CERISE Company uses accrual basis of accounting. Wages expense account had a balance of $255,000 at year end. The wages payable account had a #11,500 and $22,500 beginning and ending balance, respectively.
Q: Budgets are useful vehicles for communication. Critically discuss the above statement and provide…
A: In cost accounting and management accounting, the budget is considered as an effective tool.…
Q: (a) Perform the first-stage allocation of costs to the activity cost pools. (b) Compute the activity…
A: Astoms Asbestos Ltd. is in the business of removing potentially toxic asbestos insulation and…
Q: Total production costs for Gallop, Inc. are budgeted at £350,000 for 50,000 units of budgeted output…
A: The high low method is used to separate the fixed and variable cost from the mixed costs. Variable…
Q: You have just been hired by FAB Corporation, the manufacturer of a revolutionary new garage door…
A: Flexible budget is the one that shows the estimates relating to both the fixed and variable costs.
Q: MN and OP decided to form a partnership on June 01, 2020. The partnership will take over their…
A: Partnership means the agreement between the two or more person to do the business together and share…
Q: A company requires 2,000kg of sand for a special job. They have 1,200kg of sand in stock and cannot…
A: Relevant costs are costs which can impact the decision making. These costs needs to be considered at…
Q: Thank you, the above answer has the November particulars instead of December though
A: In absorption and variable costing, fixed overhead expenses are treated differently. Using…
Q: 6.The industrial company PedersensIndustri AS produces one product and has set up the following cost…
A: Zero point turnover is that turnover level at which business is only recovering it's fixed costs and…
Q: Each unit of product requires 8 gallons of raw material. Due to scrap and rework, each unit has been…
A: Value-added cost includes actual raw material costs but excludes costs related to scrap or rework.…
Q: FINANCIAL STATEMENT ANALYSIS AND RATIO ANALYSIS The following are the balance sheet and income…
A: Financial ratios are determined to analyze the performance of the business related to a particular…
Q: How was the depreciation for fix assets calculated?
A: Deprecaition Expenses There are different method which are used to calculate the deprecation of the…
Q: 100,000 150,000 340,000 110,000 80,000 20,000 20,000 200,000 100,000 300,000 100,000 80,000 18,000…
A: Based on the balance sheet figures and the income information and additional information, the long…
Q: Imagine you are the owner of a company. Listed below are your budgeted monthly unit sales sold at…
A: Production budget is one of the important budget that is being prepared in business and it shows how…
Q: nstruction: Do its general ledgers, trial balance, and worksheet Date Particulars Debit…
A: The general ledger is the ledger that accounts for each and every transaction. The balance of these…
Q: BLACK JACK Company purchased an automotive equipment on June 30, 2018 for $3,000,000. At the date of…
A: Depreciation is charged against the value of fixed assets. It can be calculated by using the…
Q: Celine's Scooter Supply Ltd. Quarterly Income Statement Units Sold Price per Unit Total Revenue…
A: To fill this table formula required 1). Total revenue = Units sold * Sales price per unit 2). Total…
Q: iv) Why are two break-even points in the above diagram?
