Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $3,770 and two jobs in process: Job No. 429 for $2,430, and Job No. 430 for $1,340. During May, a summary of source documents reveals the following:
Materia Labor Time
Job # Requisition Slips Tickets
429 $2,940 $2,300
430 3,850 3,400
431 4,680 $11,470 8,170 $13,870
General use 940 1,570
$12,410 $15,440
Stine Company applies manufacturing overhead to jobs at an overhead rate of 68% of direct labor cost. Job No. 429 is completed during the month.
The following are summary journal entries to record the requisition slips, time tickets, assignment of manufacturing overhead to jobs, and the completion of Job No. 429:
No. Date Account Tiles and Explanation Debit Credit
1 May 31 Work in Process Inventory 11,470
Manufacturing Overhead 940
Raw Materials Inventory 12,410
2 May 31 Work in Process Inventory 13,870
Manufacturing Overhead 1,570
Factory Labor 15,440
3 May 31 Work in Process Inventory 9,432
Manufacturing Overhead 9,432
4 May 31 Finished Good Inventory 9,234
Work in Process Inventory 9,234
Required:
a. Post the entries to Work in Process Inventory, and prove the agreement of the control account with the job cost sheets.

Answers

Answer 1

Answer:

Explanation:

WORK IN PROCESS INVENTORY    

May 1 balance 3770 May 31 Finished Goods 9234

31-May Material 11470    

31-May labour 13870    

31-May Overheads 9431.6    

may 31 Balance 29307.6    

JOB COST SHEET      

Job no. Beg. WIP Material Labour Overheads Total  

430 1340 3850 3400 2312 10902  

431 0 4680 8170 5555.6 18405.6  

TOTAL 1340 8530 11570 7867.6 29307.6  

Note: Total cost of Job 429 transferred to Finished goods:  

Beginning cost  2430    

Add: Material  2940    

Add: Labour  2300    

Add: Overheads (2300*68%) 1564    

Total cost of Job 429  9234  


Related Questions

The production possibilities frontier will shift outward
A.
if resources are used to produce consumption goods.
B.
if production occurs outside the production possibilities frontier.
C.
if resources are not used in production.
D.
.if resources are not used to produce capital goods
E.
.if technological advances occur

Answers

D. if resources are used to produce capital goods.

Production possibilities frontierThe PPF (production possibilities frontier) is a collection of points along which a country's economy allocates its resources most efficiently to produce as many things as feasible.The Production Possibilities Curve, also known as the Production Possibilities Frontier, is a graph that indicates how many units a firm can produce if it only makes two items and uses all of its resources efficiently.The production possibilities frontier will shift outward D. if resources are used to produce capital goods.

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IN the light of Nike Case, identify the following:
Nike company marketing management.
Nike is following marketing orientation rather than a product orien
Nike's competitive advantage as a market leader.. identify Nike e
opportunities through the scanning tools.

Answers

Answer:

Nike company follows brand recognition marketing strategy.

Nike focuses on market trends rather than product features.

Explanation:

Nike has great brand image among its customers. It focusses on its brand and launches new products with heavy R&D experiences. The management of Nike focus on market orientation rather than product orientation. It identifies the market trends and then customizes its product according to customers needs.

The full array of tangible products offered for sale by a business represents the business's
Group of answer choices

product mix.

services.

depth.

product line.

Answers

product line is the correct answer i’m pretty sure

Adjusting Entries and Adjusted Trial Balances
Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company's accounting clerk prepared the following unadjusted trial balance:
Emerson Company
Unadjusted Trial Balance
October 31, 20Y6
Debit Credit
Balances Balances
Cash 3,930
Accounts Receivable 35,640
Prepaid Insurance 6,640
Supplies 1,810
Land 104,800
Building 269,090
Accumulated Depreciation—Building 128,060
Equipment 125,950
Accumulated Depreciation—Equipment 91,210
Accounts Payable 11,180
Unearned Rent 6,340
Suzanne Emerson, Capital 285,400
Suzanne Emerson, Drawing 13,890
Fees Earned 302,030
Salaries and Wages Expense 180,010
Utilities Expense 39,570
Advertising Expense 21,140
Repairs Expense 16,010
Miscellaneous Expense 5,740
824,220 824,220
The data needed to determine year-end adjustments are as follows:
Unexpired insurance at October 31, $4,450.
Supplies on hand at October 31, $540.
Depreciation of building for the year, $2,950.
Depreciation of equipment for the year, $2,550.
Unearned rent at October 31, $1,650.
Accrued salaries and wages at October 31, $2,880.
Fees earned but unbilled on October 31, $16,910.
Required:
1. Journalize the adjusting entries using the following additional accounts: Salaries and Wages Payable; Rent Revenue; Insurance Expense; Depreciation Expense—Building; Depreciation Expense—Equipment; and Supplies Expense. If an amount box does not require an entry, leave it blank.
2. Determine the balances of the accounts affected by the adjusting entries and prepare an adjusted trial balance.

