Sugary Company has the policy of valuing inventory at the lower of cost and net realizable value using the allowance method. Allowance to Reduce Inventory to NRV account at December 31, 2021 before adjustment is P86,000. Data pertaining to its two classes of sugar products at December 31, 2021 follow: Regular refined (500 bags): NRV/bag-1,500 Cost/bag-1,650 Muscovado (250 bags): NRV/bag-1,900 Cost/bag-1,750 How much inventory should be shown in Sugary Company’s December 31 statement of financial position?

Q: Discuss cost functions and assess the importance of causality in estimating cost functions/relations...

A: Cost Function which are explained in the cost Accounting which can be determine the mathematical cal...

Q: 117. At December 31, 2017, Sue's Boutique had 1,500 gift certificates outstanding, which had been so...

A: Hi student Since there are multiple questions, we will answer only first question. 

Q: Adjusted Entries: Accrued sales revenue: 29500 Rent Revenue Earned: 14,000 rent was initially prep...

A: Adjustments are increased or decreased the net income of the entity. Revenue adjustments have increa...

Q: On 1 January 2015: A Company has a Building which cost $800,000. Accumulated Depreciation to date on...

A: Impairment Loss = Carrying Value - Recoverable value Carrying Value = Cost of asset - Accumulated de...

Q: x withheld $27,000 $30,000 Est $31,000 Advise Michelle as to her instalment payment options for 2021...

A: The tax is given as,

Q: A building was purchased for $400,000 and depreciated for 10 years on a straight-line basis under th...

A: Depreciation formula as per straight-line basis: Annual depreciation=Cost-Salvage valueUseful Life

Q: Explain the different components of the Mortgage Instrument and distinguish it with promissory notes...

A: The details of the mortgage, including interest rates, payment durations, payment dates, and legal r...

Q: What is the income under accrual basis?

A: Accrual basis is method used by the company to record its transaction in the books. In this method, ...

Q: What is Goodwill? Why is it difficult to determine its true value?

A: Goodwill is an intangible property associated with the acquisition of one business by another. Goodw...

Q: Madison Corporation is authorized to issue $500,000 of 5-year bonds dated June 30, 2019, with a stat...

A: Bonds are the securities issued by an entity in order to raise funds. It is like a debt over the ent...

Q: Anticipate TWO (2) drawbacks from the adverse selection on financial safety nets.

A: Financial Safety Nets- A financial safety net is not one savings account or an insurance guideline. ...

Q: YELLOW Company owns an office building and leases the offices under a variety of rental agreements i...

A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...

Q: When March Green Products Ltd. started their business they issued 150,000 common shares and 10,000 n...

A: Lets understand the basics. Non cumulative preferred shares are the preferred shares in which, if th...

Q: Company A Company B Company C Company D Company E Beginning of year $ 64,080 44,215 $ 98,280 $ 36,00...

A: As per accounting equation assets equal to sum of liabilities and equity. The equity gets effected b...

Q: Indicate the effects of the transactions listed, on current assets, current ratios and net income. U...

A: Debit what comes in, Credit what goes out. Debit the receiver, Credit the giver. Debit all expenses ...

Q: During 2018, the following were acquired/paid for by Visionaries Company Trademarks and Certificatio...

A: Intangible asset is an asset without physical appearance. These are opposite of tangible asset as th...

Q: Crystal Company operates a customer loyalty programme. It grants programme members 10 loyalty points...

A: 10 loyalty points for every 1000 amount of groceries  Fair value of each loyalty point is P5    

Q: ash, Accounts receivable, supplies, Accounts payable, unearned service revenue, common stock, servic...

A: In this question, we have given some transactions which we have to post in the ledger account. A led...

Q: On June 1, Parker-Mae Corporation (a U.S.based company) received an order to sell goods to a foreign...

A: GIVEN   Date                  Spot Rate                  Put Option Premium                         ...

Q: SydMel Ltd Statement of financial position As of 30 June 2020.       2020 2019 Assets     ...

A: Cash flow from operating activities refers to the amount of money a company earns from continuing, r...

Q: Machine Hou

A: variable cost per machine hour = (Total cost at high level - total cost at lowest level) / (highest ...

Q: Whether wages paid to all employees are supported by a written and verifiable record of hours worked...

A: Auditing refers to audit of financial statements of a entity in order to check whether they show tru...

Q: Total Asset P 57,7 Liabilities and Capital Accounts Payable P 3,200 Notes Payable 30,350 Total Liabi...

A: The equity comprises of capital and retained earnings of the business.

