Allocation of joint cost as per physical measure method for August 2014:

Question

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Answer 1

Question

Chapter 16, Problem 16.21E

1.

a.

To determine

To compute: Allocation of joint cost as per physical measure method for August 2014:

b.

To determine

To compute: Allocation of joint cost as per NRV method.

2.

To determine

To compute: Operating income as per Physical measure method and NRV method.

3.

To determine

To identify: Pros and cons of physical measure method and NRV method.

4.

To determine

To prepare: Letter to taxation authorities.

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I am trying to find the accurate solution to this financial accounting problem with appropriate explanations.

A firm has net working capital of $1,450, net fixed assets of $5,220, sales of $12,750, and current liabilities of $1,880. How many dollars worth of sales are generated from every $1 in total assets? a. $2.92 b. $1.49 c. $2.36 d. $1.50 e. $1.37

Can you explain the correct approach to solve this general accounting question?

Answer 2

Question

Chapter 16, Problem 16.21E

1.

a.

To determine

To compute: Allocation of joint cost as per physical measure method for August 2014:

b.

To determine

To compute: Allocation of joint cost as per NRV method.

2.

To determine

To compute: Operating income as per Physical measure method and NRV method.

3.

To determine

To identify: Pros and cons of physical measure method and NRV method.

4.

To determine

To prepare: Letter to taxation authorities.

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Answer 3

Question

Chapter 16, Problem 16.21E

1.

a.

To determine

To compute: Allocation of joint cost as per physical measure method for August 2014:

b.

To determine

To compute: Allocation of joint cost as per NRV method.

2.

To determine

To compute: Operating income as per Physical measure method and NRV method.

3.

To determine

To identify: Pros and cons of physical measure method and NRV method.

4.

To determine

To prepare: Letter to taxation authorities.

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Answer 4

Question

Chapter 16, Problem 16.21E

1.

a.

To determine

To compute: Allocation of joint cost as per physical measure method for August 2014:

b.

To determine

To compute: Allocation of joint cost as per NRV method.

2.

To determine

To compute: Operating income as per Physical measure method and NRV method.

3.

To determine

To identify: Pros and cons of physical measure method and NRV method.

4.

To determine

To prepare: Letter to taxation authorities.

Expert Solution & Answer

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Answer 5

Chapter 16, Problem 16.21E

1.

a.

To determine

To compute: Allocation of joint cost as per physical measure method for August 2014:

b.

To determine

To compute: Allocation of joint cost as per NRV method.

2.

To determine

To compute: Operating income as per Physical measure method and NRV method.

3.

To determine

To identify: Pros and cons of physical measure method and NRV method.

4.

To determine

To prepare: Letter to taxation authorities.

Answer 6

Chapter 16, Problem 16.21E

1.

a.

To determine

To compute: Allocation of joint cost as per physical measure method for August 2014:

Answer 7

Chapter 16, Problem 16.21E

1.

a.

To determine

To compute: Allocation of joint cost as per physical measure method for August 2014:

Answer 8

b.

To determine

To compute: Allocation of joint cost as per NRV method.

Answer 9

b.

To determine

To compute: Allocation of joint cost as per NRV method.

Answer 10

2.

To determine

To compute: Operating income as per Physical measure method and NRV method.

Answer 11

2.

To determine

To compute: Operating income as per Physical measure method and NRV method.

Answer 12

3.

To determine

To identify: Pros and cons of physical measure method and NRV method.

Answer 13

3.

To determine

To identify: Pros and cons of physical measure method and NRV method.

Answer 14

4.

To determine

To prepare: Letter to taxation authorities.

Answer 15

4.

To determine

To prepare: Letter to taxation authorities.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 16 - Give two examples of industries in which joint...Ch. 16 - What is a joint cost? What is a separable cost?Ch. 16 - Distinguish between a joint product and a...Ch. 16 - Why might the number of products in a joint-cost...Ch. 16 - Provide three reasons for allocating joint costs...Ch. 16 - Why does the sales value at splitoff method use...Ch. 16 - Prob. 16.7Q Ch. 16 - Distinguish between the sales value at splitoff...Ch. 16 - Give two limitations of the physical-measure...Ch. 16 - How might a company simplify its use of the NRV...

Allocation of joint cost as per physical measure method for August 2014:

To compute: Allocation of joint cost as per physical measure method for August 2014:

To compute: Allocation of joint cost as per NRV method.

To compute: Operating income as per Physical measure method and NRV method.

To identify: Pros and cons of physical measure method and NRV method.

To prepare: Letter to taxation authorities.

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Chapter 16 Solutions