During the month, Job AB2 used specialized machinery for 450 hours and incurred $550 in utilities on account, $250 in factory depreciation expense, and $50 in property tax on the factory. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Record the expenses incurred. Manufacturing Overhead 850 Accounts Payable 550 Accumulated Depreciation 250 Property Taxes Payable 50 B. Record the allocation of overhead at the predetermined rate of $1.40 per machine hour. Work in Process Inventory 630 Manufacturing Overhead 630

During the month, Job AB2 used specialized machinery for 450 hours and incurred $550 in utilities on account, $250 in factory depreciation expense, and $50 in property tax on the factory. Prepare journal entries for the following: If an amount box does not require an entry, leave it blank. A. Record the expenses incurred. Manufacturing Overhead 850 Accounts Payable 550 Accumulated Depreciation 250 Property Taxes Payable 50 B. Record the allocation of overhead at the predetermined rate of $1.40 per machine hour. Work in Process Inventory 630 Manufacturing Overhead 630

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.5C

See similar textbooks

Similar questions

Ch. 8 Quesiton 4 Homework Please answer and explain this question correctly. The previous answer given to me was incorrect. Thank you. Each visor requires a total of $4.00 in direct materials that includes an adjustable closure that the company purchases from a supplier at a cost of $1.50 each. Shadee wants to have 30 closures on hand on May 1, 20 closures on May 31, and 25 closures on June 30. Additionally, Shadee’s fixed manufacturing overhead is $1,000 per month, and variable manufacturing overhead is $1.25 per unit produced. Required:1. Determine Shadee's budgeted cost of closures purchased for May and June2. Determine Shadee's budget manufacturing overhead for May and June. (Do not round your intermediate calculations. Round your answers to 2 decimal places.) **if you cannot solve from the information given then use your own example and show how I would solve a quesiton asking for this information
Hh2. Account CRIMINOLOGY LAB Benito Zamora earns $12.80 per hour at his job as an assistant in a criminology lab. He is paid time and a half for everything worked over 8 hours in one day. Find his gross earnings for a week in which he worked the following hours: Monday, 9.5; Tuesday,7; Wednesday, 10.75; Thursday, 4.5; and Friday, 8.75.
10. Question Content Area Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370…
ACC 370 SPRING 2021 QUICKBOOKS HANDS ON CLASS EXERCISE SECTION NOW YOUR TURN March 2021 1 Mr. Jim Doha invested additional $75,000 cash in the real estate agency. Paid advertising bill for February $1,400 Sold house for $250,000 and collected commission of $15,000 4 Purchased office supplies for cash, $2450. 5 Purchased additional office supplies on account, $550 6 Sold a house and collected a $46,000 commission. 8 Paid gas bills, $240 15 Paid the salary of the office secretary, $850. 17 Sold a building lot and earned a commission, $16,500. 20 Mr Jim Doha withdrew $3,000 from the business to pay personal expenses 21 Sold a house and collected a $15,500 commission. 22 Paid gas bills, $220. 24 Paid $960 to repair automobile 28 Paid the salary of the office secretary, $1350 30 Paid the March telephone, $520.…
eBook Print Item Question Content Area Fiona cleans offices. She is allowed 5 seconds per square foot. She cleans building A, which is 3,036 square feet, and building B, which is 2,388 square feet. Will she finish these two buildings in an 8-hour shift? Will she have time for a break? Round intermediate calculations to two decimals and final answer to whole number.
W2 Assignment 2PR.04-01BPR.04-02BPR.04-05BHide or show questionsProgress:2/3 items eBookCalculatorPrint ItemMultiple Production Department Factory Overhead RatesSpotted Cow Dairy Company manufactures three products—whole milk, skim milk, and cream—in two production departments, Blending and Packing. The factory overhead for Spotted Cow Dairy is $299,700.The three products consume both machine hours and direct labor hours in the two production departments as follows: Direct Labor HoursMachine HoursBlending DepartmentWhole milk 260 650Skim milk 245 710Cream 215 260 720 1,620Packing DepartmentWhole milk 470 500Skim milk 300 415Cream 130 165 900 1,080Total 1,620 2,700 The management of Spotted Cow Dairy Company now plans to use the multiple production department factory overhead rate method. The total factory overhead associated with each department is as follows: Blending Department$178,200Packing Department121,500Total$299,700 Required:1. Determine the multiple production department…
