SM Department store sells gift certificated, redeemable for store merchandise that expires one year after their issuance. SM has the following information pertaining to its gift certificate sales and redemptions: Liability for Gift Certificates Outstanding at Dec. 31, 2021 P    400,000 2022 Sales 1,500,000 2022 redemptions of prior-year’s sales 150,000 2022 redemptions of current-year’s sales 1,250,000   How much is the balance of liability for gift certificate at the end of 2022?

Q: 2.Hawks Company started selling subscriptions to a semi-annual magazine that is delivered to…

A: Subscription is the amount you pay yearly, It is basically an agreement you make in advance that if…

Q: Present the journal entries to record (a) the

A:

Q: (Obj. 2) Ricardo works two jobs each day, Monday through Friday. He works eight hours at his first…

A: Here, Only business trips covers but not included home to business and back, therefore home to job 1…

Q: 2.Knicks Company requires nonrefundable advance payments with special orders from customers for…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: 000, and payments are due at the beginning of each lease year. The lease contains a purchase option…

A: Given as, Fair value= $600, 000, Lease term= 5 years.

Q: Net income was $504,500 in 2020, $489,000 in 2021, and $526,500 in 2022. What is the percentage of…

A: Percentage  change in net income from year 2020 to 2021 = (Change in net income between 2020 to…

Q: Manufacturers Southern leased high-tech electronic equipment from International Machines on January…

A: A lease is an arrangement where a lessor agrees to allow a lessee to control the use of the asset…

Q: Aiko, LLC has provided the following data for the month of November. There were no beginning…

A: Over-applied Overhead means the actual expenses are less than the budgeted expenses. The working for…

Q: Junghwan Corporation has the Following revenue and cost characteristics on their only

A: "Since you have passed a question with multiple sub-parts, we will solve for three sub-parts for…

Q: 4. The most appropriate definition of depreciation is: A. A means of determining the decrease in the…

A: Introduction:- The following methods used to calculate depreciation as follows under:- Straight…

Q: a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio.…

A: Solution:- Calculation of Working capital as follows under:- Working capital =Current assets…

Q: Suppose that Dealer A owes Dealer B a swap contract with a market value of $5, whereas Dealer B owes…

A: Swap contract is a type of derivative between two individuals or firms to exchange a certain sum of…

Q: Jul  13      The owner, Jen Beck, withdrew $2,000 cash for personal use, Check No. 78. Memorize the…

A: Basically Amount withdraw for personal use from business Bank Funds, as per given data jen beck…

Q: Use the following information for the Exercises below. (Algo) [The following information applies to…

A: Answer 2-a) Calculation of Debt to equity Ratio Debt to Equity Ratio = Total Debt/ Total Equity…

Q: 2.Kings Company gives warranties at the time of sale. Sales of P20,000.000 were made evenly

A:

Q: Your client wants to transfer $500 from their chequing account into a savings account to cover tax…

A: To assist you in performing business accounting duties, online accounting makes use of internet…

Q: (Inventory LCNRV Computation) 6. Squat Company uses the lower of cost or net realizable value…

A: As per IAS 2 Inventories,  Inventory is to be reported at lower of cost and Net realizable value.

Q: Investapp Ltd is considering whether to undertake one of two mutually exclusive projects, each of…

A: Net present value = Present value of cash inflows - present value of cash out flows   Payback…

Q: YCO, Inc. budgeted manufacturing overhead of $294,644 at a level of 9,527 fabrication hours. The…

A: Applied manufacturing overhead = Actual fabrication hours x manufacturing overhead rate where,…

Q: 7. Canary Ltd. owns a yacht that is in need of repair and which was purchased for £6,800. The…

A: Buying and selling are usual activities in the course of carrying out a business. Often assets will…

Q: 9. Browny sells to retail appliance stores on credit terms of net 30. Annual credit sales is…

A: Introduction: Accounts receivable is a business term that refers to the account that a company uses…

Q: Shannon Company began operations on January 1, 2020. The financial statement contained the following…

A: There are various errors that take place while recording, classifying, and summarising accounting…

Q: 4,800 15 14,801 - 34,000 20 34,001 - 120,000 27 120,001 and ov

A: The company's income statement is prepared for arriving at the profits generated by the company…

Q: me tax 1,831.0 Undistributed earni

A: It is given that the National Accounts of Puerto Rico, Year 2004.

