During 2018, Rockman Industries, Inc. was in the process of constructing a new manufacturing facility. There were two expenditures as follow: January 1, 2018 for $2,500,000 July 1, 2018 for S1,500,000 The company had the following debt outstanding during the entire construction project: (a) 8 percent, five-year note to finance construction of the manufacturing facility dated (b) 10 percent, 20-year...
please ans Q1 - CCA (30 minutes) You purchase a piece of equipment for $440K at the beginning of the year (Jan 1, 2020). Calculate the tax impact of disposing the equipment on Jan 1, 2024 for either $80,000 or $100,000. Assume a CCA rate of 30% and a tax rate of 20%. The equipment is the only asset in...
Required information The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4] [The following information applies to the questions displayed below.) Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments—Molding and Fabrication. It started, completed, and sold only two jobs during March, Job P and Job Q. The following additional...
Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production Fixed manufacturing overhead cost Variable manufacturing overhead cost per machine-hour 200,000 $ 2,800,000 $ 2.00...
can you please answer step1-8. Step 1 You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you have been asked to develop and manufacture two new tables for customers. You will design and build the tables. This is...
The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31. On July 1, 2021, Gamecock receives $4,500 from a customer for advertising services to be given evenly over the next 10 months. Gamecock credits Deferred Revenue. At the beginning of the year, Gamecock’s depreciable equipment has a cost...
Taveras Corporation is currently operating at 50% of its available manufacturing capacity. It uses a job-order costing system with a plantwide predetermined overhead rate based on machine-hours. At the beginning of the year, the company made the following estimates: Machine-hours required to support estimated production 170,000 Fixed manufacturing overhead cost $ 1,700,000 Variable manufacturing overhead cost per machine-hour $ 2.00...
Weygandt, Managerial Accounting, Fifth Canadian Edition Help System Announcements Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,400, and wages for factory workers were $111,430. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number A1 A2 A3 A4 General factory use Total Materials $43,900 33,890 39,660 38,970 3,060...
Question 10 The following manufacturing costs were incurred: 1. Materials purchased on account were $256,400, and wages for factory workers were $111,460. 2. Materials requisitioned and factory labour used by each job were as follows: Job Number Materials A1 A2 Factory Labour $28,700 34,300 17,400 25,700 5,360 $43,380 33,420 39,530 39,280 3,140 A3 A4 General factory use Total 158,750 111,460...
Genuine Spice Inc. began operations on January 1 of the current year. The company produces eight- ounce bottles of hand and body lotion called Eternal Beauty. The lotion is sold wholesale in 12-bottle cases for $100 per case. There is a selling commission of $20 per case. The January direct materials, direct labor, and factory overhead costs are as follows:...