What is the amount of service department cost allocated to P1 and P2 using the direct method

Q: Give examples of differences in corporate governance in different countries ( Continental Europe &am...

A: A set of rules, policies, regulations, processes, and practices used to control, regulate, and direc...

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: SOLUTION SHARES REPRESENT EQUITY OWNERSHIP IN A CORPORATION OR FINANCIAL ASSET , OWNED BY INVESTORS ...

Q: What do we understand, when we say that Social and Economic Accounting is a "comprehensive,

A: GIVEN   when we say that Social and Economic Accounting is a "comprehensive, consistent and integrat...

Q: Identify whether a debit or credit results in the indicated change for each of the following account...

A: Concept -    To Increase the asset and expenses we need to debit them and to reduce them we need to ...

Q: Using a flexible budgeting approach how do I prepare a performance report for the current department...

A: Flexible Budget in Manufacturing overhead Using the flexible budget in the manufacturing overhead to...

Q: 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 13% 0.9901 0.9804 0.9709 0.9615 0.9524 0.9434 0.9346 0.9259 0...

A: The answer is stated below:

Q: A review of the ledger of Blue Spruce Co. at December 31, 2022, produces the following data pertaini...

A: Adjusting Entry – Adjusting Entries are the entries that make the accrual principle work for the org...

Q: Compute for the amount of gain on reversal of inventory write-down on December 31,2021.

A: Inventory write down method refers to an accounting method which is used by the company to record th...

Q: Use the following information for the next five questions:On January 1, 2021, ABC Co. acquired all o...

A: Answer: Fair value of consideration = Total equity capital and premium after combination - Equity ca...

Q: [The following information applies to the questions displayed below.] Lawson Consulting, which began...

A: Total expenses = Rent expense + Wages expense Net income = Total revenues - Total expenses

Q: Required: For the year ended 30 June 2023, prepare the pre-acquisition elimination entries.

A: Safe Ltd. acquired 100% shares of Mission Ltd. on 1st July 2021. Thus Mission Ltd. is a wholly owned...

Q: The Golden Petting Zoo operates a drive-through tourist attraction in Colorado. The company adjusts ...

A: An adjusted trial balance is a list of the ending balances of all accounts after adjusting entries h...

Q: Good will arising from business combination is:    a. charged to Retained Earnings after the acquisi...

A: Goodwill refers to amount paid by acquired company in excess of the net assets of the transferring c...

Q: Indicate the financial statement on which each of the following items appears: income statement, sta...

A: Introduction:- Financial statements are official records of a company's, person's, or other entity's...

Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...

A: Upon acquisition of an entity and while preparing consolidated financial statements, all the acquire...

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: Goodwill =  Consideration paid -  fair value assets + fair value of liabilities.

Q: Indicate the financial statement on which each of the following items appears: income statement, sta...

A: >Accounts are shown as Revenue, Expense, Assets, Liabilities or Equity account based on their nat...

Q: Installment Sales Cost of Installment Sales Gross Profit 1,500,000.00 2,400,000.00 8 1 2,400,000.00 ...

A: In case of multiple sub-parts, only first 3 sub-parts shall be answered. Kindly repost the question ...

Q: Compute the December 31, 2020, amount of equity. Compute the debt to assets ratio at December 31, 20...

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

Q: 21. A nonprofit hospital reported the following final ending amounts in its financial statements for...

A: Non profit organization as the name suggest is run not for profit motive but the main objective is t...

Q: Misu Sheet, owner of the Bedspread Shop, knows his customers will pay no more than $140 for a comfor...

A: Mishu Sheet can may for a comforter the amount of selling price minus markup amount

Q: Treno Ltd panning to establish an additional plant for expanding its operations in the country for t...

A:    Mumbai   Delhi  Sales  (11,000 units X 800 per unit)        88,00,000        88,00,000 Less: ...

Q: B3.  LO 8.5Record the following transactions: Started a petty cash fund in the amount of $340. Rep...

A: Petty cash fund is that fund which is maintained for small petty expenses of the business. Accountin...

Q: Required: a) Compute prime cost, manufacturing cost and cost of goods manufactured. b) Compute cost ...

A: Prime costs is the cost of raw materials used and direct labour costs. Manufacturing costs includes ...

Q: Up There IQ Inc. is a Gifted & Talented recruiting company that began operations on January 1, 20X1....

A: Journal entry is the practice of recording commercial transactions for the first time in the books o...

Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...

A: Consolidated financial statements are those statements which are prepared by the parent company in c...

Q: he condensed balance sheet and income statement data for Symbiosis Corporation are presented below. ...

A: Horizontal analysis The purpose of preparing the Horizontal analysis to analyze the details of two d...

Q: 3. Pagadian, Inc. reported the following during the year: P400,000 proceeds of life insurance of an ...

A: In case of accrual basis of accounting we should recognise revenue and expenses as and when earned a...

Q: Following are the transactions of Sustain Company. June 1 T. James, owner, invested $16,000 cash in ...

A: The practice of capturing commercial transactions for the first time in the account books is known a...

Q: General journal for coffee machine

A: Fixed asset is written off in the books of accounts, when there is obsolescence, or the asset is sol...

Q: Statement 1: Cost of land includes Unpaid taxes prior to date of acquisition assumedbythe buyer. St...

A: solution concept Land are non depreciable asset and are carried in the balance sheet at the historic...

Q: EB8.  LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous que...

A: Bank reconciliation is a statement prepared to check what are the items that has caused a difference...

Q: What did Dennis Kozlowski of Tyco do that was so unethical or illegal in the world of business and a...

A: The answer for the question on unethical or illegal doings of Dennis Kozlowski of Tyco is discussed ...

Q: Repeat the requirements for part (a), assuming that Bonita Company has no reliable data with which t...

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

Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...

A: Cost of acquisition means total expenses incurred by entity to purchase new entity or assets. Here  ...

Q: On January 1, 2021, ABC Co. acquired all of the identifiable assets and assumed all of the liabiliti...

A: SOLUTION GOODWILL IS AN INTANGIBLE ASSETS THAT IS ASSOCIATED WITH THE PURCHASE OF ONE COMPANY BY ANO...

Q: oters 7-9) 6 Saved Pat Maninen earns a gross salary of $4,400 each week. Assume a rate of 6.2% on $1...

A:

Q: Required information [The following information applies to the questions displayed below.] Lawson Co...

A: The balance sheet is a part of financial statements. It indicates the overall position of the busine...

Q: The earbuds are sold in cases, with each case containing a pair of earbuds.   The last quarter (Octo...

A: Income statement refers to the one of the financial statement which is prepared in determining the c...

Q: In preparation for a new season, a buyer determined a 58% initial markup was required for total purc...

A: Introduction:- In order to fulfil her 50 percent gross margin objective, the buyer concluded that a ...

Q: On June 10, 20X1, an employee of Williams Corporation mistakenly debited Telephone Expense rather th...

A: A rectification entry is a journal entry which is passed in the books of accounts to correct a error...

Q: Using the following information, prepare a bank reconciliation. Bank balance: $4,021 Book balance: ...

A: A bank reconciliation statement is prepared at a certain time period. It is used to match the book b...

Q: ACCOUNT NAME NORMAL BALANCE Cash in Bank ............................................$46,540 Accou...

A: Normal balance of all the assets, expenses and drawings account will be debit balance. Normal balanc...

Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...

A: The company ABC has purchased all of XYZ Inc’s Common Shares for P40,000 in cash. The acquisition co...

Q: BC and XYZ Inc hahow much is the Goodwill arising from this Business Combination? *d the following b...

A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair v...

Q: Prepare compound journal entries for each transaction. a. The owner, J. Cruz, invests $12,500 cash a...

A: >Accounting cycle is the flow or steps carried out to complete the accounting process. These are ...

Q: What is the taxable income of Mr. Pamplona subject to regular income tax?

A: Tax is the amount which the taxpayer has to pay on the taxable income and which is determined as per...

Q: Required information [The following information applies to the questions displayed below.] Lawson Co...

A: >Financial Statements are prepared at the end of accounting period, and these include: #1: In...

Q: Skysong Co. is building a new hockey arena at a cost of $2,310,000. It received a downpayment of $49...

A: Since, the yield is less than the bond interest rate, they are issued at a premium. Premium of the b...

Q: purchase price. It costs the Book Shop $500 to place a single order. The maximum sale for the Book S...

A:

Overheads

In cost accounting, overhead refers to those expenses which occur during the operating of a business. Overhead includes the fixed, variable, or semi-variable which is not directly involved with a company product or service. It is very important to analyze overhead expense as it helps the company in determining how much a company must charge for its products and services so that they can generate profit.  Overhead expenses depend upon the nature of the business operations.