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Questions -
Q1. Net income under variable costing is P 30,000. Data shows: the total manufacturing cost per unit is P 20; total variable cost per unit is P 15 per unit and variable period cost is P 3 per unit. Beginning and ending inventories are 1,000 units and 1,500 units, respectively. What is the income under absorption costing?
a. 34,000
b. 32,500
c. 27,500
d. 28,000
e. None of the above
Q2. Sales increased from Year 1 (with sales of 800,000) to Year 2 (with sales of 900,000); The DOL (Degree of Operating Leverage) in Year 1 is 5.0 and EBIT in Year 2 is 81,250. What is the fixed cost?
a. 100,000
b. 200,000
c. 325,000
d. Cannot be determined
Great Sand Ltd's financial year-end. Prepare the journal entries to record the issue of the debentures and the annual interest payments on 30th June 2019
They received $23,000 of social security benefits during the year. How much of the social security is subject to tax
Prepare an amortization table for this installment note, similar to the one presented in Exhibit 3. Journalize the entries for the issuance of the note
The liquidation expenses were $5,000. Assuming Lucas is insolvent. How much should be the final cash settlement to Mark and Johnny?
What documents might you need to help you make accurate recording and storing financial data ate records? List and describe three source documents.
What are the two objectives of accounting for income taxes identified in FASB Statement No. 109?
The stock currently sells for P40 a share. Assuming the market is in equilibrium, what does the market believe the stock price will be
Which Management's disclosures in the financial statements with regard to a going concern uncertainty include? the principal conditions or events that raised
Suppose the two firms act as perfect competitors and try to out compete each other and do not collude, what would be the optimal industry price and output?
What is Trevor's net pay? (Assume an OASDI rate of 6.2%, applicable on the first $118,500 earnings, and a Medicare rate of 1.45%, applicable on all earnings.)
Prepare an income statement for September, a retained earnings statement for September, and a statement of financial position at September 30.
What is management control cost? What negative effects can the costs have on the company's objectives
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