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On April 1, Telecom Manufacturing Company's beginning balances in manufacturing accounts and finished goods inventory were as follows: Raw Materials $16,000 Manufacturing Supplies 1,500 Work-in-Process 6,500 Manufacturing Overhead 0 Finished Goods 30,000 During April, Telecom Manufacturing completed the following manufacturing transactions: 1. Purchased raw materials costing $47,000 and manufacturing supplies costing $3,000 on account. (Single Transaction) 2. Requisitioned raw materials costing $45,000 to the factory. 3. Incurred direct labor costs of $27,000 and indirect labor costs of $4,800. 4. Used manufacturing supplies costing $2,500. 5. Recorded manufacturing depreciation of $15,000. 6. Miscellaneous payables for manufacturing overhead totaled $3,600. 7. Applied manufacturing overhead, based on 2,250 machine hours, at a predetermined rate of $10 per machine hour. 8. Completed jobs costing $90,000. 9. Finished goods costing $100,000 were sold.(a) Prepare "T" accounts showing the flow of costs through all manufacturing accounts, Finished Goods Inventory, and Cost of Goods Sold.(b) Calculate the balances at the end of April for Work-in-Process Inventory and Finished Goods Inventory.Enter transactions in the T-accounts in the order they appear using the first available answer box on the appropriate side.
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances: Accounts Debit Credit Cash $27,500 Accounts Receivable 15,400 Allowance for Uncollectible Accounts $ 4,400 Supplies 4300 Notes Receivable (6%, due in 2 years) 22,000 Land 80,700 Accounts Payable 9,300 Common Stock 102,000 Retained Earnings 34,200Totals During January 2021, the following transactions occur:January 2 Provide services to customers for cash, $53,100 January 6 Provide services to customers on account, $90,400. January 15 Write off accounts receivable as uncollectible, $4,100. January 20 Pay cash for salaries, $33,200 January 22 Receive cash on accounts receivable, $88,000 January 25 Pay cash on accounts payable, $7,300 January 30 Pay cash for utilities during January, $15,500.The following information is available on January 31, 2018. a. The company estimates future uncollectible accounts. The company determines $4,700 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) b. Supplies at the end of January total $850. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpaid salaries at the end of January are $35,300
On March 1, Bartholomew Company purchased a new stamping machine with a list price of $70,000. The company paid cash for the machine; therefore, it was allowed a 5% discount. Other costs associated with the machine were: transportation costs, $1,300; sales tax paid, $3,120; installation costs, $1,000; routine maintenance during the first month of operation, $1,200. What is the cost of the machine
Required: Prepare journal entries to record the December transactions in the General Journal Tab in the excel template file "Accounting Cycle Excel Template.xlsx". Use the following accounts as appropriate: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accumulated Depreciation, Accounts Payable, Wages Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Depreciation Expense, Wages Expense, Supplies Expense, Rent Expense, and Insurance Expense. 1-Dec Began business by depositing $10500 in a bank account in the name of the company in exchange for 1050 shares of $10 per share common stock. 1-Dec Paid the rent for the current month, $950 . 1-Dec Paid the premium on a one-year insurance policy, $600 . 1-Dec Purchased Equipment for $3600 cash. 5-Dec Purchased office supplies from XYZ Company on account, $300 . 15-Dec Provided services to customers for $7200 cash. 16-Dec Provided service to customers ABC Inc. on account, $5200 . 21-Dec Received $2400 cash from ABC Inc., customer on account. 23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5 . 28-Dec Paid wages for the period December 1 through December 28, $4480 . 30-Dec Declared and paid dividend to stockholders $200 .
The following data were taken from the records of Clarkson Company for the fiscal year ended June 30, 2017.Raw Materials Inventory 7/1/16 $51,100Factory Insurance $4,700Raw Materials Inventory 6/30/17 46,000Factory Machinery Depreciation 19,000Finished Goods Inventory 7/1/16 98,200Factory Utilities 29,100Finished Goods Inventory 6/30/17 26,100Office Utilities Expense 9,350Work in Process Inventory 7/1/16 26,800Sales Revenue 564,000Work in Process Inventory 6/30/17 22,300Sales Discounts 4,700Direct Labor 147,750Plant Managers Salary 65,600Indirect Labor 26,560Factory Property Taxes 9,810Accounts Receivable 27,100Factory Repairs 1,600Raw Materials Purchases 97,500Cash 35,600A) Prepare a cost of goods manufactured schedule (Assume all raw materials used were direct materials).B) Prepare an income statement through gross profitC) Prepare the current assets section of the balance sheet at June 30,2017
On August 31,the balance sheet of La Brava Veterinary Clinic showed cash $9,000,Account receivable$1700,supplies $600,equipments $6000,account payable $3600,common stock $13,00 and retained earings $700. During september,the following transaction occur1. paid $2900 cash for accounts payable2. collected $1,300 of accounts receivable3. purchased additional equipments for $2100,paying $800 in cash and the balance on account4. recognized revenue of $7300 of which $1500 is collected in cash and balance due in october5. declared and paid $400 cash dividend6. paid salaries $1700 rent for september $900,and advertising expense $2007. Incurred utilities expense for month on account $1708. Received $10,000 from capital bank on 6 month note payablea. prepare a tabular analysis of september transactions begin with august 31 balances.column headings: cash,account receivable,supplies,equipments,account payable,common stock,retain earnings with separate column for revenues,expenses,dividends.Including margin explanation changes in retain earnings. Revenue is called Service Revenueb. prepare an income statements for september,a retained earnings statements for september,and a balance sheet at september 30.
Prepare the journal entries to record the following transactions for Reese Company, which has a calendar year end and uses the straight-line method of depreciation. a. On September 30, 2017, the company sold old equipment for $46,000. The equipment was purchased on January 1, 2015, for $96,000 and was estimated to have a $16,000 salvage value at the end of its 5-year life. Depreciation on the equipment has been recorded through December 31, 2016. b. On June 30, 2017, the company sold old equipment for $24,000. The equipment originally cost $36,000 and had accumulated depreciation to the date of disposal of $15,000.