202 UIRE
Q: Presented below is the adjusted trial balance of Kingbird, Inc. at December 31, 2017. Debit ...
A: Balance Sheet includes: Assets accounts Liabilities accounts Stockholder's accounts Assets =Liabil...
Q: Equity ending 95,000 Income 120,000 Equity beginning 60,000 What is the amount of expense?
A: Equity is the total amount attributable to the owners of the business, All income is added to the eq...
Q: The following information is taken from the records of DW Company for last year: P 8,000 3,000 11,00...
A: Inventory refers to the stock that the company held for resale purpose or the goods that is not sold...
Q: e Give an expression for the value, at the given valuation date, of the cásh flow shown.
A: solution : the given question is related to the concept of time value of money The future cash flow...
Q: Which of the following is considered an agricultural produce? fruit cocktail ...
A: Answer- IAS 41 - determines the accounting standard for Agriculture activity. IAS 41 requires a fa...
Q: Which of these accounts is included in the post-closing trial balance? Group of answer choices: Sa...
A: Post Closing trail balance is the trail balance that is prepared after closing entries are passed. P...
Q: Assuming only Job# 2 and 3 were completed and sold, what is the cost of goods sold at year end? Trip...
A: Job Costing is the method of costing which generally used to determine the cost of the specific diff...
Q: A job order for 500 units of children's party giveaways were processed with costs of P80,000 and P30...
A: The question is based on the concept of Cost Accounting.
Q: KW Inc. manufactured coil over springs for cars. During this year, KW Inc. manufactured 200 units co...
A: Cost of reworked = (Direct material + labor + overhead) x no. of units = (100+160+160*150%)*15 = P7,...
Q: Demopoulos Company acquired $151,200 of Marimar Co., 8% bonds on May 1 at their face amount. Interes...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: type of system does the café use to count inventory
A: First option is wrong because agricultural inventory system is not an accepted inventory system for ...
Q: Subsidiary on January 1, 2019.
A: A] the 2022 journal entries, required by the equity method, on Parent's pre-consolidation books expl...
Q: Test VII. High and Low Points Method. A controller is interested in analyzing the fixed and variable...
A: High low method: Variable cost per unit = (Highest activity cost - Lowest activity cost) / (Highest ...
Q: rate of interest that was charged as a penalty.
A: Rate of interest of penalty = (Penalty amount * Number of days in a year * 100)/(Number of days of o...
Q: A job order for 500 units of children's party giveaways were processed with costs of P80,000 and P30...
A: The question is based on the concept of Cost Accounting.
Q: The transactions completed by PS Music during June 2018 were described at the end of Chapter1. The f...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: A and B formed a partnership. The partnership agreement stipulates the following: • Annual salary al...
A: The profit of the partnership firm is P100,000. The patners A and B are allowed salary of P80,000 an...
Q: So Long, Inc, has sales of $334,000, costs of $145,400, depreciation expense of S63,200 and interest...
A: Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new ques...
Q: Your boss would like you to estimate the fixed and variable components of a particular cost Actual d...
A: The Least-Squares regression method is a technique that may be used to estimate a linear total cost ...
Q: can you please explain this and provide an example its for homework I am struggling
A: Horizontal analysis of the company shows increase or decrease in figures over the two periods in ab...
Q: Work-in-process of Alonzo Corporation in July 1, 2019 (per general ledger) is P22,800. Per cost shee...
A: Solution: Applied overhead in Beginning Work in process = Total Work in process - direct materials -...
Q: Equity Method and Eliminating Entries, First Year On July 1, 2019, Prestige Communications acquired ...
A: Given information, Capital stock = $26 Retained earnings = $142 Accumulated other comprehensive inco...
Q: The capital balances and profit and loss ratios of the partners in ABC Co. are as follows: Capital 4...
A: The partnership comes into existence when two or more persons agree to do the business and share pro...
Q: On June 30, 2020, Amal, the sole proprietor of the Amal Company, expands the company and establish a...
A: SOLUTION PARTNERSHIP IS AN AGREEMENT BETWEEN TWO OR MORE PEOPLE TO OVERSEE BUSINESS OPERATIONS AND ...
Q: Near Company's Job 205 for the manufacture of 6,600 coats was completed during February at the follo...
A: Job costing is a special type of costing method in which all costs are assigned and accumulated on t...
Q: Prepare the closing entries Cash P4,650 Accounts Receivables 5,200 Supplies 640 Accounts Payable...
A: The journal entries are prepared to record daily transactions of the business.
Q: Metlock Company purchased machinery on January 1, 2020, for $ 88,000. The machinery is estimated to ...
A: Formula: Straight line method Depreciation = ( Cost of Asset - salvage value ) / useful life
Q: Triple V Company uses a job-order costing system and the following information is available from its...
A: Total cost is an economic term that includes not only the initial monetary outlay but also the oppor...
Q: The following information is for Blue Spruce Corporation as of December 31, 2017. Restricted Cash...
