On January 1, 2020, Billy Company sold equipment that originally cost $5,000,000 to Selecta Company. As payment, Selecta gave Crawford a $7,000,000 note.

Q: ABC Company has two departments and uses a job-order costing system. ABC applies overhead in…

A: Total manufacturing cost is the sum of direct materials , labor and applied overhead .Direct costs…

Q: Net cash provided/used by operating activities can be determined using the    __________ (cash,…

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

Q: Papa Co. issued shares in exchange for all the outstanding shares of Baby Co.  The business…

A: Business combination is the process in which acquirer company obtains the control over the acquiree…

Q: statement in 2020?*

A: The cost of goods manufactured (COGM) is the sum of the cost of direct labor used, the cost of…

Q: A small coffee shop currently offers a cup of cafe latte for P109. The variable costs are P60 per…

A: Break even point means a situation where the is neither profit nor loss. Sales revenue is sufficient…

Q: Calvin and Klein are partners sharing profits 60% and 40%.  On January 1, they decided to admit…

A: Aggregate capital balance of Calvin and Klein = P 11,500 + P 9,300 Aggregate capital balance of…

Q: When raw materials are requisitioned and placed into production, the Raw Materials Inventory account…

A: Solution: Costs placed into production such as direct materials, direct labor and applied overhead…

Q: ABC Company uses a job-order costing system and a predetermined overhead rate based on machine…

A: Any over or under applied overhead if insignificant is closed to cost of goods sold account.  If the…

Q: Dobber Corporation had the following transactions in its first year of operations Sales (75 percent…

A: >Cash receipt and payments are accounted for under “Cash” account. >Cash account is an asset…

Q: Question 44, You hold a call option on Pear Corp.'s common stock. The call option has a strike price…

A: Call option is one form of future contract under which option is being given to the buyer to…

Q: On January 1, 2021, Apollo Company acquired P4,000,000 of 12% face amount bonds for P3,767,000 to be…

A: Bonds are the financial securities issued in order to raise funds from the market.

Q: and B formed a partnership on January 1, 2022. A contributed cash of P480,000 and B contributed land…

A: Solution: When any asset is contributed by any partner in partnership, then it is recorded at fair…

Q: Questlon 5. Orange, Inc. is a corporation listed on the New York Stock Exchange (NYSE). Which of the…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: For the month of December, the records of Taboo Corporation show the following information: Cash…

A: Gross sales = Cash sales + Credit sales where, Credit sales = Ending Accounts Receivable + Cash…

Q: Rancor Electronics sells 6,000 mp3 players and earns Tk.3.0 million in revenues. Rancor's variable…

A: Introduction:- CVP analysis is used to calculate of profit in different levels of volume. It is…

Q: How much is the Input VAT? (Excluding Transitional Input VAT) RTT opt to register to VAT on its 3rd…

A: Input tax means the VAT due on or paid by a VAT-registered on importation of goods or local purchase…

Q: Assuming a large population and holding all factors constant, what is the expected effect of a…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: How much is the Input VAT? (excluding presumptive) The following transactions pertaion to RTT…

A: Input VAT can be of 4 types depending on the items purchased and the seller from whom the goods are…

Q: (a) Explain what the companies should đo with their proits, onditional to the vailability of absence…

A: in order to run the business that the need of profit. the profit is owned by the business through…

Q: Make-or-Buy Decision Somerset Computer Company has been purchasing carrying cases for its portable…

A: Differential analysis is done to select between one or more alternatives, the benefit of one or more…

Q: Marc, Jacobs and Benetton share profits in the ratio 2:3:5.  On September 30, Partner Benetton opted…

A: In the given question, Benetton has opted to Retire. His capital balance on retirement was P 70,000.…

Q: Carlberg Company has two manufacturing departments, Assembly and Painting. The Assembly department…

A: Solution: Equivalent units under weighted average method = Units completed and transferred out +…

Q: A computer is purchased for $1,521.55 on June 7, 2014 and a desk is purchased for $1,444.44 on…

A: Useful life: Assets Year Computer 5 year Desk 7 year Depreciation in 1st Year = Cost x (1…

Q: The following balance sheet is for X Company: Balance Sheet January 1, 2021 Assets Equities Cash…

A: Solution: Total assets = Total equities We will compute total assets on dec 31, 2021, same will be…

Q: Iraipe at bloe aln The following information pertains to the first year of operation of A Corp.:ni…

A:

Q: if magui will invest her money today worth 500000 in JMC Mining company, how much is the expected…

A: The amount of investment today is the present value of annual income at target yield for 10 years.