Answers

Answer:

Emerson Company

1. Adjusting Journal Entries

Debit Insurance expense $2,190

Credit Prepaid Insurance $2,190

To record expired insurance expense for the year.

Debit Supplies expense $1,270

Credit Supplies $1,270

To record supplies expense for the year.

Debit Depreciation expense of building $2,950

Credit Accumulated depreciation - building $2,950

To record depreciation expense for the year.

Debit Depreciation expense of equipment $2,550

Credit Accumulated depreciation - equipment $2,550

To record depreciation expense for the year.

Debit Unearned rent $4,690

Credit Rent Revenue $4,690

To record rent earned for the year.

Debit Salaries and wages Expense $2,880

Credit Salaries and wages payable $2,880

To record accrued salaries and wages.

Debit Accounts receivable $16,910

Credit Fees earned $16,910

To record fees earned but unbilled.

2. Adjusted Trial Balance as of October 31, 20Y6

Emerson Company

Adjusted Trial Balance  as of October 31, 20Y6

                                                   Debit           Credit  

Cash                                         $3,930

Accounts Receivable              52,550

Prepaid Insurance                     4,450

Supplies                                        540

Land                                       104,800

Building                                269,090

Accumulated Depreciation—Building             $131,010

Equipment                            125,950

Accumulated Depreciation—Equipment          93,760

Accounts Payable                                                11,180

Salaries and Wages Payable                              2,880

Unearned Rent                                                    1,650

Suzanne Emerson, Capital                            285,400

Suzanne Emerson, Drawing 13,890

Fees Earned                                                    318,940

Rent Revenue                                                    4,690

Salaries & Wages Expense 182,890

Utilities Expense                  39,570

Advertising Expense             21,140

Repairs Expense                   16,010

Miscellaneous Expense        5,740

Insurance Expense                2,190

Supplies Expense                  1,270

Depreciation Exp. Building  2,950

Depreciation Exp. Equip.     2,550

Totals                              $849,510            $849,510

Explanation:

a) Data and Calculations:

Emerson Company

Unadjusted Trial Balance  as of October 31, 20Y6

                                                   Debit           Credit  

Cash                                         $3,930

Accounts Receivable              35,640

Prepaid Insurance                     6,640

Supplies                                       1,810

Land                                       104,800

Building                                269,090

Accumulated Depreciation—Building           $128,060

Equipment                            125,950

Accumulated Depreciation—Equipment           91,210

Accounts Payable                                                11,180

Unearned Rent                                                   6,340

Suzanne Emerson, Capital                           285,400

Suzanne Emerson, Drawing 13,890

Fees Earned                                                 302,030

Salaries & Wages Expense 180,010

Utilities Expense                  39,570

Advertising Expense             21,140

Repairs Expense                   16,010

Miscellaneous Expense        5,740

Totals                              $824,220          $824,220

Adjustments:

Prepaid Insurance balance = $4,450

Insurance expense = $2,190 (6,640 -4,450)

Supplies balance = $540

Supplies expense = $1,270 (1,810 - 540)

Depreciation expense of building = $2,950

Accumulated depreciation - building = $131,010 (128,060 + 2,950)

Depreciation expense of equipment = $2,550

Accumulated depreciation - equipment = $93,760 (91,210 + 2,550)

Unearned rent = $1,650

Rent Revenue = $4,690 (6,340 - 1,650)

Salaries and wages payable = $2,880

Salaries and wages = $182,890 (180,010 + 2,880)

Accounts receivable = $52,550 (35,640 + 16,910)

Fees earned = $318,940 (302,030 + 16,910)

Green Day Corporation has outstanding 500,000 shares of $10 par value common stock. The corporation declares a 70% stock dividend when the fair value of the stock is $45 per share. Prepare the journal entries for Green Day Corporation for both the date of declaration and the date of distribution.

