Particulars Opening stock at 30,000 the branch Goods sent to Branch Sales made in Particulars Expense of salaries Other expenses Amount Amount 10,000 90,000 4,000 120, 000 cash Branch sells at cost plus 20%. Branch manager entitled to commission of 5% on the profits of the branch before charging the commission. Find the closing stock at branch.
Q: A proprietor (CHRISTIA) who just inherited a building is considering using it in a new business ven...
A: Relevant costs are costs that are considered at the time of decision making or any change in these c...
Q: PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers. A. May 12: S...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: Ikaw passed the very difficult CPA board examination in October and immediately set-up his bookkeepi...
A: Accounting equation refers the double entry system of each transaction and the way the journal entry...
Q: Six situations are given below concerning a plant asset currently used in operations. CA-Carrying am...
A: Impairment loss = Carrying value of the asset - Recoverable value of the asset The concept of impai...
Q: Janet Company purchased a machine on April 1, 2017 for P750,000. At that time, was determined that ...
A: The depreciation expense is charged on fixed assets as reduced value of the fixed the passage of tim...
Q: You are a social media marketer responsible for creating a social media campaign for a pair of Ray B...
A: Total Investment Excluding sunglass making cost = Total Cost Incurred = 5000 + 3000 + 5000 + 1000 = ...
Q: Examples of when an entity has retained substantially all the risks and rewards of ownership of tran...
A: Following is the example of entity has retained substantially all the risk and rewards of ownership.
Q: P2,000,000 P480,000 ...
A: No, i wont agree with his presentation. because even if we stop the production from southern divisio...
Q: Assume the following independent cases: (a) At the beginning of the year, a check was issued for P4...
A: Cost of land acquired = Amount paid for the land + Unpaid taxes in arrears for the previous year
Q: Break-Even in Units Gelbart Company manufactures gas grills. Fixed costs amount to $11,418,000 per y...
A:
Q: BUSINESS TRANSACTIONS FOR ACCOUNTING PROCESS In December of the current year, the following transact...
A: 1. Income Statement 2. Balance Sheet 3. Statement of Cash Flow The first statement shows the income ...
Q: Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,...
A: Introduction: Trial Balance: All the final ledger accounts balance are posted in Trial balance to ch...
Q: 150,000 ,560,000
A: Taxable income refers to the income gained by an entity on which the authorised government levied a ...
Q: Sophie Gowna, 47 years old, works for an Ontario company with a Bi-weekly pay cycle. She earns $19 p...
A: Payroll The process of payment of payroll is an important aspect of the business as well. Payroll w...
Q: Garza Corporation has two production departments, Casting and Customizing. The company uses a job-or...
A: Lets understand the basics. Predetermine overhead is an overhead which is used to allocate cost to t...
Q: Information concerning a product produced by Ender Company appears here: 2$ %24 165 Sales price per ...
A: Contribution margin per unit = Selling price per unit - Variable cost per unit Break-even units = ...
Q: Evaluate the three strategies reducing income, increasing deductions, and taking advantage of tax cr...
A: ANSWER A tax strategy is a plan to reduce tax. It is ethical and moral because, we ensure to pay t...
Q: Contribution Margin Ratio, Break-Even Sales Revenue, Sales Revenue for Target Profit Schylar Pharmac...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: calculate her gross pay for the last pay period.
A: Solution:- Given, Whitney receives a semi-monthly salary of $2,800 and has 40-hour workweeks. So, Wh...
Q: A. Income Statement B. Retained Earnings Statement E Batance Sheet (simpte unclassified) Adjusted Tr...
A: Solution Income statement shows company's revenues and expenses during a particular period.
Q: Elon Motors produces electric automobiles. In recent years, they have been making all components of ...
A: The net present value (NPV) is the excess of present value of cash inflows over outflows and make th...
Q: CVP: Before- and After-Tax Targeted Income Head-Gear Company produces helmets for bicycle racing. Cu...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Question 5 A company had the following balance sheet as on 31 March, 2021: Liebilities in Crores Ass...
A: Earnings Before Tax It is the gross amount of earnings that a firm earns from its activities that ma...
Q: medical expenses = ? b. Suppose that Simpson was reimbursed for $250 of the physician's charges and...
