The following information pertains to the White Company and its divisions for the year ended December 31, 2014: Pr0,000,000 Sales to unaffiliated customers Inter-segment sales of products similar to those sold to unaffiliated customers 2,00,000 White Company and all of its divisions are engaged solely in manufecturing operations.
Q: orporation? he property received is full payment in exchange for the shareholder's transferred sto h...
A: Solution A liquidation distribution considered to be full payment in exchange of shareholder's stock...
Q: 1. Based on the above information, prepare a bank reconciliation for the Wisconsin Company. 2. Prepa...
A: A bank reconciliation statement is prepared to identify the reason for differences between the balan...
Q: paring the bank reconciliation. 2. Examine vendors’ invoices and other s
A: The auditors verify the fairness of financial statements by collecting audit evidence by following m...
Q: Riverton Corp., which began business at the start of the current year, had the following data: Plan...
A: The income statement shows the net income or net loss of the company. It is calculated by deducting ...
Q: Problem 4: On January 1, 2017, an entity purchases marketable equity securities for P2,000,000. The ...
A: When entity has elected to measure the change in the fair value through other comprehensive income t...
Q: An item of p- O True O False
A: Real property means any item which may be factored into the property value.
Q: Which of the following would not be reported as inventory? Land acquired for resale by a real estate...
A: The correct option in the given question is (D) Machinery acquired by a manufacturing company for us...
Q: How should NEFRARIOUS account for the fixed consideration and the contract costs, respectively?
A: Contract is the agreement which is made between the parties whereby one party has agreed to provide ...
Q: The ingredients for your skillet brownie cost $1.89. You want your food cost percentage for this ite...
A: As per the guidelines, only one question is allowed to be answered. Please resubmit the question sep...
Q: You deposit $200 each month into an account earning 8% interest compounded monthly. Round to the nea...
A: Answer b) Total amount put by us in account: = Amount monthly invested * 12 * number of years = $2...
Q: The accounting equation can be restated as: Assets - Equity = Liabilities. True or False True False
A: Solution: The basic accounting equation, also named as balance sheet equation, reflects the relation...
Q: Financial Statement data for the years ended December 31st for the Top Corporation follow: 2018 2017...
A: Earnings per share = (Net income - preferred dividend)/ number of shares
Q: Which section of the statement of cash flows is considered the most important indicator of a company...
A: Cash flow statement - This statement is dividend into Operating, Investing and Financing Activities....
Q: What is a Ledger?" An account An accounting journal A group or file of accounts AT-account
A: T- Account - T-Account is the representation of ledgers in the tabular form. It includes debit and c...
Q: What are the advantages and disadvantages of the participatory approach to budgeting?
A: Participative budgeting is a budgeting process in which the people who are in the lower levels of ma...
Q: ase term, the asset reverts to the lessor and has a guaranteed residual value of $55,000. Shamrock e...
A: The lease is classified as Finance lease for both the lease term (i.e.7 years) is the substantial po...
Q: ProTech began business at the start of the current year. The company planned to produce 40,000 units...
A: Absorption costing income can be calculated by deducting the cost of goods sold and other expenses f...
Q: A printing machine is bought at P 1.5 million and is estimated to have a salvage value of P100,000 a...
A: The accumulated annual depreciation expense based on units produced is calculated by first dividing ...
Q: Suppose that Al Ma'arif Group is engaged in manufacturing and sales of a seasonal product. Based on ...
A: Level production plan is used where the demand for the product is seasonal. Under this plan units ar...
Q: Required: Prepare the necessary adjusting entries in the consolidation worksheet.
A: In case of Intra-Group Assets and Liabilities Strike out payable and receivable invoices attributabl...
Q: Great Pasta Company manufactures a single product that goes through two processes — mixing and cooki...
A: Introduction The equivalent unit of conversion cost is total of direct labor and factory overheads i...
Q: Which scenario would be considered the most favorable by shareholders of a company? Select one: a. T...
A: The net earnings after all debt obligations, tax paid to government and dividend paid to preference ...
Q: nviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments...
