What will you use to allocate the cost of the purchasing department? a.Number of purchase orders generated b.Number of machines c.None of the answers are correct d.Number of employees

Q: The standard quantity allowed for the units produced was 4,500 pounds, the standard price was P2.50 ...

A: The variance is the difference between the actual data and standard output of the production. 

Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year ...

A: Formula Used for calculation: Cost of goods sold % = ( Cost of goods sold value / Sales value ) x 10...

Q: Required information (The following information applies to the questions displayed below.) Selected ...

A: Comparative statements are used to compare the performance of the business entity over the years. So...

Q: At December 31,2020, a firm is evaluating a contingent liability as part of their annual financial r...

A: Contingent liabilities are the amount of obligation which depends on the uncertain future event that...

Q: Which statement is incorrect regarding other comprehensive income?

A: Other comprehensive income is the income which the company has not yet earned but yes will be earned...

Q: B1,B2,B3 are partners with average capital balances during 2021 of P945,000 P477 300 and P324,700, r...

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

Q: Assume Sherwin-Williams Company, a large paint manufacturer, has determined the following activity c...

A: Product cost refers to the costs of manufacturing a product. These prices include direct labor, dire...

Q: X Corp uses predetermined Overhead application rate is based on direct labor hours. During the year,...

A: Actual OH = 345,000 Planned OH = 360,000 Actual labor hours = 1,210,000 Applied OH = 363,000  

Q: Please see the pictures below. I am completely stumped on this problem and really need help with it....

A: Inventory refers to the stock that the company held for the resale purpose or is not sold by the com...

Q: Sycamore, Inc. purchased €100,000 of 8 percent bonds of Alvarado Industries on January 1, 2022, at a...

A: When you own an asset that has deteriorated in value but do not sell it to realize the loss, you hav...

Q: Compute the dividends BG CORPORATION ISSUED THE FOLLOWING; 950 COMMON STOCKS PAR VALUE P100 775 PART...

A: Dividend- A dividend is a portion of an organization's profit that is delivered to its shareholders....

Q: missal and the legal counsel determined that it is remote that SBMA will become liable in a reliable...

A: 1) P2000000x50% = P1000000 P 5000000 x 30% = P 1500000 P 10000000x 20% = P2000000                   ...

Q: Assume X Corp creates a subsidiary, Y Corp, and invests $500,000 cash in exchange for all of the $1 ...

A: GIVEN    X Corp creates a subsidiary, Y Corp, and invests $500,000 cash in exchange for all of the $...

Q: Marvin’s Kitchen Supply delivers restaurant supplies throughout the city. The firm adds 10 percent t...

A: a.   City Diner Le Chien Chaud Delivery charge $88,000 x 10% $98,000 x 10%   $8,800 $9,800

Q: Mr. JCT is working a company providing 401(k) retirement plan. He contributed $6,000 to the plan thi...

A: Retirement Plan- A defined contribution plan is referred to as a 401(k). It entails both the employe...

Q: A subsidiary of AEP places in service electric generating and transmission equipment at a cost of $3...

A: Present value is the concept that states an amount of money today is worth more than that same amoun...

Q: Exercise 5-11 (Algo) Deferred annuities (LO5-8] Lincoln Company purchased merchandise from Grandvill...

A: Lets understand the basics. When item is purchased and against it, payment is made through non inter...

Q: PA2. LO 6.1 Record journal entries for the following transactions of Barrera Suppliers. A. May 12: S...

A: The procedure of entering commercial transactions for the first time in the books of accounts is kno...

Q: Kokey's accounting records shows the following: Increase of Raw Materials of 4,500; decrease in Fini...

A: Cost of direct materials used = Cost of Purchases of raw materials + Decrease(increase) of Raw Mater...

Q: 67. Jansen Company prepares an account receivable aging schedule with a series of computations as f...

A: Uncollectible accounts are those accounts receivables on which it is estimated that due amount on re...

Q: The XYZ Partnership shows a net profit of P600,000 during the year. If partners X, Y, Z has income r...

A: Given, Net Profit = P600,000 Income of X, Y and Z = 50%, 30% and 20% Z's share from the net income o...

Q: A company selts two types of products: standard and deluxe. It prepares the following analysis showi...

A: Activity rate = budgeted cost/ cost driver

Q: 20. The following details were extracted from the records of Mari Jose Cor. As of December 31, 2020....

A: This statement shows income earned and expenses incurred during a particular time period. Net result...

Q: Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,...

A: In trial balance Assets, Expenses and Drawings are debit balance account while Capital, Liabilities ...

