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Question-1: Following information has been taken from the accounting records of Faris & Co for two...
QUESTION 11 The following inventory information was taken from the records of ABC Co. for YEAR...
QUESTION 11 The following inventory information was taken from the records of ABC Co. for YEAR 1: Historical Cost $12.000 Replacement Cost $7.000 Expected Selling Price $9.000 Expected Selling Cost $500 Normal Profit Margin 20% of selling price Required: Journalize the outcome for Year 1, and show all work in detail using US GAAP and IFRS.
The following information has been taken from the accounting records of Klear-Seal Company for last year....
The following information has been taken from the accounting records of Klear-Seal Company for last year. Selling expenses 140,000 Raw materials inventory, January 1 90,000 Raw materials inventory, December 31 60,000 Utilities, factory 36,000 Direct labour cost 150,000 Depreciation, factory 162,000 Purchases of raw materials 750,000 Sales 2,500,000 Insurance, factory 40,000 Supplies, factory 15,000 Administrative expenses 270,000 Indirect labour 300,000 Maintenance, factory 87,000 Work in process...
The following is taken from Ronda Co.'s internal records of its factory with two production departments.
The following is taken from Ronda Co.'s internal records of its factory with two production departments. The cost driver for indirect labor and supplies is direct labor costs, and the cost driver for the remaining overhead items is number of hours of machine use. Machine Use Hours 1,980 1,220 3,200 Direct Labor Department 1 $18, 600 Department 2 13,400 Totals $32,000 Factory overhead costs Rent and utilities Indirect labor General office expense Depreciation Equipment Supplies Total factory overhead $12,000 5,350 4,100...
Question Two (CL04) (12 marks) (30 minutes) Co Ltd is a Japanese public multinational corporation primarily...
Question Two (CL04) (12 marks) (30 minutes) Co Ltd is a Japanese public multinational corporation primarily known as a 2A - Honda Motor Co., Ltd is a of Honda Motor Co, draw a break-even chart total cost line, profit area, loss area, margin incidence. ufacturer of automobiles, motorcycles, and power equipment. From the following information draw a break-even chart and determine from the chart the break-even point, profit area, loss area, margin of safety, sales line, fixed cost line, and...
Help The following selected data were taken from the accounting records of Metcalf Manufacturing. The company...
Help The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. irect-Labor Manufacturin January February March April May June Hours 22,000 24,000 31,000 25,000 29,000 27,000 Overhead $686, 000 725,000 884,000 750,500 783,000 780,000 March's costs consisted of machine supplies ($130,200), depreclation ($25,000), and plant maintenance ($728.800,. These costs exhibit the following respective behavior: variable, fixed, and semivariable. The manufacturing overhead figures presented in the...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of Charity Company for inventory item #2103BL11: Date Units Cost per Unit 1/01/18 (Beg Inv) 300 $10 4/08/18 150 $11 7/10/18 120 12/03/18 $13 $12 100 A physical inventory count was performed on December 31, 2018. The quantity of inventory counted for item # 2103BL11 was 345. Each unit of inventory is sold for $20 per unit. Using the FIFO and LIFO methods of inventory...
The following is taken from Ronda Co.'s internal records of its factory with two production departments....
The following is taken from Ronda Co.'s internal records of its factory with two production departments. The cost driver for indirect labor and supplies is direct labor costs, and the cost driver for the remaining overhead items is number of hours of machine use. Direct Labor $17,000 15,000 $32,000 Machine Use Hours 1,820 1,380 3,200 Department 1 Department 2 Totals Factory overhead costs Rent and utilities Indirect labor General office expense Depreciation-Equipment Supplies Total factory overhead $ 10,400 4,95€ 4,900...
The following information was taken from the accounting records of ABC Company for the period ended...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
Question 7 5.5 pts The following information was taken from the accounting records of zz, Inc....
Question 7 5.5 pts The following information was taken from the accounting records of zz, Inc. for the year ended December 31, 2019: $26,000 $41,000 95,000 $37,00€ Cash ....... Accounts Payable ....... Sales Revenue ......... Copyright .. Advertising Expense Common Stock ....... Utilities Payable ... Supplies ......... Cost of Goods Sold ... Rental Revenue ....... Building Notes Payable .... Utilities Expense Inventory Dividends Equipment .......... Retained Earnings ... Income Tax Expense ... Accounts Receivable ......... $97,000 $13,000 $16,000 $42,000 $29,000...
Question 6 6 pts The following information was taken from the accounting records of Z2, Inc....
Question 6 6 pts The following information was taken from the accounting records of Z2, Inc. for the year ended December 31, 2019: Cash ...s...26,000 Accounts PayableS41,000 Sales Revenue 095,000 Copyrightvonco.$37,000 Advertising Expense n. Common Stock $97,000 Utilities Supplies$13,000 Cost of Goods sola . Rental Revenue $29,000 Building Notes Payable Utilities Expense$16,00 InventoryANH.v.$77,00 Dividendssowwspepo $11,000 Equipment$56,000 Retatned Earnings $59,000 Cat January 1, 2019) Income Tax Expense $18,000 Accounts Receivable$61, Payable $16,000 $42,000 UABEBEUSR$68,000 z ZZ, Inc reported total equity at...
