Who is an unpaid seller? Give an example using a situation/scenario.
Q: The following employee is PAID monthly and this is the last payday of the year (Dec). The employee's...
A: Withholding is the amount of federal income tax that has to be held back by the employer from the pa...
Q: A job order for 500 units of children's party giveaways were processed with costs of P80,000 and P30...
A: The question is based on the concept of Cost Accounting.
Q: Please see the attached photo. Make the adjustments and adjusted trial balance. Additional informa...
A: Adjusting entries are those entries which are passed at the end of the period in order to reflect in...
Q: For the past several years, Emily Page has operated a part-time consulting business from her Home. ...
A: Journal entry is the process of recording the business transactions in the accounting books for the ...
Q: Recently the M&M Company has been having problems. As a result, its financial situation has deterior...
A: Current ratio is the ratio between current assets and current liabilities of the business, which hel...
Q: With the following data, compute the Total FUTA Taxable Wages. Total Annual Wages $187,0...
A: Formula: FUTA taxable wages = Total Annual wages - Wages paid in excess of limit
Q: Your boss would like you to estimate the fixed and variable components of a particular cost Actual d...
A: The Least-Squares regression method is a technique that may be used to estimate a linear total cost ...
Q: Red Mama Company 100, 000 shares of P 10 par ordinary shares outstanding. In declaring and distribut...
A: Stockholders’ equity is the measure of assets staying in a business after the sum total of the liabi...
Q: Part I (1) What is the accrual basis of accounting? How is it different from the cash basis? (2) Why...
A: "Since you have posted a question with multiple questions, we will solve first question for you. If ...
Q: The cost of equipment purchased by Bramble, Inc., on June 1, 2020, is $ 92,400. It is estimated that...
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and s...
Q: The Consuela Enterprises, Inc had the following shareholder's equity balances at December 31,2020: P...
A: At the time of retirement of preference shares of the company, the preference share capital and any ...
Q: Dissolution and liquidation are different. S2: In the liquidation of a business the owners’ claims a...
A: Dissolution and liquidation both used interchangeably many a times in normal circumstances which act...
Q: what do you think is the significance of Earnings Per Share (EPS) especially in measuring the financ...
A: Earnings per share or EPS is an important financial measure, which indicates the profitability of a ...
Q: The management of Casablanca Manufacturing Corporation believes that machine-hours is an appropriate...
A: Variable cost per machine hour = (Highest activity cost - Lowest activity cost) / (Highest activity ...
Q: The budget director of Royal Furniture Company requests estimates of sales, production, and other op...
A: The budget is prepared to estimate the requirement for the future period.
Q: Partners D, E, F, and G share profits 40%, 30%, 15%, and 15%, respectively. Their partnership agreem...
A: Partnership agreement is a type of agreement which duly signed by the respective partners of a compa...
Q: Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost shee...
A: Solution: Direct labor cost in beginning WIP = P3,000 + P2,500 = P5,500 Direct material cost in begi...
Q: Slavin Corporation manufactures two products, Alpha and Delta. Each product requires time on a singl...
A: At the optimal production level, short-term gains are maximized. It is the output at which the margi...
Q: Assume that the defective goods were charged to all jobs, what is the cost transferred to finish goo...
A: Job costing is a method of costing in which the cost will be allocated to each job to find out the t...
Q: S1: An advance to partnership by a partner with the assumption of its repayment by the partnership i...
A: Partnership is an agreement or association between two or more than two persons, in which they inves...
Q: Marrell is employed on the assembly line of a manufacturing company where she assembles a component ...
A: Direct labour costs is costs of paying workers for the time which they are purely utilising on the m...
Q: A corporation, which had 39,700 shares of common stock outstanding, declared a 3-for-1 stock split. ...
A: The stock split is a method of increasing the number of shares by decreasing the market value at the...
Q: The following were taken from the books of Marvin Company. January 1 March 31 Raw materials P 268,00...
A: In order to determine the cost of goods manufactured per unit, the total cost of goods manufactured ...
Q: D. The entity acquired furniture and fixtures by issuing a P400,000 two-year noninterest-bearing not...
A:
Q: On April 1, 2020, Waterway Company sold 17,100 of its 12%, 15-year, $1,000 face value bonds at 9...
A: Working Notes: 1. Calculate the discount on bonds payable as shown below:Discount on bonds payable =...
Q: Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer se...
A: When involved in the production of certain goods, it is necessary to keep a record on the demand for...
Q: Which of the following is not classified as a financial instrument? Convertible bond C. Loan receiv...
A: Solution: "Warranty provision" is not classified as a financial instrument.
Q: Classifying Firms as Either lanufacturing or Service Classify the following types of firms as either...
A: a. Bicycle production - Manufacturing Reason - Bicycles are tangible goods. b. Pharmaceuticals - Man...
