In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $63,568, and the Purchasing Department had expenses of $25,370 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Government Residential Commercial Contract Sales $530,000 $703,000 $1,614,000 Number of employees: Weekly payroll (52 weeks per year) 145 65 70 Monthly payroll 34 45 32 Number of purchase requisitions per year 1,800 1,300 1,200
Q: Steak Town Company leased equipment for its nine-year useful life, agreeing to pay P500,000 at the s...
A: For the determination of lease liability and interest expense for the year December 31, 2022, We hav...
Q: Sales P 5,000,000.00 Less: Cost of Sales 2,700,000.00 P 2,300,000.00 ( 1,100,000.00) P 1,200,000.00 ...
A: Required Rate of Return: The required rate of return is the base return a financial backer will ackn...
Q: In addition to satisfying a need that outsiders cannot meet within the desired time, what other reas...
A: ANSWER Company may develop plant assets internally as the cost might be lower for construction of ...
Q: Feal-Goode Inc. purchased a patent on a new drug. The patent cost $12,000. The patent h twenty years...
A: Calculation of the amortization expenses and recording the formal journal entry for the first year's...
Q: Balance Sheet The December 31, 26/7 balance sheet accounts of the Hitt Company are shown here in alp...
A: Balance Sheet - Balance Sheet is the statement that includes Assets, Liabilities and Equity. Assets ...
Q: 60,000, paya v paid shares anany A loir wמ ש
A: Joint venture definition:- Joint venture is one of the unique type of commercial partnership where t...
Q: a. Degree of operating leverage. b. Degree of financial leverage. Degree of combined leverage. с.
A: Solution:- a)Calculation of Degree of operating leverage as follows under:- Degree of operating leve...
Q: Suppose the net sales is 1,60,000 for a firm and cost of goods sold is 40,000. Calculate gross profi...
A: Gross Profit Ratio is a financial ratio that measures the performance and efficiency of a business b...
Q: What adjustment should be made to the net income of 2022? A. 1,200,000 increase B. 3,000,000 increa...
A: Alocasia Company decided that market conditions were such that the provision for inventory obsolesce...
Q: From the following data, compute net sales. Sales $537,000 Sales returns and allowances 6,315 Sales ...
A: given Sales $537,000Sales returns and allowances 6,315Sales discounts 715Net sales: $
Q: The following selected data were taken from the financial statements of Vidahill Inc. for December 3...
A: Solution:- a)calculation of return on total assets as follows under:- Return on total assets =EBIT /...
Q: solve the question with explanation asap
A: Current assets are the assets that are expected to be converted within one year Calculation of total...
Q: A. Occurrence B. Completeness C. Rights and obligations D. Allocation or valuation E. Classification...
A: Solution:- Identify each of the following control activities and identify the management assertion t...
Q: Pat issued 1,000 shares of its P5 par value ordinary shares to Nenita a compensation for 1,000 hours...
A: Share premium refers to the amount that is determined from the difference shares face or par value p...
Q: Required: (Round all amounts to the nearest dollar.) (a) Calculate the amount of annual lease paymen...
A: Silver Limited leases an equipment from Tesco Limited. Lease term - 4 Years Fair value of the asset...
Q: How much is the cost of goods sold on January 8? 2.
A: The accounts receivable is the amount of goods sold on credit for which cash is yet not received fro...
Q: Use the following information for exercise 15 to 18 LO P2 (The following information apples to the q...
A: Ernst Consulting Balance Sheet ...
Q: TRUE OR FALSE? If beginning inventory of prior year is understated, retained earnings is understated
A: The cost of goods sold is calculated as difference between cost of goods available for sale and endi...
Q: Question: Explain the steps of the preparation of the trial balance.
A: The financial statements of the business including income statement and balance sheet are prepared u...
Q: Resgan Corporation is a wholesale distributor of truck replacement parts. Initial amounts taken from...
A: The adjustment to the initial amount schedule is given as, Inventory($) Account payable($) sa...
Q: On January 1, 200A, ABC Company sells to XYZ, a used transportation equipment, which was acquired at...
A: The current portion of note receivable is the part which is due within 1 year. In this case, as on D...
Q: B. Higgins, J. Mayo, and N. Rice have capital balances of $87,500, $80,000, and $66,000, respectivel...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: Joyful Journeys Music School provides private music lessons for elementary students. Its operating c...
A: Break even point is calculated as ratio of fixed costs and contribution margin
Q: Harrington Manufacturing Inc. began operation 5 years ago producing the probo, a new type of instrum...
A: A fixed asset is a long-term tangible item or piece of equipment that a business owns and uses to ge...
Q: Firm AAA's earnings and dividends are expected to grow by a rate of 0.02 a year. This growth will st...
