Distinguish the effect of First in first out (FIFO), Last in last out (LIFO) and average cost on COGS.

Q: Net Profit Percentage margin Current Ratio Acid Test

A: 1. All values are given in the question.  So, directly taken from there except liquid assets. It's c...

Q: National Co.'s business is booming, and it needs to raise more capital. The company purchases suppli...

A: Costs of discounts taken holds importance when the choice is to be made between whether to make the ...

Q: Corporate taxes Tantor Supply, Inc., is a small corporation acting as the exclusive distributor of a...

A: The U.S. Federal tax rate for year 2021 for corporates is 21%. It is a tax rate calculated on net in...

Q: Prepare the journal entries required in 2021, if any, to record construction costs, revenues, and bi...

A: The percentage of completion method is a method of recognizing revenues for contracts that span over...

Q: handbags at an average of 3,30 120 and 2021 are as follows Actual production (units) 2,400 100 T00

A: Absorption costing refers to the process of computing the expenses regarding a product using its ind...

Q: Blue Corp., a private corporation, received its articles of incorporation on January 3, 2021. It is ...

A: Common stock means to stock in a business owned by individuals who have the ability to vote at compa...

Q: For each row of the Income Statement Calculate the Vertical Analysis percentage. Round to 1 place pa...

A: Vertical analysis: It is a method of analyzing the financial statement in which each item is shown a...

Q: What is National’s estimated annual usage in units?

A:

Q: Riley's Rugs has a unit selling price of $120, unit variable cost of $40, and fixed costs of $35,000...

A: Contribution margin = sales - variable cost  

Q: Al Mdina Traders based in Shrjah mainland area imported 100 mobile phones from China. The transactio...

A: While calculating assessable value for calculating customs duty on a import whose terms are CIF, the...

Q: Current Assets Current Liabilities Current Ratio Edison 88,000 $ 35,341 MAXT 85,152 54,610 91,786 11...

A: Formula: Current ratio = Current Assets / Current liabilities.

Q: Quark acquired 70% of the 1m issued £1 ordinary shares of Whey on 1 January 20X1 when Whey's retaine...

A: A minority interest seems to be another term for a non-controlling interest. This is a situation whe...

Q: Crane Farm Supply Company manufactures and sells a pesticide called Snare. The following data are av...

A: Total pounds needed for production = Units to be produced * Direct materials per unit Total cost of ...

Q: Dibiasky Corporation is a trading company based in Laguna. The auditor in charge for 2020 audit is e...

A: Accounts Payable  Balance ad on Dec. 31, 2020 600000 C) Goods shipped FOB shipping point and ar...

Q: Vlad died on October 20, 2018. During his lifetime, upon knowing that he had Stage 4 cancer, sold hi...

A: Introduction:- A good or service's economic value is a measure of the advantage it provides to an ec...

Q: ogo Inc. has the following shares outstanding: 40,000, $ 0.80, no par value prefe...

A: The question is based on the concept of Financial Accounting. As per the Bartleby guidelines we are ...

Q: Silver Company makes a product that is very popular as a Mother’s Day gift. Thus, peak sales occur i...

A: Budget means the expected value of future. Budget is not affected by the actual value as it is prepa...

Q: Using accrual accounting and the preceding values, show the firm's net proft for the past year in th...

A: Please See Step 2 for the Statement as required.

Q: December Norway Company reported that the year-end is ! receivable of P400,000 from a customer that ...

A:

Q: Jeters Company uses a periodic inventory system and reports the following for the month of June. Dat...

A: Inventory valuation is based on the flow of inventory. The LIFO method assumed that the recently pur...

Q: For 2020, Ross Corporation had pretax ordinary income of $500,000 and sold for $150,000 an asset pur...

A: Tax Rate for Companies in US for FY 2020 is Flat 21 % Therefore Tax on ($500,000 +$25,000 ) = $525,0...

Q: Slow Running Shoes uses the Aging of receivables method to account for  uncollectible accounts.  o T...

A: I am answering the first 3 sub-parts of the question as per bartleby guidelines. Please re-submit th...

Q: elp 1) know the difference between a service business and a manufacturing business. 2) What does j...

A: Note: As per our guidelines, we will solve the first three subparts.   1) Service business: These ar...

Q: The company has debit balance of input tax at the beginning of th 6. what is the VAT payable for the...

A:

Q: (LG 7.3) Freeport Brothers have recently purchased a process management system. Cabling installed in...

A: According to the given question: Data Collection nodes : =(4,500×3)+6,000+648+188+5,950+1950+200+150...

