No No No No No er 31
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A: Segment reporting is one of the important concept used in financial reporting, under which informati...
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Q: business analyst for Doorknob Design Company (DDC), which manufactures expensive brass doorknobs. DD...
A: Solution Working - Standard quantity = 35000 / 1 unit *0.3 lbs =10500 lbs. Actual rate = (808500 / 3...
Q: ad and P900,000 for fixed overhead. a. What is the predetermined overhead rate base on units of prod...
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Q: the amount of overapplied manufacturing overhead as significant, the netry to close Overapplied Manu...
A: "Since you have asked multiple questions, we will solve first question for you. If you want any spec...
Q: The Caribbean Industrial Producers manufactures two products, “Zinc” and” “Ply”. The following sales...
A: Solution Budget is an estimation of revenue and expenses over a specified future period of time and ...
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A: Debtor ledger is prepared so that all the information relating to the debtors are recorded and asses...
Q: State your agreement/disagreement and explain your answer: A taxpayer who intends to challenge an IR...
A: A person or an entity (such as a corporation) that is compelled to pay a tax is known as a taxpayer....
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...
A: Activity rate per machining cost pool =Total Estimated machining setup cost/Expected Activity = $15...
Q: At the end of its economic life of p45000 operational hour, an item costing p500000 has a salvage va...
A: Solution: Cost of item = P500,000 Estimated salvage value = P500,000*12% = P60,000 Depreciable costs...
Q: PART 2 All Things Brass produces brass handles for the furniture industry in a four-stage process -M...
A: 1.) Statement of Equivalent Production Input output Input cost Direct Material Added Conversion ...
Q: Max Inc. had 300,000 ordinary shares issued and outstanding at December 31, 2020. On July 1, 2021 an...
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A: Absorption Costing :- In this system of costing the variable as w...
Q: how to find net operating working capital
A: Working capital or net working capital is arrived by deducting Current liabilities from Current asse...
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A: Introduction:- A subsidy, often known as a government incentive, is a type of financial help or supp...
Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...
A: It was given that The company uses a plantwide overhead rate based on direct labor-hours. Thus it is...
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A: The activity rate is calculated as total cost of activity divided by activity usage base. The cost i...
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A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: allgate Company has forecast credit sales for the fourth quarter of the year: September (actual...
A:
Q: Golf Corporation estimates that its production for the coming year will be 25,000 units, which is 90...
A: GIVEN Golf Corporation estimates that its production for the coming year will be 25,000 units, which...
Q: Polishing a d as follows
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Q: Exclusive Souvenirs Hut does customize, hand-crafted memorabilia for hotels, in which each batch of ...
A: The overhead is overapplied when applied overhead is more than the actual overhead incurred during t...
Q: Prepare the reconciliations between segment information and amount shown in the entity's financial s...
A: Segment reporting is one of the important concept used in financial reporting. Under this, some segm...
Q: Your audit of Banayoyo Corporation counts Receivable account consists of the following: year ended D...
A: The answer is stated below:
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A: Introduction:- The merger and purchase of several smaller enterprises into a few considerably bigger...
Q: Armstrong Products applies fixed overhead at a rate of P3 per direct labor hour. Each unit produced ...
A: Fixed overhead spending variance = Actual fixed overhead - Budgeted fixed overhead Fixed overhead vo...
Q: The amount of bonus to PP in 2015 amounted to: a. P18,000 C. P13,304 b. P16,456 d. P20,700
A: Suppose B is the amount of Bonus, Therefore, B = (Profit before Salary and Interest but after Bonus ...
Q: reenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. T...
A: The plant-wide overhead rate can be calculated by dividing the total estimated overhead rate by dire...
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A: The transactions are firstly recorded in the books of Original entries known as Journal. Both debit ...
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Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...
A: Total estimated overhead cost = Machining + Machine setup + Production design + General factory = $2...
Q: way Inc. in relation to operating segments.
A: Reportable segment is the reporting of the segment on the basis specified in the Indian Accounting S...
Q: The capital account to be credited to Elor
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Q: Greenwood Company manufactures two products—15,000 units of Product Y and 7,000 units of Product Z. ...
A: As per Activity Based Cost Accounting The activity rate for general factory activity cost pool is ba...
