2 During the early part of current year, the estissuance was 10%. The present value of an ordinaysubect to a canh dinoount of 10%% which was not taknThe entity ineurred cont of P60,000 in removing themachine for P2,000,000 in exchange for a noninteneI. Aoquired a machine with an invoice price of Pa00first payment was made at the end of current year.machine prior to the installation of the new one. Mahinpurchased a machine for P500,000 down and four mont3. At the beginning of current year, the entity purchaseinstaliments of P1.250,000. The cash price of the machiThe implicit rate of interest for this note at datebearing note requiring four payments of P500,000. TProblem 23-4 IAA)ProblemNuttypurchaduring the year:Land anMachineDeliversAn apsupplies were acquired at a cost of P150,00LandBuildinMachirభDelivewas P4,700,0002 Nuttythe foLandBuildiMachiTheexchaof puannuity of I at 10% is 3.17 for four periods.The present value of an annuity of 1 in advance at 103.49 for four periods.3. Recephilacity4 At the beginning of current year, the entity acquiredmachine by issuing a four-year, noninterest-bearing ntfor P2,000,000.4. ThecashThe entity has an implicit 10% interest for the type dnote. The present value of 1 at 10% for 4 years is 0.685. TheP40tranRequired:ThePrepare journal entries to record the machinery acquisituliaand related interest.preRequiPrepar652

Solution: Introduction: Journal entry is an accounting entry to record every transaction takes place…

Problem 23 Anson Company had the fisflowing machinery a Pro Nutty purcha Land ar Machir Deliver during the ywar I Aeguired a machine with an invoice price of PS ueet tea cash discount of 10% which was not tak The entity incurred cont of P60,000 in removing the upplies were acquired at a cost of PI50,000, achine prior to the installation of the new one. Mac An ap 2 During the early part of eurrent year, the e purchased a machine for P500,000 down and four wont installmente of PL.250,000. The cash price of the mach Land Buildir Machin Office Delive wa P4, 700,000. 3. At the beginning of current year, the entity purchase machine for P2,000,000 in exchange for a noninte bearing note requiring four payments of P500,000. T first payment was made at the end of current year. 2 Nutty the fo Land Builda Mach The implicit rate of interest for this note at date d issuance was 10%. The present value of an ordiney annuity of 1 at 10% is 3.17 for four periods, The exch of pu The present value of an annuity of 1 in advance 3. Rece

Problem 23 Anson Company had the fisflowing machinery a Pro Nutty purcha Land ar Machir Deliver during the ywar I Aeguired a machine with an invoice price of PS ueet tea cash discount of 10% which was not tak The entity incurred cont of P60,000 in removing the upplies were acquired at a cost of PI50,000, achine prior to the installation of the new one. Mac An ap 2 During the early part of eurrent year, the e purchased a machine for P500,000 down and four wont installmente of PL.250,000. The cash price of the mach Land Buildir Machin Office Delive wa P4, 700,000. 3. At the beginning of current year, the entity purchase machine for P2,000,000 in exchange for a noninte bearing note requiring four payments of P500,000. T first payment was made at the end of current year. 2 Nutty the fo Land Builda Mach The implicit rate of interest for this note at date d issuance was 10%. The present value of an ordiney annuity of 1 at 10% is 3.17 for four periods, The exch of pu The present value of an annuity of 1 in advance 3. Rece

