Pacific Corp purchased equipment having an invoice price of $25,000. The terms of sale were 3/10, n/30, and Pacific paid within the discount period. In addition, Pacific paid a $250 delivery charge, $350 installation charge, and $1,325 sales tax. The amount recorded as the cost of this equipment is A) $26,925 B) $25,600 C) $24,250 D) $26,175
Q: !?
A: The correct answer is:c) Value delivery patterns determine recording sequences. Explanation:Benefit…
Q: Please need answer the general accounting question not use ai
A: Step 1: Define Average Days to Collect ReceivablesThe average days to collect receivables, also…
Q: General Account:-During its first year of operations, the McCormick Company incurred the following…
A: We need to calculate the value of the ending inventory under variable costing.Here, we only consider…
Q: Financial Accounting Question need help please
A: Step 1: Define Discount FactorThe discount factor is employed in the DCF analysis to determine the…
Q: Financial Account
A: To apply the Lower of Cost or Net Realizable Value (LCNRV) rule on an individual-item basis, follow…
Q: Get correct answer accounting questions
A: Let's review all the given accounts and identify the current liabilities.Note that current…
Q: Please need answer the general accounting question
A: Step 1: Define Outstanding ChecksOutstanding checks are those that have been issued by the company…
Q: A company has earnings per share of solve this general accounting question
A: The price-earnings ratio (P/E ratio) is a financial metric used to evaluate the valuation of a…
Q: Use the following information to prepare a multistep income statement and a balance sheet for…
A: Revenues:Added Sales Revenue ($364,000) and Interest Revenue ($6,500) to calculate Total Revenues…
Q: Question data is below
A: Explanation of Direct Labor Cost Variance: This represents the difference between the standard labor…
Q: ACCOUNTING 3.7
A: Explanation of Basis:The basis of an asset refers to the original value of the asset for tax…
Q: Find the period cost
A: To calculate the total amount of period costs, we need to identify which costs from the list qualify…
Q: Need help
A: Step 1: Define DepreciationDepreciation is used in accounting to calculate the cost of wear and tear…
Q: Solution with steps
A: Explanation of Raw Materials Used:Raw materials used represent the total cost of materials consumed…
Q: Help
A: Operational synchronization is extremely important when it comes to timing of measurement,…
Q: Big Ben Service reported a decrease in income taxes payable of $4,300 during the year and an…
A: a. Cash Paid for Income Taxes (Direct Method)To calculate cash paid for income taxes using the…
Q: I want answer asasp
A: When Anne purchased the annuity, she effectively exchanged $130,050 for the promise of receiving…
Q: General account query
A: To compute the manufacturing margin under variable costing, we only consider sales revenue and…
Q: Sub. Cost Account
A: The correct answer is:A) Current period revenues are sufficient to pay for current period services.…
Q: I don't need ai answer accounting questions
A: Step 1: Factory Overhead applied is 45% of direct labor cost but direct labor cost is not given.…
Q: DN Hill Enterprises Income Statement For Months Ended January February March Net sales Cost of goods…
A: To project the Year-to-Date (YTD) Net Income for 6/30/24, we first need to analyze the given data…
Q: problem is financial account please make sure to give correct answer
A: Step 1: Identify Key ValuesCost: $812Replacement Cost: $775Net Realizable Value (NRV): $800Normal…
Q: Mount Incorporated was a hardware store that operated in Boise, Idaho. Management made some poor…
A: Step 1: Identify the total available cash from asset liquidationAccounts Receivable:…
Q: SUBJECT = COST ACCOUNT Harris Corporation produces a single product. Last year, Harris manufactured…
A: To calculate the contribution margin per unit, we first need to determine the selling price per…
Q: The beta of westbrook solution general accounting question
A: As per CAPM, Expected return on stock = Risk-free rate + Beta*(Market Rate-Risk-free rate) Expected…
Q: Baker corporation applies manufacturing overhead solve this accounting questions
A: Step 1: Define Applied Manufacturing OverheadApplied manufacturing overhead is used to estimate the…
Q: Given answer financial accounting
A: Step 1: Define AssetsTo invest in assets, a company incurs liabilities that should be repaid using…
Q: Loud noise recordings solve this general accounting question
A: Step 1: Define Working CapitalThe operational efficiencies are measured by the effectiveness and…
Q: Accounting
A: Step 1: Given Value for Calculation Purchase Price per share = $53.37Dividend Per share = $9.08 Step…
Q: Explanation
A: Detailed explanation: The principles of materiality and relevance are essential for accountants in…
Q: Provide correct answer general accounting
A: Step 1: Define Applied OverheadApplied overhead refers to the fixed charges applied to a particular…
Q: What is the capital structure weight of the firm's equity if the firm's tax rate is 35 percent on…
A: Here's how to calculate the capital structure weight of the firm's equity:1. Understand the…
Q: Subject:- General Account Lynch Company manufactures and sells a single product. The following costs…
A: Step 1: Compute Total Variable CostsVariable Costs Per UnitDirect materials: $10Direct labor:…
Q: Hello tutor get correct answer the accounting question
A: Step 1: Define Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) refers to the direct costs…
Q: What is the cost formula for maintenance for this general accounting question?
