Homework Answers
Add Answer to:
6. A newly formed company has applied for a loan to a bank for financing its...
Q3. (15 Marks) A proforma cost shoct of a company provides the following particulars: Particulars Amount...
Q3. (15 Marks) A proforma cost shoct of a company provides the following particulars: Particulars Amount per unit Elements of cost:(Rs) Raw materials Direct labour Overhead 170 Total cost Profit Selling price The following further particulars are available: Raw materials in stock, on average, one month; Materials in process (completion stage, 50 per cent), on average, half a month: Finished goods in stock, on average, one month. Credit allowed by suppliers is one month; Credit allowed to debtors is two...
The following trial balance was extracted from the books of G & E Production Company Ltd...
The following trial balance was extracted from the books of G
& E Production Company Ltd on 31 December 2018 and presented to
you the Financial Accountant:
Trial Balance
Details/Accounts
Dr $
Cr $
Purchases of direct raw materials
24,200,000
Stock of direct raw materials 1 January 2018
5,500,000
Wages paid to manufacture goods
12,000,000
Insurance
2,000,000
Electricity
1,450,000
Cash at bank
28,000,000
Accounts payable
3,500,000
Discounts
450,000
500,000
Return of direct raw materials
200,000
Cash in hand
600,000
Work-in-progress...
Exercises #11 1. Xtra Corporation needs $50,000 for three months to finance its working capital. The company has arranged a short-term loan with a bank. The bank charges 8% annual interest rate wi...
Exercises #11 1. Xtra Corporation needs $50,000 for three months to finance its working capital. The company has arranged a short-term loan with a bank. The bank charges 8% annual interest rate with interest paid in advance. The bank also requires 5% of the borrowed amount as a compensating balance. Assume Xtra does not have money to serve as a compensating balance and pay interest upfront 1.1 How much Xtra have to borrow? 1.2 Find effective cost of bank loan...
Panzarella Company manufactures soccer balls in two sequential processes: Cutting and Stitching. All direct materials enter...
Panzarella 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 $146,000 323,500 343,300 300,100 Ending Inventory $177,850 65,500 200,500 64,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting...
Brighton, Inc., manufactures kitchen tiles. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It began negotiating for a one-month bank loan of $600,000 starting May 1. The bank would charg
Brighton, Inc., manufactures kitchen tiles. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It began negotiating for a one-month bank loan of $600,000 starting May 1. The bank would charge interest at the rate of 1.25 percent per month and require the company to repay interest and principal on May 31. In considering the loan, the bank requested a projected income statement and cash budget for May. The following information is...
Brighton, Inc., manufactures kitchen tiles. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It began negotiating for a one-month bank loan of $500,000 starting May 1. The bank would charg
Brighton, Inc., manufactures kitchen tiles. The company recently expanded, and the controller believes that it will need to borrow cash to continue operations. It began negotiating for a one-month bank loan of $500,000 starting May 1. The bank would charge interest at the rate of 1.25 percent per month and require the company to repay interest and principal on May 31. In considering the loan, the bank requested a projected income statement and cash budget for May. The following information...
Problem: 1: Find out working capital by operating cycle method, taking 360 days in a year....
Problem: 1: Find out working capital by operating cycle method, taking 360 days in a year. Sales: Material cost 9,000 units @ $100 each Same is produce and save is selling Labor cost S 50 per unit. S25 per unit Overheads $15 per unit Customers are given 45 days credit and 50 days credit taken from suppliers. Raw materia for 30 days and finished goods for 15 days are kept in stock. Production cycle period is 25 days. Problem: 2:...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $28,100 21.900 79,900 Ending Inventory $25,600 46,800 68,500 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling general, and administrative expenses Sales revenue 40,500 1,900 62,900 35.200 23,200 236,500 Required: 1. Based on the above information, prepare a cost of...
P22-30B Greely Princing of Albany has applied for a loan. Bank of America has requested a...
P22-30B Greely Princing of Albany has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2009, and a budgetco statement of cash flows for April. As Greely's controller, you have assem. bled the following information: March 31 balance sheet information: Cash, $45,600; Accounts Receivable, $29,700; Inventory, $29,600; Equipment, $52,400; Accumulated Depreciation, $41,300; Accounts Payable, $17,300; Accrued Liabilities, $0; Owner's Equity, $98,700. Planned April operating activity information: a. Purchase inventory costing $46,800, paying $10,000...
