Accounting Question
Q: Some trucks purchased by a U-Haul franchise should last 7 years. The purchase price was $176,000. Sh...
A: Purchase price of truck = $ 176000 Shipping costs of Truck = $ 5000 Therefore Total Cost of the Truc...
Q: Estimate manufacturing costs and operating expenses Purchases (material) budget Personnel budg...
A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you. ...
Q: Crane Company purchased a depreciable asset for $680000 on April 1, 2018. The estimated salvage valu...
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as d...
Q: The corporation purchased a machinery for P100,000.00 with an estimated useful life of 10 years. See...
A: Calculations of depreciation for 2003 using working hour method : Cost of machinery: 1,00,000 Scrap ...
Q: 1. What is not true about a 3-way match? Multiple Choice: A 3-way match compares the inventory's phy...
A: Second option is wrong because 3-way match is a principle of internal control and the statement is t...
Q: Question 2: Muscat Company has the following information. OMR Fixed Cost Break even Sales 8750 16000...
A: The break-even point can be defined as the point where all the sales generated are equal to the vari...
Q: II. Computational. Look for the balances of the different accounts using the following transactions....
A: An asset is defined as a resource with an economic value which is reported by the company in its bal...
Q: The HASF Ink Ltd income statement for the preceding year is presented below except as noted the cost...
A: The preceding year income statement for the year ending March 31 is as follows Sales (200,000 units ...
Q: The non-controlling interest in consolidated income when the selling affiliate is an 80% owned subsi...
A: Non-controlling interest is the interest of those shareholders who does not sell their shares to hol...
Q: The following information was extracted from the records of Rampage Company as of December 31, 2021:...
A: The differences in actual tax payable and tax paid to raise the deferred tax asset and liability.
Q: Currently the tax rate is 21% for corporations. President Biden wants to raise this to a progressive...
A: An increase in tax rates directly benefits the debt financing in form of a tax shield. Tax-shield re...
Q: The following are financial data taken from the annual report of Bree & Company: Year 2 Year 1 Net s...
A: Fixed asset turnover is the ratio how much times revenue has been earned on investing average fixed ...
Q: National Bank has the following balance sheet (in millions) and has no off-balance-sheet activities:...
A: a) The leverage ratio is ($40 + $30)/$1,090 = 0.06422 or 6.422 percent.
Q: A parent company regularly sells merchandise to its 80%-owned subsidiary. Which of the following sta...
A: Non-Controlling Interest-: Non-Controlling Interest is documented in the shareholders' equity catego...
Q: Problem 6-7: The Chancellor Corporation The following information was available for the Chancellor C...
A: Solution:-1 Calculation of Receivables turnover ratio in 2021 as follows under:-
Q: Topic: Intercompany Sale of Inventory
A: General Introduction: Consolidated net income is arrived when accounts of subsidiary and parent comp...
Q: 11-02: On May 10, Pronghorn Corp. issues 2,200 shares of $4 par value common stock for cash at $14 p...
A: Per share paid in excess=Issue price-Par value=$14-$4=$10
Q: ABC owns 90% interest of DEF Co. The following information are provided: АВС Со. 2,700,000 (1,350,00...
A: Calculation of non controlling interest :
Q: Djokovic, Federer and Nadal were partners of a firm having their interest 3:2:5 respectively. Their ...
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...
Q: On August 1, Worthy invested P3, 000 cash and P15, 000 of equipment in Expressions. On August 2, Exp...
A: A journal entry is an act of recording or keeping track of some financial or non-financial activity.
Q: The following data were taken from the accounting records of the Mixing Department of Kappa Corporat...
A: Formula: Cost of units completed and transferred out = Units completed and transferred out x Cost pe...
Q: On December 31, 2019, LBC Co. had 2,000,000 shares of ordinary shares standing. On January 1, 2020, ...
A: Earnings per share indicates the net income of the firm after preferred dividend which is available ...
Q: ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible o...
A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to producin...
Q: Accounting Question
A:
Q: PT. XYZ currently has two profit centers, namely division X and division Y. Division X produces 1,00...
