Homework Answers
The answer has been presented in the supporting sheet. All the parts has been solved with detailed explanation and calculation. For detailed answer refer to the supporting sheet.
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Southeast Industries Inc. charges $115 per month for a storage unit. In the first quarter of...
Rnk inc charges 135 per month for storage unit. In the first quarter of the year...
Rnk inc charges 135 per month for storage unit. In the first quarter of the year they collected $6615. Ten Customers prepaid for 3 month rental in january, 7 customers prepaid for 2 months in February and 5 customers paid for one month in march. Using the cash basis of accounting what is the revenue in January. Using accrual what is the revenue in January
Part Three - Problems. Answer All Four Questions: 1. RNK Inc. charges $135 per month for...
Part Three - Problems. Answer All Four Questions: 1. RNK Inc. charges $135 per month for a storage unit. In the first quarter of the year, they collected $$6,615. Ten customers pre-paid for three months rental in January, seven customers pre-paid for two months rental in February, and five customers paid for one month in March. Required: a. Using the cash basis of accounting, calculate RNK's revenue in January: b. Using the accrual basis of accounting, what's RNK's revenue in...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Units 5,470 January 10,350 March February 8,230 April 4,210 Each unit requires 4 pounds of raw materials costing $2 per pound. On December 31, 2019, the ending raw materials inventory was 8,280 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements. Prepare a direct materials purchases budget by...
13. Mackel Company has the following sales for the first quarter of 2019: E (Click on...
13. Mackel Company has the following sales for the first quarter of 2019: E (Click on the icon to view the sales for the first quarter of 2019.) Sales on account are collected the month after the sale. The Accounts Receivable balance on January 1 is $12,800, the amount of December's sales on account. Calculate the cash receipts from customers for the first three months of 2019. February January March O Data Table Purchases on account January February March Receipts...
Pronghorn Industries has adopted the following production budget for the first 4 months of 2017. Month...
Pronghorn Industries has adopted the following production budget for the first 4 months of 2017. Month Units Month Units January 10,170 March 5,190 February 8,470 April 4,310 Each unit requires 5 pounds of raw materials costing $3 per pound. On December 31, 2016, the ending raw materials inventory was 9,100 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month’s production requirements. Prepare a direct materials purchases budget by...
Concord Industries has adopted the following production budget for the first 4 months of 2017. Month...
Concord Industries has adopted the following production budget for the first 4 months of 2017. Month Units Month Units January 10,120 March 5,480 February 8,460 April 4,370 Each unit requires 5 pounds of raw materials costing $3 per pound. On December 31, 2016, the ending raw materials inventory was 9,240 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements. Prepare a direct materials purchases budget by...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Units March 10,270 5,390 January 8,270 April February 4,290 Each unit requires 3 pounds of raw materials costing $3 per pound. On December 31, 2019, the ending raw materials inventory was 6,162 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements. Prepare a direct materials purchases budget by...
Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step...
Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2019 and expected service revenues for 2020 are November...
Trebblehorn Industries has adopted the following sales budget for the first 3 months of 2017. Month...
Trebblehorn Industries has adopted the following sales budget for the first 3 months of 2017. Month Units January 11,000 February 15,000 March 13,000 Management requires 30% of next month sales to be in ending inventory. Each unit requires 5 pounds of raw materials costing $3 per pound. Management wants to have a raw materials inventory at the end of the month equal to 35% of next month's production requirements. April's expected sales are 12,000 with a total of 13,500 required...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Un...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Units 10,340 March 5,440 February 8,480 April 4230 Each unit requires 3 pounds of raw materials costing $4 per pound On December 31, 2019, the ending raw materials imventory was 6,204 pounds Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements Prepare a direct materials purchases budget by month...
Part Three - Problems. Answer All Four Questions: 1. RNK Inc. charges $135 per month for a storage unit. In the first quarter of the year, they collected $$6,615. Ten customers pre-paid for three months rental in January, seven customers pre-paid for two months rental in February, and five customers paid for one month in March. Required: a. Using the cash basis of accounting, calculate RNK's revenue in January: b. Using the accrual basis of accounting, what's RNK's revenue in...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Units 5,470 January 10,350 March February 8,230 April 4,210 Each unit requires 4 pounds of raw materials costing $2 per pound. On December 31, 2019, the ending raw materials inventory was 8,280 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements. Prepare a direct materials purchases budget by...
13. Mackel Company has the following sales for the first quarter of 2019: E (Click on the icon to view the sales for the first quarter of 2019.) Sales on account are collected the month after the sale. The Accounts Receivable balance on January 1 is $12,800, the amount of December's sales on account. Calculate the cash receipts from customers for the first three months of 2019. February January March O Data Table Purchases on account January February March Receipts...
Concord Industries has adopted the following production budget for the first 4 months of 2017. Month Units Month Units January 10,120 March 5,480 February 8,460 April 4,370 Each unit requires 5 pounds of raw materials costing $3 per pound. On December 31, 2016, the ending raw materials inventory was 9,240 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements. Prepare a direct materials purchases budget by...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Units March 10,270 5,390 January 8,270 April February 4,290 Each unit requires 3 pounds of raw materials costing $3 per pound. On December 31, 2019, the ending raw materials inventory was 6,162 pounds. Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements. Prepare a direct materials purchases budget by...
Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2019 and expected service revenues for 2020 are November...
Trebblehorn Industries has adopted the following sales budget for the first 3 months of 2017. Month Units January 11,000 February 15,000 March 13,000 Management requires 30% of next month sales to be in ending inventory. Each unit requires 5 pounds of raw materials costing $3 per pound. Management wants to have a raw materials inventory at the end of the month equal to 35% of next month's production requirements. April's expected sales are 12,000 with a total of 13,500 required...
DeWitt Industries has adopted the following production budget for the first 4 months of 2020. Month Units Month Units 10,340 March 5,440 February 8,480 April 4230 Each unit requires 3 pounds of raw materials costing $4 per pound On December 31, 2019, the ending raw materials imventory was 6,204 pounds Management wants to have a raw materials inventory at the end of the month equal to 20% of next month's production requirements Prepare a direct materials purchases budget by month...
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