Answers

Date of Declaration:

Dr: Retained Earnings 22,850,000

Cr: Common Stock Dividend Distributable 350,000

Cr: Paid-in Capital in Excess of Par-Common 22,500,000

500,000*45 = 22,500,000

22,500,000+350,000=22,850,000

Date of Distribution:

(70%*500,000) = 350,000

Dr: Common Stock Dividend Distributable 350,000

Cr: Common Stock 350,000

The Freebird Turbocharger is being recalled. All customers who submitted warranty cards can have their installed turbochargers serviced free by authorized mechanics. If you do not have a warranty with Freebird, bring your original receipt to your local Freebird dealership and they will complete the repairs at cost.
1. What is the primary purpose of this message?
a. To give a price quote
b. To sell a turbocharger
c. To inform a customer about a recall
d. To refuse a refund
2. What is the secondary purpose of this message?
a. To retain the customer’s goodwill
b. To provide a refund
c. To sell more turbochargers

Answers

Answer:

C

A

Explanation:

1. c. To inform a customer about a recall

2. a. To retain the customer’s goodwill

Brendan buys a used car in April 2020 from his neighbor for $20,000. After one month, he loses his job and decides to sell the car to get some cash. He sells the car for $22,000 to a car dealer. The dealer fixes a few things here and there and sells the car for $27,000 in July 2020. Because of these transactions, the 2020 nominal GDP increases by ______ dollars.

Answers

Answer:

the increase in nominal GDP is $29,000

Explanation:

The computation of increase in nominal GDP is as follows:

= Selling value of car + difference

= $22,000 + ($27,000 - $20,000)

= $22,000 + $7,000

= $29,000

hence, the increase in nominal GDP is $29,000

We simply added the selling value and the difference

Selected transactions for Bramble, an interior decorator corporation, in its first month of business, are as follows.

a. Issued stock to investors for $16,000 in cash.
b. Purchased used car for $10,700 cash for use in business.
c. Purchased supplies on account for $400.
d. Billed customers $4,010 for services performed.
e. Paid $160 cash for advertising at the start of the business.
f. Received $1,530 cash from customers billed in transaction (4).
g. Paid creditor $400 cash on account.
h. Paid dividends of $530 cash to stockholders.

Required:
For each transaction indicate the basic type of account debited and credited.

Answers

Answer:

transaction          account                    debit                   credit

a.                          cash                         16,000

                            common stock                                   16,000

b.                          vehicles                   10,700

                            cash                                                   10,700

c.                          supplies                   400

                            accounts payable                             400

d.                          accounts rec.          4,010

                            service revenue                                4,010

e.                          adv. expense         160

                            cash                                                   160

f.                           cash                         1,530

                            accounts rec.                                    1,530

g.                          accounts payable   400

                            cash                                                  400

h.                          dividends                 530

                            cash                                                  530

On January 1, 2021, American Corporation purchased 30% of the outstanding voting shares of Short Supplies common stock for $222,000 cash. On that date, Short's book value and fair value were both $740,000. The equity method is deemed appropriate for this investment. Short's net income reported on December 31, 2021, was $70,000. During 2021, Short also paid cash dividends in the amount of $19,000.

Required:
Compute the amount that would be reported for the investment on American Corporation's financial statements at December 31, 2021. what is investment amount?

Answers

Answer:

the  amount that should be reported for the investment is $237,300

Explanation:

The computation of the amount that should be reported for the investment is as follows:

= Original investment + net income share - cash dividend

= $222,000 + ($70,000 × 30%) - ($19,000 × 0.30)

= $222,000 + $21,000 - $5,700

= $237,300

hence, the  amount that should be reported for the investment is $237,300

Logan, a 50% shareholder in Military Gear Incorporated (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $100,000 tax loss for the year, Logan's tax basis in his MG stock was $150,000 at the beginning of the year, and he received $75,000 ordinary income from other sources during the year. Assuming Logan's marginal tax rate is 24 percent, how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation?

Answers

Answer:

$12,000

Explanation:

Calculation for how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation

First step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a C corporation

Tax amount=($75,000 × 24%)

Tax amount=$18,000

Second step is to calculate the amount he will pay for the taxes if Military Gear Inc. is a S corporation

Tax amount=($75,000 -$50,000)*24%

Tax amount=$25,000*24%

Tax amount=$6,000

Now let calculate how much more tax will Logan pay currently

Tax amount=$18,000-$6,000

Tax amount=$12,000

Therefore how much more tax will Logan pay currently if MG is a C corporation compared to the tax he would pay if it were an S corporation will be $12,000

Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:
a. Terry Mason invested $30,000 in Succulent Express in exchange for common stock.
b. Pald $5,400 on February i for an insurance premium on a one-year policy.
c. Purchased supplies on account, $1,800.
d. Received fees of $57,000 during February
e. Paid expenses as follows: wages, 521,600; rent, $6,400; utilities, $2,800; and miscellaneous, $3,200.
f. Paid dividends of $8,000.
Record the preceding transactions using the integrated financial statement framework. After each transaction, enter a balance for each item. If an amount box does not require an entry, leave it blank. Enter account decreases and net cash outflows as negative amounts using the minus sign.

