Calculate the net profit margin for a mixer sold for $125 that has an $80 cost of goods sold and 20% operating expenses. A. 25% B. $20 C. 16% D. 23%
Q: A packaging employee making $16 per hour can package 200 items during that hour. The direct material…
A: Solution: Direct labor cost per hour = $16 Nos of items packed per hour = 200 Direct cost of 1 item…
Q: Required information Problem 6-1A (Algo) Perpetual: Alternative cost flows LO P1 [The following…
A: Cost of Goods Sold :— It is the total cost of units sold during the period. Gross Profit :— It is…
Q: Use the trade discount system shown in the table to calculate the cost of 500 lbs of product if the…
A: Trade discount: The discount that is provided by the manufacturer or wholesaler to a wholesaler or…
Q: Your employer provides an option to enroll in either a high- deductible health insurance plan or a…
A: A high-deductible insurance plan is one where the insured is required to pay a higher sum if the…
Q: Annual expenses are shown in the table. To prorate the annual costs into a monthly budget, how much…
A: Home insurance, also known as homeowners insurance, is a type of insurance that provides financial…
Q: 1. Mactal, Macadang and Pangan are partners with capital balances of P350,000, P250,000 and P350,000…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: How much money will a patient using this insurance plan have to pay for a $4,900 medical bill from…
A: Total medical bill = $4900 for an emergency room visitAs per the Health Insurance planDeductible =…
Q: NESTOR MARTEL SHOPPE Unaqusted Thai Balance December 31, 20CY ACCOUNT TITLE DEBIT CREDIT Cash 78,400…
A: At the end of each accounting period, every business wants to reflect accurate reporting of all…
Q: A. Find the simple interest and the maturity value. 1. PI50, 000 at 5% for 8 years 2. P240, 000 at…
A: Let the principal = X Interest rate = r Duration = n
Q: The shareholders' equity section of Bridgeport Corporation as at December 31, 2023, follows: 10%…
A: Investors, analysts, and stakeholders all utilize net income as a key indicator for assessing a…
Q: A store purchases ear buds from the manufacturer for $5 each. Calculate the sticker price for the…
A: Gross Margin - Gross Margin is the profit earned by the organization from the sales made by the…
Q: Electricity $.15 per kwh Phone $30 per line Monthly Gas $1 per 100 cubic ft Phone $.10 per int'l min…
A: The utility bills includes the expenses for electricity, water, telephone bill, etc. The expenses…
Q: Requirements: 1. Prepare Financial Statements( Income statement and Statement of financial Position)…
A: Closing Entries refer to journal entries to close the nominal accounts i.e. Incomes, gains,…
Q: In response to intensive foreign competition, the management of Florex Company has attempted over…
A: FLOREX COMPANY
Q: AB Ltd's sales revenue for year 1 is $6,600 with gross profit percentage of 40%. Also during the…
A: COST OF GOODS SOLD Cost of Goods Sold is the Difference between Sales & Gross Profit Margin.…
Q: Smart Value peanut butter made $82 million worth of revenue on peanut butter this year. The total…
A: Since 1 billion = 1000 millions $3 billions = 3000 millions
Q: B. How long will the given principal P take to reach the given maturity value A at the given simple…
A: A = P x [1 + (r x n)] where, P= Principal amount r= Rate of Interest n= number of years Note:…
Q: Calculate the percent change in net income from Quarter 1 to Quarter 2 from the following income…
A: The net income is calculated as difference between total revenue and total expenses.
