Jensen Corporation sold merchandise costing $800,000 on installment basis for $1,200,000 during 2024. The cash collections were received as follows: 2024: $500,000 . 2025: $400,000 . 2026: $300,000 Calculate the gross profit rate on Jensen's 2024 installment sales.
Q: Overhead controllable variance? Accounting
A: Step 1: Define Favorable varianceFavorable variance describes the extra value of income over…
Q: Apex's predetermined overhead rate is?
A: Explanation of Predetermined Overhead Rate: The predetermined overhead rate is a calculated…
Q: What was the standard rate for may
A: Concept of Labor Rate Variance:Labor rate variance measures the difference between the actual wage…
Q: What is the cost of goods sold? General Accounting question
A: Step 1: DefinitionThe Cost of Goods Sold (COGS) represents the direct costs of producing goods sold…
Q: A piece of equipment is purchased for $23,500 and has a salvage value of $3,200. The estimated life…
A: Note: According to GAAP (Generally Accepted Accounting Principles) and IFRS, all costs necessary to…
Q: SUBJECT FINANCIAL ACCOUNTING
A: Explanation of Accounting Equation:The accounting equation is the fundamental principle of…
Q: provide correct answer of this General accounting question
A: Step 1: Define Contribution Margin Ratio represents the percentage of sales revenue that contributes…
Q: General Accounting Question provide correct solution
A: Step 1: Define Overhead Cost AllocationOverhead cost allocation refers to the process of…
Q: Calculate the return on equity of this financial accounting question
A: Step 1: Retained earnings The retained earnings component in the given is only the net…
Q: Calculate the return on investment?
A: Step 1: Define Dupont AnalysisThe Dupont analysis is a significant study in management accounting…
Q: Bravo company manufacturing quality gentelmen's clothing
A: Concept of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents the total…
Q: General Accounting Question need answer
A: Step 1: Definition of Absorption vs. Variable Costing DifferenceThe difference in net income between…
Q: Sub. General accounting
A: Step 1: Contribution margin per unit= selling price per unit - variable costs per unit= $9 - $3= $6…
Q: Problem 7.7
A:
Q: Hi expert please help this question
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that…
Q: Hii tutor give me Answer
A: Concept of Periodic Inventory SystemThe periodic inventory system is an accounting method where…
Q: Solve this question is accounting
A: Step 1: Calculation of annual coupon paymentsQuarterly (every 3 months) coupon payment = $30Annual…
Q: answer plz
A: Step 1: Definition of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct costs…
Q: Ino Pharmaceuticals is evaluating its Vioxx division, an investment center. The division has a…
A: Concept of Controllable MarginControllable margin is the profit that a division or business unit…
Q: answer
A: 1) Total Value of share = No. of shares * Price per shareTotal Value of share = 700*46Total Value of…
Q: Direct labor and direct materials?
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is an estimated…
Q: Give this question general accounting answer
A: Step 1: Definition of Accounts Receivable CollectionAccounts receivable collection refers to the…
Q: What is the true option? ? General Accounting
A: Step 1: DefinitionThe Return on Investment (ROI) measures how efficiently a company uses its…
Q: How many meals would have to be sold if fix costs declined by 20% ? Accounting
A: Step 1: Definition of Contribution Margin and Required Sales CalculationContribution Margin is the…
Q: The total materials variance for the month is?
A: Explanation of Standard Cost: Standard cost is a predetermined or budgeted cost that a company…
Q: Hello teacher please solve this questions
A: The problem requires the determination of the debt to equity ratio. The debt-to-equity (D/E) ratio…
Q: The balance in the office supplies account on June 1 was $16,300, supplies purchased during June…
A: Concept of Total Office Supplies AvailableTotal office supplies available refer to the total amount…
Q: Need help this question general accounting
A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is the estimated…
Q: Calculate the dollar markup and cost
A: To calculate the dollar markup and cost, we use the following formulas:Dollar Markup = Selling Price…
Q: expert of general account answer
A: Step 1: Definition of Residual IncomeResidual income (RI) is the amount of net income earned by a…
Q: best answer financial accounting
A: Step 1: Definition of Sales RevenueSales revenue is the total income generated by a company from…
Q: Help me to solve this questions
A: The Cash Conversion Cycle (CCC) measures how long a company takes to convert its investments in…
Q: 4 POINTS
A: Let's give it a try. To provide precise answer, I believe further reference is necessary, but I will…
Q: Turners total year to date actule costa over or under budget?
