Accounting Question
Q: Unit costs associated with the sale of a product AA101: Direct Materials, P230 Direct labor, P12...
A: Manufacturing cost means the cost which is incurred in factory or related with production of goods. ...
Q: what is the difference between prime costs and conversion costs?
A: SOLUTION- PRIME COST = PRIME COST ARE THE COMBINATION OF THE TWO DIRECT PRODUCT COSTS: 1-DIRECT MA...
Q: What is ascertained from the income and expense of an entity?
A: Profit and Loss is the difference between income or expense. If income is more than the expense, it...
Q: On January 2, 2020, Quezon Inc. purchased equipment with a cost of P10,500,000, a useful life of 12 ...
A: The impairment loss = = Carrying Amount - Recoverable Amount Where Recoverable Amount = 1) Fair V...
Q: Baby Co. have segment C and segment U. During the past years, 50,000 and 20,000 were produced from s...
A: given information Selling price : Segment U = P 50 Segment C = P 25 Traceable fixed costs: Segment...
Q: rance, Inc., earned pretax book net income of $1,693,000 in 2020. Prance acquires a depreciable asse...
A: Working notes :- Depr...
Q: Passive income is income that requires minimal labor to earn and maintain. In the Philippines, certa...
A: Passive income - These are those income where the tax payer has not actively participated in the ear...
Q: Determine whether the statement is legally correct (true) or not (false). 1. An offer is subject to...
A: Contract s the written agreement between two parties where they are bound to act as agreed in the co...
Q: Airflow Inc. produces ceiling fans for home and industrial use. The parts for the different styles o...
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for y...
Q: XYZ Inc. presented the following info regarding its two divisions classified as investment A Divisio...
A: Economic value added (EVA) refers to a measure of evaluating the companies performance based on the ...
Q: On January 1, Parson Freight Company issues 7.0%, 10-year bonds with a par value of $3,500,000. The ...
A: Bonds are a form of loan or debt that is being issued by the company, on which regular interest paym...
Q: Synzer Co. has incurred the following costs in connection with its purchase of inventory: Purchase p...
A: Cost of Purchases includes: Purchase price Insurance during transportation Handling costs Transpor...
Q: Broncos, Inc. has prepared a year-end 2020 trial balance. Certain accounts in the trial balance do ...
A: Adjusting entries are those entries which are passed at the end of the period in order to accurately...
Q: Which table would show the largest factor for an interest rate of 3% for seven periods? Future val...
A: Under the ordinary annuity, payments are made at the end of the relevant period while under annuity ...
Q: A, B, and C formed a joint operation. The joint operators shall make initial contributions ₱40 each....
A: ●1.How much is the joint operation’s sales? Debits: Purchases =40 X 3 =₱ 120 Expenses =20 + 8 + 12...
Q: he following information is obtained from the company’s records for 2014: a. Total manufacturing cos...
A: Work in process inventory on December 31, 2014 = work in process inventory on January 1, 2014 + Tota...
Q: Give the SECOND exception to the general rule that: If the consideration of the contract consists pa...
A: If the consideration of the contract consists partly in money, and partly in another thing, the tran...
Q: audits possess the same general characteristics
A: Audit is a process of verifying the authenticity of information conveyed by financial statements of ...
Q: The following data pertains to Omega company for the month of June 2014. Finished goods, June 1, 2...
A: Cost of goods sold means all costs incurred on the goods that are being sold to the outside market.
Q: Part 2 – Statement of Cash Flows Tax Consultants Inc. began operations on January 1, 2019, when it i...
A: Statement of cash flows is the statement which shows all cash inflows and cash outflows of the busin...
Q: Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production,...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: The first day of the fiscal year, a company issues a $350,000, 6%, 10-year bond that pays semiannual...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: On May 1, 2018, Luzon Company issued P2,000,000, 5 year, 10% bonds for P2,300,000. Each P1,000 bonds...
A: Share warrants means rights attached with the issue of bonds by which person has the right to acquir...
Q: Whaat is accountability
A: The transactions that are happened in the company will be analyzed, and recorded in the first book w...
Q: he company sells a 2/10, n/30 basis. Internet control quite weak, so the senior accountant in charge...
A: solution : concept of 2/10 n/30 the credit term 2/10 , n/30 means if the payment is re...
Q: Al Darby wants to withdraw $21400 (including principal) from an investment fund at the end of each y...
A: In the given case, an amount of $ 21,400 will be withdrawn at the end of each year for next 5 years....
