Under the absorption costing method, NUBD’s operating income for 2021 would be Information from NUBD Company's records for the year ended December 31, 2021 isavailable as follows:Units soldNet salesCost of goods manufactured:VariableFixed60,000 Units manufacturedP 1,400,000 Operating expenses:Variable630,000 Fixed315,000 FG Inventory, beg.70,000P 98,000140,000none

Solution: Unit product cost under absorption costing = Cost of goods manufactured / Nos of units…

Answered: Information from NUBD Company's records…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following information is made available in relation to the defined benefit plan of Marcos Company for the year 2022: Current service cost 200,000 Fair value of plan assets, 12/31/22 4,000,000 Asset ceiling, 1/1/22 200,000 Fair value of plant assets,1/1/22 2,000,000 Contribution to the plan 700,000 Discount rate 12% Defined Benefit obligation, 12/31/22 3,440,000 Asset ceiling, 12/31/22 340,000 Benefits paid to retirees 400,000 Defined benefit obligation, 1/1/22 1,700,000 What is the remeasurement gain/loss related to the change in the fair value of plan assets? O 108,000 1.736,000 O 384,000 O 1,460,000
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Crane Construction Co. uses the percentage-of-completion method. In 2021, Crane began work on a contract for $24475000; it was completed in 2022. The following cost data pertain to this contract: Year Ended December 31 2021 2022 Cost incurred during the year $8350000 $6150000 Estimated costs to complete at the end of year 5739000 If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2021 and 2022 would be 2021 2022 $9975000. $(411000). $0. $10386000. $10386000. $0. $0. $9975000. O O
Please help me with correct answer thanku
Kingbird Construction Company began work on a $418,500 construction contract in 2020. During 2020, Kingbird incurred costs of $285,500, billed its customer for $233,000, and collected $172,000. At December 31, 2020, the estimated additional costs to complete the project total $155,765.Prepare Kingbird’s journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) No. Account Titles and Explanation Debit Credit (a) enter an account title to record the transaction using the percentage-of-completion method enter a debit amount enter a credit amount enter an account title to record the transaction using the percentage-of-completion method enter a debit…
The actuarial present value of future benefits earned by employees for services rendered in 2019 amounted to 55250. DBO opening - 942000 plant assets opening - 660000 return - 7% actual return - 45000 contributions - 145350 a) calculate pension expense b) calculate net defined obligation liability/asset surplus or deficit.
Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work on a contract for $23200000; it was completed in 2025. The following cost data pertain to this contract: Year Ended December 31 2024 2025 Cost incurred during the year $8736000 $5720000 Estimated costs to complete at the end of year 5824000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is ○ $3456000. ○ $8744000. $2920000. $3560000.
On December 31, 2018, an entity paid $300,000 contribution to a defined contribution plan. Of this amount, P250,000 is in part exchange for services performed by the employees in December 2017, and the balance of P50,000 is in respect of services to be performed in 2018. What is the journal entry of the defined contribution plan made on December 2017?
Ivanhoe Construction Company uses the percentage-of-completion method of accounting. In 2025, Ivanhoe began work under contract #E2-D2, which provided for a contract price of $2,237,000. Other details follow: Costs incurred during the year Estimated costs to complete, as of December 31 Billings during the year Collections during the year (a) Your answer is correct. Revenue recognized in 2025 Revenue recognized in 2026 LA What portion of the total contract price would be recognized as revenue in 2025? In 2026? (Do not round intermediate calculations.) $ 2025 $616,740 1,006,260 414,000 1,717,000 352,000 2026 $1,441,000 850060 1386940 -0- 1,508,000
What amount was recognized as actuarial gain on PBO during the year? 100 000 200 000 240 000 0 What is the benefit expense for 2019? 500 000 795 000 295 000 195 000
At the beginning of the current year, the memorandum records of Anne Company's defined benefit plan showed the following: Fair value of plan assets P 7,500,000 Defined benefit obligation (11,000,000) Prepaid(accrued) defined benefit exp. (P3.500,000) The entity determined that its current service cost was P1,000,000 and the interest cost is 10%. The expected return on plan assets was 12% but the actual return during the year was 8%. Other related information at the end of the year: Contribution to the plan P1,200,000 Benefits paid to retirees 1,500,000 Decrease in defined benefit obligation due to changes in actuarial 200,000 assumptions The fair value of plan assets at the end of the current year is O P8,700,000 O P7,800,000 O P8,250.000 O P7,950,000

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