What annual savings, if any, are realized by this change of pay period?
Q: Fight Company is a wholesaler of office supplies. The FIFO periodic inventory is used. The entity re...
A: Solution: Under FIFO method of inventory, inventory purchased first is considered as sold first. Und...
Q: Popsters Corporation purchased 60% of the shares of SG Corporation on January 01, 2019 for P2,200,00...
A: The consolidated retained earnings represent the amount of the total earnings retained by the whole ...
Q: Sandhill Inc. uses a calendar year for financial reporting. The company is authorized to issue 8,490...
A: A comparative income statement is an income statement that deals with and compares multiple periods ...
Q: BolaBola uses different kinds of machines in its manufacturing process. The following information re...
A: There are two type of expenses which are being incurred by the business. One type of expenses needs ...
Q: Complete Cash Flow Summary 2
A: Solution Formula Cost of good sold = sales - gross profit. Working note = Job 1 = (80000+30000+8000)...
Q: Angela Company provided the following information for the current year: Purchases of raw materia...
A: Formulas to be used (1) Cost of goods Manufactured = Total Manufacturing cost + Opening WIP - Clo...
Q: January 1, 2020, Blue Company purchased P500,000 8% bonds for P475,126 (including broker’s commissio...
A: Solution Given Face value 500000 Coupon rate 8% Issue price 475126 Life of bon...
Q: Statement of Cash Flows (Direct Method) The Wolff Company's income statement and comparative balance...
A:
Q: For more than a decade since its incorporation, Feb-Ibig Company had been renting its office space. ...
A: Cost capitalization is an important aspect in ascertaining the cost of an asset. It provides a best ...
Q: Jupplemens 1equired by forty - six customers. For the year 20 or 2018 Velshi Printers has decided to...
A: Introduction:- ABC costing system used allocation of overheads based on cost drivers. Activity-bas...
Q: Bee and Barney Mayberry have $71,500 in gross income and enough allowable deductions to itemize. Det...
A: Ans. B Form 1040 Bee and Barney can use form 1040, because they have enough itemize deduction and...
Q: Required information Problem 10-55 (LO 10-1, LO 10-6) (Algo) [The following information applies to t...
A: Solution Formula Special basis adjustment = Basis in partnership interest - inside basis of partner...
Q: the years subsequent to the year of sale of a 90% owned subsidiary who sells equipment to its parent...
A: Solution Concept When there is a sale made (upstream or down stream ) and if the goods remains unsol...
Q: Required information [The following information applies to the questions displayed below.] Clopack C...
A: Cost per equivalent unit of material = Total cost of material / Equivalent unit of material Cost per...
Q: At the end of the year WIP totaled $ 6,000. Calculate the total costs of goods manufactured and tran...
A: Cost of goods manufactured is the total costs incurred in manufacturing the product in current perio...
Q: QUESTION 6 Dew Drop Inn, Inc., has direct labor costs of $11 per hour, direct materials are $1 per r...
A: The whole cost is the total amount of money invested to achieve some type of outcome. Accounting-wis...
Q: Find the interest on a P120 000-investment compounded semi-annually at 1.5% for 5 years.
A: Principal amount (P) = P120,000 Interest rate = 1.5% Semi annual interest rate (r) = 0.75% Period = ...
Q: Your rich uncle named you beneficiary of his life insurance policy. The insurance company gives you ...
A: Amount today = 100,000 Annual payment = P12,000 Period = 12 Years
Q: List Ken Lewin's assets in one column . His liabilities in another, and calculate his equity.
A: Equity = Assets - Liabilities We have to prepare Balance Sheet through in which we will post Assets ...
Q: A partially owned subsidiary declared dividend and half remains unpaid by the end of the year, which...
A: The question is related to Consolidation. In case dividend is declared by partially owned subsidiary...
Q: when the idea first occurred to her it seemed like such a win win situation now she wasn’t so
A: Introduction Ethical dilemma is a situation when moral standards and principles are in conflict with...
Q: The following sales forecast was developed by the sales team at Park Place Manufacturing Company Ltd...
A: Sales budget is a financial plan that estimates a company,...
Q: On January 1, 2020, Prospero Games Inc. granted stock options to managers and key employees under wh...
A: Employees stock option Plan Employees stock option plan which is considered to be the best option pl...
Q: GLO701 - Based on Problem 7-5A LO C2, C3, P4 The following selected transactions are from Turner Com...
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is recor...
Q: Magic accepted several office equipment from a stockholder which originally costed the donor P1,200,...
A: The assets will be recored at fair value less cost of sellling. The asset includes all Direct Expesn...
Q: 7. The entry to record the purchase of materials using a job costing system would include Ocredit to...
A: The question is based on the concept of Cost Accounting. Job costing is used in manufacturing entity...
