pusiness imported 500 cars
Q: Indirect manufacturing costs are budgeted to be $810 000. These are currently allocated across the t...
A: 1. Calculation of the budgeted indirect manufacturing cost rate for the four ABC cost pools: S. ...
Q: PROBLEM 15: Monday Co. and Tuesday Co. exchanged machinery. The following data are available on the ...
A: when commercial substance:-machines are recorded at fair value of machine received when no commercia...
Q: The total maintenance costs of Silver Company in the last four months are presented below: Month Mac...
A: Variable Cost Per Unit = (Highest Activity Cost – Lowest Activity Cost) / (Highest Activity Units – ...
Q: Sam Company is preparing its cash budget for the month of May. Given below the following information...
A: Cash budget consists of estimated cash collections and cash disbursements so that the entity can pla...
Q: In analyzing whether to build another regional branch, the salary of the Chief Operating Officer (CO...
A: Solution: In analyzing whether to build another regional branch, the salary of the chief operating ...
Q: Assume a perpetual inventory system. Journalize the following purchase related transactions: a. M C...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: NUBD is planning to sell 100,000 units of Product Excellence for P12 per unit. The fixed costs ratio...
A:
Q: Ivanhoe Corporation issues $330,000 of bonds for $346,500. (a) Prepare the journal entry to record t...
A: BOND IS A FIXED INCOME INSTRUMENT THAT REPRESENTS A LOAN MADE BY AN INVESTOR TO A BORROWER .
Q: What are the estimated cash disbursements for inventories in April? * Do not use money sign (P). Sam...
A: A cash disbursement is the outflow of cash paid in exchange for the provision of goods or services.
Q: How many units of Product Excellence would have to be sold in October 2021 in order to generate an n...
A: solution first let us calculate the existing details Sales units 5000 Total sales 200000...
Q: Save Bob Carlton's golf camp estimates the following workforce requirements for its services over t...
A: Analysis: Overtime means the additional time or additional number of hours worked by employee which ...
Q: ABC Company has the following information: Variable Cost per Unit is P 15; Fixed Expenses is P54,000...
A: Total Sales = 10,000 units x P20 = P200,000 Total Variable cost = 10,000 units x P15 = P150,000 Tota...
Q: NUBD manufactures specialty components for the electronics industry in a highly labor intensive envi...
A: 1 batch=80 units, total batches=8 the usual learning curve model is y=a(x^b) y = Average time per b...
Q: 1. Shay Enterprises purchased equipment on March 18, 2018, at a cost of $40,000. The equipment was e...
A:
Q: Budgets are an effective device to communicate objectives constraints expectation to personnel all ...
A: Budgets - Budget is the statement prepared including all the revenues and expenses over a year whic...
Q: Orlando Packaging Company purchased a patent on a box-folding machine for $160,000 on July 1, 2012. ...
A: Impairment loss is recognised when asset's carrying amount exceeds it's recoverable value. Recoverab...
Q: NUBD Company us budgeting sales of 100,000 units of Product Excellence for the month of September 20...
A: Budgeted production of Product Excellence = Budgeted sales units + Desired ending inventory - Beginn...
Q: NUBD Company is a medium-sized manufacturer of lamps. During 2021, a new line called "Excellence" wa...
A: Solution: Fixed costs = Breakeven sales * CM ratio = P400,000 * 40% = P160,000
Q: Zack Co. sells three sizes of bags: small, medium, and large. The company has annual fixed costs of ...
A: For calculating the break evensale with different products , we need use the following formula :- Br...
Q: An accountant prepared the following post-closing trial balance: Security Services Co. POST-CLOSIN...
A: Introduction: Trial balances: All the final balances of ledger accounts are posted in to trial balan...
Q: NUBD wishes to market a new product for P1.50 per unit. Fixed costs to manufacture this product are ...
A: Contribution margin per unit = sales price x Contribution margin ratio = 1.5 * 20% = P0.30 per unit
Q: The flexible budget of Coco Corp. In different levels of direct labor hours. ...
A: Variable FOH rate = Variable FOH / Direct labor hours Variable FOH rate = 40,000 / 20,000 Variable F...
Q: The following summarized balance sheets were prepared for the Gold Company and Mythic Corporation. ...
A: The total assets of an individual, company, or organization are the sum of the book values of all as...
Q: 3.2 mu olnib Mountain Fresh manufactures bottled mineral water of 10 ml per bottle. Production sales...
A: Variable costing means that inventory is valued at variable manufacturing cost and fixed cost is ign...
Q: The balance sheet of a manufacturing company will have multiple inventory accounts
A: The Manufacturing Company is those companies which deals in manufacturing of Products . Its True tha...
Q: NUBD Company began its operations on January 1, 2021, and produces a single product that sells for P...