A: The vertical distance between TR and TC measures the profit or loss associated with any specific…
Q: The trial balance prepared after all the adjusting entries have been posted is called what? Group of…
A: An adjusted trial balance is a listing of the ending balances in all accounts after adjusting…
Q: Date Transactions 2022 March 1 The owner, Mrs. Clean, invested the following: building cash 2…
A: Post Closing Trial Balance - Post Closing Trial Balance is the summary of ledgers after providing…
Q: Toll wing (a) Value of output at MP (b) GVA (C) NVA (d) NVA (e) Income generated Items (Rs. in…
A: 1) Value output = sales + change in stock 2) GVA (MP) = value of output - intermediate consumption…
Q: Taft Technologies has the following relationships: annual sales $1,200,000 current liabilities…
A: On a balance statement, total current assets refers to the total amount of cash, receivables,…
Q: The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the…
A: Depreciation is the reduction in the value of an asset over a useful life of the asset. It is an…
Q: 4. Evaluate the firm's short-term solvency for 1998 by computing: a. Working Capital b. Current…
A: Solution:- a)Calculation of working capital as follows under:- Working capital is the difference…
Q: National Company manufactures Copper masks The company has a policy of maintaining a finished goods…
A: Solution: Budgeted labor hours for June = Budgeted labor cost/ direct labor rate per hour =…
Q: Inseparable Company produces products X and Y in a joint manufacturing process. The joint cost…
A: In order to make the decision between processed further or selling the product at the split-off…
Q: What are revenues that have been earned but not recorded in the accounts called? Group of answer…
A: Deferred revenue, also known as unearned revenue, refers to advance payments a company receives for…
Q: Dolce Co. estimates its sales at 180,000 units in the first quarter and that sales will increase by…
A: Cash sales are 30% 65% of credit sales will be received in same quarter. Quarter 2 sales units =…
Q: quipmen
A: Calculation of Book Value Cost = P67,000 Life = 10 years Salvage Value = P53,500 (after 10 years)
Q: uild in Metro Manila where the plant would cost P2,000,000. Labor would cost annually P120,000 and…
A: The present value factor (PVIF) is a factor used to calculate the present value of money that will…
Q: directed towards future and present, b) follows standards and norms, c) helps managers in decision…
A: Financial statements comprises of the following: Balance Sheet Income statement Statement of Cash…
Q: What are liabilities that will be due within a short time (usually one year or less) and that are to…
A: Today we are going to discuss the three primary types of liabilities which include: short-term…
Q: A company currently sells 400 units at a sales price of $300. Its contribution margin is 40%, and…
A: The calculation of Margin of safety is shown hereunder : Actual sales = $ 120,000 ( 400 units × $…
Q: Semans is a manufacturer that produces bracket assemblies. Demand for bracket assemblies (0) is 138…
A: The answer is stated below:
Q: Sales P800,000 Cost of goods sold 480,000 Gross Profit 320,000 Operating expenses 40,000 Selling…
A: Formula: Each line item % = ( Each line item value / Sales value ) x 100
Q: Much capital structure theory focusses upon minimising agency costs, taxes, and bankruptcy costs. It…
A: capital structure theory says that for any company or investment there is an optimal mix of debt and…
Q: 6. What should be the basic earnings per share in 2021? a. ₱ 9.00 b. ₱ 10.50 c. ₱ 12.50 d. ₱…
A: Introduction:- Basic earning per share :- Basic earnings per share is the amount of a company's…
Q: Total production costs for Perth, Inc. are budgeted at £350,000 for 50,000 units of budgeted output…
A: solution concept when the mixed cost is given , it includes variable cost as well as fixed cost we…
Q: In a store that sells souvenirs, suppose an agent receives a $1 commission for each unit sold, and…
A: Agent is appointed by the principal in order to sell the goods. for selling the certain percentage…
Q: How about if the attorney joins the firm at the same time? Can you come up with any alternatives…
A: The answers for the practical questions on becoming a partner in a CPA firm are discussed hereunder…
Q: 8. Make an investment analysis for 1998 by computing: a. Equity Ratio b. Creditors Equity to Total…
A: We are given the balance sheet of two years 1997 & 1998 and income statement of 1998 based on…
Q: What form or forms of financial statement fraud is this? Where would we expect to see the impact of…
A:
Q: Elliptical Consulting Adjusted Trial Balance For the Year Ended June 30, 2019
A: The balance sheet shows the financial position of the company. It involves the assets, liabilities,…
Q: Mr Price, has no debt outstanding and a total market value of R150,000. Earnings before interest and…
A: The repurchase of shares by using debt will decrease the shares outstanding and will increase the…
Q: C. 6. The company CEO notes the following changes in ratios: Last Year Current 7.3 4.2 Inventory…
A: The question is related Anaysis of the Ratio given. 1. Inventory Turnover Ratio is calculated with…
Q: Cotton's Laundry Services For the year ended December 31, 2021 Trial Balance 5,087,000 265,000…
A: Adjusted amount refer to the ending balance of the various accounts which have been adjusted to the…
Q: Skinner Butte, Inc. had the following information: Net income Depreciation Increase in accounts…
A: Cash flow statements show the cash inflow and outflow of the cash and cash equivalents. Cash flow…
Q: You buy fishing gear costing $525. State taxes are 3.5% and the federal excise tax on this item is…
A: Introduction:- The following basic information s follows under:- Purchases price includes(Cost of…
Q: To help Janette cover her college expense, parents provide Janette with a monthly allowance of $340.…
A: Present value denotes the present worth of money by discounting the future cash flows whereas future…
Q: SCARLET Corporation has an authorized capital of 10,000 shares of 100 par, 8% cumulative preference…
A: Formula: Book value per ordinary share = Total Equity available to Ordinary shareholders / No. of…
Q: ent cash price. 5,831.86 5,831.82 5,381.68
A: The formula to calculate equivalent cash price PV= Periodic FV cashflow*(1-1/(1+i)^n/i Periodic FV…
How much cash was paid for wages during the year?
