in multi division companies with large payroll expense but small material expenses (such as legal firms),...
in multi division companies with large payroll expense
but small material expenses (such as legal firms), the best base to
allocate common fixed expenses to the division is:
a. headcount (number of employees)
b.payroll expense
c.revenue
d.not applicable
Homework Answers
SOLUTION IS -
OPTION 'B' PAYROLL EXPENSE
The best base to allocate common fixed expenses to the division is Payroll Expense.
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Wascana Ltd. is a small wholesaler of restaurant supplies. The company’s post-closing trial balance at December...
Wascana Ltd. is a small wholesaler of restaurant supplies. The
company’s post-closing trial balance at December 31, 2017, the end
of its fiscal year, is presented below:
WASCANA LTD.
Post-Closing Trial Balance
December 31, 2017
Debit
Credit
Cash
$73,000
Accounts receivable
450,000
Allowance for doubtful accounts
22,500
Inventory
370,000
Equipment
1,800,000
Accumulated depreciation—equipment
480,000
Accounts payable
290,000
Interest payable
5,000
Employee income tax payable
47,000
CPP payable
31,000
EI payable
12,000
Provisions
38,000
Unearned revenue
11,000
Bank loan payable
1,500,000...
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The company had the following transactions during January 2018.
When recording these transactions, use the item number listed in
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subsequent adjustment pertaining to that item.
Prepare T accounts and enter the December 31 balances.
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Wascana Ltd. is a small wholesaler of restaurant supplies. The
company’s post-closing trial balance at December 31, 2017, the end
of its fiscal year, is presented below:
WASCANA LTD.
Post-Closing Trial Balance
December 31, 2017
Debit
Credit
Cash
$73,000
Accounts receivable
450,000
Allowance for doubtful accounts
22,500
Inventory
370,000
Equipment
1,800,000
Accumulated depreciation—equipment
480,000
Accounts payable
290,000
Interest payable
5,000
Employee income tax payable
47,000
CPP payable
31,000
EI payable
12,000
Provisions
38,000
Unearned revenue
11,000
Bank loan payable
1,500,000...
QuesLIUI Wascana Ltd. is a small wholesaler of restaurant supplies. The company's post-closing trial balance at December 31, 2017, the end of its fiscal year, is presented Credit 26,250 WASCANA LTD. Post-Closing Trial Balance December 31, 2017 Debit Cash $82,000 Accounts receivable 525,000 Allowance for doubtful accounts Inventory 345,000 Equipment 1,800,000 Accumulated depreciation-equipment Accounts payable Interest payable Employee income tax payable CPP payable EI payable Provisions Unearned revenue Bank loan payable Common shares Retained earnings $2,752,000 480,000 316,000 3,000 56,000...
Anwser all questions and Show work
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