ACCOUNTING PRINCIPLES 222 5/16 >C<
2nd Edition
ISBN: 9781323461525
Author: Horngren
Publisher: PEARSON C
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 18, Problem 6QC
Which of the following accounts does a manufacturing company have that a service company does not have?
Learning Objective 3
- Advertising Expense
- Salaries Payable
- Cost of Goods Sold
Accounts Receivable
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Problem 2
Instruction: Indicate what particular column in the worksheet where the following items
are to be extended. Place a "check mark"
Items
Manufacturing
Income Statement
Balance Sheet
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
FG, beg.
FG, end.
Goods in Process,
beg
Goods in Process,
1.
2.
3.
4.
end
RM, beg
RM, end
Factory Supplies
Inv.
Factory Supplies
Used
5.
6.
7.
8.
9. Salaries-Office
10. Salaries-Factory
11. Repairs-Office
Eqpt.
12. Repairs-Factory
Eqpt.
13. Light and Water-
Office
14. Light and Water-
Factory
15. Tools Used
16. Patents
17. Amortization of
Patents
18. Purchases - RM
19. Freight-in
20. Sales
Importance of cost accounting to an Accounting student
[The following information applies to the questions displayed below.]
The following information pertains to Trenton Glass Works for the year just ended.
Budgeted direct-labor cost: 75,000 hours (practical capacity) at $16 per hour
Actual direct-labor cost: 80,000 hours at $17.50 per hour
Budgeted manufacturing overhead: $997,500
Actual selling and administrative expenses: 435,000
Actual manufacturing overhead:
Depreciation
Property taxes
Indirect labor
$234,000
21,000
82,000
201,000
58, 000
33,000
301,000
78,000
Supervisory salaries
Utilities
Insurance
Rental of space
Indirect material (see data below)
Indirect material:
Beginning inventory, January 1
Purchases during the year
Ending inventory, December 31
47,000
94,000
63,000
3. Prepare a journal entry to close out the Manufacturing Overhead account into Cost of Goods Sold. (Round intermediate
calculations to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first
account…
Chapter 18 Solutions
ACCOUNTING PRINCIPLES 222 5/16 >C<
Ch. 18 - Prob. 1QCCh. 18 - Prob. 2QCCh. 18 - Dunaway Company reports the following costs for...Ch. 18 - Which of the following is a direct cost of...Ch. 18 - Which of the following is not part of...Ch. 18 - Which of the following accounts does a...Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - Questions 7 and 8 use the data that follow....Ch. 18 - World-class businesses use which of these systems...Ch. 18 - Prob. 10QC
Ch. 18 - What is the primary purpose of managerial...Ch. 18 - List six differences between financial accounting...Ch. 18 - Explain the difference between line positions and...Ch. 18 - Explain the differences between planning,...Ch. 18 - Prob. 5RQCh. 18 - Describe a service company, and give an example.Ch. 18 - Describe a merchandising company, and give an...Ch. 18 - How do manufacturing companies differ from...Ch. 18 - List the three inventory accounts used by...Ch. 18 - Explain the difference between a direct cost and...Ch. 18 - What are the three manufacturing costs for a...Ch. 18 - Give five examples of manufacturing overhead.Ch. 18 - What are prime costs? Conversion costs?Ch. 18 - What are product costs?Ch. 18 - How do period costs differ from product costs?Ch. 18 - How is cost of goods manufactured calculated?Ch. 18 - How does a manufacturing company calculate cost of...Ch. 18 - How does a manufacturing company calculate unit...Ch. 18 - How does a service company calculate unit cost per...Ch. 18 - How does a merchandising company calculate unit...Ch. 18 - Prob. S18.1SECh. 18 - Prob. S18.2SECh. 18 - Prob. S18.3SECh. 18 - Computing manufacturing overhead Learning...Ch. 18 - Prob. S18.5SECh. 18 - Prob. S18.6SECh. 18 - Computing cost of goods sold and operating income,...Ch. 18 - Prob. S18.8SECh. 18 - Prob. S18.9SECh. 18 - Prob. S18.10SECh. 18 - Prob. S18.11SECh. 18 - Prob. S18.12SECh. 18 - Prob. S18.13SECh. 18 - Prob. E18.14ECh. 18 - Prob. E18.15ECh. 18 - Prob. E18.16ECh. 18 - Prob. E18.17ECh. 18 - Prob. E18.18ECh. 18 - Prob. E18.19ECh. 18 - Computing cost of goods manufactured Learning...Ch. 18 - Computing cost of goods manufactured Consider the...Ch. 18 - Prob. E18.22ECh. 18 - Prob. E18.23ECh. 18 - Prob. E18.24ECh. 18 - Prob. E18.25ECh. 18 - Prob. P18.26APGACh. 18 - Classifying period costs and product costs...Ch. 18 - Prob. P18.28APGACh. 18 - Prob. P18.29APGACh. 18 - Prob. P18.30APGACh. 18 - Prob. P18.31APGACh. 18 - Prob. P18.32APGACh. 18 - Prob. P18.33APGACh. 18 - Prob. P18.34BPGBCh. 18 - Prob. P18.35BPGBCh. 18 - Prob. P18.36BPGBCh. 18 - Prob. P18.37BPGBCh. 18 - Prob. P18.38BPGBCh. 18 - Prob. P18.39BPGBCh. 18 - Prob. P18.40BPGBCh. 18 - Prob. P18.41BPGBCh. 18 - Prob. P18.42CPCh. 18 - Prob. 18.1DCCh. 18 - Prob. 18.1EI
