Solution:
Retained earnings |
||
Transaction |
Yes |
No |
a |
No |
|
b |
No |
|
c |
-45,000 |
|
d |
-21,000 |
|
e |
450,000 |
|
f |
No |
|
g |
No |
|
h |
No |
|
i |
No |
|
j |
-220,000 |
|
k |
No |
Working:
Retained earnings |
Working |
||
Transaction |
Yes |
No |
|
a |
No |
||
b |
No |
||
c |
-45,000 |
||
d |
-21,000 |
60,000*35% |
|
e |
450,000 |
||
f |
No |
||
g |
No |
||
h |
No |
||
i |
No |
||
j |
-220,000 |
||
k |
No |
Retained earnings would be affected with any rise or fall in net income and dividends paid to shareholders. Sales commission and depreciation would reduce the retained earnings while sales revenue would increase the retained earnings
Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are...
Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Raw materials purchased on account. $100.000. b. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials. c. Sales commissions paid in cash, $45,000. d. Depreciation was recorded for the month, $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment). e. Sales for the month, $450,000 (70% cash sales and the remainder were...
Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Raw materials purchased on account, $100,000. b. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials. c. Sales commissions paid in cash, $45,000. d. Depreciation was recorded for the month, $60,000(65% related to factory equipment, and the remainder related to selling and administrative equipment). e. Sales for the month, $450,000(70% cash sales and the remainder were sales on...
A company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Manufacturing overhead costs incurred on account, $80,000. b. Depreciation was recorded for the month, $35,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). c. Prepaid insurance expired during the month, $2,500 (75% related to production, and 25% related to selling and administration). d. Applied $116,000 of manufacturing overhead to production during the month. e. Closed...
A company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Manufacturing overhead costs incurred on account, $80,000. b. Depreciation was recorded for the month, $35,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). c. Prepaid insurance expired during the month, $2,500 (75% related to production, and 25% related to selling and administration). d. Applied $117,000 of manufacturing overhead to production during the month. e. Closed...
Savod A company is a manufacturer that completed numerous transactions during the month, some of which are shown below Help a. Manufacturing overhead costs incurred on account, $80,000. b. Depreciation was recorded for the month $35.000 (80% related to factory equipment, and the remainder related to seling administrative equipment). c. Prepaid insurance expired during the month $2,500 (75% related to production, and 25% related to selling and administra d. Applied $119,000 of manufacturing overhead to production during the month. e....
Help Save & EXH A company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Manufacturing overhead costs incurred on account, $80,000. b. Depreciation was recorded for the month, $35,000 (80% related to factory equipment, and the remainder related to selling and administrative equipment). c. Prepaid insurance expired during the month, $2,500 (75% related to production, and 25% related to selling and administration). d. Applied $117,000 of manufacturing overhead to production during...
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Larned Corporation recorded the following transactions for the just completed month. a. $71,000 in raw materials were purchased on account. b. $69,000 in raw materials were used in production. Of this amount, $57,000 was for direct materials and the remainder was for indirect materials. c Total labor wages of $113,500 were paid in cash Of this amount, $100,100 was for direct labor and the remainder was for indirect d. Depreciation of $194,000 was incurred on factory equipment. labor...
Larned Corporation recorded the following transactions for the just completed month.a. $ 88,000 in raw materials were purchased on account.b. $ 86,000 in raw materials were used in production. Of this amount, $73,000 was for direct materials and the remainder was for indirect materials.C. Total labor wages of $115,000 were paid in cash. Of this amount, $102,600 was for direct labor and the remainder was for indirect labor.d. Depreciation of $193,000 was incurred on factory equipment.Required:Record the above transactions in...
Lamed Corporation recorded the following transactions for the just completed month. a. $80,000 in raw materials were purchased on account b. $71,000 in raw materials were used in production of this amount. $62.000 was for direct materials and the remainder was for indirect materials. c. Total labor wages of $112,000 were paid in cash. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. d. Depreciation of $175,000 was incurred on factory equipment. Required: Record...
Larned Corporation recorded the following transactions for the just completed month. $88,000 in raw materials were purchased on account. $86,000 in raw materials were used in production. Of this amount, $76,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $108,500 were paid in cash. Of this amount, $103,500 was for direct labor and the remainder was for indirect labor. Depreciation of $198,000 was incurred on factory equipment. Required: Record the above transactions in...