Reference no: EM132958123
Questions -
Q1) GAZELLE Company has three manufacturing divisions, each of which has been determined to be a reportable segment. Common costs are appropriately allocated on the basis of each division's sales in relation to the entity's aggregate sales. In 2021, Division I had sales of P10,000,000, which was 20% of the entity's total sales, and had traceable operating costs of P6,000,000. In 2021, the entity incurred costs of P2,000,000 that were not directly traceable to any of the divisions. These costs include general corporate expenses of P500,000. In addition, the entity incurred interest expense of P500,000 which was directly traceable to Division I in 2021. Information about interest expense is regularly provided to the chief operating decision maker. What amount should be reported as operating profit of Division I for 2021?
Q2) Marinelle Company has historically reported bad debt expense of 10% of sales in each quarter. For the current year, the entity followed the same procedure in the three quarters of the year. However, in the fourth quarter, the entity determined the bad debt expense for the entire year should be P900,000. Sales were P2,000,000 for first quarter, P1,500,000 for second quarter, P2,500,000 for third quarter, and P4,000,000 for fourth quarter. What amount of bad debt expense should be recognized for the fourth quarter?
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Problem - Preparing the Financial Statements
: During the year, Quinsay invested additional P22,000 in the business. Prepare the income statement, statement of changes in equity and balance sheet
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How much would have had to deposit
: The firm expects to earn 7.9 percent, compounded monthly. If company had wanted to deposit an equivalent lump sum today, how much would it have had to deposit?
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What is the depreciation expense for the year ended December
: The estimated useful life is 8 years and the company uses the straight-line method. What is the depreciation expense for the year ended December 31
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What is the prize worth to today if can earn eight percent
: A month for 100 months starting at the end of this month. If you can earn 8 percent, compounded monthly, what is this prize worth to you today?
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What amount of bad debt expense should be recognized
: Marinelle Company has historically reported bad debt expense of 10% of sales in each quarter. What amount of bad debt expense should be recognized
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How much will savings be worth twenty-five years from now
: Angela expects to save $4,000 a year and earn an average annual return of 7.5 percent. How much will her savings be worth 25 years from now?
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Determine the gain or loss on the sale of the equipment
: Assuming that the equipment was sold at the end of the second year for $230,400, determine the gain or loss on the sale of the equipment
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Identify customer requirements
: Identify customer requirements for two different internal and two different external customer requirements - arrange a suitable time to visit you
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How much will investment be worth fifteen years from now
: This morning you invested your tax refund of $2,220 at interest rate of 4.8 percent, compounded annually. How much will investment be worth 15 years from now?
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