevant range.)A.$692,160B.$704,480C.$716,800D.$742,317United Banking Corporation leases its corporate headquarters building. This lease costis fixed with respect to the company's sales volume. In a recent month in which thesales volume was 32,000 units, the lease cost was $716,800.To the nearest whole dollar, what should be the total lease cost at a sales volume of30,900 units in a month? (Assume that this sales volume is within the relevant range.)A. $692,160B. $704,480C. $716,800D. $742,317 Give workings for your answer
- Show the working and explain 2.United Banking Corporation leases its corporate headquarters building. This lease cost is fixed with respect to the company's sales volume. In a recent month in which the sales volume was 32,000 units, the lease cost was $716,800. To the nearest whole dollar, what should be the total lease cost at a sales volume of 30,900 units in a month? (Assume that this sales volume is within the relevant range.) A.$692,160 B.$704,480 C.$716,800 D.$742,317 3.Unigloo Corporation uses a predetermined overhead rate based on direct labour hours to apply manufacturing overhead to jobs. The Corporation has provided the following estimated costs for the next year: Direct materials $5,000 Direct labour $19,000 Rent on factory building $16,000 Sales salaries $24,000 Depreciation of corporate office printers $13,000 Depreciation on factory machinery $7,000 Indirect materials $11,000 Indirect labour $14,000 Unigloo estimates that 12,000 direct labour hours will be worked during…Alucard Company leases and operates a retail sore. The store lease, an operating lease, calls for a base monthly rental of P25,000 on the first day of each month. Additional rent is computed at 6% for net sales over P3,000,000 up to P6,000,000 and 5% of net sales over P6,000,000. The net sales for the current period were P10,000,000. During the current year, the lessee paid executory costs to the lessor for the property tax of P150,000 and insurance of P50,000. The annual depreciation of the store building was P400,000. What total expenses should be reported by the lessee in relation to the lease for the current year? a.P1,200,000 b.P1,080,000 c. P890,000 d.P880,000Harcourt Company enters into a lease agreement with Brunsell Inc. to lease office space for a term of 72 months. Lease payments during the first year are $5,000 per month. Each year thereafter, the lease payments increase by an amount equivalent to the percentage increase in the Consumer Price Index (CPI). For example, if the CPI increases 2% in the second year, the monthly payment increases to $5,100. In the second year, the CPI increases by 3%. What are the lease payment amounts used to record this lease in the second year?
- On November 1,2020, ABC Company leased a piece of furniture to XYZ Corporation under a 9-month operating lease. Total rent for the term of the lease will be P36,000, payable as follows:· P5,000 per month for the first 3 months- P15,000· P4,500 per month for the next 3 months- P13,500· P2,500 per month for at least 3 months- P7,500Payments were made in advance on a monthly basis. XYZ uses the calendar year. The monthly entries in the books of ABC Company on February 1, March 1 and April 1, 2021 is?On May 1, 2021, ABC Company leased furniture and fixtures from XYZ Company under a one-year contract. The lease payments are as follows: · First 2 months at P12,000 per month· Next 4 months at P18,000 per month· Next 3 months at P15,000 per month· Last 3 months at P10,000 per month After the first year, the rent continues at P8,000 per month. What are the amounts reported in ABC financial statements for the year 2021? Rent revenue of P114,000 and Rent receivable of P12,000 Rent revenue of P114,000 and Unearned rent of P12,000 Rent revenue of P126,000 and Rent receivable of P12,000 Rent revenue of P126,000 and Unearned rent of P12,000A piece of machinery is on a {A}-month lease at {B}% compounded annually. Beginning-of-month payments are $397.95, and a $5,000 down payment was made. The residual value is $5,525.00. What was the purchase price of the product? {A}40 {B}6.99% {C}$334.52 {D} $7,000 {E} $5,350
- Camia Company is in the business of leasing new sophisticated equipment. As lessor, Camia expects a 12% return on its net investment. All leases are classified as a direct financing lease. At the end of the lease term, the equipment will revert to Camia Company. On January 1, 2010 an equipment is leased to a lessee with the following information.Cost of equipment to Camia-5,500,000Residual value – unguaranteed-400,000Annual rental payable in advance-959,500Useful life and lease term-8 yearsImplicit interest rate-12%First lease payment-January 1, 2010What is the total financial income to be recognized over the lease term? a. 2,576,000 b. 2,176,000 c. 1,776,000 d. 1,616,500On July 01, 2011, a company leased a piece of land under a 3-year lease. Total rent for the term of the lease will be P3,600,000 payable as follows. All payments were made when due. How much is the lessor's rent revenue for the fiscal year ended June 30, 2012 suppose it classifies the lease as an operating lease? a. P600,000 b. P900,000 c. P1,200,000 d. P2,100,000At the beginning of its fiscal year, Lakeside Incorporated leased office space to LTT Corporation under a eight-year operating lease agreement. The contract calls for quarterly rent payments of $29,000 each. The office building was acquired by Lakeside at a cost of $2.4 million and was expected to have a useful life of 30 years with no residual value. What will be the effect of the lease on LTT’s earnings for the first year (ignore taxes)? Note: Enter your answer rounded to the nearest whole dollar.