PAGGYTY Industries has current assets equal to $4 million. The company's current ratio is 2.0, and its
Q: In Australia, the 'mandatory partner rotation' law prevents the same auditor from auditing a client…
A: Audit is the checking of the accounts of the company and its internal control to detect any type of…
Q: 1. Grandbaby is a common carrier by sea. During a particular quarter, its receipts consist of the…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want the…
Q: he company's margin of safety in units is closest to: Select one: a. 471,429 units b.…
A: The question is based on the concept of Cost Accounting. Margin of safety sales is the amount of…
Q: On June 1, 20-, a depreciable asset was acquired for $5,040. The asset has an estimated useful life…
A: Formula: Straight line method = ( Asset cost - salvage value ) / useful life
Q: Determine the amounts of the components of penaion expense that should be recognized by the company…
A: Pension expense (PE) refers to those expenses which are charged by the company in relation to pay…
Q: On 31 December 2017, PC sold used equipment with carrying amount of P2,000,000 in exchange for a…
A: 1. Calculation of carrying amount of note receivable on 31 December 2017: Year Annual payments…
Q: Germo Company started business at the beginning of the current year. The entity established an…
A: Answer) Calculation Sales on account Sales on account = Total Sales X 80% Sales on account = P…
Q: During the current year, CF Manufacturing Co. incurred $370,000 of indirect labor costs, $15,000 of…
A: Amount transferred from the manufacturing overhead account includes indirect material, indirect…
Q: At how much should the asset be recorded upon reclassification as PPE on December 31, 2019?
A: Here the concept is on Held for sale for PPE. The Standard dealing with the current situation is Ind…
Q: Johnson Company purchased an equipment at P6,500,000 on January 1, 2020 which will be used for a…
A: Revaluation Model In the revaluation model the determination of assets value will be determined by…
Q: A significant rise in the price of oil causes: Question 3 options: a) deflation b)…
A: The question is related to Inflation. Inflation means price rise. Inflation is the rate of increase…
Q: Morrill Company produces two different types of gauges: a density gauge and a thickness gauge. The…
A: What is meant by Make or Buy Decision making? It is the process of deciding whether to inhouse…
Q: ABC Company sold goods worth $58000 On credit; Cost of merchandise sold is $ 22000; Pass all the…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: On June 1, 20-, a depreciable asset was acquired for $5,040. The asset has an estimated useful life…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Fixed Overhead Variances Rostand Inc. operates a delivery service for over 70 restaurants. The…
A: given Fixed Overhead Variances Rostand Inc. operates a delivery service for over 70 restaurants.…
Q: How much is the net effect of classifying NCAHS and reclassifying back to PPE on 2019 net income?…
A: Profit/Loss as a result of reclassification : Carrying amount asset held for sale - Carrying amount…
Q: Compute common-size percent for the following comparative income statements (round percent to one…
A: Common size statement: It implies to a form of interpretation and analysis of the company's…
Q: Answer time left: 01:45:26 * Please use the mouse to highlight where the specific question text is…
A: Stockholder's Equity - Stockholder's Equity includes the amount contributed by shareholders issued…
Q: The table below shows the financial process with corresponding significant account and relevant…
A: The concept of relevance relates to the idea that the information generated by an accounting system…
Q: Suppose your company has just found $100,000 worth of outdated inventory in an old warehouse (this…
A: The decision to resell or scrap inventory is done based on the profitability of both options. The…
Q: Aaron, Deanne, and Keon formed the Blue Bell General Partnership at the beginning of the current…
A: Keon Aaron Deanne a) Basis in contributed - land 56,000 - - b) Cash contributed - 124,000…
Q: Gemstone sells 400 units of inventory for $12,000 to Jades on account. The units cost $12 each.…
A: Periodic inventory method: It is a inventory valuation method in which inventory is updated at the…
Q: For the credit card account below, compute the average daily balance, the finance charge, and the…
A: The following are the formulas used to calculate the answer;- 1. Average Daily Balance = ∑Daily…
Q: A company's product sells for $150 and has variable costs of S60 associated with the product. What…
A: Formula: Contribution margin ratio = ( Contribution margin / Sales ) x 100
Q: Everlasting Corporation provided the following information regarding its Research JPB-04 included in…
A: The question is related to Accounting for Intangible Assets. As per the Standard the development of…
Q: Carmen is a retailer of scrapbooking products. The sales forecast for the coming months is: Revenues…
A:
Q: Cicamore Company had the following information related to its current liabilities for the year ended…
A: Current Liabilities are those Liabilities which are payable within 12 months from the end of Current…
Q: rregular transactions such as discontinued operations s
A: Single step income statement is generally used by the small businesses like…
Q: Anne Murray is planning to buy a rental property, in addition to the family home she and Henry own.…
A: Taxes are mandatory contributions made by government agencies from individuals or businesses,…
Q: Concord Corporation makes and sells umbrellas. The company is in the process of preparing its…
A: Total budgeted variable selling and administrative expenses for October = Budgeted sales units of…
Q: a. Prepare a schedule of the cost of finished goods manufactured. (Not all of the data given above…
A: Please see step 2 for required information.
