Question

Hudson Company manufactures women's shoes. It uses a job costing system that allocates factory overhead on the basis of machine-hours. Budgeted factory overhead for the year 2019 was $768,000, and management budgeted 96,000 machine-hours. The company's income tax rate is 21% (Round income tax to the nearest dollar). Below is Hudson's trial balance at the beginning of July 2019. Credit Cash Debit $ 7,000 Accounts Receivable........................ 18.000 Materials Inventory.............. 9,000 Work in Process..................... ........ 20,000 Finished Goods Inventory........... ......... 32,000 Prepaid Factory Insurance................... 4,000 Machinery and Equipment.................. 210,000 Accumulated Depreciation...... Accounts Payable... Common Stock. Retained Earnings........ Total............................................. $300,000 $ 53,000 38,000 160,000 49,000 $300,000 The following transactions are for July 2019: July 1. Materials purchased on account, $40,000. 2. Received a $100,000 loan from New York Bank on a 3-year note payable. 3. Raw materials requisitioned to be used in production, $38,000 (85% direct materials and 15% indirect materials) 5. Factory utilities costs incurred, on account, $19,100. 8. Selling expenses incurred on account, $9,500. 12. Restructuring costs incurred, on account, $48,000. 15. Paid cash for research and development expense, $15,000. 20. Declared a cash dividend , $1,225. 25. Labor costs incurred (but not yet paid): Direct labor... ....$45,000 Indirect labor............ ............ $10,000 28. Administrative expenses incurred on account, $30,000. 28. Payments to suppliers on account, $140,000. 29. Paid labor costs, $55,000. 29. Paid the cash dividend, of$1,225. 30. Paid New York Bank $1,000 interest on the note payable. 31. Depreciation of machinery and equipment, $36,000. Three fourths of this depreciation is for factory equipment, and the remainder for office equipment. 31. Prepaid factory insurance expired during July, $3,000.

Can I have the answers from 1-6 as soon as possible. Thanks

I already have the answer for 1&2 ; 3-6 will be most helpful

I already send 1 and 2 . I need all part to be completed. thanks

I have sent the whole questions so can you please answer the whole problem clearly. Thanks

Answer 1

Missing Journal
28-Jul	AP		$          140,000
	Cash			$     140,000
Ledger Account
Cash
Date	Amount		Amount	Date
1/7/2019	$       7,000		$            15,000	15/07/2019
2/7/2019	$   100,000		$          140,000	28/07/2019
31/07/2019	$   245,000		$            55,000	29/07/2019
			$              1,225	29/07/2019
31/07/2019	$ 139,775		$              1,000	30/07/2019
Account Receivable
1/7/2019	$     18,000		$          245,000	31/07/2019
31/07/2019	$   250,000		$            23,000
31/07/2019	$   23,000
Material Inventory
	9000		38000
	40000		11000
	11000
Work in Process
	$     20,000		$          140,000
	$     32,300
	$     45,000
	$     60,000
	$   17,300
Manufacturing Overhead
	$       5,700		$            60,000
	$     19,100		$              4,800
	$     10,000		$          64,800
	$     27,000
	$       3,000
	$   64,800
Selling & Adm. Overhead
	$       9,500
	$     30,000
	$       9,000
	$   48,500
Cost of Goods Sold
	$130,000
	$4,800
	$ 134,800
Sales Revenue
			$        250,000
Interest Expense
	$     1,000
Restructuring Cost
	$   48,000
Research and Development expense
	$   15,000

Finished goods Inventory
Date	Amount		Amount	Date
	$       32,000		$     130,000
	$     140,000		$       42,000
	$     42,000
Prepaid Factory Insurance
	$         4,000		$         3,000
			$         1,000
	$       1,000
Machinery and Equipment
	$   210,000
Accumulated Depreciation
			$       53,000
			$       36,000
			$     89,000
Account Payable
	$     140,000		$       38,000
			$       40,000
			$       19,100
			$         9,500
			$       48,000
			$       30,000
			$     184,600
			$     44,600
Common Stock
			$     160,000
Retained Earning
			$     49,000
Dividend
	$       1,225

Hudson Company
Trail Balance
For the year ended July 31, 2019
Account Tittle	Debit	Credit
Cash	$139,775
Account Receivable	$23,000
Material Inventory	$11,000
Work in Process	$17,300
Finished goods Inventory	$42,000
Prepaid Insurance	$1,000
Machinery & Equipment	$210,000
Accumulated Depreciation		$    89,000
Account Payable		$    44,600
Note Payable		$ 100,000
Sales Revenue		$ 250,000
Common Stock		$ 160,000
Retained Earning		$    49,000
Dividend	$1,225
Manufacturing Overhead
Selling & Admn. Overhead	$48,500
Cost of goods sold	$134,800
Interest expense	$1,000
Restructuring Cost	$48,000
R & D expense	$15,000
	$   692,600	$    692,600
Manufacturing Overhead debit is equal to credit balance

Hudson Company
Income Statement
For the year ended July 31, 2019
Sales Revenue		$250,000
Less: Cost of good sold		$134,800
Gross Profit		$115,200
Less:Operating expense
Selling and Adm. Expense		$48,500
Operating Income		$66,700
Other income/expense
Interest expense		-$1,000
Restructuring cost		-$48,000
R & Expenses		-$15,000
Net Income		$2,700
Less: Income Tax @ 21%		-$567
Net Income after tax		$2,133
Hudson Company
Balance Sheet
For the year ended July 31, 2019
Assets:
A) Current Assets
Cash	139775
Account Receivable	$23,000
Material Inventory	$11,000
Work in Process	$17,300
Finished goods Inventory	$42,000
Prepaid Insurance	$1,000
Total Current Assets		$234,075
B) Non Current Assets:
Machinery & Equipment	$210,000
Less:Accumulated Depreciation	-$89,000
Net Non Current Assets		$121,000
Total Assets		$ 355,075
Liabilities & Stockholders Equity
A) Current Liabilities
Account Payable	$   44,600
Income Tax Payable	567
B)Non Current Liabilities
Note Payable	100,000
Total Liabilities		$145,167
Stock Holders' Equity:
Common Stock	160,000
Retained Earning	49,908
Stock Holders' Equity		$209,908
Stockholder' equity & Liabilities		$ 355,075
Retained Earning Statement
Beg. Balance		$ 49,000
Net Income		$    2,133
Dividend		$ (1,225)
Ending Balance		$ 49,908