rk-in-prc
Q: 1. Beginning the year 2020, Polk Company began marketing a new beer called "Serbesa". To help promot...
A: Gift means the product given free of cost to the customer on fulfilling the certain conditions. It w...
Q: ABC Corp., a pharmaceutical company registered in 2020 had made available the following financial in...
A: There are two corporate tax rate for the year 2021 20% tax rate: It is applicable to the company hav...
Q: The following information appeared in the 2020 BIR Form 2316 (Certificate of Compensation Payment/Ta...
A: Mr. Nicanor a purely compensation Income earner has following values for Tax year 2020 (a) Pag-ibig ...
Q: A taxpayer made available the following financial information: Gross sales - Php 10,000,000 Cost o...
A: This question deals with the concept of optional standard deduction(OSD). As per Philippines taxatio...
Q: Required information Use the following information for the Exercises below. (Algo) [The following in...
A: Under the production units, method depreciation for each unit produced by the asset is calculated. D...
Q: Several organizations are actively involved in international standard setting. 2. Discuss the posit...
A: The SEC (Security and exchange commission) appears to be a government organization that monitors tra...
Q: Which of the following statements is correct with regard to process costing? A. Nonuniform inp...
A: Process costing appears to be a subset of operational costing that determines product costs at each ...
Q: ANSWER REQUIRED. SHOW COMPLETE SOLUTIONS AND ANSWERS
A: Lease Liability The purpose of implementing the lease system into the business which reduce the capi...
Q: simple equity method to account for the investment
A: Simple equity method of accounting is used to record the interest in subsidiary if the parent holds ...
Q: Who is the person statutorily liable to pay the consumption tax on importation of goods? * Seller B...
A: In case of importation, the person who imports goods shall be liable to pay the consumption tax. In ...
Q: Required information [The following information applies to the questions displayed below.] Super Sav...
A: Double Declining Balance method: It is a accelerated depreciation which doubles regular depreciat...
Q: Problem (please refer to the picture.)
A: In banking transaction it is important to know how to deposit amount into the bank and withdraw mone...
Q: Tita Lopez, managing director of the ABS Professional Lai Billed to C 3,000 4,000 Total Overhead Cos...
A: A linear cost model is a mathematical tool used by organizations to calculate total costs for a cert...
Q: estimated warranty liability
A: Estimated warranty liability = Sales * Estimated percentage of warranty
Q: Black's Compact Disk Store expanded the size of its store in Mandaluyong Cty, two months ago. The ow...
A: SOLUTION- COST EQUATION IS A MATHEMATICAL FORMULA THAT A COMPANY CAN USE TO PREDICT THE EXPENSES ASS...
Q: The following are adjusted ledger account balances of Anya Hardware Company for the current year, it...
A: 1. Multi-Step Income Statement - Multi Step Income Statement is the summary of all the revenue earne...
Q: The company rented on November 1, 2020 a copying machine at P1.50/copy of production. Tt reported to...
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: Calvin reviewed his canceled checks and receipts this year (2021) for charitable contributions, whic...
A: Adjusted Gross Income is the gross income after adjusting certain specific deductions.
Q: Suppose serials bonds with face value of P1,000,000 scheduled to be retired on December 31, 2024 are...
A: Here in this question, we are required to calculate the gain/(Loss) that needs to recorded at Decemb...
Q: Required: 1-a. Enter the transaction of the Wiset Company that should be Journalized in the purchase...
A: 1-a. PURCHASE JOURNAL Date Account Date of Terms Accounts Inventory Dr Office ...
Q: The Mira Bookstore sells books used in classes Of this, 25% is for the small office at the back of s...
A: Statement of comprehensive income shows all incomes and all expenses of the business for the particu...
Q: In 2018, Samantha's Bath and Body Shop had variable costs of $27,000, fixed costs of $18,000, and a ...
A: Formula: Contribution margin = Fixed cost - Net loss
Q: Using Paasche's formula compute the quantity index for the year 1983 with 1975 as base.
A: The formula for the Paasche Quantity index is; Paasche Quantity Index = [Sum((Qi,t)*(Pi,t))/Sum((Qi,...
