MC12 On January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a carrying amount of P2,500,000. On this date, the assets are expected to be sold for P2,300,000. Reasonable disposal cost to be incurred upon sale was expected at P100,000. As of December 31, 2019, the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, Villanueva's financial managers estimated the noncurrent asset was now expected to be selling at P1,800,000 with the disposal cost of P50,000, while depreciation for 2019 was computed at P500,000 if the noncurrent asset was not classified as held for sale. At how much should the asset be recorded upon reclassification as " on Dooombor 31 2010 "held fer u
Q: Provide a comprehensive discussion on what constitute a legitimate agency shop agreement and close…
A: Here discuss about the details of the legitimate for agency shop agreement and the closed shop…
Q: 1. Of the following assertions, which is generally considered a particularly high risk for…
A: Since you have posted multiple questions, as per answering guidelines we shall be solving first…
Q: Part A Phelps Corporation has two classes of share capital outstanding: $5 par ordinary and $20 par…
A: Company means the form of business where the owner are allotted shares. Journal entry means the book…
Q: For each of the following independent situations, calculate the missing values: 1. The Belen plant…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Nutterco, Inc., produces two types of nut butter: peanut butter and cashew butter. Of the two,peanut…
A: Segment reporting is the practice of distinguishing a company's operating segments in the disclosure…
Q: 1/01/2019 Purchases and Purchases Returns Cash in Hand 600 Bank Balance Freehold Premises Trade…
A: Income Statement- An income statement is a simple statement that shows all of a company's income and…
Q: Tulip Company decided to change from LIFO to FIFO inventory costing, effective January 1, 2020. The…
A: Changes in the inventory valuation method have a retrospective effect on the net income for the…
Q: Sonic, Inc. is planning to produce 2,500 units of product in 2022. Each unit requires 3 pounds of…
A: Direct Material cost per unit = $6 x 3 pounds = $18 Direct Labor cost per unit = $16 x 1/2 hour = $8…
Q: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest…
A: Amortization is the act of allocating the cost of an asset into expense incrementally over its…
Q: Shaffer Corporation issued 100, $1,000, 10% convertible bonds in 2019 at face value. Each bond is…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: If a firm had credit sales of $1,550,000 for March and collected its sales 30% in the month of sale…
A: March sales collected in March = Credit March sales x 30%
Q: 1. Which alternative is more cost effective and by how much? NOTE: Do NOT round interim calculations…
A: Introduction: When the maximum advantage is obtained for a relatively cheap price, a transaction is…
Q: Question Content Area Direct Materials Purchases Budget FlashKick Company manufactures and sells…
A: Budgets are the forecasts or estimates that are made for future period of time. Some important…
Q: Use the following information for Questions 1 a) and 1 b): a) At the beginning of the year, Juju…
A: Predetermined overhead rate is the rate of cost allocation which is determined based on the…
Q: partnership of Tom Jones and Rita Charles is considering admitting a new partner Terry Adams. After…
A: partnership is a such a form of business where two or more person combined there is skill capital…
Q: the next three months as follows: July 4,5 he next month's sales needs on hand. July $8 per unit…
A: The correct answer is c. ($ 58,720)
Q: Sales and Production Budgets Berring Company produces two products: the deluxe and the standard.…
A: The sales budget is prepared to estimate the sales revenue earned during the period. The production…
Q: m price ag divis Requirements 1. What is the minimum price at which the airbag division woul 2.…
A: Incremental cost refers to the aggregate cost which is incurred because of extra unit of the product…
