The rent expense account in 2020 has debit balance of P74,400 composed of the following: (1) January 1, 2020 balance of P16,800 representing rent for January through April 2020; and (2) a debit of P57,600 representing a payment for one-year rent beginning May 1, 2020. Compute for the total rent expense at the end of the 2020

Q: Mundes Corporation uses the weighted-average method in its process costing system. The beginning wor...

A: Given that : Number of unit transferred and completed = 8,000 units  Material cost =$4 Conversion Co...

Q: Flu Buster Ltd manufactures a type of oral flu vaccine in capsules. These are produced in three sepa...

A: As per Bartleby policy, only the first three interlinked parts are answered of the first question. I...

Q: How much is the income tax due assuming the use of the 8% optional tax?

A: Optional tax rate is the optional which the tax payer can choose to be taxed on that rate when the c...

Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of th...

A: Applied overhead = Actual hours x overhead rate Where,  Overhead rate = estimated factory overhead c...

Q: Janine is currently in need of cash and plans to sell some of his capital assets.   Which of the fol...

A:                        Capital gain tax is applicable on the capital assets of the business.  Capita...

Q: 2017 2018 366,939 323,664 55,671 41,546 231,261 202,930 135,678 120,734 106,150 103,013

A: The answer has been mentioned below.

Q: Jackie sold to Zhakie a parcel of land classified as a capital asset located in the province of Tarl...

A: Here, Selling Price: P6,000,000 Semi-Annual Installments: P1,000,000 Number of Installments: Every 6...

Q: Jackie forecasts the following for the taxable year 2023.

A:                              In Phillipines there is a system of optional standard deduction for ind...

Q: A company acquired a building, paying a portion of the purchase price in cash and issuing a mortgage...

A: Purchase of a building is an investing activity. Increase in the note payable is a financing activit...

Q: Jackie, a resident citizen, purchased a parcel of land, measuring 1,000 square meters at a price of ...

A: A capital gain refers to the gain which is earned due to an increase in the value of a capital asset...

Q: If National Co. treats the AB Division as an investment center for performance measurement purposes,...

A: Before tax ROI = Income before tax/ Average investment in total assets Before tax ROI = 400,000/ 2,4...

Q: On January 1, 2022, BTS Company purchased 3,000, P1,000 face value term bons with a stated rate of 1...

A:

Q: rchase a new car, the “stic

A: Here the purchase includes FOB destination.

Q: Gloria Detoya and Esterlina Gevera have operated a successful partnership for years, sharing profit ...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: Bulldogs Inc. forecasted the following data for 2022. ·      Forecasted unit sales is 20,000. ·    ...

A: Solution: Selling price per unit = P25 CM ratio = 40% CM per unit = P25*40% = P10 per unit

Q: On March 1, 2021, Jashen Dela Rosa, M.D., established the JDR Sports Rehab Clinic. Transactions comp...

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...

Q: Trenton Company has two departments (Processing and Packaging) and uses a job-order costing system. ...

A: The predetermined overhead rate is calculated as estimated overhead cost divided by estimated base a...

Q: 1 The company's bank statement shows a cash balance of $12,000. Comparing the company's cash records...

A: Hi! Thank you for the question As per the honor code, We’ll answer the first question since the exac...

Q: On August 1, 2010, a company issues bonds with a par value of $600,000. The bonds mature in 10 years...

A: Journal Entry for Interest Accrued on December 2010  

Q: Booth Company had sales in 2020 of $1,875,000 on 75,000 units. Variable costs totaled $1,125,000 and...

A: Cost volume profit analysis is the technique used by the management for decision-making. The methods...

Q: Acklin Company has two products: A and B. The annual production and sales of Product A is 600 units ...

A: Solution...   Estimated manufacturing overhead costs = $63,322  Units produced  A = 600 units B = 90...

Q: Required: 1. What is the contribution margin market share variance? 2. What is the contribution marg...

A: Sales Price variance = (Actual Price-Budgeted Price)*Actual Quantity Sales Volume Variance = (Actual...

Q: Provide the pros and cons of Sarbanes –Oxley Act (SOX).

A: Pros of Sarbanes Oxley Act 1. Crucial information cannot be witheld from customers By requiring that...

Q: Required following dates March 1. 2017; September 1, 2017 and December31. 2017. Use the effective-in...

A:   Lastimosa Corporation Issuance of Bond March1, 2017                                    4,00,000...

