Please provide solution in good accounting form. Thank you!
Q: certain car was purchased f resale value of $8.300
A: Resale value refers to the original sum value of the asset which a seller can expect while selling…
Q: BALANCE SHEET EXCEL ACTIVITY Directions: Create a Balance Sheet using Microsoft excel given the…
A: The balance sheet is a part of the financial statement that shows the financial position of the…
Q: (DL), or production overhead cost (POH). (i) Wages of production line workers. Maintenance of…
A: The total manufacturing costs comprises of direct materials cost, direct labor cost and factory…
Q: Consider the following information for Maynor Company, which uses a periodic inventory system: Units…
A: Inventory Valuation Method - 1. FIFO Method - Under this method inventory purchased first will be…
Q: Question 1 The following information represent Mooncake Corporation RM 3,549,000 179,000 911,000…
A: Assumption :— All Sales are on Credit. Current Assets includes Marketable securities.
Q: The SSC, a cash-method partnership, has a balance sheet that includes the following assets on…
A: Ordinary income refers to the kind of income which is earned through firm or person that is subject…
Q: Harwood Company uses a job-order costing system that applies overhead cost to jobs on the basis of…
A: Overhead: In cost, a company uses an applied overhead to allocate manufacturing overhead costs. to…
Q: Prepare a 2020 income statement for Wildhorse Corporation based on the following information: Cost…
A: preparation of income statement are as follows
Q: would like a second opinion on this below The comparative balance sheet and income statement of PAJ…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: determining the amount of the remittance.
A: Remittance of Amount :- Amount which is Remittance after deducting Commission & any other…
Q: Required information Journal entry worksheet 1 2 Record the closing entry for revenue accounts.…
A: Closing entries are those journal entries which are passed at the end of accounting period for…
Q: Some strategies in management can use to implement controls to ensure the integrity and existence of…
A: Fraud refers to any wrongful act done by a person which may result in financial loss to the…
Q: Assume that the payroll records of Bramble Oil Company provided the following information for the…
A: In the context of the given question, we are required to compute payroll accounting and prepare the…
Q: 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, follows…
A: Closing journal entries are those entries which are recorded at the end of the accounting year and…
Q: Allocation to preferred stock $ 2021 4,800 $ 2022 7,000 $ 2023 7,000
A: Introduction:- Shares are mainly classified into two types as follows under:- 1)Common shares…
Q: Accounting Investor owns 1,000,000 shares of stock of Corp. XYZ with a zero basis and a FMV…
A: Tax consequences The total of any tax, net tax, input tax credit, rebate, or other amount owed by or…
Q: On December 31 of the current year, the following accounts were discovered in the BT21 Company's…
A: Loans or unpaid balances that must be written off because they are no longer considered recoverable…
Q: Popcorn Ltd uses a batch production method to produce its single product by combining two materials…
A: According to the given question, we are going to compute three sub-parts of this question. Material…
Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…
A: calculation of above requirement are as follows
Q: Accounting 6. Answer incorrect box for thumbs up Cullumber's Style manufactures dining room tables…
A: calculation of direct material price variance are as follows
Q: On November 27, the board of directors of Sage Hill Company declared a $0.80 per share dividend. The…
A: Dividends on common stock that have been declared by a firm but have not yet been paid to…
Q: jordan purchased a $60,000 piece of office furniture during 2019. The balance in his UCC pool for…
A: Capital Cost Allowance: The capital cost allowance (CCA) is the amount of an organization's…
Q: 1. The following budget information is available for the HD Sales Company (HDC) for January: Sales:…
A: Introduction: A pro forma income statement is a statement showing a company's estimated income after…
Q: Bairstow Company manufactures and sells a single product. The following costs were incurred during…
A: According to the given question, we are required to show and prepare the income statement and…
Q: Please compute the Cost per Unit of the 1,000 products that were completed as part of Job 711. The…
A: Job costing is related to the costing of special orders or special contracts. Under this, production…
Q: (c) Khetos Mobile Sdn. Bhd have summarized 2021 activity in the Cash account as follows: Beginning…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: The term cash as used on the statement of cash flows includes all the following EXCEPT: A) cash due…
A: Financial statements are those statements which are made by the companies as it helps in determining…
Q: On September 30, 2020, Peace Frog International (PFI) (a U.S.-based company) negotiated a two-year,…
A: The journal entries start the accounting process because journal entry is the first step when the…
Q: Consider a lake found in the village of Sturbridge, and then answer the questions that follow. The…
A: Economic Profit - It is the difference between the revenue received and cost incurred including…
Q: On September 1, 20x1, ABC Co. enters into a contract with a customer to remodel a plant's electrical…