Q: On January 1, 2022, Roseland Company experienced a decline in the value of inventory resulting in…

A: In the context of the given question, we compute the required answers as follows: Direct write off…

Q: In 2015, The Platinum Company issued $700,000 8% bonds with 700 nondetachable warrants for $765,000…

A: Bonds with detachable warrants or bonds with warrants are those in which the issuer of the bonds…

Q: 2. The following items were reported as inventories by Sugar Company as of December 31, 2022: P…

A: a. 605,000 Explanation: Items Amount Treatment Goods displayed in the store 100,000 Inventory…

Q: 3. Consider a project with an initial investment of $60,000, a 8 year useful life (and study…

A:

Q: Units Unit cost Total cost Jan.1 Beginning balance 5 Purchase 15 Sale 10,000 150 1,500,000 10,000…

A: The question is based on the concept of Cost Accounting. As per the Bartleby guidelines we are…

Q: e answer all parts withi

A: In this question, we have to find out the EPS, Price after stock dividend,Value of total investment…

Q: What is the correct term for the above document and what would need to be included for it to qualify…

A: An invoice is a documentary evidence for the occurrence of a transaction.

Q: IBM reports that, for the years 2009 and 2008, the gross profit margins are 45.72% and 44.06%…

A: The question is related to the Ratio Analysis. The Gross Profit is difference between sales and coat…

Q: P1.990,000 he following information were taken from the books of Laxa Co. for the month of December,…

A: Prime costs = Direct materials used + Direct labor Conversion Costs = Direct labor + Factory…

Q: Utilities expense 2,180 Equipment 66,600 Accounts payable 17,520 Cash 11,460 Salaries and wages…

A: Formula: Net income = Total Revenues - Total Expenses Deduction of total expenses from Total…

Q: 49. Which of the following will result if the current year's ending inventory amount is understated?…

A: Ending inventory is credited to income statement.

Q: Candy Candles (Pty) Ltd "Candy Candles" is a retailer of candles in Johannesburg. Candy Candles uses…

A: Under Perpetual inventory system Purchase Account is not maintained and all Purchase are debited to…

Q: Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near…

A: Variance is considered as the difference between budgeted value and actual results. The management…

Q: Cash Debit Credit Balance, December 31, prior year Receipts from customers Receipts from equipment…

A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash…

Q: Lavish Ltd. issued $4,000,000, six-year, 8% convertible bonds at par.  Bonds pay interest annually.…

A: Convertible bonds are corporate bonds that can be exchanged for the issuing company's common stock.…

Q: Imp entered into the second forward contract to hedge a commitment to purchase equipment being…

A: Solution:- Given, On December 12, year 1, Imp Co. entered into three forward exchange contracts,…

Q: FILL - UP THE MISSING AMOUNTS: Sales 3,593,800 Cost of Goods Sold 2,450,300 Gross Profit Expenses…

A: The gross profit is calculated as difference between sales and cost of goods sold. The net income is…

Q: licia has been working for JMM Corporated for 32 years. Alicia participates in JMM's defined benefit…

A: Compensation: Compensation is the amount obtained by a worker or an employee in respect of the…

Q: 2. On October 1, 2011, Sammy Company issued 8,000,000 of its 10-year 8% term bonds dated October 1,…

A: Solution Given Face value 8000000 Life 10 year Coupon rate 8% Market rate…

Q: A certain machinery costs P 50,000, last 12 years with a salvage value of P 5,000. Money is worth…

A: Sale price has to be equal to 9280.67

Q: A local partnership was considering the possibility of liquidation. Capital account balances at that…

A: Liquidation means to bring the business to at end and distributing its assets and liabilities. The…

Q: siness income g expenses inclu tions to governr

A: Given:

Q: D All of the options are correct statements.

A: Insurance refers to the contract between the insurance company and the person in which the fixed…

Q: Can a farm business be solvent but not liquid? Liquid but not solvent? Explain your answers.

A: Solvency is a measure of a company's ability to cover its liabilities including its assets; hence, a…

Q: PROBLEM 11 CR Company has the following estimated costs for the next year. Direct materials Direct…

A: "Since you have asked multiple questions, we will solve first question for you. If you want any…

Q: A rise in unemployment will increase employment rents. Select one: O True O False

A: If a labour market is in equilibrium means supply equal to demand. All persons who are looking for…