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Q: What is a Liability? Describe different types of Liability a company can have with examples.
A: The balance sheet represents the financial position of the business with its assets and liabilities....
Q: What are the estimated cash disbursements for inventories in April?
A: Formula: Estimated payments in April for purchases in April = Estimated April purchases x 75 %
Q: On February 5, 2001, an employee filed a P2,000,000 lawsuit against Steel Company for damages suffer...
A: When a loss range exists, the best estimate within that range is accumulated. When there is no bette...
Q: What will be the difference in net earnings computed using variable costing as opposed to absorption...
A: Net operating income under absorption costing = Net operating income under variable costing + (Endin...
Q: NUBD Company is preparing its cash budget for the month of April. The following information is avail...
A: Formula: Estimated payments in April for purchases in April = Estimated purchases for April x 75 %
Q: Information from NUBD Company's records for the year ended December 31, 2021 is available as follows...
A: Fixed cost of goods manufactured per unit = Fixed cost of goods manufactured / no. of units manufac...
Q: NUBD has the following information for its quality cost: Total defective units Number of units rewor...
A: Total failure cost = Number of units reworked x Cost to rework a defective units
Q: NUBD Company is developing a forecast of March 2021 cash receipts from credit sales. Credit sales fo...
A: opening Receivable =300000 Receivable represent January sale=300000/4=75000 Receivable represent Feb...
Q: The beginning balances of the accounts receivable and allowance for bad debts accounts of ABC Co, ar...
A: "As per the policy of our company, we are allowed to answer only the first three sub-parts in case o...
Q: The following are the transactions of Mrs. Dianna Fe D. Eranista, a customer during the month of Jul...
A: Net income = Revenue - expenses
Q: 1. A P50, 000 income that could have been made and was not pursued because of another alternative so...
A: Incremental revenue:- It is additional income earned from selling one more unit of product because...
Q: The following data relating to direct materials cost for October of the current year are taken from ...
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...
Q: Period costs are synonymous with operating expenses A. True B. False
A: Solution: Period costs are cost that are not part of product cost and not capitalized in balance she...
Q: Henry acquired 80% of Stephen on 1 July 2018. In the post-acquisition period Henry sold goods to Ste...
A: Solution:- Calculation of the affect group cost of sales in the consolidated statement of profit or ...
Q: NUBD has fixed cost of P200,000. It has two products that it can sell, X and Y. NUBD sells these pro...
A: Weighted average contribution margin per unit = (contribution margin of x * sales mix) + (contributi...
Q: Below are the accounts of Comfort Room Spa Clinic for the year ended June 30, 2020. Compute for the ...
A: Formula: Net Income = Total Revenues - Total Expenses.
Q: During the last week in October, Bricks worked a total of 45 hours and had no idle time. He is paid ...
A: Wages included in manufacturing overhead cost = (No. of hours worked - 35 hours) x wages rate x 50%
Q: Which of the following statements is/are true?
A: Statement 1: True Reason: Financial Accounting has to conform to some standard, known as GAAP(Genera...
Q: Now, as a management accountant, choose three (3) negative attitudes, explain them and write yourr e...
A: Negative attitudes from a management’s perspective are: Resistance from Employees. High cost for pr...
Q: How many units of Product Excellence would have to be sold in October 2021 in order to generate an n...
A: Net Income after tax= Total Sales- Variable Cost- Fixed Cost-Tax on Net Income
Q: 1. What amount should be reported including the, revenue earned from points for 2020? as sales reven...
A: Sales Revenue is the amount generated on selling the products of the business in the present case it...
Q: The starting point in preparing a comprehensive budget is O The sales forecast O The cash budget O T...
A: Solution: The starting point in preparing a comprehensive budget is "The sale forecast" because all ...
Q: NUBD is a manufacturer of Japanese pancakes. It’s break-even sales is P250,000. It has a variable co...