Q: Question 42 When the Fed purchases government securities, it Question 42 options: a)…
A: Government securities are government borrowing financings that are used to fund everyday activities…
Q: On 1 May, the accounts receivable subsidiary ledger of Gerome Ltd had the following balances:…
A: Balancing of account refers to after posting into the ledger, the next step to ascertain the net…
Q: Whole Fruits Market took the following actions to improve internal controls. For each of the…
A: Internal control are department that provide reasonable assurance of effectiveness and efficiency…
Q: If no legal, regulatory, contractual, cempetative, economic, or other factors limit the life of an…
A: If any intangible asset has indefinite life , then amortisation is not required . Rather such asset…
Q: АВС СОМРANY Month Sales budget July August September 800,000 750,000 990,000 October 630,000…
A:
Q: Given: Asset change during year Liability change during year Capital Contribution Dividends Net…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: Johnson Ltd produces 3000 units of a single product in the period under review . Direct labour per…
A: Variable cost per unit = Prime cost per unit + Indirect Variable overhead cost per unit
Q: Company A has current sales of $4.000.00 and a 45% contribution margin. Its fixed costs are…
A: Formula: Degree of operating leverage = Total Contribution margin / net income
Q: How do the NOCLAR standards change the traditional practice of maintaining confidentiality of audit…
A: Auditing is defined as onsite validation activities such as: Inspection or investigation of…
Q: Information for Budgeting, Ethics Norton Company, a manufacturer of infant furniture and carriages,…
A: The act of developing a plan for how you will use your money is known as budgeting. Making this…
Q: Donald Electronics an electronics repair shop, prepared the unadjusted trial balance at the end of…
A: Income Statement Revenues: Fees Earned 139,275 Total Revenues 139,275…
Q: The following data were compiled prior to preparing the balance sheet of the Conrad Corporation as…
A: Appropriated retained earnings is that portion of retained earnings that is specifically kept aside…
Q: vable is reasonably assured, what is the net income to be recognized by the entity for the year…
A: Franchise Account The Purpose of providing the franchise business to allow to use the reputation of…
Q: Exercise 21-25 (Algo) Cash flows from operating activities (direct method)–includes sale of cash…
A: Cash flow statement is a financial statement that records the inflow and outflow of cash due to the…
Q: Waupaca Company establishes a $480 petty cash fund on September 9. On September 30, the fund shows…
A: Petty cash: Petty cash fund is established to manage the payment for the small business expenditure…
Q: How much is the Contribution Margin ? The Company has Sales of P288,000, a Contribution Margin Ratio…
A: Introduction: Contribution margin: Deduction of variable cost from sales value derives the…
Q: Profit or Loss is computed by subtracting cost / expenses from – a. income/revenue c. sales b.…
A: Answer 1) Profit or Loss is computed by subtracting cost / expenses from: income/revenue: This…
Q: The following costs are incurred by Everlasting Corporation in 2022: a. Cost of activities…
A: The question is related to Accounting for Intangible Assets. As per the Standard the development of…
Q: The trust for Ardolio, Inc. prepares a statement of affairs which shows that unsecured creditors…
A: "Since you have asked multiple questions, we will solve the first question for you. If you want any…
Step by step
Solved in 2 steps
- Ace Industries has current assets equal to 3 million. The companys current ratio is 1.5, and its quick ratio is 1.0. What is the firms level of current liabilities? What is the firms level of inventories?Hummel Inc. has $30,000 in current assets and $15,000 in current liabilities. What is Hummels current ratio? a. 3 c. 1 b. 2 d. 0.5Ace Industries has current assets equal to $3 million. The company’s current ratio is 1.5, and its quick ratio is 1.0. What is the firm’s level of currentliabilities? What is the firm’s level of inventories?
- Ace Industries has current assets equal to $9 million. The company's current ratio is 2.5, and its quick ratio is 2.1. What is the firm's level of current liabilities? What is the firm's level of inventories? Do not round intermediate calculations. Round your answers to the nearest dollar. Current liabilities: $ Inventories: $Blue Co. has a total liabilities of P400,000 on which 40% is a long-term liability. The non-current asset of the firm is half of the total asset and it is determined that its current ratio is 3:1. If the firm has a net profit of P144,000, what will be the return on asset? (type the answer in percentage with “%”)A company has current liabilities of $500 Million, and its current ratio is 2.0. What is the total of its current assets?
- Ace Industries has current assets equal to $4 million. The company's current ratio is 2.0, and its quick ratio is 1.7. What is the firm's level of current liabilities? What is the firm's level of inventories? Do not round intermediate calculations. Round your answers to the nearest dollar. Current Liabilities $ Inventory $Boe Company has owners’ equity of P400,000 and net income of P66,000. It has a payout ratio of 20% and a rate of return on assets of 15%. How much did Boe pay in cash dividends, and what were its average assets?Brilliant Corp. has total current liabilities of P22,000 and an inventory of P7,000. If its current ratio is 1.2, then what is Brilliant’s quick ratio?
- Cottler Ltd. has current. assets equal to $4.5 million. The company's current ratio is 1.25, and its quick ratio is 0.75. What is the firm's level of current liabilities in millions a. $3.6 b. $0.18 c. $2.4 d. $2.9In the past year, TVG had revenues of $2.95 million, cost of goods sold of $2.45 million, and depreciation expense of $178,000. the firm has a single issue of debt outstanding with a book value of $1.15 million on which it pays an interest rate of 8%. What is the firm's times interest earned ratio?Best Electronics has a quick ratio of 0.53, current liabilities of $7.3 billion, and inventories of $5.2 billion. What is the firm's current ratio?