10. Special-Order Decision, Services, Qualitative Aspects Jason Rogers works full-time for UPS and runs a lawn-mowing service part-time after work during the warm months of April through October. Jason has two men working with him, each of whom is paid $6.00 per lawn mowing. Jason has 25 residential customers who contract with him for once-weekly lawn mowing during the months of May through September, and twice-per-month mowings during April and October. On average, Jason charges $42 per lawn mowed. Recently, LStar Property Management Services asked Jason to mow the lawn at each of its 29 rental houses every two weeks during the months of May through September. LStar has offered to pay $29 per lawn mowing, and would forego the lawn edging that normally takes Jason’s team about half of its regular mowing time. If Jason accepts the job, he can assign a one-man team to mow the rental house yards, and will have to buy an additional power lawn mower for about $370 used. Fuel to run the…
Q # 2 XYZ Incorporation provides the following financial data for the month of July 2020: Beginning Inventories 'Rs.' Direct Material 12,000 WIP - Finished Goods - 1. Purchased material on accounts for Rs. 200,000 2. Defective material returned to supplier worth Rs. 5,000 3. Material and labor issued to job during the month Direct material Direct Labor Job # 101 40,000 65,000 Job # 102 50,000 80,000 Job # 103 30,000 50,000 Job # 104 25,000 40,000 Indirect 5,000 15,000 4. FOH rate is 120% of direct labor cost 5. Actual FOH cost incurred on account Rs. 250,000 Required a) Prepare journal entries to…
Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 Redlands Inc. reported standard and actual costs for the product that it manufactures: Based on the information above, complete the following: 1. Standard product cost (This section was completed) 2. Forecast income statement through gross profit(This section was completed) 3. Direct Materials…
Assignment 7.1: Session 7 Comprehensive Problem (Chapter 9) Instructions This section has a nine-part comprehensive problem with multiple questions to address. Download the Chapter 9 Comprehensive Problem Template below to complete all parts. You will need your Bergevin and MacQueen book for reference. Item Standard Actual Direct material price $3 per lb. $2 per lb. Direct materials quantity 2 lbs. 4 lbs. Direct labor price $5 $7 Direct labor quantity 3 hours 2 hours Factory overhead cost $2 per machine hour ---- Machine hours per unit 2 machine hours 3 machine hours Number of finished products made 10 12 Number of finished products sold 10 11 Sales per unit $40 $40 Redlands Inc. reported standard and actual costs for the product that it manufactures: Based on the information above, complete the following: 1. Standard product cost (This section was completed) 2. Forecast income statement through gross profit(This section was completed) 3. Direct Materials…
BLOCK C/2018/4 Red John AG restores antique furniture and trades in antiques. Create the posting records for t1! Red John AG's account will receive € 11,305 on 05.01.t1. Thus, a customer of Red John AG settles his debt from t0 with a 5% discount. A customer returns a damaged antique to Red John AG in February t1 . The complaint will be processed immediately and the customer will receive a refund in cash. The value of the goods is € 35.70 gross. Due to numerous antique purchases at Krempel AG, Red John AG receives a bonus of € 6,464.08 VAT. This will be transferred to her in February t1. At the end of November t1, Red John AG sells a desk made of operating and office equipment. The desk is scheduled to be delivered to the buyer in January t2. Already on 02.12. t1, Red John AG receives the full purchase price of 530 € plus VAT in bar. In July t0, Red John AG acquired a machine for restoration work for € 30,000 The machine has a useful life of 7 years and is depreciated at a…
View previous attempt Check my workCheck My Work button is now enabled Item 4 Item 4 Part 2 of 2 20 points Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] The following is the adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company. Account Title Debit Credit Cash $ 7,400 Accounts receivable 17,000 Office supplies 3,800 Trucks 176,000 Accumulated depreciation—Trucks $ 35,000 Land 76,900 Accounts payable 12,700 Interest payable 4,700 Long-term notes payable 48,000 Common stock 21,100 Retained earnings, December 31, 2017 154,000 Dividends 19,800 Trucking fees earned 133,000 Depreciation expense—Trucks 22,500 Salaries expense 64,000 Office supplies expense 8,500…