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Problem 1: A and B formed a partnership. the partnership agreement stipulates that A shall contribute cash of P300,000 , Machinery in the amount of P250,000 and furniture and fixtures with a FMV of P100,000. on the other hand B will contribute cash of P700,000, Machinery of P750,000 and a building of P2,250,000. the building is subject to a mortgage loan of P800,000 which is to be assumed by the partnership, it was agreed further that A and B share profits and losses 30% and 70% respectively. On the date of formation how much is the balance in B's capital account?
By how much will the profit calculated using absorption costing principles differ from the profit if marginal costing principles had been used?
Paint is needed for t-shirt printing service. Is the cost of leftover paint ($160) transferred from order 28 to order 29 a direct cost or indirect cost? Why?
acc504 TLC- Discuss one or both of the above approaches and provide examples of companies or products that fit at least one of the two above categories. Can you think of a third approach used by businesses?
How much is the materials cost per unit if ending work in process was 25% complete and what was the total amount of manufacturing costs assigned to the 5,000 units in the ending work in process?
Many assets are presented at historical cost. Why does this accounting principle cause difficulties in financial statement analysis?
If one unit of Product X used $2.50 of direct materials and $3.00 of direct labor, sold for $8.00, and was assigned overhead at the rate of 30% of direct labor costs, how much gross profit was realized from this sale?
Big Shot Market is considering two investment projects: Project A Project B Initial Cost 250,000 200,000 Number of Periods 5 5 Yearly Net Cash Flow 75,000 60,000 Cost of Capital (WACC) 5% 5%
Compute the amount of underapplied or overapplied overhead as of January 31 and transfer it to the Cost of Goods Sold account.
Calculate the total bid if you base your calculations on the standard cost sheet assuming a cost plus 15% government contract and calculate the total bid if you base your calculations on the September 15, 2005, invoice assuming a cost plus 15% gover..
Develop a list of "Key Success Indicators" that could and should have been measured on completion. Rank them in order of priority for this project
Costing are TWO (2) techniques which may be used to determine an organization's production cost. Present FIVE (5) arguments in support of the use
Compute the volume in units and the dollar sales level necessary to maintain the present profit level, assuming that the maximum price increase is implemented.
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