Q: The following information relating to property plant and equipment was extracted from the accounting…
A:
Q: A court will not enforce a cotnract if the contract requires an action that is egregious, even if…
A: Egregious contracts mean those contracts which are severely one-sided and unfair to the other party…
Q: A certain retail company is obligated to pay 2.17% on earned wages into Worker's Compensation…
A: The expenses incurred during the current period should be recorded in the current period income…
Q: Using the MACRS rates from the following table, what is the book value of a $2,500 computer after 5…
A: MACRS depreciation is used for calculating the depreciation under the US tax regime. Under this…
Q: You organize an 8-hour training for 5 hourly, local employees. The training is led by the manager…
A: Given: - Manager salary=$48,000 Assistant manager salary=$36,000 Training hour= 8 hours Material…
Q: Which of the following statements is correct in comparison of "accounts receivable" to "notes…
A: Notes Receivable are promises borrowers make to repay loans to lenders at predetermined dates and…
Q: 4. A credit sale with the term 3/10, n/15 was made to Customer A. in the amount of P 20,000 on…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Sales price Estimated Sales Fixed cost Total cost $1.00 1,600,000 bags $400,000 $0.25 $0.40 $0.65…
A: Cost volume profit analysis is the technique used by the management for decision-making. The methods…
Q: D XYZ Company Balance Sheet Assets Liabilities Cash $35,000 Notes $45,000 Wages $56,000 Inventory…
A: Ratio analysis establishes a relationship between the two different items. It is used to evaluate…
Q: An item costs a store $5 from the manufacturer. The store plans to mark up the item at 70% of the…
A: Selling price = Cost + mark up
Q: Bruce Corporation makes four products in a single facility. These products have the following unit…
A: MARGINAL COSTING INCOME STATEMENT Marginal Costing Income Statement is One of the Important Cost…
Q: Computer Programmer $75/hour Architect $8,000 flat fee Attorney $250/hour Bankers 2% of capital…
A: Business: A business is an organization entirely made for earning profits or for fulfilling social…
Q: PROBLEM 1 1. On August 1, the merchandise inventory of Idggy Tires and Battery Shop was P165,256.13…
A: "We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…
Q: A certain car was purchased for $28,500. The car has a resale value of $17,500 after a useful life…
A: Depreciation is considered as an expense charge on the value of the Asset. It can be calculated by…
Q: owned by Abner Bravo) for the three-month period ended March 31, 2020 Sales 500,000 Merchandise…
A: The direct costs of producing the commodities sold by a corporation are referred to as the cost of…
Q: oduction for the month in units for Job 88 was 8,500 and for Job 08 was 5,000 the end of August, Job…
A: Job order costing system: It is a system which take place when there are small order and unique…
Q: please make your answers clea
A: Income Statement
Q: Calculate the corporate income tax for Quarter 2 from the following income statement. Use a…
A: The net profit is calculated as operating profit less income tax. Net profit = Operating profit -…
Q: Payroll Advertising Raw Materials Rent Insurance Utilities Services A. 30% C. 1% $403,120 Use the…
A: Expense: Expenses are cash outflows that contribute to revenue generation. The cost of goods sold,…
Step by step
Solved in 2 steps
- MindTap- Cengage Leaming CengageNOWv2| Online teachin x n/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false Q * G * O Mathison Company exchanged a worn-out tractor that had cost $30,000 and was half depreciated for a new tractor with a fair value of $12,000. Mathison paid an additional $4,500 cash. The transaction lacked commercial substance. Required: Compute the amount at which Mathison should record the new tractor. Check My Work 1 more Check My Work uses remaining Previous Next %24E10-4 Distinguishing capital expenditures from expenses [5 min] Classify each of the following expenditures as a capital expenditure or an expense related to machinery: a purchase price b ordinary recurring repairs to keep the machinery in good working order c lubrication before the machinery is placed in service d periodic lubrication after the machinery is placed in service e major overhaul to extend useful life by three years f customs duty paid on the purchase price g transport and insurance while machinery is in transit from seller to buyer h installation i training of personnel for initial operation of the machinery j income tax paid on profit earned from the sale of products manufactured by the machinery.* CengageNOW2 | Online teachin x + ignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false 它 ☆ SU login O Digital University |.. Tenant Portal - Login 围 eBook Show Me How E Print Item Straight-Line Depreciation A building acquired at the beginning of the year at a cost of $93,600 has an estimated residual value of $3,600 and an estimated useful life of 10 years. Determine the following: a. The depreciable cost 90,000 10 b. The straight-line rate c. The annual straight-line depreciation 90,000 X Feedback V Check My Work ifference betwee the asset's initial cost and its residual value. The residual value is the estimated value at Depreciable cost is the the end of the useful life. Straight-line depreciation allocates the depreciable cost of the asset equally over the expected useful life. 10:22 PM 46% -2°F 12/16/2021 F11 F10 F8 F7 1%/ 6. 4. R. * CO 5