Q: ifferences to explain why the three former staff, even though affected by the collapse of the banks…
A: Individual differences are characteristics that distinguish pupils during the teaching and learning…
Q: Raven applies overhead based on direct labor hours. The variable overhead standard is 11.0 hours at…
A: Solution... Standard hours = 4,350 units * 11 hours per unit = 47,850 hours Actual hours =…
Q: Assume a company reported the following results: Sales Variable expenses Contribution margin Fixed…
A: Residual income: Residulal income means excess of income earned over the desired income. Desired…
Q: Question Content Area Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring…
A: What is meant by Budgeting? It is the process of forecasting future production, sales, cashflow…
Q: P9-7B (L06) (Retail Inventory Method) Presented below is information related to EDK Inc. Cost $…
A: Introduction: The cost of items on hand at the end of a reporting period is referred to as ending…
Q: Whitman has a direct labor standard of 2 hours per unit of output. Each employee has a standard wage…
A: Direct Labor rate variance = (Actual rate per Direct Labor hour - Standard rate per Direct Labor…
Q: 1. Construct a marketing expense budget for Hair-Again for the coming year. Show total amounts by…
A: Marketing Budget outlines all the money a business intends to use on marketing activities over a…
Q: A company’s flexible budget for 16,000 units of production showed sales, $96,000; variable costs,…
A: A fixed cost is one who doesn't change in response to activities. It must be paid on a recurring…
Q: Sheridan Incasements manufactures protective cases for MP3 players. During November, the company’s…
A: Given, Actual Direct Labor Hours = 830 hours more than Budgeted Hours = 830 hours + 25,820 hours…
Q: Zoning laws set certain parameters concerning the right to use and build on property. If a landowner…
A: When the ways and methods to use land are guided and directed by the local municipal governments or…
Q: A manufacturing company that produces a single product has provided the following data concerning…
A: Variable costing: It refers to a method of deriving net income by only considering variable…
Q: 1 How does the cryptocurrency trend affect businesses and consumers (both globally and domestically
A: A peer-to-peer network known as a blockchain monitors and organizes it while also serving as a…
Q: Problem 1. The stockholders' equity section of MaiStyle Corporation's balance sheet at December 31…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: MC Qu. 12-42 Management of Wee Ones (WO), an operator... Management of Wee Ones (WO), an operator of…
A: Total profitability for all centers = Actual revenue - Actual direct cost = $1610000 - $1460000 =…
Q: Cost of Goods Sold Budget
A: Cost of goods sold refers to the direct cost of the goods that are sold by the company in the…
Q: As ABC Corporation's fiscal year end date of December 31 approaches, management is worried that…
A: Solution:- Introduction:- ABC Corporation's fiscal year end date of December 31 approaches,…
Q: On January 1, 2017, Naruto Company issued its P2,000,000, 10%, 5-year-term bonds for 1.125. Bond…
A: Interest expense for the year = Interest payment for the year - Amortized bond premium for the year…
Q: Which 2 of these datasets can be visualized using custom charts in the Performance Center?
A: Some times back, Business performance dashboard introduced performance centre. It is found within…
Q: Purchases Budget Tiger Drug Store carries a variety of health and beauty aids, including 500-count…
A: The number of units required to be purchased will be equal to Desired ending inventory Add number of…
Q: Sales Budget FlashKick Company manufactures and sells soccer balls for teams of children in…
A: Lets understand the basics. Budget is estimation of future profit and loss. Management prepares…
Q: During March, a firm expects its total sales to be $162,000, its total variable costs to be $95,200,…
A: Ans. Contribution margin is calculated by deducting variable cost from total sales.