Q: The following balance sheet accounts for the partnership of A, B and C were taken from the books on…

A: Partnership is the association of two or more persons who have agreed to share profit and losses in…

Q: ABC has developed a new kitchen utensil. The firm has conducted significant market research and…

A: >Target cost is the cost of the product that has been determined by analysing the difference…

Q: Which of the following production operations would be most likely to employ a process cost system?…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: total increase in the capital

A: A partnership firm refers to a contract between two or more persons to form a business together and…

Q: lloons By Sunset (BBS) is considering the purchase of two new hot air balloons so that it can expand…

A: Solution: Accounting rate of return is based on Net operating income and initial investment. Payback…

Q: Everdeen Company sells computers for P20,000 eachand also gives each customer a 3-year warranty that…

A: Warranty is a form of assurance being given by the seller to the buyer that in case product will…

Q: 2.4 Company A acquired equipment on 01.01.2020 to 320000 €. The equipment had an estimated useful…

A: Calculation of annual depreciation for the Year 2020, 2021 and 2022 under fixed (straight-line)…

Q: Which of the following is NOT included in material handling cost at a warehouse? O A. Labor O B.…

A: Material handling costs are a form of indirect costs being incurred in production activity. It means…

Q: laxabie esent a positive adjustment? А. Capital loss carryovers В. Net operating loss deduction C.…

A: Here the question is regarding which is not a positive adjustment in computing the accumulated…

Q: ABC Company has two departments and uses a job-order costing system. ABC applies overhead in…

A: Total manufacturing cost = Cost of raw material used + Direct labor cost + Total Applied overhead

Q: What is the total interest that must be paid by the maker if the term of credit is 5% of Php 20,000…

A: Solution: Note amount = Php 20,000 Interest rate = 5% Period = 3 months

Q: 1 Calculate OASDI, HI, SUTA, & FUTA for the payroll period for an employee that earns $6,000 per…

A:

Q: In 2022, ABC Company sold inventory costing P150,000 to its 80%-owned subsidiary for P210,000. A…

A: Consolidated Financial statements present assets, liabilities, equities , income , expenses etc of…

Q: capital gains, and $1,592 in short term capital gains. What are Joey's taxes on this investment?

A: Capital gains tax is the tax which is applicable to those taxpayers only who has sold capital assets…

Q: The GMA corporation shows the following data related to an item of Inventory Inventory, January 1…

A: UNDER FIFO (FISRT IN , FIRST OUT) METHOD THE ASSETS PURCHASED OR ACQUIRED FIRST ARE DISPOSED OF…

Q: Jupiter Corporation earned net income of S$90,000 this year. The company began the year with 600…

A: Formula used: Weighted average number of shares = Number of shares issued x Time period

Q: Which one of the following unsecured liabilities has the highest priority when an insolvent company…

A: Insolvency refers to the company being unable to pay its all its debts or when the liabilities of a…

Q: In the ABC partnership (to which D seeks admittance), the capital balances of A, B, and C, who share…

A: Existing partners = A, B and C ABC profit sharing ratio = 5:3:2 Admission of New partner = D…

Q: Assume the following production data taken from the records of CONEY Manufacturing Co: Transferred…

A: Under weighted average method of process costing, it is assumed that the whole of units that are…

Q: If Apollo Company acquired a 30% interest in Twin Company on December 31, 2021 for P202,500 and…

A: GIVEN Apollo Company acquired a 30% interest in Twin Company on December 31, 2021 for P202,500 and…

Q: discuss some of the issues that some U.S. accountants have with IFRS.  There are some fundamental…

A: IFRS stands for International Financial Reporting Standards. GAAP stands for Generally Accepted…

Q: A computer is purchased for $1,521.55 on June 7, 2014 and a desk is purchased for $1,444.44 on…

A: Useful life: Assets Year Computer 5 year Desk 7 year Depreciation in 1st Year = Cost x…

Q: maximum number of hour operation for the last quarter is 350,000 hours. Determine the best…

A: Profits = selling price - manufacturing cost. Once we determine the profit levels for each product…

Q: According to one survey, 92 percent of U.S. companies now claim that social media marketing is…

A: Marketing Plan- A marketing plan is a strategic plan for promoting the company and its products in…