A: Stock Price = D1/Ke-g
Q: Discuss TWO criteria that must be satisfied for an item of property, plant, and equipment to be reco...
A: Plant, property and equipment are the assets which fall under the category of the fixed assets to th...
Q: Started a petty cash fund in the amount of $1,000. b. Replenished petty cash fund using the followin...
A: The petty cash fund is established to maintain the cash balance for smaller cash transactions of the...
Q: Your company declared $13,800 cash dividends on stock. There were $6,400 in dividends payable at the...
A: Cash Dividends paid = Beginning Dividends payable + Dividends declared - Ending Dividends payable
Q: Pete's Tennis Shop has the following transactions related to its top-selling Wilson tennis racket fo...
A: FIFO: FIFO stands for First-In, First-Out. In this method inventory purchased first will be sell ou...
Q: Africa Traders is in the business of replacing damaged windscreens of vehicles. On 9 October 2020, A...
A: Answer) The correct option in the given question is: Debit the Trade receivables control account wi...
Q: On January 1, 2021, Labtech Circuits borrowed $110,000 from First Bank by issuing a three-year, 9% n...
A: Journal entries (JF) refers to reporting of transactions into the original books of accounts.
Q: Midlands Inc. had a bad year in 2019. For the first time in its history, it operated at a loss. The ...
A: Breakeven point in terms of amounts is equal to the amount which must be sold to cover the fixed cos...
Q: Zachary Company has 600,000 shares of common stock outstanding. Perette Corporation purchases 168,00...
A: Computation of the percentage of outstanding Zachary stock is as follows:
Q: Oriole Company had beginning inventory on May 1 of $10,560. During the month, the company made purch...
A: Cost of goods available for sale = Beginning inventory + Purchases - purchase return Cost of goods ...
Q: Debit Credit Logan, Capital Clark Logan made cash investment in his business. 2 An office equipment ...
A: Sno Transaction Debit Credit 1 Clark logan made cash investment in his business Cash Logan, Capit...
Q: öster started Trenton Park Corporation on June 1. The selected t The The company uses the following ...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: SHOW COMPLETE SOLUTION Problem 3: ABC Corporation manufactures a certain product that sells for P5,...
A: Let's understand some basics Break even sales is the amount of money required to be produced and sol...
Q: Prepare an amortization schedule for a $96,000 loan to be repaid in equal installments at the end of...
A: Calculation of yearly payments = [P x R x (1+R)^N]/[(1+R)^N-1] P = Principal amount R = Rate of Inte...
Q: On April 1, Ringo Company borrowed $20,000 from its bank by issuing a 9%, 12-month note, with the in...
A: Under such type of loan arrangement as in the given case, the borrower obtains certain amount of loa...
Q: You are working for a venture capitalist (VC). The VC is interested in acquiring a one-third stake i...
A: Venture capitalist refers to when the capital is invested in a project and there is a substantial el...
Q: Requlred Informatlon [The following Information applies to the questions displayed below.] Altıra Co...
A:
Q: Following a strategy of product differentiation, Arseniq Company makes a high-end Appliance, XT15. A...
A: Revenue increases due to two reasons : 1. sale in increase in number of units by 2500 2. increase i...
Q: APPLE Company leased a manufacturing machine from 123 Company on 1/1/2020 for 10 years. The lease te...
A: A. The lease type is a Finance lease as the useful life if the asset is equal to the lease term. Hen...
Q: On January 1, 2021, Wee Company acquired property consisting of ten identical freehold detached hous...
A: Gain on sale of investment: A gain will be recognized if the fair value of investment is higher than...
Q: Wookie Company issues 6%, five-year bonds, on January 1 of this year, with a par value of $107,000 a...
A: The bonds are issued at premium when market rate is lower than the bonds payable.
Q: State your agreement/disagreement and explain your answer: A taxpayer who intends to challenge an IR...
A: A person or an entity (such as a corporation) that is compelled to pay a tax is known as a taxpayer....
Q: SMC will be issuing bonds with a face value of P100,000 through an underwriter. The underwriter will...
A: Answer :- Calculation of the Expenses on Issue: Underwriting Commission = P100,000 *7% = P7,000 Int...
Q: 1. On March 10, 2021, Juan sold land (adjusted basis = $150,000) to Richard for its FMV of $130,000....
A: Since the land was purcahsed in 2009 and sold in 2021, therefore the loss will be long term capita...
Q: On June 1, 2019, YODA CORP. acquired a 5-year, 10%, P1,000,000 face value bonds at 92. The company p...
A: Accumulated other comprehensive income (OCI) includes unrealized gains and losses reported in the eq...
Q: sets and obligations Plan assets (at fair value) $600,000 Accumulated benefit obligation 1,110,000 P...
