Assume the following data for Eim Alex Company for the years 2019, 2020, and 2021. Lifting.(Production) Costs (excluding DD&A) Production bbl Year DD&A 2019 750,000 855,000 325,000 2020 685,000 787,000 297,000 2021 578,000 729,000 362,000 Compute the DD&A per BOE for 2019. O 2.6308 O 2.6380 O 2.3680 %24
Q: Of P13,636. Payments oI P9 were made on both January 2, 2017 and January 2, 2018. Welington's…
A: A lease is an agreement to rent an asset in exchange for periodic payments. The agreement's two…
Q: Budgeting Inventories For each independent situation below, determine the missing amounts:
A: In this question, we have to find out the budgeting inventories where we can find available…
Q: The statement of financial position for the partnership of AA, BB and CC who share profits in the…
A: Partnership is a formal arrangement by two or more parties to manage and operate a business and…
Q: January 1, 2021, ABC enters into a contract to construct a building for a customer. ABC identifies…
A: The revenue and gross profit for contract can be recognized on the basis of percentage of the work…
Q: Please prepare the following reports: 1.General Journal 2.General Ledger
A: General Ledger is the ledger in which the accounts of the transactions which are involved are…
Q: What is the amount of consolidated comprehensive income reported for 20x9? What is the amount of…
A:
Q: or the year ended December 31, 2020, Tam's records total franchise revenue in an amount of
A: Revenue to be recognised is equal to = initial amount on signing of contract + yearly revenue +…
Q: On January 5, 2021, Sisig Corp. purchased 50,000 shares of Toyomansi Company ordinary share for…
A: As per International Financial Reporting Standard 9, An investment in equity instruments is valued…
Q: Each of these assets require companies to use estimates, judgments, and discretion, except:…
A: Non Liquid assets are those assets that require some time to realize in cash. Equipment, Investors,…
Q: Questions 20 to 23 are based on the following information: On January 1, 2016, Telespace Inc. grants…
A: As Per Employee Stock Option Standard in Accounting Exercise Price is the Price they Will Get From…
Q: Questions 7-9 are based on the following lease amortization schedule. The five payments are made…
A: The amortization schedule helps to know the outstanding balance at year end.
Q: Manual, what method is used in computing the ending inventory of materials and supplies? First-in,…
A: there are different methods available for valuation of the inventory is available. for most of the…
Q: at is the income tax due if X corporation is a regular domestic corporation? P75,000 P60,000…
A: Domestic corporation are subjected to corporate tax rate and also depending on assets held by them…
Q: Use Service-Output Method. A Machine costs ₱80,000 and an estimated life of 10 years with a salvage…
A: Introduction: Service Output Method also known as Working Hours Method. The formula for Working…
Q: PROBLEM: THE COMPANY PURCHASED EQUIPMENT ON ACCOUNT FOR 190,000 ON SEPTEMBER 1, 2017. THE EQUIPMENT…
A: Depreciation expense is charged each year on the property plant and equipment as these assets each…
Q: The adjusted trial balance of Splish Brothers at December 31 shows Inventory $20,500, Sales Revenue…
A: Closing entries are used to close the temporary accounts. These are expense revenue accounts.
Q: In the separate financial statement of the parent company, which of the following statements…
A: The correct answer for the above mentioned question is given in the following steps for your…
Q: Ex 7- Long-Term Note Payable a) What if the Einstein Corporation decided to raise capital (Cash) by…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: will be paid by his insurance company if a fire causes $710,000 in losses? O $568, 000 O $735, 000 D…
A: Insurance is contract entered between two parties ie. The company assuring in the contract of…
Q: 9. A Filipino citizen has P400,000 Philippine income and P300,000 foreign income. He paid P55,000…
A: 9. A citizen of the Philippines is allowed a full tax credit of the foreign tax paid by the citizen…
Q: Gallerani Corporation has received a request for a special order of 5,500 units of product A90 for…
A: Lets understand the basics. When there is special order situation arise, relevant cost of fulfilling…
Q: On January 01, 2020, Sisig Corp. acquired an investment property, and the initial cost of the…
A: The investment property refers to the investment that is either used for capital appreciation or for…
Q: SportsWorld purchased equipment costing $10,000. The equipment has a residual value of $1,000, and…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: 2- Return to the abov end of year 3 instr
A: Market value refers to the concept of evaluating the price of an asset as per the current market…
Q: Accounting Sold May Corporation bond purchase for cash of $5,100. The May Corporation Bonds were:…
A: journal entry with proper explanation are as follows
Q: Questions 20 to 23 are based on the following information: On January 1, 2016, Telespace Inc. grants…
A: The stockholder’s equity represents the net worth. it also represents the amount that is returned to…
Q: Aaron Cousins is a self-employed VAT consultant. Aaron's business, Bruins VAT Consultancy Services,…
A: Self employed person shall usually pay 2 types of national insurance: Class 2 if your profits are…
Q: amount of compensation
A: Stock appreciation rights (SARs) are a device used by companies for compensating their employee.…
Q: The primary source of revenue for a wholesaler is Oinvestment income. service fees. O the sale of…
A: The primary source of revenue is the main sources of income generated through main course of…
Q: I need the answer to closing entries . Part 2 and 3 continued for a T account . So confused
A: The T-accounts records the final balances for specific accounts of the business, which are…
Q: Use the following information to prepare the September cash budget for PTO Company, Ignore the "Loan…
A: Budgets are forecasted figures that help in estimating the various incomes and expenses. Budgets are…
Q: hich one of the following statements about revenue is not correct? A. Revenue can result in…
A: Revenue is the amount of money earned on account of sale of goods or rendering of services.
