ar is as follows: Cast Driver Amount of Driver s handling ring rerhead $ 72,000 165 000 280,000 Number of moves Number of change orders Direct labor hours 3,000 10,000 50,000 r worked on four jobs in July. Data are as follows: Jeb 1343 Job 134 Jeb 1345 Job 1346 mg balance mterials S30, 00 $ 6,500 S18,000 S19,800 S 8,900 S20,000 $ 2,300 $12, 700 S32,000 $9,800 $2,400 abor cost Jeb 133 Jeb 1344 Job 13-45 Job 46 of moves 44 52 29 of change orders abor hours 30 900 40 20 1,600 20 1,000 120 31, Jobs 13-43 and 13-44 were completed and sold. Jobs 13- 13-46 were still in process. red: . Calculate the activity rates for each of the three overhead ctivities. . Prepare job-order cost sheets for each job showing all osts through July 31. . Calculate the balance in Work in Process on July 31. .Calculate the cost of goods sold for July. . What ifJob 13-46 required no engineering change orders?
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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