A: Profit ratio = 6% Contribution margin ratio = (100-75) = 25%
Q: Dunn and Grey are partners with capital account balances of ₱60,000 and ₱90,000, respectively. They ...
A: Zorn is investing ₱100,000 for a 1/3 interest in the partnership. ₱100,000 represents 1/3 of the val...
Q: What are the estimated cash disbursements for inventories in April? * Do not use money sign (P). Sam...
A: A cash disbursement is the outflow of cash paid in exchange for the provision of goods or services.
Q: NUBD wishes to market a new product for P1.50 per unit. Fixed costs to manufacture this product are ...
A: Contribution margin per unit = sales price x Contribution margin ratio = 1.5 * 20% = P0.30 per unit
Q: Beginning Raw Materials Inventory: 45,000 Ending Raw Materials Inventory: 65,000 90,000 Raw Material...
A: Here in this question, we are required to calculate material purchased for the period. When we have ...
Q: NUBD is planning to sell 100,000 units of Product Excellence for P12 per unit. The fixed costs ratio...
A:
Q: Based on the above information, NUBD is forecasting March 2021 total cash receipts from credit sales...
A: Accounts receivable from January sales = Beginning accounts receivable x 1/4 = 300000*1/4 = P75,000 ...
Q: Jean Sharpe decides to gather additional data to identify the cause of overhead costs and figure out...
A: The question is based on the concept of Cost Accounting.
Q: NUBD Company sells products X, Y and Z. NUBD sells three units of X for each unit of Z, and two unit...
A: Let Nos of units sold for Z = 1 Nos of units sold for X = 1*3 = 3 Nos of units sold for Y = 3*2 = 6 ...
Q: What would be NUBD's finished goods inventory at December 31, 2021 under the absorption costing meth...
A: So some portion of FOH also goes to inventory. FOH p.u.=FOH/units produced
Q: During the last week in October, Ezekiel worked a total of 45 hours and had no idle time. He is paid...
A: The calculation of Ezekiel's wages that should be included in manufacturing overhead cost is shown h...
Q: Explain the impact of the cost-volume-profit connection on pricing strategy.
A: The cost volume profit analysis analyse the impact of the variable cost and fixed cost on the profit...
Q: ABC Company has the following information: Variable Cost per Unit is P 15; Fixed Expenses is P54,000...
A: Given that, Variable cost per unit = P15 Fixed cost = P54000 Selling price per unit = P20 Break-e...
Q: Which of the following statements is/are true? Statement 1: Management accounting has no extern acco...
A: Ans. Management accounting is basically for the persons within the company and is intended for the m...
Q: NUBD Company is planning to produce two products, X and Y. NUBD is planning to sell 100,000 units of...
A: Total sales - X = 100,000*P4 Total sales - X = P400,000 Variable costs -X = P400,000*70% Variable co...
Q: NUBD Company began its operations on January 1, 2021 and produces a single product that sells for P7...
A: Total variable cost per unit = Direct material + direct labor + factor overhead + selling and admin ...
Q: The following information is available for NUBD Corporation's new product line: Selling price per un...
A: Total fixed costs charged against the current year’s operations assuming that NUBD uses absorption c...
Q: NUBD Co. manufactures and sells a single product. If the selling price and variable costs both decre...
A: Contribution margin per unit = Selling price per unit - Variable cost per unit Contribution margin r...
Q: The following summarized balance sheets were prepared for the Gold Company and Mythic Corporation. ...
A: The total assets of an individual, company, or organization are the sum of the book values of all as...
Q: Shamrock Inc. began work on a $ 10,100,000 non-cancellable contract in 2020 to construct an office b...
A: Revenue from Construction Contracts are recognized using percentage of completion method.
Q: 10 XOTIC Corp...incurred the following costs in October 2008: direct labor, P 120,000; factory overh...
A: Cost of goods manufactured = Total manufacturing cost + Beginning WIP - Ending WIP
Q: he following table provides summary data for Target and its competitors, Kohl's and Wal-Mart. (in m...
