Solution: One (1) Game Fixed Cost for Food (P100,000) Space (P240,000) Booth Space (P1,750) Total for One (1) Game: P341,750 Selling Variable Item Price/Unit Cost/Unit Soft drink 75 37.5 Coffee 100 25 Hot dogs 100 40 Hamburgers 250 50 Misc. Snacks 50 20 F [(1-1)×W₁) xW₂] BEP Php FIXED COSTS Five (5) Games P500,000 P1,200,000 P10,500 Total for Five (5) Games: V/P 1-(V/P) 0.66 Percent Revenue 0.25 0.25 0.20 0.20 0.10 1 Weighted Cost
Q: EA21. Prepare journal entries to record the following transactions. A. July 1, issued common stock…
A: Introduction: Journals: Recording of a business transactions in a chronological order. Each and…
Q: Accounts Receivable $1,000 Accounts Payable 100 Accumulated Depreciation (4,000) Cost of Goods Sold…
A: Net profit margin = Net Income / Net Sales where, Net income is calculated after deducting the total…
Q: A capital budget will reflect expenses to re-paint the guest room corridors, this is done annually…
A: Solution Concept Capital budget is the budget that incorporates and reflect the capital expenditures…
Q: A study on the effect of paternal involvement on academic performance. Descriptive research…
A: in question that have been different research provided among which one research applied to the given…
Q: Using the tabular analysis of business transactions, prepare, in good form, the income statement and…
A: Income statement is one of the financial statement which is prepared for review of profitability of…
Q: H has beginning basis in his partnership interest of $500. During the year H is allocated $100 of…
A: Partnership is the business, where 2 or more than 2 members can manage and operate a business. There…
Q: On 2 January 2019, Johnston Ltd purchased a machine with a list price of $234 300 and credit terms…
A: 2/10 net 30 means 2% discount will be there if payment is made with in 10 days and no discount after…
Q: Considering this example as a retail company $23.22 Billion Net Revenue Costs of Goods Sold $29.38…
A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Leafon Corporation has two production departments, Casting and Customizing. The company uses a…
A: Overhead applied equals the predetermined overhead rate multiplied by actual activity
Q: Kerr Manufacturing sells a single product with a selling price of $600 with variable costs per unit…
A: Formula: Break even point in dollars = Break even point in units x Sales price per unit
Q: 6 Power Manufacturing recorded operating data for its shoe division for the year. Sales Contribution…
A: Note: As per our guidelines, only the first question should be answered. 6. Controllable margin =…
Q: Using the following information: The bank statement balance is $5,175. The cash account balance is…
A: Bank reconciliation statement is used to determine the differences between the bank statement…
Q: You have the intention of buying a new mobile phone, how are you going to select the best mobile…
A: Ans. Mobile- 5
Q: Cougar Hotel is preparing a cash budget for October. The hotel has $12,000 cash at the ending of…
A: Formula: Ending cash balance without considering borrowings = Beginning balance + Receipts -…
Q: When the company uses the ageing of receivables in providing allowance for bad debts, and the…
A: There are 2 methods for estimating bad debt expense: Percentage of sales method Percentage of…
Q: H has beginning basis in his partnership interest of $500. During the year H is allocated $100 of…
A: Partnership: Partnership is an entity formed by two individuals having a mutual consent to start an…
Q: . _______ A written order for a bank or other financial institution to pay a stated dollar amount to…
A: Money is very useful and important medium of exchange being used by two parties. If one party…
Q: E11-6 Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% pre- ferred stock on…
A: Preference shareholders are those shareholders who have preference in payment of capital and…
Q: The following is the adjusted trial balance of Sierra Company. Sierra Company Adjusted Trial Balance…
A: The financial statements are prepared by the business entity to show the performance of the…
Q: a. On March 22, purchased 700 shares of RPI Company stock at $22 per share. Duke's stock investment…
A: When an investment is shares is sold any amount received over and above the cost price per share…
Q: a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual…
A: Solution:- a)$Preparation of journal entries as follows under:-
Q: Question Content Area Sell or Process Further, Basic Analysis Carleigh, Inc., is a pork processor.…
A: Gross profit is the difference between sales and cost of goods sold. Every business desires for…
Q: It is usually associated with employee compensation that is based on the number of hours worked…
A: As per the guidelines, only one question is allowed to be answered so I am answering the first…
Q: The process that determines the present value of a single payment or stream of payments to be…
A: Discounting : Discounting determines how much will be the worth of money if it is received today…
Q: QUESTION 8
A: LABOUR COST TO PROJECT WILL BE LABOR COST OF HIRED WORKER + LABOR COST OF UN EMPLOYED WORKER
Q: Reviewing GM's financial information in GM Exhibit 1 and its stock price in GM Exhibit 2, when do…
A: Here discuss about the details of financial crisis which are involved with the General Motors (GM)…
Q: The consolidated balance of fixed assets will be affected by working paper entries involving all of…
A:
Q: You are engaged to perform the first audit of the Torrents Company for the year ended December 31,…
A: Appropriated retained earnings is that portion of amount set aside by board of directors through…
Q: Starting from the separate inventory balances of the affiliates, the consolidated inventory balance…
A: Consolidation of accounting books means combination of accounts of parent company and subsidiary…
Q: Ginocera Inc. is a designer, manufacturer, and distributor of low-cost, high-quality stainless steel…
A: The question is based on the concept of Cost Accounting.