A: Fixed factory overhead per unit = Fixed factory overhead/ no. of units manufactured = 120000/10000 =...
Q: In analyzing whether to build another regional branch, the salary of the Chief Operatin Officer (COO...
A: solution: correct answer is Irrelevant since other imputed costs for the same will be considered ...
Q: NUBD reported the following results from sales of 5,000 units of Product Excellence for the month of...
A: units sold 5000 units Sales = 200000
Q: Which of the following will result in the increasing the break-even point? O A decrease in the varia...
A: Break-even point = Fixed costs / Contribution per unit Contribution per unit = Selling price per uni...
Q: The Code of Ethics for Management Accountants includes an integrity standard, which requires the man...
A: Solution: The code of ethics for management accountants includes an integrity standard which require...
Q: NUBD Company is developing a forecast of March 2021 cash receipts from credit sales. Credit sales fo...
A: Solution: Accounts receivable Pertaining to January credit sales = P300,000*1/4 = P75,000 Accounts r...
Q: The total failure cost is Do not use money sign (P). Sample format: 11,111 Nat NUBD has the followin...
A: Total failure cost = No. of units reworked x cost to rework a defective unit
Q: Vilma Cuneta recently established her own business, which she called Cuneta Delivery Service. During...
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...
Q: NUBD has fixed cost of P200,000. It has two products that it can sell, X and Y. NUBD sells these pro...
A: Weighted Average Contribution margin: X Y Mix 75% 25% Contribution margin P6 P3 We...
Q: You agree to purchase a car with a competitive value of $44,500 for the following loan contract: Pu...
A: P=44250-2000 =42250 r=6.6/12/100=0.0055 n=12*5=60
Q: In presenting inventory on the balance sheet December 31, 2021, the unit cost under absorption costi...
A: Unit Cost under absorption costing includes all direct costs in producing the unit Direct costs incl...
Q: BIRD COMPANY has a group of machines having an aggregate carrying amount at December 31, 2021 of P1,...
A: Recoverable amount = Value in use or fair value of assets whichever is higher in this case FV is 860...
Q: In an effort to increase sales, DDD Company inaugurated a sales promotional campaign on June 30, 202...
A: Packages of cereal sold - 160,000Premiums purchased - 12,000Coupons redeemed - 40,000 For 5 coupon...
Q: Inventory Valuation under Absorption Costing and Variable Costing At the end of the first year of o...
A: Inventory valuation is a financial and accounting method that determines the value of unsold invento...
Q: Factory rent is included in manufacturing overhead, but office rent is a variable period cost. A. T...
A: Manufacturing overhead includes the expenses incurred during the production process. Period cost are...
Q: mentto 2) (Equity Securities Entries) McElroy Company has the following portfolio of invest- ment se...
A: Equity refers to the ownership stake held by investors in a component (an organization, association,...
Q: APR, or stated rate, in n each of the following cases. ntermediate calculations and enter your answe...
A: The annual percentage rate (APR) is the total cost of a loan to a borrower, including fees. The APR ...
Q: Budgets are an effective device to communicate O objectives O constraints O expectation to personnel...
A: Solution: Budgets are an effective device to communicate: 1. Objectives 2. Constraints 3. Expectatio...
Q: buaget slacK in ne operating uagets O will cause an organization to operate more efficiently O is ra...
A: Budget means the expected value of future. Budget is not affected by the actual value as it is prepa...
Q: UIO Company makes all of its sales on account. UIOcollects its account as follows: 20% in the month ...
A: The account receivables are the assets of the business which would be converted into cash within one...
Q: Peter & Paul dissolved their VAT-registered partnership. It resulted in the distribution of P252,135...
A: Answer: Prevailing VAT rate in Philippines on asset transfer = 12% of Selling price of assets Distri...
Q: NUBD is choosing between two alternative processes. Process A has a fixed costs of P150,000 and a va...
A:
Q: money to to the of their farm and equipment. the world. In to its & Co.'s credit loans Deere & Co. a...
A: Return on Equity(ROE)=(PAT-Preference dividend)/Average shareholding equity EPS=(PAT-Preference divi...
Q: NUBD Company has budgeted its activity for October 2021 based on the following information: i. Sales...
A: Cost of goods sold = sales / (1 + markup%) = P300000 / (1 + 0.50) = P200,000
Q: A stock analyst is interested with the stock of SMC. He conducted a research and came up with a diff...
A: Expected return = (Strong rate of return x Probability) + (Weak rate of return x Probability) + (Nor...
