5. Provide the benefits of using absorption costing for internal reporting. explain the answer with proper examples. thank you.
Q: Comparative balance sheets for 2021 and 2020, a statement of income for 2021, and additional…
A: In this question, we need to prepare Statement of cash flows using indirect method for the year…
Q: i) Produce a budget statement for Caltex for November ii) Produce a profit statement for Caltex…
A: Particulars Calculation Amount Sales 3000 units x 72 216000 Less: Variable cost Direct…
Q: Curtiss Construction Company, Incorporated, entered into a fixed-price contract with Axelrod…
A: Revenue is recognized under a construction contract at different stages as agreed in the contract.…
Q: 4-a. Determine Lakeside's pension expense for 2025. 4-b. Prepare the appropriate journal entries to…
A: A journal is a detailed account that records all the financial transactions of a business, to be…
Q: sales. Each surfboard costs $126 and is sold for $215. How much is budgeted sales revenue for the…
A: Sales revenue for the fourth quarter 2816835.94
Q: Cardinal Company is considering a five-year project that would require a $2,765,000 investment in…
A: Solution: Payback period = Initial investment / Annual cash inflows Simple rate of return = Net…
Q: The McCarthy and Mars (IM) Company purchased a new machine on January 1, 2020 for a list price of…
A: The term depreciation refers to an accounting method used to allocate the cost of a tangible asset…
Q: Prepare the journal entry to record the sale of the available-for-sale debt securities in 2020.…
A: Available-for-sale securities seem to be the standard classification of securities in which firms…
Q: A and B formed a partnership. A and B agreed to share the partnership's profit as follows: ● A to…
A: When calculating the profit and loss sharing ratio for a partnership, the residual profit is what is…
Q: GL1101 (Algo) - Based on Problem 11- Delray Company reports the following components of…
A: The stockholders' equity portion of the balance sheet includes information about the stockholders'…
Q: Using this table as needed, calculate the required information for the mortgage. (Round a Number of…
A: The given problem can be solved using PMT function in excel. PMT function computes installment…
Q: On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an…
A: 1 jan.2024 pv of n=6yrs, i=7% Lease payment = $26,000× 4.76653 =$123,930 Dec.31, 2024 Interest…
Q: Compute ending work in process inventory for a manufacturer using the following information. Raw…
A: Cost of goods manufactured: Cost of goods manufactured means total manufacturing costs; including…
Q: Andrew Jarvis started his manufacturing business earlier this year and has been preparing management…
A: Answer:- Management accounting:- Identification, measurement, analysis, interpretation and…
Q: A firm had the following financials last year: Sales Revenue = $3,060 Accounts receivable = $500…
A: Computation of EPS Amount($) Sales revenue 3,060 Less : Cost of goods sold 1,800…
Q: (The following information applies to the questions displayed below.]
A: Warranty expense is the amount that could be incur by the company when a product is defected at the…
Q: The following information applies to the questions displayed below.] O’Brien Company manufactures…
A: The income statement can be prepared using various methods such as absorption costing and variable…
Q: College Coasters is a San Diego–based merchandiser specializing in logo-adorned drink coasters. The…
A: Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…
Q: ured product ha aterials abor
A: Answer : Actual cost Standard cost AH AR AH SR SH SR 22,500…
Q: Required: For each transaction, indicate the account(s) that should be debited and credited by…
A: S.no Transaction Dr Cr a Owner invested cash as capital in Business 1 11 b Purchased on credit…
Q: Ivanhoe Corporation enters into a 5-year lease of equipment on December 31, 2019, which requires 5…
A: Lease liability refers to an obligation for making lease payments that is to be measured at the…
Q: Calculate the basic EPS
A: 1. EPS shall be calculated for the ordinary equity shares only but not for preference shares. 2. EPS…
Q: Caltex Products plc manufactures electric mini-lawnmowers. Its sales and costs’ budget for November…
A: A flexible budget, sometimes known as a "flex" budget, adapts to variations in the actual amount of…
Q: (1) Compute the overhead volume variance. Indicate variance as favorable or unfavorable. (2) Compute…
A: 1. Controllable Overhead Variance: The controllable variance consists of a combination of variable…
Q: A company has 150 employees, each working 40 hours per week and earning $15 an hour. Although the…
A: Payroll expenses have the following calculations; gross salary is the basic pay and employees are…
Q: Company P’s net profit for Year 1 is 4 600 000. capital structure of P comprising 3 000 000 ordinary…
A: Basic earning per share is the net income that exclude the dividend of preference shareholders that…
Q: Crane Company issued $850000 of 8%, 5-year bonds at 109, which pay interest annually. Assuming…
A: Face value of bonds = $850,000, Coupon rate = 8%, Term = 5 years. Total Interest Cost of bonds =…
Q: Barnett Brass sells economy door knobs for $15 each. Unit product costs are as follows: Direct…
A: In this question, we need to compute the minimum acceptable selling price for the special order from…