- COLLEGE Question 4: The following details regarding Machines are provided: Machine Date of purchase Cost Date of sale Cash Proceeds $ 1,000,000 02/06/2020 450,000 XX Y 05/04/2017 01/01/2019 2,000,000 The policy of the company is to depreciate its PP&E at 10% on cost. Depreciation is charged in full in the year of purchase disposal. Required: For year ended 31st December 2020 prepare: Machinery account Accumulated depreciation account Machinery disposal a/c SPOL Extract SFP Extract Question 5: A machine was purchased on 2nd July 2016 for $1,200,000. It was traded in for new one whose price was $1,000,000 on 2nd June exchange. The policy of the company is to charge depreciation for its PP&E at 10% on cost per annum Depreciation is charged in depreciation is charged in the year of disposal.TB 02-95 Which concept should be applied when reporti... Which concept should be applied when reporting a piece of land that was bought for $50,000 five years ago, and which would probably now sell for $80,000? Multiple Choice The cost principle. The separate entity concept. The asset principle. The duality of effects.A new machine with a purchase price of $90,021, with transportation costs of $9,593, installation costs of $6,472, and special acquisition fees of $2,612, would have a cost basis of a. $108,698 b. $96,493 Oc. $90,021 d. $99,105
- Board HW #1 PRIOR SERVE COST = 500 EM YRS = 20 DO ENTRY NOW DO THE AMORTIZATION ENTRY EVERY YR Board HW #2 PRIOR SERVICE COST EMPL #1 = 6 YRS EMPL #2 = 5 YRS EMPL #3 = 4 YRS EMPL #4 = 2 YRS EMPL #5 = 1 YRS FIND THE AMORTIZ PER YR UNDER BOTH METHODS2019 1. A company must prepare an HGB financial statement as of December 31, t1. The company is legally obliged to clean up contaminated sites caused by 2.3.t1.This contaminated site remediation is to be carried out by a third-party company on 6.7.t2; You have received a cost estimate from the third-party company for this in the gross amount of EUR 357,000.a) Go into detail about the creation of provisions in the present case as of December 31, t1, and, if necessary, also state the posting. Assume that no provision was recognized for the facts stated in the balance sheet as of 12/31/t0! b) Why is a provision and not a liability to be recognized under a)?c) On 6.7.t2 the third-party company will carry out the remediation of contaminated sites. The bill is presented on the same day in the amount of 357 T€ gross and you pay it immediately in cash. How to book?Q6. Identify the correct statement in each group? Note: There is one correct answer in each group of 3 - select the appropriate letter(i) If Property, plant and equipment is revalued upwards at the start of the year it will resultin:A. A higher profit for the yearB. No change to profit for the yearC. A lower profit for the year(ii) Property, plant and equipment revaluations:D. The revaluation gain is released to the Statement of profit or loss when the asset is soldE. PPE can only be revalued if a fair value can reliably be determinedF. Where a policy of revaluation is chosen, the asset must be revalued each year
- 18. ABC Company had the following expenditures related to a software: Costs to develop the software for internal use in ABC's operations (after technological feasibility) P100,000 Cost of market research activities, P75,000 How much costs should be expensed? 175,000 100,000 75,000 0This module is not for sale and is exclusive for LNU BSEN Students only 18 Exercise 2,2: Show the effect of each of the named transactions on the assets, liabilities, and owner's equity of a business. Fill in each blank under a column and mark with + (Increase), - (decrease), or 0 (no change). OWNER'S EQUITY ASSETS LIABILITIES 1. Owner invested cash in the business. 2. Purchased equipment on Credit. 3. Borrowed money from the bank 4. Rendered service in cash. 5. Paid creditor (Transaction 2). 6. Paid monthly rent. 7. Rendered service to customer who will pay at later date Exercise 2.3: Harry Potter Feedmill is owned by Harry Potter. Its assets, liabilities and owner's equity are as follows: Cash, Accounts receivable, equipment, Land, Accounts Payable, and Harry Potter Capital. Prepare a tabular form and indicate the effect of the following transactions to the items on the equation by placing + (increase) or - (decrease) below the affected item. 1. Owner invested cash in the feedmill.…CengageNOwv2 | Online teaching and.. A AAMA - State Scope of Practice L Learning Module 1- ACCT1105: Financi. nt. C https://geyser.cl-cms.com/assets/fr5am.. eBook Show Me How Units-of-Activity Depreciation A truck acquired at a cost of $202,800 has an estimated residual value of $18,000, has an estimated useful life of 440,000 miles, and was driven 113,000 miles during the year. Determine the following. If required, round your answer for the depreciation rate to 2 decimal places. a. The depreciable cost b. The depreciation rate per mile c. The units-of-activity depreciation for the year Check My Work Previous Next All work saved. Save and Exit Submit Assignment for Grading étv MacBook Air 80 888 DII DD F4 F6 F7 F9 F10 F11 F12 %23 2$ & 3 4 5 7 8 - E T Y U { G J %3D K V M .... V IN