Q: If you invest $48500 to earn 7% interest, which of the following compounding approaches would return...
A: Compounding in simple language means the interest on the previous interest. So if the compounding ha...
Q: The following data are from a comparison of the balance sheets of Shaun Company as of December 31, 2...
A: Decrease in inventory = Opening Inventory - Closing Inventory = - 4,500 Cost of goods sold = Openin...
Q: BEJ03 (LO2D Hanson Company (see BEJ0D borrowed $,00g,o00 On March I on a 5-Year 12% note to help fin...
A: Borrowing cost means the interest cost of the finance which is used in constructing a capital asset....
Q: Personal Protective Gears & More (PPGM) design and manufacture masks for students. After production,...
A: Cost of goods manufactured shows total costs incurred on production and manufacturing of goods in th...
Q: A CPA firm’s quality control procedures pertaining to the acceptance of a prospective audit client w...
A: CPA is the Certified public accountant which is generally appointed in order to perform audit proces...
Q: Compute the missing amounts in the following table. Assets Liabilities + Owners' Equity %3D a. 580,0...
A: Assets = Liabilities + Owners' Equity Owners' Equity = Assets - Liabilities Liabilities = Assets - ...
Q: 11. The following are annual cost of Peter Corp. relating to Material A which required 40,000 units ...
A: SOLUTION- CARRYING COST ALSO KNOWN AS HOLDING COST . THIS IS THE COST THAT A BUSINESS PAYS FOR HOLD...
Q: Accounting Question
A: The earnings per share is calculated as net income divided by number of outstanding shares.
Q: On June 1, 2021, NEX Company received ₱1,077,200 plus accrued interest for 12% bonds with face amoun...
A: "Since you have asked multiple question we will solve the first three sub part question for you. If...
Q: How much will be the total amount of remittance to SSS?
A: Remittance of SSS SSS is a type of retirement benefit which are provided to the employees after the ...
Q: In June 2021, Titanic Company acquired a machine in exchanged for a non-monetary asset with a cost o...
A: As per IFRS if exchange transaction has commercial substance the asset received is to be recognized ...
Q: Waterway Corporation has 41,500 shares of $10 par value common stock outstanding. It declares a 15% ...
A: Since you have asked multiple question, we will solve the first question for you. If you want any sp...
Q: EJ0.11 (LO1,3) (Entries for Equie. Aconisitions) Geddes Enginnering CorForation Purchased conve Yor ...
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Observations Unit Volume Total Production Cost 1 6,500 26,500 2 7,000 28,000 3 8,100 31,800 4 5,500 ...
A: From the given data, we can compute the Variable cost per unit using the "High-Low Method". (1) High...
Q: How much is the cost of sales related to minerals extracted in 2021 assuming a total of direct labor...
A: Summary of the information provided in the question : cost of mine purchased = P 6000,000 coal rem...
Q: The Outdoors Corporation, which sells camping and hiking equipment, had the following adjusted accou...
A: All amounts are in dollar ($).
Q: Net income example Formula: Net Income = Revenue – Expenses Total assets are $2,500,000, and yo...
A: Given that, Total assets = $2500000 Current liabilities = $800000 Long term Liabilities = $200000 ...
Q: hester Inc. issued shares of its $6.60 par value common stock for $17.00 per share. In recording the...
A: SOLUTION- SHARES MEANS A COMPANY'S CAPITAL IS DIVIDED IN TO SMALL UNITS OF A FINITE NUMBER .EACH UNI...
Q: Presented below are four different transactions related to materiality. Explain whether you would cl...
A: Most of the companies and the auditors has made the rule that any item which is under 5% of net inco...
Q: Claire Company which began operations on January 1, 2019 has elected to use cash basis accounting fo...
A: Accrual system of accounting says that every thing which is accrued has to be provided in books of a...
Q: A 1.5 MVA standby generator set was purchased for P7,500,000. The salvage value is estimated to be P...
A: Annual Depreciation (straight line method) = (Cost of the assets - Residual value) / Expected life o...
Q: Karla Tanner opens a Web consulting business called Linkworks and completed the following transactio...
A: The Journal entries are prepared to record the daily transactions of the business.
Q: Dividend Per Share Swilley Furniture Company has 50,000 shares of cumulative preferred 2% stock, $75...
A: The question is based on the concept of Financial Accounting.
Q: There is no change in the asset's useful life or salvage value. The 2021 income statement will repor...
A: Impairment Loss is the difference between Carrying Amount and Recoverable Amount. Recoverable Amoun...
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