Q: market value The annual ope d will increas
A: Given, MARR = 10% per year
Q: Question 1 of 4 173 (a) Your answer is correct. Complete the aging schedule. Number of Days Outstan...
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Q: Which of the following firms do not use Job-order costing? Law Firms Consulting Firms Refinery Auto...
A: Lets understand the basics. Job order costing used when unique product or services needs to each cus...
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- Rachet Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Rachet's records are as follows: Inventory at December 31 (based on a physical countof goods in Rachet's warehouse on December 31) $ 1,290,000 Accounts payable at December 31: Vendor Terms Amount Boxes Company 2%, 10 days, net 30 $ 273,000 Crates Company Net 30 218,000 Driver Company Net 30 308,000 Express Company Net 30 233,000 Freight Company Net 30 – Gears Company Net 30 – Accounts payable, December 31 $ 1,032,000 Sales for the year $ 9,200,000 Additional Information: Parts held by Rachet on consignment from Crates, amounting to $175,000, were included in the physical count of goods in Rachet's warehouse and in accounts payable at December 31. Parts totaling $26,000, which were purchased from Freight and paid for in December, were sold in the last week of the year and appropriately recorded as sales of $32,000. The parts were included in the…Satoor, Inc.Satoor, Inc., which uses a periodic inventory system, purchased merchandise from Taye Company on July 7 for $15,000. The credit terms were 1/10, n/30. The goods were shipped FOB shipping point on July 7. Satoor, Inc. received the merchandise on July 10 and paid the amount due on July 15.Refer to the information provided for Satoor, Inc. Who is responsible for payment of the transportation costs on the merchandise sold? a. seller b. split equally between the two companies c. buyer d. Cannot be determined from the information provided.Sarasota Corp. uses a perpetual inventory system. The company had the following inventory transactions in April: April 3 Purchased merchandise from DeVito Ltd. for $24,080, terms n/30, FOB shipping point. The appropriate company paid freight costs of $602 on the merchandise purchased on April 3. Purchased supplies on account for $4,300. Returned merchandise to DeVito and received a credit of $3,010. The merchandise was returned to inventory for future resale. Paid the amount due to DeVito in full. 6 here to search 7 8 30 Record the above transactions in Sarasota's books. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit 18°C Sunny
- Resgan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from Reagan's records are as follows: Inventory at Decenber 31 (based on a physical count of goods in Reagan's warehouse on December 31) $1,480, e0e Accounts payable at December 31: Vendor Terms Атount Baker Corpany Charlic Corpany Dolly Corpany Eagler Company Full Company $ 295, 0e0 248,eee 338,eee 255,0e0 28, 10 days, пet 38 Net 30 Net 30 Net 30 Net 30 Greg Company Net 30 Accounts payable, December 31 $1,120,0ee Sales for the year $9,750,000 Additional Information: 1. Parts held by Reagan on consignment from Charlie, amounting to $230,000, were included in the physical count of goods in Reagan's warehouse and in accounts payable at December 31. 2 Parts totaling $37,000, which were purchased from Full and paid for in December, were sold in the lost week of the year and appropriately recorded es sales of $43,000. The parts were included in the physical count of goods in Reagan's warehouse on…Marigold Corp. uses a perpetual inventory system. The company had the following inventory transactions in April. April 3 Purchased merchandise from DeVito Ltd. for $33,000, terms 2/10, n/30, FOB shipping point. The appropriate company paid freight costs of $750 on the merchandise purchased on April 3. Purchased supplies on account for $5,400. Returned merchandise to DeVito and received a credit of $4,200. The merchandise was returned to inventory for future resale. 6 7 30 Paid the amount due to DeVito in full.Please see the attached image for incorrect journal entries. The entires are for the periodic inventory system. The following selected transactions were completed during August between Summit Company and Beartooth Co.: Aug. 1 Summit Company sold merchandise on account to Beartooth Co., $48,000, terms FOB destination, 2/15, n/eom. The cost of the goods sold was $28,800. 2 Summit Company paid freight of $1,150 for delivery of merchandise sold to Beartooth Co. on August 1. 5 Summit Company sold merchandise on account to Beartooth Co., $66,000, terms FOB shipping point, n/eom. The cost of the goods sold was $40,000. 9 Beartooth Co. paid freight of $2,300 on August 5 purchase from Summit Company. 15 Summit Company sold merchandise on account to Beartooth Co., $58,700, terms FOB shipping point, n/45. Summit paid freight of $1,675, which was added to the invoice. The cost of the goods sold was $35,000. 16 Beartooth Co. paid Summit Company for purchase of August…