Q: 4. PT Prahasta produces products through two departments with cost calculations using the weighted…
A: The total cost of producing a product, including raw materials and operating costs, is detailed in a…
Q: 2.Which inputs in a material Employee Benefits estimate is most likely the responsibility of the…
A: Audit refers to the checking as well as inspection of the original books of accounts or financial…
Q: Assume that in a maintenance organization we have the following data: Total number of annual hours =…
A: Maintenance Activity:Maintenance operations include partial or total overhauls at defined times, oil…
Q: [The following information applies to the questions displayed below.] Cane Company manufactures two…
A: Contribution margin is the difference between sales and variable cost where as net profit is the…
Q: Determine the following as a result of your audit: 1. How much is the correct carrying value of the…
A: Financial liabilities that are held for trading are measured at Fair Value through Profit and Loss.…
Q: X owns 99% of the capital stock of AAA Corporation. X also owns 99% of BBB Corporation. AAA…
A: The Correct Option is "A" i.e.AAA Corporation and BBB Corporation, although both are owned by X, are…
Q: The company ordered the wine on September 15. It arrived on October 31, and the company made payment…
A: Call option premium on September 15 is $0.03. Vino Veritas purchased a 45-day call option for 600000…
Q: 18. Troy's Tire Mart has a replacement value of $965, 000 and is insured for $588, 000, with an 80%…
A: A loss is characterized by elevated of costs over revenues, either for a single business transaction…
Q: 3. What is the total spending variance? a. P4,000 unfavorable b. P3,000 unfavorable c. P4,000…
A: Spending Variance: A spending variance is the difference between the actual amount of a particular…
Q: Swifty has the following inventory information. 30 units at $18 July Beginning 1. $540 Inventory 90…
A: Introduction: The cost of goods sold is the total of all costs incurred in the production of a sold…
Q: (b) A sales budget is given below for one of the products manufactured by N.Ltd .For six months…
A: For Preparation of purchase budget of NH2 it is required to prepare production budget of the…
Q: In a bank reconciliation, a bank service charge is O added to the bank balance. deducted from the…
A: Preparation of bank reconciliation statements is prepared by the management at a particular time…
Q: DO THE REVENUE BUDGET FOR JAN AND FEB iHosn: Statistics Budget: RVUS (1]
A:
Q: A start-up mobile phone manufacturer who produces mother boards has fixed costs of $320,000 per year…
A: The point at which the cost of buying the product is equal to cost of making the product is known as…
Q: Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31,…
A: A cash budget is prepared to estimate the total cash received and total cash disbursement. It is…
Q: 7.4A Extract a trading and profit and loss account for the year ended 30 June 20X8 for G Graham. The…
A: The trading account and profit and loss account are prepared to calculate the gross profit and net…
Q: Using the following unadjusted trial balance and the additional data, prepare the necessary…
A: Adjusting entries are those journal entries which are passed at the end of the period in order to…
Q: 7. Aaron Cousins is a self-employed VAT consultant. Aaron's business, Bruins VAT Consultancy…
A: National Insurance Contrition is the payment which is to be made by the persons as per UK laws who…
Step by step
Solved in 2 steps
- The cost data for BC Billing Solutions for the year 2020 is as follows: Using the high-low method, express the companys overtime wages as an equation where x represents number of invoices processed. Assume BC has monthly fixed costs of $3,800. Predict the overtime wages if 9,000 invoices are processed. Predict the overtime wages if 6,500 invoices are processed. Using Excel, create a scatter graph of the cost data and explain the relationship between the number of invoices processed and overtime wage expense.A company has following details for this yearDetails Total sales($) Total cost($) Details Total sales($) Total cost($)Year ended 31/12/2018 35,78,998 25,89,709Year ended 31/12/2019 48,90,742 31,67,984 Calculate P/V ratio, Fixed cost, break even sales, Margin of safety 2018/2019, Variable cost 2018/2019and percent of fixed cost 2018/2019ABC Company provided you the following net income and inventories for 2021 and 2022: 2021 2022Net income using FIFO 750,000 1,000,000Year-end inventories FIFO 1,400,000 2,000,000Year-end inventories - Weighted Average 900,000 1,600,000 What is the net income for the year 2022 using the weighted average costing method?