A: Deduction- Deduction refers to the charge that is authorized to be deducted from the annual gross in...
Q: 3.The Mark Company acquired a helicopter in 2018. At the time of acquisition, the cost of the jet fr...
A: Solution Depreciation refer as the reduction of the recorded cost of fixed assets in a systematic ma...
Q: On the basis of audit evidence gathered and evaluated, an auditor decides to decrease the level of d...
A: Answer: Option D. Decrease in the assessed control risk.
Q: Flora's Flats produces comfortable and portable women's shoes desi shoes after a formal event. The c...
A: Given, Sale price = 20/unit variable cost = 6/unit Fixed cost = 10,000 Contr...
Q: P21.11 (LO 2, 3) Groupwork (Lessee-Lessor Accounting for Residual Values) Goring Dairy leases its mi...
A: Lease- A lease is a agreement outlining the conditions under which one party agrees to rent an asset...
Q: ner secu 21. 1 point An entity reported current receivables on December 31, 2015 which consisted of ...
A: Calculation of Total Current Net Receivable as on December 31, 2015 Particulars Amount Trade ...
Q: On January 1, 2018, a new building was purchased at a cost of P30 million. Depreciation was computed...
A: The question is related to the Revaluation of Assets. When Revaluation of Assets are made, then foll...
Q: Company bought a new equipment for P800,000. The equipment has an estimated salvage value of P20,00...
A: Solution Depreciation is the reduction of the recorded cost of a fixed asset in a systematic manner ...
Q: Given the following items , compute the required ones. REQUIRED COST OF SALES GIVEN Asset Turnover :...
A: In accounting, a ratio is used to evaluate the company's financial performance by establishing the r...
Q: Determine Dianne's provincial income tax deduction per pay period. Your answer:
A: Solution:- Given, Dianne works for a company located in Pierrefonds, Quebec. Salary = $53,274 semi-...
Q: The following data as of July 1, 2020 were taken from the records of Bonbon: Cash 21,000 Other asset...
A: Solution Balance sheet is a statement of business's assets , liabilities and owners equity as of any...
Q: What is Basis of accounting
A: The system by which revenues and expenses are recognized in a company's financial statements is refe...
Q: What is Accou
A: Accounting: It is defined as a process of gathering, recording, summarizing, analyzing, and communic...
Q: On June 30, 2021, Singleton Computers issued 7% stated rate bonds with a face amount of $200 million...
A: Price of bond will be present value of maturity amount & interest amount as per market rate of i...
Q: On January 1, 2018, KingKong Corp. purchased an equipment with an estimated useful life of 8 years. ...
A: Salvage Value P2,000 Useful Life (in years) 8 Sum of the year (1+2+3+4+5+6+7+8) 36 Depreciatio...
Q: Help me only with question b) Financial statements: Income Statement For the Month Ended Octobe...
A: Solution Working note 1- Net profit = (210) / 5600 = -3.75 2- Gross profit margin = 770 / 5600 = 13....
Q: Supreme auto manufactures automobile spare components has bought a machine with value of P5,000,000....
A: Depreciation of the asset: = Cost of asset / Life of the asset in years Asset value=P5,000,000 Life ...
Q: Compare the information disclosed by Microsoft to comply with the fair value disclosure requirements...
A: Answer: The balance sheet usually reflects the historic cost of assets and liabilities. But certain ...
Q: -Tek Manufacturing, Inc., makes two types of industrial component parts—the B300 and the T500. An ab...
A: Solution 1: Total Manufacturing Overhead 608000 /Total Direct labor 304000 Prede...
Q: Information for Jackson Corporation for 2022: • Net Income of $875,000. • Common shares outstanding ...
A: Basic EPS = Net income available for shareholders / Outstanding shares Diluted EPS = (Earnings attri...
Q: Quinto Capital (Sept 1) P20,000 (Jan 1) P165,000 (Apr 1) 75,000 Requirements: Prepare journal entrie...
A: note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...
Q: Elon Motors produces electric automobiles. In recent years, they have been making all components of ...
A: The accounting rate of return do not consider the discounting factor and computes the ability of the...
