Scanlon Company sells 1,000 widgets to Avon Inc. for $14 each, FOB shipping point. The widgets are shipped on December 26, Year 4, and arrive at Avon on January 3, Year 5. The widgets should be included in Avon's inventory valuation at 12/31/Year 4. a. True b. False
Q: Please need help with this accounting problem
A: Step 1: Define Key RatiosProfit Margin is the ratio of net income to sales. It measures how much…
Q: Hello teacher please help me this question
A: Step 1: Definition of Long-Term DebtLong-term debt refers to financial obligations that a company…
Q: Quick answer of this accounting questions
A: Step 1: Definition of Price-Earnings Ratio (P/E Ratio)The Price-Earnings Ratio (P/E Ratio) is a…
Q: Given the Information below ⬇
A: Explanation of Gross Profit:Gross profit is the profit a company earns from its core operations,…
Q: General accounting
A: Future Value = Present Value*(1+Interest Rate)^No. of periods Where,Present Value = $43,000Interest…
Q: 2. Financial Accounting: On January 1, a company lends a corporate customer $178,000 at 7.25%…
A: Explanation of Interest Revenue:Interest revenue is the income earned from lending money or other…
Q: General accounting
A: Step 1: Definition of Operating LeverageOperating leverage measures the sensitivity of a company's…
Q: General accounting
A: Step 1: Define Payback AnalysisThe payback period for a project denotes the time period in which the…
Q: Jones company reported a pretax book solve this question general Accounting
A: Step 1: Define Income taxThe government collects tax revenue from residents for initiatives that…
Q: Solve this question general Accounting
A: Step 1: Define Gross MarginThe gross profit of a company can be calculated by detecting the cost of…
Q: Please provide answer this accounting question answer do fast
A: Step 1: Define Gross Profit PercentageGross Profit Percentage is the ratio of gross profit to net…
Q: Financial accounting question
A: Step 1: Define Earnings Per Share (EPS)EPS measures the company's profitability allocated to each…
Q: Goodwill is an example of
A: Concept of Tangible Assets:Tangible assets are physical items owned by a business that provide…
Q: Earning after taxes of $25,000? General accounting
A: Step 1: Define Net Profit MarginNet profit margin is also called net margin. It is a financial…
Q: Please provide solution this accounting question
A: Step 1: Define Labor Rate VarianceLabor rate variance measures the difference between the actual…
Q: Solve this accounting issue
A: Step 1: Define P/E RatioThe Price-to-Earnings (P/E) ratio is a measure used to value a company,…
Q: what are the equivalent units for the materials unit cost calculations are __.
A: To calculate the equivalent units for materials using the average cost method, we consider that…
Q: The last department in a production process shows the following information at the end of the…
A: To calculate how many units have been transferred to finished goods, use the following…
Q: Help
A: Explanation of Revenue:Revenue is the total income a business earns from its core operations by…
Q: Not use ai solution given correct answer general Accounting question
A: Step 1: Define Absorption costingAbsorption costing is a managerial accounting system different from…
Q: Office Mart has assets equal to dollar 123,000 and liabilities equal to dollar 53,000 at year-end.…
A: To calculate the total equity of Office Mart at year-end, you can use the accounting equation:Assets…
Q: None
A: Given Information:Fixed Costs (FC) = $30,000Variable Cost per Unit (VC) = $0.75Break-Even Units…
Q: PLease provide general account answer
A: We need to determine the cost of supplies at the beginning of the year. The relationship between the…
Q: Provide correct answer general Accounting
A: Step 1: Define Accumulated DepreciationAccumulated depreciation refers to the sum of depreciation…
Q: Koco begins operations in 20X1 and uses the periodic method. In March, 20X1, Koco buys 700 units @…
A: To calculate the cost of the ending inventory using the LIFO method with the periodic inventory…
Q: A manufacturing company produces 1,000 units at a total cost of $20,000, where $5,000 is fixed…
A: Concept of Fixed Costs:Fixed costs are expenses that do not change with the level of production or…
Q: I want Solution
A: Step 1: Determine Ending Inventory in Units Step 2: Calculate Variable Cost Per Unit Step 3:…
Q: Michael transfer a commercial solution general accounting question
A: Step 1: Calculate Realized Gain• Formula: Realized Gain = (FMV of Stock + Boot) - Adjusted Basis of…
Q: I don't need ai answer general accounting question
A: Step 1: Definition of Allocation of Purchase PriceWhen a group of assets is purchased for a lump…
Q: If variable manufacturing
A: Step 1: Define Absorption Costing ConceptAbsorption costing is the costing method prescribed by the…
Q: Calculate the return on assets for the period
A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that…
Q: Hi expert please give me answer general accounting
A: Step 1: Definition of Cost of Goods Manufactured (COGM)COGM refers to the total production cost of…
Q: General Accounting question
A: Step 1: Define PurchasesPurchases refer to expenses incurred for buying goods for resale. Purchases…
Q: What amount would be subject to capital gains tax?? General accounting
A: Step 1: Definition of Capital Gains TaxCapital gains tax is a tax on the profit earned from the sale…
Q: Don't use ai given answer accounting questions
A: Step 1: If Applied manufacturing overhead cost is less than the actual manufacturing overhead cost…
Q: Answer this Accounting problem
A: Explanation of Equivalent Units of Production (EUP):Equivalent Units of Production (EUP) is a…
Q: WaNt AnSwEr
A: Explanation of Balance Sheet: A balance sheet is a financial statement that provides a snapshot of a…
Q: Hello tutor please help me this question
A: Step 1: Define Taxable IncomeTaxable income refers to the net income of an individual or a business…
Q: Compute the equivalent units of production for October.
