Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $4700 remains...
Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $4700 remains in the Manufacturing Overhead account. What impact will this have on the financial statements?
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It will increase assets by $4700 and have no effect on income. |
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It will increase income by $4700. |
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It will reduce income by $4700. |
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It will decrease gross profit but have no effect on income. |
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Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $4700 remains...
Can you please explain this??? Concord Corporation is analyzing its account balances for 2020. As of...
Can you please explain this???
Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $3300 remains in the Manufacturing Overhead account. What impact will this have on the financial statements? O It will increase assets by $3300 and have no effect on income. O It will increase income by $3300. O It will reduce income by $3300. 0 It will decrease gross profit but have no effect on income.
Vaughn Corporation is analyzing its account balances for 2020. As of the end of 2020, a...
Vaughn Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $3900 remains in the Manufacturing Overhead account. What impact will this have on the financial statements? It will increase assets by $3900 and have no effect on income. It will increase income by $3900. It will reduce income by $3900. It will decrease gross profit but have no effect on income.
Exercise 13-06 a-b Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income...
Exercise 13-06 a-b Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income Statement For the Years Ended December 31 2019 Net sales Cost of goods sold 2020 $636,000 512,616 123,384 79,500 $ 43,884 Gross Profit $530,000 452,620 77,380 43,460 $ 33,920 Operating expenses Net income (a) Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g....
Condensed balance sheet and income statement data for Concord Corporation are presented here. Concord Corporation Balance...
Condensed balance sheet and income statement data for Concord Corporation are presented here. Concord Corporation Balance Sheets December 31 2020 2019 Cash $ 31,000 $ 21,000 Accounts receivable (net) 51,000 46,000 Other current assets 98,000 103,000 Investments 63,000 78,000 Plant and equipment (net) 500,000 370,000 $743,000 $618,000 Current liabilities $ 86,000 $ 81,000 Long-term debt 153,000 93,000 Common stock, $10 par 328,000 318,000 Retained earnings 176,000 126,000 $743,000 $618,000 2018 $ 19,000 49,000 72,000 53,000 358,000 $551,000 $ 71,000 58,000...
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished...
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished goods $13,800, work in process $17,200, and raw materials $9,100. 2. May 31 inventories-finished goods $9,800, work in process $18,600, and raw materials $8,000. 3. Debit postings to work in process were direct materials $63,600, direct labor $51,800, and manufacturing overhead applied $43,100. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,900. Prepare a condensed cost of goods manufactured...
On June 1, 2020, Concord Corporation approached Silverman Corporation about buying a parcel of undeveloped land....
On June 1, 2020, Concord Corporation approached Silverman Corporation about buying a parcel of undeveloped land. Silverman was asking $242,000 for the land and Concord saw that there was some flexibility in the asking price. Concord did not have enough money to make a cash offer to Silverman and proposed to give, in return for the land, a $305.000, five-year promissory note that bears interest at the rate of 4%. The interest is to be paid annually to Silverman Corporation...
Concord Corporation accumulates the following data relative to jobs started and finished during the month of June 2020....
Concord Corporation accumulates the following data relative to
jobs started and finished during the month of June 2020.
Costs and Production Data
Actual
Standard
Raw materials unit cost
$2.40
$2.20
Raw materials units
11,000
10,300
Direct labor payroll
$162,800
$159,600
Direct labor hours
14,800
15,200
Manufacturing overhead incurred
$217,464
Manufacturing overhead applied
$221,464
Machine hours expected to be used at normal capacity
41,500
Budgeted fixed overhead for June
$66,400
Variable overhead rate per machine hour
$3.10
Fixed overhead rate per...
3. Kyle Corporation had the following account balances at the end of this year Direct materials...
3. Kyle Corporation had the following account balances at the end of this year Direct materials inventory Work in process Finished goods Manufacturing overhead control Cost of goods sold $ 2,000 1,400 900 123 credit 1,020 a. Assuming that over- or underapplied overhead is written off to cost of goods sold, prepare the appropriate journal entry. (If no entry is required for a particular transaction, select "No journal entry required in the first account field.) View transaction list Journal entry...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances $ 88,300 38,100 95,400 5,000 46,700 79,800 151,000 $19,635 21,400 Cash Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared 12,500...