Q: The Molson Company had budgeted production for the year as follows: Quarter 1 2 3 4 Production in u...
A: Closing inventory of raw materials = Opening inventory + Purchases made during the period - Consumpt...
Q: Onslow Company purchased a used machine for $192,000 cash on January 2. On January 3, Onslow palid $...
A: Machinery is the non-current asset for an entity that can used for running the business operations.
Q: According to Statistics Canada population projections, visible minorities could account for over of ...
A: We have to find correct answer from given options.
Q: XYZ Enterprises produces high quality blankets sold to hotels and resorts. Blankets must be well mad...
A: The special order should be considered of it provides additional income to the business.
Q: 2017: 1-4 Ms. Jaya started Jaya Business Ventures by bringing in cash of Rs.3,00,000. 2-4 Ms. Jaya p...
A: The trial balance shows the balance of ledger accounts
Step by step
Solved in 2 steps
- The trial balance of Beta shows the following balances at 31 December 2021: Dr Cr $000 $000 Issued share capital (500,000 shares) 500 Share premium 20 Finance costs 70 Retained earnings 1 January 2021 346 Inventory (raw materials) at 1 January 2021 60 Sales 1170 Purchases 890 Purchases returns 26 Sales returns 28 Carriage outwards 28 Work-in-progress at 1 January 2021 80 Intangible assets 170 Administrative wages 30 Warehouse plant and equipment – cost 92 Accumulated depreciation – 1 January 2021 30 Delivery vehicle hire 20 Distribution expenses 30 Administrative expenses 10 Directors’ salaries 30 Sales allowances 6 Investment income 30 Bank overdraft 20 Trade receivables 380 Cash at bank 110 Land 120 2148…A firm had the following financials last year: Sales Revenue = $3,060Accounts receivable = $500Interest expense = $126Total operating expenses = $600Accounts payable = $240Cost of goods sold = $1,800Dividend on preferred stock = $18Tax rate = 40% Number of outstanding number of common shares = 1,000 The E.P.S of the firm, rounded to four decimal places is a. $0.5335 b. $0.3204 c. $0.3024Elliptical Machine issues 5,000 shares of 5%, $10 Par Value Preferred Stock for $10,000 cash, $20,000 of Inventory, and acceptance of a Note Receivable in the amount of $40,000. What is the amount of the Credits to Preferred Stock and to Additional Paid-in Capital In Excess of Par Value, Preferred Stock the Company would record?
- 1. The following information is provided in the 2011 annual report toshareholders of The Biz Store:December 31, 2011 December 31, 2010Accounts Receivable Y $ 6 millionInventory $ 25 million $ 20 millionTotal assets $ 250 million XTotal Stockholders Equity W $ 130 millionNet Sales $ 115 millionCost of goods sold ZNet Income UAverage Collection Period 22.2 daysAverage days in inventory 104 DaysEquity multiplier 1.9Return on stockholder Equity 16.0 %Profit Margin on sales 17.4 %ROA VRequired: Compute U-Z in the tableabove. 2. Shown below is the activity for one of the products of Random Creations:January 1 balance, 80 units @ $50 $4,000Purchases:January 18: 40 Units @ $51January 28: 40 Units @ $52Sales:January 12: 30 UnitsJanuary 22: 30 UnitsJanuary 31:45 Units2a. Compute the ending inventory and cost of goods sold assuming RandomCreations uses FIFO.2b. Compute the ending inventory and cost of goods sold assuming RandomCreations uses LIFO and perpetual inventory system.2c. Compute the…(a) Calculate and Closing stock from the following information:-Total sales Rs 600000Gross Profit 25% on SalesStock Turnover Ratio = 5 timesClosing stock is Rs. 12000 more than opening stock(b) Gross Profit Ratio of a company was 25%. Its cash sales were Rs. 200000 and its credit Sales was 90% of the total sales. If the indirect expenses of the Company were Rs. 20000. Calculate net Profit ratio.The Brighter Teachers Credit Union share capital stands at $300,000. Shares were sold to the members at $3 each. The credit union's Trading and profit and loss account (Income statement) for year ended june 30, 2009 showed a surplus off 70 000. undistributed surplus broght foward from june 2008 was $55 000. The totl available surplus is to be shared in the following manner 1. 20% to be transferred to Teacher's education Development Fund. 2. 5 % to be given as charitable donation to the School for the Hearing Impaired. 3. 30 % tobe transferred to Loan Fund 4. 25% to be paid out as dividends to members. i. Prepare the Credit Union's Appropriation of Profits Account, June 30, 2009. ii. Calculate the dividend that was paid on Each share. iii. Calculate the Return on Capital Employed.
