will give thumbs up if correct #1. Given: The manager of a sporting goods store receives an instrucrion from the President of their company that a mark up rate 35% must guide all their managers in decidint about the retail price of their goods. a. What is rhe mark up on a pair of shoes which costs the store 980 php? b. Find also the selling price on the pair of shoes. As much as possible, answer in table form. Will give upvote!
Q: Which of the following scenarios would be most appropriate for a Section 85 rollover?
A: Solution:- Section - 85 Rollover :- A section 85 Rollover is a special election field with the CRA…
Q: Is this a good investment? Use ROR method.
A: By the ROR method, we analyze the viability and profitability of an investment by the Rate of Return…
Q: e business activities
A: The financial statement is the major in accounting.
Q: What percentage of the original capitalized cost should be reported as the net amount on Cheese…
A: Capitalization is an accounting concept in which a cost has been included in the asset's value and…
Q: During 2020, Maria Company purchased trading securities with the following cost and market value on…
A: Given information Security B = 10,000 shares Sold at p150 per share Trading investments are…
Q: David Ltd commences operations on 1 July 2020 On the same date, it purchases a machine at a cost of…
A: Concept of Taxes on Income Calculation of Taxable Income as per Tax Authority Calculation of…
Q: Gold Ltd owns all the shares in Silver Ltd. On 30 June 2020, Silver Ltd has dividend declared of…
A: Introduction : The consolidation method is an investment accounting technique for combining and…
Q: The following data were made available from a single entry set of books of ABC Trading owned by Juan…
A:
Q: Q.3 In the year 2013, PQR Corporation had the following items of income, expense, gains, and losses:…
A: Taxable income is computed by reducing the cost from the revenues so that net income can be…
Q: P Company acquired the net assets of S Company of fair value of $2,700,000 on January 1, 2011,…
A: Acquisition is an act of buying/purchasing/acquiring something. Here in the question, Acquisition of…
Q: Salaries and wages expense 51,800 Cash 13,400 Utilities expense 22,500 Accounts receivable 9,500…
A: Formula: Net income = Revenues - Expenses
Q: P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 Sales Sales Returns…
A: Cost of goods available for sales include the beginning inventory, and purchase of inventory during…
Q: Cost of goods sold to be shown along with formula and answer? Purchases $ 30,526 Selling expense $…
A: Formula: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory
Q: On
A:
Q: Anaba Sampson is an audit assistant of Global Accountants, a firm of Chartered Accountants. During…
A: Materiality is an accounting concept that stipulates that any factors that are reasonably expected…
Q: .The focal point of the accounting cycle is the a. financial statements. b. trial balance. c.…
A: Accounting cycle is the process of identifying and recording the accounting transactions of a…
Q: 70,500 90,000 Accumulated Depreciation-Equipment 14,800 3,600 Salary Expense Accounts Receivable…
A: Income statement consists of all incomes and all expenses
Q: what are the disadvantages of bill of exchange?
A: A bill of Exchange is a certificate of agreement between two parties where one party agrees to pay…
Q: 13. Which of the following would not result in the recording of an expense? a Receipt of a bill…
A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…
Q: A business has Cash of P30,000, Notes Payable of P25,000, Accounts Payable of P43,000,…
A: An accounting transaction is a business activity or event that causes a measurable change in the…
Q: Richard Co. distributes Shoes to retail stores and extends credit terms of 1/10, n/30 to all of its…
A: Journal is the recording of financial transactions using chronological order. It includes the…
Q: Rockview Limited had been facing liquidity problems for the past three years. The financial…
A: Debenture is the debt instrument which is issued by the company so that they can fulfill the…
Q: .All of the following affect the owner’s equity except
A: given All of the following affect the owner’s equity except is
Q: The total interest paid on $46,000, ten-year, 6 percent bonds that are issued at 98 is a. $28,520.…
A: Total interest paid = Interest paid + Discount on bonds where, Discount on bonds = Face value of…
Q: 2. On January 1, 2017, the balance of accounts receivable of Kate Company was P5,000,000 and the…
A: Provision for doubtful accounts is created for probable bad debts on the basis of past experience.…
Q: Indicate whether the accounts below are used in the cost flow for a manufacturer, a service…
A: Services provided is an individual or entity that provides services to the consumer. Whereas,…
Q: J. The general ledger of M. Cerda Consulting Service Cash Accounts Receivable Furniture and…