Q: Expected Cash Flows and Present Valu mount to set aside so that she will have enou
A: The projected income statement is employed to judge money inflows and outflows to discourage. mine w...
Q: Required: 1. Calculate the cost of the Tramel job. 2. Make any needed journal entry to the overhead ...
A: When the spoilage is normal and is identifiable with a particular job, the amount of additional cost...
Q: Pina Colada Corp. completed the following merchandising transactions in the month of May. At the beg...
A: May 9 : Sales discount = $ 4800 * 2% = $ 96
Q: Diane Company showed the following information on December 31,2014: Cost Retail Inventory, J...
A: Cost to retail ratio = Totals for Cost / Totals for Retail price = 567000/1260000 = 45%
Q: Consider the following data from the financial statements of Stevenson Company, which has a tax rate...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: vento Jan. 1 Beginning balance, 16,000 units @ P140 ollowing 5 Purchased 4,000 units @ P150 10 Issue...
A: First in ,First out FIFO is an accounting method in which assets purchased or acquired first are di...
Q: The form and content of audit engagement letters may vary for each client, but they would generally ...
A: Answer - The form and content of audit engagement letters may vary for each client, but they woul...
Q: On January 1, 2019, Format Company sold a tract of land that was acquired several years ago for P2,8...
A: solution : given face value of note =4,500,000 coupon rate = nil market intere...
Q: Lockout Company revealed the following inventory transactions: Jan. 1 Beginning balance, 16,000 unit...
A: FIFO is the inventory valuation method in which inventories which are purchased first will be sold f...
Q: Why is 1,500,000 added to 500,000 in getting the units to be extracted in 2020? As well as 800,000 a...
A: In order to compute the actual cost of goods produced, the business entity needs to add the expenses...
Q: component part for one of the company's products. and a half for all work in excess of 40 hours per ...
A: Direct labor cost is part of payroll that can be specifically assigned to manufacture of a product,...
Q: Problem 7 P 200 per unit Sales price Fixed costs: Marketing and administrative Manufacturing overhea...
A: Variable cost means the cost which varies with the change in the volume of the production whereas fi...
Q: In recording its property tax assessment for the year, a county government estimates the amount of u...
A: The financial statement includes: Income statement Balance sheet Cash flow statement Statement of s...
Q: The following data were obtained from the records of Salacot Company: Current ratio (at year end) 1....
A: Inventory balance = Gross profit / (Difference between 2 inventory turnovers) Inventory balance = P3...
Q: An industrial plant bought a generator set for 90,000, other expenses including installation amounte...
A: Given information, Cost (Co) =90,000 + 10,000 =100,000 Salvage value (CL) =5,000 L= useful life = 17...
Q: lbuquerque Manufacturing Company uses a predetermined overhead rate based on direct labor hours to a...
A: solution : Given : Estimated direct labor hours =55,000 Estimated manufacturing overhead cost ...
Q: Baxter Corporation’s master budget calls for the production of 5,200 units per month and $162,240 in...
A: The question is based on the concept of Cost Accounting.
Q: Assume that the defective goods were charged to all jobs, what is the cost ransferred to finish good...
A: Overhead means the cost incurred indirect in factory for the production of goods. Job costing means ...
Q: Velasco Company uses a job order cost system. The following data summarize the operations related to...
A: Journal entries recording is the first step of accounting process, in which atleast one account is d...
Q: (b) On 20 December 20x1, a Parent paid interest of $200,000 to its 80%-owned Subsidiary. The Subsidi...
A: You have submitted two questions under a single question and you have not provided full data for the...
Q: Bramble Corp., opened an incorporated dental practice on January 1, 2022. During the first month of ...
A: Insurance expense = $24,000/12 Insurance expense = $2,000 Supplies expense = $2,730 - $500 Supplie...
Q: Lando company reported the following amounts for 2022: Raw materials purchased: $83,000 Beginning ...
A: Closing raw materials = Opening raw materials + Purchases made during the period - Raw materials us...
Step by step
Solved in 2 steps
- What are the ways that payments by a seller to a customer is done?How should a non vat seller treat input vat paid on the purchases from vat supplier of inventories for sale?Is a customer’s right to return merchandise a performance obligation of the seller? How should sellers account for a right of return?
- When should a seller view a payment to its customer as a refund of part of the price paid by the customer for theseller’s products or services?From the sellers perspective, what are two T accounts? What two accounts are affected for the vendor?A seller recognizes the amount of returns from right to return sales as a/an ________. Group of answer choices expense revenue asset liability
- What is the business name of the vendor (seller)? How do you know this? (using the image)What is a short sale and provide me with a example of a short sale?Which of the following conditions would support recognition of revenue? The seller’s price to the buyer is being negotiated. Delivery has occurred or services have been provided. Collection is possible. Significant risks and rewards of ownership of the goods will soon be transferred to the purchaser by the seller.
