Accounting Questions Here...

[Larry Tan]

sir, naka experience po ba kayu yung feeling na nag-aaral ka ng maraming sleepless nights tapos babagsak ka sa exam?.

Sa San Beda Financial Accounting Classes nga uso yung buong batch bagsak sa quizzes. Sa maraming schools, uso din yung mas marami ang bagsak kesa pasado.

[onewhey]

Sa San Beda Financial Accounting Classes nga uso yung buong batch bagsak sa quizzes. Sa maraming schools, uso din yung mas marami ang bagsak kesa pasado.

I'm sure marami sa makakabasa sa thread na to sasabihin "Been there, done that" Haha!

[bean_counter19]

sir, naka experience po ba kayu yung feeling na nag-aaral ka ng maraming sleepless nights tapos babagsak ka sa exam?.

uu naman at maraming beses! ang consolation ko na lang eh hindi ako nag iisa.. nakakafrustrate lang din minsan kasi parang hindi ka nag aral, parang sayang yung effort diba pero kung gusto mo talaga makakayanan at malalagpasan mo yan..

[bean_counter19]

Normal sa accounting student life yan. Yung tipong 1 week mo inaral tapos zero ka pa minsan.

agree! normal lang talaga kaya lang yung iba mga "halimaw" sa galing..

[bean_counter19]

Sa San Beda Financial Accounting Classes nga uso yung buong batch bagsak sa quizzes. Sa maraming schools, uso din yung mas marami ang bagsak kesa pasado.

totoo ito sir larry.. kaya yung mga pasado parang "others" sa class..

[Larry Tan]

Because of this sentence: "Sales contracts are made evenly during the year."

Bugs Appliance Com.'s accountant has been reviewing the firm's past television sales. For the past years, Bugs has been offering a special service warranty on all television sold. With a purchase of a television, the customer has the right to purchase a 3-year service contract for an extra P600.00. Information concerning past television and warranty contract sales is given below:
…...................................................................................2012............ .............2011
TELEVISION SALES IN UNITS..............................550...........................460
SALES PRICE PER UNIT.........................................5000.........................4000
NUMBER OF SERVICE CONTRACT SOLD.........350.........................300.
EXPENSE RELATING TO TELEVISION WARRANTIES..................38,520...13400


Bugs' accountant has estimated from past records that the pattern of repairs has been 40% in the year of sale, 36% first year after sale and 24% on 2nd year of sale. Sales contracts are made evenly during the year.

1.What is the adjusted balance of the unearned service contract as of December 31, 2012?
a. 111,600
b.168,600
c. 211,200
d. 243,600
2.How much profit on service contract would be recognized in year 2012?
a. 42,000
b. 68,400
c.71,880
d. 110,400

answers:
1.D.
2.c.
….....:...............................PATTERN OF REALIZED REVENUE IN PERCENTAGE
2011:......................................................2011.................................2012
1st 40% x ½............................................20%...................................20%
2nd 36% x ½......................................................................................18%
3rd 24% x ½........................................................................................-
2012:
1st 40% x ½..........................................................................................20%
2nd 36% x ½
3rd 24% x ½

REALIZED REVENUE-2012:
From 2011 sales (600 x 300 x 38%)...............68,400
From 2012 sales (600 x 350 x 20%)................42,000
TOTAL...........................................................110,400
LESS: EXPENSES-2012............................................-38,520
PROFIT ON SERVICE CONTRACT........................71,880

QUESTION: just don't understand why the official solution multiply the percentage of estimated repairs to ½ ..

thank you po for wasting time answering my shallow question....

[iloveaccounting]

Normal sa accounting student life yan. Yung tipong 1 week mo inaral tapos zero ka pa minsan.

Akala ko kasi hindi na yun tama.. parang may sign na hindi talaga sayu. At tsaka baka mawala yung scholarship ko kapag di ko maangat grades ko. SIge *** may midterms at pre-finals pa! KAYA KO TO!!!!!!!!!!!!!!!!!!!!!!

AJAAAAAAAAAAAAAAAAAAAAAAAA!

[im_kat1]

pahelp naman about journal adjusting entries , may trial balance na kasing given then pinapagawa kami ng journal entries super hindi ku gets pahelp guys

[iloveaccounting]

The following purchase transactions occurred during the last few days of the Myriad Company's fiscal year, which ends at Dec. 31.2012 and in the first few days after that date.

1.An invoice for 50000, FOB shipping point was received and recorded on Dec. 27. The shipment was received in satisfactory condition on Jan. 2. The merchandise was not included in the inventory.

2. An invoice for 75000, FOB destination was received and recorded on Dec. 28. The shipment was received in satisfactory condition on Jan. 3. The merchandise was not included in the inventory.

