construction in process account
Q: Distinguish between continuous, batch, and made-to-order processing.
A: In a batch processing, a sequence of steps are followed in a defined order. Continuous processing…
Q: vironmentally- ke the product:
A: The correct option is 4.
Q: Define Raw materials.
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: Define construction in progress.
A:
Q: the calculation of the equivalent unit is based on ......... of a production process
A: Equivalent units of production: Equivalent units refer to the total amount of work done on the…
Q: steps in the preparation of a worKsneet
A: Second option is wrong because the preparation of a trial balance is the primary step in the…
Q: Explain the term work in process.
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: Name the major subsystems of the conversion cycle.
A:
Q: Equivalent Units of Materials Equivalent Units of Conversion
A: Process costing: process costing is a costing method used by companies that produce homogeneous…
Q: Calculate how much material A
A: Worth of a product will be decided by the current price to the company i.e it will consider the net…
Q: Define overhead costs.
A: Overhead costs are the total amount of the cost other than the cost of manufacturing a product. The…
Q: Explain manufacturing overhead costs.
A: Manufacturing overheads costs refer to the amount of cost incurred as indirect expenses for…
Q: How does adding direct material at the beginning or end of a process affect the equivalent unit
A: Process costing is a significantly costing system to measure, monitor and control under different…
Q: amount of overheads allocated to product Apex
A: Estimated annual overhead cost for set up (A) RO 440,000 Number of set ups (B) 4,000 Overhead…
Q: the total labour cost associated with the maintenance activity.
A: Given: Total number of annual hours = 2000 hoursBenefit ratio = 0.2 Labour rate per hour = $15…
Q: Define Work-in-process inventory.
A: Definition: Inventory refers to the raw materials, work-in-process, and the finished goods…
Q: Manufacturing overhead is
A: Predetermined overhead application rate is - (Estimated overhead costs)/(Total Direct labours) Note…
Q: Explain manufacturing cycle time.
A: Definition: Product costs: The costs incurred to acquire the merchandise, ship the stock, prepare…
Q: predetermined overhead rate
A: Predetermined overhead rate = Total estimated overhead/Total machine hours
Q: tracing and allocating cost to cost object
A: Cost Allocation is the process of identifying various cost pools and allocating them to cost object…
Q: FOH Cost Service provided to: Service Department Production Department
A:
Q: Define cost of equipment.
A: Definition: Assets: These are the resources owned and controlled by business and used to produce…
Q: aterials purchase from the previc d cost of direct materials.
A: The correct answer is b) Budgeted cost of direct materials .
Q: Describe the purpose of raw material subsidiary ledger.
A: Raw material subsidiary ledger: This ledger refers to the individual account, which records the all…
Q: What document signals the completion of the production process?
A:
Q: Describe the term cost of the direct materials.
A: Cost: Cost refers to the expenses incurred by the business to earn revenue from sales, in other…
Q: Define the term manufacturing overheads.
A: Manufacturing overhead is all indirect costs incurred during the production process. This overhead…
Q: product
A: Mudarabah is an agreement between the Islamic bank & the depositor in which one contributes…
Q: How can the work-in-process concept be viewed?
A: Cost: The amount paid to purchase the asset, install it, and put it into operations, is referred to…
Q: Define direct materials, direct labor and manufacturing overhead.
A: Cost accounting: It is the method of accounting in which the cost of the product or the service is…
Q: prepare manufacturing acc
A: The requirement is to prepare the manufacturing account for James ltd. The manufacturing account…
Q: ition forms, and
A: Overheads is $5 per direct labor hour.
Q: process productivity
A: Process productivity is the number of units produced per processing time. Process productivity =…
Q: Units of production method with workings required.
A: Depreciation is a decrease in the value of assets due to normal wear and tear, the effect of time,…
Q: Describe standard cost system.
A:
Q: Describe the types of manufacturing overhead.
A: Manufacturing Expenses or Overhead are the indirect type of costs that a business incurs for a…
Q: total material handling cost should be allocated
A: Particulars Specialty Windows Wall Mirrors Total Total expected materials move (A) 900 300…
Q: Гxemplar Exer operation
A: 1 Cost per unit of finished goods using: Absorption costing Direct material per unit 11…
Q: Define Overhead Allocation.
