What is the purpose of Target Profit and why is it used in the Retail industry?

Q: Which of the following is not a sale and therefore is not subject to the value-added tax?    Trans...

A: The correct option with proper explanation are as follows.

Q: On May 1, 2021, P Corp. purchased 75% of S Co.’s P10 par ordinary shares for P990,000. On this date,...

A: Non-controlling interest: Non controlling interest is the share of ownership of subsidiary company. ...

Q: Cloud Co. acquired an investment in Sky Co., a joint venture, for P100,000, incurring transaction co...

A:

Q: Pasta House Inc. was organized in January 2019. During the year, the transactions belowoccurred:a. O...

A: A journal entry is an accounting entry that is used to record a commercial transaction in the accoun...

Q: Refer to Lopez Corporation. Assume that Lopez has sufficient idle capacity to produce the 1,000 unit...

A: Solution:- Given, Amber Corporation sells a product for $18 per unit & the standard cost card fo...

Q: You are shopping around to determine which bank account yields the highest return. You have three ch...

A: Future Value = Present Value x (1 + r)^n

Q: Bible Community of the Philippines, Inc. (BCPI)is registered with the Securities and Exchange Commis...

A: Solution Business tax or more commonly  known as Vat . It is levied on the value or added on certain...

Q: Compute Swiftys accounts receivable turnover for the year, assuming the receivables are sold. (Rou

A: Accounts receivable is the amount that shows that the income has been earned by the company but the ...

Q: Appleton Company uses activity-based costing to apply overhead to and Apple glen. Appleton identifie...

A:

Q: Problem 7-9 (AICPA Adapted) A At the beginning of current year, Fence Company issued 12% P5,000,000 ...

A: Introduction: A bond is a type of instrument in which the issuer (the debtor) owes the holder (the c...

Q: Mention and describe the service(s) that the auditing firm will offer to Bananera The Farm Ltd.

A: According to the general public, the purpose of the audit is to verify the authenticity of the finan...

Q: Direct material $50 Direct labor 20 Overhead (20% variable) 10 Other information:   Sales price 100 ...

A: Special order is the one time order which the seller gets in addition of its normal operating level....

Q: Based on the preceding information, how much of the gain on sale of the equipment recorded by Mortar...

A: Mortar Corporation acquired 80 percent of Granite Corporation's voting common stock on January 1, 20...

Q: Denim, Inc. entered into a contract to sell equipment to Levi LLC. on October 1, 2021. Along with th...

A: The above question is based on accounting standard 115, i.e. Revenue from contracts with customer wh...

Q: Borrowings that are contracted to be paid after 36 months us classified as non-current liabilities S...

A: Borrowings - Borrowings is the amount borrowed from the lender for some specific purpose to be repai...

Q: Raymund Lipstix Co. owns 80% of PH Care, Inc. During the year, PH Care, Inc. filed for bankruptcy an...

A: The correct option with proper explanation are as follows

Q: Ute Corporation owns 85 percent of Duck Corporation's voting shares. On January 1, 20X8, Ute Corpora...

A: Solution Information given in the question it seems like the only Interest recorded are - 1-Interest...

Q: Roland had revenues of $610,000 in March. Fixed costs in March were $199,670 and profit was $50,430....

A: The contribution margin is the amount by which your company's sales revenue exceeds its variable cos...

Q: no handwriting please French Manufacturing Company produces and sells a line of products that are s...

A: Given: Maximum production capacity -100,000 units per year. Operating Income - $600,000 in 2020 Sell...

Q: Vaughn Manufacturing incurs the following costs to produce 10,400 units of a subcomponent: Cost Info...

A: Total cost if purchased from outside supplier = 10400 units × $2.85 = $29, 640  

Q: On May 1, 2022, Heineken Company had beginning inventory consisting of 300 units with a unit cost of...

A: Lets understand the basics. For calculating average cost per unit, we will need to use below formula...

Q: 2. Account Receivable and Factoring Finance In order to resolve its cash flow problems, PT. Terang B...

A:

Q: The corporate charter of Reilly Corporation allows the issuance of a maximum of 10,000,000 shares of...

A: Common shares stock are the stock issued till date. Treasury stock is considered to calculate the fi...

Q: Cash Flows from (Used for) Operating Activities The income statement disclosed the following items ...

A: Cash flow from (used for) operating activities means cash brought in or used in the regular activiti...

Q: The Hsu Manufacturing Company has two service departments: Maintenance and Accounting. The Maintenan...

A: Introduction:- Calculation of Accounting Department's cost allocated to Department A using the step ...

