During 2017, Summer Company spent P500,000 for the research and development of its patent. On January 1, 2018, the company paid P120,000 to apply for and obtain right to the patent. The useful life of the patent is 10 years.

Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...

A: The profit is calculated as difference between sales revenue and total costs. 

Q: 6. What would 3, 457, 123 round to if you were to round it to the nearest hundred thousand? a 3. 400...

A: To rounding off the if the value of a digit before rounding off digit is 5 or more, the rounding off...

Q: Sandhill Corporation had 3,500,000 shares of common stock outstanding on January 1, 2021. On April 1...

A: Basic Earnings Per Share = (Net Income - preferred dividend) / Weighted Average no. of common shares...

Q: What is the correct cash balance for the company? O $7,150. O $7,650. O $7,250. O $5,150.

A: Please see Step 2 for required information.

Q: Suppose Columbia Sportswear Company (USA) had accounts receivable of $205,025,000 at the beginning o...

A:

Q: Your friend shows you a summary of her compensation for the year as follows: Basic salary Overtime a...

A: Gross pay = Basic salary + Overtime + 13th month pay & Bonuses = P 985000 + 60000 + 190000 = P 1...

Q: EXPLAIN THE MODE OF PAYMENT IN FOREIGN CONTRACTS.

A: A foreign exchange contract is a legal arrangement in which the parties agree to exchange a defined ...

Q: The company has beginning inventory for the year of $24,000, during the year cost of goods sold was ...

A: The cost of goods sold refers to costs that are specifically allocated to the goods sold. Cost of go...

Q: Fast Delivery is the world's largest express transportation company. In addition to the world's larg...

A: Gain (loss) on disposal of Truck = Sales value - Net book value of the Truck where, Net book value o...

Q: Prepare an analysis of the month's transactions using a tabular format (please see answer sheet).

A:   Cash + Accounts Receivable + Supplies Inventory + Equipment  = Accounts Payable +  Owner's Equity ...

Q: The balance sheets of Butler, Inc. and its 70 percent-owned subsidiary, Cassie Corp., are presented ...

A: Building A/c Particulars Amount Particulars Amount Opening balance 340000 Depreciation 55000 ...

Q: Bay Company holds 60,000 of Fay Company's 200,000 outstanding shares and 8,000 of Hay Company's 400,...

A: Dividend: A dividend is a payment made by a firm to its shareholders in exchange for its earnings. D...

Q: Mohave Corp. is considering outsourcing production of ht eumbrella tote bag included with some of it...

A: Calculation of above requirement are as follows

Q: insurance company pays its employees a commission of 6 percent on each sale. What is the proper clas...

A: Solution: As commission is 6% of sales, therefore cost of sales commision will vary with increase or...

Q: Asters Co. uses a job order cost system. The March. Journalize the entries to record the su a. Mater...

A: A Journal entry is a primary entry that records the financial transactions initially. The transactio...

Q: "In my opinion, we ought to stop making our own drums and accept that outside supplier's offer," sai...

A: Financial Advantage/(Disadvantage)=Total relevant cost of making-Cost of purchase

Q: 12. Which TWO of the following would be regarded as cost objects

A: Cost object is item for which cost is comploed. Following is the cost objects.

Q: Arkansas Corporation manufactures liquid chemicals A and B from a joint process. It allocates joint ...

A: Allocation of split-off point costs to Product B = Total split-off point costs x Sales value of Prod...

Q: Required: 1. Prepare a schedule of expected cash collections from sales, by month and in total, for ...

A: Sales will be realized as follows: 25% in the month of sale; 60% in the following month and 15% in t...

Q: Financial budgets include: a)  Pro forma statements, a sales budget, and a cost of goods manufactur...

A:

Q: ptual Framewor

A: A conceptual framework is a written or visual representation of how variables should interact. Varia...

Q: The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a rac...

A:

Q: Given the following cost and activity observations for Leno Enterprises' utilities, use the high-low...

A: Variable cost per Machine Hours= (Highest activity cost - Lowest activity cost) / (Highest Machine H...

Q: Balance Sheet The account balances of Paradise Travel Service for the year ended May 31, 20Y6, follo...

A: Solution Retained earning is the part of the company's profit which is not distributed as a dividend...

Q: Calculate gross pay for each of the following employees. All are paid an overtime wage rate that is ...