A: Step 1:First calculate the variable cost per unit using high-low method: Variable cost per unit =…
Q: The adjusted trial balance for Harris Golf Club at its October 31, 2024, year and included the…
A: Closing entries are recorded at the end of the reporting period to eliminate the temporary…
Q: Question:(Financial Account) 10-49 Beta Company manufactures and sells large size tables to be used…
A: a. Cost of one table under variable costingUnder variable costing, only variable costs (direct…
Q: 5 PTS
A: Explanation of Debt-to-Equity RatioThe Debt-to-Equity Ratio is a financial metric used to assess a…
Q: Financial Accounting
A: Step 1: Identify the stock price.Step 2: Identify the earnings per share (EPS).Step 3: Apply the…
Q: Hello Expert solve this financial account query
A: Step 1: Key DataSelling Price per Unit: $108Units Produced: 1,100Units Sold: 900Units in Ending…
Q: Hy expert please given correct answer general accounting
A: The reorder point (R) is the level of inventory at which a new order should be placed to replenish…
Q: FINANCIAL ACCOUNTING 34 QUESTION
A: Explanation of Benefit Realization Timing:Benefit realization timing refers to when a company…
Q: Attend all 3 q and give answer
A: 1. Calculate the cost of each unit using variable costingUnder variable costing, the unit cost…
Q: James bought shares at $78.45 provide answer accounting questions
A: Formula:Capital Gains Yield=Selling Price−Purchase Price/Purchase Price×100 Identify ValuesPurchase…
Q: Business 123 Introduction to Investments May I please have the solution for the following exercise?…
A: 2. What about "no stock or bond market exposure"?This is a phrase that means the investment does not…
Q: If you give me correct answer I will give you helpful rate on these financial accounting question
A: Step 1: Formula Taxable income = Gross income - Operating expenses - Interest expenseDividends…
Q: Financial accounting
A: Step 1: Introduction to time value of moneyTime value of money is a financial concept which is used…
Q: The manufacturing costs of heather solution this accounting questions
A: Steps:Identify the highest and lowest activity levels:Highest activity level: March with 6,120 units…
Q: Cost Account - Jeremiah, an unmarried taxpayer, had $90,000 in adjusted gross income for the current…
A: Step 1: Key InformationAdjusted Gross Income (AGI): $90,000Land purchased 15 years ago:Cost (basis):…
Q: Cambridge company purchase a truck on january 1,2018. Cambridge solve this question general…
A: Step 1: Define DepreciationDepreciation is necessary because it helps companies match the cost of…
Financial Accounting Question please find the correct answer
Step by step
Solved in 2 steps
- Bataan Company, a VAT-registered business, purchased imported goods from Finland Company with the following related information: List price (Terms: 20%; 2/10, n/30), P 300,000 Shipping cost to acquire the inventory, P 15,000 Special handling charges, P 8,000 Purchase returns, P 3,000 Bataan Company paid 100% custom duty taxes based on the invoice cost, its directly related incidental costs and the related VAT based on the total invoice cost plus incidental costs and custom duty taxes. QUESTION: What is the cost of inventory?The company purchased appliances for sale worth P4,000,000, VAT exclusive on account under the terms: Less: 10%, 2/10, n/30 FOB shipping point freight collect, P50,000. The buyer paid within the discount period. How much is the final payment paid by the buyer in case he paid the account not within the discount period and if P5,000 worth of goods is returned due to defective deliveries? 3,595,000 4,026,400 3,595,000 4,029,760CRManufacturing Co. consigned to CE Trading Corp. twelve (12) Sony colored TV sets which cost P9,000 each. Freight out was paid by the consignor in the amount of P600. CE Trading sold eight (8) sets, rendered an account sales, and remitted the amount of PS2,600 after deducting the following from the selling price of the sets sold: Commission on selling price Selling expenses Cost of antennae given free Delivery and installation 12% 1,200 1,400 2,800 The total selling price of the eight (8) sets sold by CE Trading Corp. is
- J.C. Penney of Boston sold office equipment for $12,000 to Lee's of San Diego. Terms of the sale are 3/10, n/30 FOB Boston. J.C. Penney has agreed to prepay freight $300. Assuming Lee's pays within the discount period, how much will Lee's pay J.C. Penney?The CC Manufacturing Company delivered ten DVD players to CLTV Company on consignment. These DVD player cost P3,000 each and are to be sold at P5,000 each. The CC Manufacturing Co. paid shipment cost of P2,500. CLTV Co. submitted an account sales stating that it had returned one unit and was remitting P21,900. This amount represents the total amount due to CC Manufacturing Co. after deducting the following from the selling price of the DVD player sold: Commission : 20% of selling price Advertising . . P1,000 Delivery and installation .... Cartage on consigned goods . P500 P600 The profit (loss) on consignment realized by CC Manufacturing Company is:An entity was offering premium as a sales promotion scheme and that during the year it purchased 10,000 premiums for P20 each. Customers need to remit 10 boxes and P5 to redeem one premium. Assume there were no redemptions during the first year of the promotion, which of the following statements would be correct if it uses the revenue approach? a. The entity will report an inventory of premiums at the net cost of P15. Tb. he entity will report an estimated liability equal to the premium expense. c. None of the other choices are correct. Td. he entity will not report any expense since there were no redemption. e. No accounting liability shall be recognized since there were no redemptions.
