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Homework Help for Accounting (page 4)

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Accounting

Determine the missing amounts in each of the following independent cases. Case A Case B Case C $240,000 7,500 15,000 Sales Beginning inventory, raw material Ending inventory, raw material Purchases of raw material Direct material used Direct labor Manufacturing overhead Total manufacturing costs Beginning inventory, work in process Ending inventory, work in process Cost of goods manufactured Beginning inventory, finished goods Cost of goods available for sale Ending inventory, finished goods Cost of goods sold Gross margin Selling and administrative expenses Income before taxes Income tax expense Net income 60,000 180,000 200,000 140,000 255,000 285,000 300,000 62,500 80,000 170,000 500,000 1,040,000 1,035,000 60,000 105,000 70,000 2,500 1,050,000 100,000 175,000 120,000 185,000 12,500 1,090,000 510,000 990,000 510,000 225,000 300,000 80,000 45,000 135,000 27,500

 

 

Answered
23 Mar 2020
Accounting

Beckett Co. sold merchandise on account for $12,600, terms 2/10, n/30. Freight charges of $450 were prepaid by the seller and added to the invoice. The customer returned $1,800 of merchandise before making the payment then paid the invoice within the discount period. What is the amount Beckett Co. received?

Answered
20 Mar 2020
Accounting

You have been asked to audit the financial statements of Sanchez Company and report on your findings. After examining the beginning and ending inventory counts and calculations for the current year, you find the following:

  • Beginning inventory is understated by $14,400.
  • Ending inventory is overstated by $9,800.

Management of the company wants to know the effect that the errors will have on certain financial statement items.

Required:

Ignoring income taxes, determine the effect that the errors will have on the following:

Answered
16 Mar 2020
Accounting

The Accounting Cycle: Nov. 1: Luis Ruiz invests $20,000 to start his own consulting agency Nov. 1: Purchased a one-year fire insurance policy, $960. Nov. 5: Acquired a computer for $10,000, paying $3,500 down with balance due In 60 days. Nov. 6: Purchased office supplies on account from Taylor Supply, $1,500. Nov.9: Paid Taylor Supply $400 on account. Nov. 10: Billed Barkley Insurance for consulting services performed, $6,000. Nov. 12: Collected $1,500 from Barkley Insurance Nov. 12: Hired secretary to be paid $600 per week. Nov. 15: Collected $1,000 from Bryant Realty for consulting services to be performed. Nov. 26: Paid the secretary two weeks' wages, $1,200. Nov. 29: Received and paid the November utility bill, $700. Nov. 30: Received (but did not pay) the November telephone bill $100. Nov. 30: Performed consulting services for Bing Enterprises, $4,800, to be collected in December Nov. 30: Ruiz withdrew $1,400 from the business for personal living expenses

 

Answered
16 Apr 2020
Accounting

The trial balance for K and J Nursery, Inc., listed the following account balances at December 31, 2018, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventories, $25,000; equipment (net), $80,000; accounts payable, $14,000; wages payable, $9,000; interest payable, $1,000; note payable (due in 18 months), $30,000; common stock, $50,000.

Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000. (Amounts to be deducted should be indicated by a minus sign.)
  

Answered
24 Feb 2020
Accounting

Garrison Company uses the retail method of inventory costing. It started the year with an inventory that had a retail cost of $43,398.00. During the year they purchased an inventory with a retail cost of $621,192.00. After performing a physical inventory, they calculated their inventory cost at retail to be $64,405.00. The mark up is 100% of cost. Determine the ending inventory at its estimated cost.

Answered
24 Feb 2020
Accounting

The sales budget is derived from the production budget. True or False

Answered
21 Feb 2020
Accounting

At the maturity of a note​ payable, a borrower will pay​ ________.

 

  1. The principal plus interest

  2. The principal minus interest

  3. The interest amount only

  4. The principal amount only

Answered
21 Feb 2020
Accounting

The cost of direct materials used in production is debited to

 

  1. Raw Material Inventory

  2. Manufacturing Overheads

  3. Work-in-Process 

  4. Direct Material Used

Answered
21 Feb 2020
Accounting

Ignores the economic consequences of a standard or rule refers to 

 

  1. Comparability

  2. Neutrality

  3. Verifiability

  4. Consistency

Answered
21 Feb 2020
Accounting

Interest expense would be classified on a multiple-step income statement under the heading 

 

  1. Other revenues and gains.

  2. Operating expenses.

  3. Other expenses and losses.

  4. Cost of goods sold.

Answered
21 Feb 2020
Accounting

The number of shares of issued stock equals

 

  1.  Unissued shares minus authorized shares

  2. Outstanding shares plus treasury stock

  3. Subscribed shares plus treasury stock

  4. Outstanding shares plus authorized shares

Answered
21 Feb 2020
Accounting

Which of the following is a product cost for a construction company?

 

  1. Cost of transporting raw materials to the job site

  2. Wages paid to the company's payroll clerk

  3. Rent of the company's main office

  4. All of these

Answered
21 Feb 2020
Accounting

Normal balance of side where decreases are recorded. True or False?

Answered
21 Feb 2020
Accounting

Which of the following statements is not correct concerning multiple overhead rate systems?

 

  1. A multiple overhead rate system is more complex than a system based on a single plantwide overhead rate.\

  2. A multiple overhead rate system is usually more accurate than a system based on a single plantwide overhead rate.

  3. A company may choose to create a separate overhead rate for each of its production departments.

  4. In departments that are relatively labor-intensive, their overhead costs should be applied to jobs based on machine-hours rather than on direct labor-hours.

Answered
21 Feb 2020
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