A: In case of multiple questions, we are allowed to solve only the first question. If you want other qu...

Q: Compute Altoona Company's (a) inventory turnover ratio and (b) number of days' sales in inventory ra...

A: Ratio analysis helps to analyze the financial statements of the company. The management can take dec...

Q: 10 Which of the following requires that quality be manufactured rather than inspected into products?...

A: This statement is relevant for JIT i.e. Just in Time Process of production where production starts o...

Q: Ada Company owns and manages apartments. On signing a lease, each tenant must pay the first month an...

A: Given, Cleaning costs of Php15,000 per apartment. About 30% of the time, the tenants are also charge...

Q: . Mr. Ron acquired machinery for use in his business. After a strong typhoon, the machinery suffered...

A: Any cost of repair or replacement to fixed assets should be capitalized if it results in enhanced pe...

Q: Pro-Craft Company computed the following activity rates to allocate overhead cost for the year Activ...

A: Traditionally the overhead cost is allocated on the bases of plantwide overhead rates. The activity ...

Q: Haribo has manufactured gummy bears, since 1920. Those bears are currently made in 16 plants around ...

A: GIVEN   The direct materials are used in the production of gummy bears is

Q: ny companies face budgetary challenges on a continual basis. Two critical aspects that businesses la...

A: Budgeting is considered to buy important financial decisions which help in for casting of result and...

Q: 30. A company uses the first-in-first-out (FIFO) method of valuing inventory and makes the following...

A: FIFO- First In First Out method of valuing inventory is a method where in the most earliest purchase...

Q: Lois's expected share of income from an S corporation is $900,000. Lois's marginal tax rate on ordin...

A: Ordinary Income: Ordinary income is generally described as pay other than long-haul capital addition...

Q: Nakeeta company owned 50,000 ordinary shares which were purchased for P120 per share. During the yea...

A:

Q: Given the building layout for Store A, Store B, Störe C, and Store D, what portion of the shared $60...

A: Answer) Calculation pf Security Costs Allocated to Store C Security Costs allocated to Store C = (Ar...

Q: XYZ manufactures a computer stand. It has fixed costs of S600,000 and each stand sells for $90, with...

A: Selling price = $ 90 Variable cost = $ 48 Fixed cost = $600,000   Contribution per unit = Selling pr...

Q: WHAT ARE THE FEATURES AND TYPES OF FOREIGN TRADE?

A: Foreign trade are the trade between two or more countries.there are generally two types of trade tha...

Q: Assume that a company makes only three products: Product A, Product B. and Product C. Currently, the...

A: Answer) Calculation of Percentage to Total Overhead cost allocated to Product A using Plantwide Over...

Q: Jefferson Inc. has the following information for the month of September. The company applies OH cost...

A: In this question, we will calculate the total manufacturing overhead is under applied or over applie...

Q: January Ist, X ST expense that XYZ

A: The payment of the insurance which covers some months of the next year also or the payment of rent i...

Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...

A: journal entry of above transaction are as follows

Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...

A: Solution...     Total production cost per unit  = Variable production cost + fixed production cost  ...

Q: Blossom Leasing Company agrees to lease equipment to Blue Corporation on January 1, 2020. The follow...

A: The value of lease liability at the commencement is equal to present value of all the future lease p...

Q: This project covers general partnership basis issues including computation of partners' adjusted bas...

A: The significant tax implication for the year are summarized by calculating the Adjusted tax basis of...

Q: Telly, age 38, has a $165,000 IRA with Blue Mutual Fund. He has read good things about the managemen...

A: Types of Taxes includes: Income tax service tax GST VAT Excise tax Corporate tax

Q: 22. SecuriPrint Ltd produces pre-printed cheques for customers to use in automated account payable d...

A: Selling Price=Cost+Profit

Q: O A. Stocks OB. Bonds OC. Mutual funds D. O D. Cash

A: Assets are resources that are controlled which results from prior transactions that are expected to ...

Q: Citricacid plc budgets during its first year of operations to produce and sell 38,160 litres of prod...

A: Absorption costing is the costing system where the total cost ( variable and fixed) is allocated to ...

Q: Focus company accounts for its 10% interest in Bee Company using the cost method. This investment wa...

A: Investment in associate can be recorded at using the cost method or equity. The method to be adopted...

Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.