at data:
Q: On January 11, 2022, The Hughes Company applied for a tradename. Legal costs associated with the app...
A: The intangible assets of a company are referred to as all those long-term assets that do not have a ...
Q: tory, Lemon's accountant has prepare and has estimated uncollectible account- llowance for Doubtful ...
A: 1)Account written off throughout the month is of $3500.Entry are going to beAllowance for uncertain ...
Q: Accounting Question
A: The total contribution margin is the difference between total sales revenue and total variable cost....
Q: Chang Co. issued a $40,073, 120-day, discounted note to Guarantee Bank. The discount rate is 8%. Ass...
A: THE CASH PROCEED TO CHANG CO WILL BE CALCULATED BY DEDUCTING THE DISCOUNT AMOUNT FROM THE ISSUED AMO...
Q: SkyChefs, Inc., prepares in-flight meals for a number of major airlines. One of the company’s produc...
A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for yo...
Q: The normal capacity of an entity is 350 000 units per annum. The raw material cost isR220 per unit a...
A: Cost of sales : In cost accounting, the measure "cost of sales" tells about the total cost incur...
Q: On January 1, 2020 DEF Company sold machineries with a carrying amount of P4,800,000 in exchange for...
A: The book value of non-interest bearing note will be equal to the present value of such note. Book va...
Q: Conceptual Framework and Accounting Standards (Philippines) Discuss the accounting treatment for cha...
A: A conceptual framework can be characterized as an arrangement of thoughts and targets that lead to t...
Q: Average Rate of Return Method, Net Present Value Method, and Analysis for a service company The capi...
A: This question is related to capital budgeting, in which it is asked to calculate the average rate of...
Q: A business borrowed $69,372 on March 1 of the current year by signing a 30 day, 6% interest bearing ...
A: Solution: Date Particulars Debit Credit March 31 Notes payable $69,372 Interest expens...
Q: The wages and hours information for five employees of Somja Enterprises for the week ended April 7 i...
A: The total earnings of an employee comprises of regular and overtime earnings the calculation of whic...
Q: An accountant receives a base salary of $1500 a month plus a 17. ACCOUNTANT SALARY commission that i...
A: Following are the answers to the given questions
Q: The Meyers CPA firm has the following overhead budget for the year: Overhead Indi...
A: The predetermined overhead rate is calculated as total estimated overhead cost divided by total esti...
Q: Hildreth Company uses a job order cost system. The following data summarize the operations related t...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: Accounting Question
A: Following is the answer to the given question
Q: The financial statements of the Tigger Manufacturing Company reports net sales of S560,000 and net a...
A: The company's aim will be to increase the profitability of the company. The profits can be arrived f...
Q: PART A The following list of balances was extracted from the books of Kai Jordan at 31 December 2020...
A: A trial balance seems to be a worksheet that is used in accounting. Every ledger's balance is compil...
Q: 1. Compute for the share capital to be reported in the 2020 Statement of Financial Position.2. Compu...
A: When company issues shares, then par value of shares will be credited to share capital account. Amou...
Q: Which one of the following factors would likely cause a firm to increase its use of debt financing a...
A: Debt financing refers to the issue of debt for raising funds in a company.
Q: explain
A: It is identified that many of the criteria given in the Table I can be met simultaneously. For insta...
Q: 15,000 Net income OMR 12,000 What is the break-even point in number of fares/Units?
A: Breakeven Sales Units It means the number of finished goods that are required to be sold for meeting...
Q: Scarborough Corporation manufactures and sells two products: D-One and D-Two. In July 2018, Scarboro...
A: Hi student Since there are multiple subparts, we will answer only first three subparts.
Q: Mango Co. owns a machine that was bought on January 1, 2017, for P752,000. The machine was depreciat...
A: Depreciable cost =Purchase cost of machine -Salvage value=P 752,000 -P 48,000=P 704,000 ...
Q: 1. In your own words, why do we need to know the importance of a chart of accounts? (7 sentences) 2....
A: Chart of accounts (COA) refers as a financial tool which is used by the organization to create a com...
Q: The tables below show the information related to the Assembly department for April 2021: Assembly De...
A:
Q: The following transactions occurred during a company’s first year of operations: Purchased a delive...
A: Net working capital is defined as the variance between the current assets and current liabilities.
