Homework Answers
| Backyard home | ||
| Income Statement | ||
| For the year ended December 31 | ||
| sales revenue | $ 320,000 | |
| less:manufactory expenses: | ||
| stain | $ 10,000 | |
| wood | $ 56,500 | |
| labor cost | $ 36,500 | |
| indirect labor cost | $ 20,000 | |
| utility cost | $ 10,800 | |
| other manufacturing cost | $ 9,900 | |
| cost of good sold | $ 143,700 | |
| gross profit | $ 176,300 | |
| less : operating expenses: | ||
| salaries and wages | $ 34,500 | |
| rent and utilities | $ 12,300 | |
| marketing cost | $ 16,900 | |
| total operating expenses | $ 63,700 | |
| Operating income | $ 112,600 |
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x 1 December 31 Account Balances Ꮎ Ꮎ Ꮎ Ꮎ Ꮎ Salaries and wages (for administrative...
Please help solve and explain. Thanks. Backyard Fashions is a manufacturer of backyard and deck furniture....
Please help solve and explain. Thanks.
Backyard Fashions is a manufacturer of backyard and deck furniture. Its products are in high dermand and it carries no inventory. Following is a list of selected account balarices from its trial balance for the most recent year ended December 31 in no particular order.) EEl (Click the icon to view the December 31 account balances.) Read the requirements iDecember 31 Account Balances Salaries and wages (for administrative and sales staf) Stain (used in...
Cost Items and Account Balances Administrative salaries &nbs...
Cost Items and Account Balances Administrative salaries $15,500 Advertising for Headgears 11,000 Cash, December 1 –0– Depreciation on factory building 1,500 Depreciation on office equipment 800 Insurance on factory building 1,500 Miscellaneous expenses—factory 1,000 Office supplies expense 300 Professional fees 500 Property taxes on factory building 400 Raw materials used 70,000 Rent on production equipment 6,000 Research and development 10,000 Sales commissions 40,000 Utility costs—factory ...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
Outdoor Life is a manufacturer of backyard and deck furniture. Its products are in high demand...
Outdoor Life is a manufacturer of backyard and deck furniture. Its products are in high demand and it carries no inventory. Follo order.) (Click the icon to view the December 31 account balances.) Read the requirements. Requirement 1. Using the income statement accounts in the table, calculate cost of goods sold. Hint: Cost of goods sold can be Total cost of goods sold is $ Requirement 2. Using the income statement accounts in the table, calculate operating expenses. Hint Operating...
5 Selected account balances of Miller Inc. as at 31 December 2015 are given in TABLE...
5 Selected account balances of Miller Inc. as at 31 December 2015 are given in TABLE Q5 TABLE Q5: Account balances RM 3,000 2,000 7.200 4,200 Lubricants used Carriage inwards on raw materials Factory rent Depreciation of factory plant and machinery Internal transport expenses (for factory) Insurance of factory buildings and plant General factory expenses Purchase of raw materials Fuel and power 1,800 1,500 3,300 Direct expenses Direct wages Indirect wages Opening stock of raw materials Opening stock of work...
ICP 1 - Randeep Inc The following selected account balances for the year ended December 31,...
ICP 1 - Randeep Inc The following selected account balances for the year ended December 31, 20X9 were taken from the records of Randeep Inc: Sales revenue $1,500,000 Direct materials purchased 120.600 Direct materials freight-in 13.500 Direct labour 130,890 Factory supervision 20.500 General and administrative salaries 200,000 Sales salaries 105,000 Indirect materials - factory 45,600 Utilities (90% factory related) 130,000 Depreciation (85% factory related) 167,000 Property taxes (70% factory related) 56,000 Other general and administrative expenses 63,260 Other selling expenses...
Required information Use the following information for the Exercises below. The following selected account balances are...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales $1,309,000 Raw materials inventory, Dec. 31, 2016 42,000 Work in process inventory, Dec. 31, 55,600 2016 Finished goods inventory, Dec. 31, 2016 65, 100 Raw materials purchases 170,400 Direct labor 241,000 Factory computer supplies used 23,000 Indirect labor 43,000 Repairs-Factory equipment 5,250 Rent cost of factory building 54,000 Advertising expense 84,000 General and administrative expenses 139,000 Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,020,000 39,000 60,000 60,900 191, 100 239,000 23,400 55,000 5,250 55,000 89,000 142,000 42,200 38,200...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
Calculate 5 Ex-1. The December 31, 2017 ledger account balances are presented below for Heins Company:...
Calculate
5 Ex-1. The December 31, 2017 ledger account balances are presented below for Heins Company: Sales Insurance on production inventories Factory supervision Indirect materials Office equipment depreciation Employee benefit costs (60% of which is for factory employees) Delivery expense for finished products Direct labor Direct materials Office fire insurance Finished goods inventory Indirect labor Administrative and marketing salaries Factory property tax Advertising Production equipment lease cost Work in process inventory 894.000 9.000 56.000 6.000 9.000 45.000 5.000 148.000 123.000...