Q: A company provided the following direct materials cost information. Compute the direct materials…
A: Direct material quantity variance = Standard price ×[Actual quantity - Standard quantity]
Q: Badger Corp. has an issue of 6% bonds outstanding with 6 months left to maturity. The bonds are…
A: The weighted average cost of capital means the company's overall cost of capital of all forms and…
Q: Modupe owns a retail shop. The following are the list of balances extracted from his books of…
A: Statement of income means the statement which shows all the nominal account and balancing figure is…
Q: Assume the following account balances Accounts Payable $35,000 Accounts 45,000 Receivable Bank Loan…
A: GIVEN Accounts Payable $35,000 Accounts Receivable 45,000 Bank Loan 65,000 Cash 30,000…
Q: A firm expects to sell 25,700 units of its product at $11.70 per unit and to incur variable costs…
A: Introduction: Contribution margin : Deduction of all variable costs from the sales price derives the…
Q: Factory overhead covers all expenses incurred during the manufacturing process other than direct…
A: Manufacturing process means the procedure by which the goods are produced for the purpose of…
Q: On April 1, 2020, ABC Corporation borrows $50,000 on a 6-month note that charges an annual interest…
A: Total cash paid on maturity = Face value of the Notes + Interest on Notes where, Interest on Notes =…
Q: Required: Prepare the company's flexible budget for July. Alyeski Tours Flexible Budget For the…
A: Budget means the expected value of future. Budget is not affected by the actual value as it is…
Q: OBJECTIVE 6 6 Exercise 6.22 Weighted Average Method, Equivalent Units, Unit Cost, Multiple…
A: In inventory accounting, the weighted average cost methodology is one of three methods for valuing…
Q: Tamapo Trial Balance as at 31 December 2019 P P Motor Vehicle at net 38,000.00 Sales 109,000.00…
A: Trial balance are the basic book of recording transactions in trial balance the mathematical…
Q: Provincial Inc. reported the following before-tax income statement items: Operating…
A: Income before tax = operating income - Non operating loss
Step by step
Solved in 2 steps
- On January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a carrying amount of P2,500,000. On this date, the assets are expected to be sold for P2,300,000. Reasonable disposal cost to be incurred upon sale was expected at P100,000. As of December 31, 2019, the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, Villanueva's financial managers estimated the noncurrent asset was now expected to be selling at P1,800,000 with the disposal cost of P50,000, while depreciation for 2019 was computed at P500,000 if the noncurrent asset was not classified as held for sale. At how much should the asset be recorded upon reclassification as "held for use" on December 31, 2019 A. 2,500,000 B. 2,200,000 C. 2,000,000 D. 1,750,000 Please explain. Thank youOn January 1, 2019, Villanueva Company classified noncurrent assets as held for sale that had a carrying amount of P2,500,000. On this date, the assets are expected to be sold for P2,300,000. Reasonable disposal cost to be incurred upon sale was expected at P100,000. As of December 31, 2019, the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, Villanueva's financial managers estimated the noncurrent asset was now expected to be selling at P1,800,000 with the disposal cost of P50,000, while depreciation for 2019 was computed at P500,000 if the noncurrent asset was not classified as held for sales. At how much should the asset be recorded upon reclassification as "held for use" on December 31, 2019 A. 2,500,000 B. 2,200,000 C. 2,000,000 D. 1,950,000On January 1, 2019, ABC Company classified PPE as held for sale that had a carrying amount of P 2,600,000. On this date, the assets are expected to be sold for P 2,400,000. Reasonable disposal cost to be incurre upon sale was expected at P 100,000. As of December 31. 2019. the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, ABC's financial managers estimated the noncurrent asset was now expected to be selling at P 2,500,000 with disposal cost of P 50,000 while depreciation for 2019 was computed at P 400,00 if the noncurrent asset was not classified as held for sale. How much is the net effect of classifying NCAHS and reclassifying back to PPE on 2019 net income? (indicate negative sign if decrease)
- On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a carrying amount of P2,500,000. On this date, the assets are expected to be sold for P2,300,000. Reasonable disposal cost to be incurred upon sale was expected at P100,000. As of December 31, 2022, the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, Villanueva's financial managers estimated the noncurrent asset was now expected to be selling at P2,100,000 with the disposal cost of P50,000, while depreciation for 2022 was computed at P500,000 if the noncurrent asset was not classified as held for sale. At how much should the asset be recorded upon reclassification as “held for use” on December 31, 2022?On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a carrying amount of P2,500,000. On this date, the assets are expected to be sold for P2,300,000. Reasonable disposal cost to be incurred upon sale was expected at P100,000. As of December 31, 2022, the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, Villanueva's financial managers estimated the noncurrent asset was now expected to be selling at P2,100,000 with the disposal cost of P50,000, while depreciation for 2022 was computed at P500,000 if the noncurrent asset was not classified as held for sale. How much loss shall be taken to profit or loss as a result of reclassifying the asset at December 31, 2022 “held for use”?On January 1, 2022, Villanueva Company classified noncurrent assets as held for sale that had a carrying amount of P2,500,000. On this date, the assets are expected to be sold for P2,300,000. Reasonable disposal cost to be incurred upon sale was expected at P100,000. As of December 31, 2022, the asset had not been sold. After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, Villanueva’s financial managers estimated the noncurrent asset was now expected to be selling at P1,800,000 with the disposal cost of P50,000, while depreciation for 2022 was computed at P500,000 if the noncurrent asset was not classified as held for sale. How much is the additional loss recorded at December 31, 2022 upon reclassification of the asset as “held for use”?
