Problem 1: A construction company has/ had the following record during a year. The company has 76 full-time employees. Calculate Incidence rate. Description Minor injury Major injury 3 Fatal death 1 Days away from work 5 Incidence rate = number of cases or days per year x 200,000/total employee hours per year
Q: ABC Corporation was organized on January 3, 2014, with authorized capital of 100,000 shares of $10 p...
A: January 7 :- Issued 40,000 shares at $12 per share which means Common stock = 40,000 x 10 = 400,000 ...
Q: Ice Co. owns 75% interest in Fire Co. On acquisition date, the carrying amount of Fire Co.’s net id...
A: Controlling interest represents the interest controlled by the parent company in the subsidiary comp...
Q: he company purchased a portable building with $55,000 cash and moved it onto the land acquired o he ...
A: Income Statement - This statement shows the income earned and loss incurred by the organization in t...
Q: information is not specifically a required disclosure in relation to financial statements
A: A financial statement indicating the formal records of financial activities of an entity. it helps t...
Q: Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a con...
A: Income statement refers to a statement which shows the revenue and expense of the company of a parti...
Q: Establishes the tax differences between individuals and corporations in the United States.
A: Disclaimer: “Since you have asked multiple question, we will solve the first question for you. If yo...
Q: Prepare the adjusting journal entries. Show all the calculations. Write the name of entries and acco...
A: Adjusting journal entries are those entries which are recorded usually at the end of the period in o...
Q: is ready to merge with a competitor. If correct, this may have disclosure implications. Management a...
A: 1 Purpose of a management representation letter A management representation letter was issued by ...
Q: c. What is the total manufacturing cost of each vehicle if 100 vehicles are produced each month? 500...
A: Manufacturing cost is the total cost in production of product. It includes all the cost which makes ...
Q: Nov. 30: Journalized the monthly payroll for November, based on the following data. Description ent...
A: answers Description Debit Credit Sales Salaries Expense $135,000 Office Salaries Expens...
Q: If assets are $112.000 and liabilities are $38.500. then equity equals: Multiple Cholce $38,500. O $...
A: Assets = $112000 Liabilities = $38500
Q: HOW IS THE ACCOUNTANCY PROFESSION BEING REGULATED? EXPLAIN
A: An accounting career consists of getting ready monetary statements, auditing organization statistics...
Q: JFC Corporation values its inventory by using retail method: 1. How much is the ending inventory...
A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts f...
Q: Adjusted Trial Balance December 31, 2020 Debit Credit $ 3,900 2,200 Cash Accounts Receivable Allowan...
A: Adjusted Trail Balance post closing Entries Adjusted Trial Balance December 31, 2020 Accoun...
Q: Angel owned a property costing Php. 2,000,000.00. She exchanged her property with the lot of Princes...
A: Lets understand the basics. When asset is transfer for non monetary consideration then exchange shou...
Q: what is the yield on 5,000, 12% Acts bond priced at 95 plus 20 comission
A: Introduction :- A bond is a financial instrument in which the issuer (debtor) owes the holder (credi...
Q: Midus ind has the following data for the month ended on March 31. Prepare cash budget for the month ...
A: To identify the expected disbursements and receipts of cash for a given period of time, cash budget ...
Q: If a company receives $12,600 from a stockholder, the effect on the accounting equation would be: Mu...
A: Cash received from stockholder =$12,600
Q: The Sales Director of National Co. suggests that certain credit terms be modified. He estimates the ...
A: The question is related to Management of Receivables. The Receivables will be calculated with the he...
Q: hat amount should be reported as net cash provided by investing activities? 2. What amount should b...
A: Solution Working note Cash flow from operating activities Cash receipt from customers 2000000 ...
Q: ahibita Company has a balance of P299,000 in its receivable on January 1, 2019. Budgeted sales for a...
A: Mala Prohibita Co makes credit and cash sales . 75% of credit sales collection happens in the month...
Q: At the beginning of current year, Cash Company reported the following shareholders' equity: Share ca...
A: Solution Concept When share dividend is issued the retained earnings is debited When cash dividend i...
Q: Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet a...
A: Solution Working note for retained earnings Net income Trucking fees earned 120000 ...
Q: On March 31, 2021, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year...
A: Note:- Since you have posted a question with multiple sub-parts, we will solve the first three sub-p...
Q: I want to have 6000000 when I retire on April 18, 2055. I plan on making annual equal payments start...
A: Future Value: Using an expected rate of growth, future value (FV) is defined as the worth of a prese...
Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution...
A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization i...
Q: Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $53...
