swiftly company has an offer to purchase 120seeds for $120. 220seeds for $170 or 320seeds for 195. this offer includes a
Q: Exercise 7-16 (Algo) Aging of Receivables Schedule LO P3 Following is a list of credit customers…
A: Sales are made on cash and credit basis. The amount to be collected from sales made on credit basis…
Q: Kingbird Inc. manufactures two electronic products, widgets and gadgets, and has a capacity of 2.500…
A: CM stands for contribution margin which means per unit and it describes the incremental amount of…
Q: Stacey's Piano Rebuilding Company has been operating for one year. At the start of the second year,…
A: The Income Statement is a document that outlines the revenue earned and expenses accrued over the…
Q: Easter Company manufactures Easter chocolates and has been in operation for the pst 5 years. During…
A: Solution:- The image displays a query related to accounting and financial analysis, detailing Easter…
Q: Answer the following question, giving detailed examples to justify your answer;- Based on the book…
A: 1. Challenges of International Accounting Standards Convergence: a. Diverse Legal and Regulatory…
Q: Forecast Sales Volume and Sales Budget For 20Y8, Raphael Frame Company prepared the sales budget…
A: The sales budget is referred as a financial forecast that outlines the expected sales revenues for a…
Q: Problem 19-57 Part a (Algo) a. What amount of gain or loss does BLI recognize if the transaction is…
A: Cash Paid (A)$500,650Liabilities assumed (B)$182,400Amount realized (C=A+B)$683,050Adjusted basis…
Q: The production manager of Rordan Corporation has submitted the following quarterly production…
A: Direct labor budget :— This budget is prepared to estimate the cost of direct labor incurred for…
Q: Easley-O'Hara Office Equipment sells furniture and technology solutions to consumers and to…
A: The income statement reveals the amount of money the business made over a given time period as well…
Q: Hickory Company manufactures two products-13,000 units of Product Y and 5,000 units of Product Z.…
A: Activity based costing:Which is one of the methods used for the purpose of allocating overheads to…
Q: The Katie's Card Shop sells calendars with different Colonial pictures shown for each month. The…
A: Solution:-The question is about Katie's Card Shop sells calendars with unique colonial images for…
Q: Mogul Processing maintains its internal inventory records using average cost under a perpetual…
A: In the weighted average cost method, the cost of goods sold (COGS) and ending inventory are…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: Solution:-The said question is asking to calculate the activity variances for March for FAB…
Q: Travis Company has just completed a physical inventory count at year-end, December 31 of the current…
A: Inventory valuation is the process of giving a company's inventory a monetary value. Since inventory…
Q: Required information [The following information applies to the questions displayed below.] This year…
A: Please see the working notes below and computation are provided.Explanation:a. (1) 90 percent of…
Q: [The following information applies to the questions displayed below.] The income statement for…
A: Gross profit refers to the profit that is left to the company after deducting the cost of goods sold…
Q: Determine the flexible budget variance if the sales volume variance is $134,000 F and static -…
A: The objective of the question is to calculate the flexible budget variance given the sales volume…
Q: Elise Dubois is single, has no dependents, and lives at 55855 Ridge Drive in Lafayette, LA 70593.…
A: Elise Dubois' total tax liability for the year is $11,411.45.Explanation:To prepare Elise Dubois'…
Q: The income statement and balance sheet columns of Iron and Larkspur Company's worksheet reflect the…
A: Income statement depicts the REVENUE and EXPENSE of an organisation during a year. And tell how much…
Q: Whispering Winds Company must decide whether to make or buy some of its components. The costs…
A: For deciding the making or buying of product first we want to check the overall cost associated with…
Q: On June 30, 2024, Georgia-Atlantic, Incorporated leased warehouse equipment from IC Leasing…
A: Pretax amount of net receivables = Lease receivables + Interest revenue - Lease paymentsInterest…
Q: expenses. Prepare a flexible budget performance report that shows any variances between budgeted re-…
A: A static budget is prepared for a single estimated production volume.However, if actual production…
Q: Q&M Apparel purchased debt securities on January 1 for $150,000 and classified the investments as…
A: Trading Securities: These are defined to the short term investments made by the business in the…
Q: Distinguish between a current liability and a long-term debt. 2. Why is the liabilities section of…
A: Current liability-Current liabilities are financial obligations of a business entity that are due…
Q: a. Compute the per-unit cost for each product. b. Compute the profit for each product.
A: 1) Activity Based Costing:Activity-based costing system (also known as ABC System) is a two-stage…
Q: Kingston Manufacturing has 28,100 labor hours available for producing X and Y. Consider the…
A: Here are the recommended production schedules:Product X: Produce 6,550 units with a total labor time…
Q: amount of the adjusting entry at December 31 ?
