Question
In: Accounting
Selected accounts with amounts omitted are as follows: Work in Process Aug. 1 Balance 275,000 Aug....
Selected accounts with amounts omitted are as follows:
| Work in Process | |||||
| Aug. 1 | Balance | 275,000 | Aug. 31 | Finished Goods | 1,030,000 |
| 31 | Direct materials | X | |||
| 31 | Direct labor | 450,000 | |||
| 31 | Factory overhead | X | |||
| Factory Overhead | |||||
| Aug. 1–31 | Costs incurred | 145,000 | Aug. 1 | Balance | 15,000 |
| 31 | Applied | ||||
| (30% of direct labor cost) | X | ||||
If the balance of Work in Process on August 31 is $220,000, what
was the amount debited to Work in Process for direct materials in
August?
2-
Winston Company estimates that the factory overhead for the following year will be $765,600. The company has decided that the basis for applying factory overhead should be machine hours, which is estimated to be 26,400 hours. The total machine hours for the year were 54,100 hours. The actual factory overhead for the year was $1,591,000. Enter the amount as a positive number.
a. Determine the total factory overhead amount
applied.
$
b. Calculate the over- or underapplied amount
for the year.
$ overapplied
c. Prepare the journal entry to close factory overhead into Cost of Goods Sold.
| Cost of Goods Sold | |||
| Factory Overhead |
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 252,230 Aug....
Selected accounts with amounts omitted are as follows
Work in Process
Aug. 1
Balance
252,230
Aug. 31
Goods finished
134,930
31
Direct materials
X
31
Direct labor
37,200
31
Factory overhead
X
Factory Overhead
Aug. 1 – 31
Costs incurred
112,620
Aug. 1
Balance
12,310
31
Applied
(30% of direct labor cost)
X
If the balance of Work in Process on August 31 is $192,870, what
was the amount debited to Work in Process for...
1) Selected accounts with amounts omitted are as follows Work in Process Aug. 1 Balance 260,530...
1)
Selected accounts with amounts omitted are as follows
Work in Process
Aug. 1
Balance
260,530
Aug. 31
Goods finished
144,980
31
Direct materials
X
31
Direct labor
36,500
31
Factory overhead
X
Factory Overhead
Aug. 1 – 31
Costs incurred
103,630
Aug. 1
Balance
12,940
31
Applied
(30% of direct labor cost)
X
If the balance of Work in Process on August 31 is $198,090, what
was the amount debited to Work in Process...
Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 22,900 ...
Selected accounts with some amounts omitted are as follows:
Work in Process
Oct. 1
Balance
22,900
Oct. 31
Goods finished
X
31
Direct materials
94,000
31
Direct labor
186,800
31
Factory overhead
X
Finished Goods
Oct. 1
Balance
12,400
31
Goods finished
339,400
If the balance of Work in Process on October 31 is $209,600,
what was the amount of factory overhead applied in October?
a.$94,000
b.$245,300
c.$419,300
d.$186,800
Preparing Closing Entries The following selected accounts and amounts are from the adjusted trial balance for...
Preparing Closing Entries
The following selected accounts and amounts are from the
adjusted trial balance for Seattle Inc.
Sales
$192,500
Cost of goods sold
$92,750
Service revenue
3,500
Interest expense
7,000
Operating expenses
42,000
Dividends
19,250
Income tax expense
8,750
Required
Prepare the closing entries for revenues, expenses, and
dividends. Use the Income Summary account to close income statement
amounts.
General Journal
Account Name
Dr.
Cr.
Answer
Answer
Service Revenue
Answer
Answer
Answer
Answer
To close revenues to income summary...
Selected balance sheet accounts for Tibbetts Company on September 30, 2016, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2016, are as follows:
Cash
$
44,800
Marketable securities
126,000
Accounts receivable, net
154,000
Inventory
175,000
Prepaid expenses
19,600
Total current assets
$
519,400
Accounts payable
$
99,000
Other accrued liabilities
24,200
Short-term debt
44,000
Total current liabilities
$
167,200
a. Calculate the working capital, current
ratio, and acid-test ratio for Tibbetts Company as of September 30,
2016. (Round "Ratio" answers to 2 decimal
places.)
b. Summarized here are the...
Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2019, are as follows:
Cash
$
41,600
Marketable securities
117,000
Accounts receivable, net
143,000
Inventory
162,500
Prepaid expenses
18,200
Total current assets
$
482,300
Accounts payable
$
81,000
Other accrued liabilities
19,800
Short-term debt
36,000
Total current liabilities
$
136,800
Required:
Calculate the working capital, current ratio, and acid-test
ratio for Tibbetts Company as of September 30, 2019.
Summarized here are the transactions/events that took place
during the fiscal year...
Selected balance sheet accounts for Tibbetts Company on September 30, 2016, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2016, are as follows:
Cash $ 44,800
Marketable securities 126,000
Accounts receivable, net 154,000
Inventory 175,000
Prepaid expenses 19,600
Total current assets $ 519,400
Accounts payable $ 108,000
Other accrued liabilities 26,400
Short-term debt 48,000
Total current liabilities $ 182,400
Required:
a. Calculate the working capital, current ratio, and acid-test
ratio for Tibbetts Company as of September 30, 2016. (Round "Ratio"
answers to 2 decimal places.)
b. Summarized here are...
Selected balance sheet accounts for Tibbetts Company on September 30, 2019, are as follows: Cash $...
Selected balance sheet accounts for Tibbetts Company on
September 30, 2019, are as follows:
Cash
$
32,000
Marketable securities
90,000
Accounts receivable, net
110,000
Inventory
125,000
Prepaid expenses
14,000
Total current assets
$
371,000
Accounts payable
$
90,000
Other accrued liabilities
22,000
Short-term debt
40,000
Total current liabilities
$
152,000
Required:
Calculate the working capital, current ratio, and acid-test
ratio for Tibbetts Company as of September 30, 2019.
Summarized here are the transactions/events that took place
during the fiscal year...
Selected amounts from Carla Vista Company's trial balance of 12/31/20 appear below: 1. Accounts Payable $127,900...
Selected amounts from Carla Vista Company's trial balance of
12/31/20 appear below:
1.
Accounts Payable
$127,900
2.
Accounts Receivable
149,000
3.
Accumulated Depreciation—Equipment
213,300
4.
Allowance for Doubtful Accounts
23,100
5.
Bonds Payable
481,800
6.
Cash
149,600
7.
Common Stock
50,100
8.
Equipment
873,000
9.
Prepaid Insurance
31,000
10.
Interest Expense
10,700
11.
Inventory
304,800
12.
Notes Payable (due 6/1/21)
185,700
13.
Prepaid Rent
252,000
14.
Retained Earnings
822,300
15.
Salaries and Wages Expense
334,300
(All of the above accounts...
Missing amounts from balance sheet and income statement data One item is omitted in each of...
Missing amounts from balance sheet and income statement
data
One item is omitted in each of the following summaries of
balance sheet and income statement data for the following four
different proprietorships. Determine the missing amounts.
(Hint: First, determine the amount of increase or decrease
in owner's equity during the year.) Round your answers to the
nearest dollar. Enter your answers as positive values.
Freeman
Heyward
Jones
Ramirez
Beginning of the year:
Assets
$ 826,700
$ 967,200
$ 355,500
$
Liabilities
496,000
502,900...
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