A: The worksheet is prepared to record the adjusted trial balance with adjustments, income statement…
Q: 17.Which of the following accounts might be placed first in a proper journal entry? a Cash, when…
A: The journal entries are prepared to keep the record of day to day transactions of the business. For…
Q: Chapter 10: Stockholders' Equity and Appendix D Use the Stockholders' Equity section of FSB's…
A: Answer 1) Calculation of number of shares of Preferred Stock Issued Number of shares of Preferred…
Q: Bambam Inc. produces BingBong products. Cost data are as follows: Fixed selling cost of 200;…
A: Formula: Total cost = variable cost + fixed cost
Q: Prepare Balance Sheet an for Adam Investment Cooperation for the year ended on July 31", 2022 Cash…
A: Balance Sheet is one of the part of Financial Statements of a company which shows the Financial…
Q: Cardinal Company is considering a five-year project that would require a $2,845,000 investment in…
A: Profitability index=Present value of Annual net cash inflowsInitial Investment Simple Rate of…
Q: On January 2, 2021, A Corporation offers to sell a P100,000 bond coming due in 10 years. The bond…
A: Interest expense is calculated by taking the beginning period carrying value by the yield rate. In…
Q: 21.Which of the following errors will not cause the debit and credit columns of the trial…
A: The trial balance is prepared to record the final balance of each account of the business as debit…
Q: greater than the discount r als 0, then the projects init
A: Net Present Value ("NPV"), Internal Rate of Return ("IRR") and Profitability Index ("PI") are all…
Q: Division A of Kern Co. has sales of $350,000, cost of goods sold for $200,000, operating expenses of…
A: Return on investment = Net operating income / Invested assets where, Net operating income = sales -…
Q: 31.When a net loss has occurred, Income Summary is:
A: 31.When a net loss has occurred, Income Summary is: Ans - b. credited and owner’s capital is…
Q: Illustrative Problem 1: Mr. Jackson Mob opened his business, "LabanderaMOh" Laundry service in the…
A: Journal entry is the first step to record transaction in the books of account. Journal Entries are…
Q: 23. A law firm began November with office supplies of P1,600. During the month, the firm purchased…
A: The supplies expense is calculated as supplies purchase plus change in inventory of supplies
Q: Caraco Corporation has provided the following production and average cost data for two levels of…
A: Fixed cost is the cost that doesn't change with the change in the output level. Fixed cost will…
Q: 1. An increase in revenue is on the credit side hence a decrease in expense is also on the credit…
A: The financial accounting records the transactions in the journal form in the first step.
Q: 1/ife X (cost-Salvage) 2/ife X Cost-Salvage double of the depreciation amount as calculated under…
A: Introduction:- It is one of the depreciation method A double-declining balance method is an…
Q: Record the following month end adjustments in one batch. A.) Memo #0228-Adj1 the month-end accrued…
A: Basic Accounting Concept Journal Entries
Q: Required: Make the journal entries, post it to the general ledger and Prepare Trial Balance.
A: The Journal book includes all business transactions recorded in the order in which they occur.…
Q: Illustrative Problem 1: Mr. Jackson Mob.opened his business, "LabanderaMOb" Laundry service in the…
A: Date Account Titles and Explanation Debit Credit Jan'8 Cash 40,000 Equipment…
Q: Problems 1. For the year ended December 31, 2017, Casey Company estimated its allowance for…
A: The uncollectible account expense for the year includes uncollectible provisions made during the…
Q: ob Night opened "The General's Favorite Fishing Hole. "The fishing camp is open from April through…
A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.
Q: The following information is given to you relating to the operations of PrincehallCorporation: The…
A: Income from operations only only the income and expenses which are related to the business…
Q: 11-2, LO 11-4] North Wind Aviation received its charter during January authorizing the following…
A: Additional paid in capital, preferred stock = 11000 shares×($17-$10)+ 1100 shares×($17-$10)…
Q: 3) Find the monthly payment and the total intere Suppose the family decides to add an extra $ onthly…
A: Concept of Mortgage and amortization of Loan Calculation of Equalized Payment and Interest there on
will give thumbs up if correct
#1. Given: The manager of a sporting goods store receives an instrucrion from the President of their company that a mark up rate 35% must guide all their managers in decidint about the retail price of their goods.
a. What is rhe mark up on a pair of shoes which costs the store 980 php?
b. Find also the selling price on the pair of shoes.
As much as possible, answer in table form. Will give upvote!
