Segment B $ 164,000 (128,000) (22,000) $241,000 (81,000) (28,000) $246,000 (95,000) (22,000) Sales Cost of goods sold Sales commissions Contribution margin General fixed operating expenses (allocation of president's salary) Advertising expense (specific to individual divisions) 14,000 (41,000) (5,000) $ (32,000) 132,000 (35,000) (14,000) $ 83,000 129,000 (30,000) Net income (loss) $ 99,000 equired Prepare a schedule of relevant sales and costs for Segment A. Prepare comparative income statements for the company as a whole under two alternatives: (1) the retention of Segment A and the elimination of Segment A.
Q: n computing for the comprehensive income, the revaluation surplus will be deducted from the net inco
A: Solution Concept Revaluation surplus The term revaluation surplus means when the fair value of the a...
Q: cash. Oh thls date, the equity or S Company Jahuary 3, 2019, P Company acquired 70% Interest in S Co...
A: Consolidated equity = consolidated total assets- consolidated total liabilities+Deposit for future i...
Q: Briefly explain any TWO (2) similarities between job order and process costing
A: Job order costing and process costing are two systems of cost accounting. In job order costing syste...
Q: DIRECTION: Explain the 3 methods of bank reconciliation.
A: A Bank Reconciliation Statement is prepared to reconcile the bank balance stated in the financial st...
Q: Given the forecast below, estimate the fair market value per share of Kenmore Air's equity at the en...
A: Fair Market Value per Shares: In the case of a private company's common stock, the fair market value...
Q: Compute ABC's cost of goods sold using absorption costing.
A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory: Begin...
Q: Question 10 Consider the following statements: 1. A mission statement addresses the question 'What d...
A: Solution Note Dear student as per the Q&A guideline we are required to answer the first question...
Q: ncoln Industries has a line of credit at Bank Two that requires it to pay 11% interest on its borrow...
A: Solution Given Amount borrowed $800000 compensating balance required 15% stated inte...
Q: How much is the net income attributable to non-controlling interest? * O On January 2, 2020, Popster...
A: The above mentioned question answer is given in the following steps for your reference.
Q: On January 1, 2020, Myeoong Company granted 60,000 share options to employees. The share options wil...
A: Upon exercise of equity options on December 31, 2023, Following journal entry will be passed: Par...
Q: ng P50,000 with three years useful life, no salvage value at the en the following cash inflows after...
A: Discounted Payback Period is a type of capital budgeting method that determines the payback period ...
Q: Commercial paper is usually sold at a discount. Tan Corporation has just sold an issue of 90-day com...
A: Commercial paper is a money-market product which the business organizations issued so as to raise fi...
Q: On January 01, 2022, TGIF Company sold equipment costing P10,000,000 with accumulated depreciation o...
A: No. of installment to be received = Face value of notes / annual installments Carrying amount of the...
Q: A. Luther was admitted to the Evergreen Partnership as a 25% partner. He contributed land with a fai...
A: A) Luther Tax Basis Partner tax basis is = Net value of the partner's contribution + share of liabil...
Q: Tenggiri Bhd (TB) began business at the start of the current year and maintains its accounting recor...
A: Given that, Tenggiri Bhd started business in the current year. There is no beginning finished goods ...
Q: True or False? Substituted filing applies only to single or head of the family.
A: Substituted filing means that the individual does not have to file the return personally or separate...
Q: Hig-Tech Co is a successful company in developing the video games. Due to its popularity, the compan...
A: The question is related to Intangible of Assets. As per MFRS there are two phase in case of internal...
Q: Following are the financial statements of AB Ltd. for 2019. Balance sheet (S in millions) Income sta...
A: As per our guidelines, we are allowed to answer first 3 sub-parts, Kindly ask the remaining parts as...
Q: P corporation, an SME, paid P3,000,000 for a 90% interest in S Company on January 1, 2019. The stock...
A: Consolidated financial statements are financial statements of an entity with multiple divisions or s...
Q: Amando took out a life insurance policy for P1,000,000.00 naming his
A: Answer: Any insurance proceeds that are received by heirs or the beneficiary in terms of death of in...
Q: ABC employs a job-order costing system, with overhead calculated based on direct worker hours. Manag...
A: 1) Predetermined overhead rate = Estimated manufacturing overhead/Estimated direct labor hours 2) ...
Q: Account DR CR Cash $40,000 A/R 20,000 Rent Exp 12,000 Dividends 5,000 Sales Return 8,000 Wage Exp 15...
A: Formula: Net Income = Revenues - Expenses Ending Retained Earnings = Beginning Retained Earnings + N...
Q: Beginning inventory, purchases, and sales for Item Copper are as follows: Mar. 1 Inventory 450 units...
