A-First is a company resident in Malaysia, purchased a machine from Mr. Hu Ltd, a British company which also provided technical assistance and training to A-First to operate the machine. The installation of the machine was carried out by the employees of Mr. Hu Ltd in Malaysia. The following payments were incurred: Cost of machine Installation charge Fees for technical assistance Training cost Required: RM 1,200,000 300,000 420,000 500,000
Q: Zira Company reports the following production budget for the next four months. Each finished unit…
A: A budget is a forecast of revenue and expenses for a certain future period of time that is generally…
Q: 1. Which of the following are recognized as a liability? I. Cash dividends payable II. Scrip…
A: Note:- Since you have asked multiple questions, we will solve the first question for you. If you…
Q: 14. The definitely-not-Russian Olympic team committee manufactures clean urine samples for their…
A: Cost of Goods Manufactured (COGM) :— It is the total cost of manufacturing product during the…
Q: Refer the following table. Cost of goods sold Inventory Computer Inc. Furniture retailers Custom…
A: Days Sales in Inventory: The number of days sales of inventory, abbreviated DSI, is the typical…
Q: Assume that at the beginning of the current year, a company has a net gain-AOCI of $25,600,000. At…
A: For the purpose of accounting for pension plans, the predicted return on plan assets are required to…
Q: Wiredcard AG Scandal
A: Wiredcardscandal refers to the scandal of accounting results in the wiredcard insolvency of a…
Q: Crossfire Company segments its business into two regions—East and West. The company prepared a…
A: In the context of the given question, we are required to prepare a new segmented income statement…
Q: BALANCE SHEET EXCEL ACTIVITY Directions: Create a Balance Sheet using Microsoft excel given the…
A: Balance sheet is a part of financial statement of a company. It is a summary of company's assets,…
Q: Summertime Company has 10 employees and processes payroll bi-weekly. A summary of their payroll…
A: Here discuss about the details of Payroll and withhold taxes in the form of CPP, Employees insurance…
Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…
A: recording of journal entry are as follows
Q: ABC Company established a branch in Pasig on March 1, 2022. Shipments of merchandise at billed…
A: The phrase resources encompass both raw materials utilized in production and finished items ready…
Q: artments - Base Fab and Finishing. Information relating to the Base fab department's April operation…
A: Work in process inventory refers to the semi-finished good or products that are still in the process…
Q: (a) What is the charge for using (b) What is the charge for using 6000 therms in a month? (e)…
A: As per bartleby guidelines, In case of multiparts questions, we are only allowed to answer the first…
Q: Accounting Q30 Conflict between the planning and controlling phases can result in the creation of…
A: In every organization , there are five main phases while doing any task : Panning, Organizing,…
Q: rran operates a boutique yarn store from their own. The store had accounting income after tax of…
A: Taxable income is the income before tax that is available after making standard deductions from the…
Q: interest rate for sma
A: It is asked in the question as "Calculate the annual costs of the loan for Young Company under each…
Q: What connection exists between unit profit and labor costs?
A: A cost is the amount of money that was expended during the production or delivery of a good or…
Q: On November 27, the board of directors of Sage Hill Company declared a $0.80 per share dividend. The…
A: Dividends on common stock that have been declared by a firm but have not yet been paid to…
Q: The net income reported on the income statement for the current year was $226000. Depreciation was…
A: Cash flow statement is a statement of cash inflow and cash outflow of business activities…
Q: What amount is presented in ABC Co's. contract liability? o's statement of financial position as…
A:
Q: Cash Budget Activity Cash Receipts Less: Cash Disbursements Net: Cash Flow Add: Beginning Cash…
A: Please see Step 2 for the table as required.
Q: PROBLEM 4 The Pee Tool Shop has four heavy presses it uses to stamp out prefabricated metal covers…
A: Product 1 Product 2 Product 3 Available Time Contract Size 400 570 320 Required Time…
Q: Two different trusts have the same grantor and beneficiary. The income tax due of the first trust is…
A: Income tax refers to the tax which is levied on the income of the person or business entity through…
Q: Del Gato Clinic's cash account shows a $14,089 debit balance and its bank statement shows $13,053 on…
A: Journal entry of above transaction are as follows
Q: Required information [The following information applies to the questions displayed below.] (a) (b)…
A: On the sale of an asset, the following three situations can arise: 1. No gain or loss - When the…
Q: 3,400 is sold on terms 3/10, n s net sales?