Q: n industrial firm uses economic analysis to determine which of two different machines to purchase. E...

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

Q: Big Industries has the following market-value balance sheet. The stock currently sells for $20 a sha...

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: Randy established a trust, reserving in himself the power to terminate the trust if he is not satisf...

A: Here in this scenario Randy establish  the trust and reserves himself power to terminate the trust w...

Q: Edward Lewis is an accounting major at a midwestern state university located approximately 60 miles ...

A: GIVEN   Edward Lewis is an accounting major at a midwestern state university located approximately 6...

Q: Required: The recession in the economy in 2021 is expected to result in a reduction of the number of...

A: Company wants to find out the level of sales at which there is no profit and no loss. This level of ...

Q: 3.14 Cue and Peed entered into a partnership on March 1, 200A. They agreed that Cue, the managing pa...

A:     Statement of Profit & Loss CT Particulars  Amount (P) lParticulars  amount  (P) To Purc...

Q: Greek Manufacturing Company produces and sells a line of product that are sold usually all year roun...

A: Here in this question, we are required to new selling price to maintain same level of profit. For ca...

Q: Indicate whether the following statements are true or false:a. Managerial accounting information is ...

A: Controlling (also known as cost accounting or management accounting) is the accounting department th...

Q: On January 1, 20X1, Pepper purchased 70% interest in Salt for $420K.   At the time of the purchase, ...

A: We know that in consolidation or business combination acquisition method is used for all accounting ...

Q: Equipment costing $30,000 with a 4-year useful life and an estimated $5,000 salvage value is acquire...

A: Depreciation: The word "depreciation" refers to an accounting procedure that is used to spread the c...

Q: 1.- Prepare the income statement of the company and calculate the net income obtained in 2021 2.- Pr...

A: Particulars  Amount ($) Income from continuing activities after taxes  877,000 Add: Extraordinar...

Q: Tyndal Company had the following items that required adjustment at December 31, 2019.a. Purchased eq...

A: Answer) Adjusting Journal Entries Sno. Account Titles and Explanation  Debit  Credit a...

Q: On January 1, 20X1, Pepper purchased 70% interest in Salt for $420K.   At the time of the purchase, ...

A: Depreciation- Depreciation is thus the diminish in the price of assets and the process used to restr...

Q: Jarett Motors is trying to decide whether it should keep its existing car washing machine or purchas...

A: Cost: It implies to the expenditure that is incurred by the business on it's activities related to i...

Q: Analyze and compare Hilton and Marriott Obj. 4Hilton Worldwide Holdings, Inc. (HLT) and Marriott Int...

A: Operating income is an accounting statistic that indicates the amount of profit realized from a busi...

Q: The parents of a newborn have decided to make deposits into an investment account on each of their s...

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

Q: Becky Shelton, a teacher at Kemp Middle School, is in charge of ordering the T-shirts to be sold for...

A: Answer a) Calculation of Profit if Actual Sales order is for 825 shirts Profit = (Selling price per ...

Q: oasts whole coffee beans and sells them, along with a variety of freshly brewed coffees and other be...

A: A cash flow is defined as the net amount of cash or money being transferred into and out of business...

Q: A resident foreign corporation made donations to a political party that has been utilized and spent ...

A: Solution Provision applicable As per the revised corporation code Feb 23 2019 The ban on domestic co...

Q: JJ Contractors entered into a contract on October 2017 to build a warehouse for Francis Corporation....

A: Solution Vat is the form of tax which is levied on a price of product or service at each stage of pr...

Q: On 1-4-2018 A Ltd and B Ltd were amalgamated into C Ltd based on the following balance sheet. A Ltd ...

A: A balance sheet is a financial statement that reports a company's assets, liabilities, and sharehold...

Q: 5. Fabric Ca. sells to wholesalens on tems of 2/15, net 30. An analysis of Fabric Co.s trade receiva...

A: Bad debt:  when the due amount of accounts receivable becomes irrecoverable which is known as bad de...

Q: Cordner Corporation has two production departments, P1 and P2, and two service departments, S1 and S...

A: Under direct method of cost allocation , direct cost of service department 1 is allocated to other d...

Q: Given the building layout for Store A, Store B, Store C, and Store D, what portion of the shared $75...

A: Total area of the Building (All stores) = Area of (Store A + Store B + Store C + Store D) = 2,500 ft...

Q: azz Corporation receives management consulting services from its 90 percent owned subsidiary, Laker ...

A: A consolidated financial statement is inclusive of all the subsidiary companies where the owner has ...