Bulldogs Inc. sells on term 3/20, net 40. Total sale for the year are P1,200,000 on which 40% is cash sales. 30% pays on the 20th day and take discounts while the remaining customers always pay on time. What is the average amount of accounts receivable? (Use 360-day year) The annual demand of Bulldogs Inc. sole product totaled 450,000 units. Due to uncertainty in supply of items,

Q: Bulldogs Inc., a corporation that can only legally issue ordinary shares with par value, recently co...

A: Par Value - Par Value in the accounting means stated value or face value. It is calculated by - = Le...

Q: On January 3, 2022, P Company acquired 70% interest in S Company for P4,200,000. Consideration inclu...

A: Solution Non - controlling interest  is an ownership position whereby a shareholder owns less than 5...

Q: The stock of Payout Corp. will go ex-dividend tomorrow. The dividend will be $1 per share, and there...

A: Dividend is the amount of return on the shares of an entity.

Q: 13,655 units/year and

A: Given as, Batch Size (Q) = 795 units Production rate = P = 13,655 units / year

Q: What should be reported as total shareholders’ equity on December 31, 2020?

A: Total Shareholders' equity computation includes: a) Outstanding shares  b) additional paid up capita...

Q: On January 1, 2019 Pink Corp. sold a machine for $7,400 to slink Corp., its wholly-owned subsidiary....

A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets ...

Q: P Company acquired 4,000 shares of the outstanding stock of S Company for P1,200,000 on January 1, 2...

A: Consolidation is the preparation of books of accounts of two entities where one entity has a substan...

Q: On January 1, 2021, Parent Co. acquired 80% of Subsidiary Inc.’s outstanding stocks for P1,600,000 c...

A: A consolidated balance sheet is a financial statement that reflects the financial status of a parent...

Q: The Felton and Burchell Partnership has partner capital account balances as follows: Felton, Capit...

A: Existing Capital = Felton, Capital + Burchell, Capital Total Capital = Existing Capital + New Capita...

Q: Required information [The following information applies to the questions displayed below.] Simpson, ...

A: The correct answer for the above mentioned questions in the flowing steps for your reference. 

Q: On January 1, 2022, P Company acquired 80% of S Company for P2,000,000. The fair value of identifiab...

A: 1) Sales of P 5500000 Less: merchandise ahipped to S at cost plus 25% (800000 x 125%) (1000000)...

Q: FIU Inc granted 25,000 stock options to its top management team on January 1, 2022. The options vest...

A: An employee stock option that grants specified employees of a company the right to buy a certain amo...

Q: 1. Mickley Company's plantwide predetermined overhead rate is $23.00 per direct labor-hour and its d...

A: Formula: Total Manufacturing cost = Direct materials + Direct labor + Manufacturing overhead

Q: Bulldogs Inc. had credit sales last year amounted to P18,600,000. The firm also had an average accou...

A: Solution.. Credit sales = P18,600,000  Average accounts receivable = P1,380,000  Average collection ...

Q: The shareholders' equity of Diamond Corporation on December 31, 2021 follows: Ordinary Share Capital...

A: The calculation of Book Value per share on Preference Share and Ordinary share under two assumptions...

Q: arent Corporation issued on March 31, 2021 500,000 shares of its P10 par ordinary shares, P40 market...

A: Purchase consideration paid to subsidiary A = Number of shares issued by parent x Fair market value ...

Q: 1. The right-of-use asset shall be initially recognized at cost, which shall be comprise of the foll...

A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...

Q: Indicate the effect that each transaction/event listed here will have on the financial ratio listed ...

A: There are many financial ratios used by businesses to analyze their performance in the current year....

Q: Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capit...

A: Brislin agrees to pay Watkins $188,000 for one-half of his capital interest and Humphreys agrees to ...

Q: Catalina Corporation begins the year with a $195 balance in Retained Earnings and a $320 balance in ...

A: Stockholder's equity comprises of common stock and retained earnings balance.

Q: Whirly Corporation's contribution format income statement for the most recent month is shown below S...

A: Solution 1: Contribution Margin income Statement (7650 units) Particulars Total Per unit Sale...

Q: FCB Industries is evaluating two projects based on the discounted payback method. The company’s cost...

A: Calculation of Discounted Payback period Discounted Payback period = X + Y/Z Where, X is the last ye...

Q: Statement 1: The estimated liability on contingent consideration is based on provisional amount subj...

A: Solution Estimated liability  is a liability That is absolutely owed because the services or goods h...

Q: At December 31, 20x5 and 20x4, Rose Corp. had 180,000 shares of common stock and 10,000 shares of 6%...

A: Earnings per share refers to the amount of Net income allocated to every single shares issued and ou...