Q: The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On…
A: Cash is one of the important current asset being held by the business. It consists of cash in hand,…
Q: Hunter receives a gift from his grandmother on December 1, 2021. Grandmother paid $50,000 for the…
A: Gift tax is the amount of tax , which is paid to the government, when we gift the expensive thing to…
Q: 1. Sydney plc acquired 60% of the ordinary shares in Kidney Ltd on January 1, 2013. Kidney' Ltd's…
A: Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Problem 14-57 (Algo) Compare Historical, Net Book Value to Gross Book Value, Residual Income (LO 14-…
A: Residual income is the amount left after paying of cost of capital out of the operating profit.
Q: Record the re-issuance of 850 shares of treasury stock previously purchased for a price of $14 per…
A: Treasury stocks are repurchased shares of the company. The firm has the power to reissue these…
Q: Problem 16-3 (AICPA Adapted) Atlanta Company reported net income for 2020 P4,000,000 and 2021…
A: A record is often recorded in the main ledger; however, it may also be entered in a subsidiary…
Q: ASC 842.
A: Lease refers to the contract in which property is conveyed to another person for a specified period…
Q: ed. 300 shares for cash at $15 per share. easury shares for cash at $17 per share. asury shares for…
A: Treasury Stock is stock repurchased and held by the company. It is an contra equity account that is…
Q: Account Title Cash in Bank Petty Cash Fund Accounts Receivable Allowance for Bad Debts Notes…
A: The amount of equity is equal to the capital contribution by owner. It is calculated by using the…
Q: Following is the adjusted trial balance, with accounts in alphabetical order, for TRN Magazine as at…
A: The closing entries are prepared at year end to close the temporary accounts of the business…
Q: Grand Chocolate Inc. is a producer of premium chocolate based in Palo Alto. Grand Chocolate Inc.…
A: Variable cost is the one that changes with the variation in the units produced. However, fixed cost…
Q: What would be the most likely cause of an unfavorable pay rate variance together with a favorable…
A: when we talk in context of the counting the variance implements the difference between the busted…
Q: A special contract had been offered to the company to serve as a special project manager to help the…
A: Here discuss about the details of the project which are taken care about the purchase of fruit bunch…
Q: On November 1, 2021, Romblon Company invested in P600,000 in equity securities representing 20,000…
A: When an asset or any security is sold, they are sold with the expectation to earn gain which can be…
Q: How much of the insurance and treatment payments are taxable to Emily?
A: Insurance refers to a contract in the form of a policy between the insurance holders and insurance…
Q: A fashion label is considering inclusive sizing which would expand its offerings to plus size and…
A: The break-even no. of pieces will be that number for which the NPV is nil. NPV is net present value.
Q: Warren Company has two divisions with the following results: Sales revenue Ashland $ 447,000 $…
A: Solution:- a)Calculation of return on investments as follows under:-
Q: Gladstone Company tracks the number of units purchased and sold throughout each accounting period…
A: Under LIFO method, using perpetual inventory system, Cost of goods sold and value of ending…
Q: Brunleigh Corporation earned net income of $200,000 this year. The company began the year with…
A: Formula: Weighted average number of shares = Number of shares issued x Time period
Q: Journalize the transactions. Mar. 2 June 12 July 11 Nov. 28 Date 3/2/22 6/12/22 7/11/22 1/10/22…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Step by step
Solved in 2 steps with 2 images
- Glam company offers customers a pottery cereal bowl if they send in three boxtops from its products and P10. The entity estimated that 60% of the boxtops will be redeemed. During the current year, the entity sold 675,000 boxes and customers redeemed 330,000 boxtops receiving 110,000 bowls. The cost of each bowl is P25. 1a. What is the premium expense for the current year? a. 1,650,000 b. 2,025,000 c. 4,550,000 d. 6,075,000 1b. What is the liability for outstanding premiums at year-end? a. 250,000 b. 375,000 c. 625,000 d. 875,000Excellent Company manufactures a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P20. Data with respect to the premium offer are summarized below: Sales Purchase of premium, P50 per plate Number of plates distributed as 3,800,000 4,000,000 380,000 560,000 premium 4,500 8,000 Estimated number of plates to be distributed in subsequent period 2,500 3,500 Distribution cost P10 per plate Required: Prepare journal entries that would be made in 2020 and 2021 to record sales, premium purchases and redemptions, and year-end adjustments.Burger Queen offers a lunch meal deal for its customers. The customer will get a burger, fry, soft drink, and ice cream for $5. If the customer were to buy each item individually, the cost would be broken down as follows: Burger $2.50 Fry $1.25 Soft Drink $1.00 Ice Cream $1.50 Using the incremental cost allocation, how must of the transaction price should be allocated to the burger? (do not round intermediary calculations) Question options: a) $2.50. b) $2.10. c) $2.08. d) $2.48.