A: Contract costing is a method of job costing used for large undertakings that take a long time to…
Q: September bank statement, he noticed there were a
A: A bank reconciliation statement is not a part of Book keeping but is a method to ensure that there…
Q: Bairstow Company manufactures and sells a single product. The following costs were incurred during…
A: Introduction: Variable costing is a concept used in management and cost accounting that excludes…
Q: 15. ABC Co. started work on two separate projects during 20x1. Information on these projects is…
A: Computation of contract liability :- Liability on contract A (9,000,000 x 50%) = 4,500,000 Liability…
Q: Teal Mountain Corporation has 138,000 shares of $5 par value common stock outstanding. It declared a…
A: Lets understand the basics. Journal entry is required to make to record financial event or…
Q: Accounting Suvi, Inc. purchased two assets during the current year (a full 12-month tax year). On…
A: MACRS Depreciation In the Modified Accelerated Cost Recovery System (MACRS) Depreciation which can…
Q: Obligation to fulfil annual spending quota
A: Charity refers to helpfulness and generosity, especially towards the needy person or the person…
Q: Brief Exercise 12-2 Prepare horizontal analysis Perform a horizontal analysis providing both the…
A: Horizontal analysis is one of the financial statement analysis which shows increases or decreases in…
Q: Question: On January 1, 2020, OIL 20 LTD. started its business by purchasing a productive oil well.…
A: Income Statement: Income statement is defined as a presentation of financial information that…
Q: Valley Company purchases merchandise on account for $6,236 from Corn Company with credit terms of…
A: The cash discount is allowed to buyer, if payment is made within discount period. The FOB shipping…
Q: Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool,…
A: 1. Unadjusted Trial balance - Unadjusted Trial Balance includes transactions entered into during the…
Q: John and Bjorn are partners in a newly formed partnership. John is in a higher tax bracket than…
A: The economic effect of the allocation is substantial since it will be sold for atleast $1000 in next…
Q: determine if the ratio increases decrease or are unchanged. consider each transaction independently…
A: Current Ratio: Current Ratio represent the ability of the Business Entity to pay off its current…
Q: Reznik Inc provided a significant amount of legal services to Spaces Inc during March of 2020. At…
A: The answer provided below has been developed in a clear step by step manner. Date Account Dr…
Q: Del Gato Clinic's cash account shows a $14,089 debit balance and its bank statement shows $13,053 on…
A: Journal entry of above transaction are as follows
Q: Post to the stockholders' equity accounts. (Post entries in the order of journal entries presented…
A: Posting to the general ledger is the second step in the accounting cycle under which accounts…
Q: Mist, Inc. provides free meals in an employee cafeteria for its employees. The employee cafeteria…
A: Introduction An operating department oversees the production process from start to finish. The…
Q: special order was received at last minute to supply 5,000 units at a price of £60. Should the…
A: The solution is only for the requirement which has been asked to solve. The decision regarding…
Q: Zira Company reports the following production budget for the next four months. Each finished unit…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: Malik started a travel luggage company selling only one style of luggage. It has just completed its…
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Bairstow Company manufactures and sells a single product. The following costs were incurred during…
A: The income statement is one of the financial statements of the business which tells about the…
Step by step
Solved in 2 steps
- 9. On January 1, 20X2, ABC Company signed an agreement to operate as franchisee of XYZ Company for an initial franchise fee of P 30,000,000. Of this amount, P 10,000,000 was paid when the agreement was signed and the balance is payable in equal annual payment of P 5,000,000 beginning December 31, 20X2. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. ABC’s credit rating indicates that it can borrow money at 12% for a loan of this type. Determine the cost of the franchise. (Use 4-decimal PVF)A company sells equipment to customers for $491,000 on January 1st, 2021. The sales price includes an installation fee, which has a fair value of $125,000. The installation is considered a separate performance obligation and is expected to take two months to complete. The fair value of the equipment is $375,000. On January 1st, 2021, the company should record Unearned Service Revenue of $ . (If the company should not record any Unearned Service Revenue, then enter 0.) (Do not round your answers in any part of the computation.)Murray Lumber had an exclusive three-year supply agreement with Stella Construction. The contract called for lumber sales of $4,400,000 per year. After one year, Stella Construction canceled the contract without cause. The court found Stella Construction liable under the contract. Murray Lumber had average gross profits of 40 percent and average net income of 10 percent of sales. Murray Lumber's operating expenses average 70 percent fixed. The damages from the loss of this contract would be: A. $2,728,000. B. $8,800,000. C. $1,364,000. D. $2,480,000.
