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

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Walter Company has the following information for the month of March: Cash balance, March 1 Collections from customers Paid to suppliers Manufacturing overhead Direct labor Selling and administrative expenses $ 17,220 39,450 22,900 6,700 8,550 4,800 Walter pays wages and other cash expenses in the month incurred. Manufacturing overhead includes $1,500 for machinery depreciation, but the amount for selling and administrative expenses is exclusive of depreciation. Additionally, Walter also expects to buy a piece of property for $7,600 during March. Walter can borrow in increments of $1,000 and would like to maintain a minimum cash balance of $11,000. Required: Prepare Walter's cash budget for the month of March. Beginning Cash Balance Budgeted Cash Receipts Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed Ending cash balance
Walter Company has the following information for the month of March: $ 17,520 40,450 23,100 Cash balance, March 1 Collections from customers Paid to suppliers Manufacturing overhead Direct labor Selling and administrative expenses Walter pays wages and other cash expenses in the month incurred. Manufacturing overhead includes $1,600 for machinery depreciation, but the amount for selling and administrative expenses is exclusive of depreciation. Additionally, Walter also expects to buy a piece of property for $7.800 during March. Walter can borrow in increments of $1,000 and would like to maintain a minimum cash balance of $10,000. Required: Prepare Walter's cash budget for the month of March. 6,900 8,650 5,000 Beginning Cash Balance Budgeted Cash Receipts Budgeted Cash Payments Preliminary Cash Balance Cash Borrowed Ending cash balance 4
Hi, I'm from the Philippines. Out topic is Accounting for Manufacturing Business. Can you help me with the accounting entries to be used in the following transactions?
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All products at Luke Corp. are allocated a portion of corporate overhead costs, which is computed as a percent of product revenue. The percentage rate is based on the level of corporate costs as a percentage of revenues. Data on corporate costs and revenues for the past two years were stated as: Corporate Revenue Corporate Overhead Costs Most recent year $ 112,750,000 $ 10,237,500 Previous year $ 76,200,000 $ 7,921,000 Using the data in the table apply the high low method (based on revenues) to determine the variable corporate overhead costs per sales dollar. Round to the nearest 0.001.
ints) The following data have been taken from the accounting records of Larder Corporation for the just completed year. Sales. $2,100,000 $350,000 $385,000 $390,000 $225,000 $210,000 $210,000 $190,000 $135,000 $120,000 $195,000 $140,000 Purchases of raw materials Direct labor. Applied Manufacturing overhead Administrative expenses. Selling expenses. Raw materials inventory, beginning. Raw materials inventory, ending Work in process inventory, beginning. Work in process inventory, ending. Finished goods inventory, beginning.. Finished goods inventory, ending.. Required: a. Prepare a Schedule of Cost of Goods Manufactured in good form. b. Compute the Cost of Goods Sold. c. Using data from your answers above, prepare an Income Statement (using the traditional format).
Use this information for Train Corporation to answer the question that follow. The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: RailsDivision LocomotiveDivision CorporateTotal Cost of goods sold $46,100 $30,900 Direct operating expenses 26,000 22,500 Sales 91,500 67,000 Interest expense $3,000 General overhead 18,700 Income tax 4,200 The income from operations for the Locomotive Division is a.$36,100 b.$44,500 c.$67,000 d.$13,600
Subject :- Accounting
At the end of the year, overhead applied was $3,691,000. Actual overhead was $3,451,000. Closing over/underapplied overhead into Cost of Goods Sold would cause net income to Oa. increase by $480,000 Ob. decrease by $240,000 Oc. increase by $240,000 Od. decrease by $480,000
Mach Co. operates three manufacturing departments as profit centers. The following information is available for its most recent year: Dept. Sales 1 2 3 $1,100,000 430,000 710,000 Cost of goods sold $735,000 156,500 305,000 Direct expenses Indirect expenses $110,000 $85,000 40,200 105,000 165,000 21,000 Which department has the greatest departmental contribution to overhead and what is the amount contributed? Group of answer choices Dept. 3; $430,000 Dept. 1; $255,000 Dept. 2; $110,000 Dept. 3; $240,000 Dept. 2; $156,500
A. Prepare the January income statement for a Sorensen manufacturing company