Q: Calculate the total product cost for the year ended December 31.
A: Per Unit Manufacturing Sold units 10000 Units 8000 Units Direct Material: Facto...
Q: Cleaner’s, Inc., is switching to paying employees every 2 weeks rather than weekly and will therefor...
A: Weekly Wages: Weekday Wage denotes the amount of remuneration supplied by the Company on a weekly ba...
Q: a. This year Casey made a taxable gift of $1 million to Stephanie. Casey is not married, and the 201...
A: Gift tax due= $0
Q: On January 1, 2019, Tarlac Company acquired a machine for P4,500,000. The machine has a useful life ...
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...
Q: Identify the term being referred to: An agreement where one party conveys to the another party the ...
A: The question contains an agreement between two parties . One party coveys the right to use the asset...
Q: Angle Silva has recently opened The Sandal Shop in Brisbane, Australa, a store that specializes in f...
A: Degree of operating leverage = contribution margin / net income
Q: 4. A transfer of direct materials, such as metal used to make the outer case of a vid system, into p...
A: Under process costing, transfer is made from Raw Materials account to Work in process account when r...
Q: John James has assets of $ 150 000 and liabilities of $ 65 000. What is her equity If the total asse...
A: Solution 1: As per basic accounting equation: Assets = Liabilities + Equity Equity = Assets - Liabil...
Q: The inventory and purchases data of UNIWIDE Company for the last quarter of 2021 are as follows: Beg...
A: Under FIFO method the oldest products in inventory have been sold first.
Q: For years. Worley belleved profit. However, in the face of declining profits, Worley decided to impl...
A: Activity based costing is the method which uses activity rates for assigning overheads like commissi...
Q: On an entity’s April 30,2021 balance sheet a note receivable was reported as a noncurrent asset and ...
A: Note means an instrument issued by company acknowledging the debt due from company to bond holder. I...
Q: Partner, Inc. owns 80% of Senior, Inc. During 2020, Partner sold goods with a 40% gross profit to Se...
A: Answer: B. Sales and cost of goods sold should be reduced by the intercompany sales.
Q: Complete the Inventory and Overhead T-Accounts For Job 1 and Job 2 and Job 3
A: Job costing is the method of costing applied when each job is different from the other. These method...
Q: Required: Prepare the statement of liquidation. Vic, Victor and Vincent are partners in Valentine pa...
A: Computation of personal assets realized value Vic PHP Victor PHP Vincent PHP Personal asse...
Q: What is the amount of Inventory to be presented at the Balance Sheet date using the LCNRV Individual...
A: Solution Concept FIFO method : Under this method the goods in opening inventory is sold first LCNRV...
Q: Lyman Nurseries purchased seeds costing $25,000 with terms of 3/15 net 30 EOM on January 12. 1. How...
A: Solution:- 1) calculation of How much will the firm pay if it takes the cash discount as follows und...
Q: The property, plant and equipment account of Cuddle PH was revisited by its property officers. They ...
A: Loss from Derecognition = Cost of the assets - Accumulated Depreciation
Q: Rifle Co. is a distributing company selling toy guns to retailers at 10/15, 5/20, n/30 and it provid...
A: Calculation of amount of accounts receivable on December 31, 2021 Accounts Receivable Debit Cre...
Q: Pampanga's best provided the following information: ...
A: Solution: Inventory to be reported on statement of financial position = Raw materials inventory + Fi...
Q: Which of the following transactions will affect both the consolidated net income attributable to the...
A: The question is related to the Consolidation.
Q: Complete Cash Flow Summ
A: Cash flow statement refers to the statements which reflect all the cash that comes and goes out of t...
Q: 1) What is a budget 2)Compare two characteristics each partial budget and complete budget
A: Budget There are different type of budge which are prepared in the business entity which can be proj...
Q: QUESTION 4 Indicate whether each of the following costs incurred by a manufacturer would be consider...
A: Direct material cost is cost incurred in relation to material purchased for the process of productio...
Q: Meatballs Company purchased forest assets for a lump sum amount of P45,000,000 which is equal to the...
A: Biological assets are the living assets owned by the company. Such assets are valued at fair value o...
When Tallman Haberdashery, Inc., merged with Meyers Men’s Suits, Inc., Tallman’s employees were switched from a weekly to a biweekly pay period. Tallman’s weekly payroll amounted to $750,000. The cost of funds for the combined firms is 11%.
