2. What is the variable costing net operating income in Year 1 and in Year 2? A Week 4 AssignmentA. Bookshelf - Managerial Accounti xa VitalSource Bookshelf: Manageria X+A online.vitalsource.com/#/books/9781259995484/cfi/6/32!/4/2/64/2/24/2/2@0:49.9Icai IIcai 2Sales (@ $25 per unit).$1,000,000$1,250,000A < Chapter 6 Variable C...Cost of goods sold (@ $18 per unit).Gross margin720,000900.000280.000350,000Go to Chapter 6 Variable Costingand Segment Reporting: Tool...Selling and administrative expenses*.210,000230,000Net operating income$ 70,000$ 120,000Review Problem 2: Segmented281Income Statements*$2 per unit variable; $130,000 fixed each year.282Glossarypage 294QuestionsThe company's $18 unit product cost is computed as follows:283Direct materials.$ 4283 Applying ExcelDirect labor.7Variable manufacturing overhead1285The Foundational 15Fixed manufacturing overhead ($270,000 - 45,000 units).Absorption costing unit product cost.6Exercises$18286293ProblemsForty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment andbuildings.Production and cost data for the first two years of operations are:301ÇasesYear 1Year 2Appendix 6A: Super-VariableCosting303Units produced45,00045,000Units sold40,00050,000307Glossary (Appendix 6A)Required:1. Using variable costing, what is the unit product cost for both years?2. What is the variable costing net operating income in Year 1 and in Year 2?3. Reconcile the absorption costing and the variable costing net operating income figures for each year.Appendix 6A: Exercises and307Problems9:23 PMP Type here to search10/15/2020

Variable Costing:- This is a process of costing which excludes fixed manufacturing expenses from the…

Sales (@ $25 per unit). $1,000,000 $1,250,000 Cost of goods sold (@ $18 per unit). 720,000 900,000 Gross margin .. 280,000 350,000 Selling and administrative expenses". 210,000 230,000 Net operating income .. $ 70,000 $ 120,000 *S2 per unit variable; $130,000 fixed each year. page 294 The company's $18 unit product cost is computed as follows: Direct materials. Direct labor. $ 4 Variable manufacturing overhead . 1 Fixed manufacturing overhead ($270,000 - 45,000 units). 6. Absorption costing unit product cost.. $18 Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings. Production and cost data for the first two years of operations are: Year 1 Year 2 Units produced. 45,000 45,000 Units sold.. 40,000 50,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income figures for each year. 9:23 PM a (? A ((pツ 10/15/2020

Sales (@ $25 per unit). $1,000,000 $1,250,000 Cost of goods sold (@ $18 per unit). 720,000 900,000 Gross margin .. 280,000 350,000 Selling and administrative expenses". 210,000 230,000 Net operating income .. $ 70,000 $ 120,000 *S2 per unit variable; $130,000 fixed each year. page 294 The company's $18 unit product cost is computed as follows: Direct materials. Direct labor. $ 4 Variable manufacturing overhead . 1 Fixed manufacturing overhead ($270,000 - 45,000 units). 6. Absorption costing unit product cost.. $18 Forty percent of fixed manufacturing overhead consists of wages and salaries; the remainder consists of depreciation charges on production equipment and buildings. Production and cost data for the first two years of operations are: Year 1 Year 2 Units produced. 45,000 45,000 Units sold.. 40,000 50,000 Required: 1. Using variable costing, what is the unit product cost for both years? 2. What is the variable costing net operating income in Year 1 and in Year 2? 3. Reconcile the absorption costing and the variable costing net operating income figures for each year. 9:23 PM a (? A ((pツ 10/15/2020

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.1: Preparing An Income Statement

