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Problem 1: Milkmaid, Inc. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Milkmaid had P600,000 cash basis pretax income for 2014. The following information pertains to Milkmaid for the years ended December 31, 2014 and 2013:
2014 2013
Accounts Receivable P400,000 P200,000
Accounts Payable 150,000 300,000
Under the accrual method, what should Milkmaid report in its December 31, 2014 income statement as pretax income?
Sparky's forecasts that sales will grow by 25% in 2013 and that its cost of goods sold to sales ratio will be the same in 2013 as it was in 2012. Given the information provided about Sparky, what is the company's 2013 projected cost of goods sold?a. ..
Compute The cost per equivalent unit for conversion for the month and The equivalent units of production for conversion for the month.
What is the actual total direct labor cost for the current period?
What annual savings can Vito Cruz expect if the system is implemented? Vito Cruz expects to have P5 million in credit sales during the coming year.
Reproduce the journal entries for only the transactions that occurred on October 1,10, and 20, and provide explanations and prepare a trial balance at October 31, 2012.
assignation individual t5ai 4 variance analysis1.tooltime has a standard of 1.5 pounds of materials per unit at 2 per
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Compute the target selling price of the product using the absorption costing approach. Compute the markup on absorption cost.
according to martin and steele 2010 p.13 the two principal professional associations in australia - cpa australia the
Comment on the factors, which you think, the company might consider in choosing between the fixed fee and percentage fee alternative.
Explain how a shift in the sales mix among 3 products (even if the total sales remain the same,as planned, say $500,000 ) could result in both a higher break-even point and a lower net operating income.
Calculate the interest payable at maturity.
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