The profits for 2012-2013 is Rs.2, 000; for 2013 - 2014 is Rs.26, 100 and for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The profits for 2012-2013 is Rs.2, 000; for 2013 - 2014 is Rs.26, 100 and for 2014-2015 is Rs.31,200. Closing stock for 2013 - 2014 and 2014-2015 includes the defective items of Rs.2, 200 and Rs.6, 200 respectively which were considered as having market value nil. Calculate goodwill on average profit method. The profits for 2012-2013 is Rs.2, 000; for 2013 - 2014 is Rs.26, 100 and for 2014-2015 is Rs.31,200. Closing stock for 2013 - 2014 and 2014-2015 includes the defective items of Rs.2, 200 and Rs.6, 200 respectively which were considered as having market value nil. Calculate goodwill on average profit method.
Expert Answer:
Answer rating: 100% (QA)
Average Profit Method 2013 2014 26 100 2200 2 12 350 2014 ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0077862275
22nd edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Posted Date:
Students also viewed these accounting questions
-
James Corp. applies overhead on the basis of direct labor hours. For the month of May, the company planned production of 8,000 units (80% of its production capacity of 10,000 units) and prepared the...
-
The Maxim Packing Company is considering a freight consolidation program for serving the Kansas market. The program would involve the small-volume customers located at Hays, Manhattan, Salina, and...
-
The Super Muench Cookie Company is considering a diversification effort that would move it into small retail outlets at major malls around the country. Currently, Super Muench has a capital structure...
-
Consider a tank containing a liquid, and the rate of change of the liquid's height (h) with respect to time (t) is proportional to the difference between the current height and a reference height....
-
Display the customer names of all customers who have ordered (on the same or different orders) both products with IDs 3 and 4.
-
Consider the following two data sets. Notice that each value of the second data set is obtained by adding 7 to the corresponding value of the first data set. Calculate the mean for each of these two...
-
The use of statistical sampling in a financial statement audit does not eliminate the need for professional judgment. Required: Identify and explain four areas where judgment may be exercised by an...
-
Marquis Company estimates that annual manufacturing overhead costs will be $900,000. Estimated annual operating activity bases are: direct labor cost $500,000, direct labor hours 50,000, and machine...
-
what do you think was the main strategy that separated Apple from the rest of the competition?
-
An experimenter has run a Box-Behnken design and has obtained the results below, where the response variable is the viscosity of a polymer: (a) Fit the second-order model. (b) Perform the canonical...
-
A recent study suggests that e - commerce will not replace trips to grocery stores anytime soon. For consumer packaged goods, physical stores have several advantages. However, which is NOT...
-
Why might you need to refer a client to another health professional? Give at least four reasons. How would you make the referral?
-
How can HR benefit from an effective usage of arbitration and collective bargaining in the workplace?
-
Another of the researcher's questions involved the difference in scores on the Test and Class Anxiety (TCA) subscale based on the respondents' reported number of online courses completed. Use SPSS to...
-
Prove, by induction, that odd squares are congruent to 1 modulo 8. That is, for n E No, (2n+1) = 1 (mod 8).
-
An item costs $200 and has a markup percentage of 20% based on cost. Find the selling price.
-
Factor the polynomial x3 + 7x - 23x - 21 as the product of a linear factor and a quadratic factor. Answer: I
-
The Taylor's series expansion for cosx about x = 0 is given by: where x is in radians. Write a user-defined function that determines cosx using Taylor's series expansion. For function name and...
-
The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Compute the following amounts for the month of May....
-
The following is selected financial information for Edison Energy Company for the year ended December 31, 2015: revenues, $55,000; expenses, $40,000; net income, $15,000. Required Prepare the 2015...
-
Review this chapters opening feature involving Adrien Edwards and his The Naked Hippie business. 1. Explain how a classified balance sheet can help Adrien know what bills are due when and whether he...
-
Edward has the following income in 2023-24: He makes a total of 800 of Gift Aid donations during 2023-24. Compute the amount of income tax payable for the year.
-
Susan is granted a 20-year lease on a property, paying a premium of 76,000. Explain how tax relief will be given in relation to this premium if: (a) she uses the property for trading purposes, or (b)...
-
In 2023-24, Victor rents out a room in his home and receives rents of 8,150. He incurs allowable expenses of 820. What "rent-a-room" elections (if any) should he make?
Study smarter with the SolutionInn App