Homework Answers
Solution:
| Balance sheet prior to liquidation | ||||
| Assets | USD | Liabilities | USD | |
| Non cash assets | 141110 | Capital | 133860 | |
| Cash | 26590 | Creditors | 33840 | |
| 167700 | 167700 | |||
| Profit on sale of non cash assets | ||||
| USD | ||||
| Sale value | 153690 | |||
| Cost | 141110 | |||
| Profit | 12580 | |||
| Liability to be discharged to partners post liqudiation | ||||
| Lester | torres | Hearst | Total | |
| Capital | 47790 | 56410 | 29660 | 133860 |
| Profit distribution | 5032 | 5032 | 2516 | 12580 |
| 52822 | 61442 | 32176 | 146440 | |
| Journal entries | ||||
| Dr | Cr | |||
| Cash | 153690 | |||
| Non cash assets | 141110 | |||
| Profit on sale of non cash assets | 12580 | |||
| Liability | 33840 | |||
| Cash | 33840 | |||
| Lester - capital | 47790 | |||
| Torres- capital | 56410 | |||
| Hearst- capital | 29660 | |||
| Lester - retained earnings | 5032 | |||
| Torres- retained earnings | 5032 | |||
| Hearst- retained earnings | 2516 | |||
| Cash | 146440 | |||
Required 1 Required 2 Required 3 Required 4 Required 5 Selzik Company makes super-premium cake mixes...
Required 1
Required 2
Required 3
Required 4
Required 5
Selzik Company makes super-premium cake mixes that go through two processing departments—Blending and Packaging. The following activity was recorded in the Blending Department during July: 10,000 170,000 20,000 Production data: Units in process, July 1 (materials 100% complete; conversion 30% complete) Units started into production Units in process, July 31 (materials 100% complete; conversion 40% complete) Cost data: Work in process inventory, July 1: Materials cost Conversion cost Cost added...
Required 1 Required 2 Required 3 Required 4 Required 5 Complete the following table. (Round your...
Required 1 Required 2 Required 3 Required 4 Required 5 Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.) 430 620 780 $ Number of Canoes Produced and Sold Total costs Variable costs Fixed Costs Total Costs Cost per Unit Variable Cost per Unit Fixed Cost per Unit 60,630 138,460 199,090 $ Total Cost per Unit Required 1 Required 2 > Sandy Bank, Inc., makes one model of wooden canoe. Partial information is given below....
Chapter 7 Question Required 1 Required 2 Required 3 Required 4 Gallatin Carpet Cleaning is a...
Chapter 7
Question
Required 1
Required 2
Required 3
Required 4
Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $22.65 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers-particularly those located on remote ranches that require considerable travel time....
Required 1 Required 2 Required 3 Required 4 Prepare the entry to record the current calendar...
Required 1 Required 2 Required 3 Required 4 Prepare the entry to record the current calendar year's depreciation. View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the building. Note: Enter debits before credits. Transaction General Journal Debit Credit < Prey 18 of 29 Next > Exercise 8-15 Extraordinary repairs; plant asset age LO C3 Martinez Company owns a building that appears on its prior year-end balance sheet at its original $510,000 cost...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If the CEO's forecast is correct, what will return on investment equal for 2018? Choose Numerator: Operating income Return on Investment 1 Choose Denominator: 1 Average invested assets Return on Investment Return on investment < Required 2 Required 4 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 If the...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the company's current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States. (Do not round intermediate calculations and round your final answers to nearest whole dollar.) needed to double that figure, asuming Current income Required dollar sales $ 457,500 $ 4,300,000 < Required 1 Required 2 >...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a contribution format income statement for the quarter ended March 31. The Alpine House, Inc. Contribution Format Income Statement Variable expenses: Fixed expenses: Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required...
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 John Jamison wants to accumulate $61,081 for a down payment on a small business. He will invest $33,000 today in a bank account paying 8% interest compounded annually. Approximately how long will it take John to reach his goal? (Do not round intermediate calculations. Round the value of "n" to the nearest whole number.) Present Value: Future Value Required 2 > < Prev...