A: inventory valuation is based on the flow of inventory.It can be calculated on the basis of LIFO meth...
Q: On September 1, 2020, Sunland Company issued a note payable to Fidelity Bank in the amount of $26910...
A: Principal outstanding on December 31, 2021 = Total amount of Notes payable - Instalment payment mad...
Q: On December 1, 2021, abc Ltd. borrowed $180,000 from a local bank by signing a four-month, 5% inter...
A: Since amount was borrowed on December 1 , interest will be accrued for 1 month from December 1 to De...
Q: QUESTION 4 Cantik Bhd manufactures a product that goes through two departments prior to completion- ...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: using an amortization table what amount would Davis show on its balance sheet on December 31, year 1...
A: The Cost of Assets to Davis = $ 4051890 ( as provided) In the Books of Davis ( Lessor) ...
Q: Make a Financial transaction worksheet that summarizes the effects of these transactions on the acco...
A: Solution Concept Accounting equation is expressed as Asset = liabilities + equity Assets include...
Q: What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual...
A: Solution Concept FIFO method : Under this method the goods in opening inventory is sold first LCNRV...
Q: 1. Mr. Elliot is an individual who earns purely from compensation income. He receives an annual taxa...
A: As per Bartleby policy, only 1 question will be solved. Any cash paid by the employer to its employe...
Q: Case 1: The corporation income statement for the year ended December 31, 20x1 shows pre-tax income o...
A: Income tax expense= current income tax expense+ deferred tax expense Calculation of taxable income ...
Q: ala Co. owns an 80% interest in Kilometro Inc., acquired several years ago. Kilometro regularly sell...
A: Consolidated cost of sales Particulars Amount Tala Cost of goods sold 18,00,000 Kilometer...
Q: Required information [The following information applies to the questions displayed below.] Forten Co...
A:
Q: Direction: Explain the relationship of CASH, CHECKS, BANK STATEMENT, AND BANK RECONCILIATION.
A: Answer: Cash is the asset that is being hold by the company. Checks are the document that are issue...
Q: Consider the following simplified financial statements for Turnbull Inc. - assuming no income taxes....
A: 1. Pro Forma Income Statement: Sales (15% increase from current level. Hence projected sales is 32,...
Q: The following is the balance sheet and income statement for Metro Eagle Outfitters, in condensed for...
A: Solution Formulas Inventory turnover ratio = cost of sales / Average inventory. Current ratio = curr...
Q: $6,000 $1,500 $1,200
A: a)The effect of the scholarship on Sally's gross income is given as,
Q: If you deposit 10, 000 in a bank account that pays 10% interest annually, how much will be in your a...
A: Amount after 5 years = P×1+rn Where, P = Principal amount i.e. 10,000 r = Rate of interest i.e. 10% ...
Q: Method. Useful life in years is 20 years. On December 31, 2021, the building is appraised at a fa...
A: Answer Building value on on January 1, 2020 =P16000000 Useful ...
Q: View Policies Current Attempt in Progress Presented here are the components in Bradley Company's inc...
A: The income statement is prepared to record the revenues and expenses of the current period. Gross p...
Q: In 2010 Casey made a taxable gift of $5.7 million to both Stephanie and Linda (a total of $11.4 mill...
A: Gift splitting tax is a technique used by married couples to increase their tax-free gift by merging...
Q: Company discloses supplemental operating segment information. The following information is available...
A: Solution Total common expense = 1800000 + 1200000+ 600000+400000 . = 4000000. Total sale of the comp...
Q: I. Intercompany transfer of inventory at cost need not be eliminated in consolidation. II. Downstre...
A: Introduction:- Intercompany transactions are transactions that occurred between two divisions or ent...
Q: Senangin Corporation uses a job-order costing system and applies overhead on the basis of direct lab...
A: Prime cost means the addition of direct material and direct labor and other direct expenses. Manufac...
Q: The following transactions occurred in CuddlePH Company during the month of May: Units Price Beginni...
A: Under FIFO Method value of ending inventory is calculated on the assumption that units of inventory ...
Q: Consider the following account balances of Evan McGruder, Incorporated, as of December 31, Year 3: ...
A: Current assets = Cash + Accounts receivables Current Liabilities = Accounts payable + Income tax pay...
Q: How many semi-annually payments will it take for $550.00 deposited at the end of each half year to- ...
A: Formula to solve manually n = ln [(FV n x i/PMT) + 1]/ln (1+i) Explanation: FV n = PMT x [(1+i) n -...
Q: Find the compound amount if P5,000 is invested at 10% compounded semi-annually for 2 years.
A: Compund Amount = PV * (1 + r/n)^ntWhere PV = Present Value = P5,000r = rate of interest = 10%n= num...
