3 Your business makes cash sales of $100 000 worth of goods (plus GST of 10%) and collected cash up front. What current liability does the sale create? a none b unearned revenue of $10000 C GST payable of $10000 d sales revenue of $110000
Q: Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales discou...
A:
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition is the sum of purchase consideration and transaction costs incurred.
Q: High-Low Method, Cost Formulas The controller of the South Charleston plant of Ravinia, Inc., monito...
A: High low method is a method of cost estimation under which fixed costs and variable cost per unit is...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: The cost of acquisition is the purchase consideration paid i.e. P 14,00,000 Net assets taken over ...
Q: Using the data provided, perform the steps below to complete the final project. On December ...
A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are ...
Q: Statement of Comprehensive Income for the year ended 31 March 2021 Revenue (all credit) Gross profit...
A: Answer: Gross margin = Gross profit/ revenue Current ratio= Current assets/ Current liabilities Aci...
Q: a. To increase Store Supplies b. To decrease Equipment c. To increase Postage Expense d. To increase...
A: The General Rules of Debit and Credit are: All Debits increase Assets and Expenses. All Debits decr...
Q: 1. On January 1, 2021, Monica purchased a cleaning equipment amounting to P50,000. She expects to us...
A:
Q: Identify the items from the following list that are likely to serve as source documents. Is this a I...
A: >Analyzing and recording the transaction is the first stem in the Accounting cycle.>Transactio...
Q: In 2015, Byron was granted 1,000 stock options by his employer, Buxton Corporation. The options vest...
A: Taxable income is the portion of an individual's or a company's income that is used to determine how...
Q: Q 8: King Kong Limited acquired a piece of land for setting up a factory for Rs. 15 million on 1st O...
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: Activity Cost Pools Customer Product Customer Total Cost Orders Development Relations Other Total Pr...
A: For allocating the cost pools we will multiply the percentage of Activity cost pools with the amount...
Q: Refer to the arrangement in part (b). It would help YellowCard secure lease agreements with students...
A: Journal entry is a process of recording and classifying business transactions into books of accounts...
Q: On June 30, 2012, Marigold Company issued 12% bonds with a par value of $840,000 due in 20 years. Th...
A: To begin, keeping accurate records of your transactions helps to organize the data in your business....
Q: YSL Corporation, SME, acquired 80% of the outstanding ordinary shares of GBX Company on June 1, 2019...
A: Non-controlling interest is the part of net assets and ownership that is not in the hands of parents...
Q: 1 Aug Started business with $150, 000 in the bank 27 Aug Electricity paid by cash $1,500.00 3 Aug Bo...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: 1. The initial cost of a paint sand mill, including its installation is P 700,000.00. The BIR approv...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: a) Fair value of the net assets acquired b) amount of goodwill or gain from acquisition
A: Acquisition cost refers to those total costs which a company paid to another company at the time of ...
Q: АВС Со (carrying amounts) (fair values) 9,600,000 XYZ Inc Combined entifiable assets 6,400,000 16,00...
A: In case of acquisition, goodwill to be recognise in the books of account if purchase consideration i...
Q: The following information is available from the financial statements of Hornets Corporation for the ...
A: Cash flow statement contains three parts :- Cash flow from Operating activities i.e activities rel...
Q: BC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January 1...
A: solution given Purchase price 40000 Fair value of current assets of XYZ 26000 Fair v...
Q: On March 15, 2014, Rex Company paid property taxes of P180,000 on the factory building for calendar ...
A: As per expense recognition principle, all expenses of the particular period should be recorded in th...
Q: You hadn't heard from Rita for a couple of years but have just received an e-mail asking for some fu...
A: Partnership is one of the agreement or arrangement between two or more than two persons, in which th...
Q: PROBLEM: MAY 1 Mr. Tan obtained the funds to start the business by withdrawing P900,000 from his per...
A: The Question requires to calculate the Accounting Equation balances as on 5 days'. Accounting Equati...
Q: acquisition date, the acquirer could only determine a provisional fair value for the Plant. On March...
A: Cash 50000 Furniture & fittings 20000 Accounts receivable 5000 Plant 131000 Less...
Q: What major items are included in the Retained Earnings Statement?
A: Retained earnings statement is financial statements that states firm income after every payment. Th...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC pai...
A: Fair value of net identifiable assets = Fair value of identifiable assets - Fair value of identifiab...
Q: Installment Sales Cost of Installment Sales Gross Profit 1,500,000.00 2,400,000.00 8 1 2,400,000.00 ...
A: In case of multiple sub-parts, only first 3 sub-parts shall be answered. Kindly repost the question ...
Q: You are provided with the following information for Ivanhoe Company, effective as of its April 30, 2...
A: The order of liquidity of Asset is: Cash Bank Marketable Securities Short term Investment Account R...
Q: On June 10, 20X1, an employee of Williams Corporation mistakenly debited Telephone Expense rather th...
A: A rectification entry is a journal entry which is passed in the books of accounts to correct a error...
Q: 1. Use the following information for the next five questions:On January 1, 2021, ABC Co. acquired al...
A:
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: This question is related to the business combination. Cost of Acquisition: It is the consideration p...
Q: Here are selected transactions of Mason Consulting Service. Post the transactions into the appropria...
A: Ledger accounts are the appropriate T accounts which are used for posting of recorded journal entrie...
Q: Cheyenne Appliance Co. manufactures low-price, no-frills appliances that are in great demand for ren...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Matthew Martin, the owner of Innovation Consulting, started the business by investing $58,000 cash. ...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Direct Material Cost per Unit 20.00 Direct Labor Cost 3,000 Manufacturing Overhead 16,000 Selling Ex...
