Question 1 On 1 April 20X4 Triangle sold maturing inventory that had a carrying value of R3 million (at cost) to Factor all, a finance house, for R5 million. Its estimated market value at this date was in excess of
Q: Jasper makes a $79,000, 90-day. 7% cash loan to Claybon Co. Jasper's entry to record the transaction...
A: Financial transactions are tracked via journal entries. You insert transaction data into your compan...
Q: 15-year mortgage. In ne end of each month, with the first payment due on Janua
A: Given that, Cost of the building purchased = $550000 Down payment made = $110000 Notes payable signe...
Q: Calculate the Begin. Inv. (in $000) Purchases COGS inventory depreciation expense for June using a 1...
A: A depreciation expense is the amount subtracted from gross profit to account for a decrease in the v...
Q: xpress the total costs, net profit (NP) in money and as a percentage in the table below. Sales Fo...
A: Net profit means the difference between the income and expenses. Financial statement means the tradi...
Q: Phillip F lamm's Computer Store in Texas sells a printer for $200. Demand is constant during the yea...
A: Inventory refers to the stock that the company has held for the resale purpose or the goods that are...
Q: ut the correct word next to the answer that best describes the following : scheduling, cash, codin...
A: As there is questions and answers for the given question we can't explain the individual answer. The...
Q: Part A) If the average spending of Tobias and Antonia is $61,200 per year, (1) compute their liquidi...
A: Liquidity Ratio For Calculating the Liquidity Ratio to evaluate the total of liquid assets which are...
Q: O a. P1,500 COSTS INCURRED O b. P19,900 JOBS January February March O . P7,500 A P5,000 O d. P15,300...
A: "Since you have posted a question with multiple sub parts, we will solve first three sub parts for y...
Q: Y and Z formed a partnership on Jnauary 1, 2021, and contributed P150,000; P200,000, P300,000, respe...
A: Partnership is a legal association of two or more person to carry out business operation.
Q: Glenville Company has the following information for April: Cost of direct materials used in producti...
A: Preparation of the above statements that is statement of cost of goods manufactured and statment of ...
Q: 6. ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is ...
A: The profit percentage is calculated as profit divided by total cost.
Q: X. Y. and Z formed a partnership on Inauary 1, 2021, and contributed P150.000; P200,000 P300.000, re...
A: Answer) Calculation of Ending Balance of Y’s Capital Ending Balance of Y’s Capital = Beginning Balan...
Q: What is the most common source of funding for entrepreneurs? Multiple Choice personal savings and In...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Home Office P 256,000 210,000 Branch P 78,500 Sales Purchases from outsiders 20,000 Shipments to bra...
A: Net Income/(Loss): Home office Branch Sales (A) 256000 78500 Cost: Purchase from outs...
Q: Blossom Company provides the following information about its defined benefit pension Service cost $9...
A: The funded status of the Pension plan depends on its assets and liabilities. If the accumulated plan...
Q: 1.) Solve the Income Statement of AAA Company using Horizontal Analysis. 2.) As a Financial Analyst ...
A: Income statement is the statement which provides the company to determine about how much net earning...
Q: 4. ABC Company operates a branch. Operating data for the home office and the branch for 2021 are as ...
A: Inventory means the goods in which the business deals. Inventory should be valued correctly as it i...
Q: lad the 9. Michael and Jackson are partners following transactions during 2020: Jackson Michael Debi...
A:
Q: If the partners opted to continue the books of the sole proprietor and the Merchandise inventory has...
A: Partnership is one of the agreement between two or more than two persons in which they invest their ...
Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...
A: Solution Formula- Goodwill = (Fair value of current assets + fair value of current liabilities )-(cu...
Q: The entity had been renting their office space for more than 10 years already. The Company President...
A:
Q: 4. What if the average price per unit increased to $25.50? Recalculate the following: a Contribution...
A: In Marginal costing we get contribution margin by deducting total variable costs per...
Q: Your operation sells a lot of cheeseburgers. Calculate the food cost given the following information...