- The Whispering Cove plc has provided the following as at December 31, 2017 DR CR Cost of Sales 700,000 Closing Stock 210,000 10 % Debenture 350,000 Debenture Interest 20,000 General Reserves 40,000 Retained Earnings 20,000 Goodwill 200,000 Ordinary Share Capital @ $2 400,000 10 % Preference Share Capital @ $1 400,000 Sales Turnover 1,300,000 Debtors 60,000 Bank 8,000 Administrative Costs 122,000 Selling and Distribution Costs 139,000 Property Plant & Equipment 600,000 Motor Vehicle 500,000 Provision for Depreciation on Motor Vehicle 40,000 Creditors 38,000 Interim Ordinary Shares Dividend 5,000 2,576,000 2,576,000 Additional Details Provided The motor vehicle is to be depreciated at 10% p.a. on the reducing balance basis. The…The Whispering Cove plc has provided the following as at December 31, 2017 DR CR Cost of Sales 700,000 Closing Stock 210,000 10 % Debenture 350,000 Debenture Interest 20,000 General Reserves 40,000 Retained Earnings 20,000 Goodwill 200,000 Ordinary Share Capital @ $2 400,000 10 % Preference Share Capital @ $1 400,000 Sales Turnover 1,300,000 Debtors 60,000 Bank 8,000 Administrative Costs 122,000 Selling and Distribution Costs 139,000 Property Plant & Equipment 600,000 Motor Vehicle 500,000 Provision for Depreciation on Motor Vehicle 40,000 Creditors 38,000 Interim Ordinary Shares Dividend 5,000 2,576,000 2,576,000 Additional Details Provided The motor vehicle is to be depreciated at 10% p.a. on the reducing balance basis. The annual…(a) Calculate current Ratio and Quick Ratio from the followinginformation:Total Assets Rs. 350000Fixed Assets Rs. 175000Investment Rs. 70000Fictitious Assets Rs. 5000Share holders fund Rs. 200000Long term Debts Rs. 100000Inventory Rs. 45000(b) From the following information calculate the stock turnoverratio.Sales Rs. 200000, G.P 25% on cost, Opening Stock was 1/3rd of thevalue of closing stock. Closing stock was 30% of sales
- Smart Poly Machine issues 5,000 shares of 5%, $10 Par Value Preferred Stock for $10,000 cash, $20,000 of Inventory, and acceptance of a Note Receivable in the amount of $40,000. What is the amount of the Credits to Preferred Stock and to Additional Paid-in Capital in Excess of Par Value, Preferred Stock the Company would record?A Company provided the following balances on December 31, 2021: Subscription receivable 100,000 Losses from investment in equity FVTOCI 60,000 Accrued taxes 15,000 Ordinary share capital 2,500,000 Profit for the year 1,200,000 Retained earnings, beginning balance3,500,000 Salaries payable 80,000 Share dividends payable 50,000 Treasury shares, at cost 300,000 Unamortized issue cost on notes payable 10,000 Unearned rent income 60,000 Accounts payable (net of accounts with debit balances of P100,000) 300,000 Dividends paid 250,000 Mortgage payable (P800,000 due in 8 months) 3,000,000 Trade notes payable, due on January 31, 2023 600,000 Share premium 200,000 Preference share capital 1,300,000 Discount on notes payable 200,000 [Q3]: Determine the total amount of (7) current liabilities, (8) non-current liabilities, (9) retained earnings and (10) shareholder’s equity on December 31, 2021.On May 1, Laney Company purchases 4,000 shares of its own $1 par value stock for $24,000. Which statement is correct? Group of answer choices cash will be debited for $4,000 Additional paid-in capital (APIC) –treasury stock will be credited for $20,000 cash will be credited for $20,000 treasury stock will be debited for $24,000