A: Activity-Based Costing: It is a method that helps in finding the activities performed by a company…
Q: How do you calculate the activity rates for overhead activity
A: The activity based costing is used to estimate tonthe total manufacturing cost including overhead…
Q: manufacturing overhead for
A: Predetermined rate of manufacturing overhead = Budgeted manufacturing overhead/Budgeted direct labor…
Q: Define Units-of-production method
A: The units-of-production method is the method of depreciation based on the total number of units…
Q: Define under or over applied overhead.
A:
Q: Explain an example of manufacturing overhead.
A: Manufacturing overhead costs: “The costs, which do not relate directly with the manufacturing of…
Q: raw material used
A: Raw material used = Opening raw materials + Raw materials purchased - Closing raw materials
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- Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year). A. A business depreciates a building with a book value of $12,000, using straight-line depreciation, no salvage value, and a remaining useful life of six years. B. An organization has a line of credit with a supplier. The company purchases $35,500 worth of inventory on credit. Terms of purchase are 3/20, n/60. C. An employee earns $1,000 in pay and the employer withholds $46 for federal income tax. D. A customer pays $4,000 in advance for legal services. The lawyer has previously recognized 30% of the services as revenue. The remainder is outstanding.Financial statements Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear. a. Accounts payable b. Cash equivalents c. Crude oil inventory d. Equipment e. Exploration expenses f. Income taxes payable g. Investments h. Long-term debt i. Marketable securities j. Notes and loans payable k. Operating expenses l/ Prepaid taxes m. Retained earnings n Sales o Selling expensesImagine you are the financial accountant of Happiness Ltd. You have the following final balances for the different accounts on 31st December 2021 (the accounting-year end): Value (£) Buildings 300,000 Transportation element 148,000 Accumulated depreciation (buildings) at 01/01/2021 52,500 Accumulated depreciation (transportation element) at 01/01/2021 36,800 Salary expense 16,500 Share premium 7,200 Capital 20,000 Retained earnings at 31/12/2020 97,900 Long term debt 190,300 Cash 60,000 Trade receivables 62,500 Inventory at 31/12/2020 40,000 Purchases 10,000 Sales 200,000 Allowance for trade receivables 2,500 Accrued Expenses 19,500 Trade payables 10,300 Required: a)Prepare the Trial Balance corresponding to the above information. b)Considering the following additional information, prepare the Income Statement for Happiness Ltd. on 31/12/2021. Additional…
- The following information was extracted from the records of SydMel Ltd for the year ended 30 June 2021. SydMel Ltd Statement of Financial Position (Extract) As at 30 June 2021 Assets Accounts receivables $26,000 Allowance for doubtful debts 2,500 $23,500 Equipment 150,000 Accumulated depreciation – Equipment (20% per year) 30,000 120,000 Liabilities Interest Payable 2,000 2,000 Provision for employee benefits 5,000 5,000 Additional information The allowed deductible tax depreciation rate for Equipment is 25%. None of the employee benefits has been paid. It is not deductible for tax purposes until it is actually paid. The tax rate is 30%. Required Prepare a deferred tax worksheet to identify the temporary differences arising in respect of the assets and liabilities in the statement of financial position, and to calculate the balance of the deferred tax liability and deferred tax asset accounts…The comparative balance sheet of Harris Industries Inc. at December 31, 20Y4 and 20Y3, is as follows:Please see the attachment for details:An examination of the income statement and the accounting records revealed the following additional information applicable to 20Y4:a. Net income, $524,580.b. Depreciation expense reported on the income statement: buildings, $51,660; machinery and equipment, $22,680.c. Patent amortization reported on the income statement, $5,040.d. A building was constructed for $579,600.e. A mortgage note for $224,000 was issued for cash.f. 30,000 shares of common stock were issued at $13 in exchange for the bonds payable.g. Cash dividends declared, $131,040.InstructionsPrepare a statement of cash flows, using the indirect method.Prepare a SFP for ABM Company for this year ended December 31, both in account and report form using the following information below:ABM Capital ₱21,950 Unearned Revenue ₱1,000Accounts Payable ? Accumulated Depreciation ₱2,000Accrued Expense ₱4,500 Inventory ₱39,800Building ₱100,000 Cash ₱32,800Prepaid Rent ₱1,000
