Required: - Worksheet 10 column
Q: Projected sales in units for the coming five months are given below.
A: 1. Sales BudgetJanuaryFebruaryMarchBudgeted sales in units10,000 10,500 13,000 x Price per unit$…
Q: Question 1 Use the following information for Questions 1 a) and 1 b): a) At the beginning of the…
A: Overhead means the cost incurred indirect in factory for the production of goods. Manufacturing…
Q: Prepare the following table: eoy is end of year Straight line…
A: A double-declining balance technique is an accelerated depreciation method in which the asset value…
Q: Malcolm has a capital balance of $90,000 after adjusting to fair market value. Celeste contributes…
A: When it is projected that a company's financial or operational performance will at least equal the…
Q: . Entities may apply a simplified approach when recognizing impairment losses on trade receivables…
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: At the beginning of the current year, Disgust Company purchased 30,000 shares of an investee's…
A: Solution:- 1)Preparation of journal entries to record the transactions for the current year as…
Q: Tiger Drug Store carries a variety of health and beauty aids, including 500-count bottles of…
A: Solution:- 1)Preparation of a merchandise purchases budget in bottles of vitamins for as many…
Q: Rooney Company reported the following data regarding the product it sells: Sales price Contribution…
A: Introduction: Break even points: The level where there is no profit nor loss to the company for the…
Q: Monte's Coffee Company purchased packaging equipment on January 5, 2014, for $90,000. The equipment…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as…
Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies used in…
A: A direct materials procurement budget determines how much material must be purchased in order to…
Q: Variable cost per unit cost per unit (based on capacit afety Products Division of Wige ucts,…
A: Transfer pricing The price that one division of a firm charges another division for products and…
Q: Cost of goods sold: Chocss) 199 865,000 $58,400 Ending inventory: 11.2% $34,000 Operating income:…
A: Accounting system defines various formulas to calculate and reconcile the figures recorded in the…
Q: Loan type Interest rate (per annum) 4.5% Bad-debt percentage Education 2.1% Home Car 1.6% 0.7% 1.9%…
A: A rate of return (RoR) is the flow of an asset over a certain time period expressed as a percentage…
Q: In preparation for developing its statement of cash flows for the year ended December 31, 2021,…
A: Cash flow from Financing activities: This section of Statement of Cash Flow includes the…
Q: The journal entries required at Dec 31, 2022 includes:
A: Petty cash fund is the fund which is set by the company in order to make the payments from it for…
Q: Explain the difference between a fixed and flexible budget stating which one is more appropriate for…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: n, in roper soid, and gross profit for the year ended December 31, 2020 using the data. Write your…
A: Solution: Gross profit = Net Sales - Cost of goods sold Net Sales = Gross sales - Sales returns and…
Q: A company had the following amounts at the end of the year: Cash $ 11,200 Income Tax Expense 1,500…
A: Income statement: The income statement shows the company's revenues and expenses earned during the…
Q: urrently has sales of P1,000,000 and its DSO is 30 days, the financial manager estimates that…
A: Due to increase in account receivable there is blockage of money and there will loss due to bad…
Q: Calculate the predetermined plantwide overhead rate. (Note: Round to the nearest cent.) ii)…
A: Variance is the measurement which is used by the company in order to measure about the costs and…
Q: 2.1. Nyhiraba Limited purchased an asset on 1st January 2015 for an amount of R5 million. The asset…
A: Impairment of assets means reducing the book value of assets when carrying amount is more than…
Q: Which of the following is an example of a committee?
A: 1. Production workers at Amoco, Inc., an automotive parts company, who are job rotated every…
Q: The petty cash fund of ABC Corp consisted of the following: Currency and coins, P2,000 Employees…
A: Petty cash is a small amount of cash on hand that is used for paying small amounts owed, rather than…
Q: Indicate whether the breakeven point will increase or decrease based on the following change (each…
A: Break even point = Fixed costs /Contribution margin per unit where, Contribution margin per unit =…
Q: 1.1. Nhyiraba Limited lease a building worth R4 million to Quintin Limited under an operating lease…
A: Investment Property: It is property (land or a building or part of a building or both) held (by the…
Q: Repair Shop after one year of operation: A trial balance and additional information for adjustments…
A: The adjustment entry is the entry that is prepared at the end of the year to update the account…
Q: On January 1, 2019, Heaven Company acquired 20% of the ordinary shares of an associate for…
A: GIVEN On January 1, 2019, Heaven Company acquired 20% of the ordinary shares of an associate for…
Q: East Company leased a new machine from North Company on January 1, 2014 under a lease with the…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies used…
A: The direct materials budget is prepared to estimate the raw materials required during the period and…
Q: Patrick King dies on January 15, 2021. On the date of his death, Patrick had a bank account which…
A:
Q: Transactions for the first 3-month period of calendar year 2021 for Sta Cruz Branch of XYZ Company.…
A: To calculate the profit of the branch and prepare an income statement the following calculation of…
Q: Reggie Wilmore has just started a new business—building and installing custom garage organization…
A: The overhead rate is determined by dividing the total indirect expenditures (also known as overhead)…
Q: Operating Budget, Comprehensive Analysis Ponderosa, Inc., produces wiring harness assemblies used…
A: The sales budget is prepared to estimate the number of units to be sold and revenue to earned during…
Q: 3. A component auditor, which is a different accounting firm, may audit a component or subsidiary of…
A: Since you have posted multiple questions, as per answering guidelines we shall be solving first…
Q: Distinguish between tax avoidance and tax evasion.
