Journal entry worksheet < 1 17 Record the entry to transfer from WIP to Finished goods. Note: Enter debits before credits. Transaction General Journal 9. Debit Credit
Q: 49.The following data were available for Product Z at Mar 31, 20X1: Beg inventory 50 units @ 12…
A: The first in first out method is an inventory management method in which the first purchases are…
Q: Requirements: a) Journalize the 2021 transactions. b) Prepare the adjusting entries at December 31,…
A: Particulars Debit/Credit Amount($) Jan 2: FVTPL financial assets-equity, Anna Corporation Dr 60000…
Q: Arabian Gulf Corporation reports the following stockholders' equity section on December 31, 2020. -…
A: It refers to a modern accounting method which is used to record business transaction in a debit…
Q: From the balance sheet prepare a proforma income statement where revenues can increase by 2% and the…
A: A projected income statement is a statement in which the future income statements are projected by…
Q: Bryan followed in his father’s footsteps and entered into the carpet business. He owns and operates…
A: Taxable income is the income of an individual or a company that is subject to tax i.e. the income on…
Q: If the beginning balance of retained earnings is $180,000, revenue is $85,000, expenses total…
A: Introduction: Retained Earnings: Retained earnings are share holder funds. Earnings of the company…
Q: Friends Partnership has three partners. The balance of each partner' capital is: Alla $48,000,…
A: Partnership refers to the relationship among the partners which is contractual in nature. In short,…
Q: On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture…
A: The income statement is one of the financial statements of the business which tells about the…
Q: Calculate the balance of common shares at the end of 2022.
A: Capital of a company dividend into small units which is known as stocks/shares of the company.…
Q: P37,200 OU Balance per bank statement, 3/31/04 10,300 47,500 Add: Deposit in transit 12,600 Less:…
A: Answer - Computation of Cash Balance as per Books at April 30, 2004 : Particulars Amount Amt…
Q: After-tax Income (Tax Deduction) After-tax Income (Tax Credit)
A: A single taxpayer is a person who is unmarried and filling his income tax. the pre-tax income means…
Q: mmon stock; $10 par value; 500,000 shares authorized; 200,000 shares sued and outstanding $…
A: Journal Entry: It is the record of business transactions which is shown in the primary book of…
Q: Conspicuous Limo uses activity-based costing for its two models of stretch Hummer limousines: Big…
A: Lets understand the basics. Activity rate is a rate calculate to allocate overhead cost to the…
Q: Friends Partnership has three partners. The balance of each partner' capital is: Alia $48,000;…
A:
Q: to the partners All has a capital balance of $(10,000), Basel has a A Base and Ziad are sharing…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Friends Partnership has three partners. The balance of each partner' capital is: Alia $48,000,…
A: Partnership means the agreement between the two or more person to do the business together and share…
Q: Calculate the lowest acceptable transfer price for the seller (Division A) ?
A: Calculation of contribution per unit of Division A Particulars Amount Selling price per unit 76…
Q: What was the change in R&D cost from the productivity component? (100,000) F (100,000) U (40,000) F…
A: What was the change in R&D cost from the productivity component Correct answer = (b) (100,000) U…
Q: On December 31, 2021, Glimmer Company had outstanding P3,000,000 8% convertible bonds that mature on…
A: Requirement: conversion of bond into ordinary shares and asked to calculate share premium as a…
Q: Trial balance Salman, capital Advertising expense Accounts payable Sales commission revenue Land…
A: Answer:- Trail balance meaning:- A trial is a basically the list of entire general ledger accounts…
Q: information owing information applies to the questions displayed below] o and Janine Jackson have…
A: Tax refers to the compulsory charge implied by the government over the income gained by an entity.…
Q: The following accounts are taken from a balance sheet. 1. Cash 2. Retained earnings 3. Equipment
A: Introduction: Balance sheet: All assets and liabilities are shown in Balance sheet. it tells the net…
Q: Donner Company is selling a piece of land adjacent to its business premises. An appraisal reported…
A: Whenever company purchase land,it should be recorded at purchase cost irrespective of its market…
Q: Kingdom Corporation has the following: Preferred stock, $10 par value, 9%, 50,000 shares issued…
A: Lets understand the basics. There are two type of shareholders are there which are, (1) Equity share…
Q: At the beginning of the year, Custom Mfg. established its predetermined overhead rate by using the…
A: Answer - Working Note : Calculating the predetermined overhead rate= (Overhead ÷direct material) ×…
Q: The following extracts from the DEF Co budget are available. Year ended 30 June 2019 Sales…
A: Cash receipts value from customers can be calculated by adding up sales to opening account…
Q: Income and loss in a 4:3:2 ratio respectively and decided to liquidate their partnership. Prior to…
A: The partnership comes into existence when two or more persons agree to do the business and further…
Q: Dana Company manufactures and sells a single product. The following costs were incurred during the…
A: The unit product cost is calculated as total cost divided by number of units. The net income is…
Q: Maria Tallchief is a single taxpayer, age 27 (birthdate May 18, 1994) living at 543 Space Drive,…
A: A form that is used by a taxpayer to file his or her annual income tax return in the United States…
Q: Question 1 Jenny Lee operates a store and sells items on cash and credit to her customers. The…
A: Income Statement - The income statement shows the income earned and expenses incurred for the…
Q: $ Sales price per unit 51.00 Fixed costs (per month): Selling, general, and administrative (SG&A)…
A: Prime cost includes all the direct expenses such as direct material, direct labor, and other direct…
Q: .On Jan 2, 20X1, ABC Company acquired 3,000 12% 3-year P1,000 bonds of Z Corp. at P2,860,702.…
A: Solution: Purchase price of bond = P2,860,702 Stated interest rate = 12% Effective interest rate =…
Q: What is the answer question (A ) only??
