If a company recorded the following transaction-paid $150,000 of salaries and wages in cash (of which $80,000 was direct labor, $40,000 was indirect labor, and $30,000 was related to employees responsible for selling and which of the administration)-then following statements is true? Multiple Choice The Work in Process account would increase by $40,000. The Retained Earnings account would decrease by $40,000. The Work in Process account would increase $30,000. The Retained Earnings account would decrease by $30,000.

If a company recorded the following transaction-paid $150,000 of salaries and wages in cash (of which $80,000 was direct labor, $40,000 was indirect labor, and $30,000 was related to employees responsible for selling and which of the administration)-then following statements is true? Multiple Choice The Work in Process account would increase by $40,000. The Retained Earnings account would decrease by $40,000. The Work in Process account would increase $30,000. The Retained Earnings account would decrease by $30,000.

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

Jiminez Company engaged in the following transactions during May: a. Purchased raw materials for cash, $570 b. Used raw materials to begin jobs, $454 c. Paid wages of production employees, $350 d. Applied overhead at rate of $1.25 per direct labor dollar e. Completed job that had cost $490 f. Sold for $610 cash goods that had cost $465 to complete Required: Use the horizontal statements model provided to indicate how each of these events affected Jiminez's financial statements. Show dollar amounts of increases and decreases. Note: Round final answers to the nearest whole dollar. Enter decreases with a minus sign. Leave answer cells blank for any item not affected by the transaction. Event a. b. C. d. e. f. Cash + Raw Materials + + + + + + + + + + + BALANCE SHEET Assets Work in Process + + + + + Finished Goods + + + + + Manufacturing Overhead Stockholders' Equity = = Net Income
provide correct answer please
Financial information for BDS Enterprises for the year-ended December 31, 20xx, was gathered from an accounting intern, who has asked for your guidance on how to prepare an income statement format that will be distributed to management. Subtotals and totals are included in the information, but you will need to calculate the values. Pretax income ? Gross profit ? Allocated costs (uncontrollable) $2,040 Labor expense 41,580 Sales 190,000 Research and development (uncontrollable) 310 Depreciation expense 18,000 Net income/(loss) ? Cost of goods sold 119,700 Selling expense 1,260 Total expenses ? Marketing costs (uncontrollable) 780 Administrative expense 680 Income tax expense (21% of pretax income) ? Other expenses 320 A. Prepare the income statement using the above information. Round your answers to the nearest dollar. B.Calculate the profit margin, return on investment, and residual income. Assume an investment base of $100,000 and 6% cost of capital.…
A partial listing of costs incurred during February at Urfer Corporation appears below: Factory supplies...... $9,000 Administrative wages and salaries.... Direct materials....... Sales staff salaries Factory depreciation.......... Corporate headquarters building rent Indirect labor ........ Marketing... Direct labor...... O $379,000 O $277,000 O $61,000 O $318,000 C Previous GEORHIGHWA permane HON D O DELICIO FEINHE avere Junien C The total of the period costs listed above for February is: CONTA F A $106.000 $142.000 $53,000 $28.000 $30.000 $24.000 $129,000 $74,000 Next
Consider the following data for Sintek Inc. Sales in units Sales revenue Direct materials Direct labour Manufacturing overhead Sales commission Other selling expenses Administrative expenses January 4,000 $400,000 72,000 88,000 50,000 28,000 40,000 32,000 X February March 4,500 5,000 $450,000 $500,000 81,000 90,000 99,000 110,000 52,000 55,000 31,500 35,000 41,000 42,000 32,000 32,000 Required: Write the cost equation for manufacturing overhead. (Round your answer to 2 decimal places.)
The owner of a large machine ship has just finished its financial analysis from the prior fiscal year. The following is an excerps from the final report. Net revenue Cost of goods sold Value of production materials on hand $41,500 Value of work-in-process inventory $31,000 Value of finished goods on hand a. Compute the inventory turnover ratio (ITR). b. Compute the weeks of supply (WS). $22,500 $500,000 $328,250
2.
Prepare a schedule of cost of goods manufactured and an income statement for YNP corporation as of December 31, 2018. List whether the following fall primarily under managerial or financial accounting.
Want the Correct answer
The KC Services Company has the following data: Sales revenue $645 Managers salary $60 other sales $77 Depreciation $61 labor $80 Rent $82 Marketing costs $45 other costs $64 plant maintenance $35 Supervisory equal 27 of the labor Administrative costs $81 Calculate the gross margin Note Please give your answers with 2 numbers after the decimal point.
At the end of the year, overhead applied was $3,733,000. Actual overhead was $3,156,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to Oa. increase by $1.154.000 Ob. decrease by $577,000 Oc. decrease by $1,154,000 Od. increase by $577,000
am. 514.