y sales amounted to P2, 25% mark-up based on sa buying affiliate, which all 12/31/x6
Q: how arrived Purchase of fixed assets (10,20,000)
A: Introduction: Fixed assets are long term assets of the organization which are used in the business,…
Q: Buffalo Company is constructing a building. Construction began on February 1 and was completed on…
A: Weighted-Average Accumulated Expenditures are used for interest capitalization purposes. The…
Q: Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts…
A: Relevant accounting period: It is often defined as the accounting period for which the business…
Q: urrent assets of NorthPole.com at 1.7 million, 3rd quarter $1.5 million ermanent current assets is:…
A: Current assets are those assets which can be used to pay for current laibilties that means short…
Q: A fixed asset with a cost of $50,207 and accumulated depreciation of $42,676 is traded for a similar…
A: The Numerical has covered the concept of recognized loss The Book Value of the asset is computed by…
Q: Concord Company is constructing a building. Construction began on February 1 and was con were…
A: Capitalization Interest -Interest added to a loan balance that raises the total amount owed as well…
Q: A property that produces an annual NOI of $249,000 was purchased for $3,800,000. Debt service for…
A: The accounting procedure of spreading out the cost of a tangible item over its anticipated useful…
Q: How much is the goodwill on the consolidated balance sheet on December 31, 2021?
A: The requirement is to compute goodwill on the consolidated balance sheet on December 31, 2021. The…
Q: Consolidated Statements of Income Years Ended December ($ millions) July 27, 2019 July 28, 2018…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Machinery Corp transfers the machine, and collects the total contract price on February 1, 2020 The…
A: The analysis of five step model of revenue recognition with respect to the given case is presented…
Q: Accounting Property and equipment, at cost, consisted of the following: December 31,…
A: Fixed assets means those assets which is used for the business purpose for many year to come and…
Q: Req 4 Req 5 >
A: Gross profit refers to the sum value of money gained by an entity through its business activities…
Q: Bonita Company is constructing a building. Construction began on February 1 and was completed on…
A: Borrowing cost i.e. interest cost where loan is used to build any fixed assets, has to be…
Q: REQUIRED: 7. Compute the net remeasurement loss for the current year
A: The question asked about remeasurement loss of the current year. The details were providing of…
Q: Question 2 On the 1 March 20x1 Interface Unit started working on a contract with a contract price of…
A:
Q: Assets used to generate revenue for a period longer than one year are called :Select one A. Fixed…
A: Assets indicate the resources owned by the company and shows in the balance sheet which represent…
Q: None
A: Determine the value of the improvementsSince the improvements are worth 73% of the total purchase…
Q: Avayal Construction Company has entered into a contract beginning January 1, 2020, to build a…
A: The percentage of completion method recognizes the gross profit on the basis of percentage of the…
Q: n a restated set of financial statements prepared in accordance with the current cost accounting,…
A: Realized gain is the gain on sale of the asset where its cost price is less than the selling price.…
Q: Sheffield Company is constructing a building. Construction began on February 1 and was completed on…
A: WEIGHTED-AVERAGE ACCUMULATED EXPENDITURESWeighted-Average Accumulated Expenditures are used for…
Q: more vans were purchased in cash. The details are as follows: Date of Purchase 1 April 20X3 1 July…
A:
Q: Compute Larkspur's weighted-average accumulated expenditures for interest capitalization purposes.
