Tim Keller Inc. is a manufacturer. The activity for Material ENC during August 2021 is shown below: Date Balance/Transaction Units Cost 2,000 3,000 3,600 4,800 3,800 Aug. 1 P39.00 Inventory Purchase 7 36.00 12 Issuance 21 Purchase 38.50 22 Issuance 29 Purchase 1,000 39.50

Tim Keller Inc. is a manufacturer. The activity for Material ENC during August 2021 is shown below: Date Balance/Transaction Units Cost 2,000 3,000 3,600 4,800 3,800 Aug. 1 P39.00 Inventory Purchase 7 36.00 12 Issuance 21 Purchase 38.50 22 Issuance 29 Purchase 1,000 39.50

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter5: Accounting Systems

Section: Chapter Questions

Problem 1E: Using the following revenue journal for Zeta Services Inc., identify each of the posting references,...

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Instructions: 1. Based on the information provided below, please calculate the total accrual needed at the end of Q1-2022 (3/31/2022) by vendor. 2. Round the total accrual to the nearest 10. 3. Utilizing the rounded total accrual amount, and the provided information, show what journal entry(s) should be posted at the end of Q1-2022. 4. Format/change/improve this tab however you like to make it easier to understand. This is a list of all invoices received and paid related to Q1 for the respective vendors: Invoice/Start Date Vendor Invoice Number Amount 2/1/2021 California Roofing 3AD24DF982D 1/1/2022 Hot Cakes LLC 1/6/2022 Jammer Joes Pools D48F5A4D8 1/10/2022 Else's Hammer Sho 1/19/2022 Washmart Co 2/4/2022 Hot Cakes LLC 2/5/2022 ABC Plumbing 2/16/2022 Else's Hammer Sho 3/17/2022 Spooner forks Inc UUTTRSFS 3/19/2022 Else's Hammer Sho Washmart Co California Roofing Jammer Joes Pools Spooner forks Inc Total Accrual 2. Rounded Total 3. JE(s) needed at 3/31/2022: Account Type Debit Expense…
Access the FASB Accounting Standards Codification at the FASB website(www.fasb.org). Determine the specific citation for each of the following items:Required:1. The topic number for business combinations.2. The topic number for related party disclosures.3. The specific seven-digit Codification citation (XXX-XX-XX) for the initialmeasurement of internal-use software.4. The specific seven-digit Codification citation (XXX-XX-XX) for the subsequentmeasurement of asset retirement obligations.5. The specific seven-digit Codification citation (XXX-XX-XX) for the recognition ofstock compensation
The earliest period IAS 1 issuance is on ______. (MM/YYYY)
Company A uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The following information is available for 2025 and 2024 : 12//31//2025 12//31//2024 FIFO Inventory $182,000 $187,000 LIFO Inventory $174,000 $176,000 What is the appropriate journal entry at 12//31//2025 to adjust the account balances from FIFO-based to LIFO-based amounts? LIFO Reserve 8,000 8,000 Cost of Goods Sold LIFO Reserve 3,000 3,000 Cost of Goods Sold 3,00 Cost of Goods Sold 8,000 LIFO Reserve 8,000 Cost of Goods Sold 3,000 LIFO Reserve 3,000
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Use the following information for the next three questions: Entity A, a manufacturing entity, obtains insurance against product liability from Entity B, an insurance company. Entity B then cedes the insurance contact with Entity C, another insurance company. 1. How does Entity B account for the insurance contract with Entity A? a. General model b. Premium Allocation Approach a or b d. Not accounted for under PFRS 17 2. How does Entity C account for the insurance contract ceded by Entity B? General model b. Premium Allocation Approach c. a or b d. Modification to general model for reinsurance contracts held 3. How does Entity B account for the insurance contract ceded to Entity C? a. General model b. Premium Allocation Approach C a or b d. Modification to general model for reinsurance contracts held OAD O 3)