A: Net sales refer to the sum value of total sales made by the company after subtracting the sales…
Q: Research a company you like to do business with. Look at the following ratios and complete an…
A: The investor may use the different ratios to evaluate whether to invest in the company or not. The…
Q: Burt Ltd enters into a non-cancellable five-year lease agreement with Earnie Ltd on 1 July 2023. The…
A: Disclaimer : “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Question 1 Using the following data, prepare the operating activities section of a statement of cash…
A: Note: As per our guidelines, only the first question shall be answered. 1. Statement of Cash…
Q: On January 1, 2019, Lasagna Company purchased 3,000, P1,000 face value term bonds with a stated rate…
A: Due to reclassification of debt instrument from amortized cost Fair Value through Profit or Loss,…
Q: The following is a summary of costs related to a month of manufacturing products: Direct Materials…
A: Factory overhead applied to produce goods will be debited to Work in Progress
Q: Brief Exercise 12-2 Prepare horizontal analysis Perform a horizontal analysis providing both the…
A: Horizontal analysis is one of the financial statement analysis which shows increases or decreases in…
Q: Portis, Business requirements $8,000,000 in monthly sales, $5,600,000 in variable expenses, and…
A: It's crucial to understand how to distinguish between fixed and variable expenses when…
Q: A firm has two alternatives for the improvement of its current production system. The data are as…
A: Introduction:- The following formula used to calculate Present value as follows under:- Present…
Q: Depreciation Choices and Outcome. Mulligan Co. purchased a new machine on January 1. The following…
A: Cost to be capitalise all expenses incurred to acquire an asset to get asset ready to use.…
Q: A company reports the following: Cost of goods sold $2,263,000 Average inventory 182,500…
A: Introduction: Inventory turnover is a financial ratio that indicates how frequently a firm's…
Q: Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool,…
A: note- all amounts are in thousands ($). supplies expense used = opening balance + purchase -ending…
Q: 3 Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool,…
A: Introduction: A general ledger entry made at the end of an accounting period to indicate any…
Q: Oriole Corporation was organized on January 1, 2021. During its first year, the corporation issued…
A: calculation of above requirement are as follows
Q: Malik started a travel luggage company selling only one style of luggage. It has just completed its…
A: The various costs incurred in production are classified as variable and fixed cost. Using variable…
Q: Prepare a schedule computing the net cash flow from operating activities that would be shown on a…
A: Cash flow from Operating Activities:- It indicates the amount of money of a company brings in from…
Q: Muffer incorporated produces floor mats for cars and trucks. The owner, Kenneth Muffler, asked you…
A: calculation of fixed cost under high - low method are as follows, under this method first we…
Q: The notes to the Thorson Ltd. financial statements reported the following data on December 31, Year…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: PA1. 6.1 Record journal entries for the following transactions of Furniture Warehouse. A. Aug. 3:…
A: Lets understand the basics. Journal entry is required to make to record event and transaction that…
Q: The following is the trial balance of Swifty Corporation at December 31, 2020. SWIFTY CORPORATION…
A: Swifty Corporation Income Statement For the Year Ended December 31, 2020 Revenues: Net…
Q: A) LC Company is deciding whether to use the LIFO or FIFO method. Based on the following data,…
A: The FIFO method of inventory valuation is a method where the stock that comes first is sold out…
Q: Davis Corporation reported the following financial data for one of its divisions for the year;…
A: Sales is the amount of goods or inventory sold during that period. Income is the earning or amount…
Q: Which of the following situations will result in a future deductible amount? Carrying amount of…
A: Future taxable amount is the amount which increase tax liability in future and for that create…
Q: Simko Company issued $670,000, 10-year, 4 percent bonds on January 1, 2021. The bonds were issued…
A: When, the debentures are issued at less than par value, it is has been issued at discount. The…
Q: Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 55 units at…
A: FIFO stands for First in First out and LIFO stands for Last in First out. Using FIFO method, the…
Step by step
Solved in 2 steps
- Explain how you would treat and record each of the following cost information when preparing the contract account for a construction contract of H.Young ltd a construction company that has been operating in Kenya for the last three years. The company purchased building materials including cement,sand,paint,roofing tiles and other material at a cost of Shs 250,000,000 Some of the purchased building materials were defective and were returned to the supplier.These materials had been purchased at a cost of Shs 23,000,000. A huge fire at the contract site destroyed building materials valued at Shs 35,000,000 The company purchased a construction crane at a purchase cost of 20,000,000 The company hired dynamics networking company to install electrical cables in the building at a cost of 8,500,000 The manual construction workers hired for the contract during the year were paid 45,000,000.Explain how you would treat and record each of the following cost information when preparing the contract account for a construction contract of H.Young ltd a construction company that has been operating in Kenya for the last three years. The company purchased building materials including cement,sand,paint,roofing tiles and other material at a cost of Shs 250,000,000 Some of the purchased building materials were defective and were returned to the supplier.These materials had been purchased at a cost of Shs 23,000,000. A huge fire at the contract site destroyed building materials valued at Shs 35,000,000Zaas Sdn Bhd bought a machine at a cost of RM85,000 which is to be installed in its factory in Nilai. The cost of leveling the site for such installation amounts to RM260,000. Required: Calculate the allowances, if any. Select one: A. RM44,850 B. RM20,400 C. RM33,800 D. RM11,050
- ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following: Broker's commission P5,000 Import duties P30,000 Freight on purchase P1,000 Installation cost P3,500 Testing of equipment prior to use P5,000 Promotion and advertising cost of the new product to be processed in using the new equipment, P8,000 Samples generated from testing the equipment were sold for P500. How much is the initial cost of the equipment? a. 100k b. 144k c. 144,500 d. 152k PPE intermediate accounting2. Madeni Limited installed a new milk processing machine that was imported from Holland and below are the costs recorded by the accountant up to the point when the machinery started running. Cost of the machinery - Ksh 7,800,000 Freight and insurance costs from Amsterdam to Nairobi – Ksh 550,000 Five years comprehensive maintenance contract cost at Ksh 450,000 per annum Clearance costs paid to the clearing and forwarding agent - Ksh 210,000 Rebate from plant manufacturer - Ksh 620,000 Settlement discount for prompt payment at 15% of the cost net of the rebate Initial testing costs - Ksh 345,000 Annual insurance for the machinery – Ksh 730,000 Import duties and taxes paid – Ksh 2,050,000 Monthly utility bills (water & electricity) attributable to running the new plant – Ksh 185,000 Partitioning and fabrication costs to install the new plant – Ksh 588,000 Required: (i) Find out the costs to be capitalized (ii) Madeni Limited capitalized the above machinery on 1st July 2018. The…ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following: Broker's commission P5,000 Import duties P30,000 Freight on purchase P1,000 Installation cost P3,500 Testing of equipment prior to use P5,000 Promotion and advertising cost of the new product to be processed in using the new equipment, P8,000 Samples generated from testing the equipment were sold for P500. How much is the initial cost of the equipment? 100,000 144,000 144,500 152,000
- ABC Co purchased an equipment from Hongkong for P100,000. Additional cost included the following: Broker's commission P5,000 Import duties P30,000 Freight on purchase P1,000 Installation cost P3,500 Testing of equipment prior to use P5,000 Promotion and advertising cost of the new product to be processed in using the new equipment, P8,000 Samples generated from testing the equipment were sold for P500. The entry related to the above transaction will include: Cr Cash 144,500 Dr Selling Expenses 8,000 Dr Equipment 152,000 Cr Sales 500ABC & Co imported machine from Italy at Rs.1256,000, Co. paid freight charges Rs.75,000 and insurance in transit Rs.25000. Co also paid import duty Rs.235,000 and transportation charges Rs.5000. Foundation and installation cost incurred Rs. 125,000. Test run cost incurred Rs.15,000.Estimated life of the machine is 20 years and expected scrap value is Rs.250,000. Required:1) Compute total cost of the machine2) Compute depreciation expense under following methods for three years:• Straight line method• Diminishing balance method( rate 20% )• Double declining balance methodCompany C purchased a machine costing Rs. 15, 00,000 for its production process. It paid freight Rs. 25000. Cartage Rs. 2000 and installation charges Rs 18000. The company spent an additional amount of Rs 40000 for testing and preparing the machine for use As per AS-10, the amount that should be recorded as the cost of machine would be: A Rs 1585000 B Rs. 1500000 C Rs. 1525000 D Rs. 1565000
- (1) The company "T" bought from Germany a machine costing 2.000.000€ on 01/04/2016. The useful life of the machine was estimated at ten (10) years and the administration assumed zero residual value. On 20/04/2016, a company paid the amount of 28,000€ for the transport of the machine in Greece. On 30/04/2016, he paid 1000€ for the transportation of the machine from the customs office to its premises and 2.000€ to the company Set up for the installation and connection of the machine. On (01/06/2016), the company prepayed premiums for the insurance coverage of the machine of 600€ for one year (01/06/2016 to 31/05/2017). The company started using the machine on 01/06/2016 and three months later (01/09/2016), the company paid 300€ for the maintenance of the machine. On 01/06/2018, the company replaced the central unit of the machine with a sophisticated version of new technology that is expected to lead to a doubling of the quantity produced. The new unit cost 250,000€. On 01/06/2018, the…Angel Corp. uses different kinds of machines in its manufacturing process. The following information relates to the acquisition of machines that it has recorded in 2021.· Cash paid for equipment- P250,000· Cost of transporting machine - insurance and transport- P9,000· Labor cost of installation by expert fitter- P15,000· Labor cost of testing equipment- P12,000· Insurance cost for 2021- P4,500· Cost of training for personnel who will use the machine- P7,500· Cost of safety rails and platforms surrounding machine- P18,000· Cost of water devices to keep machine cool- P24,000· Cost of adjustments to machine during 2021 to make it operate more efficiently- P22,500 What is the cost of the machine? A. 358,000 B. 328,000 C. 350,500 D. 380,500The following are the expenditure incurred for plant and machineries by Perniagaan Cinta Sdn. Bhd. in Johor Bharu owned by Puan Riana. The business closes its account on 30 June each year 1. Machinery cost RM86,000 (bought in 2013) was brought into Malaysia from the branch in Singapore. On the day it was transferred to Johor (during year of assessment 2018), the market value of the machine was RM58,000 and the net book value was RM62,000. Another RM2,500 was incurred for the installation of the machine. For plant and machinery in items (1),determine the Qualifying Plant Expenditure (QPE).