The balance of work in process inventory account as of December 31, of the current year of Purewood Inc. amounted to P480,000. The estimated selling price is P450,000 while the estimate cost of completion and cost to sell amounted to P10,000 and P5,000 respectively. How much is the the loss on inventory write-down?

Q: Exercise 7-3 Sales on store credit card LO C1 Z-Mart uses the perpetual Inventory system and has its...

A: Interest on sale on store credit card is income for the store hence credited to interest account  

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A:  Degree of operating leverage = contribution margin / net income

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A: any expenses that has been paid in advance considered as prepaid expenses.the fall in the category o...

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A: Introduction:- Inventories” means as follows under:-   Inventories are Held for sale in the ordinary...

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A: Partnership means where two or more person comes together to do some common business activity and ea...

Q: hlia Corporation had the following transactions during its first month of operations: Purchased raw ...

A: The direct costs are debited to work in process account and indirect costs are debited to manufactur...

Q: Q. In January, a company incurred a total product cost of $465,000, Conversion costs were 70% of ove...

A: The total product cost omprises of direct materials, direct labor and overhead cost. 

Q: What the answer for 22 The first time I had put 950,000 The second time I had put 5,930,000 both was...

A: Hi student Since there are multiple subparts, we will answer only first three subparts. If you want ...

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A: Contribution margin per unit = selling price per unit - variable cost per unit Contribution margin r...

Q: Net credit sales $120,000 Average accounts receivable 20,000 Cash collections on credit sales 1...

A: Solution We are provided with the following information Net credit sales = $ 120,000 Average account...

Q: partners with the following P/L ratio and capital balances: A (60%) P100,000; B(30%) P60,000; and C ...

A: Journal entries refers to the process of collecting and documenting all the transactions of a compan...

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A: Business refers to all those organization or company who engaged in any type of industrial, commerci...

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A: 1. University  31000 x 107% = 33170 Memory 31000 x 107% = 33170

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A: Financial reporting is publishing financial statements for internal as well as external use. 

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Q: 22. $ Determine Sales

A:   22. Ans.   $ 970,000    Net Sales ($ 950000 + Sales Discount ( $ 20,000)= $ 970,000  

Q: 1. S acquired 100 percent of F for P275,000. At the date of acquisition, F had the following book an...

A: The question gives the information data regarding the balance sheet of F company. Both book value an...

Q: 4. Which is true regarding the Non controlling interest? * [a] It is accounted for in the subsidiary...

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Q: True or False (No need for explanation) 1. Profit on self-construction is not allowed to be recogni...

A: TRUE TRUE TRUE TRUE TRUE TRUE TRUE FALSE TRUE TRUE TRUE FALSE  

Q: Amazon acquired 100 percent of Ferries for P275,000. At the date of acquisition, Ferries had the fol...

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A: A comparative income statement is an income statement that deals with and compares multiple periods ...

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A: As per the requirement explanation of product cost and period cost ,  product and period cost relate...

Q: rchased a machinery for Ri. 2.00.000. Or 1st O costing Ps. 1,00,000 wes purchesed. On 1st 3, having ...

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Q: he Town Debt Service Fund accumulates resources to pay its $3 million general obligation debt. The d...

A: These are the accounting transactions that are having a monetary impact on the financial statement o...

Q: Identify, from the above scenario, the risks and control objectives relating to cash.               ...

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Q: what were JT’s annual sales and DSO?

A: current ratio = current asset/current liability 1.8=67500/current liabilities current liabilities = ...

Q: On June 30, Year 1, Marshall Company borrowed $15,000 from its bank for business expansion. The bank...

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Q: What amount of pre-acquisition earnings is eliminated in the acquisition date worksheet elimination?

A: Since there is no revenue and expense of the acquire upto the date of acquisition.

Q: X Your answer is incorrect. Compute the weighted-average number of common shares used in computing e...

A: Calculation of weighted average number of share are as follows

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A: To generate a journal entry, you input transaction data into your company's books. Your journal entr...