A: Cash in exchange for common stock = $53000
Q: Ronald Partners is negotiating with its audit client (Maxim Industries) for its upcoming audit fees....
A: Ronald Partners, here, is not only an audit company but also a provider of tax consultancy services....
Q: When filing 2015 federal income taxes as a single filer, you paid 10% on the first $9,225 earned, an...
A: In 2015 Filing Year for Federal Taxes, Standard Deduction of $ 6,300 was available for a single file...
Q: National Company's total assets fluctuate between P350,000 and P450,000, while its fixed assets rema...
A: As per the maturity matching concept long-term funds should be invested in long-term assets and shor...
Q: The following data are available for the Valentine Corporation for a recent month: Product A Product...
A: Answer) Calculation of Weighted Average Contribution Margin Ratio Product A Product B Pr...
Q: How much is net income?
A: Financial statements are the set of records of the financial transactions and position of a business...
Q: What amount should be reported as unappropriated retained earnings at year-end
A: Solution Concept Reacquisition of share to be held as treasury does not affect the retained earnings...
Q: What is the average amount of receivables?
A: P81,875 is the average amount of receivables.
Q: Compton Information Services, Inc., has two service departments: human resources and billing. Compto...
A: Answer - Step Method of Cost Allocation - This method an approach used to allocate the cost of...
Q: While calc
A: Free cash flow is usually generated from its business operations after minus the capital expenditure...
Q: Healesville Sanctuary is a family-owned and operated wildlife park located in Melbourne. Healesville...
A: Here asked about the finding of the Audit which can be reported to the Management or taken consider ...
Q: Save o EXIT On January 1, a company purchased a five-year insurance policy for $2,300 with coverage ...
A: Prepaid expenses are those expenses which are paid in advance for future period of time. This is one...
Q: subcontracted by the client, specifically in what corresponds to criteria of security, availability,...
A: A SOC for Service Organizations reports are designed to help service organizations that provide ser...
Q: On September 1, Kennedy Company loaned $126,000, at 11% annual interest, to a customer. Interest and...
A: Solution: Adjusting entries are journal entries usually made at the end of an accounting period to a...
Q: Core Company reported the following increases (decreases) in the accounts for the current year: Cash...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: Concord Inc. is a retailer using a perpetual inventory system. All sales returns from customers resu...
A: As per the definition of perpetual inventory system , inventory counting is done continuously and up...
Q: Blueberry Corp. uses a job order costing system with manufacturing overhead applied to products on t...
A: Solution: Manufacturing overheads are indirect manufacturing cost of the company that is part of pro...
Q: To justify changes in collection procedures, the minimum annual reduction of costs (using a 360-day ...
A: Average collection period refers to the duration within which a company is able to recover its credi...
Q: 1. During the year ended December 31, 2021, management of Alpha Corporation (the Company) decided to...
A: 1. Tax gain on sale of equipment: Tax gain on sale of equipment = Sale value – (Original cost – Accu...
Q: WHAT IS FINANCIAL REPORTING STANDARDS AND ENGAGEMENT STANDARDS? AND ITS CONNECTION WITH THE REGULATI...
A: Financial reporting standards provides principle for preparation of financial reports and determinat...
Q: National Company writes checks averaging P12,000 a day, and it takes seven days for these checks to ...
A: Net Float for a firm refers to the deviation that occurs between the book balances and actual balanc...
Q: National Co. has P5 million in inventory and P2 million in accounts receivable. Its average daily sa...
A: The inventory conversion period means, in how many days the inventory is converted into sales by the...
Q: At the beginning of 2024, Norton Academy reported a balance in common stock of $168,000 and a balanc...
A: Common Stock : Ending balance = Beginning balance + Issuance of common stock Retained earnings : End...
Q: Audit sampling involves applying an audit procedure to less than 100 percent of the population for t...
A: Sampling Risk :- Sampling threat is the opportunity that the objects decided on in a pattern ar...