A: Ground Beef: 6 oz portion, Cost per oz = $4.10 per lb = $4.10 / 16 = $0.25625 per oz. Cost of Beef ...
Q: Five Card Draw manufactures and sells 24,000 units of Diamonds, which retails for $180, and 27,000 u...
A: Gross profit = Sales revenue - Total Manufacturing costs It is pertinent to note that under the tra...
Q: what amount will be reported for Shareholders’ Equity in the combined company’s statement of financi...
A: While consolidating financial statements, the combined value of assets and liabilities of both the f...
Q: 6. On August 1, 2011, Airport Company sold Paxton Company $1,000,000 of 10-year, 6% bonds, dated Jul...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: a. The home office has billed the branch the amount of P37,500 for the merchandise, which was in tra...
A: Calculation: Amount (P) Branch account balance in the books of home office 1,50,00...
Q: ABC Company operates a branch. At the end of the year, the Branch account in the books of the home o...
A: Solution Reconciliation statement - Unadjusted branch current a/c 150000 Add - Accounts receiv...
Q: At the beginning of the period, a business has a cash balance of ₱20,000. During the period, total c...
A: The cash budget is prepared to estimate the cash balance at end of period.
Q: March 2025, Wyoming Company filed a suit against DC Company seeking P2,000,000 damages for patent in...
A: GAAP- Generally Accepted Accounting Principles. GAAP is a set of accounting standards, regulations, ...
Q: Discuss further on liabilities of partners and share your thoughts on the issues alone.
A: In case of partnership firm partners shall be liable for partnership liabilities.
Q: All of the following statements regarding charitable remainder annuity trusts (CRATs) and charitable...
A: A charitable remainder trust refers to the gift paid in cash or in property to an irrevocable trust....
Q: nary shares to acquire all of XYZ’s assets. ABC’s shares are trading at P28, and XYZ’s P10 par value...
A: Shareholder equity includes ordinary shares + Share premium + Retained Earnings
Q: Flora's Flats produces comfortable and portable women's shoes designed to be worn as a second pair o...
A: Formula: Break even point in units = Fixed cost / Unit contribution margin
Q: Attorney Maria Conroe uses a job order costing system to collect costs of client engagements. Conroe...
A: GIVEN Attorney Maria Conroe uses a job order costing system to collect costs of client engagements...
Q: w Partner A and New Partner B formed a partnership on July 1, 2019. New Partner A invested Cash of P...
A: The partnership comes into existence when two or more persons agree to do the business and further s...
Q: Which of the following is not a special journal?
A: 1. A. Unadjusted trial balance Real accounts are presented in what formal report is unadjusted trai...
Q: ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is P95...
A: Profit on cost: Profit margin is computed by multiplying the selling price (or income) by 100, which...
Q: Multiple choice: 1. This qualitative characteristic requires at least two items. A. Timeliness B. Co...
A: The answers for the multiple choice questions and relevant explanation are presented hereunder : The...
Q: 1. ABC Company operates a branch. At the end of the year, the Branch account in the books of the hom...
A: The home office account in the books of the branch shows the balance due to the home office by the b...
Q: Fill in the blanks with these terms: tangible asset, income statement, cash, statement of cash flow,...
A: Financial Accounting The major accounting statements are the Income Statement , Balance Sheet and ...
Q: Drake Company produces a single product. Last year's income statement is as follows: Sales (19,000 u...
A: Answer - Part 1 - 1) Calculation of Break even points (units) = Fixed cost/ Contribution margin per...
Q: Tudors, Inc. purchases and resells a single item of product. Inventory at the beginning of September...
A: The FIFO method states that units that are purchased first are to be sold first. The cost per unit i...
Q: ABC Co. owns a branch. At the end of the month, the balance of the Allowance on overvaluation is P95...
A: Percentage of profit on cost= Allowance on overvaluation/ Cost*100
Q: Pat invites Tin to join him in his business. Tin agreed that the following adjustments are taken up ...
A: The revaluation account is prepared to record changes in assets and liabilities before admission of ...
