Get correct answer accounting Morgan Manufacturing Company has the following accountbalances at year-end:Office suppliesRaw materialsWork-in-processFinished goods$4,000$27,000$59,000$72,000Prepaid insurance $6,000What amount should Morgan report as inventories in itsstatement of financial position?A. $72,000B. $76,000C. $162,000D. $158,000

Step 1: Define Statement of Financial PositionThe company's assets, liabilities, and equity are…

Answered: Morgan Manufacturing Company has the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 12EB: Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the...

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Drainee purchases direct materials each month. Its payment history shows that 65% is paid in the month of purchase with the remaining balance paid the month after purchase. Prepare a cash payment schedule for January using this data: in December through February, it purchased $22,000, $25,000, and $23,000 respectively.
Concord Corporation has the following account balances at year end: Office supplies $ 3900 Raw materials 27500 Work-in-process Finished goods 59500 96500 Prepaid insurance 5600 What amount should Concord report as inventories in its balance sheet? $96500. $100400. $183500. $187400.
Lawson Manufacturing Company has the following account balances at year end: Office supplies Raw materials Work-in-process $ 4,000 25,000 61,000 Finished goods 109,000 Prepaid insurance 6,000 What amount should Lawson report as inventories in its balance sheet?
What is the average collection period for the year for company ERT ( show your work) Sales-$2,600(30% cash, 70% credit); Inventory-$700;Depreciation -$1,200; Plant & Equipment $3,000; Accounts Receivable - $245; Notes Payable- $155
Wildhorse Manufacturing Company has the following account balances at year-end: Office supplies Raw materials Work-in-process $6800 23600 $52200. $126900. $120100. $96500. 44300 Finished goods Prepaid insurance 8100 52200 What amount should Wildhorse report as inventories in its balance sheet?
Doenjang Jjigae Manufacturing Company has the following account balances at year end: Office Supplies- P4,000; Raw materials- P27,000; Work in process- P59,000; Finished goods- P72,000; Prepaid insurance- P6,000. What amount should Doenjang Jjigae report as inventories in its balance sheet? a. P158,000 b. P162,000 c. P76,000 d. P72,000
Receiveables: A company has accounts recieveable of $6,333. Sales for the year were $9,800 . What is its average collection period? Show & expalin the work.
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.
Financial accounting
Using the following information: a. Beginning cash balance on March 1, $80,00. b. Cash receipts from sales, $306,000. c. Cash payments for direct materials, $135,000. d. Cash payments for direct labor, $73,000. e. Cash payments for overhead, $41,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $110 (1% of beginning loan balance of $11,000) h. Cash repayment of loan, $11,000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments Loan activity Loan balance, end of month D-pptx A Presentation3.pptx 1 Jarvis CST 141.00...pptx A Musical Theatre Hi...ppt re to search
20. Hardigan Manufacturing Company reported the following year-end information: Beginning work in process inventory Cost of goods manufactured Beginning finished goods inventory Ending work in process inventory Ending finished goods inventory $80,000 So50,000 S00,000 S70,000 $50,000 How much is Hardigan's cost of goods sold for the year? a $970,000 b. $1,000,000 c. S060,000 d. S060,000
Using the following information. a. Beginning cash balance on March 1, $81,000. b. Cash receipts from sales, $305.000. c. Cash payments for direct materials, $130.000. d. Cash payments for direct labor. $79,000. e. Cash payments for overhead, $38.00. f. Cash payments for sales commissions, $7000 g. Cash payments for interest, $130 (1% of beginning loan balance of $13,000) h. Cash repayment of loan, $13.000. Prepare a cash budget for March for Gado Company. GADO COMPANY Cash Budget March Total cash available Less: Cash payments for Total cash payments $4 Loan activity Loan balance, end of month %24 K Prev earch

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