Q: ary is considering opening a hobby and craft store. Mary plans to operate the business for six years...

A: Present value refers to the current worth of a sum that is receivable in the future. 

Q: P21.3 (LO 2) Groupwork (Lessee Entries and Statement of Financial Position Presentation) Ludwick Ste...

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: ontract is a derivative instrument hedging an identifiable foreign currency purchase commitment for ...

A: 1. Journal entry to record forward contract to purchase Euros on October 2, 2016: Date Accounts,...

Q: 3 Activity Cost Pools Customer Product Customer Total Cost Orders Development Relations Other Total ...

A: Activity-based costing is a costing approach in which a company's activities are identified and the ...

Q: Shore Company reports the following information regarding its production cost. 29,000 units 24 Units...

A: Product cost per unit under absorption costing = Direct material + Direct labor + Variable overhead ...

Q: Please show full solutions and state the formula used. Thank you so much tutors.

A: The main advantage of using the ABC method is its impact on profitability, it helps in improving pro...

Q: ash $ 51,471 ccounts receivable 4,268 Fomputer supplies 620 repaid insurance 1,485 repaid rent 790 f...

A: The income statement is prepared to record the revenues and expenses of the current period and furth...

Q: Deemer Corporation has an activity-based costing system with three activity cost pools--Processing, ...

A: Solution Working note  Total overhead cost  = Equipment expenses + indirect labor . = 59000+ 12700 =...

Q: Company A reported the following results for 2021: Sales $4,000,000 Variable costs 3,200,000 Co...

A: Calculation of net income for 2021 : Particulars  Amount  Sales $4,000,000 Less : Variable c...

Q: The term arm's length can apply to transactions involving trusts, corporations, and individuals.

A: The concept of arm's length states that the parties are independent and they are not under any press...

Q: For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. T...

A: For PFRS 15 to apply, a contract with a customer should meet the following conditions : I. The part...

Q: Estrada Corporation produced 215,000 watches that it sold for $16 each. The company determined that ...

A: Variable cost refers to the cost which varies with the level of output. For example, cost of raw mat...

Q: Trial Balance to be correced Account Titles Debit Credit Cash in Bank 25,000 Accounts Receivable 20,...

A: Introduction: Trial Balance: All the final ledger accounts balance are posted in Trial balance to ch...

Q: MUNOZ COMPANY Income Statement For the Year Ended December 31 Sales revenue (6,500 units x $164) Cos...

A: Variable costs are those costs which changes with change in level of activity. Fixed costs are costs...

Q: Zea Company’s Job 888 manufactured 13,750 units that were completed in February at unit costs presen...

A: Unit cost of good units = (Total cost incurred - Realizable value of spoiled units) / No. of good un...

Q: Financial audit Q&A What is the inspection activities to ensure the shipping or Destination Point in...

A:

Q: QUESTION 30 The person recognized by law as the manager of a decedent's (dead persons') affairs (und...

A: Common Law: In regulation, precedent-based regulation is the assemblage of regulations made by judge...

Q: Additional information: a.      Included in the cash account are the following: compensating cash fu...

A: Current assets refer to those resources of a company that can be easily converted into cash.

Q: b.bond payable c.two-year note payable

A: Current liabilities are a company's short-term financial commitments due within a year or during a r...

Q: The total cost assigned to job 777C is P24,000 which includes direct materials cost of P6,000. The f...

A: Total cost = P24,000   Conversion cost applied = Total cost - Direct material cost  = P24,000 - P6,0...

Q: Risk can be defined as uncertainty concerning the actual return that an investment will g

A: In accounting, "uncertainty" refers to the difficulty of anticipating outcomes due to a lack of or i...

Q: Accumulated depreciation-Equipment of JAD Company at December 31, 2019 and December 31, 2020 were P1...

A: Depreciation is charged against the value of fixed assets. It can be calculated by using the straigh...

Q: Partners A, B, C and D are partners of ABC Partnership who shares profits and losses in the ratio of...

A: Calculation of Net Income after deduction of Salary and Bonus Net Income after Salary and Bonus = P ...

Q: What is the audit assertion underlying the tracing procedure?

A: Tracing is the opposite of vouching. In vouching, process started with accounting records and flow t...

Q: Fruity Pebbles Apparel sells fruit themed shirts at $58.00 per shirt. It incurs monthly fixed costs ...

A: Formula: Contribution margin ratio = Contribution margin / Sales

Q: 7 Augusta Inc. is a manufacturing company whose total factory overhead costs fluctuate somewhat from...

A: Under High-Low Method the per-unit variable cost is computed as follows: - Per Unit Variable Cost = ...