A: Allowance for doubtful accounts is the "Contra Asset". The credit balance is shown on the current…
Q: On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an…
A: A lease is a legal arrangement in which the lessor, who is the owner of the asset, allows the…
Q: On December 1, Windsor, Inc. has three DVD players left in stock. All are identical, all are priced…
A: Cost of Goods Sold - It is relative expense incurred in producing the goods or providing services by…
Q: Delts Company produces a single product. The cost of producing and selling a single unit of this…
A: The objective of the question is to determine the financial advantage or disadvantage of accepting a…
Q: Two machines are being taken into consideration for the manufacturing of a selected component for…
A: "Break-even" describes the moment at which income and expenses are equal and there is no profit or…
Q: Adams Company produces commercial gardening equipment. Since production is highly automated, the…
A: ACTIVITY BASED COSTINGUsing activity-based costing to measure performance is quite effective.Agency…
Q: Atwater Chemicals produces an engine additive for machinery. The additive is produced by adding…
A: Activity-Based Costing (ABC) is a costing methodology that assigns overhead costs to specific…
Q: Required information [The following information applies to the questions displayed below.] Tree…
A: The inventory can be valued using various methods as FIFO, LIFO and average method. The gross profit…
Q: The following information has been assembled about Casbar Corp. as at December 31, Year 5 (amounts…
A: The operating income refers to the profit made by the entity after subtracting the operating income.…
Q: Shannon Company segments Its Income statement Into Its North and South Divisions. The company's…
A: Office furniture, computer equipment, and conference rooms are examples of fixed assets connected to…
Q: ! Required information [The following information applies to the questions displayed below.] Onslow…
A: JOURNAL ENTRIESJournal Entry is the First stage of Accounting Process. Journal Entry is the Process…
Q: During 2021, Raines Umbrella Corporation had sales of $760,000. Cost of goods sold, administrative…
A: Income statement is a financial statement that shows profitability, total revenue and total…
Q: Use the following information to prepare a multi-step income statement and a balance sheet for…
A: Income Statement: It gives a summary of the revenue earned during the accounting period and expenses…
Q: i need the answer quickly
A: Depreciation expense is the non-cash expense charged on the non-current assets. It is reported on…
Q: Problem 6-2A (Algo) Calculate ending inventory, cost of goods sold, sales revenue, and gross profit…
A: Inventory Valuation means calculating the value of stock at the end of an accounting period. The…
Q: Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.4% x…
A: Projected benefit obligation is the future benefits' present value that is to be paid to the…
Q: Universal Leasing leases electronic equipment to a variety of businesses. The company's primary…
A: An agreement of contract that is prepared to transfer the right to use the resources for a…
Q: Short term and leng-term disability ine,rance were purchased for Wallam and monthly premiums of $176…
A: The objective of the question is to determine the amount of short-term disability payments that…
Q: Merchant Company purchased land for a building site. The costs associated with the property were:…
A: Total cost of land$204,500 The explanation file is attached below:Comment below if you face any…
Q: [The following information applies to the questions displayed below.] The following data were…
A: A financial statement that displays the revenue and expenses of the business is called an income…
Q: Oriole Company Inc. had a beginning inventory of 105 units of Product RST at a cost of $7 per unit.…
A: b1. 8.886b2. FIFOLIFOAverage Costending inventory cost2,350…
Q: A corporation, with a December 31 year-end, purchased a $50,000, three-year, 8% bond on April 30,…
A: 1) Calculation of Interest on Bond for year 2021 and 2022:Bond is an investment like fixed deposit…
Q: Date Explanation Units Cost Total Cost June 1 Inventory 225 $5 $1,125 12 Purchase 525 6 3,150 28 23…
A: Inventory valuation is based on the method of flow used by the organization. It can be the first in…
Q: Write journal entries in proper form for the following economic transactions for the entity…
A: It is a method of recording financial transactions in the book of original entry by debiting and…
Step by step
Solved in 1 steps
- TRM Teleconcepts, Inc. manufactures and distributes three models of handheld devices: the Flame, the Globe, and the HD3. TRM uses the dollar-value LIFO method. Information for 2022, 2023, and 2024 is presented in the following table. The cumulative price indices for 2022, 2023, and 2024, respectively are 1.00, 1.066, and 1.1127. Requirement XXXXX. Round all intermediary currency calculations and the armounts you enter into the cells below to the nearest whole dollar. Use a parentheses or minus sign when entering a layer liquidation arTIount) Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models as one group. Round to the nearest dollar. (Use price Index amounts to four decimal places as glven in the Information, Year 2022 2023 2024 2022 layer 2023 layer Requirements 2024 layer liquidation - 2023 layer 2024 layer liquidation - 2022 layer a. Compute the company's ending inventory using dollar-value LIFO for each year. Treat the three models…Hi Mohamed when you submit this formm, the owner will be able to see your name and email address. 1.If Noof sells abayas for BD23, what would the purchase price be if 20% margin was applied? 2. If Ahmed sells laptops for 290, what would the purchase price be if 20% mark-up was applied?The selling price of a smart phone is RO 180. The manufacturer offers its dealers a 30% trade discount. What are the amount of trade discount and the net price? a. Trade discount 54; Net price 120 b. Trade discount 60; Net price 120 c. Trade discount 60; Net price 126 d. Trade discount 54: Net price 126