QUESTION 11 The following inventory information was taken from the records of ABC Co. for YEAR 1: Historical Cost $12.000 Replacement Cost $7.000 Expected Selling Price $9.000 Expected Selling Cost $500 Normal Profit Margin 20% of selling price Required: Journalize the outcome for Year 1, and show all work in detail using US GAAP and IFRS.
The following is taken from Ronda Co.'s internal records of its factory with two production departments. The cost driver for indirect labor and supplies is direct labor costs, and the cost driver for the remaining overhead items is number of hours of machine use. Machine Use Hours 1,980 1,220 3,200 Direct Labor Department 1 $18, 600 Department 2 13,400 Totals $32,000 Factory overhead costs Rent and utilities Indirect labor General office expense Depreciation Equipment Supplies Total factory overhead $12,000 5,350 4,100...
Question Two (CL04) (12 marks) (30 minutes) Co Ltd is a Japanese public multinational corporation primarily known as a 2A - Honda Motor Co., Ltd is a of Honda Motor Co, draw a break-even chart total cost line, profit area, loss area, margin incidence. ufacturer of automobiles, motorcycles, and power equipment. From the following information draw a break-even chart and determine from the chart the break-even point, profit area, loss area, margin of safety, sales line, fixed cost line, and...
Help The following selected data were taken from the accounting records of Metcalf Manufacturing. The company uses direct-labor hours as its cost driver for overhead costs. irect-Labor Manufacturin January February March April May June Hours 22,000 24,000 31,000 25,000 29,000 27,000 Overhead $686, 000 725,000 884,000 750,500 783,000 780,000 March's costs consisted of machine supplies ($130,200), depreclation ($25,000), and plant maintenance ($728.800,. These costs exhibit the following respective behavior: variable, fixed, and semivariable. The manufacturing overhead figures presented in the...
Chapter 7 question 1 The following information was taken from the purchasing and inventory records of Charity Company for inventory item #2103BL11: Date Units Cost per Unit 1/01/18 (Beg Inv) 300 $10 4/08/18 150 $11 7/10/18 120 12/03/18 $13 $12 100 A physical inventory count was performed on December 31, 2018. The quantity of inventory counted for item # 2103BL11 was 345. Each unit of inventory is sold for $20 per unit. Using the FIFO and LIFO methods of inventory...
The following is taken from Ronda Co.'s internal records of its factory with two production departments. The cost driver for indirect labor and supplies is direct labor costs, and the cost driver for the remaining overhead items is number of hours of machine use. Direct Labor $17,000 15,000 $32,000 Machine Use Hours 1,820 1,380 3,200 Department 1 Department 2 Totals Factory overhead costs Rent and utilities Indirect labor General office expense Depreciation-Equipment Supplies Total factory overhead $ 10,400 4,95€ 4,900...
The following information was taken from the accounting records of ABC Company for the period ended January 31, 2019: Cash Retained Earnings Advertising Expense Cost of Goods Sold Rental Revenue Accounts Payable Common Stock Accumulated Depreciation $17,000 Accounts Receivable Income Tax Expense Inventory Wage Expense Sales Revenue Trademark Buildings and Land $29,000 $66,000 Cat January 1, 2019) $17,000 $36,000 $11,000 $38,000 $72,000 $45,000 $14,000 $51,000 $12,000 $93,000 $10,000 $83,000 Calculate the amount of net income earned by ABC Company in...
Question 7 5.5 pts The following information was taken from the accounting records of zz, Inc. for the year ended December 31, 2019: $26,000 $41,000 95,000 $37,00€ Cash ....... Accounts Payable ....... Sales Revenue ......... Copyright .. Advertising Expense Common Stock ....... Utilities Payable ... Supplies ......... Cost of Goods Sold ... Rental Revenue ....... Building Notes Payable .... Utilities Expense Inventory Dividends Equipment .......... Retained Earnings ... Income Tax Expense ... Accounts Receivable ......... $97,000 $13,000 $16,000 $42,000 $29,000...
Question 6 6 pts The following information was taken from the accounting records of Z2, Inc. for the year ended December 31, 2019: Cash ...s...26,000 Accounts PayableS41,000 Sales Revenue 095,000 Copyrightvonco.$37,000 Advertising Expense n. Common Stock $97,000 Utilities Supplies$13,000 Cost of Goods sola . Rental Revenue $29,000 Building Notes Payable Utilities Expense$16,00 InventoryANH.v.$77,00 Dividendssowwspepo $11,000 Equipment$56,000 Retatned Earnings $59,000 Cat January 1, 2019) Income Tax Expense $18,000 Accounts Receivable$61, Payable $16,000 $42,000 UABEBEUSR$68,000 z ZZ, Inc reported total equity at...
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