What is the first step in preparing a master budget ?
Q: e year: 30,000 withholding tax, hilHealth and P40,000
A: Gross income refers to the total sum value of money gained by an entoty which is su
Q: At 31 October 2006 Zaid owed his suppliers $13,856. During the year to 31 October 2007, his payments...
A: Formula: Ending Credit purchases = Ending payables + Payments during the month - Beginning payables
Q: A 12% P1,000,000 face value bond with interest payable June 30 and December 31, which matures on Jun...
A: Total cash received by June 30, 2022 = Redemption value of the bonds + Semi-annual interest on the b...
Q: Financial budgets include: a) Pro forma statements, a sales budget, and a cost of goods manufactured...
A: The process followed to make future estimates for revenue, expenses, purchasing and cash transaction...
Q: During 2017, Summer Company spent P500,000 for the research and development of its patent. On Januar...
A: Patent is an intangible fixed asset. It is amortised every year as pe...
Q: Primage Corporation has provided the following data concerning last month's manufacturing operation:...
A: Solution: Cost of goods manufactured is the cost of finished goods produced during the year. This is...
Q: LoneStar Co. is a manufacturing company that produces only one product, cowboy boots, has provided t...
A: Manufacturing Overheads: Manufacturing overheads constitutes all the costs of indirect nature, that ...
Q: aterials Variable labour Production overheads Variable Fixed Selling and distribution overheads Vari...
A: Under marginal costing system the value of finished goods and work in progress is also comprised onl...
Q: If the value of the clothing allowance voucher during the year amounted to 1,500,00O
A: Value of clothing allowance is not taxable. Exempt from tax . Then whole amount is nontaxable.
Q: Morrison company sells 124000 units at $16 per unit. Variable cost are $12 per unit, and fixed cost
A: Given Sales = 124000*16 = 1984000 Variable cost = 12*124000=1488000 Fixed cost = 144000 Calculated ...
Q: Sales are $400000 and variable costs are $260000. What is the contribution margin ratio? A. 65%. B....
A: Under Marginal costing (variable costing) contribution percentage or contribution per unit of produc...
Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of pro...
A: Budgeted Cost: A budgeted cost is a gauged future cost that the organization is supposed to bring ab...
Q: during the coming year? and What is the tuture minimum price that MSFT's stock could reach before re...
A: A margin call occurs when the margin account value falls below the margin account for the adjustment...
Q: Dabin Company purchased a P1,000,000 ordinary life insurance policy for its president. The beneficia...
A: Dividend received from insurance company shall be adjusted with premium amount of a life insurance.
Q: Gross salaries RATA PERA Additional Compensation Christmas bonus
A: In this question, we have to compute taxable compensation income.
Q: With solution pls Blue Inc. issued P 500,000 face amount of 10% with interest payable on January 1 a...
A: The bond is generally known as the fixed income instruments as they traditionally paid the fixed int...
Q: ne 10 pays the amo D0 for personal use. e_journal entries
A: Journal entry is an act of keeping economic transaction of the business.
Q: Barker Inc. uses the weighted-average method in its process costing system. The following data conce...
A: a)Equivalent units of material Particulars actual units Equivalent units Units completed and t...
Q: The mid-month convention applies to...
A: The mid-month convention states that all fixed asset acquisitions are assumed to have been purchased...
Q: listed public entities require engagement quality review is required. This review is called Multiple...
A: the objective of engagement quality review is to review the performance and a will wait the signific...
Q: ny companies face budgetary challenges on a continual basis. Two critical aspects that businesses la...
A: Budgeting is considered to buy important financial decisions which help in for casting of result and...
Q: Claremore Industries uses a weighted-average process-costing system. All materials are added at the ...
A: Introduction:- Calculation of the Material cost per unit as follows:- Material cost per unit = $229,...
Q: Listed below are items that may appear on a balance sheet. Required:Match each item wit...
A: The term "balance sheet" type of financial statement that shows an organization's financial status b...
Q: The management of Russel Ltd. is trying to decide whether it can increase its c During the current y...
A:
Q: koopman Company began operations on January 1, 2018, and uses the FIFO inventory method for financia...
A: Financial Statement- Financial statements contain information on an entity's financial activity and ...
Q: You were recently hired to work in the controller's office of the Balboa Lumber Company. Your boss, ...
A: Accounting Standard- Accounting standards are designed to ensure that accounting practices are consi...
Q: Krawl Company uses a job order cost system. The following data summarizes the operations related to ...