- Careful Company sells goods that cost P600,000 to a customer for P800,000 on December 20, 2021. The sales price includes an installation fee, which is valued at P80,000. The fair value of the goods is P740,000. The installation is considered a separate performance obligation and is expected to take 3 months to complete. *How many performance obligations are there in the contract? *How much is the revenue to be recognized in 2021 and 2022?On July 1, 20x1, Zevrek Co. enters into contract with a customer for the construction of a building. The contract price is P6M. However, Zevrek Co. is entitled to a bonus of P500,000 if the building is completed within 3 years. Zevrek Co. uses the cost-to-cost method in measuring its progress on the contract. At contract inception, Zevrek Co. estimates total contract costs of P4M. In 20x1, Zevrek Co. incurs total costs of P1,350,000. Due to bad weather conditions, Zevrek Co. does not expect that it can finish the building on time for it to be entitled to the bonus. The estimated costs to complete as of the end of 20x1 are P2.4M. In 20x2, Zevrek Co. incurs total costs of P2,260,000. Due to improvements in weather conditions, Zevrek Co. now believes that it is highly probable that the building will be finished on time and the bonus will be received. The estimated costs to complete as of the end of 20x2 are P190,000. Requirement: Compute for the revenues, costs of construction and…On January 1, 20x1 , ABC Co. enters into a contract with a customer to transfer a license for a fixed fee of P100,000 payable as follows: 20% is payable upon signing of contract. 80% is represented by a note receivable collectible in 4 equal annual installments starting December 31,20x1. The appropriate discount rate is 12%. The license transfers to the customers on January 1, 20x1. ABC Co. incurs direct contract costs of P20,000 on January 1, 20x1. On January 1, 20x1, ABC Co. determines that there is significant uncertainty as to the collectability of the note. The license provides the customer with the right to use ABC's intellectual property as it exists at the point in time at which the license is granted. a. The credit to contract liability on December 31, 20x1, is b. The credit to unearned interest income on December 31, 20x1 is c. The franchise revenue to be recorded in 20x1
- 11 . A company enters into a 3 x 6 FRA with a notional principal of $1 million as the short positio n. The contract has a forward rate of 4%, and LIBOR 5%. At contract settlement, the company will pay: A. $2,500 B. $2,469.14 C. $9,523.81On January 1, 20x1, Marc Company enters into a contract with a customer to transfer a license. The initial franchise fee is P200,000, payable as follows: 20% cash down payment upon signing of the contract, and the balance is payable in four (4) equal annual installments starting December 31, 20X1. The appropriate discount rate is 10%. The contract also requires Marc Company to transfer equipment to the customer. The equipment has a cost of P30,000 and a stand-alone selling price of P50,000. The license has a stand-alone selling price of P38,000. Marc Company regularly sells the license and the equipment separately. The equipment is transferred to the customer on January 15, 20x1, while the license is transferred to the customer on February 1, 20x1. REQUIRED: Compute for the following Total transaction price Transaction price allocated to the license Transaction price allocated to equipment Franchise fee revenue1. On January 1, 20x4, Drexler signed an agreement to operate as a franchisee of Houston Copy Service,Inc., for an initial franchise fee of P255,000. Of this amount, P75,000 was paid when the agreementwas signed, and the balance is payable in four (4) annual payments of P45,000 each beginning January1, 20x5. The agreement provides that the down payment is not refundable, and no future services arerequired of the franchisor. The implicit rate for a loan of this type is 14%. The agreement also providesthat 5% of the revenue from the franchise must be paid to the franchisor annually. Drexler’s revenuefrom the franchise for 20x4 was P2,700,000. Drexler estimates the useful life of the franchise to be 10years.2. Drexler incurred P234,000 of experimental and development costs in its laboratory to develop a patentwhich was granted on January 2, 20x4. Legal fees and other costs associated with registration of thepatent totaled P49,200. Management estimates that the useful life of the patent…
- In 20x1, Silverchair Co., a construction company, enters into a contract with a customer for the construction of a building. The contract states a fixed fee of P8,700,000. Silverchair's performance obligation in the contract is satisfied over time. Silverchair uses the 'cost-to-cost method in measuring its progress in the contract. Information on the contract follows: 20x1 20x2 Estimated total costs at completion 6,525,000 6,960,000 Percentage of completion 15% 65% How much is the profit recognized in 20x2?On October 10, 2017, Executor Co. entered into a contractwith Belisle Inc. to transfer Executor’s specialty products(sales value of $10,000, cost of $6,500) on December 15,2017. Belisle agrees to make a payment of $5,000 upondelivery and signs a promissory note to pay the remainingbalance on January 15, 2018. What entries does Executormake in 2017 on this contract? Ignore time value ofmoney considerations.21. A promissory note which is dated January 1, 20A was received from a client for service rendered by the ML Company for P350,000. Its term is 1 year (360 days) and carries with it a 10% interest rate. On the same date, due to financial needs, the company immediately have it discounted to a financial provider at 15% discount. Compute the amount of loss if the discounting arrangement is a conditional sale. Round off final answer to the nearest peso.
