Cornerstone Exercise 7-31 Calculating ABC Unit Costs oqrmo gninobro9n ageaeaPerry National Bank has collected the following information for four activities and two types ofcredit cards:enwallokae she aitkop 7pilnquao.bobbonsisbbdo bns noiteanol2000 ei i bas 1251 orlu boliel oved aomoqmos srls to diod TOActivityDriverClassicGoldActivity RateProcessing transactionsPreparing statements re e Number of statementsAnswering questionsExer Providing ATMSTransactions processed8,000e 8,000 viirio/4,80016,00032,0004,800$0.150.90Number of calls3.0024,0009,600ATM transactions1.20There are 5,000 holders of Classic cards and 20,000 holders of the Gold cards.activities:Required: ese twohotion moldingCalculate the unit cost (rounded to the nearest cent) for Classic and Gold credit cards.TheCornerstone Exercise 7-32 Assigning Costs to ActivitiesBaker Company produces small engines for lawnmower producers. The accounts payable depart-ment at Baker has six clerks who process and pay supplier invoices. The total cost of their salariesis $320,000. The work distribution for the activities that they perform is as follows:berjupeLCalcylate the potivityActivityPercentage of Time ound to two dedimon Each Activity lo 1200 odi onimmsisun To two decimal plaCalculaie the activComparing source documentsA-sulsvnd5% x3 enotenemon activitResolving discrepancies000 082 709 20m Processing payment65gitivite0a vAallgrarlhaed ol sdioodRequired:aM edAssign the cost of labor to each of the three activities in theadaniblow.00.sgaihemdoned(uod gniblow 000,2) 000,00eaaccounts payable department.

Solution:- 1)Calculation of the unit cost for Classic as follows under:- Unit cost for classic…

Cornerstone Exercise 7-31Calculating ABC Unit Costs grmob gnitebnon B Perry National Bank has collected the following information for four activities and two types c credit cards:nslqor 90on ei ti bas 1251 ords bolist oved aono wollokes she aoitkoopilqquanlbobbonsisbbdio bns Activity sr lo diod 10 om Driver Classic Gold Activity Rate Processing transactions Preparing statements re e Number of statements Answering questions Providing ATMS Transactions processed 4,800 $0.15 8,000 8,000 viirio/4,800 16,000 32,000 0.90 Number of calls 24,000 9,600 3.00 Exer ATM transactions 1.20 There are 5,000 holders of Classic cards and 20,000 holders of the Gold cards. Required: Calculate the unit cost (rounded to the nearest cent) for Classic and Gold credit cards.

Cornerstone Exercise 7-31Calculating ABC Unit Costs grmob gnitebnon B Perry National Bank has collected the following information for four activities and two types c credit cards:nslqor 90on ei ti bas 1251 ords bolist oved aono wollokes she aoitkoopilqquanlbobbonsisbbdio bns Activity sr lo diod 10 om Driver Classic Gold Activity Rate Processing transactions Preparing statements re e Number of statements Answering questions Providing ATMS Transactions processed 4,800 $0.15 8,000 8,000 viirio/4,800 16,000 32,000 0.90 Number of calls 24,000 9,600 3.00 Exer ATM transactions 1.20 There are 5,000 holders of Classic cards and 20,000 holders of the Gold cards. Required: Calculate the unit cost (rounded to the nearest cent) for Classic and Gold credit cards.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5, [The following information applies to the questions displayed below.] The following post-closing list of accounts was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 2: Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings $ 5,060 17,245 2,295 24,980 10,130 21,000 13,860 Transactions for Year 3 1. Acquired an additional $9,100 cash from the issue of common stock. 2. Purchased $60,100 of inventory on account. 3. Sold inventory that cost $62,300 for $96,600. Sales were made on account. 4. The company wrote off $1,450 of uncollectible accounts. 5. On September 1, LGS loaned $10,500 to Eden Company. The note had an 8 percent interest rate and a one-year term. 6. Paid $15,740 cash for operating expenses. 7. The company collected $84,960 cash from accounts receivable. 8. A cash payment of $50,610 was paid on…
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MUMassD Logor X E Quicklaunch - x K. myCourses Da: X Se Univ of Mass - X Ceng g In | Federa x ducation.com Saved mework View transaction list Journal entry worksheet 1 3 4 8 9 10 Provided $57,971 in service to customers during the year, with $21,658 on account and the rest received in cash. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 0 日 search
Practice chpt 5 - Co X A ezto.mheducation.com/ext/map/index.html?_con=con&external browser=D0&launchUrl=https%253A%252F%252Fdcccd.blackboar ce chpt 5 A Saved At the end of 2021, Worthy Co's balance for Accounts Receivable is $24,000, while the company's total assets equal $1,540,000. In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $4,000 becomes a bad debt on March 14. Record the write off of this customer's account in 2022 using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Rook View transaction list Journal entry worksheet Print erences Record the write off of this customer's account in 2022 using the direct write off method. Note: Enter debits before credits. Date General Journal Debit Credit March 14, 2022 Record entry Clear entry View general journal raw Type here to search Ps DII PrtScn Hom F3 F7 F8 近

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