Required information[The following information applies to the questions displayed below.]Georgia Orchards produced a good crop of peaches this year. After preparing thefollowing income statement, the company believes it should have given its No. 3peaches to charity and saved its efforts.GEORGIA ORCHARDSIncome StatementFor Year Ended December 31, 2013No. 1No. 2No. 3CombinedSales (by grade)$445,500No. 1: 247,500 lbs. @ $1.80/lbNo. 2: 247,500 lbs. @ $1.40/lbNo. 3: 792,000 lbs. @ $0.25/lb$346,500$ 198,000$990,000Total salesCosts386,100Tree pruning and care@ $0.30/lb74,25074,250237,600Picking, sorting, and grading257,40049,50049,500158,400@ $0.20/lbDelivery costs15,00015,00037,60067,600Total costs138,750138,750433,600711,100278,900Net income (loss)$306,750$ 207,750 $(235,600)$In preparing this statement, the company allocated joint costs among the grades on aphysical basis as an equal amount per pound. The company's delivery cost recordsshow that $30,000 of the $67,600 relates to crating the No. 1 and No. 2 peaches andhauling them to the buyer. The remaining $37,600 of delivery costs is for crating the No.3 peaches and hauling them to the cannery. Required:1. Prepare reports showing cost allocations on a sales value basis to the three grades ofpeaches. Separate the delivery costs into the amounts directly identifiable with eachgrade. Then allocate any shared delivery costs on the basis of the relative sales valueof each grade. (Do not round intermediate calculations.)Tree pruning and care:GradeAllocation Basex Indirect CostPercent of Allocation BaseDenominatorNos.NumeratorPercent of Allocation Basex Indirect Costx Indirect CostSales valueTotalsPicking, sorting, and grading:GradeNos.No. 1No. 2No. 3No. 1No. 2No. 3TotalsDelivery:GradeNos.No. 1No. 2No. 3TotalsAllocation BaseAllocation BaseNumerator Denominator% of TotalNumerator% of TotalPercent of Allocation BaseDenominator% of Total0000000000Allocated CostAllocated CostAllocated Cost00

Joint costs refer to the concept when one cost-benefit is linked with one or more products.

he following information applies to the questions displayed below.] orgia Orchards produced a good crop of peaches this year. Af owing income statement, the company believes it should have aches to charity and saved its efforts. GEORGIA ORCHARDS

he following information applies to the questions displayed below.] orgia Orchards produced a good crop of peaches this year. Af owing income statement, the company believes it should have aches to charity and saved its efforts. GEORGIA ORCHARDS

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

! Required information [The following information applies to the questions displayed below.] Joe and Jessie are married and have one dependent child, Lizzie. Lizzie is currently in college at State University. Joe works as a design engineer for a manufacturing firm, while Jessie runs a craft business from their home. Jessie's craft business consists of making craft items for sale at craft shows that are held periodically at various locations. Jessie spends considerable time and effort on her craft business, and it has been consistently profitable over the years. Joe and Jessie own a home and pay interest on their home loan (balance of $220,000) and a personal loan to pay for Lizzie's college expenses (balance of $35,000). Neither Joe nor Jessie is blind or over age 65, and they plan to file as married-joint. Assume that the employer portion of the self-employment tax on Jessie's income is $849. Joe and Jessie have summarized the income and expenses they expect to report this year as…
Give typing answer with explanation and conclusion
Rebecca is an undergraduate at Big State University. She was awarded a $32,000 "full scholarship" which paid for her: • Tuition: $17,000 • Campus Housing: $6,500 • Books: $2,500 • Meals: $6,000 What amount of the scholarship must Rebecca include in her Gross Income? Group of answer choices. $6,000. $9,000. $12,500. $19,500.
Community Assist for Refugees (CAR) is a not-for-profit organization that assistsrefugees with various services including language and cultural training, transportation,a food bank, and translation services. Some selected transactions for CAR arepresented below.a.CAR received a $20,000 cheque from a local radio station. The letter that came withthe donation says that it can be used by CAR on whatever needs are most urgent.b.CAR received a $25,000 donation from the Literacy Fund for a new homeworkambiance piglet the project serpested o star /in a ew moning,.(C.CAR received a $55,000 endowment contribution from Dr. Koe for a scholarshipd. CAR received a donation of 50 student desks for its homework assistance projectfrom City Office Supplies Ltd. The student desks are valued at $40,000 and areexpected to last 10 years. e. The city donated a tract of land,valued at $50,000 to CAR which plans to raise funds to constract a new center on the land. f.Assume that the homework as istance…
Karen White helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Vicky Hill Recovery Fund (VHRF). Karen contributed $1,000 of her own money to the fund. The $1,000 was paid to WKUX, a local radio station that designed and played an advertising campaign to educate the public as to the need for help. The campaign resulted in the collection of $20,000 cash. VHRF paid $12,000 to Mercy Hospital to cover Vicky's outstanding hospital cost. The remaining $8,000 was contributed to the National Cyclist Fund. Required Identify the entities that were mentioned in the scenario and explain what happened to the cash accounts of each entity that you identify. Entities Mentioned Vicky Hill Recovery Fu Karen White Effect On Cash for cash contributions, $21,000 for payment of advertising, $1,000 payment for hospital bills, $12,000 for donation to National Cyclist Fund, $8,000 by contribution, $1,000
Your client, a carpenter, donated one of his handcrafted wooden desks to his church, a qualified public charity. The church sold the desk at an auction for $3,500, which is comparable to the standard price for the client's other woodwork. He calculated his costs as follows: Wood $1,000 Other materials $300 Rent for workshop $500 Time and services $1,700 This is his only charitable contribution. He itemizes deductions and has an adjusted gross income of $80,000. What is the maximum current year income tax deduction allowable for the client's charitable contribution? A)$3,500 B)$1,800 C)$500 D)$1,300
When Marilyn Monroe died, ex-husband Joe DiMaggio vowed to place fresh flowers on her grave every Sunday as long as he lived. The week after she died in 1962, a bunch of fresh flowers that the former baseball player thought appropriate for the star cost about $7. Based on actuarial tables, "Joltin' Joe" could expect to live for 25 years after the actress died. Assume that the EAR is 9.8 percent. Also, assume that the price of the flowers will increase at 4.2 percent per year, when expressed as an EAR. Assume that each year has exactly 52 weeks and Joe began purchasing flowers the week after Marilyn died. What is the present value of this commitment? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Victor and Maria Hernandez Look at Future Income Throughout this book, we will present a continuing narrative about Victor and Maria Hernandez. Following is a brief description of the lives of this couple.Victor and Maria, both in their late 30s, have two children: Jacob, age 13, and Nicholas, age 15. Victor has had a long sales career with a retail appliance store in Fargo, North Dakota earning $55,000 annually. Maria works as a medical records assistant earning $31,000. Victor and Maria regularly buy and sell a number of items on eBay, Craig's List, and through the free community newspaper, from which they earn about $5,000 each year. What is the accumulated future value of those annual amounts over 22 years if the annual earnings were invested regularly and provided a 5 percent return each year? (Hint: Use Appendix A-3.) Round your answer to nearest dollar. Round Future Value of Series of Equal Amounts in intermediate calculations to four decimal places $ What would Victor and…
please dont provide solution in an image format thanku