Q: On January 1, 2018, Apple Company sold delivery equipment costing P1,000,000 with accumulated deprec...
A: Gain (loss) on sale of delivery equipment in 2018 = Present value of the Note - Net carrying value o...
Q: Problem 2 Admission by Investment of Assets Partners Gonzaga and Frias have capital account balance...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 3 images
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.Newmarket's revenue as shown in its draft statement of profit or loss for the year ended 31 December 20X9 is $27 million. This includes $8 million for a consignment of goods sold on 31 December 20X9 on which Newmarket will incur ongoing service and support costs for two years after the sale. The supply of the goods and the provision of service and support are separate performance obligations under the terms of IFRS 15 Revenue from contracts with customers. The cost of providing service and support is estimated at $800,000 per annum. Newmarket applies a 30% mark-up to all service costs. At what amount should revenue be shown in the statement of profit or loss of Newmarket for the year ended 31 December 20X9? (Ignore the time value of money.)
- In the income statement for the current year, JK Company reported revenue P50,000,000, excluding intersegment sales P10,000,000, expenses P47,000,000 and net income P3,000,000. Expenses included payroll costs of P15,000,000. The combined identifiable assets of all operating segments at year-end totaled P40,000,000. What is the minimum amount of sales to be a major customer?Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.Accrual Basis Income Statement for the Year Ended December 31, 2012. Net sales $900,000 Expenses Cost of goods sold 550,000 Selling and administrative expense 133,000 Total expenses 683,000 Income before income taxes 217,000 Income taxes 65,400 Net income $151,600 Other data: a. Cost of goods sold includes depreciation expense of $20.000. b. Selling and administrative expense includes goodwill amortization of 10,000. c. Decrease in deferred income taxes (a liability account), $5,000. d. Increase in accounts receivable, $20,000. e. Increase in accounts payable, $10.000. f. Increase in inventories, $30,000. g. Decrease in income taxes payable, $20.000. Required: 2. Prepare the cash flows from operating activities using the indirect approach.
- Company discloses supplemental operating segment information. The following information is available for the current year: segment Sales Traceable expenses X 5,000,000 3,000,000 Y 4,000,000 2,500,000 z 3,000,000 1,500,000 12,000,000 7,000,000 Addl: expenses as follows: Indirect expenses 1,800,000 General Corporate Expenses 1,200,000 Interest expense 600,000 Income tax expense 400,000 The interest expense and income tax expense are regularly review by the chief operating decision marker as a measure of profit or loss. Appropriate common expenses are allocated to segments based on the ratio of a segment’s sales to total sales. 5. What is segment Z’s profit for the current year?Security First Income Statement For the Year Ended May 31, 2018 Product Line Industrial Household Systems Systems Total Net Sales Revenue $310,000 $330,000 $640,000 Cost of Goods Sold: Variable 35,000 43,000 78,000 Fixed 240,000 64,000 304,000 Total Cost of Goods Sold 275,000 107,000 382,000 Gross Profit 35,000 223,000 258,000 Selling and Administrative Expenses: Variable 68,000 70,000 138,000 Fixed 40,000 22,000 62,000 Total Selling and Administrative Expenses 108,000 92,000 200,000 Operating Income (Loss) $(73,000) $131,000 $58,000 Members of the board of directors of Security First have received the following operating income data for the year ended may 31, 2018. Requirement 1. Prepare a differential analysis to show whether Security First should…Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. 1. What is the amount of cost of goods sold for the current period?2. What is the amount of general and administrative…
- Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. 1. What is the amount of cost of goods sold for the current period?2. What is the amount of general and administrative…Spades Company provided the following information for the year ended December 31, 2022: Sales 8,000,000Sales salaries 520,000Advertising 120,000Indirect labor 600,000Delivery expense 160,000Freight in 80,000Depreciation – machinery 50,000Factory taxes 130,000Purchases 1,600,000Direct labor 1,480,000Factory supplies expense 120,000Office supplies expense 30,000Office salaries 800,000Factory superintendence 480,000Doubtful accounts 100,000Factory maintenance 150,000Factory heat, light and power 220,000Income tax expense 170,000 Doubtful accounts are common costs allocated to administrative expenses and selling expense equally. Inventory balancesat the end of the fiscal period as compared with balances at the beginning of the fiscal period were as follows: Finished goods 200,000 IncreaseGoods in process 90,000 IncreaseRaw materials 100,000 Decrease Tax rate is 30%. Questions 3. What is the amount of selling and distribution expense for the current period?4. How much is the net income for…Presented here are the components in Bradley Company’s income statement. Determine the missing amounts for these two months. NetSales Cost ofGoods Sold GrossProfit OperatingExpenses Incomefrom Operations $75,000 $ $35,000 $ $17,000 $ $86,000 $59,000 $48,000 $