A: Solution 1: Cash proceeds = Par value * 87.5% = 250000 *87.5% = $218,750
Q: Discuss auditors' legal liabilities under SOX.
A: SOX refers to Sarbanes and Oxley Act. It is a legislation passed in 2002 to prevent the corporate fr...
Q: Solve the following problems 1. if it takes 6 cups of flour to make 48 cupcakes, calculate how much...
A: Answer: According to the question, 6 cups of flour is required to make 48 cupcakes.
Q: The Western Wear Company, a wholesaler of western wear clothing, sells to retailers. The company ent...
A: Journal entries (JE) are those entries which are records in the original books of accounts and recor...
Q: Additional short-term borrowings Purchase of short-term stock investments Cash dividends paid Intere...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: Banking Hanna has an income of $120.000 that she is willing to spend over a year, f her bank account...
A: Total Income = $1,20,000 Bank gives 4% That is 1,20,000 * 4% = $4,800
Q: Nicanor, a Filipino Citizen residing in Manila, had the following data for the taxable year 2021:
A: In Phillipines for the year 2021 the individuals are taxed a...
Q: QUESTION 2 Kaanapali Merchandising had the following transactions during November: Nov 1 Beginning i...
A: Journal is the basic book of recording transactions which incurred are recorded.
Q: Exercise 19-17 (Algo) EPS; stock dividend; nonconvertible preferred stock; treasury shares; shares s...
A: Here are the proper answers: Basic EPS: $2.26 Diluted EPS: $2.09 Note: The earnings per share cann...
Q: r's stock. The land has a fair market value (FMV) of $40,000 and an adjusted basis of $23,000. The s...
A: Given: Fair market value (FMV)=$40,000 Adjusted basis =$23,000 The corporation's stock = $30,000
Q: In 2021, a company is considering alternative organizational forms. The gross business earnings are ...
A: Adjusted gross income is gross income minus deductions. AGI concept is used to find the amount of in...
Q: Required information [The following information applies to the questions displayed below.] The trans...
A: Please see Step 2 for required information.
Q: For May, determine a) the cost of goods manufactured and b) the cost of goods sold
A: Cost of Goods Manufactured = Beginning Work In Process + Total Manufacturing Cost - Ending Work In P...
Q: Allowance Method Journalize the following transactions, using the allowance method of accounting for...
A: Amount written off as uncollectable will be debited to "Allowance for doubtful account"
Q: On July 10, 20X8, your firm purchases for $126,000 a machine with an estimated useful life of 8 year...
A: Introduction Some of year digit (SYD) is a method is a accelerated method of depreciation that uses ...
Q: The partners' proht and los sharing ratio is 2:35, respectively 8, V. AND S PARTNERSHIP Balance Shee...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: unning Company had the following information for the month of June: Work in process beginning in...
A: Solution: Units completed refers to those units which are completed as production and transferred ou...
Q: MOSS COMPANY Selected Balance Sheet Information December 31, 2019 and 2018 2019 2018 Current assets ...
A: Solution: There are two method to report cash flow from operating activities: 1. Direct Method 2. In...
Q: A project has cash flows of -$152,000, $60,800, $62,300, and $75,000 for Years 0 to 3, respectively....
A: Year Cash flow 0 -152000 1 60800 2 62300 3 75000 Required rate of return = 13%
Q: Kaanapali Merchandising had the following transactions during November: Nov 1 Beginning inventory wa...
A: Under FIFO cost flow assumption, cost of goods sold are valued at cost of first purchase and ending ...
Q: 13. The capital balances of the partners on December 31, 200D would be: a. Tom, P 72,000; Jones, P 4...
A: The partners Tom and Jones are sharing profits and losses in the ratio of 6:4. Both the partners are...
Q: Additional short-term borrowings Purchase of short-term stock investments Cash dividends paid Intere...
A: Cash from financing activities represent cash flow related to issue of capital, borrowing, repayment...
Q: Expenses increase on the debit side. Even though these account balances are increasing, what is happ...
