2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 Percentage 2019 P1,674,675 843,975 830,700 409,725 30,825 P 390,150 Perœntage Reverue Cost of Goods Sold Gross Profit Selling ard General Experses Other Experses Net Income
Q: Prepare a flexible budget report for Ivanhoe Clothing for the year.
A: Budget refers to the estimation of the incomes and expenses for a specified future period as per the…
Q: NeE income? Account Amount Insurance Expense 5,000 Cash at Bank 26,000 Supplies 3,000 Accounts…
A: In accounts, mainly there are five type of accounts. These are income, expenses, assets, liabilities…
Q: Amounts owing by customers amounted to £650,000 at 31 December 2020. The business sets the…
A:
Q: what is the cost of the new animal shelter? Shuler Dog Care Co. wants to finance a new animal…
A: Interest rate = 6% Annual deposit for first 4 years = $24000 Annual deposit for next 4 years =…
Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials and direct…
A: The direct material variance is the difference between the standard cost of materials generated by…
Q: Sunland Company’s master budget reflects budgeted sales information for the month of June, 2022 as…
A: The sales budget is prepared to estimate the expected sales. It is also helpful to identify the gap…
Q: Date Activities Units Acquired at Cost e$ 6.00 - Unita sold at Retail $ 840 Beginning inventory…
A: Introduction: LIFO Method: LIFO stands for Last in first out. which means last received inventory to…
Q: ction: Give 3 different features of common stock and preference stock. Then, give their 2…
A: The companies raise money through bonds, stock and preferred stock and each type have own advantages…
Q: per year will accum
A: Deposit = 33047 $ Interest rate = 10 % Time = 10 years
Q: Management of XYZ Media has decided to allocate the costs of the paper's two service/support…
A: In this question, we can allocate the costs by using two overhead distribution methods as Direct…
Q: Activity Cost Pool Annual Activity 10,000 Machine hours 30,000 Material moves 15,000 Setups 25,000…
A: Activity based costing: Activity based costing is one of the costing approach defined in cost…
Q: The following transactions occurred during the month of April for Nelson Company:a. Purchased…
A: Normally, a journal entry is recorded in the main ledger, but it can alternatively be entered in a…
Q: O'Brien Company manufactures and sells one product. The following information pertains to each o the…
A: Solution: Under variable costing, unit product cost includes variable production costs such as…
Q: Whispering has the following inventory data: Nov. 1 Inventory 28 units@$5.50 each Purchase 110 units…
A: Specific Identification Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory…
Q: LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017…
A: The acid-test ratio is calculated by dividing the liquid assets of the company by its current…
Q: Markup and margin as percentages are equal. O True O False
A: Answer:- Markup meaning:- The percentage amount by which the cost of a particular product is…
Q: On January 1, 20x1, Santa Co. acquired 10%, ₱1,000,000 bonds at 92. Commission paid to brokers…
A: Bond Valuation Bond can be valued ether in part value or in discount or in premium as well.…
Q: Jennifer Smith decides to start a new company that will be operated as a corporation, Comfy Shoes…
A: Transactions relating to the Shareholder's Equity includes: i) Issue of Share Capital (Common shares…
Q: Mr. John Wick operates books stores and renders services as a professional broker. In 2018, his…
A: Answer:- Income tax definition:- Income tax can be defined as a tax which is levied on person or…
Q: Should I use cash-basis or accrual accounting?