Q: Given the following cost and activity observations for George Company’s utilities, use the high-low ...

A: Variable utilities cost per machine hour=Highest activity cost-Lowest activity costHighest machine h...

Q: RED Corporation's account balances during 2021 showed the following changes, all increases: Assets 3...

A: Solution Concept Using accounting equation Change in assets              =change in liabilities + ch...

Q: Emily, who is single, has been offered a position as a city landscape consultant. The position pays ...

A: Taxable Income is the net amount of income on which tax is imposed or determined using appropriate t...

Q: aughn Company completed its first year of operations on December 31, 2022. Its initial income statem...

A: Cash outflow and cash inflows gives the net cash provided by the operating activities.

Q: Record the following transactions in the proper general journal entry form. Descriptions are not req...

A: solution concept In a journal entry form the transactions are recorded by giving double effect In th...

Q: Practice Problem 9 Job No.206 incurred the following costs: Wages: Department X - 400 labor hours @ ...

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

Q: Describe the responsibilities of an accounts payables specialist in a freight forwarding company.

A: Accounts payable specialist is the person who has the responsibility of financial processing of busi...

Q: X Accounting for Partnershi...

A:

Q: Suppose you are the Director of Human Resources at the local Toyota dealership. You have recently de...

A: GIVEN   Suppose you are the Director of Human Resources at the local Toyota dealership. You have rec...

Q: (LO 4) (EPS: Simple Capital Structure) A portion of the statement of income and retained earnings of...

A: Earnings available for common stockholders:   Amount (P) Income from continuing operation     1...

Q: In deciding about the form, contents, and extent of audit documentation, the audit should consider w...

A: Audit documentation is the record of audit procedure form by the auditor and the relevant audit evid...

Q: The following are the typical classifications used in a balance sheet: a. Current assets b. Investme...

A: The balance sheet represents the financial position of the business with assets and liabilities on a...

Q: Citano Company has a used executive charter plane that originally cost $750,000. Straight-line depre...

A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by u...

Q: The October transactions were as follows. Oct. 5   Received $1,510 in cash from customers for accou...

A: Journal entries are used to record the financial transactions in the books of accounts. These are he...

Q: What do you understand by reports and proposals , kindly share different types of reports

A: Reports are in-depth analysis on a topic. Proposal is a suggestion placed before others for their co...

Q: Based on this information can you create an Income Statment • Accounts Receivable $1,200 • Accounts ...

A: Theory Concept: Net income: All Expenses are to be deducted from the Revenues. If revenues are great...

Q: The contractually agreed snaring of control of an arrangement wnich exists only when decisions oDout...

A: IFRS are the standards that are used for the financial reporting of the entities. These standards go...

Q: Bebe owns 30% of the capital and profits of his law office. The law office reported P5,000,000 profi...

A: Tax refers to the compulsory financial obligation as well as some other kind of levy imposed on the ...

Q: CASE 2-32 Break-Even Analysis for Individual Products in a Multiproduct Company LO2-5, LO2-9 Cheryl ...

A: Overall Break-even point (in dollar sales)=Totak Fixed CostOverall Contribution Margin

Q: ng changes, Assets 3,560,000 Liabilities 1,080,000 Ordinary Share Capital Share premium 2,400,000 24...

A: The accounting equation states that assets equal to sum of liabilities and equity.

Q: One of the basic purposes of managerial accounting is to provide information to various management l...

A: Answer: Managerial accounting is the accounting method that generates the reports that helps the man...

Q: Consider the unadjusted trial balance of Riverdale Company at June 30, 2016, and the related month-e...

A: Trial balance is a statement which lists all the general ledgers in the books of accounts with their...

Q: winter provided the following shareholders’ equity on December 31, 2021: Preference share capital...

A:

Q: Calculate missing figures from the information below: Capital as on 1" April, 2017 2,50,000 Capital ...

A: When an individual for his personal purpose draws money from the firm's account it will be termed as...

Q: pple issues $5,000,000, 8%, 10-year bonds on January 1, 2020. The bonds pa onds are issued to yield ...

A: A bond would be a deal between a buyer and the firm, state institutions, or government entity issuin...

Q: from operating activities if the indirect method is used. 1. Goodwill impairment $400,000. 2. Issued...

A: The cash flow statement is prepared to record the cash flow from various activities during the perio...

Q: provided the following shareholders’ equity on December 31, 2021: Preference share capital, 10% P50...

A: For calculating the book value per ordinary share we will add share premium and retained earnings ba...