flow of an accounting for the merchandiser
Problem 2 (Flow of an accounting for the merchandiser) High Plains Sales Corporation experienced the following events during the current year: 1. Incurred marketing costs of P197,000. 2. Purchased P971,000 of merchandise. 3. Paid P26,000 for transportation-in costs. 4. Incurred P400,000 of administrative costs 5. Took a periodic inventory on December 31 and learned that goods witha cost of P297,000 were on hand. This compared with a beginning inventory of P314,000 on January 1 6. Sales revenue during the year was P1,850,000. All costs incurred were debited to the appropriate account and credited to Accounts Payable. All sales were on credit. Required 1. Prepare journal entries to reflect these events. 2. Prepare T-accounts to show these events. 3. Prepare an income statement based on these data.
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Problem 2 (Flow of an accounting for the merchandiser) High Plains Sales Corporation experienced the following...
Problem 2 (Flow of an accounting for the merchandiser) High Plains Sales Corporation experienced the following events during the current year: 1. Incurred marketing costs of P197,000. 2. Purchased P971,000 of merchandise. 3. Paid P26,000 for transportation-in costs. 4. Incurred P400,000 of administrative costs 5. Took a periodic inventory on December 31 and learned that goods witha cost of P297,000 were on hand. This compared with a beginning inventory of P314,000 on January 1 6. Sales revenue during the year...
Problem 1 (Flow of an accounting for the manufacturing company) The following events took place at...
Problem 1 (Flow of an accounting for the manufacturing company) The following events took place at the Barton Manufacturing Corporation for the current year: 1. 2. Purchased P80,000 in direct materials. Inçurred labor costs as follows: a. Direct labor, P42,000. turing overhead) 3. Purchased manufacturing equipment for P67,200. 4. Other manufacturing overhead was P80,500, excluding supervisory labor. Transferred 70 percent of the materials purchased to work in process. 6. 5. Completed work on 60 percent of the goods in process....
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations
Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash recelpts from customers, (3) all purchases of invertory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Experises are paid in advance and are initally debited to Prepaid Expertses. The comparny's income statement and balance sheets follow
We were unable to transcribe this imageRavenna Company is a merchandiser that uses the indirect method...
We were unable to transcribe this imageRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance $ 77,400 63,400 85,100 225,900 228.000 92,550 68,200 Cash and cash equivalents Accounts receivable Inventory Total current assets 77,500 238,250 217,000 Property, plant, and equipment Less accumulated depreciation 76,000 54,250 Net property, plant, and equipment 152,000 162,750 Total assets...
of 2 Required information [The following information applies to the questions displayed below) At the beginning...
of 2 Required information [The following information applies to the questions displayed below) At the beginning of Year 2. the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings 58,400 2,400 7,900 2,900 nces During Year 2. the company experienced the Sllowing events: 1. Purchased inventory that cost $5,900 on account from Ross Company under terms 2/10,n/30. The merchandise was delivered FOB shipping point. Transportation costs of $540 were paid in cash. 2. Returned...
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section...
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash and cash equivalents $ 56,200 $ 66,950 Accounts receivable 47,100 50,600 Inventory 63,200 57,500 Total current assets 166,500 175,050 Property, plant, and equipment 171,000 161,000 Less accumulated depreciation 57,000 40,250 Net property, plant, and equipment 114,000 120,750 Total assets $ 280,500 $ 295,800 Accounts...
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section...
Ravenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance Cash $ 48,000 $ 57,000 Accounts receivable 41,000 44,000 Inventory 55,000 50,000 Total current assets 144,000 151,000 Property, plant, and equipment 150,000 140,000 Less accumulated depreciation 50,000 35,000 Net property, plant, and equipment 100,000 105,000 Total assets $ 244,000 $ 256,000 Accounts payable $ 32,000...
cost accounting
Halston Manufacturing uses actual costing. The following events took place during the current year:(1) Purchased $95,000 in direct materials.(2) Incurred labor costs as follows: (a) direct, $56,000 and (b) indirect, $13,600.(3) Other manufacturing overhead was $107,000, excluding indirect labor.(4) Transferred 80% of the materials to the manufacturing assembly line.(5) Completed 65% of the Work-in-Process during the year.(6) Sold 85% of the completed goods.(7) There were no beginning inventories. Required:(a) Determine the ending Direct Materials Inventory balance.(b) Determine the ending Work-in-Process Inventory balance.(c) Determine...
Assume that the following events occurred at a division of Generic Electric for March of the...
Assume that the following events occurred at a division of Generic Electric for March of the current year: 1. Purchased $100 million in direct materials. 2. Incurred direct labor costs of $57 million. 3. Determined that manufacturing overhead was $83 million. 4. Transferred 80 percent of the materials purchased to work-in-process. 5. Completed work on 75 percent of the work-in-process. Costs are assigned equally across all work-in-process. 6. The inventory accounts have no beginning balances. All costs incurred were...
need help making a statement of cash flow Forten Company, a merchandiser, recently completed its calendar-...
need help making a statement of cash flow
Forten Company, a merchandiser, recently completed its calendar- year 2015 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets...
Problem 2 (Flow of an accounting for the merchandiser) High Plains Sales Corporation experienced the following events during the current year: 1. Incurred marketing costs of P197,000. 2. Purchased P971,000 of merchandise. 3. Paid P26,000 for transportation-in costs. 4. Incurred P400,000 of administrative costs 5. Took a periodic inventory on December 31 and learned that goods witha cost of P297,000 were on hand. This compared with a beginning inventory of P314,000 on January 1 6. Sales revenue during the year...
Problem 1 (Flow of an accounting for the manufacturing company) The following events took place at the Barton Manufacturing Corporation for the current year: 1. 2. Purchased P80,000 in direct materials. Inçurred labor costs as follows: a. Direct labor, P42,000. turing overhead) 3. Purchased manufacturing equipment for P67,200. 4. Other manufacturing overhead was P80,500, excluding supervisory labor. Transferred 70 percent of the materials purchased to work in process. 6. 5. Completed work on 60 percent of the goods in process....
We were unable to transcribe this imageRavenna Company is a merchandiser that uses the indirect method to prepare the operating activities section of its statement of cash flows. Its balance sheet for this year is as follows: Ending Balance Beginning Balance $ 77,400 63,400 85,100 225,900 228.000 92,550 68,200 Cash and cash equivalents Accounts receivable Inventory Total current assets 77,500 238,250 217,000 Property, plant, and equipment Less accumulated depreciation 76,000 54,250 Net property, plant, and equipment 152,000 162,750 Total assets...
of 2 Required information [The following information applies to the questions displayed below) At the beginning of Year 2. the Redd Company had the following balances in its accounts: Cash Inventory Common stock Retained earnings 58,400 2,400 7,900 2,900 nces During Year 2. the company experienced the Sllowing events: 1. Purchased inventory that cost $5,900 on account from Ross Company under terms 2/10,n/30. The merchandise was delivered FOB shipping point. Transportation costs of $540 were paid in cash. 2. Returned...
need help making a statement of cash flow
Forten Company, a merchandiser, recently completed its calendar- year 2015 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and balance sheets...
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