Comprehensive problem (Algo) LO 1-1, 1-2, 1-3, 1-4, 1-5, 1-6, 1-7 Munoz Modems, Inc. makes modem...
Jordan Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. Acquired $840,000 of cash from the owners. Purchased $315,000 of manufacturing equipment. The equipment has a $39,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. The company started and completed 5,900 modems. Direct materials purchased...
Fanning Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. Acquired $800,000 of cash from the owners. Purchased $295,000 of manufacturing equipment. The equipment has a $35,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b. The company started and completed 5,500 modems. Direct materials purchased...
Perez Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. Acquired $860,000 of cash from the owners. Purchased $325,000 of manufacturing equipment. The equipment has a $41,000 salvage value and a four-year useful life. The company started and completed 6,100 modems. Direct materials purchased and used amounted to $51 per unit. Direct labor costs amounted to $36 per unit. The cost...
Magnificent Modems, Inc, makes modem cards that are used in notebook computers. The company completed the following transactions during year 1, All purchases and sales were made with cash. 1. Acquired $750,000 of cash from the owners, 2. Purchased $270,000 of manufacturing equipment. The equipment has a $30,000 salvage value and a four-year useful life. 3. The company started and completed 5,000 modems. Direct materials purchased and used amounted to $40 per unit. 4. Direct labor costs amounted to $25...
Gibson Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $790, eee of cash from the owners. 2. Purchased $350,000 of manufacturing equipment. The equipment has a $42, 000 salvage value and a four-year useful life. 3. The company started and completed 6,000 modems. Direct materials purchased and used amounted to $48 per unit. 4. Direct labor costs amounted...
Fanning Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $775,000 of cash from the owners. 2. Purchased $320,000 of manufacturing equipment. The equipment has a $36,000 salvage value and a four-year useful life. 3. The company started and completed 6,000 modens. Direct materials purchased and used amounted to 545 per unit. 4. Direct labor costs amounted to $30...
Stuart Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. Acquired $825,000 of cash from the owners. Purchased $420,000 of manufacturing equipment. The equipment has a $45,000 salvage value and a four-year useful life. The company started and completed 7,500 modems. Direct materials purchased and used amounted to $55 per unit. Direct labor costs amounted to $40 per unit. The cost...
Magnificent Modems, Inc. makes modem cards that are used in notebook computers. The company completed the following transactions during year 1. All purchases and sales were made with cash. 1. Acquired $750,000 of cash from the owners. 2. Purchased $270,000 of manufacturing equipment. The equipment has a $30,000 salvage value and a four-year useful life. 3. The company started and completed 5,000 modems. Direct materials purchased and used amounted to $40 per unit. 4. Direct labor costs amounted to $25...
Place formulas in row 16 to autó calculate net income after each event, and add 1 equity Notice that you must enter the events since only the first ofe Spreadsheet Tips . The column widths are set by choosing Format, then Column, and then Width 2. The shad column and choosing Format, ding in columns B. N,and T is added by highlighting a els, and then clicking on the tab titiled Patterns and choosing a color way to add a...
Munoz Manufacturing Company was started on January 1, year 1, when it acquired $82,000 cash by issuing common stock. Munoz immediately purchased office furniture and manufacturing equipment costing $8,400 and $27,100, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,400 salvage value and an expected useful life of three years. The company paid $11,100 for salaries of administrative personnel and $15,100 for wages to production personnel. Finally, the company...