Q: 11. Mr. Jones borrows P2,000 for 90 days and pays P35 interest. What is his effective rate of intere...
A: Effective rate of interest=Interest amountBorrowed amount×360 daysNumber of days
Q: elmuth maintains a provision for doubtful debts of 4% of ach financial year. s debtors owed N$2 800 ...
A: Accounting is a medium of communication, like any language that we use. For example, two people can ...
Q: Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the company’s inven...
A: Work in process stock refers to a corporation's partly completed products that are awaiting producti...
Q: Pam Company borrowed $75,000 on June 1, 2020, by issuing an 11-month, 8% interest-bearing note. The ...
A: The note was issued for 11 month on June 1,2020.
Q: Snap Products uses the perpetual inventory system. The company sells telephone equipment. On Jan 1, ...
A: All the transactions of the company will be recorded in the books of journal in a chronological mann...
Q: Each year, Pacific Enterprises (PE) prepares a reconciliation schedule that compares its income stat...
A: Bank reconciliation statement is s statement which is prepared at the end of the month to correct th...
Q: Help me fast please
A: Markup refers to the variance between the selling price and cost. It is the percentage of profit ove...
Q: Complete solution of required 2 please. And journal entries. Thanks.
A: A journal entry is the first step in chronicling financial transactions in the books of business ent...
Q: Bandar Industries Berhad of Malaysia manufactures sporting equipment. One of the company’s products,...
A: Solution: 1. Standard quantity of kilograms of plastic allowed: = Actual units manufactured x Standa...
Q: define gross profit margin, net profit margin and operating profit margin ratios of bank proftabilit...
A: Gross profit margin may be a live of profit that shows the proportion of revenue that exceeds the pr...
Q: Review the detals of transaction for the purchase of a new primary residence and detemine if the loa...
A: Fannie Mae Guidelines : Fannie Mae stands for Federal National Mortgage Association guidelines fo...
Q: 1. Which one of the following statements concerning a sole proprietorship is correct? The proprietor...
A: Sole proprietorship is a form of business organisation, in which single person manages and invest ca...
Q: Unearned Service Revenues are revenues with Credit as a normal balance True O False
A: Unearned Service Revenue The concept of unearned revenues in a firm in which the nature is not for r...
Q: At Dec. 31, 2018 and 2019, L. Pestano Corp. had outstanding 2,000 shares of P1,000 par value, 6% cum...
A: At Dec. 31, 2018 and 2019, L. Pestano Corp. had outstanding 2,000 shares of P1,000 par value, 6% cum...
Q: A car can be purchased for P650,000 when new. There follows a schedule ofannual operating expenses f...
A: The initial cost of a vehicle is the cost of acquisition which includes cost of purchase and other e...
Q: Dawson Toys, Ltd., produces a toy called the Maze. The company has recently established a standard c...
A: Variance analysis helps the management to evaluate the current performance against the standard perf...
Q: 1. Define Standard Costing and What is the formula for predetermined overhead rate? Explain all ple...
A:
Q: Use the table below for the next few questions Table for Single Taxpayers Over But not over ...
A: The right answer is option c 45.09
Q: If a corporation reissued at P200 per share 100 shares of treasury stock that it had previously acqu...
A: Purchase cost of treasury shares =Number of shares × Purchase cost per share=100 shares × P 280 per ...
Q: Using the NRV method, the amount of joint costs allocated to Jaxton is:
A: Joint cost refers to the cost of producing two or more products that are gone through the same proce...
Q: Can somone help me with cost of good chart, rent expenses chart wages expense and interest expenses.
A: Ledger accounts are used to classify the journal entry transactions into accounts like expense accou...
Q: Analyze the following ratios (Good/Not good, Undervalued/Overvalued, or just OK) based on the given ...
A: Ratio analysis are done in order to observe the relationship between two items of financial statemen...
Q: Problem #8 Profitability Ratios Gonzales is analyzing the earnings performance of the Bobadilla Tran...
A: Profitability ratio is one of the four major components of accounting ratios which measures the firm...
Q: Payment to retire bonds 452 Proceeds from the sale of treasury stock (cost: $52) 60 In T's statement...
A: Cash flow is the total amount of money being transferred in and out of a business which affects liqu...
