Questions
Give dated journal entries for these.

The stockholders' equity section of Jay Company's balance sheet on 2009 December 31, shows 100,000 shares of authorized and issued USD 20 stated value common stock, of which 9,000 shares are held in the treasury. On this date, the board of directors declared a cash dividend of USD 2 per share payable on 2010 January 21, to stockholders of record on January 10. Give dated journal entries for these.

In: Accounting

Enter an increase as a positive number and a decrease as a negative number. Change in income for Division A $ Change in income for Division B $ Total change in income for Hibiscus Company ?

The materials used by the Hibiscus Company Division A are currently purchased from outside supplier at $52 per unit. Division B is able to supply Division A with 17,500 units at a variable cost of $50 per unit. The two divisions have recently negotiated a transfer price of $48 per unit for the 17,500 units. By how much will each division's income and the company's total income change as a result of this transfer? Enter an increase as a positive number and a decrease as a negative number.

 

Change in income for Division A $
Change in income for Division B $
Total change in income for Hibiscus Company ?

In: Accounting

Prepare a trial balance for Kenny's Lawn Service as of September 30, 20--.

 Prepare a trial balance for Kenny's Lawn Service as of September 30, 20--. List the accounts in the order of Assets, Liabilities, Owner's equity, Revenue, and Expenses. If an amount box does not require an entry, leave it blank.

The following accounts have normal balances.

 

Cash $10,000
Accounts Receivable 6,000
Supplies 1,600
Prepaid Insurance 1,200
Delivery Equipment 16,000
Accounts Payable 4,000
Kenny Young, Capital 20,000
Kenny Young, Drawing 2,000
Delivery Fees 18,800
Wages Expense 4,200
Rent Expense 1,800

In: Accounting

If overhead is applied on the basis of machine hours, what will be the overhead rate per hour?

Simplex Company has the following estimated costs for next year:

Direct materials
Direct labour
Sales commissions
Salary of production supervisor
Indirect materials
Advertising expense
Rent

Simplex estimates that 10,000 direct labour and 16,000 machine hours will be worked during the year. If overhead is applied on the basis of machine hours, what will be the overhead rate per hour?

In: Accounting

net income equals

Cushman Company had $818,000 in sales, sales discounts of $12,270, sales returns and allowances of $18,405, cost of goods sold of $388,550, and $281,395 in operating expenses. Net income equals:

(a) $7,87,325

(b) $1,17,380

(c) $3,98,775

(d) $1,78,730

(e) $1,48,055

 

In: Accounting

How much depreciation expense will be recorded for the van during the first year ended December 31

A company purchased a new delivery van at a cost of $62,000 on July 1. The delivery van is estimated to have a useful life of 5 years and a salvage value of $5,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31

(a) $6,200

(b) $5,700

(c) $6,000

(d) $11,400

(e) $6,700

In: Accounting

Its gross profit(loss) equals

A company has sales of $7,22,200 and cost of goods sold of $2,89,200.Its gross profit (loss) equals

(a) $1,011,240

(b) $2,89,200

(c) $7,22,200

(d) $4,33,000

 

In: Accounting

1.Record the purchase of the patent on january 2,2021

Blossom Company purchases a patent for $1,53,200 cash on january 2,2021.Its legal life is 20 Years and its estimated useful life is 8 Years

1.Record the purchase of patent on january 2,2021

2.Record amortization expense for the year ended December 31,2021

In: Accounting

Prepare the entries the declaration & issuance of the stock dividend

Langley Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 15% stock dividend on December 1 when the market price per share is $16. The dividend shares are issued on December 31. Prepare the entries for the declaration and issuance of the stock dividend.

In: Accounting

1. Calculate days' cash on hand for Gamma Company and for Delta Company. Round your answer to one decimal place. Gamma Company days Delta Company days 2. Which company has the better liquidity position based on your calculation?

Gamma Company and Delta Company have compiled the following data as of the end of the current fiscal year:

  Gamma Delta
Cash $65,700 $302,300
Temporary investments 27,700 125,000
Accounts receivable 2,500 87,000
Inventory 52,400 127,500
Accounts payable 4,500 265,000
Operating expenses 153,000 625,000

 

Depreciation (one of the operating expenses) for Gamma was $35,000, and for Delta was $65,000.

1. Calculate days' cash on hand for Gamma Company and for Delta Company. Round your answer to one decimal place.

Gamma Company days
Delta Company days

2. Which company has the better liquidity position based on your calculation?

In: Accounting

Compute the following. (Round answers to 2 decimal places, e.g. 1.25.) (a) Standard direct materials price per pound of raw materials. $ (b) Standard direct materials quantity per gallon. pounds (c) Total standard materials cost per gallon.

Tang Company accumulates the following data concerning raw materials in making its finished product: (1) Price per pound of raw materials—net purchase price $2.50, freight-in $0.50, and receiving and handling $0.40. (2) Quantity per gallon of the finished product—required materials 3.40 pounds, allowance for waste and spoilage 0.60 pounds

Compute the following. (Round answers to 2 decimal places, e.g. 1.25.)

 

(a)   Standard direct materials price per pound of raw materials.   $

 
(b)   Standard direct materials quantity per gallon.  

pounds
(c)   Total standard materials cost per gallon.

In: Accounting

What is classification of market?

What is classification of market in economics? What is perfect competition market, monopolistic competition market, oligopoly market, monopoly market? Discuss in detail. 

In: Economics

What is Green House Effect?

Meaning of Green House Effect . Impacts of Green House Effect. 

In: Other

Prepare the general journal entries to record the above transactions.

Read each of the following transactions 

A). The cash sales per a register tape were $593 The cash count is $559 

B). The cash sales per a register tape were $9,400 The cash count is $8,910. 

Prepare the general journal entries to record the above transactions.

In: Accounting

From the information, determine the total amount of: (a) Manufacturing overhead $ (b) Product costs $ (c) Period costs $

Question Description

Knight Company reports the following costs and expenses in May.

Factory utilities   $15,500   Direct labor   $69,100
Depreciation on factory equipment   12,650   Sales salaries   46,400
Depreciation on delivery trucks   3,800   Property taxes on factory building   2,500
Indirect factory labor   48,900   Repairs to office equipment   1,300
Indirect materials   80,800   Factory repairs   2,000
Direct materials used   137,600   Advertising   15,000
Factory manager’s salary   8,000   Office supplies used   2,640

From the information, determine the total amount of:

(a) Manufacturing overhead $
(b) Product costs $
(c) Period costs $

In: Accounting