Problem 1WT

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Unearned Sales Revenue Brand Landscaping offers a promotion where a customers lawn will be mowed 20 times if the customer pays $700 in advance. Required: Prepare the journal entry to record (1) the customers' prepayment of S700 and (2) Brands mowing of the lawn one time.
Sewn for You had the following transactions in its first week of business. A. Jessica Johansen started Sewn for You, a seamstress business, by contributing $20,000 and receiving stock in exchange. B. Paid $2,250 to cover the first three months rent. C. Purchased $500 of sewing supplies. She paid cash for the purchase. D. Purchased a sewing machine for $1,500 paying $200 cash and signing a note for the balance. E. Finished a job for a customer earning $180. The customer paid cash. F. Received a $500 down payment to make a wedding dress. G. Received an electric bill for $125 which is due to be paid in three weeks. H. Completed an altering job for $45. The customer asked to be billed. Prepare the necessary journal entries to record these transactions. If an entry is not required for any of these transactions, state this and explain why.
We prepared the statements for Quarter 1 (Q1) in class. Prepare the statements for Q2(April 1 –June30). Show your work on the next page. XYZ Company PRO FORMA Quarterly Income Statements Q1 Q2 Sales $165,000 Cost of goods sold 115,500 Gross profit 49,500 Operating expenses 138,000 Depreciation expense 131,250 Income before interest &taxes (219,750) Interest expense 25,000 Income before taxes (244,750) Income tax (expense)/recovery 122,375 Net Income $(122,375) PRO FORMA Quarterly Balance…
XYZ company paid their employees $1000 for wages this week for work done this week. The journal entry would include: Group of answer choices Credit to Wage Expense of $1000 Debit to Wages payable of $1000 Debit to Cash of $1000 Debit to Wage Expense of $1000
weat Subject-Accounting Hi, I need help finding the journal entry for this question: Paid $180 for the month's office rent. Employee salaries were also accrued.Employee work 5 days each week, and are paid $4,500 every Friday. The month ended on a Thursday. thank you.
PERFORMANCE TASK Performance Task no. 1 - Below are the transaction of James Calma Merchandising Company for the first month of operation. March 1 Invested cash P 950,000 into the business to buy and sell various merchandise. She also invested computer equipment worth P 85,000 into the business. 3 Purchased on account merchandise, P 430,000 terms 5/10, n/30 FOB Shipping point. 4 Purchased Supplies P 5,000 on account. 5 Sold for cash P 350,000 6 Returned P 75,000 worth of defective merchandise. 10 Sold on account, P 350,000 to customers with credit terms: 2/10, n/40 FOB Destination 10 Paid the freight charges on transaction made on MAr. 3, P 4,500 11 Paid in full the purchases made on Mar. 3 12 Made additional purchases for cash P 350,000 14 Borrowed from the bank P 1,250,000 and issued a 5-year promissory note. 15 Purchased computer equipment for cash P95,000 15 Paid salaries to employees - P 10,500 16 Refund P 50,000 to customers. 17 Sold merchandise for P 450,000. FOB…
Marked out of 20.00P Flag questionusing the income summary account for the month ofSiren MarketingAdjusted Trial BalanceMay 31, 2022Account TitleCashDebitCredit$8, 600Accounts Receivable$2, 500Prepaid Insurance$2,700 Accounts PayableUnearned RevenueKirk, Capital$1, 200$1, 800$5, 880Kirk, Withdrawals$1,600Service Revenue$8, 620Advertising Expenselnsurance ExpenseRent Expense Total$790$450$860$17,500 $17,500No comma or dollar sign should be included in the imput icklPrepare the closing entries in the proper order. For transactions that have more than 1 debit or more than 1 deditDebitAccount Title and Explanation Date May 31
Journalize for Harper and Co. each of the following transactions or state no entry required and explain why. Be sure to follow proper journal writing rules. Use the abbreviated format for the homework assignment: Dr. Cr. Name of Account 1 XXX Name of Account 2 XXX A corporation is started with an investment of $50,000 in exchange for stock. Equipment worth $4,800 is ordered. Office supplies worth $750 are purchased on account. A part-time worker is hired. The employee will work 15–20 hours per week starting next Monday at a rate of $18 per hour. The equipment is received along with the invoice. Payment is due in three equal monthly installments, with the first payment due in sixty days.
Required information Use the following information for the Exercises below. (Algo) Skip to question [The following information applies to the questions displayed below.] BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to its employee. Gross Pay through August 31 Gross Pay for September a. $ 6,400 $ 1,700 b. 2,700 2,800 c. 133,300 9,900 Exercise 11-8 (Algo) Payroll-related journal entries LO P2 Assuming situation (a), prepare the employer’s September 30 journal entry to record salary expense and its related payroll liabilities for this employee. The employee’s federal income taxes withheld by the employer are $60 for this pay period.
T Account entries for Simple Construction:Bob Simple graduated from the BCIT Construction Management Program and decided to start his own construction company. We will record various entries that might be made in a T account sheet in order to account for his second year of operations. At the end of the first year, his income statement and balance sheet havethe following values:Balance Sheet Entries for Last Year:Cash: 365,000Accounts Receivable: $17,000Materials Inventory: $2000Equipment: $15,000Accumulated Amortization: $500Accounts Payable: $22,000Bank Loan –Long Term: $10,000Dividend Payable: $35,000Interest Payable: $500Wages Payable: $5,000Common Stock: $250,000Retained Earnings: $76,000Income statement Final Entries for Last Year:Revenue: $145,000Materials Expense: $20,000Wages Expense: $10,000Amortization Expense: $500Rental Expense: $2,500Interest Expense: $1000Net Income: $111,000 Question 1a.Enter the relevant amounts in the T sheet to start the current year, and designate…
ACCT20 - Assignment #1There were following activities occurred during the first month of Babara Schmidt's new hair cuttingbusiness called The Cutlery:1. On August1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She alsoinvested $15,000 of equipment that she already owned.2.On August1, Schmidt paid $600 cash for six months of insurance effective immediately.3.On August2, she paid $2,000 cash for furniture for the shop.4. On August3, she paid $3,200 cash to rent space in a strip mall for August.5.On August4, she furnished the shop by installing the old equipment and some new equipment thatshe bought on credit for $21,000. This amount is to be repaid in three equal payments at the end ofAugust, September, and October.6.On August15, Cash receipts from haircutting services provided in the first week and a half ofbusiness (ended August15) were $1,100.7. On August15, Schmidt provided haircutting services on account for $750.8.On August17, Schmidt received a $750…