1. What annual savings, if any, are realized by this change of pay period? Format: 11,111
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Borat Company gives annual bonuses after the end of the year. Borat computes the bonuses based on the companys net income after deducting the bonuses but before deducting income taxes. Borats income before bonuses and income taxes is 565,000 for the current year. The effective income tax rate is 21%, and the bonus rate is 12%. Calculate Borats bonuses and income taxes for the current year. Round your final answer to two decimal places.Poleski Manufacturing, which maintains the same level of inventory at the end of each year, provided the following information about expenses anticipated for next year: The selling price of Poleskis single product is 16. In recent years, profits have fallen and Poleskis management is now considering a number of alternatives. Poleski wants to have a net income next year of 250,000, but expects to sell only 120,000 units unless some changes are made. The president of Poleski has asked you to calculate the companys projected net income (assuming 120,000 units are sold) and the sales needed to achieve the companys net income objective for next year. Also, compute Poleskis contribution margin per unit, contribution margin ratio, and break-even point for next year. The worksheet CVP has been provided to assist you. Note that the data from the problem have already been entered into the Data Section of the worksheet.When Shortman Haberdashery, Inc., merged with Meyers Men’s Suits, Inc., Shortman’s employees were switched from a weekly to a biweekly pay period. Shortman’s weekly payroll amounted to $750,000. The cost of funds for the combined firms is 11%. What annual savings, if any, are realized by this change of pay period? Format: 11,111
- When John Conrad, Inc., merged with Nill Men’s Suits Inc., John’s employees were switched from a weekly to a bi-weekly pay period. John's weekly payroll amounted to $750,000. The cost of funds for the combined firms is 11%. Show Solutions and Explanation. A. What annual savings, if any, are realized by this change of pay period (Format: 11,111)On accepting the position of chief executive officer and chairman of Reeves Machinery, Frank Cheney changed the firm’s weekly payday from Monday afternoon to the following Friday afternoon. The firm’s weekly payroll was $10 million, and the cost of short-term funds was 13%. If the effect of this change was to delay check clearing by 1 week, what annual savings, if any, were realized? Format: 1,111,111Bear Island ltd has a weekly payroll of $450,000. The employees receive entitlements to 2 weeks’ sick leave per year. The sick leave entitlements are classified as non-vesting. Past experience, and experience within the industry, suggest that 55 percent of employees will use their full 2 weeks’ entitlement each year; 10 percent of employees will take 1 weeks’ sick leave each year, and 10 percent of employees will take 1 day’s sick leave each year. Calculate the expected annual sick leave expense for bear island Ltd(on the basis of average salaries
- Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$_________Baxley Brother has a DSO of 23 days, and its annual sales are $3,650,000. What is its accounts receivable balance? Assume that is uses a 365 day year. I must show the work. How you arrive at the answer.The university satellite office operates five days per week with a daily payroll of $5,000. Employees are paid every Saturday for the workweek just completed (Monday through Friday). The last day of the month is Wednesday, October 31. What is the effect of the correct adjustment at October 31? A. Decrease Wages Expense and increase Wages Payable by $15,000 B. Increases Wages Payable and increases Wages Expense by $25,000 C. Increase Wages Payable and decreases Cash by $10,000 D. Increases Wages Expense and increases Wages Payable by $15,000
- Bear Island Ltd has a weekly payroll of $350 000. The employees receive entitlements to 3 weeks’ sick leave per year. The sick-leave entitlements are classified as non-vesting. Past experience, and experience within the industry, suggest that 60 per cent of employees will use their full 3 weeks’ entitlement each year; 10 per cent of employees will take one week’s sick leave each year; and 10 per cent of employees will take 3 day’s sick leave each year. REQUIRED a) Calculate the expected annual sick-leave expense for Bear Island Ltd (on the basis of average salaries). b) Provide the journal entries necessary each week to recognise the sick-leave entitlement expense as it accrues.A company’s first weekly pay period of the year ends on January 8. Sales employees earned $30,000 and office employees earned $20,000 in salaries. The employees are to have withheld from their salaries FICA Social Security taxes at the rate of 6.2%, FICA Medicare taxes at the rate of 1.45%, $9,000 of federal income taxes, $2,000 of medical insurance deductions, and $1,000 of pension contributions. No employee earned more than $7,000 in the first pay period. Part 1. Compute FICA Social Security taxes payable and FICA Medicare taxes payable. Prepare the journal entry to record the company’s January 8 (employee) payroll expenses and liabilities. Part 2. Prepare the journal entry to record the company’s (employer) payroll taxes resulting from the January 8 payroll. Its state unemployment tax rate is 5.4% on the first $7,000 paid to each employee. The federal unemployment tax rate is 0.6%.Tokyo Corporation purchases P1,500 in raw material each month to support sales of P2,500 that occur in the following month. In addition, Tokyo Corporation pays wages, rent, and taxes that total P700 each month. What is Tokyo's total monthly cash disbursements? a. P300 b. P4,700 c. P700 d. P2,200 e. P1,000