A: Expense refers to the cost related to the operations which the business incur in order to generate t...
Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital
A: Receipt on account means, cash received from previously made credit sales.
Q: Assume a manufacturing company,s estimated sales for january,febuar and march are 1,00,000 , 1,20,00...
A: Cost of goods sold = Sales x 40% Purchases = Cost of goods sold + Desired ending inventory - Beginni...
Q: whether it is included in a post-closing trial balance
A: Trial Balance is a list of accounts having balances. Post ...
Q: 5. Nike has the following transactions related to notes receivable during the last two months of 200...
A:
Q: Discuss auditors' legal liabilities under SOX.
A: Auditor's Liability: It is the auditor's legal responsibility that is accepted when the auditor is e...
White has a reportable segment if the segment’s revenue will total to what amount?
Step by step
Solved in 2 steps
- The following information pertains to the Liberty Company and its divisions for the year ended December 31, 2014 : Sales to unaffiliated customers P10,000,000Inter- segment sales of products similar to those sold to unaffiliated customers 2,000,000Liberty Company all its divisions are engaged solely in manufacturing operations. Liberty has a reportable segment if the segment's revenue will total to what amount?ASENSO Company and its divisions are engaged solely in manufacturing. The following data pertain to the industries in which operations were conducted for the current year: Segment Intersegment sales External revenue A 1,000,000 5,000,000 B 1,500,000 3,000,000 C 4,000,000 8,000,000 E 2,000,000 2,800,000 F 200,000 900,000 What is the minimum amount of revenue to be considered a major customer? A. 1,970,000 B. 2,100,000 C. 2,840,000 D. 920,000ASENSO Company and its divisions are engaged solely in manufacturing. The following data pertain to the industries in which operations were conducted for the current year: Segment Intersegment Sales External Revenue A 1,000,000 5,000,000 B 1,500,000 3,000,000 C 4,000,000 8,000,000 D 2,000,000 2,800,000 E 200,000 900,000 What is the minimum amount of revenue to be considered a major customer? 1,970,000 2,100,000 2,840,000 920,000
- Windmill Corp. has three manufacturing divisions, each of which has been Determined to be reportable segment. Common costs are appropriately allocated on the basis of each division’s sales in relation to Windmill’s aggregate sales. In the current year, Division 1 had sales of P6,000,000, which was 20%of Windmill’s total sales, and had traceable cost of P3,800,00. Windmill incurred operating cost of P1,000,000 that were not directly traceable to any of the divisions. In addition, Windmill incurred interest expense of P600,000. In reporting segment information, what amount should be shown as operating profit of Division 1 for the current year?Grael Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing. The corporate costs for the year ended December 31, 20Y7, are as follows: Tech Support Department $336,000 Purchasing Department 67,500 Other corporate administrative costs 448,000 Total corporate costs $851,500 The other corporate administrative costs include officers’ salaries and miscellaneous smaller costs required by the corporation. The Tech Support Department allocates the divisions for services rendered, based on the number of computers in the department, and the Purchasing Department allocates divisions for services, based on the number of purchase orders for each department. The usage of service by the two divisions is as follows: Tech Support Purchasing Consumer Division 300 computers 1,800 purchase orders Commercial Division 180 2,700 Total 480 computers 4,500 purchase orders The service department allocations…Corycorn Corp. and its divisions (each is an operating segment) are engaged solely in manufacturing operations. The following data (consistent with prior years' data) pertain to the operations conducted for the yaer ended December 31, year 1: (Industry Operating Segment) Total revenue Operating profit Identifiable assets at 12/31/Y1 A P10,000,000 P1,750,000 P20,000,000 B 8,000,000 1,400,000 17,500,000 C 6,000,000 1,200,000 12,500,000 D 3,000,000 550,000 7,500,000 E 4,250,000 675,000 7,000,000 F…