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- Utica Corporation paid 360,000 to purchase land and a building. An appraisal showed that the land is worth 100,000 and the building is worth 300,000. What cost should Utica assign to the land and to the building, respectively?Surfin Corporation sold product "S" to Red Corporation for P1,000,000 plus 12% VAT. Subsequently, Red Corporation sold the product to Lights Corporation for P1,344,000 (VAT-inclusive). How much is the VAT payable of Red Corporation?Sisig Corp. purchases a building with land at a cost of P100,000,000. In the sale and purchase agreement, P20,000,000 of the purchase price is attributed to the land. The building consists of 12 floors of equal space. Sisig Corp. also incurs the following costs in connection with the purchase of the property: legal and agency fees, P3,000,000; soft-launching cost to market for tenants; P500,000 and administrative expenses, P200,000.Assuming Sisig Corp. cannot sell the floors separately and uses one-half of the ground floor or 5% of the entire building for administrative purposes, and the rest of the floor area are let out to tenants, at what amount the investment property should be initially recognized?
- ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P3,000. Upon executing the sale, ABC received P5,000 down payment and a 10% 1 year promissory note for the balance. Compute the amount of loss ABC has suffered from the sale of the equipment.In return for equipment with a fair worth of 150,000, Travis Co. chose to form a corporation and issue 5000 shares of ordinary stocks with a par value of P20 that trade at P25 on the stock market. Similar equipment was purchased by Travis Co. for $60,000 and is used similarly. The equipment has no salvage value and is depreciated over a 5-year period using the straight-line approach. How much does the first year's depreciation cost?At the beginning of the current year, Boyet Company bought 40% of Aubrey Company’s outstanding ordinary shares for P3,500,000. The company also paid P700,000 to a business broker who helped find a suitable business and negotiated the purchase. The carrying amount of Aubrey Company’s net assets at the purchase date totaled P9,000,000. The difference was attributed to plant which had a carrying amount of P1,100,000 and a fair value of P2,000,000 and to inventory which had a carrying amount of P250,000 and a fair value of P350,000. The plant has 18-year life. All inventory was sold during the current year. During the current year, the investee reported net income of P1,200,000 and paid a P200,000 cash dividend. Of the amount paid for the investment, how much is attributable to goodwill? How much is the amortization of purchase differential during the current year? What amount should be reported as investment income for the current year? What is the carrying amount of the investment in…
- During the year, JK Corporation has gross sales of P20,000,000 and operating expenses of P2,000,000, inclusive of representation expense amounting to P300,000 with proper documentation. How much is the allowable regular itemized deductions? A foreign corporation sold a condominium unit to Mr. Mauricio for P10 million which it acquired at a cost of P5 million. The fair market value of the said property per tax declaration was P12 million while its zonal value was P15 million. How much is the capital gains tax?KNB sold real property to Firm P for $15,000 cash and Firm P’s assumption of the$85,000 mortgage on the property.Required: What is KNB’s amount realized on the sale?b. Compute KNB’s after-tax cash flow from the sale if its adjusted basis in the realproperty is $40,000 and its marginal tax rate is 35 percent.Puerto Princesa Company sold its parking lot for P2,000,000. The lot has a zonal value of P2,500,000 and appraisal value of P1,800,000. The capital gains tax on the sale of the lot is a.P0 b.P120,000 c.P150,000 d.P108,000
- Bullwinkle Company owns a equipment with a cost of $367,200 and accumulated depreciation of $54,100 that can be sold for $277,400, less a 5% sales commission. Alternatively, Bullwinkle Company can lease the equipment to another company for three years for a total of $288,900, at the end of which there is no residual value. In addition, the repair, insurance, and property tax expense that would be incurred by Bullwinkle Company on the equipment would total $16,200 over the three years. Prepare a differential analysis on March 23 as to whether Bullwinkle Company should lease (Alternative 1) or sell (Alternative 2) the equipment. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Differential Analysis Lease Equipment (Alt. 1) or Sell Equipment (Alt. 2) March 23 Lease Equipment(Alternative 1) Sell Equipment(Alternative 2) Differential Effecton Income(Alternative 2) Revenues $fill in the blank 83e0dafc0fa2fd6_1 $fill in the blank…Hilo Company has land that cost $350,000 but now has a fair value of $500,000. Hilo Company decides to use the revaluation method specified in IFRS to account for the land. Which of the following statements is correct? a. Hilo Company must continue to report the land at $350,000. b. Hilo Company would report a net income increase of $150,000 due to an increase in the value of the land. c. Hilo Company would debit Revaluation Surplus for $150,000. d. Hilo Company would credit Revaluation Surplus by $150,000.On June 1, 200A, ABC Company sells to XYZ, 5 used factory equipment, each of which was acquired at P20,000, 3 years ago. The carrying value of each equipment is P5,000. The selling price of each equipment is P5,200. Upon executing the sale, ABC received P6,000 down payment and a 11% 1 year promissory note for the balance. At the end of December 200A, how much is the total amount of income that should be shown in ABC’s income statement.
