I want to correct answer general accounting question Parker Manufacturing Company has the following account balances at year-end:Office supplies: $3,500 Raw materials: $32,000 Work-in-process: $45,000Finished goods: $68,000 Prepaid rent: $5,500What amount should Parker report as inventories in its statement offinancial position?A. $71,500B. $145,000C. $150,500D. $77,000

Step 1: Definition of Inventory in Financial StatementsIn financial reporting, inventories refer to…

Answered: Parker Manufacturing Company has the…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 4EB: Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials...

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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.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
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 amount of gross profit for the year on these financial accounting question?
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
What is the amount of gross profit for the year on these general accounting question?
Using the following information: a. Beginning cash balance on March 1, $78,000. b. Cash receipts from sales, $301,000. c. Cash payments for direct materials, $131,000. d. Cash payments for direct labor, $77,000. e. Cash payments for overhead, $39,000. f. Cash payments for sales commissions, $7,000 g. Cash payments for interest, $100 (1% of beginning loan balance of $10,000) h. Cash repayment of loan, $10,000. Prepare a cash budget for March for Gado Company.
Using the following information: a. Beginning cash balance on March 1, $76,000. b. Cash receipts from sales, $305,000. c. Cash payments for direct materials, $134,000. d. Cash payments for direct labor, $77,000. e. Cash payments for overhead, $41,000. f. Cash payments for sales commissions, $8,000 g. Cash payments for interest, $150 (1% of beginning loan balance of $15,000) h. Cash repayment of loan, $15,000. 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
Using the following Information: a. Beginning cash balance on March 1, $78,000. b. Cash receipts from sales, $305,000. c. Cash payments for direct materials, $138,000. d. Cash payments for direct labor, $70,000. e. Cash payments for overhead, $40,000. f. Cash payments for sales commissions, $8,000 g. Cash payments for Interest, $120 (1% of beginning loan balance of $12,000) h. Cash repayment of loan, $12,000. Prepare a cash budget for March for Gado Company. Total cash available Less: Cash payments for Total cash payments Preliminary cash balance Loan activity Ending cash balance Loan balance, end of month GADO COMPANY Cash Budget March
ABC Manufacturing has the following account balances at the beginning of the current year: Raw Materials Inventory P57,500; WIP Inventory P172,500; and Finished Goods Inventory P138,000. Additional information during January: - Purchased of Raw Materials: On account P230,000.00; Cash P92,000.00; and - Issuance of Raw Materials to the production department, 10% are indirect materials P207,000.00. Which of the following is the amount of the direct materials used? Select the correct response: P174,800.00 P184,000.00 P186,300.00 P201,250.00
General Accounting

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