A: Lets understand the basics. Management calculates the cash collection and cash payment for the…
Q: On January 1, 20x9, Fairness Company sold a tract of land that was acquired years ago for P 3M.…
A: As per the below table, the CV of note on Dec 2010 is P 18,18,182 * Please note that the…
Q: Estimate working interest value in $ per bbl of oil produce if oil price is 28 $/bbl, Local tax 10%,…
A: Working Interest is the investment in oil operations or drilling operations in which the person who…
Q: CHECK OUT: 1. At December 31, 2013, XYZ Co. reported the following information on its balance sheet:…
A: 1. Journal entries
Q: Wilkins Inc. acquired 100% of the voting common stock of Granger Inc. on January 1, 2021. The book…
A:
Q: we know that depreciation is linked to the net cash flows of the company's investments. In fact, any…
A: Cash Flow from Investing Activites: It is the cash flow related to investment activities , that…
Q: Re-Tire produces bagged mulch made from recycled tires. Production involves shredding tires and…
A: The direct costs incurred are debited to work in process account. The indirect costs incurred are…
Q: Classify each item by type of business activity- operating, investing, or financing. Also indicate…
A: Statement of cash flow (CFS) refers to a financial statement of the company which shows the flows of…
Q: Which of the following statements about ABC is not correct? answer choices When forming activity…
A: Answer:- Activity-based costing (ABC)= Activity-based costing (ABC) is a kind of method of costing…
Q: Give a description of the posting events on purchasing processes and their results in accounting…
A: Here given the details of Posting events on Purchases process and it result into the accounting…
Q: he following data were available for ABC Corp at Dec 31, 20X2: Net purchases P345,000 Inventory,…
A: Inventory is the current asset of an entity. These are the resources held by an entity for the…
Q: quirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are…
A: The allowance for doubtful accounts is created to record estimated bad debt expense for the period.
Q: mocracies are still using paper-based voting. Hence, we should call an end to voting machines and…
A: Identify the following: i) Conclusion- In the given paragraph, the conclusion is that India should…
Q: ABC Company has the following data at Dec 31, 20X1: a. Goods sold in transit FOB destination,…
A: Under FOB destination, Goods are taken into inventory costing when goods are delivered to the buyer…
Q: السؤال 10 ?Manama Trading has $ 8,000 of cash sales that are subject to an additional 8% sales tax,…
A: Please see Step 2 for required information.
Q: Illustration. The balance sheet of Mateo Roa on Oct. 1, 2021, before accepting Martin Penaco as his…
A: A partnership is a kind of business structure in which two or more people agree to carry out…
Q: )What are the motivations behind DeFi?
A: Q-1 ) (c) 1,2,3and 4 Q-2) (b) 1,2,and 3
Q: A piece of machinery costs P50,000 and has an anticipated P8,000 salvage value at the end of its…
A: Depreciation: Depreciation means the reduction in the value of an asset over the life of the assets…
Solve in 30 min
Step by step
Solved in 2 steps
- The cost accountant for River Rock Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning February 1 would be 3,150,000, and total direct labor costs would be 1,800,000. During February, the actual direct labor cost totalled 160,000, and factory overhead cost incurred totaled 283,900. a. What is the predetermined factory overhead rate based on direct labor cost? b. Journalize the entry to apply factory overhead to production for February. c. What is the February 28 balance of the account Factory OverheadBlending Department? d. Does the balance in part (c) represent over- or underapplied factory overhead?Abbey Products Company is studying the results of applying factory overhead to production. The following data have been used: estimated factory overhead, 60,000; estimated materials costs, 50,000; estimated direct labor costs, 60,000; estimated direct labor hours, 10,000; estimated machine hours, 20,000; work in process at the beginning of the month, none. The actual factory overhead incurred for November was 80,000, and the production statistics on November 30 are as follows: Required: 1. Compute the predetermined rate, based on the following: a. Direct labor cost b. Direct labor hours c. Machine hours 2. Using each of the methods, compute the estimated total cost of each job at the end of the month. 3. Determine the under-or overapplied factory overhead, in total, at the end of the month under each of the methods. 4. Which method would you recommend? Why?Baldwin Printing Company uses a job order cost system and applies overhead based on machine hours. A total of 150,000 machine hours have been budgeted for the year. During the year, an order for 1,000 units was completed and incurred the following: The accountant computed the inventory cost of this order to be 4.30 per unit. The annual budgeted overhead in dollars was: a. 577,500. b. 600,000. c. 645,000. d. 660,000.