Exercise 12-8 Volume Trade-Off Decisions [LO12-5, LO12-6] Required 1 Required 2 Required 3 Required 4 Barlow...
Exercise 12-8 Volume Trade-Off Decisions [LO12-5, LO12-6] Required 1 Required 2 Required 3 Required 4 Barlow Company manufactures three products-A, B, and C. The selling price, variable costs, and contribution margin for one unit of each product follow: Assuming that Barlow has unlimited demand for each of its three products, what is the maximum contribution margin the company can earn when using the 5,400 pounds of raw material on hand? Mandmum contribution margin < Required 1 Required ) Required 1...
Required 1
Required 2
Required 3
Required 4
Required 5
Selzik Company makes super-premium cake mixes that go through two processing departments—Blending and Packaging. The following activity was recorded in the Blending Department during July: 10,000 170,000 20,000 Production data: Units in process, July 1 (materials 100% complete; conversion 30% complete) Units started into production Units in process, July 31 (materials 100% complete; conversion 40% complete) Cost data: Work in process inventory, July 1: Materials cost Conversion cost Cost added...
Required 1 Required 2 Required 3 Required 4 Required 5 Complete the following table. (Round your "Cost per Unit" answers to 2 decimal places.) 430 620 780 $ Number of Canoes Produced and Sold Total costs Variable costs Fixed Costs Total Costs Cost per Unit Variable Cost per Unit Fixed Cost per Unit 60,630 138,460 199,090 $ Total Cost per Unit Required 1 Required 2 > Sandy Bank, Inc., makes one model of wooden canoe. Partial information is given below....
Chapter 7
Question
Required 1
Required 2
Required 3
Required 4
Gallatin Carpet Cleaning is a small, family-owned business operating out of Bozeman, Montana. For its services, the company has always charged a flat fee per hundred square feet of carpet cleaned. The current fee is $22.65 per hundred square feet. However, there is some question about whether the company is actually making any money on jobs for some customers-particularly those located on remote ranches that require considerable travel time....
Required 1 Required 2 Required 3 Required 4 Prepare the entry to record the current calendar year's depreciation. View transaction list Journal entry worksheet Record the year-end adjusting entry for the depreciation expense of the building. Note: Enter debits before credits. Transaction General Journal Debit Credit < Prey 18 of 29 Next > Exercise 8-15 Extraordinary repairs; plant asset age LO C3 Martinez Company owns a building that appears on its prior year-end balance sheet at its original $510,000 cost...
Required 1 Required 2 Required 3 Required 4 Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. (Round cos places.) Specific Identification Available for Sale Cost of Goods Sold Ending Inventory Ending Ending Purchase Date Activity Units Unit Units Cost Per Unit Cost COGS Inventory. Inventory- Cost Sold Unit Units Cost Jan. 1 Beginning inventory 170 $ 9.50 145 $ 9.50 $ 1,378 25 $ 9.50 $ 238 Jan. 20...
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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the company's current income and determine the level of dollar sales needed to double that figure, assuming that manufacturing operations remain in the United States. (Do not round intermediate calculations and round your final answers to nearest whole dollar.) needed to double that figure, asuming Current income Required dollar sales $ 457,500 $ 4,300,000 < Required 1 Required 2 >...
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Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 John Jamison wants to accumulate $61,081 for a down payment on a small business. He will invest $33,000 today in a bank account paying 8% interest compounded annually. Approximately how long will it take John to reach his goal? (Do not round intermediate calculations. Round the value of "n" to the nearest whole number.) Present Value: Future Value Required 2 > < Prev...
Exercise 12-8 Volume Trade-Off Decisions [LO12-5, LO12-6] Required 1 Required 2 Required 3 Required 4 Barlow Company manufactures three products-A, B, and C. The selling price, variable costs, and contribution margin for one unit of each product follow: Assuming that Barlow has unlimited demand for each of its three products, what is the maximum contribution margin the company can earn when using the 5,400 pounds of raw material on hand? Mandmum contribution margin < Required 1 Required ) Required 1...
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