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- Sam Winchstone operates a concrete repair business. His condensed income statement for fiscal December 31, 2021 is shown below: Sales $202,000 Cost of Goods Sold (89,000) Gross Profit 113,000 Operating Expenses (41,000) Employee Bonus (8,000) Convention Costs (6,200) Loss on Sale of Assets (3,400) Net Income $54,400 Other Information: 1. Operating expenses include a $3,000 penalty to a customer for a delay in completing a contract, $6,500 in amortization expense, a $4,500 golf membership for Sam that he uses mainly for clients and $2,600 in meals and entertainment costs. 2. Operating expenses also include $25,000 in wages to his 15 year old brother, Dean. Dean came in on Saturdays to help file paperwork. Sam could have hired an experienced adult from a temporary agency for $4,000. Dean was the only employee for the business for the year. 3. The employee bonus will be paid to Sam on January 31, 2022. 4. Sam travelled to Montreal to attend the Canadian Home Renovators convention where he…4 Bird Company incurred $10,000 in salaries and wages for employees for the year; $9,000 of these salaries and wages had been paid by the end of the year. Which of the following statements about this situation is correct? Multiple Choice Salaries and Wages Payable on the income statement will be $9,000. Salaries and Wages Expense on the income statement will be $1,000. Salaries and Wages Expense on the balance sheet will be $10,000. Salaries and Wages Payable on the balance sheet will be $1,000.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. 8. What is the Total Equity Balance at the end of the period in the Balance sheet?9. What is the Total Liability balance at the end of the period in the Balance sheet? 10. The amount of Raw Material that transfers to the Factory Overhead is called Direct Material. a) True b) False
- Solomon Company started year 2 with $90,000 in its cash and common stock accounts. During year 2 Solomon paid $67,500 cash for employee compensation. Assume this is the only transaction that occurred in year 2. Required Determine the total amount of assets at the end of year 2, assuming Solomon is a manufacturing company and the employees were paid to make products. Determine the amount of expense recognized on the year 2 income statement, assuming Solomon is a manufacturing company and the employees were paid to make products. Determine the total amount of assets at the end of year 2, assuming Solomon is a service company. Determine the amount of expense recognized on the year 2 income statement, assuming Solomon is a service company.You just completed your first year in business on 31 December 2021. Operating revenues were $360,000. Your company paid you an annual salary of $96,000. Two employees had annual salaries of $48,000 and $36,000. Your employment taxes and benefits during the year for you and employees were $34,600. Office supplies and postage were $10,400. Travel and entertainment expense to promote your new business was $17,000. Monthly tax-deductible expense for leasing office space was $2,700. The year’s depreciation expense on office furniture and fixtures was $15,600. You borrowed $120,000 and spent $15,000 in interest payments. The average tax rate for the business was 30%. (a) Prepare a multi-step income statement from the above information. (b) Analyze the financial performance of the new company’s first year in businessThe following information relates to the costs of Carox Limited for November 2021. N$'000 Salaries Factory workers (1) 61 000 Factory management (2) 55 000 Accounting 10 000 Directors 40 000 Depreciation (3) Factory equipment 10 000 Office equipment 2 200 Buildings 3 500 Purchases from creditors Raw material 95 000 Water and electricity (4) Factory 22 000 Storeroom 3 000 Office 4 000 Other Cleaners (office) (fixed rate as per contract) 1 800 Entertainment (amount is spent every year) 600 External audit fees as per contract 1 000 Additional Information: Factory workers are paid based on the hours worked. Factory management is employed as permanent employees who are paid a fixed salary irrespective of the hours worked. All the assets are depreciated on the straight-line method over the useful life of the asset, except…
- Black Mink Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Black Mink report as inventories in its balance sheet?Specter Company, a small manufacturer, has submitted the items below concerning last year'soperations. The president's secretary, trying to be helpful, has alphabetized the list.Administrative salaries $2,400Advertising expense 1,200Depreciation—factory building 800Depreciation—factory equipment 1,600Depreciation—office equipment 180Direct labour cost 21,900Raw materials inventory, beginning 2,100Raw materials inventory, ending 3,200Finished goods inventory, beginning 46,980Finished goods inventory, ending 44,410General liability insurance expense 240Indirect labour cost 11,800Insurance on factory 1,400Purchases of raw materials 14,600Repairs and maintenance of factory 900Sales salaries 2,000Taxes on factory 450Travel and entertainment expense 1,410Work in process inventory, beginning 1,670Work in process inventory, ending 1,110Required:a. Prepare a schedule of Cost of Goods Manufactured in good form for the year. UseDecember and current year for time period. b. Determine the Cost of…Solomon Company started year 1 with $270,000 in its cash and common stock accounts. During year 1, Solomon paid $202,500 cash for employee compensation and $62,100 cash for materials. Required Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to make 1,500 chairs. Further, assume that Solomon sold 1,200 of the chairs it made. State the name(s) of the expense account(s) shown on the income statement. Determine the total amount of assets and the amount of expense shown on the year 1 financial statements assuming Solomon used the labor and materials to provide dental cleaning services to 500 patients. State the name(s) of the expense account(s) shown on the income statement
- Doenjang Jjigae Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Doenjang Jjigae report as inventories in its balance sheet? a. P158,000 b. P162,000 c. P76,000 d. P72,0002. During the month, Job AB2 used specialized machinery for 450 hours and incurred $500 in utilities on account, $300 in factory depreciation expense, and $100 in property tax on the factory. Work in Process Inventory Factory Depreciation Expense Finished Goods Inventory Utilities Expense Manufacturing Overhead Accounts Payable Accounts Receivable Property Taxes Payable Accumulated Depreciation PLEASE NOTE #1: For similar accounting treatment (DR or CR), you are to record accounts in the same order as shown in the problem. PLEASE NOTE #2: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Using the above accounts, prepare journal entries for the following transactions: Record the costs incurred: DR ? ? CR ? ? CR ? ? CR ? ? Record the allocation of overhead at the predetermined rate of $1.50 per machine hour: DR ? ? CR ? ?Quick Cleaners, Inc. (QCI), has been in business for several years. It specializes in cleaning houses but has some small business clients as well.Issued $30,000 of QCI stock for cash.Incurred $820 of utilities costs this month and will pay them next month.Incurred and paid wages for the current month, totaling $2,800.Performed cleaning services on account worth $4,000.Some of Quick Cleaners’s equipment was repaired at a total cost of $202. The company paidthe full amount at the time the repair work was done.Find the preliminary net incomeI have done the journal entry but how do you know what to add