- What is the correct amount of accounts payable? Delish Company is a wholesale distributor of automotive replacement parts. Initial amounts taken from accounting records on December 31, 2020 are as fallows: Inventory on December 31 based on physical count Accounts payable Sales 1 250 000 1 000 000 9 000 000 A. Parts held on consignment from another entity to Delish, the consignee, amounting to P165 000, were included in the physical count on December 31, 2020,and In accounts payable on December 31, 2020. B. P20 000 of parts which were purchased and paid for in December 2020, were sold in the last week of 2020 and appropriately recorded as sales of P28 000. The parts were included in the physical count on December 31, 2020 because the parts were on the loading dock waiting to be picked up by the customer, C. Parts in transit an December 31, 2020, shipped FOB shipping point on December 28, 2020, amounted to P34 000. The customers received the parts on lanuary 6, 2021. Sales of P40 00 to…Questions # 21-23 are based on the information below: Wicker Inc. has the following transactions during March: March 3 March 5 March 6 March 12 March 29 Purchases inventory on account for $3,500, terms 2/10, n/30. Pays freight costs of $200 on inventory purchased on March 3. Returns inventory with a cost of $500. A. $60 B. $70 C. $56 D. $84 Pays the full amount due to supplier. Sells all inventory purchased on March 3 (less those returned on March 6) for $5,000 on account. 21. On March 12, how much is the purchase discount? 22. How much cash does Wicker pay to the supplier on March 12? A. $2,936 B. $2,930 C. $2,940 D. $3,000 23. How much will Wicker record as cost of goods sold on March 30? A. $5,000 B. $3,000 C. $3,200 D. $3,140Presented below are selected transactions for Flounder Company during September and October of the current year. Flounder uses a periodic inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $49,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $2,240 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $116,900, terms 2/10, n/30, FOB destination. 16 The correct company paid $2,500 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5,600 for returned goods. These goods had cost Flounder Company $3,000 and were returned to inventory. 25 Received the balance owing from Irvine Company for the September 15 sale. 30 Paid Hillary Company the balance…
- Presented below are selected transactions for Flounder Company during September and October of the current year. Flounder uses a periodic inventory system. Sept. 1 Purchased merchandise on account from Hillary Company at a cost of $49,000, FOB destination, terms 1/15, n/30. 2 The correct company paid $2,000 of freight charges to Trucking Company on the September 1 merchandise purchase. 5 Returned for credit $2,240 of damaged goods purchased from Hillary Company on September 1. 15 Sold the remaining merchandise purchased from Hillary Company to Irvine Company for $116,900, terms 2/10, n/30, FOB destination. 16 The correct company paid $2,500 of freight charges on the September 15 sale of merchandise. 17 Issued Irvine Company a credit of $5,600 for returned goods. These goods had cost Flounder Company $3,000 and were returned to inventory. 25 Received the balance owing from Irvine Company for the September 15 sale. 30 Paid Hillary Company the balance…Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6 Purchased calculators from Oriole Co. at a total cost of $1,770, terms n/30. 9. Paid freight of S60 on calculators purchased from Oriole Co. Returned calculators to Oriole Co. for $69 credit because they did not meet specifications. Sold calculators costing $500 for $750 to Fryer Book Store, terms n/30. Granted credit of $45 to Fryer Book Store for the return of one calculator that was not ordered. The calculator cost $30 Sold calculators costing $700 for $890 to Heasley Card Shop, terms n/30. 10 12 14 20 Journalize the September transactions. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the…ACE Manufacturing pays a freight bill of $54 to united trucking company for merchandise purchased from Jackson sales, terms FOB shipping point. When recording the payment with the periodic inventory system, ACE would debit the $54 cost of the freight toa. Prepaid freightb. Freight-inc. Purchasesd. Freight-out