A: 1. Current Assets are Assets which are to be consumed or used within one year. 2. Non Current Asse...
Q: KW Inc. manufactured coil over springs for cars. During this year, KW Inc. manufactured 200 units co...
A: Cost of reworked = (Direct material + labor + overhead) x no. of units = (100+160+160*150%)*15 = P77...
Q: Mercury Inc. reported net income of $100,000 for 2020. In addition, the income statement reported $2...
A: A cash flow statement is the one prepared by the company to depict the position of cash and cash inf...
Q: Wernan Peralta, Attorney-at-Law, opened his office on September 1, 2018. The following transactions ...
A: Accounting equation of the business says that total assets in the business must be always equal to t...
Q: The cost of equipment purchased by Concord, Inc., on April 1, 2020, is $127,000. It is estimated tha...
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the unanswere...
Q: Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc. Income st...
A: Formula: Percentage assigned to operating expenses = ( Operating expenses / Net sales ) x 100
Q: 1: In liquidation process, the noncash assets are sold only to outside parties but never to any of t...
A: Ans. In case of liquidation of partnership, the noncash assets are sold to outside parties and it ca...
Q: Panther Company currently sponsors a defined benefit pension plan for its employees. At the end of 2...
A: A pension plan is a retirement plan that requires an employer to make contributions to a pool of fun...
Q: 3. What is the overapplied or underapplied overhead for September? Job Costing Johnson Inc....
A: Overheads are the indirect costs and indirect expenses in the business.
Q: Which of the following is NOT related to accounting? O a. Management accounting O b. Financial accou...
A: Accounting:- Accounting includes recording of business transactions. Professional accountants prepa...
Q: Tiwala Lhungz Company Income Statement Tiwala Lhungz Company Balance Sheet As of December 31, 2016 F...
A: Dear student, we can answer only three sub-parts, if a student post a question that has more than th...
Q: How much is the estimated inventory fire loss?
A: In order to find out estimated inventory fire loss, we need to find out the cost of inventory lying ...
Q: .04 ₱1.94 ₱2.00 ₱2.08
A: Under FIFO method, the units purchases first are sold first.
Q: AyayaiFurniture Company started construction of a combination office and warehouse building for its ...
A: Depreciation is an accounting technique for distributing a tangible or fixed asset's cost over its u...
Q: . The form issued by a seller to inform a buyer that a credit has been made to accounts receivable. ...
A: Discounts are the amounts or allowances that are to be allowed on invoice price and partial payments...
Q: component part for one of the company's products. and a half for all work in excess of 40 hours per ...
A: Direct labor cost is part of payroll that can be specifically assigned to manufacture of a product,...
Q: At 31 December 20X8 the capital structure of Pilot Ltd was as follows: (1) 200,000 ordinary shares o...
A: solution : let us first note down the existing capital structure Ordinary shares (200,000 of 0.5...
Q: Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer se...
A: When involved in the production of certain goods, it is necessary to keep a record on the demand for...
Q: Assume that both the Parent and Subsidiary adopt 31 December as their financial year-end. Further as...
A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question s...
Q: Whilst reviewing the trial balance for a business. It was determined that an accrual for electricity...
A: Trial balance is the summary of all general ledger accounts in the business. Adjusted trial balance ...
Q: The following cost data relate to the manufacturing activities of the Kamas Company during the most ...
A: SOLUTION- WORKING NOTE- CALCULATION OF RAW MATERIAL CONSUMED- RAW MATERIAL - BEGINNING 5000 ...
Q: WFU Corporation expects to have the sales and expenses shown for August, September,and October. The ...
A: The cash budget is prepared to estimate the cash balance at year end and to find out any requirement...