A: To calculate weighted average accumulated expenditure, we need to take out the product of…
Q: Our company has purchased a land for 472.000 TL including 18% VAT. Which of the following accounts…
A: Journal entry It is important for the entity to record the journal entry in proper manner which…
Q: Oriole Corporation uses the percentage-of-completion method. At the end of the first year of a…
A: As per the percentage of completion method, the gross profit is recognized on the bases of the…
Q: Jebali Company reports gross income of $796,600 and other property-related expenses of $ 517,790 and…
A: As per US tax code,Depletion allowance calculated as lower of,Gross income * percentage of…
Q: Jordon Corporation obtains the following information from its actuary. All amounts given are as of…
A: Employee benefits are those perks and benefits which are being provided to employees. Pension cost…
Q: The following information about John Corp. applies to the entity for the year ending 30 June.…
A: Cash flow statement provides details of cash inflows and cash outflows by: Operating activities…
Q: Assuming that the due and demandable obligations amounted to ₱72,207.00, ₱3,921,230.79, ₱0 and ₱0…
A: the expenditures are directly tied to financing operations, they are usually stated individually on…
Q: (a) With reference to the NASS Construction Group 2021 Financial statements, explain how contract…
A: Contract Account In the contract Accounting there are number ways the revenue which are recognized…
Q: Annuel maintenance costs related to its machinery, $71,400 would be an expense in the period occured…
A: Correct Answer: Annual maintenance costs related to its machinery, $71,400 would be accounted for…
Q: Based on IAS 19 (Adjustment 2014) and the following data: Balance as of December 31, 2014: Current…
A: Post-employment benefits: Post-employment benefits means the amount to be paid to the employees…
Q: Using the base case, calculate the composite effects of a 5 percent increase in Sales, a 2 percent…
A: Gross Margin is the percentage of revenue that has been earned by the organization after reducing…
Q: E11.16 (LO3) (Tmpairment) Presented below is infor related to evie o wned by Suarez Company at 22 2…
A: Impairment loss = Carrying amount - Recoverable amount Recoverable amount is the higher of value in…
Q: In IFRS 16 par. 74, initial direct costs incurred by a lessor in consummating a manufacturer’s or…
A: In IFRS 16 par. 74, initial direct costs incurred by a lessor in consummating a manufacturer’s or…
Q: Metlock Company is constructing a building. Construction began on February 1 and was completed on…
A: Weighted average accumulated expenditures is the measure which is determined as sum of products of…
Q: In accounting for construction contracts using the percentage of completion method, the gross profit…
A: Using percentage method, the gross profit is recognised on the basis of percentage of the work…
Q: EFFICIENCY RATIO • Asset Turnover Ratio = Sales/ Total Assets • Net Working Capital Turnover = Sales…
A: As per our protocol we provide solution to the one question only but as you have asked multiple…
Q: A fixed asset with a cost of $31,304 and accumulated depreciation of $28,173.60 is sold for…
A: The objective of this question is to calculate the gain or loss on the disposal of a fixed asset.…
Q: Metlock Company is constructing a building. Construction began on February 1 and was completed on…
A: Ffg
Q: onita Corporation issued 1,900 $1,000 bonds at 102. Each bond was issued with one detachable stock…
A: A bond is a fixed income security that is used to signify a loan that a borrower has obtained from a…
Q: Prepare a table comparing the gross profit recognized in each of the three years under (1) the…
A: Percentage-of-Completion Method: Gross profit is recognized each year based on the percentage of the…
Q: The following information is from Lacy's Inc. $ millions Prior Fiscal Year Current Fiscal Year Net…
A: The ratio analysis helps to analyze the financial statements of the business on the basis of various…
Q: If an entity that uses a calendar year period and reports on an annual basis changes its business…
A: Calander year is the year which begin on 1 January and ends on 31 december. We are given that,…
Q: What is the revenue to be recognized by Entity A for the year ended December 31, 2020?
A: Particulars Stand-alone amount Revenue Royalty $25000 Non-Refundable Fees: Construction…
Q: Calculate Forterra's cumulative translated gain/loss for 20X3 using the functional currency method.
