Robert placed the following assets into service fir his packing and shipping company this year apr 3 desk with a basus of $1100 july 30 computer software with a basis of $4200 oct 30 delivery truck with a basis of $33,000
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Robert placed the following assets into service fir his packing and shipping company this year
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- Question 5Repair-Hour $15.00 $ 7.80 $ 0.50 $ 1.80 per Month $ 21,400 Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses $ 2,740 $ 5,730 $ 4,670 $ 3,860 Rent Administrative expenses $ 0.60 For example, wages and salaries should be $21,400 plus $15.00 per repair-hour. The company expected to work 3,000 repair-hours in May, but actually worked 2,900 repair-hours. The company expects its sales to be $50.00 per repair-hour. Required: Compute the company's activity variances for May (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input all amounts as positive values.) Jake's Roof Repair Activity Variances For the Month Ended May 31 Revenue Expenses: Wages and salaries Parts and supplies Equipment depreciation Truck operating expenses Rent Administrative expenses Total expense Net operating incomeKimmel, Financoial Accounting, 8e Hein I Sestum Announcements CALCULATOR PRINTER VERSION 4BACK NEXT riel Exercise 9-2 hendan Company incurs these expenditures in purchasing a truck: cash price $27,170, accident insurance (during use) $2,310, sales taxes $1,270, motor vehicle license $460, d painting and lettering $2,170. at is the cost of the truck? cnst of the truck if you would like to Show Work for this question: Open Show Work TO TEXT INTERACTIVE TUTORIAL Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER
- ASSIGNMENT 05: JOURNAL ENTRIES FOR MERCHANDISING BUSINESS Transactions for the 1st year 200x:Jan 1 Owner invested P1,000,000 cash Feb 1 Purchased furniture worth P120,000 with 8 years useful life and no salvage value Feb 12 Purchases on account, P600,000; terms: 2/20; n/30. FOB shipping point, freight prepaid, P2,000. Mar 2 Sold merchandise on account, P900,000; terms 10; 5/15, n/30. FOB shipping point, freight prepaid, P25,000 Mar 7 Collected 80% of receivable on March 2 Mar 12 Paid purchases made on Feb. 12 Mar 23 Received sales returns, P25,000 from sales on Mar 2 Apr 2 Collected remaining receivables on Mar 2. Dec. 30 Paid Rent, P80,000 and utilities, P16,000 Dec. 31 Accrued salary, P120,000 and merchandise inventory per count P60,000 Transactions for the 2nd year 200y: Jan. 15 Paid accrued salary of 200x Apr 27 Purchased goods on account P480,000. FOB destination, freight prepaid P14,000 May 22 Sold goods for cash to…Give me perfect answer for upvotesQuestion 3 Bonika Sdn Bhd (BSB) manufactures small camping tents. BSB produced 3,000 units during the year. These camping tents sell for RM150 each. BSB had 500 units in finished goods inventory at the beginning of the year.At the end of the year.there were 800 units in finished goods inventory. The following information was supplied by its accountant: RM 10,500 15,000 Direct labour cost Purchases of raw materials Depreciation of machinery Insurance expenses 1,000 4,500 2,000 Factory rent Factory supervision Utilities expenses Indirect labour cost 3,000 2,500 3,500 15,000 12,000 Administration salaries Sales Commission Advertising Materials inventory, May 1 Work in process inventory, May 1 Finished goods inventory, May 1 Materials inventory, May 31 Work in process inventory, May 31 Finished goods inventory, May 31 20,000 6,000 12,000 2,100 8,000 7,000 800 Additional information: Only 70% of the utilities expense and 80% of the insurance expense apply to factory operations. The…
- * Required General Company purchased equipment for $400 cash. Related expenditures were sales taxes payable $40, insurance during transit $30, oil for testing $20, one-year insurance policy $500, freight charges $10, and $200 on oil to be used by the equipment in the first year. The cost of equipment is: O $1,200 $1,000 $500 $480 None of the above Carlos Company bought a land, on which there was an old building, for $900,000. They immediately had the old building removed at a net cost ofOn July 1, 2021, Martha Jones started Martha's Auto Repair Shop, Inc. On that same day, Martha purchased the following supplies for use in the repair shop: Item Unit of Quantity Purchased Price per Unit Extended Total Cost Measure Shop Towels Rolls Supplies a 120 $4 $480 Degreasing Fluid Quarts 75 $9 $675 Gasket Sealer Tubes 40 t1 -- July 1 $6 $240 Total $1,395 Account N On July 1, Martha paid cash for the supplies and set the accounting policy that all supplies would initially be recorded in the Supplies asset account. At the end of July, Martha counted the supplies that were left and prepared the following listing: Unit of Quantity Remaining Item Measure ent 2 -- Ju Shop Towels Rolls 80 Degreasing Fluid Quarts 65 Gasket Sealer Tubes 32 At the end of August, Martha counted the supplies that were left and prepared the following listing: ient 3 -- Quantity Remaining Unit of Item Measure Shop Towels Rolls 55 Degreasing Fluid Quarts 48 Gasket Sealer Tubes 22 The following is a partial…Shignment 4-1.pdf - Adobe Acrobat Reader DC (32-bit) File Edit View Sign Window Help Home Tools assignment 4-1.pdf x assignment 4-2.pdf ロ2 女 円 1/1 180% - Date of Purchase Plant and Equipment Estimated Sales Value at End of Estimated Useful Life Estimated Useful Life Item Cost a. Jan. 1 Machine A $28,000 5 years $ -0- b. Apr. 1 Machine B 4 years 8,000 56,000 c. Nov. 1 Machine C 8,400 2 years 1,200 Required Prepare the annual adjusting entry at December 31, 2011, Leroux's year-end, for each plant and equipment item. 4313216 Analysis component: What is the purpose of recording depreciation? If depreciation is not recorded, how would the income statement be affected? An asterisk (*) identifies assignment material based on Appendix 4A or Appendix 4B. 4323707 g ASUS Anlete 12 IA pri sc
- Q3 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C. Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wages given to workers were $158229 in a year. The interest forgone for the invested funds was $22000 per year. James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered $26985 per year to train employees in another firm. Two students assist him managing his account books for which they are paid $6550 each per year. Find accounting profits and economic profits for J.C. Accounting firm. Should James Collier stay in his business? Why? Explicit costs = Implicit costs = Economic costs = Accounting…D, Eim.2