- Bridgeport Incorporated sold building supplies listed at $69500 to Bonita Construction, a preferred customer. Bridgeport offers Bonita a 10 percent trade discount on all purchases. Terms of the sale to Bonita are 2/15, n/45. What amount of revenue should Bridgeport record for this sale if the company uses the net method? O $61299 ○ $69500 O $68110 O $62550ABC Corp. consigned ten bags to DEF Company. These bags had a cost of P10,800 each. Freight on the shipments amounting to P7,200 was paid by ABC Corp. DEF submitted an account sales stating that it has sold six bags and remitted cash amounting P81,900 to ABC Corp. after deducting the following: Commission expense Selling expenses Delivery and installation of items sold Cartage cost upon receipt of consigned goods 10% of selling price 5,400 3,600 900 Requirements: Compute the following: 1. The total consignment sales 2. The commission earned on the sale of the six bags 3. The consignor net profitBlossom Corporation shipped $21,900 of merchandise on consignment to Cullumber Company. Blossom paid freight costs of $2,100. Cullumber Company paid $550 for local advertising, which is reimbursable from Blossom. By year-end, 65% of the merchandise had been sold for $21,900. Cullumber notified Blossom, retained a 10% commission, and remitted the cash due to Blossom. Prepare Blossom's journal entry when the cash is received. (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 O for the amounts. List all debit entries before credit entries.) Account Titles and Explanation (To record the cash remitted to Blossom.) (To record the cost of inventory sold on consignment.) Debit 11 Credit 1
- Labrador Inc. sold 350 oil drums to Tesla Manufacturing for $75 each. In addition to the $75 sale price per drum, there is a $1 per drum federal tax and a 7% provincial sales tax. What journal entry should be made to record this sale? a. Debit Accounts Receivable 28,438; credit Sales Revenue 28,438. b. Debit Accounts Receivable 26,250; credit Sales Revenue 26,250. c. Debit Accounts Receivable 28,438; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250. d. Debit Accounts Receivable 26,250; debit Taxes Expense 2,188; credit Federal Sales Taxes Payable 350; credit Provincial Sales Taxes Payable 1,838; credit Sales Revenue 26,250.A Co. consigned eight printing machines to B Co. Each machine costs ₱1,000,000 and has a suggested retail price of ₱2,100,000. Apaid ₱200,000 in transporting the machines to the consignee’s place of business. At the end of the period, B remitted ₱8,417,500 to A representing collections on sales during the period, after deducting the following: Commission (based on sales net of commission) 20% Finder’s fee (based on commission) 5% Delivery, installation and testing (on each unit sold) ₱50,000 Materials generated from the testing were sold for ₱5,000 and included in the remittance to A Co. JENCHULICHAENG Co. appropriately reported ending inventory of ₱3,075,000 for the unsold consigned machines. a. How much is the commission earned by the consignee? b. How much profit is earned by the consignor from the sale?Carla Vista Corporation shipped $20,100 of merchandise on consignment to Wildhorse Company. Carla Vista paid freight costs of $2,000. Wildhorse Company paid $510 for local advertising, which is reimbursable from Carla Vista. By year-end, 58% of the merchandise had been sold for $20,100. Wildhorse notified Carla Vista, retained a 10% commission, and remitted the cash due to Carla Vista. Prepare Carla Vista's journal entry when the cash is received. (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 O for the amounts. List all debit entries before credit entries.)