Step by step
Solved in 4 steps
- 3. ABC Company acquired a tract of land containing an extractable natural resource. ABC is required by the purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 2,500,000 tons and that the land will have a value of P1,000,000 after restoration. Relevant cost information follows: Land .- P9,000,000 and Estimated restoration costs - 1,500,000. What should be the depletion charge per ton of extracted material?2. Cooler Company acquired a tract of land containing an extractable natural resource. Cooler is required by the purchase contract to restore the land to a condition suitable for recreational use after it has extracted the natural resource. Geological surveys estimate that the recoverable reserves will be 5,000,000 tons and that the land will have of P1,000,000 after restoration. Relevant cost information as follows:Land P 9,000,000Estimated restoration costs 1,500,000If Cooler maintains no inventories of extracted material, what should be the depletion expense per ton of extracted material?Determine the cost of the following items of investment acquired by Sasha Corporation during 2022;a. Land site for capital appreciation was acquired for P8,600,000. The company paid P 430,000 commission to a real estate agent. Costs of P 135,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P 65,000. The cost of investment property is _____________b. Land and building were acquired to be held for under operating leases. The company made a de payment of P4,000,000, issued 20,000 P200 par ordinary shares with market price of P240 per share and issued three year non-interest bearing note for P6,000.000 note is payable in equal annual instalments of P2,000,000 at the end of each year from the date of purchase. Prevailing interest rate for similar notes is 10%. 30% of the purchase price is allocated to the land. Investment property is recorded at __________
- 2.Suppose that you acquired a commercial building (a drilling gear box plant) and put in service in January 2018. The cost of the property is $2,000,000, which includes $500,000 value of land. Determine the amount of depreciation that is allowed during the first year of ownership, 2018, by the government. CCA rate for commercial building is 4%. Select one: a. $80,000 cross out b. $60,000 cross out c. $20,000 cross out d. $30,000 cross out Clear my choice ast saved at 1 2-24:24Company A obtained the rights to operate a coal mine and started its operations on January 1, 2025. A the coal is extracted in 4 years, Company A is obligated to restore the land to its original condition. The company's controller has provided the following three cash flow possibilities for the restoration costs: Probability Cash Flow $1,000,000 10% 1,400,000 60% 1,800,000 30% Company A's credit-adjusted risk-free rate of interest is 6%, and its fiscal year ends on December 31. much accretion expense will Company A report in its 2026 income statement?(Adapted) 5. Joseph Company acquired a tract of land containing an extractable natural resource. Joseph is required by the purchase contract to restore the land to a condition suitable fo recreational use after it has extracted the natural resource Geological surveys estimate that the recoverable reserves will be 2,500,000 tons and that the land will have a value of P1,000,000 after restoration. Relevant cost information follows: P9,000,000 Land Present value of estimated restoration costs 1,500,000 What should be the depletion charge per ton of extracted material? a. P4.00 (Adapted) •b. P3.80 c. P3.60 d. P3.20
- Jubilant Company acquired a tract of land containing an extractable natural resource. The entity is required by the purchase contract to restore the land to a condition suitable for recreational use after it had extracted the natural resource. Geological survey indicated that the recoverable reserves will be 2,500,000 tons and that the extraction will be completed in five years. Land Exploration and developmental cost Expected cash flow for restoration cost Credit adjusted risk free interest rate PV of 1 at 10% for 5 periods 9 000 000 1 000 000 1 500 000 10% 0.62Sparkle Company acquired a tract of land containing an extractable mineral resource. Sparkle is required by its purchase contract to restore the land to a condition suitable for recreational use after it has extracted the mineral resource. Geological surveys estimate that the recoverable reserves will be 2,000,000 tons, and that the land will have a value of $1,200,000 after restoration. Relevant cost information follows: Land $9,000,000 Estimated restoration costs 1,800,000 If Sparkle maintains no inventories of extracted material, what should be the charge to depletion expense per ton of extracted material? $Answer?schefter mining operates a copper mine in wyoming. Acquisitions, explorations, and development costs totaled $8.3 million. extraction activities began on July 1, 2024. After the copper is extracted approximately six years, schefter is obligated to restore the land to its original condition, including constructing a park. the company controller has 3 cash flow possibilities for restoration costs 1. $710000 at 25% probability 2. $810000 at 25% probability 3. $910,000 at 50% probability the companys credit -adjusted rate of interest is 6% and ends fiscal year dec 31st. required 1. what is the initial cost of the copper mine? 2. how much accreciation will schefter report in its 2024 income statement? 3. what is the book value of the asset retirement obligation that schefter will report in its 2024 balance sheet? 4. assume the actual restoration costs incurred in 2030 totaled $881,000. what amount of gain or loss will schefter recognize on retirement of the liability? cost of mine accretion…
- Redtail Hawk Company is evaluating two possible investments in depreciable plant assets. The company uses the straight−line method of depreciation. The following information is available: Investment A Investment B Initial capital investment $17,500 $455,000 Estimated useful life 8 years 8 years Estimated residual value $8,000 $15,000 Estimated annual net cash inflow $7,000 $70,000 Required rate of return 11% 12% How long is the payback period for Investment A?The first of certain equipment is P3,000,000.00 with a freight cost of P200,000.00 and taxes and legal fee of P360,000.00. if the salvage value of the machine is P300,0000 with an expected life of 8 years. Find the total depreciation at the end of 5th year. Using a) a) straight line method b) declining balanced method c) sinking fund method d) sum-of-year-digit method. Use r = 5%Investment Property Determine the cost of the following items of investment acquired by Sasha Corporation during 2022; Land site for capital appreciation was acquired for P8,600,000. The company paid P430,000 commission to a real estate agent. Costs of P 135,000 were incurred to clear the land. During the course of clearing the land, timber and gravel were recovered and sold for P 65,000. The cost of investment property is _____________ Land and building were acquired to be held for under operating leases. The company made a de payment of P4,000,000, issued 20,000 P200 par ordinary shares with a market price of P240 per share, and issued a three-year non-interest-bearing note for P6,000.000 note is payable in equal annual installments of P2,000,000 at the end of each year from the date of purchase. The prevailing interest rate for similar notes is 10%. 30% of the purchase price is allocated to the land. Investment property is recorded at __________
