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Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below are the company's beginning inventory and purchases of a particular filter for unit Z-398 in March, all exclusive of GST Beginning inventory (March 1st) 0 Purchase (March 5th) Purchase Return (March 7th) Purchase (March 26th) Purchase (March 31st) Quantity Unit Cost Total Cost $190 $212 $212 $215 $220 $0 $4,240 $1,060 $4,300 $6,600 20 20 30 On March 21st, Tomlin Limited sold, on credit,...
Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on Augus...
Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: $ Spark Filter Company Debit Credit $ 109,000 114,000 185,000 Plug Products Debit Credit 146,000 231,000 277,000 260,400 170,000...
Clean Air Products owns 80 percent of the stock of Superior Filter Company which it acquired...
Clean Air Products owns 80 percent of the stock of Superior Filter Company which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 cent of the book value of Superior Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: Clean Air Products Superior Filter Com Debit Credit Debit 103,000 117,000 193,000 Credit Cash and Accounts Receivable Inventory...
Company Name: Abcde Pty Ltd The company began operations as a retailer on 1 July 2017....
Company Name: Abcde Pty Ltd The company began operations as a retailer on 1 July 2017. It buys and sells one inventory item, derrings, from a leased warehouse in the outer suburbs of Melbourne. The company is registered for GST which it pays quarterly. Assume GST was last paid on 30 June. It uses the Weighted Average cost allocation method and the perpetual inventory recording method. The company uses the straight line depreciation method for office furniture and computers and...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages...
1. Sheffield Enterprises’ payroll for the month of March, 2020 is shown below. Salaries and Wages for the month of March 2020 $ 214,000 Income Taxes withheld from employees 47,372 EI withheld from employees 1.66% CPP withheld from employees 4.95% Union dues withheld from employees 20,914 Prepare the journal entries for the employee and employer portion related to payroll costs. Also, prepare the journal entries to record the remittance of the March payroll deductions to the Receiver General for Canada...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Retail operations and retail inventory ‘Kites Galore’ began business on 1 October 2019. The business is...
Retail operations and retail inventory ‘Kites Galore’ began business on 1 October 2019. The business is owned and operated by Harry Smith as a sole-trader. The business will sell kites via an online store. The business is registered for GST. The following transactions occurred during October 2019: Date: Details: 1 Oct Harry Smith deposited $20,000 into the business bank account. 5 Oct Kites Galore purchased of 50 kites on account for $2,750 ($55 per kite, including GST) from the kite...
Required Information [The following information applies to the questions displayed below.] Pastina Company sells various types...
Required Information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021. appears below. Credits Debits 35,500 43,000 3.ee 63,00 23,00 2,500 9,000 92,000 34,500 34,90 53, eee Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable...
[The following information applies to the questions displayed below.] Wally’s Widget Company (WWC) incorporated near the...
[The following information applies to the questions
displayed below.]
Wally’s Widget Company (WWC) incorporated near the end of 2011.
Operations began in January of 2012. WWC prepares adjusting entries
and financial statements at the end of each month. Balances in the
accounts at the end of January are as follows:
Cash
$
20,120
Unearned Revenue (25 units)
$
4,850
Accounts Receivable
$
11,150
Accounts Payable (Jan Rent)
$
2,300
Allowance for Doubtful Accounts
$
(1,400)
Notes Payable
$...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below are the company's beginning inventory and purchases of a particular filter for unit Z-398 in March, all exclusive of GST Beginning inventory (March 1st) 0 Purchase (March 5th) Purchase Return (March 7th) Purchase (March 26th) Purchase (March 31st) Quantity Unit Cost Total Cost $190 $212 $212 $215 $220 $0 $4,240 $1,060 $4,300 $6,600 20 20 30 On March 21st, Tomlin Limited sold, on credit,...
Plug Products owns 80 percent of the stock of Spark Filter Company, which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 percent of the book value of Spark Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: $ Spark Filter Company Debit Credit $ 109,000 114,000 185,000 Plug Products Debit Credit 146,000 231,000 277,000 260,400 170,000...
Clean Air Products owns 80 percent of the stock of Superior Filter Company which it acquired at underlying book value on August 30, 20X6. At that date, the fair value of the noncontrolling interest was equal to 20 cent of the book value of Superior Filter. Summarized trial balance data for the two companies as of December 31, 20X8, are as follows: Clean Air Products Superior Filter Com Debit Credit Debit 103,000 117,000 193,000 Credit Cash and Accounts Receivable Inventory...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Major League Bat Company manufactures baseball bats. In addition to its work in process inventories, the company maintains inventories of raw materials and finished goods. It uses raw materials as direct materials in production and as indirect materials. Its factory payroll costs include direct labor for production and indirect labor. All materials are added at the beginning of the process, and conversion costs are applied uniformly throughout the production process. Required: You are to maintain records and produce measures of...
Required Information [The following information applies to the questions displayed below.] Pastina Company sells various types of pasta to grocery chains as private label brands. The company's reporting year-end is December 31. The unadjusted trial balance as of December 31, 2021. appears below. Credits Debits 35,500 43,000 3.ee 63,00 23,00 2,500 9,000 92,000 34,500 34,90 53, eee Account Title Cash Accounts receivable Supplies Inventory Notes receivable Interest receivable Prepaid rent Prepaid insurance Office equipment Accumulated depreciation Accounts payable Salaries payable...
[The following information applies to the questions
displayed below.]
Wally’s Widget Company (WWC) incorporated near the end of 2011.
Operations began in January of 2012. WWC prepares adjusting entries
and financial statements at the end of each month. Balances in the
accounts at the end of January are as follows:
Cash
$
20,120
Unearned Revenue (25 units)
$
4,850
Accounts Receivable
$
11,150
Accounts Payable (Jan Rent)
$
2,300
Allowance for Doubtful Accounts
$
(1,400)
Notes Payable
$...
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