- I. SweetCandy offers an MP3 download (seven-single medley) as a premium for every five candy bar wrappers presented by customers together with P2.50. The candy bars are sold by the company to distributors for 30 pence each. The purchase price of each download code to the company is P2.25. In addition, it costs P0.50 to distribute each code. The results of the premium plan for the years 2019 and 2020 are as follows. (All purchases and sales are for cash.) 2019 2020 MP3 codes purchased 250,000 330,000 Candy bars sold 2,895,400 2,743,600 Wrappers redeemed 1,200,000 1,500,000 2019 wrappers expected to be redeemed in 2020 290,000 2020 wrappers expected to be redeemed in 2021 350,000 Instructions Prepare the journal entries that should be made in 2019 and 2020 to record the transactions related to the premium plan of the SweetCandy.Macrovision sells a variety of satellite TV packages. The popular $600 Basic Package includes a hardware component (consisting of a satellite dish and receiver) along with a twelve-month subscription to 130 TV channels. Macrovision sells the hardware component without a subscription for $180, and sells a twelve-month subscription to the same 130 channels without hardware for $540/year. Let’s account for the sale of one Basic Package for $600 on January 1, 2018. Required: 1. Identify the performance obligations in the Basic Package contract, and determine when revenue for each should be recognized. 2. For the single Basic Package sold on January 1, 2018, allocate the $600 transaction price to the performance obligations in the contract, and prepare a journal entry to record the sale (ignoring any entry to record the reduction in inventory and the corresponding cost of goods sold). 3. Prepare any journal entry necessary to record revenue related to the same contract on January 31,…Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios listing for $9500 with trade discounts of 25/14/6. What is the net price factor? What is the single equivalent discount? What is the amount (in dollars) of the trade discount? What is the net price (in dollars) of the order?
- Marichu Company manufactures a special product. To promote the sale of the product, a premium is offered to customers who send in three wrappers and a remittance of P25. The distribution cost per premium is P5. 5,000 and 7,000 premiums were purchased in 2021 and 2022 respectively. Data for the premiums are: 2021 2022 Sales P20,000,000 P25,000,000 Premiums purchased P400,000 P560,000 Number of premiums distributed 4,000 5,500 Number of premiums to be distributed next period 300 500 The premium expense for 2022 should beTablet Tailors sells tablet PCs combined with Internet service (Tablet Bundle A) that permits the tablet to connect to the Internet anywhere (that is, set up a WiFi hot spot). The price for the tablet and a four-year Internet connection service contract is $450. The stand-alone selling price of the tablet is $225 (cost to Tablet Tailors $158). Tablet Tailors sells the Internet access service independently for an upfront payment of $100, plus $65 payments due January 2, 2021, 2022, and 2023. With an imputed interest rate of 8%, the stand-alone value of the service is $268. On January 2, 2020, Tablet Tailors signed 100 contracts, receiving a total of $28,249 in cash (full payment of $450 each in cash, less the present value of the note for the future service plan payments due January 2 each year), delivered the tablets, and started service for 100 tablet packages. Tablet Tailors has a calendar year end and records adjusting entries at the end of the year. Instructions a. Allocate the…A specific model of computer servers are being sold by Company A for $26,900 each, offering trade discounts of 8% and 5% and by Company B for $35,800 each, offering trade discount rates of 13% and 3%. a. Which company offers the servers for a cheaper price? A B b. What further trade discount rate must the company with the higher price provide to match the lower price? 0.00 %
- # You can buy a product from one of three companies. Company A for $3,200 with a trade discount of 30%, Company B for $2,900 with a trade discount of 20% and 10%, or Company C for $3,450 with a trade discount of 20%, 15%, 5%. Which company has the lowest net price?Suppose a certain car audio manufacturer receives an order of a certain brand of satellite radios listing for $8,500 with trade discounts of 25/14/8. What is the single equivalent discount?Miracle Company manufactures a product that is packaged and sold. A plate is offered to customers sending in three wrappers accompanied by a remittance of P10. Data with respect to the premium offer are summarized below. 2020 2021 Sales 3,600,000 4,200,000 Purchase of premium, P50 per plate 390,000 580,000 Number of plates distributed as premiums 5,000 9,000 Estimated number of plates to be distributed in subsequent period 2,000 3,000 Distribution cost is P20 per plate Required: Prepare journal entries that would be made in 2020 and 2021 to record sales, premium purchases and redemptions, and year-end adjustments.