Managerial Accounting: Tools for Business Decision Making 7e Binder Ready Version + WileyPLUS Registration Card
7th Edition
ISBN: 9781119036449
Author: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Publisher: Wiley (WileyPLUS Products)
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Textbook Question
Chapter 1, Problem 1.8BE
In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2017. Prepare the current assets section (including a complete heading).
| Accounts receivable | $200,000 |
| Cash | 62,000 |
| Finished goods | 91,000 |
| Prepaid expenses | 38,000 |
| Raw materials | 83,000 |
| Work in process | 87,000 |
Prepare current assets section.
(LO 3), AP
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Students have asked these similar questions
In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2020.
Accounts receivable
$ 200,000
Cash
62,000
Finished goods
91,000
Prepaid expenses
38,000
Raw materials
83,000
Work in process
87,000
Prepare the current assets section. (List Current Assets in order of liquidity.)
Trinidad Manufacturing Limited extracted the following balances from the books of account at the end of the company’s financial year, 30 June 2016:
$’000
Raw materials purchases 169
Manufacturing wages 322
Factory overhead 140
Factory light and power 168
Administrative expenses 158
Sales 1 860
Debtors 50
Creditors 218
Bank 150
Selling and distribution expenses 98
Freehold buildings - at valuation 300
provision…
the pro forma income statement, and the balance sheet still have to be completed.
The following information is available as 12/31/X8.
Prior Year Balance Sheet
Assets
Cash
$45,000
Accounts Receivable
$55,000
Materials Inventory
$40,000
Work-in-Process Inventory
$30,000
Finished Goods Inventory
$36,000
Prepaid Expenses
$20,000
Plant and Equipment
$500,000
Accumulated Depreciation
($140,000)
Other Assets
$22,000
Total Assets
$608,000
Liabilities and Equity
Accounts Payable
$103,000
Other Current Liabilities
$42,000
Income Taxes Payable
$25,000
Long-Term Debt
$300,000
Total Liabilities
$470,000
Common Stock
$100,000
Retained Earnings
$38,000
Total Equity
$138,000
Total Liabilities and Equity
$608,000
Information From Recent Budgets for the Coming Year
Projected sales are $2,080,000 (13,000 units).
Projected direct materials purchases are $525,000.
Projected direct materials usage is $510,000.
Projected direct labor expense is…
Chapter 1 Solutions
Managerial Accounting: Tools for Business Decision Making 7e Binder Ready Version + WileyPLUS Registration Card
Ch. 1 - Prob. 1QCh. 1 - Distinguish between managerial and financial...Ch. 1 - How do the content of reports and the verification...Ch. 1 - Prob. 4QCh. 1 - Decision-making is managements most important...Ch. 1 - Explain the primary difference between line...Ch. 1 - Prob. 7QCh. 1 - Prob. 8QCh. 1 - How are manufacturing costs classified?Ch. 1 - Mel Finney claims that the distinction between...
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