Someone please help, what is wrong/whats missing???
Homework Answers
The answers look fine, please ensure the closing balance is written below the column where we have it as a balancing figure. Example:
| Cash | |||
| Beg. Bal | 20000 | 10500 | 2 |
| 10 | 36000 | 18000 | 4 |
| 1800 | 6 | ||
| 9300 | 7 | ||
| End. Bal | 16400 | ||
| 56000 | 56000 | ||
Please follow the same for all the accounts. Hope this helps.
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Someone please help, what is wrong/whats missing???
The following trial balance was taken from the records...
The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning...
The following trial balance was taken from the records of
Fairport Manufacturing Company at the beginning of Year 3.
The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning of Year 3. Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $43,400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400...
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm: Purchased $21,500 of...
The following transactions occurred in April at Steve’s
Cabinets, a custom cabinet firm:
Purchased $21,500 of materials on account.
Issued $1,350 of supplies from the materials inventory.
Purchased $12,300 of materials on account.
Paid for the materials purchased in transaction (1) using
cash.
Issued $14,700 in direct materials to the production
department.
Incurred direct labor costs of $25,500, which were credited to
Wages Payable.
Paid $22,300 cash for utilities, power, equipment maintenance,
and other miscellaneous items for the manufacturing plant....
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31,...
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015 Debits 4,800 1,800 4,800 10,800 Credits Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation- 3,300 equipment Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries and wages expense Rent expense Advertising expense 2,800 10,000 6,100 0 0 0 0 Totals 22,200 22,200 The following transactions occurred during January 2016: Jan. 1 Sold merchandise for cash, $3,300. The cost...
Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance...
Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance $25,500 $34,800 $52,800 Transactions: (1) Raw materials purchases (2) Raw materials used in production (all direct materials) (3) Direct labor (4) Manufacturing overhead costs incurred (5) Manufacturing overhead applied (6) Cost of units completed and transferred from Work in Process to Finished Goods (7) Any overapplied or underapplied manufacturing overhead is closed to cost of...
Sunset Products manufactures skateboards. The following transactions occurred in March. 1. Purchased $22,500 of materials on...
Sunset Products manufactures skateboards. The following transactions occurred in March. 1. Purchased $22,500 of materials on account. 2. Issued $1,250 of supplies from the materials inventory. 3. Purchased $25,500 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $30,500 in direct materials to the production department. 6. Incurred direct labor costs of $27,500, which were credited to Wages Payable. 7. Paid $22,000 cash for utilities, power, equipment maintenance, and other miscellaneous items...
The following data from the just completed year are taken from the accounting records of Mason...
The following data from the just completed year are taken from
the accounting records of Mason Company:
Sales
$
656,000
Direct labor cost
$
82,000
Raw material purchases
$
138,000
Selling expenses
$
101,000
Administrative expenses
$
42,000
Manufacturing overhead applied to work in process
$
210,000
Actual manufacturing overhead costs
$
221,000
Inventories
Beginning
Ending
Raw materials
$
8,100
$
10,800
Work in process
$
5,100
$
21,000
Finished goods
$
79,000
$
25,500
Required:
1. Prepare a...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year Manufacturing Overhead Work in Process (a) 375,000 (b) 427,000 Bal. (c) 777,200 105,100 209,100 Bal. 52,000 115,800 427,000 Bal. 79,800 Cost of Goods Sold Finished Goods 153,000 (0) 777,200 Bal. 832,200 (0) 832,200 Bal. 98,000 The overhead that had been applied to production during the year is distributed among the ending balances...
Munoz Plastic Products Company makes a plastic toy using two departments: parts and assembly. The...
Munoz Plastic Products Company makes a plastic toy using two
departments: parts and assembly. The following data pertain to the
parts department’s transactions in 2018:
The beginning balance in the Work in Process Inventory account
was $12,300. This inventory consisted of parts for 1,000 toys. The
beginning balances in the Raw Materials Inventory, Production
Supplies, and Cash accounts were $162,350, $2,000, and $400,000,
respectively.
Direct materials costing $138,750 were issued to the parts
department. The materials were sufficient to make...
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet...
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 82,000 121,000 $ 49,000 22,000 100,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total...
The following trial balance was taken from the records of
Fairport Manufacturing Company at the beginning of Year 3.
The following trial balance was taken from the records of Fairport Manufacturing Company at the beginning of Year 3. Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $43,400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400...