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Identity a company where you recently shopped. Assume the company operates with a decentralized structure. Describe how customers might benefit from the decentralized structure.arrow_forwardQuestion 6.1 For each item listed, select the appropriate purpose of cost allocation from the list below. A purpose may be used more than once. A - To provide information for economic decisions B - To motivate managers and other employees C - To measure income and assets for reports to external parties D - To justify costs or compute reimbursement amounts Required To encourage simpler product design To cost inventories for reporting on a company's tax return To encourage the sales department to focus on high-margin products To evaluate a make or buy decision To cost inventories for the balance sheet To decide whether to add or delete a product line To decide on an appropriate selling price for a special-order product To cost a product at a fair price for government contractsarrow_forwardNeeded ASAP Practice Question for Cost Accounting Please use Columns when doing the accounts. Thanksarrow_forward
- Multiple choice 1.The document authorizing the issuance of materials from the storeroom is the: A. Materials requisition B. Purchase requisition C. Receiving report D. Purchase order 2. Revenues earned from rendering services are recorded in this account. A. Sales B. Service fees C. Interest income D. Gainsarrow_forwardcompare service concern from merchandising business as a far as the manner of generating income and concernarrow_forwardValue chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Purchase of raw materialsb. Design 2. Advertisingc. Production 3. Salary of research scientistsd. Marketing 4. Shipping expensese. Distribution 5. Reengineering of product assembly processf. Customer service 6. Replacement parts for warranty repairs7. Manufacturing supplies8. Sales commissions9. Purchase of CAD (computer-aideddesign) software10. Salary of website designerarrow_forward
- Value chain classifications Match each of the following cost items with the value chain business function where you would expect the cost to be incurred: Business Function Cost Item Answera. Research and development 1. Labor time to repair products under warrantyb. Design 2. TV commercial spotsc. Production 3. Labor costs of fi lling customer ordersd. Marketing 4. Testing of competitor’s producte. Distribution 5. Direct manufacturing labor costsf. Customer service 6. Development of order tracking system forthe Internet7. Printing cost of new product brochures8. Hours spent designing childproof bottles9. Training costs for representatives to staff the customer call center10. Installation of robotics equipment in manufacturing plantarrow_forwardQuestion 1Explain the distinguishing features of managerial accounting. Show how Management Accounting benefits the firm. Question 2Identify and explain six trends in managerial accounting. Question 3How does a company decide whether to use a job order or a process cost system? Question 4Explain the similarities between a job order and a process cost system and features of process cost accounting. Question 5Explain the characteristics and purposes of cost accounting and explain the nature and importance of a job cost sheet.arrow_forwardWhat is journal entry once goods are completed and then sold? The subject is Managerial Accounting.arrow_forward
- Expenses related to office maintenance will be called as a. Sales Discount expense b. Selling expenses c. General and Administration expense d. Marketing expensearrow_forwardActivity 1. Classify Me Instruction: Identify each element or account title if it can be found on a service or merchandising business. Complete the table by putting a (v) check mark or (X) cross mark in the corresponding columns. ACCOUNTS SERVICE MERCHANDISING BUSINESS BUSINESS Ex. Professional Fees Sales Consulting Revenue Purchases Cost of Sales Inventory Beginning Referral Revenue Freight-In Purchase Returns and Allowances Advertising Revenue Purchase Discount Freight-out Unearned Revenue Utilities Expense Depreciation Expense Allowance for Bad debts Sales discount Supplies Sales Returns and allowances Advances to suppliers Advertising Expensearrow_forwardWhat is Customer Support Services in functions of marketing? A. The first impressions your product B. A separate identity C. Support services that a product requires D. Selling price per unit that customers payarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 2AccountingISBN:9781947172609Author:OpenStaxPublisher:OpenStax College
Principles of Accounting Volume 2
Accounting
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax College
Job Cost Sheet - Job Cost Accounting System; Author: Accounting Instruction, Help, & How To;https://www.youtube.com/watch?v=ElD8nKNXE1I;License: Standard Youtube License