Accounting Question
Q: Rombus corp manufactures plastic bottles. With the given details calculate Efficiency and Capacity r...
A: Standrad hours required for actual production = actual production x standard time per unit = 70 unit...
Q: A note payable to the Bank of the Philippine Islands for P2,400,000 is outstanding on December 31, 2...
A: Current liabilities means those liabilities which will be paid in cash in near future generally one ...
Q: Discuss whether the following items would meet the definition of an asset using the IFRS definitions...
A: ASSET IS A RESOURCE CONTROLLED BY THE ENTITY AS A RRSULT OF PAST EVENTS AND FROM WHICH FUTURE ECONOM...
Q: adjusted balance of accounts payable on December 31, 2021?
A: Answer: Unadjusted Balance of Accounts payable as on Dec 31,2021 ...
Q: Choco's Chocolates incurs these costs for the month: Direct materials $15,000 Di...
A: The conversion cost is computed as total of direct labor and manufacturing overheads.
Q: Using the line of best-fit, determine the company’s fixed cost per month and the variable cost per u...
A: Fixed costs are those costs which do not vary with increase in production. As production increases t...
Q: Given: • Asset - P3,500,000 Liabilities - P500,000 Income - P1,250,000 Expenses - P750,000 Compute t...
A: Owners equity means amount attributable for the owners of the business. It will be calculated by ded...
Q: Rushton Corp., a wholesaler of music equipment, issued $17,800,000 of 15-year, 12% callable bonds on...
A: Interest expense on sept 1, 20Y1 = face value of bonds x rate of interest x no. of months/12 = 17,80...
Q: comparative income approach,
A: Particulars If continued (Amount in RM) If dropped (Amount in RM) Sales 60000 Variable Exp...
Q: During Raw materials purchased Direct labor cost Indirect factory labor Taxes and depreciation on fa...
A: Cost of goods sold means the difference between the cost of goods available for sales and closing st...
Q: Apple Company issues P20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2017. Interest is pa...
A: Semiannual interest payment = Face value of bonds x rate of interest x months/12 = P20,000,000 x 7.8...
Q: CONTRAST THE CIRCUMSTANCES IN WHICH THE AUDITOR WOULD CHOOSE NOT TO TEST CONTROLS WITH THOSE IN WHIC...
A: The test of controls in auditing are the procedures used by the auditors to evaluate the internal co...
Q: Cash 29,400 Unadjusted Trial Balance Adjustments Common Stock 40,800 Account Names Debit Credit Debi...
A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets = Liabi...
Q: On January 1, 2017, Liza Corporation received P1,000,000 on a noninterest-bearing note due in three ...
A: Carrying amount of the note payable on December 31, 2017 = Present value notes where, Present valu...
Q: Calculate the applicable percentage tax.
A: Answer: Purchase price of shares = 5000 @P20 per share = P100,000 Sales price of shares = P 120,000 ...
Q: Saved Help Save & Exit Check m In Year 1, Kim Company sold land for $111,000 cash. The land had orig...
A: When there is in operating activity from one period to another period then the previous period data ...
Q: Management accounting emphasizes on the roles of reporting for internal users. Discuss.
A: There are several branches of accounting, management accounting is also one of them. This type of ac...
Q: Problem 9/22/21 A. Below are the accounts of J.L Laundry for the month ended Marc 31, 2015 Instruc...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Discuss the benefit of identifying avoidable and unavoidable cost in decision making process.
A: Benefit of Avoidable Cost 1. Avoidable cost Avoidable cost helps management in decision making pro...
Q: The company received $50,000 from investors in cash and issued common stock. The company billed cust...
A: Asset=Liability+Equity where, Equity=Common Stock+Revenue-Expenses
Q: state the effect on planned evidence (increase or decrease) of changing each of 'AN INCREASE IN TOLE...
A: A tolerable misstatement states the amount by which a financial statement line item can differ from ...
Q: Martin Company received an order for 25 automatic mixing machines. Because of the order's exacting s...
A: sales order 25 material 80 per unit labour 194 per unit overhead 100% of labour
Q: Discuss whether the following items would meet the definition of a liability using the criteria unde...
A: A liability is an enterprise’s current obligation stemming from previous events, the settlement of w...
Q: Prepare the Balance Sheet
A: Balance sheet in the business shows all assets and all liabilities and equity balance as on date.
Q: Mr. Koala, a factory worker is paid $150 per hour for a regular work of 40 hours. During the week, M...
A: a. Date Accounts Amount Amount Wages [(45*150) +(5*150*50%)] $7,125 ...
Q: Accounting Question
A: Hi student Since there are multiple questions, we will answer only first question.
