Question 11 of 21 - Practice Chapter 7
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Question 11 of 21 - Practice Chapter 7
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(a)
Information follows for Patuanak Company:
1.
The beginning-of-the-year Accounts Receivable balance was $25,000.
2.
Net sales for the year were $410,000. (Credit sales were $200,000 of the total sales.) Patuanak does not
offer cash discounts.
3.
Collections on accounts receivable during the year were $140,000.
Your Answer
Correct Answer (Used)
Your answer is correct.
Prepare summary journal entries to record the items noted above. (Credit account titles are automatically
indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the
account titles and enter 0 for the amounts. List all debit entries before credit entries.)
Account Titles and Explanation
Debit
Credit
Cash
Accounts Receivable
Sales Revenue
(To record sales revenue)
Cash
Accounts Receivable
210000
200000
410
140000
140
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Question 11 of 21 - Practice Chapter 7
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(b)
(To record collections on account)
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List of Accounts
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Your Answer
Correct Answer (Used)
Your answer is correct.
Calculate Patuanak’s accounts receivable turnover ratio for the year. How old is the average receivable?
(Round accounts receivable turnover ratio answer to 2 decimal places, e.g. 15.25 and average collection period
to 0
decimal places, e.g. 252. Use 365 days for calculation.)
Accounts receivable turnover ratio
times
Average collection period
days
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Solution
List of Accounts
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3.64
100
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A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the
ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were:
O 95220 equivalent units.
O 135300 equivalent units.
O 70200 equivalent units.
O 85200 equivalent units.
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Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to
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r.com: 24/7 On-
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09 Operational and Legal Considerations -
>
Calculating Capacity
• How many machines do you need?
• You expect your sales to be
3,000,000 granola bars (20g each)
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per month
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The machine:
• How much is the investment?
Capacity: 100 kgs per hour
• What are the operating costs?
Requires 2 people to operate it
Takes 8 ft x 40 ft space
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Energy and maintenance: $5 per hour
• Cost of material and packaging:
$0.12 per bar
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Concord Industries has equivalent units of 7100 for materials and for conversion costs. Total manufacturing costs are $124370. Total
materials costs are $91000. How much is the conversion cost per unit?
O $17.52.
O $4.70.
$12.82.
O $30.33
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Case study 2 - Case 2 27 Oct 2020 - 08:00 28 Oct 2020 - 06:00 28 Oct 2020 - 19:00 100
Summary:
On Chapters 9, 10, and 11:
The YuRaeKa charity was established in 1960. The charity’s aim is to provide support to children from disadvantaged backgrounds who wish to take part in sports such as tennis, badminton, squash, basketball and football.
YuRaeKa has a detailed constitution[1] which explains how the charity’s income can be spent. The constitution also notes that administration expenditure cannot exceed 10% of income in any year.
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X Your answer is incorrect.
Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were:
Elkins, $149000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If
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If a company overstates its closing inventory, it will
O understate income but the balance sheet will appear stronger.
O overstate income but the balance sheet will appear weaker.
O understate income and the balance sheet will appear weaker.
O overstate income and the balance sheet will appear stronger.
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Purchased a 1-year insurance policy on June 1 for $ 2,196 cash.
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Question 23 of 25
You have the following information for Sheridan Inc. for the month ended June 30, 2022. Sheridan uses a periodic inventory system.
Unit Cost or
Date
Description
Quantity
Selling Price
June
Beginning inventory
40
$34
June
4.
Purchase
135
37
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10
Sale
110
64
June
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Sale return
15
64
June
18
Purchase
55
40
June
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10
40
June
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Sale
65
70
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35
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ed
O b. increase in net operating income.
out of
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stion
XYZ Company had the following information for the year:
red
Direct materials used
OMR 110,000
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Actual manufacturing overhead incurred
OMR 166,000
on
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Question 6 of 6
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The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows.
CONSTANTINE CAVAMANLIS INC.
BALANCE SHEETS
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The following are a series of unrelated situations.
Net sales
Answer the questions relating to each of the five independent situations as requested.
1. Skysong Company's unadjusted trial balance at December 31, 2025, included the following accounts.
Accounts receivable
Allowance for doubtful accounts
Debit
Bad debt expense for 2025 $
$54,800
6,910
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$1,267,000
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Skysong Company estimates its bad debt expense to be 7% of gross accounts receivable. Determine its bad debt expense for 2025.
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Question 1 of 6
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Koch Corporation's adjusted trial balance contained the following asset accounts at December 31, 2020: Cash $7,000, Land
$40,000, Patents $12,500, Accounts Receivable $90,000, Prepaid Insurance $5,200, Inventory $30,000, Allowance for Doubtful
Accounts $4,000, and Equity Investments (to be sold in the next quarter) $11,000.
Prepare the current assets section of the balance sheet. (List Current Assets in order of liquidity.)
КОСН СORPORATION
Balance Sheet (Partial)
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Module 3 Problem Set
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4. BE.06.08
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Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods
The units of an item available for sale during the year were as follows:
Jan. 1
Inventory
8 units at $40
$320
Aug. 13
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Nov. 30
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Available for sale
21 units
$876
There are 8 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory
cost using the (a) first-in, first-out (FIFO) method; (b) last-in,…
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- Please see question in picture attached to fill in table. Thank youarrow_forward3b Co X > Bb Co X W Chapi x W Chapi x W Chapi x W Chap x W Chap x W Chap x education.wiley.com/was/ui/v2/assessment-player/index.html?launchld%3ff329a0a-ec1c-44aa-9e4d-92d7043beb6e ework F21 Question 1 of 20 View Policies Current Attempt in Progress If a company overstates its closing inventory, it will O understate income but the balance sheet will appear stronger. O overstate income but the balance sheet will appear weaker. O understate income and the balance sheet will appear weaker. O overstate income and the balance sheet will appear stronger. eTextbook and Media Save for Laterarrow_forwardI need help soon as possiblearrow_forward
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