Accounting Question
Q: 188 Part-lI. System of Accoun ing for Costs. 5-9. Three Work in Process Accounts, Calculation of Uni...
A: Cost of goods manufactured means the cost incurred for manufacturing the finished product. Cost of g...
Q: Depreciation expense is: Only an estimate. An exact calculation prepared by an appra...
A: Answer
Q: Blossom Corporation is involved in the business of injection molding of plastics. It is considering ...
A: In this Problem Cash flows are Uniform so first of all we have to calculate Present Value Factor P...
Q: A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted o...
A: 2/10 net 30 mean 2percent discount will be there if payment is made with in 10 days and no discount ...
Q: Your employer automatically puts 5 percent of your salary into a 401(k) retirement account each year...
A:
Q: Crypt Inc. carries the following marketable equity financial assets on its books at December 31, 201...
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...
Q: Accounting Question
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Q: Select a manufacturing organization for justifying the following quote “Companies with labor incenti...
A: Labor costing is important when it comes to incremental and avoidable labor costs that are installed...
Q: Sur Food Corp., leased machine from Al-Urami Corp. the lease agreement for the O.R 750,000 (fair and...
A: A finance lease is an arrangement in which a company purchases an asset, sells the asset to a financ...
Q: There are three general strategies identified as the basic concepts of strategic cost management. Wh...
A: Strategic Cost Management: Strategic Cost Managemeent is the provision and analysiis of Cost and Ma...
Q: Net Present Value A project has estimated annual net cash flows of $7,500 for three years and is est...
A: NPV = PV of cash inflows - initial cost PV = PV factor * cash inflows per annum Since project has 3...
Q: Seroja Sdn. Bhd. manufactures customized equipment for local market. The budgeted data for the month...
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing over...
Q: If Mirabel invests the additional $650,000 in fixed marketing expenses, sales of the Model 301 are e...
A: Cost accounting is regarded as the method used by a manufacturing business in order to estimate the ...
Q: Gazapizm Corporation is a manufacturing company and has estimated that they need $2,400,000 to put a...
A: The estimated cost of purchasing, managing, and sustaining a resource over its own lifetime is refer...
Q: On January 3, 2021 ABC acquired 90% of DEF at book value. The following information is available: 20...
A: Consolidate income is the combined income of the parent and the subsidiary.
Q: Geranium Traders is a clothing store in Diepkloof. Petunia Mokoena owns it. Geranium Traders use the...
A: SOLUTION- TRANSACTIONS- IT IS A BUSINESS EVENT HAVING MONETARY IMPACT ON THE FINANCIAL STATEMENTS OF...
Q: Give an example of an Interest Transaction?
A: Interest is the amount that is based on the credit risk and the inflation rate and profit margin. It...
Q: On July 1, Lewis Co. acquired a new computer with a list price of $125,000. Lewis receivelr trade-in...
A: Trade in allowance is the value received by the buyer for exchanging one asset to purchase another a...
Q: Information on Ingrid Company’s direct labor costs for May 2021 is as follows: Standard direct labor...
A: total direct labor payroll for May=Actual rate*Actual labor hours =$5.8*21,000 =$121,800. $121,800
Q: For a statement to be true, each part must be true. One detail can make an entire statement false. W...
A: The equation prepared based upon the double entry book keeping is known as accounting equation. The ...
Q: Maria, Bakka and Osing are the heirs of Jaime who died on September 1, 2019/ The properties of jaime...
A: The inherited rental property will be treated as an investment property by the IRS.
Q: WHAT IS FUNCTIONAL OBSOLECENSE OF ASSETS?
A: Functional obsolescence of assets is discussed hereunder : The term ' Obsolescence' refers to econom...
Q: Johnson Industries purchased a metal-working lathe for $32,000. This item will be used for business ...
A: The depreciable base for the calculation of depreciation is the amount of cost applicable to the bus...
Q: Hello Below is my answers to a deminishing balance method question: My Answer: Depreciation of Vehic...
A: Depreciation- It is the amount of reduction in the cost of the tangible fixed assets due to continuo...
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...
