Exercise 11-8A (Algo) Recording manufacturing overhead costs in T-accounts LO 11-2 Thornton Corporation manufactures model airplanes. The company purchased for $173,000 automated production equipment that can make the model parts. The equipment has a $11,000 salvage value and a 9-year useful life. Required a. Assuming that the equipment was purchased on January 1, record in T-accounts the adjusting entry that the company would make on December 31 to record depreciation on equipment. Accumulated Depreciation Debit Credit Manufacturing Overhead Debit Credit Debit Depreciation Expense Credit

Exercise 11-8A (Algo) Recording manufacturing overhead costs in T-accounts LO 11-2 Thornton Corporation manufactures model airplanes. The company purchased for $173,000 automated production equipment that can make the model parts. The equipment has a $11,000 salvage value and a 9-year useful life. Required a. Assuming that the equipment was purchased on January 1, record in T-accounts the adjusting entry that the company would make on December 31 to record depreciation on equipment. Accumulated Depreciation Debit Credit Manufacturing Overhead Debit Credit Debit Depreciation Expense Credit

Accounting

27th Edition

ISBN:9781337272094

Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Chapter10: Long-term Assets: Fixed And Intangible

Section: Chapter Questions

Problem 10.5CP: Communication Godwin Co. owns three delivery trucks. Details for each truck at the end of the most...

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Exercise 11-8A (Algo) Recording manufacturing overhead costs in T-accounts LO 11-2 Rundle Corporation manufactures model airplanes. The company purchased for $143,000 automated production equipment that can make the model parts. The equipment has a $11,000 salvage value and a 11-year useful life. Required a. Assuming that the equipment was purchased on January 1, record in T-accounts the adjusting entry that the company would make on December 31 to record depreciation on equipment. Accumulated Depreciation Debit Debit Depreciation Expense Credit Credit Manufacturing Overhead Debit Credit
Exercise 11-8A (Algo) Recording manufacturing overhead costs in T-accounts LO 11-2 Fanning Corporation manufactures model airplanes. The company purchased for $259,000 automated production equipment that can make the model parts. The equipment has a $19,000 salvage value and a 12-year useful life. Required a. Assuming that the equipment was purchased on January 1, record in T-accounts the adjusting entry that the company would make on December 31 to record depreciation on equipment. Accumulated Depreciation Answer is complete but not entirely correct. Manufacturing Overhead Debit Credit Debit 20,000 Adjusting Adjusting 19,000 Depreciation Expense Debit Credit Adjusting 20,000 Credit
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View Policies Current Attempt in Progress Marigold Corporation incurred the following transactions. 1. 2. 3. 4. 5. 6. 7. 8. 1 Purchased raw materials on account $49,100. Raw Materials of $44,200 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $9,900 was classified as indirect materials. Factory labor costs incurred were $61,900. Time tickets indicated that $55,300 was direct labor and $6,600 was indirect labor. Manufacturing overhead costs incurred on account were $81,900. Manufacturing overhead was applied at the rate of 160% of direct labor cost. Goods costing $93,900 were completed and transferred to finished goods. Finished goods costing $76,400 to manufacture were sold. Record the transactions. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45)) ..
Exercise 10-1 Cost of plant assets LO C1 Rizio Co. purchases a machine for $10,900, terms 1/10, n/60, FOB shipping point. Rizio paid within the discount period and took the $109 discount. Transportation costs of $246 were paid by Rizio. The machine required mounting and power connections costing $754. Another $355 is paid to assemble the machine and $40 of materials are used to get it into operation. During installation, the machine was damaged and $220 worth of repairs were made. Complete the below table to calculate the cost recorded for this machine.
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Exercise 14-07 National Express reports the following costs and expenses in June 2020 for its delivery service. Indirect materials Depreciation on delivery equipment Dispatcher's salary $7,100 Drivers' salaries 12,300 5,260 910 13,000 2,600 Period costs Advertising Delivery equipment repairs Office supplies Office utilities Repairs on office equipment $16,200 5,400 390 720 1,060 220 Property taxes on office building CEO's salary Gas and oil for delivery trucks Determine the total amount of (a) delivery service (product) costs and (b) period costs. Delivery service (product) costs
Question 59 Redillas Corporation's 2021 manufacturing costs were as follows: Prime costs P 430,000 Depreciation of factory equipment Depreciation of factory building 000'00 I Janitor's wages for cleaning factory area i 000' Salesmen's commission based on sales Depreciation for delivery van How much of these costs should be inventoried for external reporting purposes? O P 612,000 O P 500,000 O P 647,000 O P 512,000 Question 6O MacBook Pro
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Algo Identifying upstream and downstream cost LO During year 2, Thornton's manufacturing company incurred $115,200,000 of research and development (R&D) cost to create a long-life battery to use in computers. in accordance with FASB standards, the entire R&D cost was recognized as an expense in year 2 manufacturing costs ( direct materials, direct labor, and overhead) are expected to be $60 per unit. Packaging shipping, and sales commissions are expected to be $17 per unit. Thornton expects to sell 2,4000,000 batteries before new research renders the battery design technologically obsolete. During year 2, Thornton made 432,000 batteries and sold 407,000 of them Required a) Identify the upstream and downstream costs b) Determine the year 2 amount of goods sold and the ending inventory balance that would appear on the financial statements that are prepared in accordance with GAAP c) Determine the sales price assuming that Thornton desires to earn a profit margin that is equal to…
1 i 2 01:37:31 Book Ис Graw "F nny https://ezto.mheducation.com/ext/map/index.html?_con=con&external... Direct materials. Utilities, factory Administrative salaries Indirect labor Sales commissions Multiple Choice O $586,000 A partial listing of costs incurred at ABC Corporation during September appears below: Depreciation of production equipment Depreciation of administrative equipment Direct labor Advertising The total of the manufacturing overhead costs listed above for September is: $50,000 $292,000 Saved $30,000 00 Help $ 113,000 $ 5,000 $ 81,000 $ 25,000 $ 48,000 $ 20,000 $30,000 $ 129,000 $ 135,000 Q Search {= Save & Exit Submit