IMG-20240104-WA0060

As controller for Henderson, you are attempting to reconstruct and revise the following balance sheet prepared by a staff accountant.  Henderson Manufacturing CompanyBalance SheetAt December 31, 2021($ in 000s) Assets Current assets:           Cash     $ 1,600   Accounts receivable       4,200   Allowance for uncollectible accounts       (700 ) Finished goods inventory       6,000   Prepaid expenses       2,900   Total current assets       14,000   Long-term assets:           Investments       2,500   Raw materials and work in process inventory       3,400   Equipment       17,000   Accumulated depreciation—equipment       (8,500 ) Franchise       ?   Total assets     $ ?   Liabilities and Shareholders’ Equity Current liabilities:           Accounts payable     $ 6,700   Notes payable       13,000   Interest payable—note       300   Deferred revenue       3,000   Total current liabilities       23,000   Long-term liabilities:…

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During the monthly internal audit in the end of March, Cheung’s senior accounting manager Sherry discovered three suspicious journal entries. She would like to further investigate whether theaccountants made those mistakes intentionally. The three journal entries were summarized as follows. Luckily, there were notes recorded by the accountants together with those entries. 1. Manufacturing Overhead $2,000Salary Payable $2,000 Notes: This is for salary expenses incurred but not yet paid to staff in the advertising department. As I am not able to find any “Non-factory Overhead” account to record it, I decided to put it under “Manufacturing Overhead”. 2. Factory Labor 160,000Cash 160,000 Notes: This is to record factory labor costs for the month. The total amount of $160,000 includes the payroll taxes of $24,000. The remaining amount won’t be paid till April 15th.But because the payroll taxes will be paid in cash sooner or later, I credited Cash for the total amount. 3. Work in Process…

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Mr. Bailey has prepared the following divisional income statement for you to review, assuming no transfer of excess capacity hours occurs. He has also included the total amounts for BOR CPAs, Inc. in the rightmost column. Complete the following Income Statements with your data from the Payroll panel. Enter all amounts as positive numbers.   BOR CPAs, Inc. Income Statements For the Year Ended December 31, 20Y1 1   Audit Division Tax Division Total Company 2 Fees earned:       3 Audit fees (12 engagements) $900,000.00   $900,000.00 4 Tax fees (45 engagements)   $708,750.00 708,750.00 5 Transfer-pricing fees     0.00 6 Expenses:       7 Variable:       8 Audit hours provided by Audit Division 216,000.00   216,000.00 9 Tax hours provided by Tax Division   283,500.00 283,500.00 10 Excess capacity hours paid to salaried staff   48,000.00 48,000.00…

The Ski department reports sales of $625,000 and cost of goods sold of $437,500. Its expenses follow. Direct Expenses   Indirect Expenses   Service Department Expenses   Salaries $118,000 Rent $16,100 Office $24,200 Depreciations 44,600

The following balances are known for A Company at the begining of the year:         Direct materials inventory $ 24,000   Work-in-process inventory   9,000   Finished goods inventory   22,000   Manufacturing overhead control   33,000   Accounts payable   12,000     In the beginning of June, some of the current data were lost and you have been asked to help the finance department to reconstruct the data. After Reviewing old documents and interviewing employees you have generated the following additional information: The production superintendent’’s job cost sheets indicated that materials of $5,200 were included in the June 30 Work-in-Process Inventory as well as 300 direct labor-hours had been paid at $12.00 per hour for the jobs in process on June 30. The account of Accounts Payable is the only account for direct material purchases. The Clerk remembers clearly that the balance in the Accounts Payable on June 30 was…

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Quality Move Company made the following expenditures on one of its delivery trucks: Mar. 20 Replaced the transmission at a cost of $1,990. June 11 Paid $1,455 for installation of a hydraulic lift. Nov. 30 Paid $57 to change the oil and air filter.   Prepare journal entries for each expenditure. Refer to the Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTSQuality Move CompanyGeneral Ledger   ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable   EQUITY 310 Owner's…

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Transaction Analysis Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below: a. Raw materials purchased on account, $100,000. b. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials. c. Sales commissions paid in cash, $45,000. d. Depreciation was recorded for the month. $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment). e. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account). f. Factory utilities paid in cash, $12,000. g. Applied $138,000 of manufacturing overhead to production during the month. h. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods. i. Cash receipts from customers who had previously purchased on credit, $115,000. j. Various completed jobs costing a total of $220,000 were sold to customers. k. Cash paid to raw material…

