From a business's perspective, what is a warranty payment? Is it the same as a warrant payment or warrant payable? Please explain.

Q: company, had the following receipts in January 2022: Receipts from passengers, P2,700,000 Receipts ...

A: Calculation of Total Input VAT Available Particulars Amount   Input VAT on gasoline P50,000   ...

Q: Units started 100,000 20,000 14,500 97,000 Work in process, beginning (35% complete) Work in process...

A:

Q: B. Retained Earnings Statement E Batance SheetMsimpte unelassified) Adjusted Trial Balance Debit Cre...

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: Required information Use the following information for the Exercises 6-8 below. (Algo) [The followin...

A: On May 5 th, Cost of goods sold = $5000  

Q: For each of the following activities, select the most appropriate cost driver.

A: The activity based costing identifies the cost of each activity, pools the costs under that activity...

Q: . The total cost assigned to job 777C is P24,000 which includes direct materials cost of P6,000. The...

A: Solution: Total cost assigned to Job = P24,000 Factory overhead = 150% of direct labor cost Conversi...

Q: Punongbayan and Araullo formed a partnership. The following were contributed by the partners and lia...

A: Total capital of the partnership = Total assets - Total liabilities

Q: A high-precision programmable router for shaping furniture components is purchased by Henredon for $...

A: Purchase price = $190,000 Expected life = 12 years  Salvage value = $5,000  

Q: EA14 Toren Inc. employs one person to run its solar management company. The employee’s gross income ...

A: Payroll- The payroll area designates a group of employees for whom the same payroll components are p...

Q: X, Y, Z share profits and losses in the ratio of 20%, 30%, 50%, respectively. During the year, their...

A: Formula used for calculating share in Total profit: Y share in Profits = Total Profit amount x Y pro...

Q: The declaration, record, and payment dates in connection with a cash dividend of $37,000 on a corpor...

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in...

Q: partners FE, Lorna and ALMA decided to sell 20% of their capital directly to Roy for 200k. Capital b...

A: The direct sale of old partners share to new partner is not recorded in the books of partnership fir...

Q: sing the financial information is presented below:             Operating Expenses  $ 55,000       ...

A: Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales returns and all...

Q: Mango LLC sells its product for $60 and has variable cost of $30 per unit. The total fixed costs are...

A: Break even point = Fixed costs /Contribution margin per unit  where, Contribution margin per unit = ...

Q: Job 456 manufactured 12,000 units that were completed in February at unit costs presented as follows...

A:

Q: Prepare a schedule showing the individual cost elements and total cost for each job in item 7.

A: Solution:- Given, Enos, Printing Corp. uses a job order cost system. Information of materials Factor...

Q: An employee has total gross wages of $7,000, Federal Unemployment Expense, and State Unemployment Ex...

A: Solution A journal is a company's official book in which all business transaction are recorded in ch...

Q: Accumulated depreciation-Equipment of JAD Company at December 31, 2019 and December 31, 2020 were P1...

A: Depreciation is charged against the value of fixed assets. It can be calculated by using the straigh...

Q: What is the risk caused by the sample taken by the Auditor that does not describe the characteristic...

A: Audit sampling is the audit procedure in which sample is selected to test the whole data or informat...

Q: Avery Corporation Balance Sheet For year ending December 31 2019 2020 2021 ssets Cash & securities 1...

A: Common size balance sheet is one of the method of financial statement analysis, under which each ite...

Q: Papaya Corporation has the following product information: Sales price $9.00per unit $5.00per unit Va...

A: Operating income= sales- variable cost-fixed cost

Q: Help me only with question b) Financial statements:  Income Statement For the Month Ended Octobe...

A: Solution Working note 1- Net profit = (210) / 5600 = -3.75 2- Gross profit margin = 770 / 5600 = 13....

Q: The following standard data are available for ABC Corp to produce one unit of product X: · ...

A: Material cost per unit = 3 Yards*5 = 15 Direct labor cost per unit = 2 Hours*10 = 20 Overhead cost p...

Q: Use the following end-of-period spreadsheet to answer the question that follow. Finley Company End-...

A: Closing entries are made at the end of an accounting period. These entries are made to close the tem...

Q: Financial audit Q&A Auditors also need to consider the subjective needs of users of financial statem...

A: Auditing involves an independent examination of financial records of an entity with a view to provid...

Q: The following Journal entries occurred in 2019 SAS invested 100,000 in cash in the ...

