Unpaid staff salary was P74,540 on 31 December and P96,720 a year prior to it. P856,420 salary was paid during the year. Salaries Expense amounted to P834,240 P878,600 P856,420
Q: You are considering developing 2 buildings (32 units each) on a 4-Acre lot (2-Acre waterfront,…
A:
Q: B Pia, Capital Jan. 1 200,000 Oct. 1 40,000 Apr. 1 150,000 Dec. 1 75,000 Profit of the partnership…
A: According to this question, we are required to prepare the journal entries with reference to the…
Q: A company entered into the following transactions Match sach transaction with the appropriate…
A: 1. General journal - It records transactions relating to adjustment entries, opening stock,…
Q: The net gain (loss) for the three-month period ending March 31 is * SG Company has been undergoing…
A: Statement of Realization and Liquidation: In case of bankruptcy, the court wants this statement so…
Q: where computer-aided design files can be superimposed over the digital pictures. Differences between…
A: The payback period method is used to appraise various capital investment projects. It uses the cash…
Q: Franchise. Seattle Corporation pays a franchise fee of $20 million to enable it to sell Good's…
A: a . Annual Amortization = Franchise cost / useful life…
Q: a) Analyze the sales budget (in unit and value). b) Analyze the production budget of the Bobo Co. c)…
A: The question is related to Budgetory Control. The Sales budget and Production Budget are…
Q: Evoc Company Statements of Financial Position December 31 Intangibles and other assets. Property,…
A: Introduction: Working capital : Deduction of Current liabilities from Current Assets derives the…
Q: Problem 9 Happy Feet Company sells 3,300 pairs of running shoes per month at a cash price of P90 per…
A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…
Q: evelyn is 68 years old, her tax filing status is single, her adjusted gross income (AGI) is $16,000,…
A: Credit for the elderly or permanently and totally disabled is available subject to certain income…
Q: SKIP THIS IF YOU ALREADY ANSWERED THIS. I WILL ONLY UPVOTE IF IT IS TYPEWRITTEN. FOLLOW THE…
A: Financial Statements It is the summary of report about a company 's financial results, financial…
Q: In PHP Sales Cost of goods sold Gross profit Operating expenses Operating income Other…
A: In the context of the given question, we are required to compute the cash flow from operating…
Q: Q3 Hollaway Corporation has the following data for the current fiscal year: Actual Budget…
A: Sales mix variance reflects the difference between the planned and actual amounts. To calculate…
Q: elected accounts with some amounts omitted are as follows Work in Process Oct. 1 Balance 23,400…
A: The total amount of expenses added to a cost item is referred to as applicable overhead. Some…
Q: Per Unit Iten Unite Cont Car audio equipment Speakers Stereos 341 $.96 256 117 Amplifiers 322 92…
A: In LCM if the market value is less than cost then loss will be recorded but in case of market value…
Q: Follow Accrual method Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for…
A: Introduction: Accrual method of Accounting: Recording of a business transactions irrespective of…
Q: Al Bakara company report the following results for its calendar year December 31,2021. Cash sales…
A: Account Titles and Explanation Debit Credit Bad debts expense $ 10,600…
Q: Washington Arts allocates marketing and administrative costs to its three schools based on total…
A: Total Marketing and administrative cost = $1,600,000 Total revenue = $4,000,000 Allocation rate =…
Q: Moving Question 1 National supplies company had the following activity during the current monthly…
A: Using weighted average method, the cost per unit is calculated as total cost of goods available for…
Q: Q3) _suppose that the demand for a product is 2000 per year, and the items are withdrawn uniformly.…
A: Note: As per the policy, we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit…
Q: Rough Stuff makes 2 products: khaki shorts and khaki pants for men. Each product passes through the…
A: 4800 Hours are available Minimum demand is 3000 units for Shorts and Pants We need to find out…
Q: When valley co acquired 80% of the common stock Coleman Co. Coleman owned land with a book value of…
A: The amount of excess land allocation attributed to controlling interest = Fair value - Book value