Q: For 2020, Ross Corporation had pretax ordinary income of $501,000 and sold for $149,000 an asset pur...

A: Calculation of taxable income particulars Amount ordinary income 501000 capital gain = [14900...

Q: ACTIVITY • On March 1, 2021, A and B formed partnership with each contributing the following assets:...

A: The partnership comes into existence when two or more persons agree to do the business and further s...

Q: During the past year, the company’s financial results reflected the following: Selling, general, an...

A: Gross profits refers to the difference of sales and direct costs associated with production. 

Q: Maria Clara Company carried a provision of P4,000,000 in the draft financial statements for the year...

A: The total final damages to be paid by the company is P6000000

Q: Both Bond Sam and Bond Dave have 7.1 percent coupons, make semiannual payments, and are priced at pa...

A: Bond Valuation Bond valuation is important for the business entity which can be generate more liquid...

Q: An equipment costs P10,000 with a salvage value of P500 at the end of 10 years. Calculate the annual...

A: Sinking Fund Depreciation Method: It is possible to depreciate an asset while simultaneously earning...

Q: Joshua Owen commenced business on 1 September, and had several special transactions during the month...

A: Journal entries are passed to record day to day transactions of the business.

Q: 1. Company ABC reports a loss of $80,000 in 2007. In the past when the firm incurred a loss they fir...

A: Year Income/ (loss) carry forward loss 2000 50000 - 2001 30000 - 2002 (40000) (40000) 2003 (...

Q: At the beginning of 2021, Gala company purchased equity securities to held for trading for P5,000,00...

A: It is pertinent to note that equity securities held for trading are measured at fair value through p...

Q: You intend to purchase a 10-year, $1,000 face value bond that pays interest of $60 every 6 months. I...

A: Given,  Number of periods(n) = 20 r = I/YR =10%/2= 5% PMT = $60 Face value (FV) = $1000

Q: At the start of the current year, Violet Company held 30% of ABC Company's 150,000 outstanding share...

A: Dividend Income:  Dividend income is paid out of the profits of a corporation to the stockholders. I...

Q: DEF company acquired the assets and assumed liabilities of GHI Company on January 1, 2022 by paying ...

A: Calculate fair value of liabilities acquired:    Amount (P)   Book value of liabilities        ...

Q: dividends amounting to P960,000 during 2022. How much did Promenade pay for its investment in Twilig...

A: Investment refers to those mechanism which is used by the company for the purpose of generating inco...

Q: comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the bas...

A: Comparative statement is the statement of comparison between the two financials. it is the statement...

Q: At the beginning of 2021, Gala company purchased equity securities to held for trading for P5,000,00...

A: (Note: We’ll answer the first question since the exact one wasn’t specified. Please submit a new que...

Q: The following transactions of Atty. Linag Law Firm were completed during the month of November 2018,...

A: Worksheet - Worksheet is a statement where all the ledgers are posted horizontally in the form of Ac...

Q: Current Attempt in Progress Carla Vista Timber Corporation uses a machine that removes the bark from...

A:

Q: If a firm is given a trade credit terms of 2/15, net 30, then the cost to the firm failing to take t...

A: 1. 2/15, net 30 means if payment is made within 15 days , it will get 2% discount.  Otherwise the co...

Q: bba Company accounted for noncurrent assets using the revakuation model. On June 30,2021, the entity...

A: Solution Concept When the fair value exceeds the carrying amount The asset is revalued and the amoun...

Q: Purchases a building for P1, 000, 000 in cash and 50, 000 shares of Ocean company with P100 par valu...

A: Solution:- Given, Building purchase value = $1,000,000 in cash Share of Ocean company = $50,000 Shar...

Q: Vaughn Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information rela...

A: Definitions:-   FIFO Method of inventory valuation :-  In FIFO method of inventory valuation, invent...

Q: Nguyen Company has purchased a stone quarry for $8 million. Nguyen must now estimate the fair values...

A: fair value of an asset at a particular time is calculated by subtracting the annual accumulated depr...

Q: The following information is from the annual financial statements of Raheem Company. Year 3 Year 2 Y...

A: Account receivable turnover measures the number of times the company collects its account receivable...

Q: Which of the following qualifications is NOT a prerequisite for becoming a licensed agent? a. being ...

A: A town clerk, government agency or corporate executive, government entity, firm, or organization tha...

Q: Question 28, P1-9 (similar to) Part 1 of 5 Interest versus dividend income Last year, Shering Corpor...

A: Since you have posted question with multiple sub-parts , we will do the first three sub-parts for yo...

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.