Adjustments Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of...
Adjustments Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for March 2017: Required: 1. For each of the following situations, identify and analyze the adjustments to be recorded on March 31, 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar. a. Kretz Corporation takes out a 90-day, 8%, $15,000 note on March 1, 2017, with interest and principal to...
Can you please explain this???
Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $3300 remains in the Manufacturing Overhead account. What impact will this have on the financial statements? O It will increase assets by $3300 and have no effect on income. O It will increase income by $3300. O It will reduce income by $3300. 0 It will decrease gross profit but have no effect on income.
Exercise 13-06 a-b Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income Statement For the Years Ended December 31 2019 Net sales Cost of goods sold 2020 $636,000 512,616 123,384 79,500 $ 43,884 Gross Profit $530,000 452,620 77,380 43,460 $ 33,920 Operating expenses Net income (a) Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g....
Condensed balance sheet and income statement data for Concord Corporation are presented here. Concord Corporation Balance Sheets December 31 2020 2019 Cash $ 31,000 $ 21,000 Accounts receivable (net) 51,000 46,000 Other current assets 98,000 103,000 Investments 63,000 78,000 Plant and equipment (net) 500,000 370,000 $743,000 $618,000 Current liabilities $ 86,000 $ 81,000 Long-term debt 153,000 93,000 Common stock, $10 par 328,000 318,000 Retained earnings 176,000 126,000 $743,000 $618,000 2018 $ 19,000 49,000 72,000 53,000 358,000 $551,000 $ 71,000 58,000...
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished goods $13,800, work in process $17,200, and raw materials $9,100. 2. May 31 inventories-finished goods $9,800, work in process $18,600, and raw materials $8,000. 3. Debit postings to work in process were direct materials $63,600, direct labor $51,800, and manufacturing overhead applied $43,100. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,900. Prepare a condensed cost of goods manufactured...
On June 1, 2020, Concord Corporation approached Silverman Corporation about buying a parcel of undeveloped land. Silverman was asking $242,000 for the land and Concord saw that there was some flexibility in the asking price. Concord did not have enough money to make a cash offer to Silverman and proposed to give, in return for the land, a $305.000, five-year promissory note that bears interest at the rate of 4%. The interest is to be paid annually to Silverman Corporation...
Concord Corporation accumulates the following data relative to
jobs started and finished during the month of June 2020.
Costs and Production Data
Actual
Standard
Raw materials unit cost
$2.40
$2.20
Raw materials units
11,000
10,300
Direct labor payroll
$162,800
$159,600
Direct labor hours
14,800
15,200
Manufacturing overhead incurred
$217,464
Manufacturing overhead applied
$221,464
Machine hours expected to be used at normal capacity
41,500
Budgeted fixed overhead for June
$66,400
Variable overhead rate per machine hour
$3.10
Fixed overhead rate per...
3. Kyle Corporation had the following account balances at the end of this year Direct materials inventory Work in process Finished goods Manufacturing overhead control Cost of goods sold $ 2,000 1,400 900 123 credit 1,020 a. Assuming that over- or underapplied overhead is written off to cost of goods sold, prepare the appropriate journal entry. (If no entry is required for a particular transaction, select "No journal entry required in the first account field.) View transaction list Journal entry...
The trial balance for Cozy Fireplaces Inc. for December 31, 2020, follows: Credit balances Debit balances $ 88,300 38,100 95,400 5,000 46,700 79,800 151,000 $19,635 21,400 Cash Accounts receivable Inventory Supplies Prepaid rent Land Building Accumulated depreciation, building Accounts payable Wages payable Interest payable Income tax payable Unearned revenue Bank loan payable Common shares Retained earnings Sales revenue Cost of goods sold Wages expense Rent expense Supplies expense Depreciation expense Interest expense Miscellaneous expenses Income tax expense Dividends declared 12,500...
Adjustments Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for March 2017: Required: 1. For each of the following situations, identify and analyze the adjustments to be recorded on March 31, 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar. a. Kretz Corporation takes out a 90-day, 8%, $15,000 note on March 1, 2017, with interest and principal to...
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