This is a new manufacturing corporation that issued $50000 common stock for cash on the first day. All overhead expenses are paid immediately by cash. To make it easy, there are no other operating expenses and no income tax. No Dividend is declared for the year. Post all journal entries in the General Ledger T-accounts and using their respective balances prepare an Income
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1. How much is the total Cash in its
2. How much is the total inventory balance in its Balance sheet?
3. How much is the total Equity for the company in its Balance sheet?
4. How much is the total Asset for the company in its Balance sheet?
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- Indicate whether the statement describes reporting by the financial accounting function or the managerial accounting function of an organization. The users of the report are managers who need a daily summary of work done each shift. The report is a job cost sheet for jobs completed in a 24-hour period. The annual report is released each year on the companys website. The report is audited by the companys certified public accountant firm. The report is prepared every day because the customer service manager needs information about inventory ready to be shipped to customers.Sexton Company uses an Excel spreadsheet to track its account balances. When the company applies overhead to production for the month of May, how will the company’s account balances be affected on that spreadsheet? multiple choice Accounts Payable will increase. Work in Process will increase. Manufacturing Overhead will increase. Retained Earnings will decrease.Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of billing a client $368,264 for Job 313. The bill includes $249,996 for work performed during the last month and $118,268 for retention withheld from the previous month’s payments. Retention will not be withheld on the $249,996.
- Job order cost accounting for a Service companyThe law firm of Furlan and Benson accumulates costs associated withindividual cases, using a job order cost system. The followingtransactions occurred during July:(attached) a. Provide the journal entries for each of these transactions.b. How much office overhead is over- or underapplied?c. Determine the gross profit on the Obsidian case, assuming thatover- or underapplied office overhead is closed monthly to cost ofservices.Dream House Builders, Inc. applies overhead by linking it to direct labor. At the start of the current period, management predicts total direct labor costs of $100,000 and total overhead costs of $20,000. On January 31, the direct labor for this job equals $2,700. Complete the following journal entry by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.The following are partially completed T- accounts for JJ Wock. The accountant needs help filling in the remaining details of the accounts before closing month-end and starting next month’s transactions. Direct Materials Inventory: Beginning: 500 Ending: 1,200 Working in Progress Inventory Beginning: 2,100 Ending: 4,300 Finished Goods Inventory Beginning: 8,700 Ending: 12,500 Cost of Goods Sold: 217,000 The only additional information available for this month includes payroll records and a few other items, as follows. JJ Wock paid $88,000 in total payroll costs this month, split evenly between hourly manufacturing worker wages and manufacturing supervisor salaries. It paid $4,000 in total utility costs: 75% was for manufacturing facilities and 25% was for executive and administrative space. Buildings and equipment used in manufacturing are depreciated at a steady rate of $19,000 per month; buildings and office equipment in executive and administrative space is depreciated at a steady…
- A job was started on May 15, completed on June 27, and delivered to the customer on July 6. In which accounts would the costs be recorded on the financial statements dated May 31, June 30, and July 31?In January, Dieker company requisitions raw materials for production as follows: Job 1 $900, Job 2 $1,200, Job 3 $700, and general factory use (indirect materials) $600.Prepare a summary journal entry to record raw materials used. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amount enter an account title for the journal entry on January 31 enter a debit amount enter a credit amountCosts and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he’s collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory $3,600 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $12,600 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $28,000 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing…
- Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he’s collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory $3,300 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $12,000 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $29,400 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing…Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he’s collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory $3,300 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $12,000 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $27,300 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing…Costs and Balances At the end of February, after the second month of operations of Able Baker Charlie Company, Charles shows you the data he’s collected, but he was unable to figure out some of the amounts. Review the following data and fill in the missing amounts on the chart for Able Baker Charlie Company. Note: It may be helpful to use T accounts to map the flow of the amounts through the manufacturing accounts and solve for the missing dollar values. It may also be helpful to review the steps for determining the cost of materials used, total manufacturing cost incurred, and cost of goods manufactured. Data for February Decrease in materials inventory $3,300 Materials inventory on Feb. 28 50% of materials inventory on Jan. 31 Direct materials purchased $12,000 Direct materials used 3 times the direct labor incurred Total manufacturing costs incurred in period $27,300 Total manufacturing costs incurred in period 70% of Cost of Goods Manufactured Total manufacturing…