A: The question is based on the concept of Accounting Ratios.
Q: The total variable costs charged to expense for the year, assuming that NUBD uses variable costing w...
A: Introduction: Variable costs: The costs varies according to the change in output. It is not fixed in...
Q: NUBD Company is preparing its cash budget for the month of May. The following information: Current m...
A: Answer - Calculation of estimated accounts receivable collections for May - Particulars Worki...
Q: What is the beginning balance of Finished Goods Inventory
A: Cost of Goods Manufactured: Cost of goods manufactured is the total production expense or production...
Q: If NUBD Company decided to increase its unit selling price to offset exactly the increase in the var...
A: Variable cost is the cost that varies proportionately to the level of production, which means if pro...
Q: Ahmad had started selling mobile phones in February 2020. Details of the transactions are as follows...
A: Inventory valuation is a method of recording transactions as per the flow adobted. There are LIFO, F...
Q: NUBD Company is a medium-sized manufacturer of lamps. During 2021, a new line called "Excellence" wa...
A: Solution: Fixed costs = Breakeven sales * CM ratio = P400,000 * 40% = P160,000
Hi, Kindly answer no. 5, 6 and 7. Thank you :)
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- Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories (in millions) in the notes to recent financial statements: a.Why does Qualcomm report three different inventories? b. What costs are included in each of the three inventory accounts?Selected information concerning the operations of a company for the year ended December 31 is as follows: Work in process inventories at the beginning and end of the year were zero. Beginning inventory of finished goods was 9,650 (for 1,000 units). Cost of goods sold was 174,600. What was the companys finished goods inventory cost at December 31? a. 98,050 b. 29,100 c. 29,050 d. 40,600Aero Aluminum Inc. uses a process cost system. The records for May show the following information: Using the data in P5-9, draft the journal entries to record: 1. The cost of goods received from Rolling during the month. 2. The production costs incurred in Converting during the month. 3. The cost of goods completed and transferred to finished goods during the month.
- The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of indirect materials in the factory overhead account is a.P7,500 b.P12,000 c.P18,000 d.P4,500The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The Cost of Goods Sold is a.P282,000 b.P372,000 c.P300,000 d.P274,500The T-accounts below provide selected data about Company J’s financial results for the year: Raw Materials Inventory Jan 1 bal. P22,500 ? Credits Debits P75,000 Dec. 31 bal P18,000 Finished Goods Jan 1 bal. P90,000 ? Credits Debits ? Dec. 31 bal P72,000 Factory Overhead Debits P111,000 ? Credits Work In Process Jan 1 bal. P52,500 P282,000 Credits Direct Materials P72,000 Direct Labor P90,000 Factory Overhead P112,500 Dec 31 Bal. ? Manufacturing Wages Payable Debits P111,000 P66,000 Jan 1 Bal P99,000 Credits Cost of Goods Sold Debits ? The amount of over- (under-) applied overhead is a.(P1,500) b.P10,500 c. P1,500 d.(P10,500)
- Bubba Manufacturing Company provided the following information for the fiscal year toJune 30, 2020:Inventories 01/07/2019 30/06/2020Direct MaterialsWork-in-ProcessFinished Goods$72,000107,000149,500$65,000128,000141,700Other information:Office cleaner’s wages 4,500Sales Revenue 1,031,000Raw materials purchased 235,000Factory wages 239,700Indirect materials 23,500Delivery truck driver’s wages 15,400Indirect labor 9,500Depreciation on factory plant & equipment 32,000Insurance 1 60,000Depreciation on delivery truck 7,250Utilities 2 118,750Administrative salaries 41,250Special Design Costs 5,000Selling expenses 9,000Sales Commission 2% of gross profit1 Of the total insurance, 66⅔% relates to the factory facilities & 33⅓% relates to general& administrative