Homework Answers
6)Correct option is "D"-Managerial accounting information
Managerial accounting is the presentation of financial information to be used for internal purpose by management in making business decisions.
In the given case, Reports provided by company's accounting department is used to make decision about scheduling of employees in to production .so Miguel is using internal report for making decision.
7)Correct option is "C"
Journal entry to record purchase of raw material
| Account title | Debit | credit |
| Raw material inventory | 141000 | |
| cash | 19000 | |
| Accounts payable | 122000 |
Add Answer to:
6) Miguel, a manager for Sierra Company, is inspecting the reports provided by his company's accounting...
This Quiz: 10 pts po nts Uniq Works purchased raw materials amounting to $130,000 on account...
This Quiz: 10 pts po nts Uniq Works purchased raw materials amounting to $130,000 on account and $20,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? work 150.000 uiz/Test 20.000 130.000 150,000 O A. Raw Materials Inventory Cash Accounts Payable OB. Work-in - Process Inventory Accounts Payable OC. Accounts Payable Cash Raw Materials Inventory OD. Finished Goods Inventory Accounts Payable 150...
Managerial Accounting. Please complete the Statement of Cash Flows The following information was collected from Sierra...
Managerial Accounting. Please complete the Statement of Cash
Flows
The following information was collected from Sierra Manufacturing's Income Statement and comparative Balance Sheet: Increase in cash $28,000 Decrease in accounts payable $25,000 Increase in account receivable $ 8,000 Increase in salaries payable $ 2,000 Decrease in inventory $16,000 Decrease in deferred income tax $ 4,000 Decrease in prepaid rent $ 3,000 Increase in notes payable $12,000 Increase in equipment $60,000 Decrease in common stock $25,000 Increase in accumulated depreciation $18,000...
CU VIRGILIUI [The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets...
CU VIRGILIUI [The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Pinished goods inventory Beginning Inventory $ 54,000 430,500 633,000 Ending Inventory $ 70,500 545,000 564,000 The following additional information describes the company's production activities for May $ 270,000 1.562,000 80,000 Raw...
PLEASE HELP......READ THE INFORMATION CAREFULLY!!!!!!!!!! Sierra Company manufactures woven blankets and accounts for product costs using...
PLEASE HELP......READ THE INFORMATION
CAREFULLY!!!!!!!!!!
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories. Raw materials inventory Work in process inventory Finished goods inventory Beginning Inventory $ 60,000 435,000 633,000 Ending Inventory $ 92,500 515,000 605,000 The following additional information describes the company's production activities for May. $ 250,000 1,530,000 87,000 $ Raw materials purchases (on credit) Factory...
Help Required information (The following information applies to the questions displayed below.) Sierra Company manufactures woven...
Help Required information (The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Inventory $ 54,000 430,500 633,000 Ending Inventory $ 70,500 545,000 564,000 The following additional information describes the company's production activities for May. 270,000 1,562,000 80,000 Raw...
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter...
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Beginning Inventory $ 51, 000 133, 500 153, 300 38,100 Ending Inventory $ 61,000 105,500 88, 400 26,250 The following additional information describes the company's production activities for May. Direct materials Raw materials...
Mastery Problem: Introduction to Managerial Accounting Able Baker Charlie Company Charles Maxwell is starting a cheesecake...
Mastery Problem: Introduction to Managerial Accounting Able Baker Charlie Company Charles Maxwell is starting a cheesecake bakery, Able Baker Charlie Company, to produce and sell different flavored cheesecakes to restaurants and the general public. He has just begun his study of accounting, and is a bit confused about the many types of reports he has read about and how they will help him run his business. He asks you to help him clarify what the differences between managerial accounting and...
The following information is provided for Kelly Plumbing Supply Cash roceived fron customers during December 2017...
The following information is provided for Kelly Plumbing Supply Cash roceived fron customers during December 2017 Cash paid to suppliers for inventory during December 2017 $387,000 131,000 Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017 Accounts recelvable at December 31, 2017 totaled $141,000 Accounts payable (to suppliers of inventory) decreased by $19,000 from November 30, 2017 to December 31, 2017 The balance in the Inventory account decreased by $39,000 over...
Checking if the first part is right and need help with the jounal entires Sierra Company...
Checking if the first part is right and need help with the
jounal entires
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories Beginning Inventory $91.000 213,500 233,100 54,100 Ending Inventory $110.280 Rare materials inventory Work in process inventory Cutting Work in process inventory Stitching Finished goods inventory 113,200 42,25 The following additional Information describes the...
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3,...
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Bergamo Bay's computer system generated the following trial balance on December 31, 2017. The company's manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the accrued factory payroll (Factory Payroll...