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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Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct labor standards for one unit of Zoom are given below: Standard Standard Price or Rate $ 3.00 per pound $12.00 per hour Quantity or Standard Hours Cost Direct materials 6.60 pounds $19.80 $ 4.80 Direct labor 0.40 hours During the most recent month, the following activity was recorded: es a. Twelve thousand eight hundred pounds of material were purchased at a cost of $2.90 per pound. b. The company produced only 1,280 units, using 11,520 pounds of material. (The rest of the material purchased remained in raw materials inventory.) c. 612 hours of direct labor time were recorded at a total labor cost of $7,344. Required: Compute the materials price and quantity variances for the month. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values. Do not round intermediate…
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Exercise 14-45 (Algo) Compare Historical Cost, Net Book Value to Gross Book Value (LO 14-2, 5) The Street Division of Labrosse Logistics just started operations. It purchased depreciable assets costing $39.5 million and having a four-year expected life, after which the assets can be salvaged for $7.9 million. In addition, the division has $39.5 million in assets that are not depreciable. After four years, the division will have $39.5 million available from these non depreciable assets. This means that the division has invested $79 million in assets with a salvage value of $47.4 million. Annual operating cash flows are $12.7 million. In computing ROI, this division uses end-of-year asset values in the denominator. Depreciation is computed on a straight-line basis, recognizing the salvage values noted. Ignore taxes. Required: a. & b. Compute ROI, using net book value and gross book value for each year. Note: Enter your answers as a percentage rounded to 2 decimal places (i.e., 32.10).…
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Problem 15 PlaidLad Furniture Co. sold ten table/chair sets to Hats Off Restaurant on January 1, 20X8 for $10,000 with terms 2/10, n/30. Hats Off also purchased dishware from Venice Depot on January 15, 20X8 for $5,000 with term 2/10, n/30. Hats Off paid Plaidlad on January 6, 20X8 and Venice Depot on January 26. 20X8. Required: 1.Record the transactions for Hats Off Restaurant using the gross method. 2.Record the transactions for Hats Off Restaurant using the net method.
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QUESTION 1 Trinity product Limited makes and sells three types of electronic security systems for which the following information is available Standard cost and selling price per unit Day Scan Night scan Omni scan GH¢ GH¢ GH¢ Material 70 110 155 Manufacturing labour 40 55 70 Installation labour 24 32 44 Variable overheads 16 20 28 Selling price 250 320 460 Fixed cost for the period are GH¢450,000 and installation labour, which is highly skilled is available for 25,000 hours only in a period and is paid GH¢8 per hour. Both manufacturing and installation labour are variable cost. The maximum demand for the period is: Day scan 2,000 units; Night scan 3,000 units; Omni scan 1,800 units. Required a) Calculate the shortfall (if any) in hours of installation labour. b) Determine the best production plan assuming the company wishes to maximize profit. c) calculate the maximum profit that could be achieved from the plan in part (b) above d) Having carried out an investigation of the…
TB Problem Qu. 6A-70 (Algo) Grawburg Incorporated maintains a call center to take... Grawburg Incorporated maintains a call center to take orders, answer questions, and handle complaints. The costs of the call center for a number of recent months are listed below: April May June July August Calls. Taken 8,460 8,429 8,470 8,469 8,433 $ 91,567 September 8,444 $ 91,605 October 8,486 $ 91,831 November 8,474 $91,787 Management believes that the cost of the call center is a mixed cost that depends on the number of calls taken. Call Center Cost $ 91,717 $91,548 $ 91,777 $ 91,759 Required: Estimate the variable cost per call and fixed cost per month using the least-squares regression method. (Round the "Variable cost" to 2 decimal places and the "Fixed cost" to the nearest dollar amount.) Variable cost Fixed cost Answer is complete but not entirely correct. $ 10.05 per call 6,573 per month $
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akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse ☆ 国▽*(多Paused Calculator E Print Item Calico Inc. purchased a patent on a new drug. The patent cost $30,600. The patent has a life of 23 years, but Calico only expects to be able to sell the drug for 18 years. A. Calculate the amortization expense. Feedback TCheck My Work The amount of amortization expense is a function of the cost and the expected time that asset will be used. B. Record the journal for the first-year expense. If an amount box does not require an entry, leave it blank. Amortization Expense 88 Patent v Feedback TCheck My VWork The amount of amortization expense is a function of the cost and the expected time that asset will be used. Feedback Y Check My Work Partially corect Previous Next Check My Work Silnit Assignment for Grading Submit Assignment for Grading Save and Exit 842 PM ヘの 10/28/2020 (-) STHSUNG ... 00 00 I