costs.2 Of the total utilities, 80% relates to the manufacturing facilities & 20% relates to theoffice area.Requirements:a) What was the amount of direct materials used in production?b) What was the amount of manufacturing…The following balances have been taken from the general ledger for Royal Fan Manufacturing Company: Raw Materials Inventory (1-12-2014)Rs. 40,000Raw Material Purchases190,000Raw Materials Returns9,000Carriage Inwards15,000Direct Labor255,000Indirect Labor60,000Depreciation (Machinery)30,000Hear, Light and Power25,000Factory Rent and Taxes31,000Factory Repairs Expense19,000Foreman ‘s Salary25,000Raw Material (31-12-2014)58,000Work in Process (1-12-201463,000 The foreman estimates that Rs. 32,000 of Raw Materials and Rs. 25,000 of Direct Labor are to be allocated to the unfinished goods in process on 31-12-2014. Calculate amount of Cost of Goods Manufactured.All applicable Cases are available with McGraw-Hill’s Connect™Accounting. Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:Firm A Firm B Firm CBeginning raw materials inventory . . . . . . . . . . . . . . . . . $ 17,000 $ ? $ 42,000Purchases of raw materials during the year . . . . . . . . . . ? 96,000 226,000Raw materials available for use . . . . . . . . . . . . . . . . . . . ? 119,000 ?Ending raw materials inventory . . . . . . . . . . . . . . . . . . . 12,000 ? 51,000Cost of raw materials used . . . . . . . . . . . . . . . . . . . . . . 90,000 101,000 ?Direct labor costs incurred. . . . . . . . . . . . . . . . . . . . . . . 130,000 ? 318,000Variable manufacturing overhead applied. . . . . . . . . . . . ? 34,000 72,000Fixed manufacturing overhead applied. . . . . . . . . . . . . . 100,000 60,000 ?Total manufacturing costs incurred . . . . . . . . . . . . . . . . 370,000 ? ?Beginning work in process. . . . . . . . .…
- E2-13 Recording materials transactions Broadwell Manufacturing Co. maintains the following accounts in the general ledger: Materials, Work in Process, Factory Overhead, and Accounts Payable. On July 1, the materials account had a debit balance of $10,000. Following is a summary of materials transactions for the month of July: 1. Materials purchased, $35,750. 2. Direct materials requisitioned to production, $29,250. 3. Direct materials returned to storeroom, $2,200. 4. Indirect materials requisitioned to production, $3,975. 5. Indirect materials returned to storeroom, $585. a. Prepare journal entries to record the materials transactions. b. Post the journal entries to ledger accounts (in T-account form). c. What is the balance of the materials inventory account at the end of the month?The following information is for the Furbee Manufacturing Company for November.Inventories Beginning EndingRaw Material P19,750 P15,400Work in Process 35,350 32,200Finished Goods 21,300 27,900Direct Labor (22,000 DLH @ P14)Raw Material Purchases P155,000 Insurance-Office 2,750Indirect Labor 11,600 Office Supplies Expense 1,050Factory Supplies Used 475 Insurance-Factory 1,825Other Expenses: Depr. Office Equipment 3,900Depr.-Factory Equipment 18,100 Repair/MaintenanceFactory7,800Prepare a statement of Cost of Goods Manufactured and a statement of Cost of Goods Sold ingood form.2. The following information was taken from the records of the Slidell Corporation for themonth of July. (There were no inventories of work in process or finished goods on July 1.)Units CostSales during month 8,000 P ?Manufacturing costs for month:Direct material 32,000Direct labor 20,000Overhead costs applied 15,000Overhead costs under-applied 800Inventories, July 31:Work in process 1,000 ?Finished goods 2,000…The following data were taken from the records of Jun Company for the year ended Dec. 31, 2021: Sales P5,590,000Sales returns 55,000Inventories, January 1:Raw materials 131,000Work in process 238,350Finished goods 442,000Inventories, December 31:Raw materials 145,500Work in process 175,720Finished goods 412,000Direct labor 1,050,300Purchases 2,051,500Purchase returns 17,150Purchase discounts 12,550Freight in…