Ihe accourtsfor the statement of fihancial postionandincame statemert a Altredo Escarno, CPAare a tollows: Alteda Ie, CRA Adjunn TrialEe nce Decem ber31, 20X Cad it N1,500 Accnun Debit Accounts hyable Accounts Beoeivable Accu nauilatel Depredsion - Bualing Acu naulated Deprednion -Ofice Eqrip ment Autiing Laenua Bul ding Cath Dereivtion Expas e-Baling Doreciation Ispase-Otice Eqip mat Isano, Capital, Isano, Wahdrawals n1,000 110,00 120,000 1,361,500 750,000 11 S00 55,000 60,000 1,215,500 165,000 75,000 60,000 362,500 96,000 26,000 6,500 52,500 735,000 Ind Mots Becdusble Oftice Equap nent Oftice Supplie Expense Office Supplis Profeiond Deudep mat Ixpense Rent Expense Salades Ixpense Salades Pyable Trud Expense Uhlitis Expense TOTAL 30,500 41,000 18,000 P2 PO1000 RB0 1000 Required: Bepae in goodfom te icome statement andthe statenet f firndalpostion f Altredo Escano, CPAfrte year ended Deombe 31 201X
Snarl Entity, as well as all of Snarl Entity’s suppliers, are registered as VAT vendors. Snarl Entity uses the perpetual inventory system.Snarl Entity’s current reporting date is 31 December 2014 and the owner will probably approve the 2014 financial statements for distribution on 28 February 2015. The following information represents an extract from the list of balances of Snarl Entity on 31 December 2014:Receivable Croock (30 November 2014 ) 240 000Payable Poock (30 November 2014 ) 445 000ADDITIONAL INFORMATIONThe Payable/Receivable clerk of Snarl Entity has finalised all the other receivables and payables accounts, but was admitted to hospital before she could do the abovementioned accounts and they approached you to complete it for them. The following transactions where applicable, include VAT at 14%:03 Dec An amount of R228 000 due by Receivable Croock, was paid directly into Snarl Entity’s bank account by the means of an EFT. 03 Dec The balance of R12 000, represents a sale of…
E2-6 (L05,6) (Assumptions, Principles, and Constraint) Presented below are the assumptions, principles, and constraint used in this chapter. TO 1. Economic entity assumption 6. Measurement principle (fair value) any7. Expense recognition principle 8. Full disclosure principle enollourdant 2. Going concern assumption on to amsi mi es 3. Monetary unit assumptiondudue wans or o1Mno 4. Periodicity assumption 5. Measurement principle (historical cost) 9. Cost constraint ns Iamuoniwol epeil 10. Revenue recognition principle Instructions tt.000.092 foolaonslad ord no Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) Allocates expenses to revenues in the proper period. (b) Indicates that fair value changes subsequent to purchase are not recorded in the accounts. (Do not use revenue recogni- tion principle.) (c) Ensures that all relevant financial information is reported. (d) Rationale why plant…
Use the following information for the next three questlons: Entity A, a manufacturing entity, obtains insurance against product liability from Entity B, an insurance company. Entity B then cedes the insurance contact with Entity C, another insurance company. 1. How does Entity B account for the insurance contract with Entity A? General model Premium Allocation Approach Ca or b d. Not accounted for under PFRS 17 How does Entity C account for the insurande contract ceded by Entity B? General model Premium Allocation Approach a or b d. Modification to general model för reinsurance contracts held 3 How does Entity B account for the insurance contract ceded to Entity C General modet Premium Allocation Approach a or Modification to geheral model for reinsurance contracts held
Additional Activities Directions: Do the task listed bélow using the transacions of Matapang Company for Deccmber 2019. Writc your answers on a separate sheet of paper. 1. Prepare the journal entries. 2. Post each transaction to its ledger account. 3. Prepare the trial balance. 4. Use the provided account numbers. Ralph Matapang cstablishcd Happy Repair Busincss. The following are the transactions for the montb of Decembocr 2019. Dec. He invested P150,000 in the firm. He paid P8,000 for monthly rent. He bought supplies on account amounting to P7,200. He purchascd office equipment amounting to P75,000. paid P37,000 and the balance on account. 2. 2. 3. He paid accounts payable for supplies purchased worth P7,200. He paid P6,000 for the salary of an employec. He received P20,000 for services rendered. He billed clients P48,000 for services on account. 8. 14. 20. 28. 31. Matapang withdrew P12,000 for his personal use. 302 Matapang, Drawings 401 Service Revenue 101 Cash 102 Accounts…