A: Step 1: Key DataWork in process (WIP), October 1:Units: 50,000Percent complete (materials):…
Q: Do fast answer of this accounting questions
A: Step 1: Start with the formula:• Actual Cost = Standard Cost + Price Variance + Quantity…
Q: I don't need ai answer accounting questions
A: Step 1: Definition of Capital Gains TaxCapital gains tax is the tax levied on the profit from the…
Q: If a business has revenue of $677,000, cost of goods sold of $214,000, operating expenses of…
A: Concept of Revenue: Revenue is the total income a business earns from selling goods or providing…
Q: Accurate Answer
A: Explanation of Work-in-Process (WIP) Inventory:Work-in-process inventory refers to partially…
Q: Need help with this general accounting question
A: Step 1: Define Return on Equity (ROE)The ROE value represents the net income earned for every dollar…
Q: Rodriguez Company pays $522,160 for real estate with land, land improvements, and a building. The…
A: Concept of Allocation of CostsAllocation of costs refers to the process of dividing the total cost…
Q: A stock has returns of solve this question general Accounting
A: The question requires the determination of the holding period return. Holding period return is the…
Q: Aaker Corporation, which has only one product, has provided the following data concerning its most…
A: Explanation: In the given case, we are required to calculate the unit product cost under variable…
Q: What is the amount of gain
A: Step 1: Definition of Gain on SaleThe gain on sale of property is calculated as the difference…
Q: The green tree company manufacturers wooden
A: Step 1: Definition of Relevant Costs in OutsourcingRelevant costs are the costs directly impacted by…
Q: Willis Company had an operating profit of $75,000 using variable costing and an operating profit of…
A: The difference between operating profit under variable costing and absorption costing arises because…
Provide general accounting soluutions
Step by step
Solved in 2 steps
- Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc. A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per yard from a supplier, on credit. Terms of the purchase are 1/5, n/40 from the invoice date of October 3. B. On October 8, Sewing Masters Inc. purchases 300 more yards of fabric from the same supplier at an increased price of $9.25 per yard, on credit. Terms of the purchase are 5/10, n/20 from the invoice date of October 8. C. On October 18, Sewing Masters pays cash for the amount due to the fabric supplier from the October 8 transaction. D. On October 23, Sewing Masters pays cash for the amount due to the fabric supplier from the October 3 transaction.Webster Company adopted do liar-value LIFO on January 1, 2019. Webster produces three products: X, Y, and Z. Websters beginning inventory consisted of the following: During 2019, Webster had the following purchases and sales: Required: 1. Compute the LIFO cost of the ending inventory assuming Webster uses a single inventory pool. Round cost index to 4 decimal places. 2. Compute the LIFO cost of the ending inventory assuming Webster uses three inventory pools. Round cost indexes to 4 decimal places.Willetta Company purchases inventory for $19,000 with terms 2/10, n/30. It then returns $2,900 of the inventory purchased to the supplier and also receives an allowance for defective inventory of $190. The company pays the amount due within the discount period. What is the amount of the discount that will be taken? (Round your answer to the nearest dollar amount.) Multiple Choice $318 $376 $290 $322
- Coronado Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 O $163700. O $35720. O $162900. O $164300. Save for Lator Units Unit Cost 7 9900 8600 6100 $8.80 A physical inventory on December 31 shows 3900 units on hand. Coronado sells the units for $11 each. The company has an effective tax rate of 22%. Coronado uses the periodic inventory method. Under the LIFO method, cost of goods sold is 8.00 7.00 6 55° AQI 66 somo's izzeria States Attempts: 0 of 1 used Wil Submit Answer El Pueblo Mexican Restaurant, LLCOriole Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 Units Unit Cost O $7.70. O $8.00. O $7.55. O $7.40. 10000 8500 November 8 6500 $9.40 7.00 6.00 A physical inventory on December 31 shows 4500 units on hand. Oriole sells the units for $13 each. The company has an effective tax rate of 18%. Oriole uses the periodic inventory method. The weighted-average cost per unit isVinubhaibhaliya