Please answer all the question!! Thanks a lot！ At Allen Company, manufacturing overhead is applied based...
Please answer all the question!! Thanks a lot！
At Allen Company, manufacturing overhead is applied based on direct labor hours. Overhead was estimated to be $540,000 and direct labor hours were estimated to be 360,000. Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000. In addition, Allen Company incurred the following actual costs during the year: * Administrative expenses, $100,000 • Depreciation expense on fixed assets, $500,000 (80% of the depreciation...
Q3. (15 Marks) A proforma cost shoct of a company provides the following particulars: Particulars Amount per unit Elements of cost:(Rs) Raw materials Direct labour Overhead 170 Total cost Profit Selling price The following further particulars are available: Raw materials in stock, on average, one month; Materials in process (completion stage, 50 per cent), on average, half a month: Finished goods in stock, on average, one month. Credit allowed by suppliers is one month; Credit allowed to debtors is two...
The following trial balance was extracted from the books of G
& E Production Company Ltd on 31 December 2018 and presented to
you the Financial Accountant:
Trial Balance
Details/Accounts
Dr $
Cr $
Purchases of direct raw materials
24,200,000
Stock of direct raw materials 1 January 2018
5,500,000
Wages paid to manufacture goods
12,000,000
Insurance
2,000,000
Electricity
1,450,000
Cash at bank
28,000,000
Accounts payable
3,500,000
Discounts
450,000
500,000
Return of direct raw materials
200,000
Cash in hand
600,000
Work-in-progress...
Exercises #11 1. Xtra Corporation needs $50,000 for three months to finance its working capital. The company has arranged a short-term loan with a bank. The bank charges 8% annual interest rate with interest paid in advance. The bank also requires 5% of the borrowed amount as a compensating balance. Assume Xtra does not have money to serve as a compensating balance and pay interest upfront 1.1 How much Xtra have to borrow? 1.2 Find effective cost of bank loan...
Panzarella 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 $146,000 323,500 343,300 300,100 Ending Inventory $177,850 65,500 200,500 64,250 The following additional information describes the company's production activities for May. Direct materials Raw materials purchased on credit Direct materials used-Cutting...
Problem: 1: Find out working capital by operating cycle method, taking 360 days in a year. Sales: Material cost 9,000 units @ $100 each Same is produce and save is selling Labor cost S 50 per unit. S25 per unit Overheads $15 per unit Customers are given 45 days credit and 50 days credit taken from suppliers. Raw materia for 30 days and finished goods for 15 days are kept in stock. Production cycle period is 25 days. Problem: 2:...
StoSmart Company makes plastic organizing bins. The company has the following inventory balances at the beginning and end of March: Raw materials Work in process Finished goods Beginning Inventory $28,100 21.900 79,900 Ending Inventory $25,600 46,800 68,500 Additional information for the month of March follows: Raw materials purchases Indirect materials used Direct labor Manufacturing overhead applied Selling general, and administrative expenses Sales revenue 40,500 1,900 62,900 35.200 23,200 236,500 Required: 1. Based on the above information, prepare a cost of...
P22-30B Greely Princing of Albany has applied for a loan. Bank of America has requested a budgeted balance sheet at April 30, 2009, and a budgetco statement of cash flows for April. As Greely's controller, you have assem. bled the following information: March 31 balance sheet information: Cash, $45,600; Accounts Receivable, $29,700; Inventory, $29,600; Equipment, $52,400; Accumulated Depreciation, $41,300; Accounts Payable, $17,300; Accrued Liabilities, $0; Owner's Equity, $98,700. Planned April operating activity information: a. Purchase inventory costing $46,800, paying $10,000...
Please answer all the question!! Thanks a lot！
At Allen Company, manufacturing overhead is applied based on direct labor hours. Overhead was estimated to be $540,000 and direct labor hours were estimated to be 360,000. Actual direct labor hours and actual direct labor costs for the year amounted to 400,000 hours and $700,000. In addition, Allen Company incurred the following actual costs during the year: * Administrative expenses, $100,000 • Depreciation expense on fixed assets, $500,000 (80% of the depreciation...
Most questions answered within 3 hours.
-
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 1 hour ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 1 hour ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 1 hour ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 1 hour ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 1 hour ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 2 hours ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 2 hours ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 2 hours ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 2 hours ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 2 hours ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 2 hours ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 2 hours ago