Abbey Inc. paid $153.49 for an antique lamp. The original Selling Price was $208.78, but this was marked down 46% due to the Christmas sale. If Operating Expenses are 14.9% of Cost, find the Absolute Loss. $47.50 O $48.75 O $40.05 O $40.75
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- On June 1, 2022, City Car Sales sells a new car costing P4,726,400 for P6,804,000. A used car is accepted as a down payment, P960,000 beings allowed on the trade in. The used can be resold for P1,458,000 after reconditioning cost of P194,400. The company expects to make a 20% gross profit on the sale of used cars, Over the remainder of 2022, another P520,000 was collected on the contract. Expenses incurred related to the sales are P750,000. Calculate the net income for City Car Sales over the transactions mentioned above.Please answer this questions asap please Leo Pty Ltd sells a printing press which has been used solely for income-producing purposes. The termination value of the press is $15000 and its cost was $42500. At the time of sale, the computer’s adjustable value is $9000. What is the balancing adjustment amount in respect of the sale? Select one: $15000 $42500 $0 $6000May 21st Transaction: Bought a laptop, paying $15751 cash as a down payment and signed a 8 month $52501, 7% note payable for the balance. The company paid $901 to have its company logo painted on the side of the van. The residual value is $12001. The old laptop was sold for $12001; it cost $67501 and accumulated depreciation until the date of disposal was $60001. Produce a journal entry for this transaction.
- Ina Corp. sold equipment costing P1,200,000 for P2,500,000. Old equipment was accepted as down payment with trade –in value of P600,000. Total collections for the year was P1,500,000, it was also ascertained that the trade in resulted in over-allowance of P100,000. How much is the realized gross profit for the year just ended?Next Kristen Lu purchase a used automobile for $8,000 at the beginning of last year and incurred the following operating costs: Depreciation ($8,000 ÷ 5 years) Insurance Garage rent Automobile tax and license Variable operating cost $1,600 $1,200 $360 $40 $0.14 per mile The variable operating cost consists of gasoline, oil, tires, mainance, and repairs. Kristen estimates, at her current rate of usage, the car will have zero resale value in five years, so the annual straight-line depreciation is $1,600. The car is kept in a garage for a monthly fee. Required: 1. Kristen drove the car 10,000 miles last year. Compute the average cost per mile of owning and operating the car. 2. Kristen is unsure about whether she should use her own car or rent a car to go on an extended cross-country trip for two weeks during spring break. What costs above are relevant in this decision? Explain. Page 590 3. Kristen is thinking about buying an expensive sports car to replace the car she bought last year.…ABC Co. is producing a single product. During the last six months, the sales of the product declined due to Covid. ABC projected that this will continue for the next six months. The owner is contemplating on whether he should shut down the production of the product for the next 6 months and just open when the situation gets better. Given below is his projected revenues and expenses for the next 6 months: Sales (P100/unit @ 15,000 units per month Annual depreciation of factory = P150,000 Variable Man. Cost = P60/unit Variable S& A Cost= P23/unit Annual Depreciation of Equipment = P600,000 Annual Salary of Production Supervisor = P300,000 Allocated Fixed Manufacturing OH = P1500,000 Fixed Selling & Administrative Expenses = 1200,000 If the company decides to shutdown the operation for 6 months, the equipment and factory can be rented out to another company for P50,000 per month. ABC projected that the situation will be back to normal after 6 months, however, due to long time of not…
- (b) Chichi is unsure whether she should use her own car or rent a car to go on an extended cross-country trip for two (2) weeks during the mid-term break. Explain and identify which of the above costs are relevant and which are irrelevant in her decision.For all questions work to 1 decimal place and assume VAT at 19%. You must justify each answer.1.- Why does a company choose to have bad debts? Explain with a numerical example. 2.- In depreciation by use (per hour), if a Fixed Asset of $1,000 has accumulated depreciation of $600, residual value of $100 and during a period the machine is used for 400 hours when its initial useful life was 40,000 hours, what depreciation should be recognised? 3.- In depreciation by use (per hour), if a fixed asset of $1,000 has accumulated depreciation of $600, residual value of $100 and during a period of time the machine is used for 400 hours when its initial useful life was 40,000 hours and at the beginning of that period there is an improvement of $200, what depreciation should be recognised? 4.- Make the entry for the recognition of the write-off of a customer to whom you had invoiced $1,000 plus VAT if the company had an Allowance for Impairment of Accounts Receivable of $600.5.- Does the Profit…U.S. GAAP requires firms to expense immediately all internal expenditures for R&D costs. Explain why standard setters have chosen not to allow the capitalization alternative? How would analysts be better served if U.S. GAAP required capitalization of R&D costs?
- Bought a van, paying $11550 cash as a down payment and signed a 10 month $38500, 9% note payable for the balance. The company paid$770 to have its company logo painted on the side of the van. The residual value is $6050. The old van was sold for $8800; it cost $49500 and acculumated depreciation up to the date of disposal was $44000. what is the journal entry and how did you calculate it?ABC Resto uses the retirement method to account for their cutlery. At the beginning of the year, the count was at 500 pieces. The older 200 pieces were valued at P5.00 each while the newer 300 pieces costed P5.10 each. During the year, it purchased additional 250 pieces at P5.20 each. During the year, it sold 50 pieces for P100. The year-end count resulted to 400 pieces. How much is the depreciation expense for the year?A 27. Subject:- accounting
