WHat is the employee discount under retail using the LIFO retail method
Q: Partially completed budget performance reports for Garland Company, a manufacturer of light duty…
A: Actual cost refers to the amount that an industry incurs when it produces a product. This cost…
Q: Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Account…
A: Balance Sheet :— It is one of the financial statement that shows list of final balances of assets,…
Q: Profit Center Responsibility Reporting XSport Sporting Goods Co. operates two divisions—the Winter…
A: An income statement is a financial statement that represents the financial performance of the…
Q: Problem 4: Calculate net tax due Saji and Henry Lozano are married for all of 2022 and have an AGI…
A: Tax Day is the deadline for filing individual income tax returns with the federal government in the…
Q: Part U16 is used by Mcvean Corporation to make one of its products. A total of 17,000 units of this…
A: Introduction: In a make or buy decisions management chose either to make the product in house or buy…
Q: Hogan Industries had the following inventory transactions occur during 2022:…
A: Inventory valuation method includes: FIFO Method LIFO Method Weighted average cost method FIFO…
Q: Sepia Inc. issued bonds for $450,000 that were redeemable in 6 years. They established a sinki that…
A: Sinking funds are established to provide and collect money for future liabilities and periodic…
Q: Prepare a cash distribution plan as of June 30, 20X1, showing how much cash each partner will…
A: A cash distribution plan is the plan which is made by the company so that any loss can be made which…
Q: To support herself while attending school, Daun Deloch sold stereo systems to other students. During…
A: Income Statement An income statement is a financial statement showing a…
Q: The Nicols are buying a house selling for $345,000. They pay a down payment of $45,000 from the sale…
A: Borrowing Amount can be calculated as follows = Cost of House - Down payment. Interest can be…
Q: Define the following and provide respective examples; Simple interest Compound interest Annual…
A: Simple Interest: Simple interest is a type of interest calculation where the interest amount is…
Q: Provide the missing information (A-H) in the table. Use the formulas learned in Chapter 10. (Round…
A: The margin ratio - is one of the ratios that measure profitability of the entity. It compares the…
Q: Wilco Inc. allocates overhead on the basis of direct labor hours. They report the following budgeted…
A: Solution... Predetermined overhead rate = Budgeted manufacturing overhead/ budgeted labor hours
Q: Apply mathematical skills around cost structures and appropriate equations to answer the following,…
A: We know that Cost of Sale = Opening Inventory + Purchases - Closing Inventory Markup per unit can be…
Q: 15. At December 31, 2017, ABC Company has the following: Common stock, $10 par, 10,000 shares…
A: Cumulative preferred stock are those shares if the dividends for any year not paid, then the…
Q: Required Information [The following information applies to the questions displayed below.] The…
A: Variance: It is the difference between the standard and actual results. In the planning period, the…
Q: Taking into consideration the Accounting Professional Code of Conduct explain the Tax Penalties and…
A: 26 US Code Section 6694 - Understatement of taxpayer's liability by tax return preparer.…
Q: Bramble Company uses a flexible budget for manufacturing overhead based on direct labor hours.…
A: The manufacturing overhead includes the indirect costs incurred for the production during the…
Q: Should we accept this project:?
A: NPV and IRR are the techniques to evaluate the available projects and to select the feasible project…
Q: where do you get the 120% from?
A: Dividend is the return which is given to the shareholder's for the investment made in the equity of…
Q: Frederick Corporation issues $100,000 of 8% bonds, due in 20 years, when the market rate of interest…
A: Issue price of the bonds = Present value of principal + Present value of interest payments where,…
Q: Journalize the entries for the following transactions. Refer to the Chart of Accounts for exact…
A: Journal entry is the entry which is recorded in order to record the financial transactions in the…
Q: 2. Assume the following facts about a firm that borrows by pledging its receivables: Average balance…
A: Formulas, The effective cost of financing is stated as an annual rate = (Total Interest…
Q: Explain the advantages and disadvantages of cash budgeting with appropriate literature review.
A: Currencies have always been part of human culture. If you have more currency, then you have greater…
Q: Which of the following statements is true? An avoidable fixed production cost incurred before the…
A: An avoidable fixed production cost incurred before the split-off point in a joint process is…
Q: You own a mutual fund valued at $46 per share. It has a gross return of 8% and an expense ratio of…
A: A mutual fund is an investment option for the investor. Investors invest their money in the fund and…
Q: Seminole Corporation is a manufacturer of graduation caps and gowns subject to a 20% tax rate.…
A: Loss on the Sale of Equipment does not lead to any kind of cash flow. Therefore, it will not be…
Q: CLASSIFICATION 1. At what amount should the equity investment be initially recorded? 2. How much is…
A: 1. On the date of Purchase equity instruments should be recorded at following Amount Particulars…
Q: On the bank reconciliation, deposits in transit are: O a. an addition to the balance per bank…
A: In this question, we need to identify the treatment of the deposits in transit in the bank…
Q: See Clear Company manufactures clear plastic CD cases. It applies variable overhead based on the…
A: The variable overhead variance is calculated as difference between actual variable overhead cost…
Q: Required Information [The following information applies to the questions displayed below.] Patel and…
A: The variance is the difference between the actual data and standard output of the production. The…
Q: Required information [The following information applies to the questions displayed below] Global…
A: Common stock is a security that represents ownership in a corporation.
Q: You buy a share of stock today for $ 396 and receive quarterly dividends of $2.30 at the end of each…
A: Introduction: An investor invests in stock to generate two types of income - One dividend income and…
Q: aver Company currently pays an outside supplier $15 per unit for a part for one of its products.…
A: ANSWER Cost per unit to make the part = Direct material cost + direct labor cost + Incremental…
Q: What are the internal and sustainable growth rates? Note: Do not fou
A: 1. Whereas internal growth rate is about finding the amount of income brought in when all extra…
Q: A Company provided the following account balances on December 31, 2021: Financial assets at FVTOCI…
A: Assets that can be quickly turned into cash within a year are referred to as current assets. Cash,…
Q: Commodore Entertainment has four profitable business segments, described as follows: • Media…
A: The profit margin is simply calculated by dividing the amount of income that an organization or…
Q: Find the present value of an ordinary annuity with deposits of $8,989 every 6 months for 6 years at…
A: Formula : Present value of an annuity = P x [ 1 - ( 1 + r ) ^ - n ] / r where : P = periodic…
Q: Personal financial management topics.( Investment)
A: Personal financial management and investment are important topics because they can help you achieve…
Q: Red Line Railroad Inc. has three regional divisions organized as profit centers. The chief executive…
A: Answer to Question 1:- Quarterly…
Q: Question 2: Figy Co entered into a 4-year lease agreement on 1 January 20X5. The agreement meets the…
A: CALCULATION OF RIGHT OF USE AS ON 1 JAUNUARY 20X5 RIGHT OF USE INITIAL PAYMENT + PRESENT VALUE OF…
Q: A loan of $172,000 at 3.12% compounded quarterly was to be settled with month-end payments of…
A: Annual, semi-annual, quarterly, or monthly payment of loan includes the portion of interest expense…
Q: Variable costs: Direct materials $0.15 Direct labor 0.06 Variable overhead 0.11 Fixed overhead…
A: Differential analysis It is the technique which is used for making decisions by identifying the…
Q: Joliet Division makes a good that is sold on the open market for a price of $31 each. To make the…
A: The minimum price to be charged through internal transactions would be equal to the variable cost…
Q: Suppose that General Motors Acceptance Corporation issued a bond with 10 years until maturity, a…
A: Bond valuation seems to be a way to ascertain a bond's fair value. The core premise of bond…
Q: Assume a company is preparing a budget for its first two months of operations. During the first and…
A: Cash Budget :— This budget is prepared to estimate the flow of cash during the period. Cash…
Q: Purchased a machine with $100.000. Decided to take 50% Bonus in the first year, and put in 3-year…
A: Depreciation is decrease in value of assets due to the use of equipment and wear and tear of the…
Q: 4) Listen The general ledger update in the order entry/sales process with a debit to Cost of goods…
A: Answer:- General ledger:- An organization utilizes a general ledger-a group of numbered accounts to…
Q: accurate. The seller and the Conders paid their share of the tax. The full property tax bill is paid…
A:
Q: Changes in Current Operating Assets and Liabilities-Indirect Method Blue Circle Corporation's…
A: The cash inflows and outflows for a specific accounting period are shown on the cash flow statement.…
WHat is the employee discount under retail using the LIFO retail method
Step by step
Solved in 2 steps
- On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600
- The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?The moving average inventory cost flow assumption is applicable to which of the following inventory systems? Questions M7-6 and M7-7 are based on the following data: City Stationers Inc. had 200 calculators on hand on January 1, 2019, costing 18 each. Purchases and sales of calculators during the month of January were as follows: City uses a periodic inventory system. According to a physical count, 150 calculators were on hand at January 31, 2019.Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.
- Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.Under the periodic inventory system, what account is debited when an estimate is made for the cost of merchandise inventory sold this year, but expected to be returned next year? (a) Estimated Returns Inventory (b) Sales Returns and Allowances (c) Merchandise Inventory (d) Customer Refunds PayableUnder the periodic inventory system, what account is debited when an estimate is made for sales made this year, but expected to be returned next year? (a) Sales Returns and Allowances (b) Merchandise Inventory (c) Customer Refunds Payable (d) Sales
- Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.