- The following information was extracted from the records of Lodh Ltd for the year ended 30 June 2021. Lodh LTD Statement of financial position (extract) As at 30 June 2021 Relevant Assets Accounts Receivable $50,000 Allowance for doubtful debts (4,000) $46,000 Prepaid rent 42,000 Plant 200,000 Accumulated depreciation – Plant (25% on cost) (50,000) 150,000 DTA beginning balance 1,000 … Relevant Liabilities Interest Payable 2,000 Provision for long service leave 10,000 Unearned revenue 20,000 DTL beginning balance 5,000 … Additional information · The tax depreciation for plant is considered at 30% of $200,000 (original cost) at 30 June 2021. · Long service leave has not been taken by any employee during the year. · There…Dash (Pty) Ltd provided the following information that was extracted from the financial records for the year ended 31 December 2021. Relevant financial information are shown below. Information from the statement of financial position as at 31 December: 2021 R 2020 R Land and buildings at cost 620 000 520 000 Equipment at carrying amount 268 000 343 000 -Cost 354 000 441 000 -Accumulated depreciation (86 000) (98 000) Fixed deposits 70 000 100 000 Inventory 66 000 100 00 Debtors control 64 000 70 000 Bank – favourable (debit) balance 86 000 ----- Prepaid expense – Rent ----- 6 000 Creditors control 26 000 48 000 Bank overdraft – credit balance ----- 6 000 SARS - tax payable 22 000 18 000 Shareholders – dividends payable 30 000 75 000 Interest payable 10 000 12 000 Ordinary share capital 850 000 750 000 Retained earnings 96 000 30 000 Long term borrowings 140 000 200 000 Extract of items shown on the statement of profit and loss and other…The comparative balance sheet of Yellow Dog Enterprises Inc. at December 31, 20Y8 and 20Y7, is as follows: Please see the attachment for details: Additional data obtained from the income statement and from an examination of the accounts in the ledger for 20Y8 are as follows:a. Net income, $190,000.b. Depreciation reported on the income statement, $115,000.c. Equipment was purchased at a cost of $395,000, and fully depreciated equipment costing $75,000 was discarded, with no salvage realized.d. The mortgage note payable was not due for six years, but the terms permitted earlier payment without penalty.e. 40,000 shares of common stock were issued at $15 for cash.f. Cash dividends declared and paid, $50,000. InstructionsPrepare a statement of cash flows, using the indirect method.
- The following information relates to Hunter a small private company. It consists of an opening statement of financial position as at 1 April 20X3 and a listing of the company's ledger accounts at 31 March 20X4 after the draft operating profit before interest and tax (of $17,900) had been calculated. HUNTER STATEMENT OF FINANCIAL POSITION AS AT 1 APRIL 20X3 Non-current assets $ Land & Buildings (at valuation of $49,200 less accumulated depreciation of $5,000) 44,200 Plant (at cost of $70,000 less accumulated depreciation of $22,500) 47,500 Investment at cost 16,900…FDN Company shows the following balances on December 31, 2021: Accounts receivable P250,000 Accumulated depreciation P200,000 Allowance for uncollectible accounts P57,000 Cash P200,000 Property, plant and equipment P800,000 Supplies P20,000 How much is the Current Assets in the Statement of Financial Position as of December 31, 2021?1. The following is a data transaction from PT Colorpop's records as the basis for making a Statement of Comprehensive Income for the period ended 31 December 2020: Rent Revenue $ 44,000 Interest Expense $ 20,000 Unrealized gain on non-trading equity securities, net of tax $ 35,000 Selling expenses $ 140,000 Income tax $ 30,600 Administrative expenses $ 185,000 Cost of goods sold $ 500,000 Net sales $ 954,000 Loss on sale of plant assets $ 10,000 Loss from Fixed Assets Revaluation, net of tax $2,000 Instructions: Create a Statement of Comprehensive Income using a two-statement approach! Calculate the value of Ending Per Share for 2020 if the number of shares outstanding is 100,000 shares.