Q: Which of the following should financial information not be? Group of answer choices Unsubstantiated ...

A: Lets understand the meaning of the financial information and how it should be. Financial information...

Q: Bulldogs Inc. expected to sell in October 2021 1,000 units of Dell laptops with a purchase cost per ...

A: Sales price variance is the difference between actual sales and the budgeted sales at the actual qua...

Q: The corporate charter of Carla Vista Corporation allows the issuance of a maximum of 30,800,000 shar...

A: Solution: When common stock are issued at a price greater than face value, common stock account is c...

Q: Bulldogs inc. will least likely experience which of the following if the firm shifts its credit term...

A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...

Q: Page 4 of 4 12. Mr. Bean receives a monthly basic salary of P38,000. He also receives P2,000 monthly...

A: Total Compensation = 38000 +2000 +2000 +500                                    = php 42,500

Q: determined that sales will increase by 25% next year, and that the profit margin will remain at 15% ...

A: Sales is a transaction between two or more parties in who is the buyer received tangible or intangib...

Q: A fre wiped out Paine Paper Company's Inventory The insurance company will accept an estenate using ...

A: calculation of cost of ending inventory using retail method Particulars Cost Retail  Beginning ...

Q: Don Adams Breweries is considering an expansion project with an investment of P1,500,000. The equipm...

A: Solution: Initial investment = P1,500,000 Annual cash inflows = P450,000 Period = 5 Years

Q: iscount offered and pays the suppliers 5 days after the due date, what is the annual intere te cost ...

A: Solution: Let Gross price = 100 Discount for payment with in 10 days = 100×2% = 2 Net price = 100 - ...

Q: Exercise 8-50 (Algo) Job Costing and Process Costing (LO 8-7) Coastal Cycles makes three models of e...

A: The correct answer for the above mentioned question is given in the following steps for your referen...

Q: PA10.) The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, NINO'...

A: Income statement: Profit and loss statements are financial statements that reflect the revenue and e...

Q: NightWoundsTime Brewing Co. distributes its products in an aluminum keg. Customers are charged a dep...

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized i...

Q: Bulldogs Inc. maintains a cash buffer for unexpected cash outlays for the year amountir 3,000. Bank ...

A: Company maintain cash with them so that there is sufficient liquidity and if any opportunity arise m...

Q: NEKO Inc., a corporation that issues ordinary shares with par value, completed a 2-for-1 stock split...

A: New par value per share = Current par value per share x 1/ stock split ratio where, Current par valu...

Q: ABC Company's bonds have a provision which stipulates that the ratio of senior debt to total assets ...

A: As specified in the question, the company is at the limit of 45%. So in order to maintain the ratio ...

Q: 10,000 ordinary shares of P10 par value.  The options call for a price of P25 per share and are exer...

A: Compensatory share options are the shares given to the employee's or other with the option to buy at...

Q: Rahim and Karim undertook jointly to build a house for a company at an agreed price of Tk. 60,000, p...

A: Answer:-  Joint venture definition:- Joint venture is one of the unique type of commercial partnersh...

Q: Pueblo Company sells a product for $88. Variable cost is $32. Pueblo could accept a special order fo...

A: Solution:- Given, Pueblo company sells product for = $88 Variable cost = $32 Pueblo could accept a s...

Q: Mr. Edgar EspaAgueca is a professional accountant. He ventured in a milling business to serve the ne...

A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...

Q: Bulldogs Inc. has forecasted that its net income will be P400,000. The company has debt ratio of 30%...

A: Answer) Calculation of Dividends per share Dividends per share = Earnings available for Common Stock...

Q: Wilma Company experienced a P500,000 decline in the market value of inventory at the end of the firs...

A: ANSWER The correct option is d.) first quarter 0 , Second quarter 0 EXPLANATION Interim periods are ...

Q: ssom Limited reported the following selected information for the year ended March 31, 2021: Advert...

A: The income statement explains the financial performance of the company for a particular period of ti...

Q: munication moving in a specific C cilitates task accomplishments. munication

A: Casual communication with another person is known as informal communication.

Q: Charleston, Inc. had the following information:     Year 2 Year 1 Net Sales 210,000 194,800 ...

A: The Vertical analysis is also known as common size analysis. All the percentage ls are calculated of...

Q: X Company Y Company Amount Percent Amount Percent Sales $ 148,000 100.00 $ 148,000 100.00 Variable c...

A: Formula: Break even sales value = Fixed cost / Contribution margin ratio

Q: aaArnina established a service business to be known as Arnina Photography on July 1, 2021. During th...

A: Journal entry refers to the process of recording commercial transactions for the first time in the b...

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.