Q: 18. Finished Goods inventory, March 31 1. 20 Summarized data for jobs worked on during O a. P7,000 C...
A: Cost of goods sold means actual cost of goods that are being sold to the customers in a particular t...
Q: Parent and Sub Inc had the following balance sheets on December 31, 2021 (see image below). On Janua...
A: Goodwill can be define as an asset for a company which can not be touched or see instead of this it ...
Q: Required: Journal entries
A: All business transactions are recorded in a journal book so that every transaction can be easily ide...
Q: Calculate the amount of goodwill recognized, if any, on July 31, 2020, Goodwill
A: On July 31, 2020 Swifty company acquired all the shares of Blue Spruce Incorporated for $ 35,40,000....
Q: On December 15, 2023, an employee filed a lawsuit against Bojack Company for damages suffered when o...
A: Provision is the expected amount of liability or dues that needs to be settled by the business on th...
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
- Problem 13On the December 31, 2020 balance sheet of Mann Co., the current receivables consisted ofthe following:Trade accounts receivable 93,000Allowance for uncollectible accounts (2,000)Claim against shipper for goods lost in transit (November 2020) 3,000Selling price of unsold goods sent by Mann on consignment at130% of cost (not included in Mann’s ending inventory) 26,000Security deposit on lease of warehouse used for storing some inventories 30,000Total 150,000On December 31, 2020, the correct total of Mann’s current net receivables was _________. Problem 14The following information relates to Jay Co.’s accounts receivable for 2020:Accounts receivable, 1/1/20 650,000Credit sales for 2020 2,700,000Sales returns for 2020 75,000Accounts written off during 2020 40,000Collections from customers during 2020 2,150,000Estimated future sales returns at 12/31/20 50,000Estimated uncollectible accounts at 12/31/20 110,000What amount should Jay report for accounts receivable, before allowances…QUESTION 1 a. Kpogo Ltd has the following products in inventory at the end of 2019: Units Cost per unit GH¢ XYZ (completed) 540 22 ABC (part complete) 280 26 Each product normally sells at GH¢34 per unit. Due to the difficult trading conditions, Kpogo Ltd intends to offer a discount of 15% per unit and expects to incur GH¢4 per unit in selling costs. GH¢10 per unit is expected to be incurred to complete each unit of ABC. Required: In accordance with IAS 2 Inventories, at what amount should inventory be stated in the financial statements of Kpogo Ltd as at 31 December 2019? b. According to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, an entity must select and apply its accounting policies consistently from one period to the next and among various items in the financial statements. However, an entity may change its accounting policies under certain conditions. Required: Identify the circumstances under which it may be appropriate to change accounting policy in…QUESTION 13 ABC Corporation sells just one product. At the end of fiscal year 2017, ABC applies the lower-of-cost-or market (LCM) rule and writes down the value of inventory from historical cost of $10,000 to current market value of $9,700. Which of the following will result from this write-down? O a. ABC's owners' equity decreases by $300. O b. ABC's total assets decrease by $300. O C. ABC's gross profit remains the same. O d. Both a and b are true.
