On Jan 1st, 2019, ACDC Co. signed a contract to construct a
bridge to be completed...
On Jan 1st, 2019, ACDC Co. signed a contract to construct a
bridge to be completed by the end of 2021. The cataract price is
$2,500,000. ACDC Co provides the following information for the
project progress.
Details
2019
2020
2021
Cost incurred to date
$600,000
$1,400,000
$2,100,000
Estimated cost to complete
$900,000
$600,000
$0
Customer billings
$500,000
$600,000
$350,000
Cash collections
$400,000
$500,000
$300,000
Assuming that ACDC uses the percentage of completion method, the
cost incurred (used) in 2020 is...
1. Which of the following methods allocates joint costs using a
measure such as pounds, gallons,...
1. Which of the following methods allocates joint costs using a
measure such as pounds, gallons, or inches at the split-off
point?
a.weighted average method
b.net realizable value method
c.physical units method
2.
Johnson Lumber Mill produces various grades of cut boards from
raw lumber. The costs incurred before the split-off point where the
cut boards are separated and processed further are
a.investment center costs
b.new costs that cannot be traced to the various grades of
lumber being produced
c.new...
Physical Units Method, Relative Sales-Value-at-Split-off Method,
Net Realizable Value Method, Decision Making
Sonimad Sawmill, Inc. (SSI),...
Physical Units Method, Relative Sales-Value-at-Split-off Method,
Net Realizable Value Method, Decision Making
Sonimad Sawmill, Inc. (SSI), purchases logs from independent
timber contractors and processes them into the following three
types of lumber products:
Studs for residential construction (e.g., walls and
ceilings)
Decorative pieces (e.g., fireplace mantels and beams for
cathedral ceilings)
Posts used as support braces (e.g., mine support braces and
braces for exterior fences around ranch properties)
These products are the result of a joint sawmill process that
involves...
Following are selected accounts for Green Corporation and Vega
Company as of December 31, 2023. Several...
Following are selected accounts for Green Corporation and Vega
Company as of December 31, 2023. Several of Green's accounts have
been omitted.
Green
Vega
Revenues
$ 900,000 $ 500,000
Cost of goods sold
360,000
200,000
Depreciation expense
140,000
40,000
Other expenses
100,000
60,000
Equity in Vega’s income
?
Retained earnings, 1/1/2023 1,350,000 1,200,000
Dividends
195,000 80,000
Current assets
300,000
1,380,000
Land
450,000
180,000
Building (net)
750,000
280,000
Equipment (net)...
As the accountant for MM Group your duties include preparing the
Statement of Cash Flows from...
As the accountant for MM Group your duties include preparing the
Statement of Cash Flows from the information provided below. MM
Group
Comparative Statements of Financial Position
As at June 30
2018
2017
Cash
55,000
45,000
Accounts Receivable
100,000
82,000
Prepaid Expenses
10,000
8,000
Inventory
65,000
60,000
Equity Investments (non-trading)
70,000
80,000
Equipment
50,000
40,000
Building
300,000
300,000
Land
80,000
40,000
730,000
655,000
Allowance for Doubtful...
Cotopaxi makes backpacks. Traditionally, they bought fabric in
quantity, and cut out the forms for their...
Cotopaxi makes backpacks. Traditionally, they bought fabric in
quantity, and cut out the forms for their backpacks from large
pieces, discarding the interstitial material as scrap. Due to the
integrated nature of the production facility, the cost of all this
fabric was considered a joint cost, allocated by the approximate
relative sales value method, and the scraps were considered a waste
by-product. Recently however, an enterprising employee had the
great idea to use these scraps and make small, unique bags...
Question 1: (25 marks)
On 1 July 2015, I Ltd. acquired a 30% interest in one...
Question 1:
On 1 July 2015, I Ltd. acquired a 30% interest in one of its
suppliers, G Ltd., at a cost of 13,650. The directors of I Ltd.
believe they exert 'significant influence' over G Ltd. The equity
of G Ltd. at acquisition was:
Share capital (20000 shares) $20,000
Retained earnings $10,000
All the identifiable assets and liabilities of G Ltd. at 1 July
2015 were recorded at fair value except for some depreciable
non-current assets with a fair...
The following data (in thousands of dollars) have been taken
from the accounting records of TCorp...
The following data (in thousands of dollars) have been taken
from the accounting records of TCorp for the just completed
year:
Administrative expenses $ 600
Direct labor 800
Finished goods inventory, beginning 480
Finished goods inventory, ending 640
Manufacturing overhead 920
Purchases of raw materials 480
Raw materials inventory, beginning 160
Raw materials inventory, ending 280
Sales 3,960
Selling expenses 560
Work in process inventory, beginning 280
Work in process inventory, ending 200
Answer the two questions below.
1)
What...
Question 2
Smith Ltd manufactures and sells one product. You are presented
with the following information...
Question 2
Smith Ltd manufactures and sells one product. You are presented
with the following information for the preparation of the annual
operating budget for the period ending 31 December 2021:
Estimated sales in units are 50,000 units for Quarter 1, 53,000
units for Quarter 2, 62,000 units for Quarter 3, and 65,000 units
for Quarter 4. The estimated per unit selling price is $9 for
Quarters 1-3, and $10 for Quarter 4.
Smith Ltd has set the desired ending...