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The following information is provided for Kelly Plumbing Supply Cash roceived fron customers during December 2017...
The following information is provided for Kelly Plumbing Supply Cash received from customers during Decenber 2017...
The following information is provided for Kelly Plumbing Supply Cash received from customers during Decenber 2017 Cash paid to suppliers for inventory during December 2017 . $387,000 131,000 Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017 Accounts recelvable at December 31, 2017 totaled $141.000. Accounts payable (to suppliers of inventory) decreased by $19,000 from November 30, 2017 to December 31, 2017. The balance in the inventory account decreased by $39,000...
n November and December 2017, Gee Company, a subscriptions at $12 per year, starting with the...
n November and December 2017, Gee Company, a subscriptions at $12 per year, starting with the January 2018 issue of the magazine. Required How much should Gee report in its 2017 income statement for subscriptions revenue on an accrual basis? What are Gee's cash receipts in 2017 Revenue recognized Cash receipts Under Hart Company's accounting system, all insurance premiums paid are debited to Prepaid insurance. For interim financial reports, Hart makes monthly estimated charges to Insurance expense with credits to...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. ome statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement and balance sheet...
The following calendar year-end information istaken from the December 31, 2017, adjusted trial ba...
The following calendar year-end information istaken from the December 31, 2017, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases* Rent exp Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense $30,250 9,500 9,900 37,550 108,360 8,850 37,500 693,000 74,200 8,875 65,200 935,000 29,800 30,900...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. $ 683,000 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories $ 32,700 7,600 Income taxes expense 11,000 Indirect labor 36,200 Miscellaneous production costs 117,700 Office salaries expense 9,000 Raw materials purchases 36,000 Rent expense-Office space Direct labor 258,300 59,400| 11,100 71,000| 933,000 26,000| 26,600 81,100| 36,900 Rent expense-Selling...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 27,000 Direct labor 8,700 Income taxes expense...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 28,100 Direct labor 10,700 Income taxes expense...
Required information [The following information applies to the questions displayed below.) The following data is provided...
Required information [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. $ Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts...
TASK. Solve the case based on the following information: William Waterspout set up a retailing business...
TASK. Solve the case based on the following information: William Waterspout set up a retailing business selling gardening tools, called ‘Toolgarden’ on 1 November 2017. During the first 2 months of operations ended 31 December 2017 the following business events took place: Nov. 1 William Waterspout invested €100,000 in the business. 2 Prepaid rent of €6,000 for the following 6 months (Rented a building to use as an office and storerooms from November 2017 to April 2018). 3 Purchased equipment...
The following information is provided for Kelly Plumbing Supply Cash received from customers during Decenber 2017 Cash paid to suppliers for inventory during December 2017 . $387,000 131,000 Cash received from customers includes all $139,000 of the accounts receivable that were outstanding at November 30, 2017 Accounts recelvable at December 31, 2017 totaled $141.000. Accounts payable (to suppliers of inventory) decreased by $19,000 from November 30, 2017 to December 31, 2017. The balance in the inventory account decreased by $39,000...
n November and December 2017, Gee Company, a subscriptions at $12 per year, starting with the January 2018 issue of the magazine. Required How much should Gee report in its 2017 income statement for subscriptions revenue on an accrual basis? What are Gee's cash receipts in 2017 Revenue recognized Cash receipts Under Hart Company's accounting system, all insurance premiums paid are debited to Prepaid insurance. For interim financial reports, Hart makes monthly estimated charges to Insurance expense with credits to...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. (b) Prepare an income statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement...
E14-14 The following information is available for Aikman Company. January 1, 2017 2017 December 31, 2017 Raw materials inventory $21,000 $30,000 Work in process inventory 13,500 17,200 Finished goods inventory 27,000 21,000 Materials purchased $150,000 Direct labor 220,000 Manufacturing overhead 180,000 Sales revenue 910,000 Instructions (a) Compute cost of goods manufactured. ome statement through gross profit. (c) Show the presentation of the ending inventories on the December 31, 2017, balance sheet. (d) How would the income statement and balance sheet...
The following calendar year-end information istaken from the December 31, 2017, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Direct labor Indirect labor Miscellaneous production costs Office salaries expense Raw materials purchases* Rent exp Rent expense-Selling space Rent expense-Factory building Maintenance expense-Factory equipment Sales Sales salaries expense $30,250 9,500 9,900 37,550 108,360 8,850 37,500 693,000 74,200 8,875 65,200 935,000 29,800 30,900...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. $ 683,000 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories $ 32,700 7,600 Income taxes expense 11,000 Indirect labor 36,200 Miscellaneous production costs 117,700 Office salaries expense 9,000 Raw materials purchases 36,000 Rent expense-Office space Direct labor 258,300 59,400| 11,100 71,000| 933,000 26,000| 26,600 81,100| 36,900 Rent expense-Selling...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 27,000 Direct labor 8,700 Income taxes expense...
The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished goods, December 31, 2017 $ 28,100 Direct labor 10,700 Income taxes expense...
Required information [The following information applies to the questions displayed below.) The following data is provided for Garcon Company and Pepper Company. $ Beginning finished goods inventory Beginning work in process inventory Beginning raw materials inventory Rental cost on factory equipment Direct labor Ending finished goods inventory Ending work in process inventory Ending raw materials inventory Factory utilities Factory supplies used General and administrative expenses Indirect labor Repairs-Factory equipment Raw materials purchases Selling expenses Sales Cash Factory equipment, net Accounts...
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