- Grael Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing. The corporate expenses for the year ended December 31, 20Y7, are as follows: Tech Support Department $1,130,400 Purchasing Department 231,000 Other corporate administrative expenses 585,000 Total corporate expense $1,946,400 The other corporate administrative expenses include officers’ salaries and other expenses required by the corporation. The Tech Support Department charges the divisions for services rendered, based on the number of computers in the department, and the Purchasing Department charges divisions for services, based on the number of purchase orders for each department. The usage of service by the two divisions is as follows: Tech Support Purchasing Consumer Division 440 computers 5,400 purchase orders Commercial Division 280 10,000 Total 720 computers 15,400 purchase orders The service department charges of the…Yozamba Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing. The corporate expenses for the year ended December 31, 20Y7, are as follows: Tech Support Department $800,100 Purchasing Department 258,000 Other corporate administrative expenses 455,000 Total corporate expense $1,513,100 The other corporate administrative expenses include officers’ salaries and other expenses required by the corporation. The Tech Support Department charges the divisions for services rendered, based on the number of computers in the department, and the Purchasing Department charges divisions for services, based on the number of purchase orders for each department. The usage of service by the two divisions is as follows: Tech Support Purchasing Consumer Division 390 computers 6,000 purchase orders Commercial Division 240 11,200 Total 630 computers 17,200 purchase orders The service department charges of the…Yozamba Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing. The corporate expenses for the year ended December 31, 20Y7, are as follows: Tech Support Department $459,200 Purchasing Department 96,900 Other corporate administrative expenses 545,000 Total corporate expense $1,101,100 The other corporate administrative expenses include officers’ salaries and other expenses required by the corporation. The Tech Support Department charges the divisions for services rendered, based on the number of computers in the department, and the Purchasing Department charges divisions for services, based on the number of purchase orders for each department. The usage of service by the two divisions is as follows: Tech Support Purchasing Consumer Division 380 computers 1,900 purchase orders Commercial Division 180 3,800 Total 560 computers 5,700 purchase orders The service department charges of…
- Birrell Scientific Inc. manufactures electronic products, with two operating divisions, the GPS Systems and Communication Systems divisions. Condensed divisional income statements, which involve no intracompany transfers and which include a breakdown of expenses into variable and fixed components, are as follows: Birrell Scientific Inc.Divisional Income StatementsFor the Year Ended December 31, 20Y5 GPS SystemsDivision CommunicationSystems Division Total Sales: 75,000 units @ $60 per unit $4,500,000 $4,500,000 150,000 units @ $115 per unit $17,250,000 17,250,000 $4,500,000 $17,250,000 $21,750,000 Expenses: Variable: 75,000 units @ $40 per unit $(3,000,000) $(3,000,000) 150,000 units @ $90 per unit* $(13,500,000) (13,500,000) Fixed 250,000 (600,000) (850,000) Total expenses $(3,250,000) $(14,100,000)…Norte Company has three manufacturing divisions, each of which has been Determined to be reportable segment. Common costs are appropriately allocated on the basis of each division’s sales in relation to Norte’s aggregate sales. In the current year, Division 1 had sales of P6,000,000, which was 20%of Norte’s total sales, and had traceable cost of P3,800,00. Norte incurred operating cost of P1,000,000 that were not directly traceable to any of the divisions. In addition, Norte incurred interest expense of P600,000. In reporting segment information, what amount should be shown as operating profit of Division 1 for the current year? A. 2,200,000 B. 2,000,000 C. 1,880,000 D. 1,400,000Grael Technology has two divisions, Consumer and Commercial, and two corporate service departments, Tech Support and Purchasing. The corporate expenses for the year ended December 31, 20Y7, are as follows: Tech Support Department $ 560,700 Purchasing Department 89,600 Other corporate administrative expenses 585,000 Total corporate expense $1,235,300 The other corporate administrative expenses include officers’ salaries and other expenses required by the corporation. The Tech Support Department charges the divisions for services rendered, based on the number of computers in the department, and the Purchasing Department charges divisions for services, based on the number of purchase orders for each department. The usage of service by the two divisions is as follows: Tech Support Purchasing Consumer Division 320 computers 1,940 purchase orders Commercial Division 310 3,660 Total 630 computers 5,600 purchase orders The service department charges of…