₱1,245,000 ₱1,290,000 ₱1,335,000 ₱1,380,000 The accounting records for 2017 of DB Co. showedthe following:Decrease in raw materials inventory P 45,000Decrease in finished goods inventoryRaw materials purchasedDirect labor payrollFactory overheadFreight-out150,0001,290,000600,000900,000135,000The cost of raw materials used for the periodamounted to:

Formula: Cost of raw materials used = Raw materials purchased + Decrease in raw materials inventory.

Answered: The accounting records for 2017 of DB…

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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r 0 Chesterfield County had the following transactions. a. A budget is passed for all ongoing activities. Revenue is anticipated to be $1,023,250, with approved spending of $611,000 and operating transfers out of $336,000. Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does b. A contract is signed with a construction company to build a new central office building for the government at a cost of $9,000,000. The county previously recorded the budget for this project. c. Bonds are issued for $9,000,000 (face value) to finance construction of the new office building. d. The new building is completed. An invoice for $9,000,000 is received by the county and paid. e. Previously unrestricted cash of $1,600,000 is set aside by county officials to begin paying the bonds issued in (c). f. A portion of the bonds comes due, and $1,600,000 is paid. Of this total, $115,000 represents interest. The interest had not been previously accrued. g.…
Problem 6-11 (Algo) Long-term contract; revenue recognition upon completion [LO6-9] In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year- end Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year Assume that Westgate Construction's contract with Santa Clara County does not qualify for revenue recognition over time. Cost incurred during the year Estimated costs to complete as of year- end Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. 2-a. In the journal below, complete the necessary journal entries for the year 2024 (credit "Cash, Materials, etc." for construction costs incurred). 2-b. In the journal below, complete the…
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7.1 A project will increase revenue from $1.7 million to $2.6 million. Wages are 40% of revenue. Maintenance on the machine will be $31,000 less than it is on the machine that will be replaced. What is the incremental net revenue (i.e. change in revenue minus expenses) that will result from accepting this project? a. $0.540 million b. $0.571 million c. $0.900 million d. $0.509 million
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