A: 1. Income Statement 2. Balance Sheet The first statement shows the income earned and loss incurred b...

Q: ne 2021, at the following costs per pair: Materials, P80; Labor, P50; and Overhead (125% of direct l...

A:  ln cost accounting, the cost are allocated to the product to reach out at the profit. there can be ...

Q: Marc Company sold merchandise to Jacobs Company on July 7, 2020 at a list price of P150,000, trade d...

A: Note: 2/EOM, n/60: Here, 2 represents the discount rate if payment is made within two days after the...

Q: What is the parties reported by the auditor that are related to the results of the audit reports mad...

A: Audit is independent examination of financial statements of any company for the purpose of giving op...

Q: Interest income on municipal governmental bonds $ 92,000 Depreciation claimed on the 2021 tax return...

A: Tax is an amount that is charged by the government from the individual and organization on the incom...

Q: Chickadee had the following external transactions. Required: Using the external transactions below, ...

A: Retained Earnings: It is  the accumulated net income of the corporation that is retained as at the e...

Q: Chemi Co. produces chemicals Koo and Lam and incident to their production recovers a by-product, Boo...

A: Net realizable value = Total market value - Further process costs Total costs to be allocated = Tota...

Q: During the year, the ABC partnership’s operations generated a loss. The partnership agreement provid...

A: Solution: Share of loss of partner A = P8,000 Salary and interest to Partner A = P2,000 + P15,000 = ...

Q: Exercise 4-16 (Algo) Computing net sales for multiple-step income statement LO P4 A company reports ...

A: Lets understand the basics. Income statement is prepared to understand the income, expenses and net ...

Q: Carryon Company sells a product and a 12-month service package for that for a combined price of $810...

A: Deferred Revenue: It is amount received by the company as prepayment for the goods or service provid...

Q: The following income statements illustrate different cost structures for two competing companies: In...

A: Total fixed cost does not changes with the change in the level of output Variable cost per unit will...

Q: Manufacturing overhead        30,800 ·         Increase in direct materials     13, 000 ·         In...

A: Total cost of manufacturing = costs of direct materials used + direct labor costs + manufacturing ov...

Q: Explain why people commit fraud. 2. What are the various types of fraud?

A: Fraud is any intentional act done to obtain illegal or unjust advantage by employees, management, th...

Q: d produ that sells for $30 per unit. The company pays $19 per unit fort e costs of the product and i...

A: Solution: Margin of safety represents the excess sales from the break even point of sales. Margin of...

Q: B1,B2,B3 are partners with average capital balances during 2021 of P945,000 P477 300 and P324,700, r...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: A. Income Statement B. Retained Earnings Statement E Batance Sheet (simpte unclassified) Adjusted Tr...

A: Solution Income statement  shows company's revenues and expenses during a particular period.

Q: You are 20 years old. You want to retire at age 65 (45 years) with $1,000,000. You can invest your m...

A: Future value required (FV) = $1,000,000 Interest rate = 6% Monthly interest rate (r) = 6%/12 = 0.50%...

Q: P430,000 and P570,000, respectively. The operations of the partnership for 2022 resulted to a profit...

A:

Q: Owners enjoy limited liability in a a) partnership b) corporation c) sole proprietorship d) prop...

A: Solution: Corporations are separate legal entity from owners / shareholders. In corporations, owners...

Q: its books until at least ten days after month end. In this way, it can sort out ownership of goods i...

A: 1 Accountants are concerned with timing because they want to ensure that sales are documented in the...

Q: What is the amount of revenue that Avocado should earn each month to break even? (Round your answer ...

A: Introduction:- Break-even sales means where There is no profit or loss Total revenues equals to tot...

Q: January 8 Sold merchandise on account to C. Cline, $1,000, plus sales tax of $50. Sale No. 1474. 14 ...

A: Date Account Titles  Debit   Credit  January'8 C.Cline  $   1,050     Sales    $   1,000   Sal...

Q: daho Corporation manufactures liquid chemicals A and B from a joint process. Joint costs are allocat...

A: Solution: Total joint costs = 4,560 Total sale value of product A at split off point = 500*10 = 5,00...

Q: How fill IRS Form 1120 Corporations with this info: (it's a fake company) For learning purposes only...

A: The calculation answer for the above mentioned solution is given in the following steps for your ref...

Q: The standard number of hours that should have been worked for the output attained is 10,000 direct l...

A: Direct labor rate variance = Actual hours ×[Actual rate - standard rate]