Q: Prepare the necessary requirements and use journal, ledger Owner's Equity (300-399) 311 5C's,…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Research & Development. Edwards Corporation purchases a building for $2,000,000 which is to be used…
A: Research and Development Expense: - All those expenses which are related to the Research and…
Q: 1. Differentiate Income Taxation and Business Taxation using in the areas that do not overlap. 2.…
A: Taxation refers to the means through which government or the authority of taxation imposes the tax…
Q: Answer should be presented as: DECREASE 123456 or INCREASE 123456 :During 2021, the first year of…
A: The process of recording business transactions in the books of accounts for the first time is known…
Q: Partners Nina, Ricci, and Guess, who share profit and losses in the ratio of 2:2:1, respectively,…
A: Liquidation means where the business is shut down , assets are sold out and liabilities are paid…
Q: Calculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR…
A: Formula: Deduction of closing stock from Opening stock and purchases derives the cost of goods sold.…
Q: Concord Corporation issued 113,000 shares of $19 par value, cumulative, 7% preferred stock on…
A: Out of the profit earned by the business organizations, some of the profit is distributed to the…
Q: Accounts receivable Inventory Net sales (all credit) Cost of goods sold Total assets Total…
A: Formula: Receivables turnover ratio = ( Net credit sales / Average Accounts receivables )
Q: On January 1, 2021, CBA acquires 60% of outstanding ordinary shares of LPU at a gain on bargain…
A: Financial records are those documents which reflect or summarize business transactions. A proper…
Q: Synergy Incorporated, a US based Multinational Company (MNC) manufacturing electrical appliances.…
A: Answer:- Net present value meaning:- A set of cash flows happening at different dates is given a…
Q: 1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to…
A: Introduction:- Ledger is a collection of all accounts debited and credited in the journal. It assist…
Q: Taylah purchased a 2017 Toyota Camry on 2 July 2020 for $46,000. She financed the full price of the…
A: In the context of the given question, we need to compute the interest apportionment percentage.…
Q: Audi Motors acquired 80% of BMW Service Center outstanding shares on January 1, 2022 by paying cash.…
A: The amount of the fair value of the assets paid, liabilities incurred, and equity issued by the…
Q: O P40,040.00 O P42,140.00 O P2,100.00 P1,158.00
A: Introduction:- ABC costing means Activity based costing. It is used to allocation of manufacturing…
Q: Al Rahami Shop started the year with total assets of OMR210,000 and total liabilities of OMR120,000.…
A: Lets understand the basics. Net income is a remaining amount after deducting expenses from the…
Q: Using least square method, compute for the annual electricity cost if the machine hours use has a…
A: Least Square Method :- This is the best method to segregate semi-variable costs into its fixed and…
Q: Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car…
A: The documentary stamp tax is a tax that is charged on the sale or purchase of the property. This is…
Q: Due to an increase in labour rates, the company estimates that variable costs will increase by €3…
A: The answer is stated below:
Q: View Policies Current Attempt in Progress Pharoah Company was organized on January 1, 2022. It is…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Explain how jobs cal be estir quote model based on previous data. Discuss the different methods of…
A: Explain how jobs can be estimated by using a quote model based on previous data. In this case, the…
Q: Calculate COGS from the following? Opening stock - OMR 12,000 Closing stock - OMR 8,000 Purchases -…
A: Introduction: Cost of good sold: Deduction of closing stock from opening stock and purchases derives…
Q: Hi Tutor, Can you please write some comment for revised contribution margin I mean how it came and…
A: The difference between an actual measured outcome and a basis, such as a budgeted amount, is known…
Q: Pratt Company acquired all of the outstanding shares of Spider, Inc., on December 31, 2021, for…
A: Consolidated balance sheet is the vital financial statement (FS) under the case of the group…
Q: I. Presented here are the components in Sanders Company's income statement. Determine the missing…
A: As requested to answer C& D sub parts , we are answering only those two sub parts.