Q: NUBD Co. presented the following data for 2021: Sales Variable manufaduring costs Fixed manufacturin...
A: Under the Variable costing method, fixed production costs are considered period costs and are not in...
Q: explain why actual costing are rarely used in practice
A: Actual costing is a type of costing in which all costs that are incurred actually are considered for...
Q: Direct materials P10 Direct labor 8 Applied factory overhead Total 12 P30 Final inspection of Job 40...
A: Job costing is a method of costing in which all costs are assigned and calculated on the basis of jo...
Q: Discuss the Enron scandal that led to the Sarbanes Oxley Act of 2002. What role did Arthur Andersen ...
A: The Sarbanes-Oxley Act (SOX) was enacted in July 2002 to restore investor trust in the financial mar...
Q: A man bought a machine for $ 538,379 six years ago. It has a salvage value of $ 36,294 four years fr...
A: Sunk cost means the cost which is already incurred and irrelevant in making decision. Depreciation m...
Q: Marin Corporation is authorized to issue 54,000 shares of $ 5 par value common stock. During 2020, ...
A: Company means the form of business where management is separately from owner and have perpetual succ...
Q: Direct materials P10 Direct labor 8 Applied factory overhead Total 12 P30 Final inspection of Job 40...
A: Job costing is a method of costing in which all costs are assigned and calculated on the basis of jo...
Q: Discuss whether the following items would meet the definition of a liability using the criteria unde...
A: The abbreviation for international financial reporting standards is International Financial Reportin...
Q: La Trinidad Metal Shop, manufactures metal products that require casting, such as engine blocks, pis...
A: Computation of Total Cost Materials + labour + factory overhead. P276,000 + P84,000 + P180,000 P540,...
Q: 2. Steele Co. has the following assets: Coffee plants 100,000 40,000 200,000 Harvested coffee beans ...
A: Hi student Since there are multiple subparts, we will answer only first three subparts
Q: . What was Product Z’s unit cost under absorption costing? 2. What was Product Z’s unit cost under ...
A: Total variable manufacturing cost = Direct material + direct labor + variable manufacturing overhead...
Q: On the basis of the following data related to assets due within one year for Simons Co. prepare part...
A: Current Assets -These are those which can be recovered or can be sold or can be used in a business w...
Q: Wages in excess of the regular rate paid for work after normal closing time is: Overtime premium P...
A: A worker receives the payment as per his/her hours worked. More the hours more the pay, a worker rec...
Q: WHY DOES BANKS, TRUST COMPANIES, INSURANCE COMPANIES, PUBLIC UTILITIES, AND BUILDING AND LOAN ASSOCI...
A: No-par value stock shall be issued without a par value specified in or on its stock certificates as ...
Q: MNO Manufacturing Company which uses the periodic inventory system showed the following transactions...
A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods sol...
Q: What is the amount to be charged to Manufacturing Overhead Control account? Four factory workers a...
A: SOLUTION- MANUFACTURING OVERHEAD IS ALL INDIRECT COSTS INCURRED DURING THE PRODUCTION PROCESS. THIS ...
Q: Pineapple Corporation manufactures custom-made bags. The following data pertains to Job PA8: Direct ...
A: Solution Predetermined overhead rate = Estimated overhead / Estimated direct labor hours = $125,000 ...
Q: Define property, plant and equipment and identify the four primary issues in accounting for them.
A: SOLUTION- PROPERTY, PLANT & EQUIPMENT- 1- IT ALSO CALLED FIXED ASSETS . THEY ARE PHYSICAL ASSETS...
Q: Hours and rate 42 hours worked at P40/hr Earnings to date P14.00 Overtime rate 1 and % times the reg...
A: 1. Normal Wages Are for 40 hours 2. Regular wages = 40 x 40 = 1,600 2. Overtime has been paid for 2 ...
Q: Ruth (31) is your new client. She graduated from GBC five years ago. Since then, she has worked hard...
A: Net Worth Calculation of the Net worth is the deduction total assets which are incurred by the indiv...
Q: Product Simba is made by processing materials in three sequential processes, 1, 2 and 3. The details...
A: Working Notes 1 Particular Working Normal loss in units 5000 kg x 10...
Q: SSD Berhad has three projects under consideration. The cash flows for each project are estimated in ...
A: Formula to compute the payback period is as follows: Payback period =Years before full recovery+Unre...
Q: Titus Company has issued 10%, nonparticipating, cumulative preferred stock with a total par value of...
A: Dividends are paid to stockholders in which they are comprised of preferred and common stockholders ...
Q: )Present the journal entries for the transactions above. (b)Journalise the adjusting entry. Show wo...
A: "Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
The bank reconciliation statement is prepared to equate the balances of cash book and passbook with various adjustments.
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