Miranda Company reported the following amounts on its 2018 income statement: Purchases, P100,000; Beginning inventory, P20,000; and Cost of goods sold, P110,000. Therefore, the 2018 COST OF GOOD AVAILABLE FOR SALE was ____
Q: . What is the amount of depreciation under cash basis?
A: Cash basis of accounting is one of the basis of accounting, under which all cash receipts are treate...
Q: 1. How much is the total expense? 2. How much is the net income? 3. What is the balance of the endin...
A: Here to give the details of analysis of the transaction which are incurred into the business entity ...
Q: The Gilster Company, a machine tooling firm, has several plants. One plant, located in St. Cloud, Mi...
A: The excess overhead applied during a period of production over the actual overhead incurred during t...
Q: Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $187,000, expenses of $104,700...
A: >Owner’s capital balance is the part of Equity.>It contains the amount of amount invested by t...
Q: Under the cash basis of accounting, revenue is recorded When earned When realized ...
A: Accrual basis: Under accrual basis accounting, revenue and expenses are recognized when they are inc...
Q: After taking into account the transactions of Choy, please answer Questions 1 -10. Choy, after recei...
A:
Q: For the year ended Dec. 31, 2019, Nando Company paid interest totaling P100,000. The prepaid intere...
A: Interest expense is an expense that is due on the amount borrowed from the lender. It is reported in...
Q: ZETA Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional...
A: Under the accrual basis, the revenue will be total of cash sales & credit sales. Under the accru...
Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January ...
A: Surcharge- Surcharge refers to an addition of extra charge on the decided or identified price. In ot...
Q: Question 14 Which of the following would be an example of vouching? 1. Making sure a sale is include...
A: Audit: It implies to the detailed investigation and analysis of company's financial records to make ...
Q: 1-a. How much will net operating income increase (decrease) per month if the monthly advertising bud...
A: CVP analysis: Cost Volume Profit analysis is a method of cost accounting used to analyse the cost an...
Q: GBV Co. is preparing its November 30, 2015 bank reconciliation statement. The following information ...
A: Credit memos are those collections made by bank, which are not yet recorded in books of account. Thi...
Q: How does Declan's Designs' Bank Loan impact its 2022 Statement of Cash Flows? Question 27 options...
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Q: a. Depreciation on the company's equipment for the year is computed to be $15,000. b. The Prepaid In...
A: Adjusting entries are prepared by management to ensure the accrual basis accounting system. It is pr...
Q: Which of the following is true? A. Companies can select any day except a holiday to end their fiscal...
A: Ans. The determination of the end of a fiscal year is very important for accounting purposes. It als...
Q: 2020 2021 Share capital (P100 par value) 5,000,000 5,850,000 Share premium 1,000,000 1,600,000 Retai...
A: The dividend is declared to the shareholders from the retained earnings of the business.
Q: 1. ABC, Inc. issued P1,000,000, 10% bonds to yield 8%. bond issuance costs were P10,000. How should ...
A:
Q: vidends of P1,500,000 was paid during the year and that no other transactions affected the retained ...
A: solution concept net income for the period =change in retained earnings + dividend paid
Q: How does Declan's Designs' 2022 common stock issuance impact its 2022 Statement of Cash Flows? Qu...
A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular per...
Q: If the adjustment for prepaid expenses is not recorded a.assets will be understated. b.net income ...
A: Solution: prepaid expenses are those expenses which have not been incurred but have been paid in adv...
Q: ABC Corporation has a daily collection of 180,000 from a selected foreign customer group. The bank o...
A: The difference between cash inflows and the initial investment is defined as NPV. NPV is used to fin...
Q: Marin, Inc. leases a piece of equipment to Bucks Company on January 1, 2020. The contract stipulates...
A: Lease receivables = the minimum lease payments The minimum lease payments will include annual lease ...
Q: A taxpayer received a notice from the BIR to file his 2020 income tax return not later than January ...
A: solution concept provision The interest penalty is levied @ 20% pa of the tax due after April 15 of ...
