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- 23:23 ® O N • Voll il 22%! LTE1 T Save Question 20 Worldwide Corp.'s statement of financial position accounts as of December 31, 2019 and 2018 and information relating to 2019 activities are presented below. Incorrect Mark 0.00 out of December 31 3.00 2019 2018 Assets Cash $440,000 $160,000 Short-term investments 800,000 Accounts receivable (net) 1,130,000 1,230,000 Inventory 1,210,000 1,050,000 Long-term investments 400,000 600,000 Plant assets 3,100,000 2,000,000 Accumulated depreciation (700,000) (900,000) Patent 280,000 300,000 Total assets $6,660,000 $4.440.000 Liabilities and Equity. Accounts payable $1,620,000 $1,330,000 Other accrued liabilities 200,000 250,000 Notes payable (nontrade) 560,000 - Common Stock-$10 par 1,600,000 1,400,000 Additional paid-in capital 800,000 500,000 Retained earnings 1.880,000 960,000 Total liabilities and equity $6,660,000 $4,440.000 Information relating to 2019 activities: • Net income for 2019 was $1,250,000. This amount includes net sales…+ I/ An V - MI * 00 關 因 T F. PR 44 %#3 @https://ezto.mheducation.com/ext/map/index.html?_con3Dcon&e dit - Chapter 11 & 13 Review Saved Help Save & Exit The Colson Company has budgeted sales for the year as follows: 1. 13,300 15,300 19,200| 17,300 Quarter 2 Sales in units The ending inventory of finished goods for each quarter should equal 25% of the next quarter's budgeted sales in units. The finished goods inventory at the start of the year is 4,300 units. Scheduled production for the third quarter is (in units) Multiple Choice 18,725 units. O 19,675 units. Graw < Prev 16 of 20 Next 11!H pe here to search 近 Dツ +D F-4 F7 PrtSc F10 F11 Dele 65 F12 Ins 23 & 2. 9. 6 S G N Alt Ctrl202112.02 03:04 Underslallu T-ALand understand the fIve lu P 32,200 33,050 200 04 Cost Accounting Chapter 7 Accounting for Materials 20 Problem 4 An invoice for X, Y, and Z is received from Heavyweight Co. Invoice totals are: X- P 125,000; Y -P 75,000%; Z - P100,000, The freight charges on this shipment of 18,000 pounds total P7,500. Weights for the respective materials are 10,000, 6,000, and 7,500 pounds. Required: 1. Cost per pound to be entered on the stock cards for each materials, based on Problem 7 The Bedrock Company is a manufacturer of golf clothing. During the monthNhe company cut and assembled 10,000 golf jackets. One hundred of the jackets dic not meet specifications and were considered "seconds." Seconds are sold for P1,00T00 per jacket, whereas first quality jackets sell for P2,500.00. During the month, Wo in Process was charged for P3,600,000 of materials, P4,000,000 of labor, and fary overhead is applied at 120% of direct labor (including allowance of 20% of dilect.…
- Refer to the following selected financial information from Texas Electronics. Compute the company's working capital for Year 2. Year 1 $ 33,250 Year 2 $ 38,500 100,000 90,500 65,000 84,500 126,000 130,000 13,100 10,700 393,000 343,000 108,400 112,800 Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets Accounts payable Net sales Cost of goods sold 716,000 395,000 681,000 380,000Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: $84,000 100,800 77,000 86,800 91,000 May June July August September Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company ScheduleK16 1 2 3 # 5 3 Projected Sales Volume 3 Desired Ending Inventory 9 0 Units Needed 1 Beginning Inventory 2 3 Projected Production 4 5 6 7 L8SOT 9 0 A 1 fx B с Paulson Paint, Inc Production Budget For the Year Ended December 31, 2019 Magnificent Paint 435,000 36,000 33,500 D E Marvelous Paint 338,154 29,000 25,890 F Total G H
- Data for January for Bondi Corporation and its two major business segments, North and South, appear below: Sales revenues, North Variable expenses, North Traceable fixed expenses, North Sales revenues, South Variable expenses, South Traceable fixed expenses, South $ 673,000 $ 390,600 $ 80,600 $ 520,300 $ 296,900 $ 67,400 In addition, common fixed expenses totaled $182,700 and were allocated as follows: $94,900 to the North business segment and $87,800 to the South business segment. A properly constructed segmented income statement in a contribution format would show that the segment margin of the North business segment is:ADAK STEEL budget info: 01 02 04 $2,500,000 $2,000,000 $2,200,000 $2,800,000 $500,000 $500,000 $600,000 $700,000 $800,000 $800,000 $900,000 $1,000,000 $400,000 $400,000 $400,000 $400,000 Sales on account Purchases of material on account Payroll Miscellaneous Cash collections of sales on account: 70% current Quarter; 20% following Q 4% - never Sales in previous year: 3rd Q-$1,800,000 4th Q-$2,400,000 Material Purchases: Paid ½ in current Q; ½ in next Q Purchases in 4th Q of previous year: $600,000 All other items (payroll, miscellaneous) are paid in current month. Non-operating cash outlays: Dividends: Bond interest: Bond Principal: 6% second following Q $90,000 every Q. $60,000 on June 30 and $40,000 on December 31. $1,000,000 on June 30. $120,000 Annual interest rate: 8% Beginning Cash Balance, Jan. 1: Minimum Balance: $100,000 REQUIRED: Prepare a Cash Budget Repay loan only when you have enough cash to pay entire loan. Pay interest when you pay principal. Borrow at beginning of Q,…Glew Corporation has provided the following information: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Sales commissions Cost per Unit $ 6.00 $ 3.35 $ 1.75 $ 1.00 $ 0.40 Cost per Period $ 8,800 Variable administrative expense Fixed selling and administrative expense $ 4,000 If 3,000 units are produced, the total amount of indirect manufacturing cost incurred is closest to:
- Garza Corporation has two production departments, Casting and Customizing. The company uses a job-order costing system and computes a predetermined overhead rate in each production department. The Casting Department's predetermined overhead rate is based on machine-hours and the Customizing Department's predetermined overhead rate is based on direct labor-hours. At the beginning of the current year, the company had made the following estimates: Machine-hours Direct labor-hours Total fixed manufacturing overhead cost Variable manufacturing overhead per machine-hour Variable manufacturing overhead per direct labor-hour The estimated total manufacturing overhead for the Customizing Department is closest to: Multiple Choice $119,100 $29,700 $56,700 $27,000 < Prev 4 of 7 H HH NextAssume a merchandising company provides the following information from its master budget for the month of May: Sales $ 121,000 $ 97,000 Cost of goods sold Selling and administrative expenses $ 31,000 Accounts receivable, May 1st $ 17,000 Accounts receivable, May 31st $ 24,500 If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May?5c