A: Pension expense refers to the amount which the business charges to the expense in relation to the li...
Step by step
Solved in 3 steps with 2 images
- In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $48,024, and the Purchasing Department had expenses of $22,000 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Line Item Description Residential Commercial Government Contract Sales $460,000 $609,000 $1,399,000 Number of employees: Weekly payroll (52 weeks per year) 110 85 90 Monthly payroll 30 41 28 Number of purchase requisitions per year 2,100 1,500 1,400 Required: a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Line Item Description Residential Commercial…In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $90,784, and the Purchasing Department had expenses of $31,270 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $ 654,000 $ 866,000 $ 1,989,000 Number of employees: Weekly payroll (52 weeks per year) 250 80 85 Monthly payroll 28 39 26 Number of purchase requisitions per year 2,200 1,600 1,500 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential Commercial Government Contract…In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $51,792, and the Purchasing Department had expenses of $22,000 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $ 460,000 $ 609,000 $ 1,399,000 Number of employees: Weekly payroll (52 weeks per year) 170 65 70 Monthly payroll 36 47 34 Number of purchase requisitions per year 2,100 1,500 1,400 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential Commercial Government Contract…
- In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $63,568, and the Purchasing Department had expenses of $25,370 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $530,000 $703,000 $1,614,000 Number of employees: Weekly payroll (52 weeks per year) 145 65 70 Monthly payroll 34 45 32 Number of purchase requisitions per year 1,800 1,300 1,200 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential Commercial Government Contract Total…In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $64,560, and the Purchasing Department had expenses of $40,000 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial Government Contract Sales $2,000,000 $3,250,000 $2,900,000 Number of employees: Weekly payroll (52 weeks a year) 410 210 160 Monthly Payroll 75 35 15 Number of purchase requisitions per year 7,400 3,000 2,000 Determine the total dollar amount of payroll checks and purchase requisitions processed per year by the company and each division. Using the activity base…Service Department Charges In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $63,492, and the Purchasing Department had expenses of $26,840 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $561,000 $743,000 $1,707,000 Number of employees: Weekly payroll (52 weeks per year) 205 85 90 Monthly payroll 36 47 34 Number of purchase requisitions per year 2,600 1,800 1,700 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential Commercial…
- Service Department Charges In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $45,336, and the Purchasing Department had expenses of $23,320 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $ 487,000 $ 646,000 $ 1,483,000 Number of employees: Weekly payroll (52 weeks per year) 140 60 65 Monthly payroll 34 45 32 Number of purchase requisitions per year 2,200 1,600 1,500 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential…Service Department Charges In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $77,376, and the Purchasing Department had expenses of $39,530 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $ 826,000 $ 1,095,000 $ 2,514,000 Number of employees: Weekly payroll (52 weeks per year) 220 60 65 Monthly payroll 36 47 34 Number of purchase requisitions per year 2,800 2,000 1,900 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential…Service Department Charges In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $32,536, and the Purchasing Department had expenses of $14,500 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $ 303,000 $ 402,000 $ 922,000 Number of employees: Weekly payroll (52 weeks per year) 125 80 85 Monthly payroll 30 41 28 Number of purchase requisitions per year 2,100 1,500 1,400 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential…
- Service Department Charges In divisional income statements prepared for Demopolis Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $45,900, and the Purchasing Department had expenses of $19,360 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $ 405,000 $ 536,000 $ 1,231,000 Number of employees: Weekly payroll (52 weeks per year) 145 60 65 Monthly payroll 32 43 30 Number of purchase requisitions per year 1,900 1,300 1,200 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential…Service Department Charges In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $53,344, and the Purchasing Department had expenses of $25,370 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial GovernmentContract Sales $530,000 $703,000 $1,614,000 Number of employees: Weekly payroll (52 weeks per year) 110 60 65 Monthly payroll 28 39 26 Number of purchase requisitions per year 1,800 1,300 1,200Service Department Charges In divisional income statements prepared for LeFevre Company, the Payroll Department costs are charged back to user divisions on the basis of the number of payroll distributions, and the Purchasing Department costs are charged back on the basis of the number of purchase requisitions. The Payroll Department had expenses of $75,400 and the Purchasing Department had expenses of $42,000 for the year. The following annual data for Residential, Commercial, and Government Contract divisions were obtained from corporate records: Residential Commercial Government Contract Sales $1,000,000 $1,600,000 $3,200,000 Number of employees: Weekly payroll (52 weeks per year) 300 150 200 Monthly payroll 75 160 90 Number of purchase requisitions per year 4,000 3,500 3,000 a. Determine the total amount of payroll checks and purchase requisitions processed per year by the company and each division. Residential Commercial…