Step by step
Solved in 2 steps
- A company had 30 direct production employees at the beginning of last year and 20 direct production employees at the end of the year. During the year, a total of 15 direct production employees had left the company to work for a local competitor. What is the labour turnover rate for last year? A 16.7% B 20.0% C 25.0% D 60.0%Connie Gibbs collected a 2,000 bonus for her departments safety record for the year (52 weeks). During that year, Gibbs worked an average of 44 hours each week. Calculate the extra overtime pay due Gibbs for that year. Extra overtime pay...................................... _______Casey Collins average workweek during the first quarter of the year (13 weeks) was 43 hours. As part of his companys perfect attendance program, he earned a bonus of 975. Determine the extra overtime pay due Collins for the first quarter. Extra overtime pay ..................................... _______
- Employees at Rayon Enterprises earn one day a month of vacation compensation (twelve days total each year). Vacation compensation is paid at an hourly rate of $45, based on an eight-hour work day. Rayons first pay period is January. It is now April 30, how much vacation liability has accumulated if the company has four employees and no vacation compensation has been paid? A. $1,440 B. $4,320 C. $5,760 D. $7,200$1900 During a two week pay period, an employee worked a total of 72 hours. If they are paid $27 for every hour worked, calculate their gross pay and round it to the nearest hundred dollars. $1940 $2000 Time Remaining:08:18:48 $2100 FLAG CONTINUE1. An industry employees 450 workers during the month of Decemcber 2019.The following arethe details of Expenditure as follows .Cost of material=$ 86000, Rate of wages for each employee =$ 3 per hour of normal duty and $ 6per hour of overtime duty. Man hours per day of normal duty= 8 hours. Number of holidays per month (with out wages)=6 days. Total over head expenses = $23000.The workers were paid overtime for 375 hours. Calculate (i) Total cost/month (ii) Man hour rate on costs …..
- 1. How much manufacturing overhead was incurred during the year? Is manufacturing overhead underallocated or overallocated at the end of the year? By how much? 2. Were the jobs overcosted or undercosted? By how much? Manufacturing overhead costs. . . . . . $630,000 Direct labor cost. . . . . . . . . . . . . . . . . . $1,550,000 Machine hours. . . . . . . . . . . . . . . . . . . . 90,000 At the end of the year, the company had actually incurred the following: Direct labor cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,220,000 Depreciation on manufacturing plant and equipment. . . . $500,000 Property taxes on plant. . . . . . . . . . . . . . . . . . . . . . . . . . $21,000 Sales salaries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,000 Delivery drivers' wages. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,000 Plant janitors'…Insurance An insurance company has looked at the total salary costs of its call centre staff, which it has traditionally treated as a fixed overhead and not attempted to apportion to individual services. It has determined the following for last year: Total Wages Time on selling policies Time on claims handling Time on policy changes Time on policy cancelling Other activities Call staff £200,000 50% 30% 10% 5% 5% Deputy managers £100,000 10% 30% 30% 5% 25% Managers £80,000 5% 15% 20% 10% 50% Last year, the company sold 100,000 new policies, handled 30,000 claims, made changes to 5,000 policies and cancelled 1,000 policies. Calculate the staffing costs that the company must cover in selling policies, handling claims, changing policies and cancelling policies.Casey Collins’ average workweek during the first quarter of the year (13 weeks) was 43 hours. As part of his company’s perfect attendance program, he earned a bonus of $975. Determine the extra overtime pay due Collins for the first quarter.Extra overtime pay .................................... $
- MOC Construction Company started work on three job sites during the current year. Any costs incurred are expected to be recoverable. Data relating to the three jobs are given below (image): If the company records revenue over time, how much must be shown as current asset in the balance sheet of MOC Construction Company as of December 31? A. 5,500,000 C. 250,000B. 500,000 D. 100,000PROBLEM: The Norman Company recently adopted an incentive plan. Factory workers are paid P7.50 per unit with a guaranteed minimum wage of P2,000 per week. Following is a report on employee’s productivity for the week ending May 19, 2019. All employees worked the full 40-hour week. WEEKLY SUMMARY Employee's Name Units ProducedCruz R. Cruz 240 J. Briones 286 C. David 275 A. Mendoze 240 F. Rivera 225 R. Tolentino 285 Required: 1.Compute each employee’s gross pay Work in Process Factory Overhead Control Employee’s Name Units Produced Piece Rate Total Pay Guaranteed Wage Difference (FOC) Total Gross Pay R. Cruz…please prepare the journal entries 10. Paid $162,000 for salary up to 9th March (Tuesday). All employees work a five-day week and are paid every four weeks on the following Wednesday, based on the number of days they have worked in the last four weeks. Employees are entitled to full pay on public holidays but not on Saturday and Sunday. The employees receive a total salary of $40,500 for a five-day work week. 12. Received payments from Vinga Limited, for the March sales. 13. Acquired $150,000 toy musical instruments by signing a 90-day, 5% notes payable. 16. Queenie Company Limited, a customer, has financial difficulties and unable to pay the outstanding balance of $200,000. The company has a long-term relationship with Queenie, and agreed to accept a 12%, 45-day notes fromthe customer to settle the outstanding balance. 17. Share dividends were distributed. Shareholders on the register of the company on 6 March 2021 are entitled to receive the dividend shares. 21. Paid all dividends…