- In 2020, Lalli Corporation incurred R&D costs as follows:Materials and equipment P100,000Personnel 100,000Indirect costs 50,000P250,000These cost relate to a product that will be marketed in 2021. The Company estimates that these costs will be recouped by December 31, 2024.Required What is the amount of R&D costs expense in 2020?Question 3: Sohar Company's financial information is given in the table below. Year 2019 2020 Sales (OMR) Fixed Costs | 405000 | 450000 | 90000 120000 Variable Costs | 225000 240000 Calculate: ---uyuie d) Margin of safety at a profit of OMR 50000 e) Profit when sales are OMR. 200000. - VIVI.Question 3: Sohar Company's financial information is given in the table below. Sales (OMR) Fixed Costs Year 2019 | 2020 Variable Costs 225000 240000 405000 90000 450000 120000 Calculate: a) P/V ratio, b) B.E.P. c) Sales required to earn a profit of OMR 40000. d) Margin of safety at a profit of OMR 50000 e) Profit when sales are OMR. 200000.
- ABC Company provided you the following net income and inventories for 2021 and 2022: 2021 2022 Net income using FIFO 750,000 1,000,000 Year-end inventories FIFO 1,400,000 2,000,000 Year-end inventories - Weighted Average 900,000 1,600,000 What is the net income for the year 2022 using the weighted average costing method? a. 250,000 b. 900,000 c. 1,100,000 d. 600,000In 2020, Lalli Corporation incurred R&D costs as follows:Materials and equipment P100,000Personnel 100,000Indirect costs 50,000P250,000These cost relate to a product that will be marketed in 2021. The Company estimates that these costs will be recouped by December 31, 2024.Required What is the amount of R&D costs expense in 2020? Show the solution step by stepPROBLEM 14: MMM Company started operations in 2019. The following data are abstracted from the company's production and sales records: 2019 2020 2021 of units Number produced Number of units sold Unit production cost 116,250 108,750 P 4.50 P 5.20 P 5.80 900,000 120,000 75,000 101,250 97,500 Sales revenue 600,000 975,000 19. Using the FIFO cost flow assumption, the gross profit for the year ended December 31, 2021 is: PROBLEM 15: The following quarterly cost data have been accumulated for New DDD Manufacturing, Inc.: Raw materials, 1/1/2022 Purchases of raw materials 10,000 units at P6.00 8,500 units at P7.00 11,000 units at P7.50 Raw materials transferred to work in process Work in process, 1/1/2022 Direct labor Manufacturing overhead Work in process, 3/31/2022 21,500 units 5,600 units at P13.50 P 250,000 325,000 4,200 units at P13.75 20. If New Dehi uses the FIFO method for valuing raw materials inventories, compute for the cost of goods manufactured for the quarter ended March 31,…
- In 2020, Lalli Corporation incurred R&D costs as follows: Materials and equipment 100,000Personnel 100,000Indirect costs 50,000 P250,000 These cost relate to a product that will be marketed in 2021. The Company estimates that these costs will be recouped by December 31, 2024. RequiredWhat is the amount of R&D costs expense in 2020?From the following particulars calculate prime cost, works cost, cost of production, cost of sales and profit Prime Industries manufacture a product A. on 1st January 2020 finished goods in stock $50000. Other stocks such as:Work in progress (1.1.2020) $40000Raw materials (1.1.2020) $100000The information available from cost records for the year ended 31st December 2020 was as follows:Information concerning sales and production for ABC Co. for November 2019 are summarized asfollows:A. Estimated Sales:Product X: 80,000 units at $60, per unitProduct Y: 40,000 units at $130 per unitB. Estimated inventories, November 1, 2019Material A: 8,000 lbs Product X: 6,000 units at $34 per unit $204,000Material B: 7,000 lbs Product Y: 5,400 units at $70 per unit 378,000Total $582,000C. Desired inventories at November 30,2019Material A: 6,000 lbs Product X: 5,000 units at $34 per unit $170,000Material B: 5,000 lbs Product Y: 4,000 units at $70 per unit 280,000Total $450,000D. Direct materials used in productionProduct X Product YMaterial A 1.4 lbs per unit 7.0 lbs per unitMaterial B 2.4 lbs per unit 3.6 lbs per unitE. Unit costs for direct materialsMaterial A: $ 8.0 per lbMaterial B: $ 4.0 per lbF. Direct labor requirementsDepartment 1 Department 2Product X 0.8 hr per unit 0.30 hr per unitProduct Y 1.2 hr per unit 0.50 hr per unitWhat to do:1. Prepare a sales budget for November2.…