Q: On December 31, 2021, Precious Company sold an equipment with carrying amount of P2,000,000 and…
A: Comment- Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Response containing written narrative, figures, and charts. Milano Co. manufactures and sells…
A: The breakeven point is the amount of production at which a product's expenses equal its revenues.…
Q: 32. In the course of our audit of Ettedanreb Corporation’s cash in bank for the year ended December…
A: Inventory and buying provide you visibility and control over the inventory obligations you've…
Q: Accounts Receivable on 1 January were P412,800, and on 31 December P524,400. During the year…
A: Gross sales mean the total sales before deducting the sales return and sales discount etc. Gross…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- In March of the current year, Mooney Company estimated its year-end executive bonuses to be $800,000. The executive bonus paid in the previous year was $950,000. What amount of bonus expense, if any, should Mooney recognize in determining net income for the first quarter of the current calendar year?a. –0–b. $200,000c. $237,500d. $800,0001. An industry employees 450 workers during the month of Decemcber 2019.The following arethe details of Expenditure as follows .Cost of material=$ 86000, Rate of wages for each employee =$ 3 per hour of normal duty and $ 6per hour of overtime duty. Man hours per day of normal duty= 8 hours. Number of holidays per month (with out wages)=6 days. Total over head expenses = $23000.The workers were paid overtime for 375 hours. Calculate (i) Total cost/month (ii) Man hour rate on costs …..The university satellite office operates five days per week with a daily payroll of $5,000. Employees are paid every Saturday for the workweek just completed (Monday through Friday). The last day of the month is Wednesday, October 31. What is the effect of the correct adjustment at October 31? A. Decrease Wages Expense and increase Wages Payable by $15,000 B. Increases Wages Payable and increases Wages Expense by $25,000 C. Increase Wages Payable and decreases Cash by $10,000 D. Increases Wages Expense and increases Wages Payable by $15,000
- Danza Inc. reported income of $440,000 for the year ended June 30, 20X8. However, the records show that at year end, the following items had not been recorded: On May 1, 20X8, Danza received a $12,000 advance for a six-month job and credited Revenue for $12,000. Interest on a $12,000 note payable bearing a 10% interest rate is paid quarterly. The last payment was made at the end of May 20X8. Danza’s payroll is 14 salaried employees, each earning $900 a week for a 5-day workweek. Friday is payday. June 30 was a Tuesday. Prepare the adjusting entries necessary for the year ended June 30, 20X8. What is Danza’s net income for 20X8?Ryan's Sparkling Jewels estimated its payroll for the coming year to be $84,000. Its workers' compensation insurance premium rate of 0.6% is paid at the beginning of each quarter. Required: 1. Calculate the estimated cost of workers' compensation insurance for the year.$_________During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,860.00 $1,169.32 $273.47 $1,886.00 $1,320.20 Employer's OASDI $1,169.32 Employer's HI 273.47 Federal deposit liability each pay 681.65 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $681.65. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit Type of Tax (Form) Tax Period 4th quarter Address 10 SUMMIT SQUARE Phone Number (501) 555-7331 City,…
- Dainty Ltd has an average weekly payroll of $200 000. The employees are entitled to 2 weeks', non-vesting sick leave per annum. Past experience suggests that 56% of employees will take the full 2 weeks' sick leave and 22% will take 1 week's leave each year. The rest of the employees take no sick leave.Required:b) Provide the journal entry necessary to recognise the sick-leave entitlement expense as it accrues each week.The accounting clerk at Tenity Enterprises is paid $10.40 per hour. During a week’s pay period, the employee worked 38 hours and 40 minutes. Based on a hundredth-hour pay method, what is the gross pay for the period? A. $402.54B. $401.81C. $402.13D. $401.75P4-5 A manufacturing company's payroll reglster shows following information for December: Salary paid to marketing department, P40,000 (10 employees) Wages paid to labor, P100,000 Insurance is fully paid by company, P10,000 per month Company has a policy to award a fully paid one week vacation to best employee of the year from marketing department with a bonus of P1,500. Required: Assuming that current period has completed, prepare all necessary journal entries to record the payroll on December 31st.
- During the fourth quarter of 20--, there were seven biweekly paydays on Friday (October 4, 18; November 1, 15, 29; December 13, 27) for Quality Repairs. Using the forms supplied below, complete the following forms for the fourth quarter. If an amount or input box does not require an entry, leave it blank or enter "0". Quarterly Payroll Data Total Earnings 5 Employees OASDI HI FIT SIT $18,750.00 $1,162.50 $271.88 $1,875.00 $1,312.50 Employer's OASDI $1,162.50 Employer's HI 271.88 Federal deposit liability each pay 677.68 a. Complete the Federal Deposit Information Worksheets reflecting electronic deposits (monthly depositor). Federal deposit liability each pay, $677.68. FEDERAL DEPOSIT INFORMATION WORKSHEET Employer Identification Number 00-0004701 Name QUALITY REPAIRS Month Tax Year Ends 12 Amount of Deposit fill in the blank 1 Type of Tax (Form) fill in the blank 2 Tax Period Address 10 SUMMIT SQUARE Phone Number…An employee has year-to-date earnings of $115,400. The employee’s gross pay for the next pay period is $5,000. If the FICA—OASDT is 6.2% and the wage base is $118,500, how much FICA—OASDI tax will be withheld from the employee’s pay? (Answer is rounded to whole dollar.) a. $192 b. $210 c. $310 d. $73Dana Co.'s officers' compensation expense account had a balance of $224,000 at December 31, 20X4 before any appropriate year-end adjustment relating to the following:No salary accrual was made for December 30-31, 20X4. Salaries for the two-day period totaled $3,500.20X4 officers' bonuses of $62,500 were paid on January 31, 20X5.In its 20X4 income statement, what amount should Dana report as officers' compensation expense? $224,000 $290,000 $227,500 $286,500