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: What are the uses of manual accounting information systems in business? What are the benefits of…
A: Manual accounting information system is the system of bookkeeping in which business transactions and…
Q: Double Entry Principles and Striking of Trial Balance QUESTION 1. Record the following detail…
A: A trial balance is an internal report that is kept in the accounting department. The trial balance…
Q: Observation of the four previous months has identified the following total cost data for production…
A: Formula under High low method: Variable cost per unit = (Highest activity cost - Lowest activity…
Q: On January 1, 2020, Charmaine Company entered into an eight-year lease for an equipment. Charmaine…
A: Carrying value represents the value of the asset which is based on the balance sheet of the company.…
Q: The Melbo Foundation is contemplating the purchase of new equipment, which may potentially increase…
A: Incremental tax payment is based on the incremental revenue being earned due to any change in the…
Q: What is the present value if you can earn 8% interest compounded annually?
A: NOTES: PV : Present Value FV : Future Value r : rate n : number of years.
Q: 7
A: Bonds are priced by discounting future cash flows. Future cash flows include coupons and par value…
Q: Selling price (per unit) R116 Units in opening inventory 600 Jnits manufactured 2 550 Units sold 3…
A: The income statement is prepared using various methods as variable costing and absorption costing…
Q: for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The…
A: The answer has been prepared below.
Q: How much will Frederick pay for the television if he pays the entire amount on September 15 of the…
A: NOTES: He purchase television on August 15, with buy now and pay later plan, the price is $1995.95…
Q: fiscal yea S900 of t ce of sup
A: Calculation of closing stock = Opening stock + purchases - consumption = Closing stock
Q: or the Sleepeze, 12,340 for the Plushette, and 4,620 for the Ultima. Gene Dixon, vice president of…
A: Activity-based budget refers to the budget which collects, documents, and evaluates the business…
Q: Modupe owns a retail shop. The following are the list of balances extracted from his books of…
A: Statement of income means the statement which shows all the nominal account and balancing figure is…
Q: Hattie Company has been purchasing 40,000 units of component, Part A25 for $38.40 per unit. Hattie…
A: Under differential analysis, the relevant cost of buying the component should be compared with…
Q: On January 1, 2023, Jones Corporation issued $2.982.000, 9%, 5-year bonds with interest payable on…
A: Interest expense on bonds is calculated at the market rate of interest on the issue value of the…
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- T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per year. Assume January 1 is the first day of operations for this company, and no new customers join during the year. A. On January 1, Woodworking Magazine receives advance cash payment from forty customers for magazine subscription services. Handyman had yet to provide subscription services as of January 1. B. On April 30, Woodworking recognizes subscription revenues earned. C. On October 31, Woodworking recognizes subscription revenues earned. D. On December 31, Woodworking recognizes subscription revenues earned.Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
- Roben Cruse opened the Campus Laundromat on September 1, 2020. During the first month ofoperations, the following transactions occurred. Sept.1 Roben invested $20,000 cash in the business.2 The company paid $1,000 cash for store rent for September.3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month,12% note payable.4 Paid $1,200 for a one-year accident insurance policy.10 Received a bill from the Daily News for online advertising of the opening of the laundromat $200.20 Roben withdrew $700 cash for personal use.30 The company determined that cash receipts for laundry services for the month were $6,200. Instructionsa. Journalize the September transactions.b. Open ledger accounts and post the September transactions.c. Prepare a trial balance at September 30, 2020.Assume that you are the owner of Campus Connection, which specializes in items that interest students. At the end of January of the current year, you find (for January only) this information: a. Sales, per the cash register tapes, of $155000, plus one sale on credit (a special situation) of $2500. b. With the help of a friend (who majored in accounting), you determine that all of the goods sold during January cost $70,000 to purchase. c. During the month, according to the checkbook, you paid $37,000 for salaries, rent, supplies, advertising, and other expenses however, you have not yet paid the $900 monthly utilities for January. Required: On the basis of the data given (disregard income taxes), what was the amount of net income for January?Carson Ltd. has prepared the following 2021 projections for its beverage company: Sales Month Cash Sales Credit Sales Мay $ 16,000 $ 68,000 June 20,000 80,000 July 18,000 74,000 August 24,000 92,000 September 22,000 76,000 Receivables have been historically collected at the following rates: • 40% in the month of sale 45% in the month following sale 15% two months after sale Inventory Purchases Month Purchase Amounts May $ 70,000 June 72,000 July 74,000 August 78,000 September 80,000 40% of purchases are paid for in cash in the month of sale, and the balance is paid the following month.
