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Question - On March 15, 2020, BBB Company established an agency in Quezon City, sending its merchandise samples costing P15,750 and working fund of P9,000 to be maintained on the imprest basis. During the month, the agency transmitted to the home office sales orders which were billed at P64,380 of which P20,400 was collected. A home office disbursement chargeable to agency is the acquisition of furniture and fixtures amounting to P25,000 to be depreciated at 24% per annum. The agency paid expenses of P3,815 and received replenishment thereof from the home office. On March 31, 2020, the agency samples were valued at P10,075. It was estimated that the gross profit on goods shipped to bill agency sales orders average 25% of cost.
Determine the following: a. Net Income (Loss) of the agency b. Entries to record the transactions in the books of BBB and Quezon City Agency.
Calculate the amount of overhead applied to Product A using traditional costing based on direct labor hours
Icon Industries is considering a new product for its Trophy Division. The product, which would feature an alligator, is expected to have global market appeal and to become the mascot for many high school and university athletic teams.
the accounting records of hampton company provided the data below in 000s.net income
Will the team make more profit from the combination of selling personal seat licenses and season tickets if it keeps the prices of the season tickets low or if it charges the monopoly price? Briefly explain. After the first year, is the team's str..
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietor ships:
Find an article on the use of spreadsheets in Accounting Information Systems.
If your firm's required return is 12%, compounding semi-annually, what is the future value of these cash flows at the end of year four
Prepare the journal entry amounts for this stock purchase on the books of ChubbyGuy Inc. by entering the proper dollar amounts in the gray-shaded cells
Question - Rowan Ltd has a profit margin of 7.6 per cent, a debt ratio of 56 per cent, total assets of $5,236,350, what level of sales growth can it sustain
bob brain files a single tax return and decides to itemize his deductions. bobs income for the year consists of 75000
Entrepreneurship – Creativity & Innovation - Lessons learned from failure: the story of an Omani serial entrepreneur
Miranda records net earnings from self-employment of $158,500. She has no other income. Determine the amount of Miranda's self-employment tax
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