A: Which one of above accounting method you should use would depend on the nature and the size of the…
Q: Cycle Time and Velocity, Manufacturing CycleEfficiencyA company like Kicker performs warranty repair…
A: The findings demonstrated that five primary factors may influence accountants' propensity to utilize…
Q: A company has a bond with a standing value of $980 and instantaneously changes to $990. What is the…
A: Journal book: Journal book is an important books among all the accounting books as it is the…
Q: The following information was taken from Cristine Company's accounting records for the current year:…
A: Cost of goods sold = Cost of goods manufactured + Decrease in finished goods inventory Cost of goods…
Q: Schedule of Cash Payments for a Service Company SafeMark Financial Inc. was organized on February…
A: SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For…
Q: Repair Shop Co. provides electronic repairs and has the following budget for next year: Repair…
A: The time rate is calculated on the basis of the number of hours used for repairs. Loading charge is…
Q: Grouper Company manufactures tablecloths. Sales have grown rapidly over the past 2 years. As a…
A: The flexible budget is prepared to estimate the costs at different level of production on the basis…
Q: Unit VI question 4
A: Lets understand the basics. Contribution margin is a sales less variable cost of the company.…
Q: During 2021, Bycomb Company generated revenues of £300,000 for services rendered of which £70,000…
A: As per accrual syst of accounting, revenue. and expense will be recognised as and when they are…
Q: $45,300, 7-month, 6% note dated October 31, 2021 with Q Tile LLC. All of the note's interest is due…
A: Notes receivable are claims for which formal instruments of credit, such as a promissory note, are…
Q: Prepare adjusting entry for October 31. Show computation. A bank loan amounting to P100,000 was…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Supplies $ 32,000 Service Revenue $ 110,000 Supplies Expense 9,000 Salaries and Wages Expense 38,000…
A: There are generally two type of accounts being used by the business. One is temporary accounts and…
Q: Question 2 Like Company manufactures a number of products. The standards relating to one of these…
A: Materials quantity variance=Standard Quantity-Actual Quantity×Standard Price Materials price…
Q: P600,000 and P200,000, respectively. What is the income tax due to John Wick in his quarterly income…
A: It is given in the question that Mr. John Wick who is the taxpayer has failed to signify his…
Q: The Administrative Procedure Act requires Federal Agencies to follow certain procedures to make…
A: The Administrative Procedure Act, which was passed in 1946, specifies how federal agencies may make…
Q: The following information is available for Leah Company: 12.31.2021 12.31.2020 Cash P1,400,000…
A: The cash flow from operating activities is calculated from the change in cash equation
Q: 4. The following information is provided: Project Income Investment P 33,000 P 56,250 P 27,500 A P…
A: ROI stands for return on investment. ROI is the ratio of firm's income with the Investment.
Q: Sales volume for a company is million dollars per month. If the company spends $350,000 per month as…
A: The break-even point: The break-even sales or point refers to the level of sales where the…
Q: Paul White is preparing a direct labor budget. His sales budget shows total sales units of 15900 and…
A: The budgeted direct labor cost is calculated as the number of direct labor hours multiplied by the…
Q: Mary made an initial investment of $41,290. The investment grows at 3% per year compounded…
A: GIVEN Mary made an initial investment of $41,290. The investment grows at 3% per year compounded…
Q: The following various elements relate to Whitfield, Inc.'s cash budget for April of the current…
A: The cash collection schedule is prepared to record the estimated cash collection during the period…
Q: The selling price of Product Y is set at $1,200 for each unit and sales for the coming year are…
A: Target cost = Desired Sales revenue - Desired profit Desired Sales revenue = 1,000 units x $1,200 =…
Q: Unit VI question 12 part a
A: Contribution margin refers to the difference between sales value and variable cost. After deducting…
Q: Beginning inventory, purchases, and sales for an inventory item are as follows: Sep. 1 Beginning…
A:
Q: A company currently in the 3rd month of a 2 year project. Ihe financial committee would like to h a…
A: The budget at completion is the total budget of the project.
Q: Determine the direct labor rate variance, time variance, and total direct labor cost variance. Enter…
A: Direct labor cost variance arises due to direct labor rate variance and direct labor time variance.…
Q: What is the resort's net income for tax purposes?
A: Safe haven wildlife resort operate a proprietors-ship that generate $20000 in income under GAAP.…
Q: Muffin Factory (MF) bakes and sells muffins. MF buys materials from suppliers and bakes, frosts, and…
A: 1(a) Determination of pre determined overhead rate using direct labor cost as the single cost…
Q: with inte bonds of Similar
A: The face value of bonds is $ 1,000,000 and market rate of interest of such…
Q: Part B Apart from pension contribution state two other expenses that an individual may use to reduce…
A: Deduction under 80 c
Q: Miguel is a citizen and resident of Brazil. During the current vear, Miguel never visits the…
A: Solution Tax rate is the rate at which an individual or corporation is taxed.
