Question
In: Accounting
The following information pertains to the York Company for the year ending December 31, 2019. $...
The following information pertains to the York Company for the
year ending December
31, 2019.
$ Hours
Revenue 240,000
Interest Revenue 50,000
Raw materials used 40,000
Indirect Labour 4,000
Indirect Materials 9,000
Utilities [factory] 4,500
Depreciation of factory equipment 10,000
Depreciation of factory buildings 19,000
Depreciation of admin buildings 5,000
Marketing costs 30,000
Wages [Store] 10,000
Utilities [store] 6,000
Supplies [store] 3,500
Direct Labour Hours 2000
Hourly Rate for direct labour 10
Finished Goods Inventory Jan 1 2019 7,000
Finished Goods Inventory Dec 31 2019 15,000
Bond Payable 65,000
Interest Rate 10%
Tax rate 22%
REQUIRED
1. Prepare a budgeted COGS statement
2. Prepare a projected income statement
Solutions
ekkarill92 answered 3 months agoRelated Solutions
Question 1 The following information pertains to the Satyam Company for the year ending December 31,...
Question 1
The following information pertains to the Satyam Company
for the year ending December 31, 2019.
$
Hours
Revenue
35,000
Interest payable
2300
Purchases of direct materials
14,000
Wages [factory]
5500
Beginning direct material
2850
Indirect Materials
5,000
Supplies expense [factory]
3,500
Supplies [factory]
9540
Depreciation of factory machines
3500
Depreciation of factory Plant
2300
Depreciation of shop
2,000
Unearned revenue
5620
Selling commission
2200
Marketing costs
4200
Wages [Store]
6,000
Insurance expense [shop]
2300
Prepaid insurance Expense [store]...
Question 1 The following information pertains to the Satyam Company for the year ending December 31,...
Question 1
The following information pertains to the Satyam
Company for the year ending December 31, 2019.
$
Hours
Revenue
40,000
Interest payable
2300
Purchases of direct materials
12,000
Wages [factory]
5500
Beginning direct material
2850
Indirect Materials
5,000
Supplies expense [factory]
3,500
Supplies [factory]
9540
Depreciation of factory machines
3500
Depreciation of factory Plant
2300
Depreciation of shop
2,000
Unearned revenue
5620
Selling commission
1200
Marketing costs
4200
Wages [Store]
6,000
Insurance expense [shop]
2300
Prepaid insurance Expense [store]...
The following information is available for the Mercy Hospital: For year ending December 31 2019 December...
The following information is available for the Mercy
Hospital:
For year ending
December 31
2019
December 31, 2018
Revenue
Net Patient Revenue
$14,500,000.00
$3,165,000.00
Operating Expenses
Medical/surgical
$1,500,000.00
$1,000,000.00
Wages
$1,200,000.00
$ 500,000.00
Purchasing
$ 350,000.00
$ 120,000.00
Pharmacy
$1,650,000.00
$1,250,000.00
Professional Fees
$3,400,000.00
$2,650,000.00
Interest
$ 750,000.00
$ 525,000.00
Revenue in Excess of Expense/(Loss)
??????
??????
Analyze this statement of operations and write a
paragraph on what you perceive to be the strengths and weaknesses
of Mercy Hospital. There...
The following are selected account balances for Withers Company for the year ending December 31, 2019:...
The following are selected account balances for Withers Company
for the year ending December 31, 2019:
Accounts Payable $63,000
Accounts Receivable $82,000
Cash $95,000
Freight-in $3,000
Merchandise Inventory (1/1/19) $120,000
Merchandise Inventory (12/31/19) $90,000
Purchases $262,000
Purchase Returns & Allowances $33,000
Purchases Discounts $12,000
Sales $566,000
Sales Returns & Allowances 36,000
Total Selling Expenses $92,000
Total Administrative Expenses $43,000 Withers,
Capital $660,000 Withers,
Withdrawals $100,000
REQUIRED: 1) Prepare the multiple-step income statement under
the Periodic System (the way we did...
The following information is from Amos Company for the year ended December 31, 2019.
The following information is from Amos Company for the year ended December 31, 2019.
Retained earnings at December 31, 2018 (before discovery of error), $865,000.
Cash dividends declared and paid during the year, $22,000.
Two years ago, it forgot to record depreciation expense of $36,600 (net of tax benefit).
The company earned $221,000 in net income this year.
Prepare a statement of retained earnings for Amos Company.
The following information pertains to the Chow Corporation for the fiscal year ended December 31, YR7:...
The following information pertains to the Chow Corporation for
the fiscal year ended December 31, YR7:
Net Income for
YR7
$1,200,000
8% convertible bonds issued at par ($1,000 per bond). Each bond
is
convertible into 40 shares of common stock.
$2,000,000
7% convertible bonds issued at par ($1,000 per bond). Each bond
is
convertible into 15 shares of common
stock.
$1,500,000
6% convertible, cumulative preferred stock, $100 par value. Each
share
is convertible into 3...
The following information pertains to Superstar Music's operating segments for the year ended December 31. ...
The following
information pertains to Superstar Music's operating segments for
the year ended December 31.
Axl
Bruce
Celine
Diddy
Elvis
Total
External Sales
10,000
0
15,000
10,000
70,000
105,000
Intersegment Sales
5,000
15,000
0
10,000
30,000
60,000
Net Income (Loss)
(9,000)
0
5,000
3,000
50,000
49,000
Assets
5,000
12,000
5,000
5,000
60,000
87,000
Based solely, on this information, indicate which of the segments
are considered to be reportable segments:
Use check boxes to indicate correct answers....
1. Morris Company had the following information for the year ending December 31: Additional Resources Units...
1. Morris Company had the following information for the year
ending December 31:
Additional Resources
Units
Unit Cost
Beginning
inventory
200
$40
Purchase:
April 6
460
42
Sale:
May 4
260
Purchase:
July 19
500
44
Sale:
September 9
470
Purchase:
October 10
120
45
Morris uses the perpetual inventory system and the FIFO
method.
Required:
Using FIFO
2. On December 31, 2017, Tiffany Company issued $1,420,000 of 9%
bonds. The market interest rate at the time of issuance was...
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its...
On December 31, 2019, Robey Company accumulated the following
information for 2019 in regard to its defined benefit pension
plan:
Service cost
$102,220
Interest cost on projected benefit obligation
12,240
Expected return on plan assets
11,120
Amortization of prior service cost
1,920
On its December 31, 2018, balance sheet, Robey had reported an
accrued/prepaid pension cost liability of $13,940.
Required:
1.
Compute the amount of Robey’s pension expense for 2019.
2.
Prepare all the journal entries related to Robey’s pension...
On December 31, 2019, Robey Company accumulated the following information for 2019 in regard to its...
On December 31, 2019, Robey Company accumulated the following
information for 2019 in regard to its defined benefit pension
plan:
Service cost
$110,830
Interest cost on projected benefit obligation
11,470
Expected return on plan assets
10,390
Amortization of prior service cost
2,140
On its December 31, 2018, balance sheet, Robey had reported an
accrued/prepaid pension cost liability of $13,000.
Required:
1.
Compute the amount of Robey’s pension expense for 2019.
2.
Prepare all the journal entries related to Robey’s pension...
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