- Bramble Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 Units Unit Cost $9.40 $182500. $183300. $39940. $183900. 10100 9100 5700 9.00 8.00 A physical inventory on December 31 shows 4100 units on hand. Bramble sells the units for $12 each. The company has an effective tax rate of 20%. Bramble uses the periodic inventory method. Under the LIFO method, cost of goods sold isApril 4, 2020 Smith and West, who uses the Perpetual inventory system, purchased 1000 widgets from ABC company on account, at a cost of $5 each. HST is applied and they charged the goods, PI-26. Terms: 5/10 n/30. On April 10, Smith and West sold 200 widgets to Mr. T on account at a price of $14 each. HST was collected. Terms: 5/10 n/30. Debit - A/R - Mr. T $3,164 </> Credit - Sales $2,800, HST Payable $364 25) What would be the 2nd journal entry to record this transaction? 1.Debit - Cost of Goods Sold $1,000 </> Credit - Inventory $1,000 2.Debit - Inventory $1,000 </> Credit - Cost of Goods Sold $1,000 3.Debit - Cost of Goods Sold $1,000 </> Credit - Purchases $1,000 4.Debit - Cash $1,000 </> Credit - Inventory $1,000Waterway Company's inventory records show the following data: Units Unit Cost Inventory, January 1 10200 $9.20 Purchases: June 18 8600 9.00 November 8 6200 6.00 A physical inventory on December 31 shows 4000 units on hand. Waterway sells the units for $13 each. The company has an effective tax rate of 20%. Waterway uses the periodic inventory method. What is the cost of goods available for sale?
- 24) April 4, 2020 Smith and West, who uses the Perpetual inventory system, purchased 1000 widgets from ABC company on account, at a cost of $5 each. HST is applied and they charged the goods, PI-26. Terms: 5/10 n/30. On April 10, Smith and West sold 200 widgets to Mr. T on account at a price of $14 each. HST was collected. Terms: 5/10 n/30. What would be the 1st journal entry to record this transaction? (Hint: There are 2 journal entries) 1.Debit - Sales $2,800, HST Payable $364 </> Credit - A/P - Mr. T $3,164 2.Debit - Cash $3,164 </> Credit - Sales $2,800, HST Payable $364 3.Debit - A/R - Mr. T $3,164 </> Credit - Sales $2,800, HST Payable $364 4.Debit - Sales $2,800, HST Payable $364 </> Credit - A/R - Mr. T $3,164Maria B, Inc. uses a perpetual inventory system. This system includes a perpetual inventory record card for each of the 50 types of the products the company keep in stock. The following transactions show the purchase and sale of particular round table (product code AB-RB7) during November. Nov.1 Balance on hand, 50 units, cost $60 each…………………………………….$3,000 Nov.4Purchase, 20 Units, cost $65 each……………………………………………..$1300 Nov.8Sale, 35 units, Sale price $100 each…………………………………………...$3500 Nov.9 Purchase, 40 units, cost $65 each……………………………………………..$2600 Nov.20Sale, 60 units, sale price $100 each…………………………………………..$6000 Nov.25Purchase 40 units, cost $70 each…………………………………….……….$2800 Nov.30Sale 5 units sale price $110 each………………………………………...…….$550 Required: Record the beginning inventory, the purchases, the cost of goods sold, and the running balance on an inventory record card by Using Average Cost Method & LIFO method. Prepare journal entries to record these purchases and sales in…Port Corporation sells item X-100. Purchases, sales and costs of item X-100 for the last quarter of 2019 follow: Date Units Purchased Units Sold Unit Cost October 1 October15 October 30 500 300 $4.00 $4.10 600 November 10 400 $4.20 November 25 500 December 5 December 20 800 $3.90 700 The selling price for all units sold in the quarter was $10.00. REQUIRED: 1. Assume the company uses a periodic inventory system. Calçulate the cost of goods sold for the last quarter of 2019 using the FIFO method of cost valuation. 2. Prepare the journal entry to record the sale on October 30th (on account Assume the company uses a perpetual inventory system and FIFO method of valuation. 3. Prepare the journal entry to record the sale on October 30th (on account). Assume the company uses a periodic inventory system and FIFO method of valuation 4. This question does not relate to the data above. Ignore all of the above information. Required: If ANY company wants to maximize gross margin and, assuming the…