- Rulers Company is a neon sign company that estimated overhead will be $60,000, consisting of 1,500 machine hours. The cost to make Job 416 is $95 in neon, 15 hours of labor at $13 per hour, and five machine hours. During the month, it incurs $95 in indirect material cost, $130 in administrative labor, $320 in utilities, and $350 in depreciation expense. What is the predetermined overhead rate if machine hours are considered the cost driver? What is the cost of Job 416? What is the overhead incurred during the month?Cycle Specialists manufactures goods on a job order basis. During the month of June, three jobs were started in process. (There was no work in process at the beginning of the month.) Jobs Sprinters and Trekkers were completed and sold, on account, during the month (selling prices: Sprinters, 22,000; Trekkers, 27,000); Job Roadsters was still in process at the end of June. The following data came from the job cost sheets for each job. The factory overhead includes a total of 1,200 of indirect materials and 900 of indirect labor. Prepare journal entries to record the following: a. Materials used. b. Factory wages and salaries earned. c. Factory Overhead transferred to Work in Process d. Jobs completed. e. Jobs sold.Luna Manufacturing Inc. completed Job 2525 on May 31, and there were no jobs in process in the plant. Prior to June 1, the predetermined overhead application rate for June was computed from the following data, based on an estimate of 5,000 direct labor hours: The factory has one production department and uses the direct labor hour method to apply factory overhead. Three jobs are started during the month, and postings are made daily to the job cost sheets from the materials requisitions and labor-time records. The following schedule shows the jobs and amounts posted to the job cost sheets: The factory overhead control account was debited during the month for actual factory overhead expenses of 27,000. On June 11, Job 2526 was completed and delivered to the customer using a mark-on percentage of 50% on manufacturing cost. On June 24, Job 2527 was completed and transferred to Finished Goods. On June 30, Job 2528 was still in process. Required: 1. Prepare job cost sheets for Jobs 2526, 2527, and 2528, including factory overhead applied when the job was completed or at the end of the month for partially completed jobs. 2. Prepare journal entries as of June 30 for the following: a. Applying factory overhead to production. b. Closing the applied factory overhead account. c. Closing the factory overhead account. d. Transferring the cost of the completed jobs to finished goods. e. Recording the cost of the sale and the sale of Job 2526.
- Channel Products Inc. uses the job order cost system of accounting. The following is a list of the jobs completed during March, showing the charges for materials issued to production and for direct labor. Assume that factory overhead is applied on the basis of direct labor costs and that the predetermined rate is 200%. Required: Compute the amount of overhead to be added to the cost of each job completed during the month. Compute the total cost of each job completed during the month. Compute the total cost of producing all the jobs finished during the month.Potomac Automotive Co. manufactures engines that are made only on customers orders and to their specifications. During January, the company worked on Jobs 007, 008, 009, and 010. The following figures summarize the cost records for the month: Jobs 007 and 008 have been completed and delivered to the customer at a total selling price of 426,000, on account. Job 009 is finished but has not yet been delivered. Job 010 is still in process. There were no materials or work in process inventories at the beginning of the month. Material purchases were 115,000, and there were no indirect materials used during the month. Required: 1. Prepare a summary showing the total cost of each job completed during the month or in process at the end of the month. 2. Prepare the summary journal entries for the month to record the distribution of materials, labor, and overhead costs. 3. Determine the cost of the inventories of completed engines and engines in process at the end of the month. 4. Prepare the journal entries to record the completion of the jobs and the sale of the jobs. 5. Prepare a statement of cost of goods manufactured.Foamy Inc. manufactures shaving cream and uses the weighted average cost method. In November, production is 14,800 equivalent units for materials and 13,300 units for labor and overhead. During the month, materials, labor, and overhead costs were as follows: Beginning work in process for November had a cost of 11,360 for materials, 11,666 for labor, and 9,250 for overhead. Compute the following: a. Weighted average cost per unit for materials b. Weighted average cost per unit for labor c. Weighted average cost per unit for overhead d. Total unit cost for the month
- Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Calculate: a. Equivalent units for material, labor, and overhead, using the weighted average cost method b. Unit costs for materials, labor, and overhead c. Cost of the units completed and transferred d. Detailed cost of the ending inventory e. Total of all costs accounted forDuring 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.Antolini Enterprises produces mens sports coats that are sold by popular department stores. Each retail order is treated as a job that accumulates materials, labor, and overhead costs for a batch of sports coats. Management has obtained data on the labor costs for four selected jobs over a six-month period. Each selected job represents a similar style and size of sports coat. The data are as follows: a. Determine the direct labor cost per unit for each job. b. Interpret the trend in per-unit labor cost. c. Determine the direct labor hours per sports coat. d. Interpret what may be happening with Job 192.