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Type: Posts; User: rehmanvohra
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Dear ma - this question has been taken from a very famous text book. This book has been adopted by many universities and colleges in the US. Through group study a student gets to learn better than...
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a. The material total variance
Std Qty allowed: 1200 x 15 x 8 = 144000
Actual cost 147500
Total variance 3500 (Unfavorable)
b. The material price variance
Act qty x std price: 19200 x 8 =...
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200 ml = 2 million shares x $100 par value
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Sorry, capital employed is 660000 and ratio is 17.72%.
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Acid test ratio:
(Current assets - Closing stock)/Current liabilities
144000-55000=89000/34000= 2.62:1
The return on capital employed for 2012 was 11%
Calculate the ratio for 2013?Net profit...
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Indirect materials are a part of overheads and the unit cost is always calculated for the overhead costs for the good production achieved.
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Relevant costs are those costs that will be incurred if the decision to go on the fishing trips is taken.
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Thanks. I am pleased to be of help.
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Please refer to the following link. It might help clearing confusion.
http://www.accounting4management.com/statement_of_cash_flows.htm
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Cash outflow means increase in asset or decrease in liabilities. Now study each of the options and decide which of them is an outflow.
a. a new issue of bonds - increases cash
b. a decrease in...
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Dividend yield:
Dividend per share/market value per share
40000/10000 = $4 per share/$56
Yield = 7.14%
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Unit sales price 6.95
Variable mfg costs
DM 26880
DL 6720
VOH 5920
Total 39520
Unit cost 39520/16000= (2.47)
Sales commission 8% = (0.556)
Contribution = 3.924
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December 1:
Debit Prepaid advertising $600
Credit Cash $600
December 31
Debit Advertising Expense 200
Credit prepaid advertising 200
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Increase in net assets: 13,500 - 12,500 = 1,000
Add dividends 2,000
Less Stock issuance 1,400
Net Income 1,600
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Ordinary shares receive nothing because Preferred stock is entitled to 2000 x $12=$24,000 x 11%= 2,640. $1600 will be paid to preferred stockholders
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VALERICO COMPANY
STATEMENT OF COST OF GOODS MANUFACTURED
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No need for any journal entry since the VAT account will show the credit balance as at the balance sheet date and will be reported as current liability. In January 2014, you will debit VAT account...
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Your question is incomplete. Details of balances of non current assets is missing.
There are other errors which will be disclosed when the question is complete.
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Schrager Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials $4,390, Work in Process—Cutting $3,560, work in Process—Assembly $11,080, and...
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The ending balance in receivables will be 33% of this month's credit sales:
805109*.33=265686
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I am glad was to be of help. Please do not hesitate to contact me in case you need me.
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The date on which the asset is received. The HP contract entitles the entity to the possession of the asset for its use.
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Under Hire Purchase financing terms, does this means I have to recognize the item as Fixed Asset? There is no Down payment and Security Deposit required.
CORRECT: Under HP system, like finance...
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FALSE. Reversal entries are meant for prepayments and accruals. Accumulated depreciation is a contra asset account, like allowance for doubtful debts which reflect the book value of these assets.
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You should sell at premium because you are offering more interest than market rate. The selling price can be determined if the duration is available as well as repayment schedule, if any.
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I am glad I was of help. Thanks anyway, I was not offended by your earlier response.
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It would be helpful if you were to give an example.
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1.
Month end was exactly one quarter of the way through a pay period. No wages have been paid yet, but on the next pay day the salaries paid will be: 11,900.00
Debit salaries expense and credit...
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The steps for preparing a bank reconciliation statement are:
a. Adjust cash book to reflect items appearing in the bank statement but not in the bank account. - (CB)
b. Adjust bank statement...
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The adjusted cash book balance is 620 whereas bank reconciliation shows 590. There is a difference of 30
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ROI = Profit/Avg Total Assets
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Apply the following formula:
Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
Sales - COGS = GP
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Apply the following formula:
Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
Sales - COGS = GP
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Apply the following formula:
Beg Inv + Purchases + Frt In - Returns - Disc- End Inv = COGS
Sales - COGS = GP
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COGS : 237
Freight In : 22
Ending Inventory : 147
Gross Purchases : 300
Sales : 400
Purchase Discounts : ?
Beginning Inventory : 150
Gross Profit : 163
Purchase Returns : 50
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Prepare a T account and post known entries on relevant sides and you will get the answer as 45,000
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Complex journal entries as givrn in example is just one type. There can be more accounts affected for one transaction.
For example, consider a case where a non current asset is disposed for cash....
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Are all general ledger accounts adjusted and closed at the end of the accounting cycle?
My answer, no because all temporary accounts are closed. I'm slightly confused on this one.
Correct
Does...
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There are two types of journal entries complex and simple?
My answer is no, I believe there are more such as Special.
Complex entries involve more than one account while simple entries have only...
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Is a business with no cash considered insolvent? Yes or No
My answer is no, because the business could have assets that can be turned into cash if needed. CORRECT
A business is considered...
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High December 4900 26,000
Low July 3500 20,500
Difference 1400 5500
Variable rate 3.92856 per meal
Total costs 26000
Less variable 4900 x 3.92856 = 19250
Fixed costs 6750
BEP can not be...
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Deduct extra ordinary items such as non recurring transactions, e.g. fire claim
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Can you at least post the attempt you made so far? It will help us to identify the mistake area and it will be easier for you to understand.
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Per Unit Variable Cost Fixed Cost
Direct materials $4.50 $ —
Direct labor 6.5 —
Factory overhead 9 50,000
Production and sales totaled 20,000 rolls and 17,000 rolls, respectively There is no work...
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What is the net price of the net price $141,771.00 with a 29% trade discount?
Do you mean list price $141,771? Or you wish to find the list price of the net price 141,771?
If 141,771 is the list...
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Merchandise inventory, 7/1/12 32,000
Purchases 240,000
Purchase discounts (6,000)
Purchase returns (10,000)
Freight-in 17,000
Inventory balance (40,000).
Cost of goods sold 233,000
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It appears that you are omitting net profit £5200, which must be included in the trial balance.
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Please see your other post - Retail Method.
The only new point in this post is normal and abnormal spoilage.
Here is the treatment:
Normal spoilage should be deducted from the retail column after...
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AVERAGE COST
Cost Retail
Beginning inventory $80 $125
Purchases ...
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