Q: On January 1, 2022 an SME acquired 25% of the equity of each of entities A and B for P1,000,000 and ...

A: Excel formulas which are used to calculate the carrying amount of investments.   

Q: The following information relates to Automative Services on 30 June 2021. Vehicles 135,000 160,000 7...

A: Automative Services Balance Sheet At June 30, 2021 Assets Current Assets   Cash at Bank   ...

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in...

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

Q: What percentage of the intercompany loss on plant asset sale should be used to adjust consolidated n...

A: Introduction: To present the Consolidated financial statement, the effect of transactions between th...

Q: What do you think risk managers are doing (or in the current coronavirus situation as well as the sa...

A: The current coronavirus situation as well as the sanctions on trade with Russia has led to high risk...

Q: Employer purchased a residential property on installment basis and had the same used by its manageri...

A: If the employer purchases a residential property on installment basis and allows his employee to use...

Q: Cash $ 14,890   Cash withdrawals by owner $ 930 Accounts receivable   12,820   Consulting revenue   ...

A: The balance sheet shows the financial position of the company which includes the assets, liabilities...

Q: Raglan Stores PLC has grown rapidly since its stock market flotation five years ago. Despite its rap...

A: In this question ,we will discuss that how the value of the company change if the required Rate of R...

Q: On October 1, Ebony Ernst organized Ernst Consulting; on October 3, the owner contributed $83,010 in...

A: The statement which shows the final balances of all assets, liabilities and equity amounts in a desc...

Q: Sunland Leasing Company agrees to lease equipment to Coronado Corporation on January 1, 2020. The fo...

A: Accounting for Leases There are mainly two types of leases are there one is operating leases and cap...

Q: Prepare a cash budget for the XYZ Manufacturing Company, indicating receipts and disbursements for M...

A: Budgeting - Budgeting is the process of estimating future operations based on past performance. % ar...

Q: Prepare journal entries to record each of the following transactions. The company records purchases ...

A: Payment made = Purchases - discount amount Where,  Discount amount (if payment made witin discount p...

Q: actions reflect the business activity selected period: 1. Invested P250,000 cash and P34,000 worth ...

A: Journal entries records transactions in the books and is  the initial step in the accounting cycle ....

Q: PR 18-5B Statement of cost of goods manufactured and income statement for a OBJ. 2, 3 manufacturing ...

A: Cost of Goods Manufactured: It is possible to compute a company's overall manufacturing expenses for...

Q: On January 1, 20x1, ABC Co. sold transportation equipment with a historical cost of ₱12,000,000 and ...

A: Carrying amount of the receivable on January 1, 20x3 = Present value of annual instalment payable on...

Q: Explain in detail with examples of different methods for cash transactions, and the costs associated...

A: Accounting on a cash basis: When transactions are done in cash, the cash basis of accounting is util...

Q: he entry to recognize the distribution of welfare goods to intended recipients would include a debit...

A: Inventory means the stock of goods in hand . Goods means the thing in which the business deals and p...

Q: Prepare the necessary journal entries to record the following transactions relating to the long-term...

A: Formulas that are used: Note:- 1. Premium on bonds issued will be amortized over 117 Months because...

Q: efer to Williams Company. What is the prime cost of Job #6?

A: Solution Concept Prime cost means the direct cost incurred other than the overheads Mathematically p...

Q: On September 1, 2022, Curly Company approved a formal plan to sell a business segment. The sale will...

A:

Q: What procedures must the auditor perform when gathering evidence related to contingencies? (Several ...

A: Auditor should perform following procedures while gathering evidence related to contigencies:- Revi...

Q: For the coming year, Cleves Company anticipates a unit selling price of $80, a unit variabie cost of...

A: Formula: Break even sales units = Fixed cost / Unit contribution margin

Q: Green Forever, a manufacturer of lawn equipment, has preliminary drawings for two grass trimmer desi...

A: Revenue Recycling: Revenue recycling implies that the income from the naturally related charge is co...

Q: BTS Company provided the following information on December 31, 2021: 500,000 20,000 Cash on hand Pet...

A: Cash and cash equivalents refer to the amount held by a business organization in the form of hard ca...

Q: Stellar Industries and Pearl Inc. enter into an agreement that requires Pearl Inc. to build three di...

A: Journal entries (JE) refers to the entries which are recorded in the original or first book of accou...

Q: Sunland Leasing Company agrees to lease equipment to Coronado Corporation on January 1, 2020. The fo...

A: The question is based on the concept of Lease Accounting.