- Bob Sample opened the Campus Laundromat on September 1, 2022. During the first month of operations, the following transactions occurred. Sept 1 Bob invested $20,000 cash in the business. Sept 2 The company paid $1,000 cash for store rent for September. Sept 3 Purchased washers and dryers for $25,000, paying $10,000 in cash and signing a $15,000, 6-month, 12% note payable. Sept 10 Received a bill from the Daily News for online advertising of the opening of the laundromat $200.…need help with full working and steps thanks answer in text Listed below are selected transactions of Solution Department Store for the current year ending December 31. a. On December 5, the store received $500 from the Jackson Players as a deposit to be returned after certain furniture to be used in stage production was returned on January 15. b. During December, cash sales totaled $798,000, which includes the 5% sales tax that must be remitted to the state by the fifteenth day of the following month. c. On December 10, the store purchased for cash three delivery trucks for $120,000. The trucks were purchased in a state that applies a 5% sales tax. d. The store determined it will cost $100,000 to restore the area (considered a land improvement) surrounding one of its store parking lots, when the store is closed in 2 years. Solution’s estimates the fair value of the obligation at December 31 is $84,000. Required: Prepare all the journal entries necessary to record the…Part 1: Starting the business The Happy Toddlers is a preparatory school for children three to five years old. Students are enrolled for a school year. Operations started on June 1. Parents can pay the full tuition fee of P70, 000 each at the start of every semester (June 1 and November 1.) Of the 150 students enrolled, 80 are paid full at the start of the year. The remaining students are on installment basis. One school year runs from June 1 to March 31. Required: Determine the tuition fee revenue for the period December 31. This is the first year of Happy Toddlers operations.
- Jear's Finess Club provides monthly memberships as well as personal training sessions. The personal trainers eam 50% of the revenue for all personal training sessions. The Feness Club also sels nutrition products. Jean's general ledger accounts indicate the following for the year. The front desk staff wages expense remains the same throughout the year Account Membership revenue Personal training revenue Product sales Amount $143.000 $76.000 $60.000 $35.000 $13,000 OA $214,000 OB. $393,000 OC. $181,000 OD. $287.000 Account Personal trainer wages expense Space rental expense Straight line depreciation expense Rental insurance expense Cost of product sold Front desk staff wages expense If a contribution margin income statement is prepared for the year, what is operating income? Anount $11,000 $4,000 $3,000On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is attempting to project cash receipts and disbursements through April 30. On May 1, a note payable of 10,000 will be due. This amount was borrowed on January 1 to carry the company through its first four months of operation. The unit purchase cost of the companys single product, a box of Sweet Pleasures chocolates, is 12. The unit sales price is 28. Projected purchases and sales in units for the first four months are: Sales terms call for a 5% discount if paid within the same month that the sale occurred. It is expected that 50% of the billings will be collected within the discount period, 25% by the end of the month after purchase, 19% in the following month, and 6% will be uncollectible. Approximately 60% of the purchases are paid for in the month purchased. The rest are due and payable in the next month. Total fixed marketing and administrative expenses for each month include cash expenses of 5,000 and depreciation on equipment of 2,000. Variable marketing and administrative expenses total 6 per unit sold. All marketing and administrative expenses are paid as incurred. REQUIREMENT You have been asked to prepare a cash budget for the next four months to see if the loan can be repaid. Review the worksheet CASHBUD that follows these requirements. The problem data have already been entered in the Data Section of the worksheet.Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 21%. Complete the account activity table for Kathy. Previous Finance Purchases New Balance Payments and Credits Month's Charge (in $) Month and Cash End of Month Balance Advances (in $) March $720.00 $123.97 $95.00