- inv 3Company A sells only one product X. At the inventory on 31/12/20X5 it was found that there were 500 pieces of X in the warehouse at a cost of EUR 30 per piece. The net realisable market value of X was estimated at EUR 28 per piece but X also has a written non-cancellable agreement to sell 300 pieces of X to company B at EUR 31 per piece. At what value will X's stock be valued?In FY20X6 all the beginning inventory was sold. In particular, the 200 pieces that were valued to KAP were sold at € 35 per piece.Carry out the journal entries resulting from the above events up to the calculation of gross profit.PROBLEM 15 Examination of the records of Hopper Company for the year ended December 31, 2021 revealed the following: • Inventory at January 1, 2021 was overstated by P71,000. • Inventory at December 31, 2021 was understated by P96,000. • During 2021, Hopper received a P60,000 cash advance from a customer for merchandise to be manufactured and shipped during 2022. The P60,000 was credited to sales revenue. • Profit (before adjustments) reported on the 2021 profit or loss was P658,000. Explain the right profit for 2021Measuring profitability based on different inventory and amortization methods 1. Net income: Zastre Associates, $116,000 12000 27000 DP10-1 Suppose you are considering investing in two businesses, Zastre Associates and Chen Co. The two companies are virtually identical, and both began operations at the beginning of 2020. During the year, each company purchased inventory as follows: Jan. 10 Mar. 11 Jul. 9 Oct. 12 Totals 12,000 units at $7 = $ 84,000 5,000 units at $9 45,000 10,000 units at $10 100,000 12,000 units at $11 132,000 $361,000 39,000 = - During 2020, both companies sold 30,000 units of inventory. In early January 2020, both companies purchased equipment costing $400,000 that had a five-year estimated useful life and a $40,000 residual value. Zastre Associates uses the first- in, first-out (FIFO) method for its inventory and straight-line amortization for its equipment. Chen Co. uses the weighted-average method for inventory and DDB amortization. Both companies' trial balances…
- Question 2 The following information is available for Headlands Industries for three recent fiscal years. 2022 2021 2020 Inventory $568,000 $578,000 $345,000 Net sales 1,910,000 1,775,000 1,355,000 Cost of goods sold 1,375,200 1,153,750 934,000 (a)Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.) 2022 2021 Inventory Turnover enter an inventory turnover times enter an inventory turnover times Days in Inventory enter a number of days days enter a number of days days Gross Profit Rate enter percentages % enter percentages %#36 On March 1, 2020, SWANSEA Company acquired P1,500,000 of merchandise, terms 2/10, 1/15, n/45. The shipping costs amounted to P25,000, terms FOB shipping point, freight prepaid. On March 5, the Company returned merchandise worth P200,000. What is the total amount paid by the Company assuming it paid all its obligations to its supplier on March 12, 2020?QUESTION 26 Use these figues to answer questions 26-29 Wickes Ltd has the following figures at December 2020 Revenue(90% credit sales) Opening Inventory Purchases-(80% on credit) 1,042,255 Trade Receivables Provision for doubtul debts 11,325 Trade payables Closing Inventory 1,936,000 145,550 237,810 160,479 160,970 Calculate the inventory turnover for Wickes Ltd for 2020
- QUESTION 10 Niles Inc. took a physical inventory at the end of the year and determined that $414,000 of goods were on hand. Niles determined that $17,000 of goods held and included in the court were being held on consignment from XYZ outlet. Additionally, because of high rates of return on some products, Niles has established an estimate of items that will be returned of $12,000. What amount should Niles report in their year-end balance sheet for the inventory account? O $443,000 $414,000 $409,000 $385,000View Policies m Current Attempt in Progress Swifty Company took a physical inventory on December 31 and determined that goods costing $150,000 were on hand. Not included in the physical count were $21,000 of goods purchased from Pelzer Corporation, FOB shipping point, and $19,500 of goods sold to Alvarez Company for $27,500, FOB destination. Both the Pelzer purchase and the Alvarez sale were in transit at year-end. What amount should Swifty report as its December 31 inventory? Swifty ending Inventory $ eTextbook and MediaQUESTION 4 Big Market Company keeps inventory based on Last in First out (LIFO) method. Their record disclosed that 3,500 units were in store at the beginning of the current period (March 2022) which constitute of 1,300 units' price at RM12 purchased in February 2022. Next, 700 units' price at RM10 purchased in January 2022 and the balance, price at RM8 purchased in December 2021. The following transactions took place in March 2022: March 5 9 258122 27 29 Issued Purchased Issued Purchased Purchased Issued Issued Returned to supplier Issued 2,800 units 1,900 units at RM13 each 1,400 units 4,200 units at RM9 each 1,500 units at RM11 each 1,800 units 1,400 units 2,100 units (for purchased made on 15 March 2022) 200 units Physical stock count on 31 March 2022 was 1,250 units. Required: a. Prepare store ledger card for the month of March 2022. b. Calculate the cost of material issued to the production department and the value of closing stock for the month of March 2022.