Answers

Answer:

Net cash flow = $39,600

Net  income = $18,050

Explanation:

Note: There is an error in the wages amount stated in the question. The correct amount of the wages is $21,600 not 521,600.

Explanation of the answer is now provided as follows:

Note: See the attached excel file for the integrated financial statement which comprises of Balance Sheet, Statement of Cash Flow and the Income Statement.

An integrated financial statement framework can be described as a type of framework which presents the balance sheet, cash flow statement, and income statement of a company.

In the attached excel file the following are used:

Insurance premium paid under Retained Earnings = Insurance premium paid * (11 Months / 12 Months) = $5,400 * (11 / 12) = $4,950

Prepaid insurance = Insurance premium paid - Insurance premium paid under Retained Earnings = $5,400 - $4,950 = $450

Expenses paid = wages + rent + utilities + miscellaneous = $21,600 + $6,400 + $2,800 + $3,200 = $34,000

As of December 31, 2019, Sheffield Corp. had $3000 of raw materials inventory. At the beginning of 2019, there was $2500 of materials on hand. During the year, the company purchased $375000 of materials; however, it paid for only $322500. How much inventory was requisitioned for use on jobs during 2019

Answers

Answer:

the  inventory that was requisitioned is $374,000

Explanation:

The computation of the inventory that was requisitioned as follows:

= Opening inventory + purchased inventory - ending inventory

= $2,500 + $375,000 - $3,000

= $374,000

hence, the  inventory that was requisitioned is $374,000

The same would be considered

Actual demand for a product for the past three months was
Three months ago 390 units
Two months ago 340 units
Last month 295 units
a. Using a simple three-month moving average, make a forecast for this month. (Round your answer to the nearest whole number.)
b. If 290 units were actually demanded this month, what would your forecast be for next month, again using a 3-month moving average? (Round your answer to the nearest whole number.)
c. Using simple exponential smoothing, what would your forecast be for this month if the exponentially smoothed forecast for three months ago was 440 units and the smoothing constant was 0.20? (Round your answer to the nearest whole number.)

Answers

Answer:

a) This month = 342

b) Next month = 308

c) This month using simple exponential smoothing = 352.

Explanation:

a) Data and Calculations:

Month                 Demand    3-month Moving

                                                   Average

3 months ago      390

2 months ago      340

1 month ago        295

This month                                342

b)

Month                 Demand    3-month Moving

                                                   Average

3 months ago      390

2 months ago      340

1 month ago        295

This month         290

Next month                                308

c) Simple exponential smoothing

Forecast for three months ago = 440

Smoothing constant = 0.20

Forecast for this month = 440 * (1- 0.20) = 352

d) For the simple exponential smoothing, the most recent period's forecast is multiplied by (one minus the smoothing factor).

After visiting several automobile dealerships, Richard selects the car he wants. He likes its $20,000 price, but financing through the dealer is no bargain. He has $4,000 cash for a down payment, so he needs a loan of $16,000. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $16,000 for a period of four years at an add-on interest rate of 11 percent.
a. What is the total interest on Richard's loan?
Total interest
b. What is the total cost of the car?
Total cost
c. What is the monthly payment?
Monthly payment

Answers

Answer and Explanation:

The computation is shown below:

a. The total interest is

= Principal × rate of interest × time period

= $16,000 × 4 years × 11%

= $7,040

b. The total cost of the car is

= Price of the car + interest

= $20,000 + $7,040

= $27,040

c. The monthly payment is

= (Principal amount + interest) ÷ number of months

= ($16,000 + $7,040) ÷ 48 months

= $480

The following balance sheet for the Hubbard Corporation was prepared by the company:

HUBBARD CORPORATION
Balance Sheet
At December 31, 2021
Assets
Buildings $754,000
Land 262,000
Cash 64,000
Accounts receivable (net) 128,000
Inventory 248,000
Machinery 284,000
Patent (net) 104,000
Investment in equity securities 68,000
Total assets $1,912,000

Liabilities and Shareholders' Equity
Accounts payable $219,000
Accumulated depreciation 259,000
Notes payable 508,000
Appreciation of inventory 84,000
Common stock (authorized and issued
104,000 shares of no par stock) 416,000
Retained earnings 426,000
Total liabilities and shareholders' equity $1,912,000

Additional information:
The buildings, land, and machinery are all stated at cost except for a parcel of land that the company is holding for future sale. The land originally cost $54,000 but, due to a significant increase in market value, is listed at $128,000. The increase in the land account was credited to retained earnings. The investment in equity securities account consists of stocks of other corporations and are recorded at cost, $24,000 of which will be sold in the coming year. The remainder will be held indefinitely. Notes payable are all long term. However, a $140,000 note requires an installment payment of $35,000 due in the coming year. Inventory is recorded at current resale value. The original cost of the inventory is $164,000.