Q: Problem #3 On June 30, 2021 Gerry and Henry, competitors in business, decide to consolidate their bu...
A: Partnership is one of the form of business organisation. At the time of formation of partnership, al...
Q: CCC Corp. has annual turnovers of inventory, receivables, and payables of 12,18, 8 respectively. Ind...
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or str...
Q: Entity A has 200,000 ordinary shares outstanding on January 1, 20x1. Entity A offers rights issue to...
A: Right share means company offer share issue to it's share to existing shareholders at discount price...
Q: What amount will Sandhill record as its lease liability on December 31, 2019, if its incremental bor...
A: Lease liability refers to obligation of the company requires to pay periodic lease payment on the le...
Q: Assume that IBM leased equipment that was carried at a cost of $62,000 to Carla Vista Company. The t...
A: Lease initially measured on Dec 31, 2019 = $92,001 During the year 2020: Interest Income = $92,001...
Q: Statement 1: Under cash basis, if cash has been collected, revenue is recorded regardless of earning...
A: The accounting is based on different basis such as cash basis and accrual basis.
Q: Required information Problem 6-9B Record transactions and prepare a partial income statement using a...
A: Under periodic inventory system, the cost of goods sold is not recorded with every sale transaction ...
Q: FIFO and LIFO costs under perpetual inventory system The following units of an item were available ...
A: Total cost = number of units * cost per unit In LIFO method , the last purchase is sold first. So ,...
Q: Amber sold her personal property in 2019, with details as follows: Cost ...
A: Selling price Mortgage assumed by the buyer 350,000 add)Installment in2019 ...
Q: Statement 1: Under the single entry method, the owner maintains a cash book and separate list of rec...
A: Single entry system: the single entry system is an accounting system used by small companies to reco...
Q: Amber sold her personal property in 2019, with details as follows: Cost ...
A: Contract Price is the agreed price of asset sold/purchase. Here it is important to know that Mortga...
Q: An analysis of the cash book and other records of Byle Corporation shows the following data: Account...
A:
Q: Lancelot is a dealer of household appliances. He reported the following in 2019 and 2020: 2019 20...
A: Accrual Basis of accounting means recording transaction on Accrual basis i.e. as and when they inten...
Q: 3,000,000 Dividends declared 1,000,000 Sales ...
A: Expenses refer to the costs bear by a company while producing or selling its products or services.
Q: XYZ Corporation has a lower and an upper limit for its savings account at P40,000 and P70,000 respec...
A: Solution Concept Miller-Orr Model As per this model -when cash balan...
Q: Merville is a dealer in real properties. Merville requires 20% downpayment, and the balance is payab...
A: Gross Income- Gross income refers to the combined income from all the different sources like salary,...
Q: A taxpayer filed his income tax return in October 28, 2018. The deadline for the return was April 15...
A: solution concept as per the income tax provision stated by BIR In case if a person fails to file ret...
Q: 22. Partially correct answer icon Your answer is partially correct. Carla Corporation enters into a...
A: Lease is a form of agreeement or arrangement between two or more than two persons, in which one part...
Q: BC Corporation has a lower and an upper limit for its savings account at 40,000 and 70,000 respectiv...
A: Solution Concept Miller-Orr Model let us analyze the details of the model ...
Q: In 2020, Mr. Marangley, a dealer of car, disposed a brand new sports utility vehicle (SUV) which cos...
A: Monthly installments for 7 months P50,000 * 7 = P350,000 Sales - cost P1200,000 - P800,000 = P400,00...
Q: Buigasal Company provided the following data: 2020 2021 Share capital (P100 par value) 5,850,000 1,6...
A: The net increases the retained earnings and declaration of dividend decreases the dividend.
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...
A: Increase in assets should be debited and decrease in assets should be credited. Increase in revenues...
Q: TAARE ZAMEENPAR Company reported the following changes in the account balances for the current year,...