A: Explanation of Budgeted Costs:Budgeted costs refer to the estimated expenses a company plans for a…
Q: General Account
A: The correct answer is (d) leisure time is not accounted for in GDP because GDP measures the total…
Q: Correct answer please
A: We will carefully go through the calculation step by step. Step 1: Understanding the Dividend…
Q: Answer this MCQ
A: Step 1: We calculate the tax on the discontinued operation gain.Tax = Discontinued operation gain x…
Q: The analyst estimated of total assets general accounting
A: Calculation of Net Income for the yearNet Income for the year = Revenue during the year - Expenses…
Q: general accounting
A: Step 1: Raw materials purchase variance Raw materials purchase variance = Actual purchased price -…
Q: Assuming no adjusting journal entries are made
A: Explanation of Net Income:Net income is the amount of profit a company earns after subtracting all…
Q: what was the company's gross profit margin percentage?
A: Step 1: Definition of Gross Profit MarginThe gross profit margin (or gross profit ratio) measures…
Q: Answer this MCQ
A: Under absorption costing, both variable and fixed manufacturing costs are included in the product…
Q: Compute the direct materials price and quantity variances of this general accounting question
A: Step 1: Definition of Direct Materials Price and Quantity VariancesDirect Materials Price Variance…
Q: Icon corporation return on common stockholders equity is
A: To calculate Icon Corporation's return on common stockholders' equity (ROE), we use the following…
Q: What is the companys plant-wide predetermined overhead rate?
A: Explanation of Overhead Costs: Overhead costs are indirect expenses that cannot be directly traced…
Q: 4 POINT
A: Explanation of Contribution Margin:Contribution Margin is the portion of sales revenue that remains…
Q: If you give me wrong answer this financial accounting question I will give you unhelpful rate
A: Step 1: Define Equity MethodThe equity method is an accounting technique used when a company owns…
Q: Please give me answer general accounting question
A: Step 1: Definition of Fixed CostFixed cost refers to the portion of total costs that remain constant…
Q: Actual profit? General accounting
A: Step 1: Analysis of information givenMargin of Safety = 25% or 0.25Break-even point sales =…
Q: What would be the effect on income from operations?
A: Explanation of Absorption Costing: Absorption costing is a costing method that includes all…
Please given true answer general Accounting
Step by step
Solved in 2 steps
- Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000On January 1, 2021, The Barrett Company purchased merchandise from a supplier. Payment was a noninterestbearing note requiring five annual payments of $20,000 on each December 31 beginning on December 31, 2021, and a lump-sum payment of $100,000 on December 31, 2025. A 10% interest rate properly reflects the time value of money in this situation.Required:Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchased on January 1, 2021.On January 1, 2018, The Barrett Company purchased merchandise from a supplier. Payment was a noninterestbearing note requiring five annual payments of $20,000 on each December 31 beginning on December 31, 2018,and a lump-sum payment of $100,000 on December 31, 2022. A 10% interest rate properly reflects the timevalue of money in this situation.Required:Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchasedon January 1, 2018.
- President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $4,600 on each September 30, beginning on September 30, 2027. Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 10% properly reflects the time value of money in this situation. Note: Use tables, Excel, or a financial calculator. Round your final answers to nearest whole dollar amount. Round your intermediate calculations to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)The Field Detergent Company sold merchandise to the Abel Company on June 30, 2021. Payment was made in the form of a noninterest-bearing note requiring Abel to pay $85,000 on June 30, 2023. Assume that a 10% interestrate properly reflects the time value of money in this situation.Required:Calculate the amount at which Field should record the note receivable and corresponding sales revenue on June 30, 2021.Please provide answer this financial accounting question
- Oro Company began operations on January 1, 2021 and appropriately uses the installment sales method of accounting. The following data are available for 2020 and 2021: 2020 2021 Installment sales 1,500,000 1,800,000 Gross profit on sales 30% 40% Cash collections from: 2020 sales 500,000 600,000 2021 sales 700,000 The realized gross profit for 2021 is: 720,000 520,000 460,000 280,000Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December31, 2019 $60,000; Purchases $650,000; Operating expenses $100,000. What would the gross profit for Bubba Co. for 2019 be?Haresh
- They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.What percentage of sales is expected to be returned on these general accounting question?President Company purchased merchandise from Captain Corporation on September 30, 2024. Payment was made in the form of a noninterest-bearing note requiring President to make six annual payments of $4,200 on each September 30, beginning on September 30, 2027. Required: Calculate the amount at which President should record the note payable and corresponding purchase on September 30, 2024, assuming that an interest rate of 8% properly reflects the time value of money in this situation. Note: Use tables, Can someone please give me the correct answer for this?