- Please help me answer requirement 3 and 4 with complete solutions please. Thank you Additional information Selling price P50.00 200,000 unitsA towel is offered as a premium to customers who send in 10box tops of facial soap returned and a remittance of ₱25. Distribution cost is ₱10 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided thefollowing information: 2020 2021Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000Number of box tops returned 22,500 38,550Requirements:4. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021Consider the following information for a given business. Sale revenue =GHS40,000 VC per unit =GHS20 Activity level =1,000 to break even Required: 1. Determine the TFC 2. Express the contribution as a percentage of sale. 3. The company plans to sale 1,500 unit in the next period. What will be the percentage margin of safety (MoS) 4. What margin should the business employ for planning purposes? 5. What total profit should the business expect in order to achieve it's planned sales?
- Atlantis Company is placing an ad in the local paper to advertise its products . The ad will run for one week at a total cost of P5,500. Atlantis Company has four categories of products as follows: Product category % of floor space Expected sales occupied value A 20 P35,000 1515,000 45 64,500 D 2025,500 What amount of advertising cost should be allocated to product category A, assuming Atlantis allocates based on percent of floor space occupied ?The cost services is 75% of service income. If the gross profit is P50,000, how much is the service income? a. P 37,500 b. P 66,667 c. P200,000 d. None of the choicesPlease show the solution in good accounting form. Thank you! Dominic Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…
- Please show your solution in good accounting form. Thank you! JINN Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and remittance of ₱25. The distribution cost is ₱10 per towel. The entity estimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2020 2021 Facial soap sales, ₱50 per unit ₱ 2,500,000 ₱ 2,875,000 Towel purchases, ₱90 per unit ₱ 337,500 ₱ 360,000 Number of box tops returned 22,500 38,550 Requirements: 1. Compute for the premiums (as an asset) amount for the year ended:A. December 31, 2020B. December 31, 2021 2. Compute for the premiums expense for the year ended:A. December 31, 2020B. December 31, 2021 3. Compute for the premium liability for the year ended:A. December 31, 2020B. December 31, 2021 4. How much net cash did the entity receive (give) with regards to the…Question 3Study the scenario and complete the questions that follow:Nonna Greco LimitedNonna Greco Limited manufactures and sells Italian HIP sunglasses. The following information relatesto January 2020:Units manufactured and sold: 500Income statement:RSales 261 500Less: Manufacturing costs 223 000Material 75 000Labour 50 000Manufacturing overheads (@ R20 per machine hour) 98 00038 500Less: Selling and administrative expenses (60% fixed) 17 500Net profit 21 000The following changes will come into effect on 1 February 2020: A sales price increase of 10%, resulting in a 5% decrease in sales volume. Due to negotiations with the labour union, the labour rate per hour will increase by 6%. It is expected that material costs will increase by 10%.The variable budget for manufacturing overheads indicates a total cost ofR94 400 at a capacity utilisation of 4 600 hours.Source: Hunde, T. (2020)Required:3.1 Calculate the total marginal income and marginal income per unit for the year ended 1…Topsy Corporation started a promotional program. A towel is offered as a premium to customers who send in 10 box tops of facial soap returned and a remittance of ₱20. Distribution cost is ₱5 per towel. The entityestimated that only 60% of the box tops reaching the market will be redeemed. The entity provided the following information: 2019 2020 Facial Soap sales, P45 per unit 2,400,000 php 2,785,000 php Towel purchases, P70 per unit 320,500 php 355,000 php Number of box tops returned 20,500 php 34,850 php REQUIRED: How much net cash did the entity receive (give) with regards to the premium transactions for the year 2019 and 2020?