- On June 30, 2022, L Company classified a non-current asset as “Held for Sale.” On this date, before its reclassification, its carrying amount was P5,000,000 and its expected selling price was P4,500,000, with expected cost to sell of P300,000. By December 31, 2022, the asset had not yet been sold, but the management is still committed to a plan to sell it, and the sale is considered to be highly probable. The entity estimated that because of recent changes for the demand of the product that is produced by the asset and expected favorable price movement, the asset was now expected to be selling at P5,500,000 with related cost to sell unchanged. Depreciation from July 1 to December 31 would have been P500,000. What amount of gain shall be recognized at December 31, 2022 as a result of the increase in the fair value less cost to sell of the asset?On December 31, 2020, the entity classified as held for sale a machine with carrying amount of P6,000,000. On this date, the machine is expected to be sold for P5,520,000. Disposal cost is expected at P240,000. On December 31, 2021, the machine had not been sold and management after considering its options decided to place back the machine into operations. On this date, the entity estimated that the machine is expected to be sold at P5,160,000 with the disposal cost at P60,000. The carrying amount of the machine was P4,800,000 on December 31, 2021 if the noncurrent asset was not classified as held for sale. Required: Compute the impairment loss for 2020.on december 31, 2020, villa company classified as held for sale an equipment with carrying amount of 5,000,000. on this date, the equipment is expected to be sold for 4,600,000. disposal cost is expected at 200,000. on december 31, 2021, the equipment had not been sold and management after considering its options decided to place back the equipment into operations. on december 31, 2021, the entity estimated that the equipment is expected to be sold at 4,300,000 with the disposal cost at 50,000. the carrying amoount of the equipment was 4,000,000 on december 31, 2021 if the noncurrent asset was not classified as held for sale. what is the impairment loss for 2020? what is the measurement of the equipment on december 31, 2021? what is the loss on reclassification in 2021?
- On January 1. 2019. ABC Company classified PPE as held for sale that had a carrying amount of P 2,600.000. On this date. the assets are expected to be sold for P 2.400.000. Reasonable disposal cost to be incurred upon sale was expected at P 100.000. Asof December 31, 2019. the asset had not been sold, After considering its options, management decided to put back the noncurrent asset for use in operations. On that date, ABC's financial managers estimated the noncurrent asset was now expected to be selling at P 2.500.000 with disposal cost of P 50,000 while depreciation for 2019 was computed at P 400,00 if the noncurrent asset was not classified as held for sale. At how much should the asset be recorded upon reclassification as PPE on December 31, 2019? 2,200,000 O 2,500,000 O 2,000,000 O 1,750,000On January 2, 2021, Big company classified non current asset with a carrying amount of P2,400,000 as held for sale. On this date, the asset is expected to be sold for P2,300,000 with expected cost to sell of P100,000. By December 31, 2021,the asset's fair value is P2,400,000 with estimated disposal cost of P50,000. On January 10, 2022, the asset was sold for P2,000,000. Cost to sell amounts to P35,000How much recovery on impairment is to be recognized on December 31, 2021?ABC has an asset that was classified as held for sale at 31 March 2019. The asset had a carryingamount of P900 and a fair value of P800. The cost of disposal was estimated to be P50.According to PFRS 5 Non-current Assets Held for Sale and Discontinued Operations, whichvalue should be used for the asset as at 31 March 2019? * P750 P800 O P850 P900