Step by step
Solved in 2 steps with 1 images
- (The given is in the photo.) Required: 1. SHOW THE COMPUTATION OF SM-X NET SALES REVENUE. COST OF GOODS SOLD AND GROSS PROFIT FOR THE YEAR ENDED DEC 31 2020Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR 2000, Purchases OMR 40000, Sales OMR 80000, Closing Stock OMR 20000, Salaries and wages OMR 10000 and Sales return OMR 6000 a. OMR 40000 b. OMR 52000 c. OMR 38000 d. OMR 28000
- PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O6 HW - Con O Young Thug - Livin It Up (with ezto.mheducation.comext/map/index.html?_con3con&external_browser-0&launchUrl-https Flearm.dcoll Saved Help Save & Exit Subn Check my work Required information E7-11 (Algo) Evaluating the Choice among Three Alternative Inventory Methods Based on Income and Cash Flow Effects LO7-2, 7-3 [The following information applies to the questions displayed below.] Daniel Company uses a periodic inventory system. Data for the current year: beginning merchandise inventory (ending inventory December 31, prior year), 2,140 units at $37; purchases, 7,920 units at $39; expenses (excluding income taxes), $193,400; ending inventory per physical count at December 31, current year, 1,740 units; sales, 8,320 units; sales price per unit, $77; and average income tax rate, 30 percent. E7-11 Part 3 3. Between FIFO and LIFO, which method is preferable in terms of (a) net income and (b) income taxes paid (cash flow). assuming that prices were falling? Net income Income…46. What would the amount of cost of sales be in the following scenario? Purchases returns, R8 000; Freight costs, R4 800; Sales, R320 000; Closing inventory, R25 000; Purchases, R40 000 and Opening inventory, R25 000. A. R32 000 B. R36 800 C. R40 000 D. R283 200
- Merchandise purchased for resale.. • Freight In.. • Freight Out. • Purchased returns. Interest on inventory loan. What is the inventoriable cost of the purchase? Gamma Company provided the following information for the current year: .P 4,000,000 100,000 50,000 20,000 200,000 A. P4,280,000 В. Р4,030,000 С. Р4,080,000 D. P4,130,000Date Quantity Price March 1 Beginning Inventory 20 $2 March 7 Purchase 15 3 March 11 Sale 25 7 March 12 Purchase 20 4 What is gross profit using LIFO cost flow assumptions?locs.google.com/forms/d/e/1FAlpQLSdhx7wkRBg-SysLm-AeX919m2L5F4)xzbwov4D68WUmofzSg/formResponse?pli=1 1. Gross profit margin is impacted by sales and cost of goods sold changes." O A) True O B) False 2. The income statement comes in only one basic formats, the multiple-step which is used to analyze the financial performance of the company. * O A) True O B) False 3. Gross profit margin and operating profit margin are complements of each other and the two percentages add up to 100%.* O A) True O B) False 9.58 AM Borrowing mone for short term period is a financingLcash outflow. O d0 ENG 22-Dec-2021 TOSHIBA
- 45 Calculate gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 5000. t of O a. OMR 10000 stion O b. OMR 15000 O c. OMR 5000 O d. OMR 45000 In which of the following Inventory techniques are the 立4. Given the following information for the Network Company: Market $ 800 Date December 31, 2018 December 31, 2019 December 31, 2020 Cost $ 800 1,000 940 1,100 1,060 If the allowance method of recording lower of cost or market is in use, which December 31, 2020 entry is not correct? Loss Due to Market Valuation 40 a. Allowance to Reduce Inventory to Market b. Allowance to Reduce Inventory to Market Loss Recovery Due to Market Valuation 40 20 20 c. Inventory 1,100 Income Summary d Income Summary 1,100 1,000 Inventory 1,000Suppose have The Following infarmasion you Cost Per unit units Po tar Beguing inventory 200 lo Purchases s 5600 14 Feb. 15 400 b,800 17 Jan. 2 400 9000 18 sep. 12 5.. 155 0s 21 Dec. 2 48,000 1,600 30 Sales 12,000 30 400 oPerah ng exp * Prepare Compar tive income statment under [ fi Fog Lifo, weighted average I A ssume company is subject that the to 30% income tax rare