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: A manufacturing firm uses a job costing system which is also used for assisting in estimating price ...
A: Pricing forms an key aspect for the product sales and it has to be determined by analysing various c...
Q: Which of the following would most likely be classified as a current liability?
A: It can be defined as the liability that becomes due and is to be repaid with a span of 12 months or ...
Q: The following information was extracted from the records of Rampage Company as of December 31, 2021:...
A: 1. Deposits received in advance = P15000 Deposits are taxable when received. Tax rate = 20% Deferred...
Q: During the month of July, Clanton Industries issued a check in the amount of $756 to a supplier on a...
A: Given that, cheque issued to the supplier but not cleared by the bank. Here cash balance has been ...
Q: A company is preparing budgets for the quarter ending Mar 31, 2020. Jan 10,000 unitsFeb 50,000 units...
A: Cash collection budget is prepared by the organization to estimate the amount of cash that can be co...
Q: What is ‘fringe benefit tax’ (FBT)? Explain at least five main salient features of the FBT?
A: WHAT IS 'FRINGE BENEFIT TAX' (FBT) ? FRINGE BENEFIT TAX IS IS THE TAX LEVIED ON ANY CONSIDERATION FO...
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: What is the maximum profit the Ottery Creek Winery can obtain?
A: Given Information:
Q: Greyson Company produced 8,300 units of product that required 4.25 standard hours per unit. Determin...
A: Given: Units produced =8300 unitsstandard hours per unit =4.25100% of normal capacity=27000 hoursFav...
Q: Computational. Look for the balances of the different accounts using the following transactions: A) ...
A: The financial transactions in a business are recorded into the books to maintain the accounts. The t...
Q: During June, the Conchran Manufacturing Company's costing system reported several variances that the...
A: Standard costing is an costing method where it was used to identify variances between actual and bud...
Q: Olympic Auto Supply, Inc., produces and distributes auto supplies. The company is anxious to enter t...
A: Price of the battery = P65 Expected sales in units = 50,000 batteries Net sales = Price per battery ...
Q: ABC acquired 70% of EFG on June 30, 2021. Based on EFG's acquisition-date fair value on intangible o...
A: In a consolidated financial statement, the unrealized gains on intra-group transactions should be el...
Q: Let Company owns 80% of Tam Corp.’s common stock. During October 2019 Tam sold merchandise to Let fo...
A: The question is multiple choice question and related to Consolidated Financial Statements.
Q: The company bought devices worth 500 dinars on the account. Knowing that the limitation is:
A: When an entry is made by error, either wrong accounts are reflected or correct accounts are reflecte...
Q: How are Effective Interest Rates calculated?
A: Effective interest rate is the interest earned on the investment or saving account.
Q: Cash Payback Period A project has estimated annual net cash flows of $22,500. It is estimated to cos...
A: CASH PAYBACK PERIOD : IT MEANS THAT THE EXPECTED PERIOD OF TIME BETWEEN THE DATE OF INVESTMENT , AND...
Q: Required answers are listed in the attached picture
A: Cost of Goods Sold = Opening Stock + Net Purchases - Closing Stock Net Purchases = Purchases - Purc...
Q: On January 1, 2014, Trenten Systems, a U.S.-based company, purchased a controlling interest in Grant...
A: The financial statements provide detailed financial information about the assets, obligations, equit...
Q: Assume that sales volume remains fixed but there is a 5% increase in variable expenses (materials co...
A:
Q: What is the book value of electronic test equipment after 8 years of use if it depreciates from its ...
A: Original value 120,000 Salvage value 120,000*13/100 15,600 Total life 12 years Book value ...
Q: Integrative ExerciseIntegrating Accounting for Liabilities and Equity Obtain Apple's 2016 10-K (file...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want a s...
Q: The expense cycle offers employees many opportunities to commit fraud in processing cash purchases a...
A: “Since you have asked multiple questions, we will solve the first three sub-parts question for you. ...
Q: A parent company regularly sells merchandise to its 80%-owned subsidiary. Which of the following sta...
A: Consolidated financial statements are the financial statements of a group consisting of multiple sub...
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