Q: Fahad started a Marketing company on January 1, 2017. The following are the balances taken from the…
A: Financial statements are those which are prepared by the entity for depicting the financial health…
Q: Sentra Sporting Company sells tennis rackets and other sporting equipment. The purchasing department…
A: Purchase budget: Purchase budget is prepared at the starting of the year to know the purchase…
Q: Taylor, a resident citizen, received the following income in 2022: Business Income, Philippines -…
A: The question is given to compute the taxable income, income tax due, and income that is subject to…
Q: Current Attempt in Progress On January 1, 2024, Headlands Ltd., a private company reporting under…
A: INTRODUCTION: Journal entries are the essential building blocks for solutions to these and other…
Q: in its first year (2021), Barsky Corporation made charitable contributions totaling $70,000. The…
A: Charitable contributions refer to the deductions that are made for non-profit organizations. These…
Q: 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan…
A: Introduction Compensation obligation expected. The pension benefit obligation, or PBO, is the actual…
Q: If B is to invest sufficient cash to obtain 3/5 interest in the partnership, Compute the amount B…
A: Partnership firm is where two or more person come together to form a business. And they should share…
Q: Exercise 12-1 (Algo) Indirect: Classifying Cash flows LO C1 ndicate where each item would appear on…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: With the estimates shown below, Sarah needs to determine the trade-in (replacement) value of machine…
A: The word "replacement cost" refers to the amount of money that a company has to pay at the present…
Q: Akita is a U.S. corporation. This year, it earned $7.80 million before-tax income and paid $436,800…
A: Tax liability is the total amount of tax owed in a given period, by individuals and organizations,…
Q: Prepare the sales budget for the quarter ended March 31, 20X1. Prepare the production budget for…
A: Product Forecasted sales volume Forecasted unit Sale Price Budgeted Total price a b c d = b x c…
Q: Complete this question by entering your answers in the tabs below. Req 4A Req 4B X Answer is not…
A: Pension expense is the amount that a business charges to expense in relation to its liabilities for…
Q: Zenon, Incorporated has the following taxable income: U.S. source income. Foreign source income…
A: INTRODUCTION Income tax is calculated by applying the tax rate (21%) to the total taxable income…
Q: Sage Hill Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company.…
A: Amount of the annual rental payment
Q: March 31, 2022, the balances of accounts appearing in the ledger of April Furnishings Company, a…
A: Answer : Multistep income statement : April Furniture company Income statement for…
Q: Why does FASB like the retrospective approach? Does it always have to be used?
A: The FASB stands for the Financial Accounting Standards Board. It is a non-profit organization that…
Q: Tinto Ltd obtained control of Suda ltd by acquiring 80% of the issued share capital of Suda ltd at 1…
A: Journal entry is a primary entry that records the financial transactions initially. The transaction…
Q: Produce a flexed budget statement for Caltex for November
A: Flexible budget is a budget which adjusts or flexes with changes according to volume or activity of…
Q: Verdi plc’s budget for the first month of trading, during which production of 3,000 units and sales…
A: S.No Marginal Costing Absorption Costing 1 As the name suggest itself variable cost is…
Q: Garcia Company produces two different types of gauges: a density gauge and a thickness gauge. The…
A: Solution:- 1)Discussion of Should Garcia Company make or buy the subassembly and If it makes the…
Q: Missing amount from an account On August 1, the supplies account balance was $1,025. During August,…
A: Introduction:- Supplies expense refers to the cost of consumables used during a reporting period. It…
Q: Why is internal control questionnaire important in internal control components in Auditing?
A: Internal control is a process which helps an organization achieve its objectives toward operational…
5. Provide the benefits of using absorption costing for internal reporting.
explain the answer with proper examples. thank you.
Step by step
Solved in 2 steps
- ABC costing attempts to: O A. classify as many costs as indirect costs as is feasible. OB. identify the activities involved in a process. create as many cost pools as possible. O C. O D. seek a lesser level of detail."Standard costing improves the control function"explain with more information and examplesHow does standard costing improves the control function? Comment with examples.
- What is standard cost ? Explain four purposes of standard costing. NB: This concept should be in accouting prefebly in Performance Management AccountingDefine the Cost Pool, Cost Object and Cost Driver. Please help me I really need the answer, clear explanation please, thank you!Describe the term “cost driver” and give an example. Describe the term “relevant range” and give an example.
- Standard Costing helps in : Measuring efficiency Reducing loss Controlling costDefine Cost Pool, Cost Object and Cost Driver. Hope you can help me understand it well, I will rate it helpful, just please help me answer my questions precisely, thank you very much!Fill the cost classification in the table.