On January 1, 2022, the Concord Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 5,300; second quarter 6,360; third quarter 7,420. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 7,770 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. (a) Prepare a production budget by quarters for the 6-month period ended June 30, 2022. > CONCORD COMPANY Production Budget 1 Quarter 2

On January 1, 2022, the Concord Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: Ending raw materials inventory: Ending finished goods inventory: Third-quarter production: First quarter 5,300; second quarter 6,360; third quarter 7,420. 40% of the next quarter's production requirements. 25% of the next quarter's expected sales units. 7,770 units. The ending raw materials and finished goods inventories at December 31, 2021, follow the same percentage relationships to production and sales that occur in 2022. Three pounds of raw materials are required to make each unit of finished goods. Raw materials purchased are expected to cost $4 per pound. (a) Prepare a production budget by quarters for the 6-month period ended June 30, 2022. > CONCORD COMPANY Production Budget 1 Quarter 2

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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LO 5.1 The following selected accounts and normal balances existed at year-end. Make the four journal entries required to close the books: Accounts receivable $45,000 4,500 50,000 39,000 55,000 12,000 2,000 65,000 34,500 12,750 1,250 Prepaid insurance Land Accounts payable Notes payable Retained earnings Dividends Fees earned revenue Selling expenses Administrative expenses Miscellaneous expense Solution Date Account / Explanation Debit Credit
23. Prepare closing entries rom the following end-of period spreadsheet. Austin Entergrises Fadof Peried Spreadsheet For the Year Eaded December JI Adnted Trial Balance Credit Income Statement Debt Balance Sheet Deb 26.500 7000 Account Titie Crede Debit Crede 26,500 7,000 1,000 18300 Cash Accounts Receivable Supplies Equipment Accumalated Depr 18.500 5.000 5.000 Accoures Payabie Wages Payable Common Stock Retained arnings Dividends Eees Earmed Wages Eapense Rest Esgeme Depreciation Eapense Toals Net omeLo) 11,000 100 6.000 2.000 1000 1,000 6.000 2.000 2.000 2,000 59.500 59.500 19,000 7.000 3.00 19000 7000 3.300 .500 .500 29,500 20.0 59.500 5.000 25,000 20.000
A. March 1, paid interest due on note, $2,900 B. December 31, interest accrued on note payable, $4,350 Prepare journal entries to record the above transactions. If an amount box does not require an entry, leave it blank. Mar.1 Dec. 31 Create a T-account for Interest Payable, post any entries that affect the account, and tally the ending balance for the account (assume Interest Payable beginning balance of $2,900). Interest Payable Beginning Balance Balance
12:04 PM AY2021/22 | SEM 2/S3 |ACC X b Similar Questions | bartleby X + EA5. 5.1 The following accounts and normal balances existed at year-end. Make the four journal entries required to close the books. Page 341 (search bar 351) -> i bartleby.com/similar-questions Retained earnings Dividends $22.000 6,000 90.000 Fees earned revenue Selling expenses Administrative expenses Miscellaneous expenses 45,000 16,000 2,300 SEARCH ASK AN LIVE LIBRARY EXPERT CHAT LE Submit your question to our 24/7 subject matter experts with Masters and PhDs 2/3 and get a solution in as fast as 30 minutes* O Drag and drop images or start typing. Ask away! I x? X2 EA6. 5.1 Use the following excerpts from the year-end Adjusted Trial Balance to prepare the four journal entries required to close the books: Page 341 (search bar 351) В 1 Add Image Trial Balance Account Debit ($) Credit (S) Dividends 24,000 CONTINUE Sales revenue 194.000 Automobile expense 15,500 Insurance expense 30,000 Salaries expense Supplies…
Question: Use the following information: Month Revenue Billed in the Month Revenue From the Month that is Outstanding at End of Quarter (i.e., on March 31) January $200,000 February $250,000 March $300,000 $50,000 $100,000 $200,000 On the Uncollected Balances Schedule, what percent of the uncollected accounts are from January?
Top-Value Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Top-Value Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.
Workings required for the image attcahed.