A: When the functional currency and the reporting currency are different, the financial statements are…
Compute for the consolidated operating expense as of December 31, 20x7
Step by step
Solved in 2 steps with 2 images
- What is the current ratio? I got 7.2:1In the preparation of the 20x4 consolidated income statement, depreciation expense will be: a. Debited for 5,000 in eliminating entries b. Credited for 5,000 in eliminating entries c. Debited for 13,000 in eliminating entries d. Credited for 13,000 in eliminating entries In the preparation of the 20x4 consolidated balance sheet, the computer equipment will be: a. Debited for 1,000 b. Debited for 15,000 c. Credited for 24,000 d. Debited for 40,000The following are financial data taken from the annual report of Foundotos Company: Year 2 $134,448 51,981 37,154 57,504 Net sales Gross property, plant and equipment Accumulated depreciation Intangible assets (net) A. Calculate the following ratios for Year 1 and Year 2: 1. Fixed asset turnover 2. Accumulated depreciation divided-by-gross fixed assets B. What do the trends in these ratios reveal about Foundotos? Year 1 $130,060 47,744 34,180 36,276
- Clark Corporation reported beginning net fixed assets of $94,150, ending net fixed assets of $103,626, accumulated depreciation of $49,133, net sales of $212,722, and depreciation expense of $12,315. Required: Compute Clark Corporation's fixed asset turnover ratio and the average age of its fixed assets.Sunland Company is constructing a building. Construction began on February 1 and was completed on December 31. Expenditures were $1,944,000 on March 1, $1,224,000 on June 1, and $3,072,650 on December 31. Compute Sunland's weighted-average accumulated expenditures for interest capitalization purposes. Weighted-average accumulated expenditures $The draft financial statements of Enjoy Ltd for the year ended 31 December 20X6 are given below. The following additional information is also provided: (i) Plant with an original cost of $800 and accumulated depreciation of $600 was sold for $200. (ii) Interest expense was $350 of which $140 was paid during the period. $130 relating to interest expense of the prior period was also paid during the period. (iii) Investment income included $250 of interest that was received during the period and $250 of interest still to be received. The $250 of interest still to be received is included within other receivables. (iv) Investment income also included $300 of dividend that was received. Statement of Profit and Loss for the year ended 31 December 20X6: Sales 44,870 Cost of sales 31,000 Gross Profit…
- Crane Corporation uses the completed-contract method. At the end of the first year of a $9023000 contract, the following information is available: Costs to date: Estimated costs to complete Progress billings during the year Cash collected during the year $2021000 O $991000 O $247750 O $275000 O $0 6011000 1811000 1536000 In the first year, Crane should recognize gross profit of Crane Corporation uses the co information is available: Costs to date: Estimated costs to complete Progress billings during the y Cash collected during the yea In the first voor Crano should r Snipping Tool Screenshot copied t Select here to markEnd of year a. Determine the as Asset turnoverThrasher Construction Co. was contracted to construct a building for $1,045,000. The building is owned by the customer throughout the contract period. The contract provides for progress payments. Thrasher's accounting year ends 31 December. Work began under the contract on 1 July 20X5, and was completed on 30 September 20X7. Construction activities are summarized below by year: 20X5 Construction costs incurred during the year, $192,600; estimated costs to complete, $674,100; progress billings during the year, $163,500; and collections, $149,800. 20x6 Construction costs incurred during the year, $481,500; estimated costs to complete, $203,300; progress billing during the year, $409,100; and collections, $406,600. 20X7 Construction costs incurred during the year, $209,000. Because the contract was completed, the remaining balance was billed and later collected in full per the contract. Required: 1. Prepare Thrasher's journal entries to record these events. Assume that percentage of…
- Which of the following statements about the Initial recording of a llability is true? Multiple Choice It is measured in terms of current cesh equivalent. It is only recorded if it must be paid within the current operating cycle or ane year, whichever is longer. It is reported as current. It is reported as long-term.A company had average total assets of $500,000, gross sales of $575,000, and net sales of $550,000. The company’s total asset turnover is:Increases in the effect of asset ceiling are recognized in full during the year in other comprehensive income recognized in full in the following year in other comprehensive income amortized over the remaining average service lives of the plan participants partly recognized in profit or loss and other comprehensive income