Required:
Prepare a corrected classified balance sheet for the Hubbard Corporation at December 31, 2018.

Answers

Answer:

Assets

Current assets

Cash $64,000

Accounts receivable (net) $128,000

Inventory $164,000

Available for sale securities $24,000

Total current assets                                            $380,000

Non-current assets

Buildings $754,000

Land $188,000

Machinery $284,000

Patent (net) $104,000

Investment in equity securities $44,000

Accumulated depreciation 259,000

Total non-current assets                                     $1,115,000

Total assets                                                                            $1,495,000

Liabilities and Shareholders' Equity

Current liabilities

Accounts payable $219,000

Current portion of long term debt $35,000

Total current liabilities                                          $254,000

Long term liabilities

Notes payable $473,000

Total long term liabilities                                     $473,000

Stockholders' equity

Common stock (authorized and issued

104,000 shares of no par stock) $416,000

Retained earnings $352,000

Total equity                                                          $768,000

Total liabilities and shareholders' equity                                $1,495,000

Other Questions
Wich is not true abt Canada 2. Which equation is equivalent to 2 + 4x = 5 - 3(x + 1)? A. 2 + 4x = 2x - 3 B. 2 + 4% = 5 - 3 -3. C. 6x = 5-(+ 1). D. 2 + 4 = 2/5 1). A 100 gram sample of 90 degree water causes the temperature of 100 grams of cold water to rise when the two are mixed. If the starting temperature of the cold water was 30 degrees, what will be the final temperature of the water? Escribevel numero decimal que corresponde alos puntos intermedios que indican las flechas You are sailing in the Arctic Ocean far NW of Alaska. If it is 8:10 P.M. Wednesday at 170 E, what is the standard time and day at 170 W? This is a tough question. Consider time zones first and then deal with the date. You must substitute the (x, y) and check that the POI makes both equations ___.TRUE because they both check out.FALSE because they cannot work. I did sentences in preterite and imperfect. Can a Spanish speaker recheck square abcd has an area of 4m^2. square pqrs has an area of 36m^2. What is the similarity ratio of square abcd to square pqrs In 1200 B.C., Moses led Jews out of slavery in Egypt and back to their homeland. This historic event is called the? A. ExodusB. TalmudC. SabbathD. Diaspora What is an example of anaphora in this paragraph? 25 POINTS! CORRECT ANSWER GETS BRAINLIEST! Which city-state in Greece trained men to be soldiers by giving then little food and treating then harshly?A.In northern GreeceB.SpartaC.AthensD.Mycenaehelp right answers only! Read the passage.Some large-scale grocery stores want to get rid of the supermarket checkout lines. Many retail giants have opened cashierless supermarkets. Shoppers can grab milk or eggs and walk out without waiting in line or opening their wallets. It is the latest sign that supermarkets are serious about shaking up the $800 billion grocery market. Which sentence could be added to the passage to maintain its formal style? Cashierless supermarkets will eliminate many jobs. I think customers will like supermarkets without cashiers. It is more enjoyable to have cashiers at the registers. Giving customers the option to shop quickly and efficiently is beneficial. Please Help!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1111 Consider the following reaction where K. = 9.52 10 2 at 350 K.CH,(g) + CC14(2)2CH2Cl2(g)A reaction mixture was found to contain 2.21*10-2 moles of CH4(E), 3.8710-2 moles of CC1,(g) and 1.06-10-2 moles of CH,C12(2), ina 1.00 liter containerIs the reaction at equilibrium?If not, what direction must it run in order to reach equilibrium?The reaction quotient, Qc equalsThe reactionA. must run in the forward direction to reach equilibriumB. must run in the reverse direction to reach equilibriumC. is at equilibrium Combustion is another word for?A.TransportationB.RespirationC.BurningD.Fossil Fuels Nom de la mme famille que lgalisme Which of the following organisms lived during the Paleozoic Era?A) dinosaursB) flowering plantsC) grassesD) trilobites What was the first book printed by Johannes Gutenberg? Q6 l/comerYour AnswerQ7 ellas/comerYour AnswerQ8 nosotros/caminarYour AnswerQ9 l/escucharYour AnswerQ10 t/comerYour Answer011ellas/abrirYour AnswerQ12 ellas/caminarYour Answer !! PLEASE HELP, TIMED!!Multiple choice, BRAINLIEST for correct answer!