Step by step
Solved in 2 steps with 1 images
- The following accounts appear in the ledger of Celso and Company as of June 30, the end of this fiscal year. The data needed for the adjustments on June 30 are as follows: ab.Merchandise inventory, June 30, 54,600. c.Insurance expired for the year, 475. d.Depreciation for the year, 4,380. e.Accrued wages on June 30, 1,492. f.Supplies on hand at the end of the year, 100. Required 1. Prepare a work sheet for the fiscal year ended June 30. Ignore this step if using CLGL. 2. Prepare an income statement. 3. Prepare a statement of owners equity. No additional investments were made during the year. 4. Prepare a balance sheet. 5. Journalize the adjusting entries. 6. Journalize the closing entries. 7. Journalize the reversing entry as of July 1, for the wages that were accrued in the June adjusting entry. Check Figure Net income, 14,066The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.CERISE Company uses accrual basis of accounting. Wages expense account had a balance of P255,000 at year end. The wages payable account had a P11,500 and P22,500 beginning and ending balance, respectively. How much cash was paid for wages during the year? A. ₱ 244,000 B. ₱ 240,000 C. ₱ 250,000 D. ₱ 254,000
- Castile Inc. had a beginning balance of $2,300 in its Accounts Receivable account. The ending balance of Accounts Receivable was $3,000. During the period, Castile recognized $37,000 of revenue on account. Castile’s Salaries Payable account has a beginning balance of $1,800 and an ending balance of $1,200. During the period, the company recognized $33,800 of accrued salary expense. Required a. Based on the information provided, determine the amount of net income. b. Based on the information provided, determine the amount of net cash flow from operating activities.On January 9, a company pays $5,000 for salaries and wages of which $2,000 was reported as Salaries and Wages Payable on Decem ber 31. Give the entry to record the payment.The balance of the two accounts related to wages at October 31, after adjustments at the end of the first year of operations, are Wages Payable, $11,900, and Wages Expense, $825,000. Determine the amount of wages paid during the year.
- Given the following transactions for the year, prepare the income statement for World Co. for the year ended December 31, 20Y5. • Rental revenue of $15,000 • Wages expense of $3,500 • Rental expense of $5,300 • Miscellaneous expense of $1,200On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the…On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the…
- On December 1, 2020, Sheridan Distributing Company had the following account balances. Debit Credit Cash $7,500 Accumulated Depreciation—Equipment $2,640 Accounts Receivable 4,900 Accounts Payable 4,500 Inventory 12,200 Salaries and Wages Payable 1,000 Supplies 1,300 Owner’s Capital 44,160 Equipment 26,400 $52,300 $52,300 During December, the company completed the following summary transactions. Dec. 6 Paid $1,800 for salaries and wages due employees, of which $800 is for December and $1,000 is for November salaries and wages payable. 8 Received $1,900 cash from customers in payment of account (no discount allowed). 10 Sold merchandise for cash $6,500. The cost of the merchandise sold was $3,900. 13 Purchased merchandise on account from Boehm Co. $9,000, terms 2/10, n/30. 15 Purchased supplies for cash $1,600. 18 Sold merchandise on account $12,800, terms 3/10, n/30. The cost of the…Prepare the journal entries for the following transactions provided by MPM as at January 31, 2011 and post them to their respective general ledger accounts. a. Depreciation $100 b. Prepaid rent expired $400 c. Interest expense accrued $900 d. Employee salaries owed for Monday to Thursday for a five day workweek: weekly payroll $14,000 e. Unearned service revenue $800Ltd began the financial year with rent payable owing of £100. During the year, the business paid £3,100 in rent and at the end of the year the business had paid £800 rent in advance. What was the rent payable expense for the year to be shown in the income statement (profit and loss account)?