Q: Moyas Corporation sells a single product for $20 per unit. Last year, the company's sales revenue wa...
A: The Break-even point is the point where the company earns no profit and incurs no loss in the busine...
Q: Choose the correct letter of answer: Company B sells 500,000 bottles of soft drinks a year. Each bo...
A: Degree of operating leverage shows how EBIT of the business will change as a result of change in sal...
Q: Salad Express exchanged land it had been holding for future plant expansion for a more suitable parc...
A: Land is a non-current asset that is held and owned by an entity for the purpose of running its busin...
Q: From the given Statement of Financial Position and Income statement, solve for the following: 1) ...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: Problem 6. The Accountant of Camera Film Company has established the following activity cost of pool...
A: Under activity based costing the overhead is applied to various activities using different overhead ...
Q: [The following information applies to the questions displayed below.] Sweeten Company had no jobs in...
A: SOLUTION- TOTAL MANUFACTURING COST IS THE AGGREGATE AMOUNT OF COST INCURRED BY A BUSINESS TO PRODUC...
Q: appointment as the new accountant of a client ountant even though he is aware that the exis collecte...
A: Partnership refers to the legal act of agreement between two or more partners who have mutually agre...
Q: Question 3 Classique Designs sells a variety of merchandise, including school shoes for girls. The b...
A: In the given question we are provided with the data of Classique Designs. With the given data we are...
Q: g. A public accounting firm like SGV & Co., can legally hire engineers, lawyers and other non-CPAS a...
A: CPA stands for Certified Public Accountant. CPA is responsible for developing the financial statemen...
Q: Company D's current assets and current liabilities are P200,000.00 and P140,000.00 respectively. How...
A: Current ratio is the ratio used to measure the liquidity position of the entity. It is the ratio tha...
Q: You have performed preliminary analytical procedures on one of your audit engagements and observed t...
A: The balance sheet includes the assets, liabilities, and stockholders' equity of the company.
Q: Bear Island Ltd has a weekly payroll of $350 000. The employees receive entitlements to 3 weeks’ sic...
A: Here in this question we are required to make entry for sick leave expense entitlement. When any sic...
Q: Use this info below to make adjusting journal entries (in good form) a) Fall Fun, Inc purchased and ...
A: Adjusting Journal entries - These entries are prepared at the end of an accounting period to record...
Q: Exercise 1 Convergence. One of your clients has recently read about the goal ofconverging to Intern...
A: Expenses incurred as a result of converging to international accounting standards include: Several e...
Q: Make it into a journal entry Purchased merchandise worth P560,000 , 20% down payment, balance 2/10,...
A: Down payment=Merchandise value×20%=P 560000×20%=P 112000
Q: Applebaum Security Company is located in State H, which enables employers to reduce their contributi...
A: The experience ration is grounded on the payment made for the state unemployment taxes in accordance...
Q: Which of the following is NOT a use of CVP (Cost-Volume-Profit) analysis? a.what is the impact on th...
A: SOLUTION- CVP ANALYSIS IS USED TO DETERMINE HOW CHANGES IN COSTS AND VOLUME EFFECTS A COMPANY'S OPER...
Q: The following transactions occurred at the Dalsy King Ice Cream Company. 1. Started business by Issu...
A:
Q: Jan. 2 Deposited P500,000 in the company's account. 4. Purchased supplies, P10,000 for cash 5. Purch...
A: 1) Cash (101) Apex Capital P500,000 Supplies P10,000 Merchandise P30,000 Prepaid Insurance P12...
Q: Determine the annual worth X_--Y_-----and X__---- if the interest rate 10% per year compounded annua...
A: It is used for decision-making when machines with different lives are comparing. EAC=NPV/Annuity fac...
Q: X is a percentage tax business. X issued a VAT-invoice for goods sold in the amount of P12,400 inclu...
A: VAT ouput from Sale of Goods = (Total sales / (1 + VAT rate) x VAT rate = (P12400 / 1.12) x 12% = P1...
Q: Prepare a Statement of Changes in Owner's Equity using tne information below fro Ice Company as of D...
A: Solution:- Preparation of a Statement of Changes in Owner's Equity using the information below fron ...