Please help solve and explain. Thanks.
Backyard Fashions is a manufacturer of backyard and deck furniture. Its products are in high dermand and it carries no inventory. Following is a list of selected account balarices from its trial balance for the most recent year ended December 31 in no particular order.) EEl (Click the icon to view the December 31 account balances.) Read the requirements iDecember 31 Account Balances Salaries and wages (for administrative and sales staf) Stain (used in...
Consider the following information for Huntersville Inc. for the fiscal year ended December 31. Depreciation expense-administrative office Depreciation expense-plant and equipment Direct labor wages Materials Inventory, Dec. 31 Materials Inventory, Jan. 1 Direct materials purchases Finished goods inventory, Dec. 31 Finished goods inventory, Jan. 1 Heat, light, and power-plant Indirect labor Property taxes-plant Sales representatives' salaries Sales revenue Factory supervisor's salary Supplies-administrative office Supplies-plant Work-in-process inventory, Dec. 31 Work-in-process inventory, Jan. 1 38,65e 95,500 561,600 40,250 28,500 202,500 24,400 16,900...
Outdoor Life is a manufacturer of backyard and deck furniture. Its products are in high demand and it carries no inventory. Follo order.) (Click the icon to view the December 31 account balances.) Read the requirements. Requirement 1. Using the income statement accounts in the table, calculate cost of goods sold. Hint: Cost of goods sold can be Total cost of goods sold is $ Requirement 2. Using the income statement accounts in the table, calculate operating expenses. Hint Operating...
5 Selected account balances of Miller Inc. as at 31 December 2015 are given in TABLE Q5 TABLE Q5: Account balances RM 3,000 2,000 7.200 4,200 Lubricants used Carriage inwards on raw materials Factory rent Depreciation of factory plant and machinery Internal transport expenses (for factory) Insurance of factory buildings and plant General factory expenses Purchase of raw materials Fuel and power 1,800 1,500 3,300 Direct expenses Direct wages Indirect wages Opening stock of raw materials Opening stock of work...
ICP 1 - Randeep Inc The following selected account balances for the year ended December 31, 20X9 were taken from the records of Randeep Inc: Sales revenue $1,500,000 Direct materials purchased 120.600 Direct materials freight-in 13.500 Direct labour 130,890 Factory supervision 20.500 General and administrative salaries 200,000 Sales salaries 105,000 Indirect materials - factory 45,600 Utilities (90% factory related) 130,000 Depreciation (85% factory related) 167,000 Property taxes (70% factory related) 56,000 Other general and administrative expenses 63,260 Other selling expenses...
Required information Use the following information for the Exercises below. The following selected account balances are provided for Delray Mfg. Sales $1,309,000 Raw materials inventory, Dec. 31, 2016 42,000 Work in process inventory, Dec. 31, 55,600 2016 Finished goods inventory, Dec. 31, 2016 65, 100 Raw materials purchases 170,400 Direct labor 241,000 Factory computer supplies used 23,000 Indirect labor 43,000 Repairs-Factory equipment 5,250 Rent cost of factory building 54,000 Advertising expense 84,000 General and administrative expenses 139,000 Raw materials inventory,...
Required information The following selected account balances are provided for Delray Mfg. $ Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory building Advertising expense General and administrative expenses Raw materials inventory, ending Work in process inventory, ending Finished goods inventory, ending 1,020,000 39,000 60,000 60,900 191, 100 239,000 23,400 55,000 5,250 55,000 89,000 142,000 42,200 38,200...
The following data pertain to Babor Company for the fiscal year ended December 31: Prior December 31 Purchases of materials Direct labor Indirect labor Factory insurance Depreciation-factory Repairs and maintenance-factory Marketing expenses General and administrative expenses Materials inventory Work-in-process inventory Finished Goods inventory Current December 31 $ 177,500 120,250 47,5ee 8,500 34,25e 12,500 125,750 86,750 58,750 17,000 24,400 $ 25,500 14,250 17,500 Sales in the current year were $596,000. Required: Prepare a schedule of cost of goods manufactured and an...
Calculate
5 Ex-1. The December 31, 2017 ledger account balances are presented below for Heins Company: Sales Insurance on production inventories Factory supervision Indirect materials Office equipment depreciation Employee benefit costs (60% of which is for factory employees) Delivery expense for finished products Direct labor Direct materials Office fire insurance Finished goods inventory Indirect labor Administrative and marketing salaries Factory property tax Advertising Production equipment lease cost Work in process inventory 894.000 9.000 56.000 6.000 9.000 45.000 5.000 148.000 123.000...
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