A: Transfer Price is the price at which one division of enterprise sells the product to the other divis...
Q: Macy's sells a product for $20, and has variable costs per unit of $12. Fixed costs are $12,000. How...
A: Break-even point is the point where the company earns normal profit that is no profit and no loss.
Q: 11-03: On June 1, Marin Inc. issues 1,200 shares of no-par common stock at a cash price of $5 per sh...
A: The organization can raise fund for the operation song integrity by issuing common stock, preferred ...
Q: Aalwyn Ltd was incorporated with authorized share capital consisting of 800 000 10% preference share...
A: Preference shares are those share on which the dividend are issued on priority basis and before ordi...
Q: Please prepare journal entries
A: At the time of sale of fixed asset, loss or gain on sale of fixed asset will be recorded as differen...
Q: The following information was taken from the books of Haniqa Manufacturing Company for the month of ...
A: The equivalent units are calculated on the basis of percentage work completed during the period.
Q: OList all the forms/types of dividends. IOT C
A: “Since you have asked multiple questions, we will solve the first question for you. If you want a s...
Q: On March 12, Klein Company sold merchandise in the amount of $7,800 to Babson Company, with credit t...
A: Given that, the company sold merchandise costing $4500 value of merchandise sold = $7800 sales re...
Q: Assume that Amazon.com has a stock-option plan for top management. Each stock option represents the ...
A: Shares:- Shares are considered as the equity ownership interest in a corporation. Shareholders of th...
Q: QUESTION E Ellen, age 48, is a single taxpayer. She is self-employed. She has business profit of $50...
A: Simplified Employee Pension (SEP) is described as a retirement based plan in which the owners contri...
Q: Please answer it with a complete solution. Thank you
A: The details regarding the credit policy is given. Required Evaluate the credit policy.
Q: On January 3, 2021 ABC acquired 90% of DEF at book value. The following information is available: 20...
A: The consolidated financial statement adjust the downstream or upstream sale or cost of sales from th...
Q: On January 1, 2014, Bonita Industries purchased equipment at a cost of $361000. The equipment was es...
A: the correct answer is option b ( $9,750)
Q: Case F only
A: Statement of liquidation
Q: On Jan. 1, 2020, ABC Corporation purchased an equipment with acost of P4,400,000. The equipment has ...
A: Depreciation as per sum of digits of years Sum = 1 + 2 + 3 + 4 + 5 + 6 = 21 Depreciation ratios Yea...
Q: Equipment was acquired at the beginning of the year at a cost of $79,200. The equipment was deprecia...
A: Given that, cost of the equipment = $79200 estimated residual value = $7860 the straight-line method...
Q: On January 2, 2022, MAMBA Inc. purchased 5,000 shares of the 20,000 shares outstanding of BLACK Corp...
A: Acquiring the outstanding common shares of a company gives the ownership rights to the buyer. The in...
Q: The following information is tal 1* August: Beginning balance v 3rd August: Sale of 2 items 5th Augu...
A: Inventory is reported at cost or net realizable value, whichever is lower. There are different metho...
Q: Accountants refer to the period of time from October 1 - December 31 as "busy season." True False
A: Following is the answer to the given question
Q: How do I record entry to close revenue and expense accounts to retained earnings, and combine the cl...
A: Closing entries are those entries which are passed at the end of the period to close all revenue acc...
Q: 1.) Abracada owns 90% interest of Deli Co. The following information are provided below: Abraca...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: A company produces mineral water. Based on the projected annual sales of 40,000 bottles of mineral w...
A: Net income is referred to the income earned by an organization or an individual proprietor after ded...
Q: Compute for the Non-controlling interest in Net Income.
A: Calculation of non controlling interest in net income -
Q: Elk River Corporation sells and services pipe welding equipment in Wyoming. The following selected a...
A: Treasury stock refers to those shares that are brought back by the company from the market. Treasury...
Q: Only #7. Thank you
A: Rent is an expense of the business which is incurred to run the business.
Q: On December 31, 2019, P Company purchased 70% of the outstanding stocks of S Company for P271,000 in...
A: Non controlling interest can be defined as portion of companies position which is not under the cont...
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