A: 1. Journal entries to record the summarized operations Date Account title and explanation Debit...
Q: has a ratio of 1.2:1. Can you acquire this firm (and thus take on more debt) without violating your ...
A:
Q: 1. Prepare Appropriations, Encumbrances, Expenditure and Fund Balance Ledger from the following info...
A: Ledger- A ledger is a book or assortment of accounts in which account dealings are recorded. Every a...
Q: Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 manda...
A: Compensation income: The amount provided to the employees or workers for the work responsibilities p...
Q: We have covered C and S Corporations. What are some of the advantages and disadvantages of each form...
A: Income tax: It is the tax every individual or company is liable to pay on the income generated dur...
Q: On January 1, 2021, Illuminati Company purchased 10% bonds with a face amount of P3,000,000. The bon...
A: Formulas that are used:-
Q: A. She can work at McCray-Hall educational publishing as an editor with a salary of $46,500 per year...
A: The salary calculation is made general weekly or monthly. In many cases, salary/ wages per day or pe...
Q: Which of the following is correct? a) Fringe benefits are always subject to fringe benefit tax. b) ...
A: Fringe benefits are the one which are allowed to the employees by their employers as an incentive fo...
Q: What did Lali Company show as total credits on its Trial Balance?* $574,000 $224,000 $462,900 None o...
A: The question is related to the Trial Balance. Trial balance contains various ledger balances on a p...
Q: Problem On January 1, 8021, Flexible Company acquired for P5.241,600 the entire PB,000,000 12% bond ...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: A Manager of MUUG Corporation received the following remunerat Gross salaries, net of SSS, PHIC and ...
A: Manager of MUUG Corporation received following Compensation Gross Salaries, Net of SSS, PHIC an...
Q: not traded th
A: Capital Gain Tax = 15% Capital Gain on Real Property situated in Philippines = 6% higher of the Sell...
Q: Mayumi, a rank and file, reports the following for the year 2021: Compensation, net of P77,000 manda...
A: Taxable compensation income Any individuals personal or company' compensation that is used to dete...
Q: ecuriPrint Ltd produces pre-printed cheques for customers to use in automated account payable depar...
A: calculation of selling price for a batch of 3,000 cheques are as follows
Q: 2. Prepare the Payroll sheet and (Monthly) Remittance Form for Morning Group Ltd for the month of De...
A: Payroll Process It is important for the business entity to maintain the payroll process of the emplo...
Q: A supervisory employee is a recipient of a stock option which vested during the year. The following ...
A: ESOP Is employee benefits plan that gives to workers and employees for ownership interest in company...
Q: Required: 1-a. Compute cost of goods sold under the FIFO, LIFO, and average cost inventory costing m...
A: Under FIFO Method, units which comes in first will be sold first and the inventory will be out of th...
Q: Question 8 (Mandatory. Your company just acquired a new CNC mill with an initial cost of $25,000, no...
A: Calculation of present worth Year Annual Cost PVF @5% Present Value 0 25000 1 25000 1 5000 0...
Q: Information on adjusting entries: (1) Music instruments were depreciated by straight-line method ove...
A: Adjusting Journal Entries Date Account Titles Debit Credit 31-Dec Depr...
Q: Which of the following is not an income for income tax purposes?
A: Assuming the question related to tax in Phillipines --- ...
Q: (No COVID-19 provisions) Fiduciary Investments paid its employee, Yolanda, wages of $144,700 in 2021...
A: Social security Tax: Employers and self-employed people are all required to contribute a portion of ...
Q: Blaze Corporation allocates overhead on the basis of DLH and the standard amount per allocation base...
A: Solution 1: Standard overhead rate = (Budgeted variable overhead + Budgeted fixed overhead) / DLH = ...
Q: 2. Alarm. Co recently reported $15.000 of sales, $5.500 of operating costs other than depreciation, ...
A: Net Income Net income refers to the earnings of the business after deducting all the losses and expe...
Q: At the beginning of the current year, Big Company purchased 25% of the outstanding ordinary shares o...
A: Investment in associate can be recorded at fair value or at purchase cost depending upon the stake p...
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- Which of the following is a finance budget? A. cash budget B. production budget C. direct materials purchasing budget D. tax budgetWhich of the operating budgets is prepared first? A. production budget B. sales budget C. cash received budget D. cash payments budgetWhich of the following is an operating budget? A. cash budget B. production budget C. tax budget D. capital budget
