Question
In: Accounting
TCL TV Manufacturing company has the following summarized accounts at the end of its current month...
TCL TV Manufacturing company has the following summarized
accounts at the end of its current month of operations. Its labor
rate is $7 per hour and has worked 100,000 hours. Sales Revenue is
$3,135,000.00. The company gives a variable commission of 5% of
sales.
Beginning Inventory Ending Inventory
Raw Materials 200,000.00 110,000.00
Work In Process 150,000.00 125,000.00
Finished Goods 100,000.00 75,000.00
Raw materials purchases 500,000.00
Salaries of Sales Staff 320,000.00
Salary of General Manager 250,000.00
Utilities Expense - Factory 190,000.00
Administrative Salaries 140,000.00
Rent for Sales Shop 140,000.00
Rent for factory 120,000.00
Indirect labor 120,000.00
Factory supervisor's salary 98,000.00
Indirect materials 55,000.00
Utilities Expenses - Office 48,000.00
Factory supplies 45,000.00
Maintenance cost in the factory 35,000.00
Depreciation - Factory Equipment 25,000.00
Depreciation - Office Administrative Equipment 22,000.00
Office Supplies Expense 15,000.00
Insurance for Administrative Offices 6,000.00
Insurance for Factory Premises 4,000.00
Miscellaneous Expense - Office 3,500.00
1. Cost of Goods Manufactured
2. Cost of Goods Available for Sale
3. Cost of Goods Sold
4. Net Operating Income
Solutions
ekkarill92 answered 2 years agoRelated Solutions
A company has the following accounts and account balances at the end of its first year:...
A company has the following accounts and account balances at the
end of its first year:
Accounts payable, $4,000
Cash, $22,000
Common stock, Not given
Dividends, $4,000
Expenses, $17,000
Notes payable, $3,000
Prepaid insurance, $5,000
Revenues, $28,000
What is the balance of its common stock account at the end of the
first year?
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for...
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for...
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for...
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts:
Cash $ 5,000
Inventory $10,000
Equipment $ 3,000
Land $10,000
Owe Jones $10,000
Common Stock $10,000
Retained Earnings $ 8,000
Set up the initial Balance Sheet for this month, make the
appropriate entries for this month using the Accounting Equation,
and show the ending Balance Sheet for this month. The following
should be included for this month:
a. Buy inventory from Jones on credit for...
At the end of last month, Ajax Inc. had the following balances in its accounts: Cash...
At the end of last month, Ajax Inc. had the following balances
in its accounts: Cash $ 5,000 Inventory $10,000 Equipment $ 3,000
Land $10,000 Owe Jones $10,000 Common Stock $10,000 Retained
Earnings $ 8,000 Set up the initial Balance Sheet for this month,
make the appropriate entries for this month using the Accounting
Equation, and show the ending Balance Sheet for this month. The
following should be included for this month: a. Buy inventory from
Jones on credit for...
Assume that Denis Savard Inc. has the following accounts at the end of the current year....
Assume that Denis Savard Inc. has the following accounts at the
end of the current year.
1.
Common Stock
14.
Accumulated Depreciation-Buildings.
2.
Discount on Bonds Payable.
15.
Cash Restricted for Plant Expansion.
3.
Treasury Stock (at cost).
16.
Land Held for Future Plant Site.
4.
Notes Payable (short-term).
17.
Allowance for Doubtful Accounts.
5.
Raw Materials
18.
Retained Earnings.
6.
Preferred Stock (Equity) Investments (long-term).
19.
Paid-in Capital in Excess of Par-Common Stock.
7.
Unearned Rent Revenue.
20.
Unearned...
Assume that Denis Savard Inc. has the following accounts at the end of the current year....
Assume that Denis Savard Inc. has the following accounts at the
end of the current year.
1.
Common Stock.
14.
Accumulated Depreciation-Buildings.
2.
Discount on Bonds Payable.
15.
Restricted Cash for Plant Expansion.
3.
Treasury Stock (at cost).
16.
Land Held for Future Plant Site.
4.
Notes Payable (short-term).
17.
Allowance for Doubtful Accounts.
5.
Raw Materials.
18.
Retained Earnings.
6.
Preferred Stock Investments (long-term).
19.
Paid-in Capital in Excess of Par-Common Stock.
7.
Unearned Rent Revenue.
20.
Unearned Subscriptions...
Assume that Lee Inc. has the following accounts at the end of the current year: 1....
Assume that Lee Inc. has the following accounts at the end of
the current year:
1. Common Shares
2. Raw Materials Inventory
3. FV-OCI Investments
4. Unearned Rent Revenue
5. Work-in-Process Inventory
6. Intangible Assets—Copyrights
7. Buildings
8. Notes Receivable (due in three months)
9. Cash (includes Restricted Cash—see item 12)
10. Salaries and Wages Payable
11. Accumulated Depreciation—Buildings
12. Restricted Cash (for plant expansion)
13. Land Held for Future Plant Site
14. Allowance for Doubtful Accounts
15. Retained Earnings...
A manufacturing company estimates the following expenditures for the current month: - preferred dividends paid of...
A manufacturing company estimates the following expenditures for
the current month:
- preferred dividends paid of RM12,200;
- wages paid to workers of RM 79,600;
- overhead costs of RM 14,300;
- raw materials of RM 25,000;
- shipping costs of RM 18,100.
What are the total production costs?
Select one:
a. RM 149,200
b. RM 137,000
c. RM 153,200
d. RM 131,000
Abdullah Associates’ accounts payable for the month are
RM200,000 and its wages and salaries are RM100,000. What...
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