A: Total cost of prodcing included all manufacturing costs in the production process. Prime cost is cos...
Q: Indicate the financial statement on which each of the following items appears: income statement, sta...
A: Balance Sheet includes asset and liability of the Company Income Statement includes revenue and expe...
Q: A. Explain the matching concept by incorporating the terms ‘recognized’, revenue recognition princip...
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Northwest Company produces two types of glass shelving: rounded edge and squared edge. The company r...
A: Activity based costing is one of the costing system under which all indirect costs and overhead cost...
Q: On July 1, KAW Inc. purchased 75 cows which, at that time were 2.5 years old for a total cost of P1,...
A: Fair value of 3 years old cow 25000 * 75 cows = P1875000 Fair value of 0.5 year old cow 6900 * 15 =...
Q: What is the future value of a $900 annuity payment over five years if interest rates are 8 percent? ...
A: The accumulated value can be calculated as future value of annuity
Q: Cost Behavior SmokeCity, Inc., manufactures barbeque smokers. Based on past experience, SmokeCity ha...
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and specif...
Q: Prepare any journal entries to record the revenue arrangement for Bonita Bundle B on July 1, 2020, a...
A: Accounting refers to recording of financial transactions for a given period. It is a summary of comp...
Q: Supernova Company had the following summarized balance sheet on December 31 of the current year: As...
A: The technique of recording commercial transactions for first time in the books of accounts is known ...
Q: Juan, resident citizen, had the following income: Interest income from deposits in a foreign bank lo...
A: Answer: The income that is earned within Philippines are taxable within Philippines. Any income earn...
Q: You have been provided with the following information for City Projects Ltd: Statement of Comprehens...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: Required information [The following information applies to the questions displayed below.] Lawson Co...
A: Statement of owner's equity gives information about the changes in the owner's capital account. Ow...
Q: XYZ Co had the following accounts at the time it was acquired by ABC Inc (see image below). ABC paid...
A: Cost of acquisition means total expenses incurred by entity to purchase other entity or assets.
Q: ABC and XYZ Inc had the following balance sheets on December 31, 2021: (see image below) On January ...
A: This question is related to a business combination. We have to determine first the Goodwill or gain ...
Q: EB8. LO 8.6Prepare the journal entry to reconcile the bank statement in Exercise 8.7.(Previous que...
A: Bank reconciliation is a statement prepared to check what are the items that has caused a difference...
Step by step
Solved in 2 steps
- From the following information, find receivable turnover. Sales 375000 (60% credit ) Account receivable 31.12 125000 Current Assets 760000 Cost of sale 120000 Fixed Assets 1440000 Net profit 30000 Inventory 800000 Current Liabilities 600000. Total assets 125000 Account receivable 1.1 25000 Select one: O a. 3 O b. The correct answer not available О с.5 O d. 1.5Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? O a. OMR 120000 O b. OMR 245000 O c. OMR 125000 O d. OMR 200000Hi There, I need ask a favor... How to calculate "Current Liabilites" if I only know, these following data : - Cash and Equivalents : $ 100.00 - Fixed Assets : # 283.50 - Sales : $ 1,000.00 - Net Income : $ 50.00 - Quick Ratio : 2.0 x - Current Ratio : 3.0 x - DSO : 40 Days - ROE : 12% Thank you
- Given the following information ZO12345 N 0 Net cash flow 500 0 500 0 500 0 a. Determine the equal cash flow A from 0 to 5 at an interest of 10% b. Determine the equal cash flow (from 1 to 5) when considering at interest of 10%Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? a.OMR 245000 b.OMR 200000 c.OMR 125000 d.OMR 120000Put this transaction on the accounting equation: bought goods for R7000 less 10% discount
- What is the value on 1/1/16 of the following cash flows? Use a 10% discount rate, and round your answer to the nearest $1.00. Date Cash Received 1/1/18 1/1/19 1/1/20 1/1/21 1/1/22 OA. $1,065 OB. $1,500 OC. $880 OD. $968 Amount of Cash $100 $200 $300 $400 $50016. Goods totaling P50,000 were purchased February 2 with terms 2/10, n/30. Returns of p10,000 were made on February 10. What discounts, if any, can be availed of if the invoice was paid on February 12? a. P200 b. P800 c. P1,000 d. None15. A business sells S100 worth of goods to a customer, the customer pays $50 in cash immediately and will pay the remaining $50 in 30 days' time. What is the double entry to record the sale? a) Debit receivables $50, debit cash $50, credit sales $100 b) Debit sales S100, credit receivables $50, credit cash $50 c) Debit cash S50, credit receivables S50, credit sales $50 d) Debit sales S100, credit cash S100 16. Jenny's payable ledger shows opening balance of RM600 at I August. During the month she purchased goods worth RM1,200 on credit and RM500 on cash. Beside she paid RM1,000 to suppliers. What will be the amount of the closing balance of her payable ledger? a) RM1,300 b) RM700 c) RM800 d) RM200 17. Wincent's trial balance at 30 September 2020 includes the following balances: Trade receivables RM75,943 ; allowance for doubtful debts RM4,751. How should these balances be reported in Wincent's statement of financial position as at 30 September 2020? a) An asset of RM71,192 b) An asset…
- MC Qu. 10-86 Zorn Inc. makes a sale for... Zorn Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%. What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39 ype here to search. W Trop storm warning DELLIncome Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon