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Please help me answer this accounting question?0Word Problem2012-07-26 05:27:03
From the list below, Select the correct accounts which comprise Total indirect manufacturing costs: 1. Production Supervisor Salary 2. Advertising Expense 3. Tacks and Glue 4. Property Taxes on Factory 5. Quality Control Salary 6. General & Administrative Costs 7. Material used in Production 8. Insurance on Factory Building 9. Production Labor Thanks!!
Accounting Problem. Can someone please answer this question?3Niecy2017-11-27 17:07:44
The following data were taken from the records of the Society of Manufacturing Clarkson for the fiscal year ended June 30, 2012. MedlinePlus MedlinePlus Raw materials inventory $ 56,630 07/01/11 Depreciation Machinery Factory MedlinePlus $ 16,760 Raw materials Factory Utilities 30,160 43,940 06/30/12 MedlinePlus Finished goods inventory 96,170 07/01/11 Utilities 8800 Office expenses MedlinePlus Finished goods inventory 558,470 96,760 6/30/12 Sales Product Inventory in process 24 300 07/01/11 4810 Sales Discounts MedlinePlus Inventory in process 06/30/12 25.070 Plant Manager Salary 34,780 MedlinePlus Direct labor 158,480 Factory 9730 Property Taxes Indirect labor 25,790 Factory repairs MedlinePlus 2010 Accounts receivable 36,940 98,660 Purchases of raw materials Factory Insurance 5140 Cash 34,970 MedlinePlus MedlinePlus MedlinePlus Complete cost of goods manufactured schedule. (Assume that all raw materials used were direct materials.) (List multiple manufacturing overhead high to low amount. Ej 10,5,2). MedlinePlus MedlinePlus CLARKSON manufacturing company MedlinePlus The cost of manufactured products Times MedlinePlus MedlinePlus For the year ended June 30, 2012 MedlinePlus $ MedlinePlus Materials Direct MedlinePlus $ MedlinePlus MedlinePlus MedlinePlus MedlinePlus Total raw materials available for use MedlinePlus Less: MedlinePlus MedlinePlus MedlinePlus $ MedlinePlus Direct labor MedlinePlus MedlinePlus manufacturing overhead MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus Total Manufacturing MedlinePlus top MedlinePlus MedlinePlus Total manufacturing costs MedlinePlus MedlinePlus The total cost of work in process MedlinePlus Less: MedlinePlus MedlinePlus Cost of goods manufactured MedlinePlus MedlinePlus $ MedlinePlus MedlinePlus MedlinePlus MedlinePlus Complete the income statement through gross profit. MedlinePlus MedlinePlus CLARKSON manufacturing company MedlinePlus (Partial) Income Statement MedlinePlus MedlinePlus For the year ended June 30, 2012 MedlinePlus Sales Revenue MedlinePlus $ MedlinePlus Less: MedlinePlus MedlinePlus MedlinePlus Net sales $ MedlinePlus Cost of goods sold MedlinePlus MedlinePlus Cost of goods manufactured MedlinePlus MedlinePlus MedlinePlus Cost of goods available for sale MedlinePlus Less: MedlinePlus MedlinePlus MedlinePlus Cost of goods sold MedlinePlus MedlinePlus MedlinePlus gross profit MedlinePlus MedlinePlus MedlinePlus MedlinePlus Complete current assets section of the balance sheet at June 30, 2012. (List multiple entries high to low amount, for example, 10, 5, 1). MedlinePlus MedlinePlus CLARKSON manufacturing company MedlinePlus (Partial) Balance Sheet MedlinePlus MedlinePlus June 30, 2012 MedlinePlus Assets Current MedlinePlus $ MedlinePlus MedlinePlus Inventories MedlinePlus $ MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus MedlinePlus Total current assets MedlinePlus MedlinePlus $
Accounting Problem. Can someone please answer this question?12hey im in late homework and i need help2017-11-27 17:06:59
AP14-1A Lott Company specializes in manufacturing a unique model of bicycle helmet. The model is well accepted by consumers, and the company has enough orders to keep the factory production at 10,000 helmets per month (80% of its full capacity). Lott's monthly manufacturing cost and other expense data are as follows. Rent on factory equipment $ 7,960 Insurance on factory building 2,060 Raw materials (plastics, polystyrene, etc.) 83,540 Utility costs for factory 960 Supplies for general office 390 Wages for assembly line workers 46,310 Depreciation on office equipment 850 Miscellaneous materials (glue, thread, etc.) 1,270 Factory manager's salary 6,460 Property taxes on factory building 430 Advertising for helmets 14,980 Sales commissions 7,350 Depreciation on factory building 1,610 Complete the answer sheet. Enter each cost item on your answer sheet, placing the dollar amount under the appropriate headings. Total the dollar amounts in each of the columns. (If answer is zero, please enter 0, do not leave any fields blank.) Product Costs Cost Item Direct Materials Direct Labor Manufacturing Overhead Period Cost Rent on factory equipment $ $ $ $ Insurance on factory building Raw materials Utility costs for factory Supplies for general office Wages for assembly line workers Depreciation on office equipment Miscellaneous materials Factory manager's salary Property taxes on factory building Advertising for helmets Sales commissions Depreciation on factory building $ $ $ $ Compute the cost to produce one helmet. (Round answer to 2 decimal places, e.g. 10.50.) $
Accounting. Please help me answer the following questions.?4pAvLeEn2017-01-04 23:20:04
What is the main objective of financial reporting? MedlinePlus one. To protect users from fraudulent financial reporting. MedlinePlus b. To provide useful information for decision making. MedlinePlus c. To help investors make credit decisions. MedlinePlus d. To help assess the management of cash flows. MedlinePlus MedlinePlus If an investor can use accounting information for two different companies to assess the types and amounts of expenses, the information is said to have the quality of MedlinePlus one. Understandability MedlinePlus b. Comparability MedlinePlus c. MedlinePlus Neutrality d. Consistency MedlinePlus MedlinePlus King Transport acquires many office furniture pieces each costing under $ 200 each. The king decides to account for these costs as expenses when acquired, rather than reported as property, plant and equipment in the balance. Company Accountant and independent CPA agree that any accounting principle has been violated. What justification king at the cost accounting allows the furniture? MedlinePlus MedlinePlus one. Verifiability MedlinePlus b. Matching MedlinePlus c. Conservatism MedlinePlus d. Materiality MedlinePlus MedlinePlus Whitman Company applies the convention consistency. What does this mean? MedlinePlus one. Whitman Co. uses the same names for all his expenses and those of their competitors. MedlinePlus b. Whitman Co. applies the same accounting principles as the competitors. MedlinePlus c. Whitman Co. has selected certain procedures that can not be changed. MedlinePlus d. Whitman Co. applies the same accounting principles as each accounting period. MedlinePlus MedlinePlus A counter is uncertain what the best estimate of an amount to a business transaction. If two quantities are equally likely, the least likely to overstate assets and income is selected. Which of the following qualities are characterized by this action? MedlinePlus one. Conservatism MedlinePlus b. Materiality MedlinePlus c. Comparability MedlinePlus d. MedlinePlus Neutrality MedlinePlus To determine the origin of the assets of a company in which the financial statements will appear? MedlinePlus one. Income statement only MedlinePlus b. Balance sheet only MedlinePlus c. Both the balance sheet and the income statement MedlinePlus d. Both the income statement and statement of retained earnings MedlinePlus MedlinePlus How are assets expected to be realized in cash, sold or consumed within the normal operating cycle of a company or in a year (if the duty cycle is less than one year), reported on a classified balance sheet? MedlinePlus one. MedlinePlus intangible assets b. MedlinePlus current liabilities c. Property, plant and equipment MedlinePlus d. Assets Current MedlinePlus MedlinePlus A significant difference between an ad and a classified balance sheet is not the distinction between which of the following? MedlinePlus one. The funds invested by the owners and the amounts borrowed from creditors MedlinePlus b. Assets and liabilities c. Current and noncurrent items MedlinePlus d. Liabilities and stockholders' equity MedlinePlus Liquidity refers to the ability of a company to do which of the following? MedlinePlus one. The ability to stay in business in the long term. MedlinePlus b. The ability to pay its financial obligations when due. MedlinePlus c. The ability to collect the amount of its customers owe the company. MedlinePlus d. The ability to pay dividends to its shareholders. MedlinePlus MedlinePlus Which of the following would not appear on an income statement? MedlinePlus one. Cost of goods sold MedlinePlus b. Accounts receivable MedlinePlus c. Sales revenue MedlinePlus d. Insurance expense MedlinePlus MedlinePlus A question asked by shareholders is: "How much profit will the company make?" What should examine the shareholder to obtain the maximum of information to help you evaluate the answer to this question? one. The financial resources of the company. MedlinePlus b. The cash flow statement, as the inflows and outflows of cash represents actual earnings. MedlinePlus c. The income statement, as it shows the income and expenses for the period. MedlinePlus d. The balance, retained earnings because it represents current profits.
Multiple Choice Questions For Accounting. Help me find the best answer!?2Angeline2017-11-21 21:44:49
7. XYZ Company purchased a patent from ABC for $ 144,000. At the time of purchase of the patent had been in existence for 8 years. What is the amortization of the first year? a. $ 7,200 b. $ 18,000 c. $ 12,000 d. $ 144,000 8. On June 8, Acme Co. issued a $ 80,000, 6%, 120 days to pay Still Co. Assume that the exercise of Acme Co. ends June 30. What is the amount of interest expense recognized by Acme in the current fiscal year? a. $ 293.33 b. $ 400.00 c. $ 391.10 d. $ 1,600.00 9. An employee receives an hourly wage of $ 25, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are: hours worked, 46 years, federal income tax withheld, $ 350; earnings for the year before the current week, U.S. $ 99,700; social tax rate security, 6.0% of the maximum of $ 100,000, and the Medicare tax rate, 1.5% on all earnings. What is the employee's gross salary? a. $ 775.00 b. $ 752.50 c. $ 1,225.00 d. $ 1,102.50 10. An employee receives an hourly wage of $ 15, with time and a half for all hours worked over 40 during the week. Payroll data for the current week are: hours worked, 48, withheld federal income tax, $ 120, the cumulative income for the year before this week, $ 24,500; social tax rate safety, 6% up to $ 100,000, and the Medicare tax rate, 1.5% on all earnings, state tax unemployment compensation, up 3.4% on the first $ 7,000,. federal tax unemployment compensation, 0.8% on the first $ 7,000 What is employer-paid payroll tax? a. $ 152.76 b. $ 91.26 c. $ 58.50 d. $ 178.50 11.The following totals for the month of April were taken from the payroll of major record company. Salary $ 12,000 FICA taxes withheld 550 Withheld income taxes 2,500 450 health insurance deductions Federal Unemployment Taxes 32 State unemployment taxes 216 The entry to record accrual of employer
Accounting equation, please steer me in the right direction.Do I need to answer this in a formal format?1manaswi2012-08-08 02:45:03
1.Net income of Alpha and Omega incorrectly stated as $ 547,715 for the year ended December 31 . You are called in the counter to determine the correct net income . After examination of the accounts , are the following errors : Exaggerated Sober (1) Office supplies ( ending inventory ) $ 115 (2) Amortization expense , the construction of 5,800 (3) The amortization expense , $ 650 team (4) Wages payable ( end of year ) 1600 (5) Prepaid Insurance (New Year ) 4400 (6) Rent Expense 500 (7) Interest expense 1,200 (8) property tax expense of 950 (9) Services fees earned 2,500 (10) Rental income 500 Correctly calculate the net profit of Alfa in the year.
Accounting Help - Accounting Question?4niel2018-10-05 09:06:56
P10 -5A Fordyce electronics issues $ 400,000 , 8% of 10 year mortgage note on December 31, 2010 . The proceeds of the note will be used to finance a new research laboratory. The terms of the note provide semiannual payments , excluding property taxes and insurance, $ 29,433 . Payments are due on June 30 and December 31 . Complete schedule of installment payments during the first 2 years. ( Round answers to 0 decimal places, eg 125. Use rounded amounts for future calculations . ) Semiannual Interest Period Cash payment Interest expenses reduction of Home Balance Date of issue $ $ 1 2 3 4 Prepare the entries for (1) the loan and (2) the first two installments. ( For multiple debit / credit entries quantities listed in descending eg 10 , 5, 3, 2. Response and back to 0 decimal places, eg 125. ) Date Account / Description Debit Credit 2010 December 31 2011 June 30 December 31 Show how the total liability of the mortgage must be reported on the balance sheet at December 31, 2011 . ( Response and back to 0 decimal places, eg , 125. ) Current liabilities 12/31/11 Long-term debt
I need help in my Accounting Question?0Derwin2012-07-16 18:32:05
you will perform the necessary steps in the accounting cycle for Wafa Company for the month of November, 2011. Account balances as of October 31, 2011 (November beginning balances) are listed in Part A below. Transactions and other information for the month of November are listed in Part B below. The due date is Thursday, May 31 by 5 pm. 1) Journal Tab: Journalize the transactions. 2) Ledger #1 Tab: Enter the beginning account balances in the T-accounts. Ledger#1 Tab: Post the November journal entries to the accounts. 3) Trial Balance Tab: Prepare a Trial Balance at 30 November, 2011. 4) Financial Statements Tab: Prepare an Income Statement, a Statement of Retained Earnings and a Classified Statement of Financial Position. 5) Closing Journal Tab: Record the closing journal entries. 6) Ledger #2 Tab: Transfer the ending account balances from the Ledger #1 Tab to the Ledger #2 Tab. Ledger #2 Tab: Post the closing entries to the accounts. 7) Post-Closing Trial Balance: Prepare a Post-Closing Trial Balance. Part A - Beginning Account Balances Account October 31 Balance Cash 15,200 Share Capital 14,450 Unearned Revenue 2,050 Supplies 1,000 Retained Earnings 2,360 Accounts Payable 2,500 Equipment 4,960 Accounts Receivable 200 Part B - November Transactions & Other Information The November transactions were as follows: 1-Nov Purchased an insurance policy for 600 cash. 19 Billed customers for services performed in November, $7,350. 21 Paid $2,150 to creditors for accounts due. 27 Received $2,200 from customers for accounts due. 30 Paid employee November salaries of $1,900. Other information: 30 On November 30th, adjusting entries were prepared using the following information. a) The insurance policy purchased on November 1st was for 1 year. b) Supplies on hand were 650. c) 1,900 of services associated with the unearned revenues account had been performed during November.
Accounting Question??????????0Nick2012-07-04 17:04:02
I need to know which are debits and which are credits. I actually spent over an hour on this problem and cannot seem to balance a trial balance. Question: The following is a list of accounts and their balances for Lee Company on December 31 1993: Cash $ 500. Y. Lee, Withdrawals $ 300. Notes Payable 800. Fees Revenue 4,000. Prepaid Insurance 200. Rent Expense 400. Office Equipment. 3,800. Salary Expense 700. Y. Lee, Capital 1,200. Utility Expense 100. (If I had the answer I could better understand accounting in general) Thank You Kindly, ~Jason
Can someone please help me with this Accounting question?0Monti2012-09-27 03:45:02
Prepare general journal entries , without explanation . To record the following business transactions for a company oriented MedlinePlus December 01, George Hahn withdrew $ 15,000 from his personal savings account and invested in the corporation I landscape Hahn exchange for common stock . MedlinePlus December 2 a year prepaid insurance premiums by $ 16,000 MedlinePlus December 3 Purchased landscaping equipment account , $ 3,000 December 4 customer served a $ 600 cash MedlinePlus December 5 customer served a charge for $ 750 MedlinePlus December 6 Paid the employee
Accounting question help please?0ewi2012-08-09 12:19:02
The following unadjusted trial balance is for Adams Construction Co. as of the end of its fiscal year 2005. On June 30, 2004 , the credit balance of the owner
Question about accounting?0titi2012-09-16 11:45:03
Which of these accounts are in the income statement and balance entering MedlinePlus MedlinePlus petty cash MedlinePlus cash MedlinePlus payroll checking account MedlinePlus represents reiceivable MedlinePlus recivable interest permit . To doubt . ACCTS . MedlinePlus MedlinePlus notes receivable MedlinePlus merchandise inventory MedlinePlus interest income MedlinePlus careful grooming and supplies grooming and daycare Inc. MedlinePlus Office supplies MedlinePlus MedlinePlus prepaid insurance MedlinePlus prepaid advertising MedlinePlus land MedlinePlus buildings Cum. Depr . MedlinePlus Buildings Cumulative depr MedlinePlus furniture and accessories MedlinePlus furniture and accessories MedlinePlus office equipment Cumulative depr office equipment MedlinePlus MedlinePlus vehicles Cumulative vehicle depr MedlinePlus MedlinePlus payables MedlinePlus notes payable current MedlinePlus sales tax payable interest payable MedlinePlus Emp . Federal Reserve . Inc. to pay taxes . MedlinePlus MedlinePlus FICA tax payable day care unearned fees MedlinePlus insurance premiums payable MedlinePlus notes payable Long-term MedlinePlus notes payable in the short term Alana days MedlinePlus capital Alana daydrawing MedlinePlus Sales of the retail store MedlinePlus MedlinePlus sales discounts sales returns and allow . Cost of goods sold MedlinePlus Cost of sales of goods MedlinePlus purchase discounts

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