3.An invoice for 30000, FOB shipping point was received and recorded on Dec. 28 and the receiving report indicates that the goods had been received on Jan. 4. The merchandise was excluded from inventory.

4. An invoice for 90000, FOB shipping point was received on Dec. 15 and the receiving report indicates that the goods had been received on Dec. 18 but across the face of the report is the notation "merchandise not of the same quality as ordered- returned for credit, Dec. 19". The merchandise was included in the inventory.

5. An invoice for 140000 FOB destination was received and recorded on Jan. 4. The receiving report indicates that the goods were received on Dec. 29. The merchandise was included in the inventory.

Required:

Prepare the adjustments on Dec. 31,2012. Books are still open.

Pa help po pls.. Badly needed for our academic purpose only.

[iloveaccounting]

Summer Company is a wholesaler of car seat covers. On Jan.1 2012, the entity's inventory consisted of 90 car seatcovers priced at 1000 each. During the current year, the following events occurred:

1.Purchased 800 car seat covers on account at 1000 each
2. returned 50 defective car seatcovers to supplier and received credit.
3. Paid 600 of the car seatcovers purchased
4.sold 790 car seatcovers at 2000 each
5.received 20 car seatcovers returned by a customer and gave credit. The goods were in excellent condition.
6.received cash for 680 car seatcovers sold
7. physical count at year end revealed 60 units in hand.

required:
a. prepare Journal entries, including adjustments to record above transactions assuming the company uses periodic and perpetual system.

b. determine the cost of sales under each inventory system.

[Wilam96]

oops thanks sir larry,,

can i ask another one, please!!!

this appear on our hand-out:


the following information relates to a given department of li company for the first quarter of 2012:

Actual total overhead (fixed plus variable) P178,500
budget formula P110,000 plus P0.50 per hour
total overhead application rate P1.50 per hour
Spending variance (from three way analysis) P8,000 Unfavorable
Volume variance (from two-way analysis) P5,000 favorable
overall factory overhead variance P6,000 unfavorable

Q; What were the actual hours worked in this department during the quarter?
a. 110,000
b. 121,000
c.137,000
d.153,000

the answer given was letter B, it has no supporting computation so I did.nt know how it come out.

however, the way I understand standard costing, it leads me to this solution:

178,500=110,000 + 0.50x

x=no. of actual hours worked= letter C. 137,000


thanks po

[jer_10]

Pasensya na po sa itatanong ko ah. Alam ko pong accounting questions lang dito pero itatanong ko na rin dito baka sakaling may makasagot.


Ang TRANSFER TO PUBLIC USE po ba ay exclusive deduction? About po ito sa community and conjugal properties (Estate and Donor's tax)


Salamat po!

[ssan]

Ang TRANSFER TO PUBLIC USE po ba ay exclusive deduction? About po ito sa community and conjugal properties (Estate and Donor's tax)

try ko pong saguting yung tanong nyo : pag po walang sinasabi yung problem kung kanino yung property na na-transfer for public use, consider it as exclusive deduction. hindi po kasi pwedeng idonate ang conjugal property kung walang consent ng spouse.

[jer_10]

@ssan - thank you very much po!

[spiglao2]

pahelp naman about journal adjusting entries , may trial balance na kasing given then pinapagawa kami ng journal entries super hindi ku gets pahelp guys

Have you sorted this out already?

[mmplus123]

Summer Company is a wholesaler of car seat covers. On Jan.1 2012, the entity's inventory consisted of 90 car seatcovers priced at 1000 each. During the current year, the following events occurred:

1.Purchased 800 car seat covers on account at 1000 each
2. returned 50 defective car seatcovers to supplier and received credit.
3. Paid 600 of the car seatcovers purchased
4.sold 790 car seatcovers at 2000 each
5.received 20 car seatcovers returned by a customer and gave credit. The goods were in excellent condition.
6.received cash for 680 car seatcovers sold
7. physical count at year end revealed 60 units in hand.

required:
a. prepare Journal entries, including adjustments to record above transactions assuming the company uses periodic and perpetual system.

b. determine the cost of sales under each inventory system.

Anong help? Sasagutan for you? Hehehe swerte naman if may ganun kabait dito.

[mmplus123]

Question, what is the logic why interest rates are inversely related to bond prices?

I will send Virtual chocolates sa makakasagot.

[mmplus123]

Another question, why do companies call outstanding bonds when interest rates are falling?

[Larry Tan]

Another question, why do companies call outstanding bonds when interest rates are falling?

To avoid paying the higher interest on the outstanding bonds and avail of the lower interest rate available in the capital market.

[mmplus123]

To avoid paying the higher interest on the outstanding bonds and avail of the lower interest rate available in the capital market.

Ang daya prof ka yata eh. Para sana yun sa mga students