In: Accounting
1- a restaurant made cash sales of $4,000 subject to a 5% sales tax. record the sales and the related tax. also record the payment of the tax to the state.
on october 1, 2014, rhodes company purchased equipment at a cost of $10,000.00, signing a nine-month 8% note payable for that amount. record the october 1 purchase and the adjusting entry needed on december 31, 2014. record the entry for the payment of the note plus interest at maturity on july 1, 2015.
2- closing entries using T-account
| title | debit | credit |
| cash | ||
| sales revenue | ||
| sales tax payable | ||
| sales tax payable | ||
| cash | ||
| equipment | ||
| notes payable | ||
| interest expense | ||
| interest payable | ||
| note payable | ||
| interest payable | ||
| interest expense | ||
| cash | ||
please do 1 and 2
In: Accounting
|
Pacific Ink had beginning work-in-process inventory of $387,380 on October 1. Of this amount, $158,120 was the cost of direct materials and $229,260 was the cost of conversion. The 22,000 units in the beginning inventory were 30 percent complete with respect to both direct materials and conversion costs. |
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During October, 51,000 units were transferred out and 16,000 remained in ending inventory. The units in ending inventory were 80 percent complete with respect to direct materials and 30 percent complete with respect to conversion costs. Costs incurred during the period amounted to $1,181,700 for direct materials and $1,523,320 for conversion |
| Required: |
|
Compute the cost per equivalent unit for direct materials and for conversion costs using the weighted-average method. (Round your answers to 2 decimal places.) |
In: Accounting
Pacific Ink had beginning work-in-process inventory of $802,560 on October 1. Of this amount, $335,200 was the cost of direct materials and $467,360 was the cost of conversion.The 59,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs.
During October, 124,000 units were transferred out and 41,000 remained in ending inventory.The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $3,094,000 for direct materials and $3,893,400 for conversion.
a-1.
Compute the cost of goods transferred out and the cost of ending
inventory using the FIFO method. (Round intermediate
calculations to 2 decimal places.)
COST OF GOODS TRANSFERRED OUT ????????
COST OF ENDING INVENTORY ????????????
In: Accounting
Sani, a graduate from Universiti Putra Malaysia, started the Merchandise Company with RM50,000 cash on January 2019. Below are the one month transactions of his company.
1/1 Bought goods from A & Co. for RM10,000 cash.
2/1 Bought Goods for Cash 5,000
3/1 Bought Goods from B & Co. for cash 6,000
4/1 Purchased Goods from C & Co. on credit 8,000
4/1 Brought in RM60,000 Cash to business
5/1 Sold goods worth 8,000 to P
5/1 Bought furniture from Modern Furniture for 10,000
5/1 Purchased goods for cash 15,000
6/1 Purchased goods from B. Sen & Co for 30,000
6/1 Opened a bank account by depositing 16,000
6/1 Sold goods to Zahir Khan for 10,000
6/1 Bought machinery for 6,000 and payment made by cheque
6/1 Payment to B.Sen & Co by cheque 5,000
6/1 Interest paid through cheque 2,000
6/1 Sold goods for cash 10,000
7/1 Cash sales for 6,000
7/1 Sold goods to Q for cash 4,000
8/1 Sold goods to R on credit 8,000
10/1 Returned goods to A & Co. 2,000
15/1 Goods returned from P 1,000
15/1 Goods returned by Zahir Khan for 2,000
15/1 Withdrew from bank for personal use 3,000
18/1 Goods taken by the proprietor for personal use 1,000
19/1 Withdrew from bank for office expenses 10,000
20/1 Cheque received from Zahir Khan 5,000
20/1 Commission received by cheque 5,000
20/1 Bought furniture 10,000
25/1 Purchased machinery for cash 25,000
26/1 Bought computer from Intel & Co. 30,000
27/1 Cash sales 5,000
29/1 Cash purchases 6,000
30/1 Paid electricity bill for 100
31/1 Paid Salaries by Cheque RM7,000
31/1 Closing Stocks is valued using FIFO method worth RM30,000.
Required:
A. Record all transactions in appropriate journals.
B. Post all transactions to the appropriate T-accounts based on the journal prepared.
C. Prepare general ledger based on the journal prepared.
D. Transfer all the closing balance to Trial Balance (title, date, debit column, credit column, total amount in RM)
E. Prepare Statement of Financial Position and Statement of Profit or Loss based on the trial balance constructed.
In: Accounting
Rios Financial Co. is a regional insurance company that began operations on January 1, Year 1. The following transactions relate to trading securities acquired by Rios Financial Co., which has a fiscal year ending on December 31:
Record these transactions on page 10:
|
Year 1 |
||
| Feb. | 1. | Purchased 4,700 shares of Caldwell Inc. as a trading security at $36 per share plus a brokerage commission of $470. |
| May | 1. | Purchased 1,800 shares of Holland Inc. as a trading security at $48 plus a brokerage commission of $198. |
| July | 1. | Sold 2,440 shares of Caldwell Inc. for $34 per share less a $105 brokerage commission. |
| 31. | Received an annual dividend of $0.35 per share on Caldwell Inc. stock. | |
| Dec. | 31. | The portfolio of trading securities was adjusted to fair values of $34 and $47 per share for Caldwell Inc. and Holland Inc., respectively. |
Record these transactions on page 11:
|
Year 2 |
||
| Apr. | 1. | Purchased 3,500 shares of Fuller Inc. as a trading security at $31 per share plus a $175 brokerage commission. |
| July | 31. | Received an annual dividend of $0.40 per share on Caldwell Inc. stock. |
| Oct. | 14. | Sold 700 shares of Fuller Inc. for $33 per share less a $55 brokerage commission. |
| Dec. | 31 | The portfolio of trading securities had a cost of $255,124 and a fair value of $331,594, requiring a debit balance in Valuation Allowance for Trading Investments of $76,470 ($331,594 - $255,124). Thus, the credit balance from December 31, Year 1, is to be adjusted to the new balance. |
| Required: | |||
| 1. | Journalize the entries to record these transactions. Round all final amounts to the nearest whole dollar.* | ||
| 2. | Prepare the investment-related current asset balance sheet presentation for Rios Financial Co. on December 31, Year 2.* | ||
| 3. | How are unrealized gains or losses on trading investments
presented in the financial statements of Rios Financial Co.?
|
3. How are unrealized gains or losses on trading investments presented in the financial statements of Rios Financial Co.?
Unrealized gains or losses on trading investments are reported on the
For Year 1, Rios Financial Co. would have reported an
For Year 2, Rios Financial Co. would have reported an
If unrealized gains and losses were significant for Rios Financial, then they would be
In: Accounting
What was possible economic origin(s) of the infanticide in pre-industrial times? As a related practice, abortion is still prevalent in contemporary world. Taking China as an example, the abortion has led to a rising sex ratio from the early 1980s. Discuss the primary reason(s) behind the prevalence of abortion in post-1980 China.
In: Economics
Leaders must be able to create a culture that encourages adherence to standards for patient safety. Identify a situation in which you would revise or change practice to enhance safety. How would you introduce this change to your staff using the Diffusion Theory? What strategies would you use for early adopters of this change?
In: Nursing
Part A - Alterations of the Digestive System
Discuss the changes to electrolyte values in a patient
experiencing early stages of vomiting and diarrhea.
Part B - Alterations of the Renal System
A patient is complaining of urinary urgency and frequency. The healthcare provider orders a urinalysis with a culture and sensitivity. Explain why the culture and sensitivity would be important for a urinalysis with bacteriuria.
In: Nursing
In: Nursing