DateAccountsDebitCreditCash145,000a.Accounts Receivable145,000b.Selling and Administrative Expenses32,000Cash32,000Accounts Payable39,000C.Cash39,000d.Raw Materials Inventory28,200Accounts Payable28,200Work-in-Process InventoryManufacturing Overhead8,850e.1,200Raw Materials Inventory10,050Work-in-Process InventoryManufacturing Overheadf.20,60018,400Wages Payable39,000Wages Payable38,700g.Cash38,700h.Manufacturing Overhead2,500Accumulated Depreciation2,500Work-in-Process Inventory16,480i.Manufacturing Overhead16,480j.Finished Goods Inventory47,430Work-in-Process Inventory47,430k.Accounts Receivable104,000Sales Revenue104,000k.Cost of Goods Sold47,430Finished Goods Inventory47,430L.Cost of Goods Sold5,620Manufacturing Overhead5,620 Accumulated DepreciationAccounts PayableWages Payable75,000 Bal.134,000 Bal.2,600 Bal.Common StockRetained EarningsSales Revenue139,000 Bal.109,800 Bal.

Ledger posting : The process of accounting contains many necessary steps. Firstly, we've to record…

Answered: Date Accounts Debit Credit Cash 145,000…

Date Accounts Debit Credit Cash 145,000 Accounts Receivable 145,000 b. Selling and Administrative Expenses 32,000| Cash 32,000 Accounts Payable 39,000| Cash 39,000 d. Raw Materials Inventory 28,200

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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Question

100%

Date
Accounts
Debit
Credit
Cash
145,000
a.
Accounts Receivable
145,000
b.
Selling and Administrative Expenses
32,000
Cash
32,000
Accounts Payable
39,000
C.
Cash
39,000
d.
Raw Materials Inventory
28,200
Accounts Payable
28,200
Work-in-Process Inventory
Manufacturing Overhead
8,850
e.
1,200
Raw Materials Inventory
10,050
Work-in-Process Inventory
Manufacturing Overhead
f.
20,600
18,400
Wages Payable
39,000
Wages Payable
38,700
g.
Cash
38,700
h.
Manufacturing Overhead
2,500
Accumulated Depreciation
2,500
Work-in-Process Inventory
16,480
i.
Manufacturing Overhead
16,480
j.
Finished Goods Inventory
47,430
Work-in-Process Inventory
47,430
k.
Accounts Receivable
104,000
Sales Revenue
104,000
k.
Cost of Goods Sold
47,430
Finished Goods Inventory
47,430
L.
Cost of Goods Sold
5,620
Manufacturing Overhead
5,620

Accumulated Depreciation
Accounts Payable
Wages Payable
75,000 Bal.
134,000 Bal.
2,600 Bal.
Common Stock
Retained Earnings
Sales Revenue
139,000 Bal.
109,800 Bal.

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ABC Company Income Statement Period Ending 31-Dec-15 31-Dec-14 31-Dec-13 Total Sales $485,651,000 $476,294,000 $475,210,000 Cost of Goods Sold 365,086,000 358,069,000 350,400,000 Gross Profit 120,565,000 118,225,000 124,810,000 Selling Generall and Adminstrative 93,418,000 91,353,000 90,343,000 Operating Profit 27,147,000 26,872,000 34,467,000 Total Other Income/Expenses Net 113,000 119,000 115,000 Earnings before Interest and Taxes 27,034,000 26,753,000 34,352,000 Interest Expense 2,461,000 2,335,000 2,200,000 Income Before Tax 24,573,000 24,418,000 32,152,000 Income Tax Expense 7,985,000 8,105,000 9,800,000 Net Income from Continuing Ops 16,588,000…
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The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May $ 7,600 $ 20,400 $ 40,200 $128,400 $ 23,925 $ 150,000 $ 22,675 $51,000 $ 67,000 $ 72,000 June July $ 97,000 $ 48,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of Inventory. £ Monthly expenses are as follows:…
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