What is the manufacturing overhead
Cash Raw materials inventory Work in process inventory Finished goods inventory Property, plant, and equipment Accumulated depreciation Common stock Retained earnings Total $20,000 1,800 2,400 4,200 15,000 $ 6,000 16,800 20,600 $ 43, 400 $43,400 Transactions for the Accounting Period 1. Fairport purchased $11,400 of direct raw materials and $600 of indirect raw materials on account. The indirect materials are capitalized in the Production Supplies account. Materials requisitions showed that $10,800 of direct raw materials...
The following transactions occurred in April at Steve’s
Cabinets, a custom cabinet firm:
Purchased $21,500 of materials on account.
Issued $1,350 of supplies from the materials inventory.
Purchased $12,300 of materials on account.
Paid for the materials purchased in transaction (1) using
cash.
Issued $14,700 in direct materials to the production
department.
Incurred direct labor costs of $25,500, which were credited to
Wages Payable.
Paid $22,300 cash for utilities, power, equipment maintenance,
and other miscellaneous items for the manufacturing plant....
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2015 Debits 4,800 1,800 4,800 10,800 Credits Account Title Cash Accounts receivable Inventory Equipment Accumulated depreciation- 3,300 equipment Accounts payable Common stock Retained earnings Sales revenue Cost of goods sold Salaries and wages expense Rent expense Advertising expense 2,800 10,000 6,100 0 0 0 0 Totals 22,200 22,200 The following transactions occurred during January 2016: Jan. 1 Sold merchandise for cash, $3,300. The cost...
Eppich Corporation has provided the following data for the most recent month: Raw materials, beginning balance Work in process, beginning balance Finished Goods, beginning balance $25,500 $34,800 $52,800 Transactions: (1) Raw materials purchases (2) Raw materials used in production (all direct materials) (3) Direct labor (4) Manufacturing overhead costs incurred (5) Manufacturing overhead applied (6) Cost of units completed and transferred from Work in Process to Finished Goods (7) Any overapplied or underapplied manufacturing overhead is closed to cost of...
Sunset Products manufactures skateboards. The following transactions occurred in March. 1. Purchased $22,500 of materials on account. 2. Issued $1,250 of supplies from the materials inventory. 3. Purchased $25,500 of materials on account. 4. Paid for the materials purchased in transaction (1) using cash. 5. Issued $30,500 in direct materials to the production department. 6. Incurred direct labor costs of $27,500, which were credited to Wages Payable. 7. Paid $22,000 cash for utilities, power, equipment maintenance, and other miscellaneous items...
The following data from the just completed year are taken from
the accounting records of Mason Company:
Sales
$
656,000
Direct labor cost
$
82,000
Raw material purchases
$
138,000
Selling expenses
$
101,000
Administrative expenses
$
42,000
Manufacturing overhead applied to work in process
$
210,000
Actual manufacturing overhead costs
$
221,000
Inventories
Beginning
Ending
Raw materials
$
8,100
$
10,800
Work in process
$
5,100
$
21,000
Finished goods
$
79,000
$
25,500
Required:
1. Prepare a...
The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year Manufacturing Overhead Work in Process (a) 375,000 (b) 427,000 Bal. (c) 777,200 105,100 209,100 Bal. 52,000 115,800 427,000 Bal. 79,800 Cost of Goods Sold Finished Goods 153,000 (0) 777,200 Bal. 832,200 (0) 832,200 Bal. 98,000 The overhead that had been applied to production during the year is distributed among the ending balances...
Munoz Plastic Products Company makes a plastic toy using two
departments: parts and assembly. The following data pertain to the
parts department’s transactions in 2018:
The beginning balance in the Work in Process Inventory account
was $12,300. This inventory consisted of parts for 1,000 toys. The
beginning balances in the Raw Materials Inventory, Production
Supplies, and Cash accounts were $162,350, $2,000, and $400,000,
respectively.
Direct materials costing $138,750 were issued to the parts
department. The materials were sufficient to make...
Supreme Videos, Inc., produces short musical videos for sale to retail outlets. The company's balance sheet accounts as of January 1, are given below. $ 82,000 121,000 $ 49,000 22,000 100,000 Supreme Videos, Inc. Balance Sheet January 1 Assets Current assets: Cash Accounts receivable Inventories: Raw materials (film, costumes) Videos in process Finished videos awaiting sale Prepaid insurance Total current assets Studio and equipment Less accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Capital stock Retained earnings Total...
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