Step by step
Solved in 2 steps with 2 images
- The records of Burris Inc. reflect the following data: Work in process, beginning of month2,000 units one-half completed at a cost of 1,250 for materials, 675 for labor, and 950 for overhead. Production costs for the monthmaterials, 99,150; labor, 54,925; factory overhead, 75,050. Units completed and transferred to stock38,500. Work in process, end of month3,000 units, one-half completed. Compute the months unit cost for each element of manufacturing cost and the total per unit cost.Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required: Prepare a schedule of equivalent units, and compute the unit cost for the month of December. Fordman Company has a product that passes through two processes: Grinding and Polishing. During December, the Grinding Department transferred 20,000 units to the Polishing Department. The cost of the units transferred into the second department was 40,000. Direct materials are added uniformly in the second process. Units are measured the same way in both departments. The second department (Polishing) had the following physical flow schedule for December: Costs in beginning work in process for the Polishing Department were direct materials, 5,000; conversion costs, 6,000; and transferred in, 8,000. Costs added during the month: direct materials, 32,000; conversion costs, 50,000; and transferred in, 40,000.AAA Appliances Inc. has two production departments. The nature of the process is such that no units remain in process in Finishing at the end of the period. At the beginning of the period, 10,000 units with a cost of 30,000 were transferred from Assembly to Finishing. Finishing incurred costs of 8,800 for materials, 7,200 for labor, and 8,800 for factory overhead, and finished 10,000 units during the month. Using the data in E5-9, prepare a statement of cost of goods manufactured for the month ended January 31, 2016, assuming that no further work was done in Assembly during January.
- Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units before ending the month with 3.000 u flits that were 100% complete with regard to materials and 80% complete with regard to conversion costs. The cost per unit of material is $5.45, and the cost per unit for conversion is $6.20 per unit, Using the weighted-average method, prepare the companys process cost summary for the month.Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the beginning of the period, two-fifths complete. During the period 7,800 units were received from Mixing, 8,200 units were transferred to the finished goods storeroom, and 600 units were in process at the end of the period, 1/3 complete. The cost of the beginning work in process was: The costs during the month were: 1. Using the data in E5-15, prepare a cost of production summary for the month ended January 31, 2016. 2. Prepare a journal entry to transfer the cost of the completed units from Blending to the finished goods storeroom.Vexar manufactures nails. Manufacturing is a one-step process where the nails are forged. This is the information related to this years production: Â Ending inventory was 100% complete as to materials and 70% complete as to conversion, and the total materials cost is $115,080 and the total conversion cost is $72,072. Using the weighted-average method, what are the unit costs if the company transferred out 34,000 units? Using the weighted-average method, prepare the companys process cost summary for the month.
- Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for September: a. All materials are added at the beginning of the process. b. Beginning work in process had 80,000 units, 30 percent complete with respect to conversion costs. c. Ending work in process had 17,000 units, 25 percent complete with respect to conversion costs. d. Started in process, 95,000 units. Required: 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method.AAA Appliances Inc. has two production departments. The nature of the process is such that no units remain in process in Finishing at the end of the period. At the beginning of the period, 10,000 units with a cost of 30,000 were transferred from Assembly to Finishing. Finishing incurred costs of 8,800 for materials, 7,200 for labor, and 8,800 for factory overhead, and finished 10,000 units during the month. a. Determine the unit cost for the month in Finishing. b. Determine the unit cost of the products transferred to finished goods.A production department within a company received materials of $7,000 and conversion costs of $5,000 from the prior department. It added material of $78400 and conversion costs of $47000. The equivalent units are 5,000 for material and 4,000 for conversion. What is the unit cost for materials and conversion?
- During March, the following costs were charged to the manufacturing department: $22,500 for materials; $45,625 for labor; and $50,000 for manufacturing overhead. The records show that 40,000 units were completed and transferred, while 10,000 remained in ending inventory. There were 45,000 equivalent units of material and 42,500 units of conversion costs. Using the weighted-average method, prepare the companys process cost summary for the month.Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.Narwhal Swimwear has a beginning work in process inventory of 13,500 units and transferred in 130,000 units before ending the month with 14,000 units that were 100% complete with regard to materials and 30% complete with regard to conversion costs. The cost per unit of material is $5.80 and the cost per unit for conversion is $8.20 per unit. Using the weighted-average method, what is the amount of material and conversion costs assigned to the department for the month?