A: Stockholders' equity: Stockholders' equity means the net assets available to shareholders after dedu...
Q: SOUND CORE WIRELESS sells a variety of mobile telephone accessories including several brands of Wire...
A: First-in, first-out (FIFO) cost flow assumption - Under FIFO Method, Inventory purchased first is so...
Q: Required information [The following information applies to the questions displayed below.] a. Wages ...
A: A general journal is a daybook or subsidiary journal in which transactions relating to adjustment en...
Q: Record adjusting journal entries for each separate case below for year ended December 31. Assume no ...
A: Adjusting Entry – These entries make the cash transaction the accrual one. Adjusting entries do not ...
Q: How does Depreciation Expense impact Declan's Designs' 2022 Statement of Cash Flows?
A: The cash flow statement is prepared to record the cash flow from various activities during the perio...
Step by step
Solved in 2 steps
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Fava Company began operations in 2018 and used the LIFO inventory method for both financial reporting and income taxes. At the beginning of 2019, the anticipated cost trends in the industry had changed, so that it adopted the FIFO method for both financial reporting and income taxes. Fava reported revenues of 300,000 and 270,000 in 2019 and 2018, respectively. Fava reported expenses (excluding income tax expense) of 125,000 and 120,000 in 2019 and 2018, which included cost of goods sold of 55,000 and 45,000, respectively. An analysis indicates that the FIFO cost of goods sold would have been lower by 8,000 in 2018. The tax rate is 21%. Fava has a simple capital structure with 15,000 shares of common stock outstanding during 2018 and 2019. It paid no dividends in either year. Required: 1. Prepare the journal entry to reflect the change. 2. At the end of 2019, prepare the comparative income statements for 2019 and 2018. Notes to the financial statements are not necessary. 3. At the end of 2019, prepare the comparative retained earnings statements for 2019 and 2018.Miranda Company reported the following amounts on its 2017 income statement: Purchases, P100,000; Beginning inventory, P20,000; and Cost of goods sold, P110,000. Therefore, the 2017 ending inventory was _____
- Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue, $437,690; Cost of Goods Sold, $255,000. O The gross profit as a percentage of net sales is (Round your answer to two decimal places.) OA) 37.96% OB) 39.80% OC) 60.20% OD) 40.8%Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales $ 560,000.00 Cost of Goods Sold $ (160,000.00) Gross Profit $ 400,000.00 Calculate the gross profit percentage. (round your answer to two decimal places) A 71.43% B 25.00% C 100.00% D 28.57%For 2021, Hamilton Company had Sales of $5,700,000 and Cost of Goods Sold of $3,600,000. For 2020, Hamilton Company had Sales of $4,800,000 and Cost of Goods Sold of $2,900,000. a. What was the Cost of Goods Sold as a percent of Sales for 2021? b. What was the Cost of Goods Sold as a percent of Sales for 2020? c. Did Hamilton show improvement from 2020 to 2021? d. Is this an example of horizontal or vertical analysis?
- Gee Hee Traders started operating in 2021. For the year ended 2021, the sales, purchases, and closing inventory are P500,000, P200,000, and P10,000 respectively. What is the amount of cost of goods sold for the year ended 2021? Your answerThe following information was taken from the 2016 income statement of Miranda Company: Pretax income, P12,000; Total operating expenses (not including income taxes), P20,000; Sales revenue, P120,000. Compute cost of goods sold.The following information is available for Ayayai Corp. for 2023: Payment for goods during year Accounts Payable, beginning Inventory, beginning Accounts Payable, ending Inventory, ending Cost of goods sold for 2023 is $106100. $120600. $137700. $106300. $106200 14200 31500 14100 17000
- Danby, Inc. provides the following data from its income statement for 2018: Net Sales $540,000 Cost of Goods Sold (190,000) Gross Profit $350,000 Calculate the gross profit percentage. (Round your answer to two decimal places.)Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020? A. P7,000,000 B. P7,750,000 C. P8,500,000 D. P9,125,000 E. answer not givenManero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%