The following data was collected by an average adjuster assigned toadjust for a vessel on average after a serious fire broke out on boardendangering the whole adventure resulting in both ship and cargosustaining GA damage in addition to PA losses.GA damage to shipGA damage to CargoPA damage to ShipPA damage to CargoGA expenditure(paid by owner)Gross amount of freight at risk = 500,000Freight contingent expenditure =Ship's sound valueTotal invoice value of cargoAdjusting according to YAR show your calculations in arriving at theGA contributions of the interests you identify in this adventure.= 560,000.= 1,215,000.= 800,000= 1,675,000= 424,000%3D30,000=5,000,000%3D=8,000,000

General Average (GA) contribution is a marine principle that calls for all parties concerned to…

Answered: The following data was collected by an…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter10: Long-lived Tangible And Intangible Assets

Section: Chapter Questions

Problem 14E

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YAR Stands For : Young Adult Representative. GA - General Anesthesia
Kk64.
Е 3-4 Gross profit method (Manufacturing entity) The work-in-process inventory of Havlicek Corp. were completely destroyed by fire on June 1, 2021. You were able to establish physical inventory figures as follows: June 1 P120,000 Raw materials Work-in-process Finished goods Jan. 1 P 60,000 200,000 280,000 240,000 Purchases of raw Sales from Jan. 1 to May 31, were P546,750. materials were P200,000 and freight on purchases, P30,000. Direct labor during the period was P160,000. It was agreed with insurance adjusters that an average gross profit rate of 35% based on cost be used and that direct labor cost was 160% of factory overhead. Required: Compute for the work in process inventory destroyed by fire.
Information related to Riverbed Co. is presented below. 1. On April 5, purchased merchandise on account from Tamarisk Company for $36,000, terms 3/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $920 on merchandise purchased from Tamarisk. 3. On April 7, purchased equipment on account for $30,500. 4. On April 8, returned damaged merchandise to Tamarisk Company and was granted a $4,200 credit for returned merchandise. 5. On April 15, paid the amount due to Tamarisk Company in full.
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A truck costing $114000 was destroyed when its engine caught fire. At the date of the fire, the accumulated depreciation on the truck was $55000. An insurance check for $129000 was received based on the replacement cost of the truck. The entry to record the insurance proceeds and the disposition of the truck will include a O credit to the Truck account of $59000. ○ credit to the Accumulated Depreciation account for $55000. ○ Gain on Disposal of $70000. ○ Gain on Disposal of $15000. eTextbook and Media
Self- Assessment Problem I. Information related to Steffens Co.is presented below. 1. On April 5, purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point. 2. On April 6 paid freight costs of $900 on merchandise purchased from Bryant. 3. On April 7, purchased equipment on account for $26,000. 4. On April 8, returned damaged merchandise to Bryant Company and was granted a $4,000 credit for returned merchandise. 5. On April 15 paid the amount due to Bryant Company in full. Instructions (a) Prepare the journal entries to record these transactions on the books of Steffens Co. under a perpetual inventory system. (b) Assume that Steffens Co. paid the balance due to Bryant Company on May 4 instead of April 15.Prepare the journal entry to record this payment.
How much should be recorded as the purchase price of theindividual PPE items: For items 18 to 22, identify the amount to be included asEquipment 18. Payment for injuries to third‐parties not covered byinsurance – P200,00019. Freight amounted to P50,000 and freight insuranceamounted to P5,000.20. Site preparation of P100,000 and installment cost ofP75,000.21. Test run cost which includes P10,000 materials, P15,000direct labor cost, P1,000 allocated supervisor’s salary andother overhead cost of P5,000. The good produced was soldfor P30,000.22. Value‐added tax amounting to P100,00023. Import tax of P30,00
MAKE THE NECESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIOn: 1)Merchandise acquired cost is 114.000 +10 % VAT .Freight In was 6.000 TL+10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2)Machinary is purchased for 326.000 TL + %10 VAT , Note is endorced forpurchase . Transportation and Installations invoice is 94.000 TL + %10 VAT halfpaid by check balance is on account. . 3) Merchandise sold for 64.000 USD ( rate 7.05 TL/ USD) + 10% VATreceived note for sale. VAT paid cash . Cost of good Sold is 235.000 TL
How do I prepare this journal entry
Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year). A. A business depreciates a building with a book value of $12,000, using straight-line depreciation, no salvage value, and a remaining useful life of six years. B. An organization has a line of credit with a supplier. The company purchases $35,500 worth of inventory on credit. Terms of purchase are 3/20, n/60. C. An employee earns $1,000 in pay and the employer withholds $46 for federal income tax. D. A customer pays $4,000 in advance for legal services. The lawyer has previously recognized 30% of the services as revenue. The remainder is outstanding.
Statement 1: When change in the estimated life of depreciable asset occurs at the time of an intercompany sale, the treatment is different than if the change occurred while the asset remained on the books of the selling affiliate. Statement 2: The branch reports ending inventory of $1,500 consisting of goods from the home office billed at 125% above cost. The related "allowance" account in the home office books must have a credit balance of $300. Statement 3: In the financial settlement of a contingent consideration classified as financial liability, the amount shall be remeasured at fair value with any gain or loss included in a profit or loss. Statement 4: Intercompany sales of inventory necessitate adjustments to the calculation of the distribution of income to the controlling interests. Which statement/s is/are true?

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