Question
In: Accounting
Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers....
Diversified semiconductors sells perishable electronic components. some must be shipped and stored in reusable protective containers. customers pay a deposit for each container received. the deposit is equal to the containers cost. they receive a refund when the container is returned. during 2016, deposits collected on containers shipped where $850,000. deposits are forfeited if containers are not returned within 18 months. containers held by customers at January one 2016 represented deposits a $530,000. in 2016, $790,000 was refunded and deposits forfeited were $35,000.
1. prepare the appropriate journal entries for the deposits received and return during 2016.
2. determine the liability for refundable deposits to
be reported on the December 31st 2016 balance sheet.
Solutions
ekkarill92 answered 2 months agoRelated Solutions
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Variable overhead
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Direct labour
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Variable overhead
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Direct labor
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Variable overhead
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Direct labor
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Fixed overhead
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Question 40 Maplewood Company must decide whether to make or buy some of its components. The...
Question 40
Maplewood Company must decide whether to make or buy some of its
components. The costs of producing 60,000 switches for its
generators are as follows.
Direct materials
$30,000
Variable overhead
$45,000
Direct labour
42,000
Fixed overhead
60,000
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($177,000 ÷ 60,000), the company has an opportunity to buy the
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all the variable costs and one-third of the...
1. Wilma Company must decide whether to make or buy some of its components. The costs...
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components. The costs of producing $ 63,000 switches for its
generators are as follows:
Direct Materials------ $ 29300
Variable Overhead-------- $ 44200
Direct Labor--------- $ 30,634
Fixed Overhead--------- $ 82800
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Advanced Electronics Ltd (Advanced) manufactures and sells high-end electronic components. Three major product lines, namely, HW-01,...
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150,000 45,000 37,500 Fixed costs Salaries 30,000 30,000 17,500
Marketing 10,000 7,500...
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