Step by step
Solved in 2 steps
- Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/Lossanswer should be complete and correct with all working A convenient store sells 500 units for $5 each. Sales are made for cash, rather than on credit terms. The store’s customary business practice is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $4. To determine the transaction price, the store decides that the approach that is most predictive of the amount of consideration to which the store will be entitled is the most likely amount. Using the most likely amount, the store estimates that five (25) units will be returned. The store’s experience is predictive of the amount of consideration to which the store will be entitled. The store estimates that the costs of recovering the products will be immaterial and expects that the returned products can be resold at a profit. REQUIRED: Provide the accounting entries to record the sale, and the subsequent return of the assets, assuming that the returns occur in…4. A purchasing manager of a business firm bought 20 dozen pairs of shoes for Php 202,080. If he sold each pair of shoes for Php 2,360. Find the mark up and mark up rate based on the cost. Solution: 5. What would be the selling price of a phone that costs Php 15,990 if you want to a mark- on rate of 70% based on the cost? Solution:
- A woman’s store sells the following categories of clothing or the following prices : Blouse :GH 14 Skirt:GH 16 Dress:GH 25 Pantyhose:GH 2 pair for GH3 Socks :GH 7 A lady goes to the store on a day when the store has 20% off sale on all skirts.If Yaa buys 2 skirts,1 dress ,and 4 pairs of pantyhose,How much money does lady have to pay ?An office supply store adds a $2.50 markup to calculators and sells them for $6.95. (a) What is the cost (in $) of the calculators? $ (b) What is the percent markup based on cost? (Round your answer to the nearest tenth of a percent.) %Maximum Inc. (retailer) has a loyalty program that rewards its customers one point per $1 spent. Points are redeemable for $0.20 off future purchases. A customer purchases products (cost of $280) for cash at the usual selling price of $400 and earns 400 points redeemable for $80 off future purchases of goods or services. The retailer expects redemption of 360 points or 90% of points earned. a.) How should the transaction price be allocated among the performance obligation(s)?Note: Round each allocated transaction price in the table below to the nearest dollar. b. Prepare Maximum’s journal entry to record the $400 sale to the customer where the customer earned 400 loyalty points.
- A photographer buys some merchandise with a list price of $5,000. If the supplier offers trade discount rates of 20/10/5, find the trade discount (in $). (Find the single equivalent discount first.) Single equivalent discount Trade discount Need Help? Read It Master It Watch ItA. Solve the following (round off 2 decimal places): 1. How much is the discount for an item with a list price of P13,500 subject to a 15% discount? What is the net price? 2. A cabinet listed at P14,000 is sold to a retailer at 14.7% discount. Find the amount of trade discount and the net price. al dinning sets at the s 3. Two suppliers offer identical dinning sets at the same list price. However, Company A gives trade discount series of 15%, 10 %, and 10% while Company B offers 20%, 10%, and 5%. Which is a better discount for the buyer? 4. Yuki bought a notebook set for P250. She spent P20 for transportation fee. She sold her notebook for P260. a. How much is the profit or loss? b. What is the profit/loss percent? VICI VEThe home office ships merchandise to the branch at 25 percent above cost. At what amount should the Home Office account be credited if merchandise costing P120,000 will be shipped? Present solution in good accounting form.
- Economics A businesa man made an article and sold it to a wholesaler at a profit of 20%. The wholesaler again sold the article at a profit. The retailer lastly sold it to customer at a profit (A). If the cost of business $500 to make the article, find how much the customer paid for it. (B). A customer paid for another article. Determine how much the wholesaler had paid for it. (C). During a clearance sale the retailer reduced his prices by 10%. Find the percentage profit the retailer made on an article which had cost the business man $ 2000 to make. Thank. You1. What is the mark- on of a 50 kg sack of rice cost Php 1,900 when sold at Php 2,250? Solution:answer héeds to only include the numbers, i.e no $ sign or decimal point or a period should be used in the answer. Also the answer may need to be rounded to the next whole number. For example, if you get an answer of $1234.5, YOU WILL PUT DOWN 1235 IN YOUR ANSWER. Natural company sells an industrial cleaning product that sell for $180 for a case containing 12 one gallon jugs of the product. The company expects to sell 7000 cases of the product in the current year. The company has determined that its CM ratio is 30% and its fixed expenses are $270000. Required: 1. What are the variable expenses per case? 2. What is the break-even point in units? 3. What amount of dollar sales is required to attain a target profit of $90000? 4. At the expected level of sales of 7000 units, what is the margin of safety in units? A Moving to another guestion will save thic n