A fire destroyed some accounting records of a company. You have been able to collect the following from the spoilt papers/ records and as a result of consultation with accounting staff in respect of January, 2019. (1) Incomplete Ledger Entries : RAW-MATERIALS ACCOUNT $4 Beginning Inventory 32000 WORK-IN-PROGRESS ACCOUNT $ $ Beginning Inventory 9200 Finished Stock 1,51,000 CREDITORS A/C $ $ Closing Balance 19200 Opening Balance 16400 MANUFACTURING OVERHEADS A/C $ Amount Spent 29600 FINISHED GOODS A/C $ Opening Inventory (ii) Additional information: Closing Inventory 24000 30000 (1) The cash-book showed that 89,200 have been paid to creditors for raw-material. (2) Ending inventory of works-in-progress included material 35,000 on which 300 direct labour hours have been booked against wages and overheads. (3) The job card showed that workers have worked for 7,000 hours. The wage rate is 10 per labour hour. (4) Overhead recovery rate was 4 per direct labour hour. You are required to…

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The Falcon Company does  not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the data. The following beginning balances on June 1 are known:             Direct Materials Inventory $ 12,000     Work-in-Process Inventory   4,500     Finished Goods Inventory   11,000     Manufacturing Overhead Control   16,500     Accounts Payable   6,000   Reviewing old documents and interviewing selected employees have generated the following additional information:The production superintendent's job cost sheets indicated that materials of $2,600 were included in the June 30 Work-in-Process Inventory. Also, 300 direct labor-hours had been paid at $6.00 per hour for the jobs in process on June 30.The Accounts Payable account is only for direct material purchases. The clerk remembers clearly that the balance in the Accounts Payable on June 30 was $8,000. An analysis of canceled checks indicated…

The Falcon Company does not maintain backup documents for its computer files. In June, some of the current data were lost, and you have been asked to help reconstruct the data. The following beginning balances on June 1 are known:              Direct Materials Inventory $ 12,000     Work-in-Process Inventory   4,500     Finished Goods Inventory   11,000     Manufacturing Overhead Control   16,500     Accounts Payable   6,000     Reviewing old documents and interviewing selected employees have generated the following additional information: The production superintendent's job cost sheets indicated that materials of $2,600 were included in the June 30 Work-in-Process Inventory. Also, 300 direct labor-hours had been paid at $6.00 per hour for the jobs in process on June 30. The Accounts Payable account is only for direct material purchases. The clerk remembers clearly that the balance in the Accounts Payable on June 30 was $8,000. An analysis of canceled checks indicated…

Loveland Manufacturing Company was started on January 1, 2018. The company was affected by the following events during its first year of operation:   Acquired $2,400 cash from the issue of common stock. Paid $720 cash for direct raw materials. Transferred $480 of direct raw materials to work in process. Paid production employees $720 cash. Paid $360 cash for manufacturing overhead costs. Applied $294 of manufacturing overhead costs to work in process. Completed work on products that cost $1,200. Sold products that cost $960 for $1,680 cash. Paid $480 cash for selling and administrative expenses. Made a $60 cash distribution to the owners. Closed the Manufacturing Overhead account.   Record these events in a horizontal statements model. The first event is shown as an example. Prepare a schedule of cost of goods manufactured and sold

A review of the accounting records of Rundle Manufacturing indicated that the company incurred the following payroll costs during the month of March. Assume the company's financial statements are prepared in accordance with GAAP. 1. Salary of the company president-$31,400. 2. Salary of the vice president of manufacturing-$16,100. 3. Salary of the chief financial officer-$18,000. 4. Salary of the vice president of marketing-$15,600. 5. Salaries of middle managers (department heads, production supervisors) in manufacturing plant-$204,000. 6. Wages of production workers-$945,000. 7. Salaries of administrative secretaries-$103,000. 8. Salaries of engineers and other personnel responsible for maintaining production equipment-$169,000. 9. Commissions paid to sales staff-$255,000. Required a. What amount of payroll cost would be classified as SG&A expense? b. Assuming that Rundle made 3,300 units of product and sold 2,475 of them during the month of March, determine the amount of payroll cost…

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the pro forma income statement, and the balance sheet still have to be completed. The following information is available as 12/31/X8. Prior Year Balance Sheet Assets   Cash $45,000 Accounts Receivable $55,000 Materials Inventory $40,000 Work-in-Process Inventory $30,000 Finished Goods Inventory $36,000 Prepaid Expenses $20,000 Plant and Equipment $500,000 Accumulated Depreciation ($140,000) Other Assets $22,000 Total Assets $608,000 Liabilities and Equity  Accounts Payable $103,000  Other Current Liabilities $42,000  Income Taxes Payable $25,000  Long-Term Debt $300,000 Total Liabilities $470,000 Common Stock $100,000 Retained Earnings $38,000 Total Equity $138,000 Total Liabilities and Equity $608,000 Information From Recent Budgets for the Coming Year Projected sales are $2,080,000 (13,000 units). Projected direct materials purchases are $525,000. Projected direct materials usage is $510,000. Projected direct labor expense is…

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