Q: Prepare a schedule to show the differential costs per cookie (Enter your answers to 2 decimal places...
A: Variable expenses are the expenses that vary with the change in output.
Q: The bookkeeper for Blossom Company asks you to prepare the following accrued adjusting entries at De...
A: Journal Entries: In an organization's accounting system, a journal entry is used to document a busin...
Q: QS 9-19A (Algo) Net pay and tax computations LO P5 The payroll records of Speedy Software show the f...
A: Payroll cost in business costs of salaries and other benefits paid to the employees and then after a...
Q: 1. Assuming on December 31, 2019, the Company determined that 2% of sales is uncollectible. a. What ...
A: Account receivable means the amount due from customer whom we sold the goods on credit. Allowance fo...
Q: 600,000 10 60,000 80 108,800 105,000 64,800 67,650
A: Service cost refers to the cost that is set aside through employer for meeting up the pension benefi...
- Cost of goods placed in process during the period?
- Prime cost during the period?
Step by step
Solved in 3 steps
- Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.Direct material costs $3 per unit, direct labor costs $5 per unit, and overhead is applied at the rate of 100% of the direct labor cost. What is the value of the Inventory transferred to the next department if beginning inventory was 2,000 units; 9,000 units were started; and 1.000 units were in ending inventory? A. $1,000 B. $13,000 C. $130.000 D. $20.000During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
- SCHEDULE OF COST OF GOODS MANUFACTURED The following information is supplied for Maupin Manufacturing Company. Prepare a schedule of cost of goods manufactured for the year ended December 31, 20--. Assume that all materials inventory items are direct materials. Work in process, January 1 77,000 Materials inventory, January 1 31,000 Materials purchases 35,000 Materials inventory, December 31 26,000 Direct labor 48,000 Overhead 20,000 Work in process, December 31 62,000During the year, a company purchased raw materials of $77,321, and incurred direct labor costs of $125,900. Overhead is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31, 2016, from the following estimates. Inventories of production units: Direct materials purchased during the year, 548,000; beginning inventory of direct materials, 36,000; and ending inventory of direct materials, 23,000. Totals from other budgets included:
- Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600Glasson Manufacturing Co. produces only one product. You have obtained the following information from the corporations books and records for the current year ended December 31, 2016: a. Total manufacturing cost during the year was 1,000,000, including direct materials, direct labor, and factory overhead. b. Cost of goods manufactured during the year was 970,000. c. Factory Overhead charged to Work in Process was 75% of direct labor cost and 27% of the total manufacturing cost. d. The beginning Work in Process inventory, on January 1, was 40% of the ending Work in Process inventory, on December 31. e. Material purchases were 400,000 and the ending balance in Materials inventory was 60,000. No indirect materials were used in production. Required: Prepare a statement of cost of goods manufactured for the year ended December 31 for Glasson Manufacturing. (Hint: Set up a statement of cost of goods manufactured, putting the given information in the appropriate spaces and solving for the unknown information.)Beginning inventory and direct material cost added during the month total $55,000. What is the value of the ending work in process inventory if beginning inventory was 2,000 units; 9,000 units were started; and 1,000 units were in ending inventory? $1,000 $5,000 $50,000 $55,000
- What are the total costs to account for if a companys beginning inventory had $231,432 in materials, $186,450 in conversion costs, and added direct material costs ($4,231,392), direct labor ($2,313,392), and manufacturing overhead ($1,156,696)?Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.Financial statements of a manufacturing firm The following events took place for Sorensen Manufacturing Company during January, the first month of its operations as a producer of digital video monitors: a. Purchased 250,000 of materials. b. Used 180,000 of direct materials in production. c. Incurred 450,000 of direct labor wages. d. Incurred 180,000 of factory overhead. e. Transferred 760,000 of work in process to finished goods. f. Sold goods for 1,200,000. g. Sold goods with a cost of 675,000 h. Incurred 215,000 of selling expense i. Incurred 125,000 of administrative expense Using the information given, complete the following: a. Prepare the January income statement for Sorensen Manufacturing Company. b. Determine the inventory balances at the end of the first month of operations.