This Quiz: 10 pts po nts Uniq Works purchased raw materials amounting to $130,000 on account and $20,000 for cash. The materials will be used to manufacture upholstery for furniture manufacturers on a contract basis. Which of the following journal entries correctly records this transaction? work 150.000 uiz/Test 20.000 130.000 150,000 O A. Raw Materials Inventory Cash Accounts Payable OB. Work-in - Process Inventory Accounts Payable OC. Accounts Payable Cash Raw Materials Inventory OD. Finished Goods Inventory Accounts Payable 150...
Managerial Accounting. Please complete the Statement of Cash
Flows
The following information was collected from Sierra Manufacturing's Income Statement and comparative Balance Sheet: Increase in cash $28,000 Decrease in accounts payable $25,000 Increase in account receivable $ 8,000 Increase in salaries payable $ 2,000 Decrease in inventory $16,000 Decrease in deferred income tax $ 4,000 Decrease in prepaid rent $ 3,000 Increase in notes payable $12,000 Increase in equipment $60,000 Decrease in common stock $25,000 Increase in accumulated depreciation $18,000...
CU VIRGILIUI [The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Pinished goods inventory Beginning Inventory $ 54,000 430,500 633,000 Ending Inventory $ 70,500 545,000 564,000 The following additional information describes the company's production activities for May $ 270,000 1.562,000 80,000 Raw...
PLEASE HELP......READ THE INFORMATION
CAREFULLY!!!!!!!!!!
Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories. Raw materials inventory Work in process inventory Finished goods inventory Beginning Inventory $ 60,000 435,000 633,000 Ending Inventory $ 92,500 515,000 605,000 The following additional information describes the company's production activities for May. $ 250,000 1,530,000 87,000 $ Raw materials purchases (on credit) Factory...
Help Required information (The following information applies to the questions displayed below.) Sierra Company manufactures woven blankets and accounts for product costs using process costing. Data below are for one of its processing departments. The following information is available regarding its May inventories Raw materials inventory Work in process inventory Finished goods inventory Beginning Inventory $ 54,000 430,500 633,000 Ending Inventory $ 70,500 545,000 564,000 The following additional information describes the company's production activities for May. 270,000 1,562,000 80,000 Raw...
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories: Raw materials inventory Work in process inventory-Cutting Work in process inventory-stitching Finished goods inventory Beginning Inventory $ 51, 000 133, 500 153, 300 38,100 Ending Inventory $ 61,000 105,500 88, 400 26,250 The following additional information describes the company's production activities for May. Direct materials Raw materials...
The following information is provided for Kelly Plumbing Supply Cash roceived fron customers during December 2017 Cash paid to suppliers for inventory during December 2017 $387,000 131,000 Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017 Accounts recelvable at December 31, 2017 totaled $141,000 Accounts payable (to suppliers of inventory) decreased by $19,000 from November 30, 2017 to December 31, 2017 The balance in the Inventory account decreased by $39,000 over...
Checking if the first part is right and need help with the
jounal entires
Sierra Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter production at the beginning of the Cutting process. The following information is available regarding its May inventories Beginning Inventory $91.000 213,500 233,100 54,100 Ending Inventory $110.280 Rare materials inventory Work in process inventory Cutting Work in process inventory Stitching Finished goods inventory 113,200 42,25 The following additional Information describes the...
Required information Problem 2-2A Source documents, journal entries, overhead, and financial reports LO P1, P2, P3, P4 [The following information applies to the questions displayed below.] Bergamo Bay's computer system generated the following trial balance on December 31, 2017. The company's manager knows something is wrong with the trial balance because it does not show any balance for Work in Process Inventory but does show a balance for the Factory Overhead account. In addition, the accrued factory payroll (Factory Payroll...
Most questions answered within 3 hours.
-
The CFO is conducting a meeting and she says "we shouldn't
accept this project because we...
asked 5 minutes ago -
How do you obtain the discount rate for an international capital
budgeting problem?
asked 1 minute ago -
Would you hire a white hat hacker or black hat hacker? What are
the pros and...
asked 2 minutes ago -
Hi, please read the entire problem.
I need help with the BusOrder class and test for...
asked 3 minutes ago -
Hello, regarding the photoelectric effect I had a couple
questions:
Red light is shining on a...
asked 19 minutes ago -
build a sample navigation Sprite in css ?
asked 18 minutes ago -
Please write a C# program for an concert sale with the
requirements below in Console Form:...
asked 20 minutes ago -
use linux follow instructions , put the commands at each step
and screenshot at each step...
asked 34 minutes ago -
Suppose producer’s production function let q(K, E) =
K0.5E0.5
Suppose producer’s cost function if w=w’ and...
asked 30 minutes ago -
Using the information given below for the fictitious country
"Alpha," find the national saving rate.
...
asked 21 minutes ago -
What is the advantage(s) of using iPS instead of ES cells for stem
cell therapies?
asked 30 minutes ago -
1. The return on assets
(ROA) for XYZ Hospital Systems Inc, below, for the year 20XX
was...
asked 33 minutes ago