Questions
How might the history of the Buffalo Soldiers be celebrated differently by different American ethnic groups?...

How might the history of the Buffalo Soldiers be celebrated differently by different American ethnic groups? 500 words

In: Psychology

briefly, 2 pages long explain How did the Enlightenment and the Great Awakening impact the American...

briefly, 2 pages long explain How did the Enlightenment and the Great Awakening impact the American Revolution?

In: Psychology

The code of ethics of the American Institute of Constructors' use depends on the extent to...

The code of ethics of the American Institute of Constructors' use depends on the extent to which members of the profession abide by it in practice.

In: Civil Engineering

Discuss how the American film industry changed in the 1950s. Include both positive and negative view...

Discuss how the American film industry changed in the 1950s. Include both positive and negative view points.

In: Economics

What happened in Fort Mose and descrive what took place there and why it was an...

What happened in Fort Mose and descrive what took place there and why it was an important episode in American History?

In: Psychology

Discuss the annexation of Texas and what were the conflicts that arise. How did it lead...

Discuss the annexation of Texas and what were the conflicts that arise. How did it lead to the Mexican American war.

In: Psychology

Explain how the political and economic changes of the 21st century have influenced Afro-Latin American movements.

Explain how the political and economic changes of the 21st century have influenced Afro-Latin American movements.

In: Economics

The Polaris Company uses a job-order costing system. The following transactions occurred in October: Raw materials...

The Polaris Company uses a job-order costing system. The following transactions occurred in October:

  1. Raw materials purchased on account, $209,000.
  2. Raw materials used in production, $189,000 ($151,200 direct materials and $37,800 indirect materials).
  3. Accrued direct labor cost of $50,000 and indirect labor cost of $21,000.
  4. Depreciation recorded on factory equipment, $104,000.
  5. Other manufacturing overhead costs accrued during October, $129,000.
  6. The company applies manufacturing overhead cost to production using a predetermined rate of $9 per machine-hour. A total of 76,200 machine-hours were used in October.
  7. Jobs costing $514,000 according to their job cost sheets were completed during October and transferred to Finished Goods.
  8. Jobs that had cost $450,000 to complete according to their job cost sheets were shipped to customers during the month. These jobs were sold on account at 24% above cost.

Required:

1. Prepare journal entries to record the transactions given above.

2. Prepare T-accounts for Manufacturing Overhead and Work in Process. Post the relevant transactions from above to each account. Compute the ending balance in each account, assuming that Work in Process has a beginning balance of $34,000.

In: Accounting

On May 1, Year 1, KLM orders equipment from a supplier in Luxemburg for €100,000 with...

On May 1, Year 1, KLM orders equipment from a supplier in Luxemburg for €100,000 with delivery scheduled for October 1, Year 1. Payment is due on December 31, Year 1. On May 2, Year 1 KLM enters into an 8-month forward contract with its bank at a rate of €1 = $1.38 to purchase €100,000 on December 31, Year 1, the date the accounts payable is due. The equipment is delivered on October 1, Year 1, and immediately put into use. The forward contract and the payable to the supplier are settled on December 31, Year 1.

Exchange rates for one euro for Year 1 were as follows:

Spot RateForward Rate* May 1 and 2, Year 1 $1.35 $1.38 October 1, Year 1 $1.37 $1.39 December 31, Year 1 $1.36 $1.36

Required Prepare journal entries to reflect the above transactions from May 1 to December 31, Year 1, excluding adjusting entry for depreciation expense. Assume that KLM designates the forward contract as a cash-flow hedge and clears the cumulative other comprehensive income account when the equipment is delivered on October 1, Year 1

In: Accounting

Please complete the October journal entries with the information provided. (Not all information provided may be...

Please complete the October journal entries with the information provided. (Not all information provided may be relevant in completing the question).

Inventory Information
Inventory on hand at the beginning of October:
Units Cost / unit Total Cost
Purchase # 1 15 60 $900
Purchase # 2 25 70 1,750
40 $2,650
October 2018 transactions related to buying and selling widget inventory
1-Oct Sold 30 widgets at $125 each on credit
3-Oct Purchased 60 widgets at a cost of $80 per widget on credit
10-Oct Sold 45 widgets at $150 each on credit
20-Oct Purchased 40 widgets at a cost of $85 per widget on credit
24-Oct Sold 35 widgets at $165 each on credit
The PHYSICAL count of widget inventory on hand at October 31, 2018 shows 23 widgets at a FIFO cost of $1,955.
Number of Days Outstanding
Total 0-30 31-60 61-90 91-120 over 120
Accounts Receivable $     163,075 $146,768 $     6,523 $     3,262 $     4,892 $     1,631
% Uncollectible 0.02 0.06 0.075 0.08 0.09
Estimated Uncollectible $         4,109         2,935            391            245            391            147

In: Accounting