#3The following T-accounts provide selected data about Sunland's financial results for the year. Sadly, several key components wentmissing after a thief broke into the Sunland accounting office:Beg. Bal.End. Bal.Beg. Bal.DMDLApplied MOHEnd. Bal.Beg. Bal.End. Bal.(Total debits during the year)(a)E4RRM Inventory24,10075,80018,800WIP Inventory53,30072,80090,800114,100FG Inventory90,800?%72,9005?MOH ControlT111,8006MacBook ProAY&7?282,800U?* 008(9O)P ✓#3What is the amount of indirect material cost incurred this period?Indirect material cost $eTextbook and MediaSave for Later(b)The parts of this question must be completed in order. This part will be available when you complete the part above.(c)The parts of this question must be completed in order. This part will be available when you complete the part above.E(d)The parts of this question must be completed in order. This part will be available when you complete the part above.(e1)The parts of this question must be completed in order. This part will be available when you complete the part above.(f1)The parts of this question must be completed in order. This part will be available when you complete the part above.S4$R%5T6MacBook ProAAttempts: 0 of 3 used Submit AnswerY&7U* 008I· O9O)OP

The raw materials used include both direct materials and indirect materials. The direct costs…

The following T-accounts provide selected data about Sunland's financial results for the year. Sadly, several key components went missing after a thief broke into the Sunland accounting office: Beg. Bal. End. Bal. Beg. Bal. DM DL Applied MOH End. Bal. Beg. Bal. End. Bal. (Total debits during the year) RM Inventory 24,100 75,800 18,800 WIP Inventory 53,300 72,800 90,800 114,100 ? FG Inventory 90,800 ? 72,900 MOH Control 111,800 ? ? 282,800 ?

The following T-accounts provide selected data about Sunland's financial results for the year. Sadly, several key components went missing after a thief broke into the Sunland accounting office: Beg. Bal. End. Bal. Beg. Bal. DM DL Applied MOH End. Bal. Beg. Bal. End. Bal. (Total debits during the year) RM Inventory 24,100 75,800 18,800 WIP Inventory 53,300 72,800 90,800 114,100 ? FG Inventory 90,800 ? 72,900 MOH Control 111,800 ? ? 282,800 ?

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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On June 1, Calumet Corp. paid $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.
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Presented below is information for Blossom Company. 1. Beginning-of-the-year Accounts Receivable balance was $20,800. 2. Net sales (all on account) for the year were $109,600. Blossom does not offer cash discounts. 3. Collections on accounts receivable during the year were $81,000. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation 1. 2. Your answer is correct. 3. (b) No Entry No Entry Accounts Receivable Sales Revenue Cash Accounts Receivable eTextbook and Media List of Accounts Accounts receivable turnover Debit Days to collect accounts receivable times 0 days 109,600 81000 Compute Blossom's accounts receivable turnover and days to collect receivables for the year. The company does not believe it will have any bad debts. (Round answers…
3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,400 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of act titles.
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Keel Company's December 31 balances from the prior year related to accounts receivable follow. Accounts receivable (Dr.) Allowance for doubtful accounts (Cr.) $500,000 10,000 During the current year, $15,000 of accounts receivable is considered uncollectible, and no more effort to collect these accounts will be made. Total sales for the current year are $2,000,000, of which $400,000 are cash sales. A total of $1,500,000 cash was collected during the current year from sales that were originally made on account. Required a. Assuming that Keel applies the allowance method to estimate net accounts receivable and uses 10% of accounts receivable as its estimate of expected credit losses, prepare the disclosure on gross and net accounts receivable on the balance sheet at December 31 of the current year. • Note: Do not use negative signs in your answers. Balance Sheet, December 31 Accounts receivable Less: Allowance for doubtful accounts Accounts receivable, net 0
P8.2 (LO 1, 2, 3) AN The following T-accounts provide selected data about Locktin's financial results for the year. Sadly, several key components went missing after a thief broke into the Locktin accounting office: WIP Inventory RM Inventory 22,500 ? 75,000 ? Beg. bal. Beg. bal. 52,500 DM 72,000 282,000 End. bal. 18,000 DL 90,000 Applied MOH 112,500 End. bal FG Inventory MOH Control Beg. bal. (Total debits 111,000 ? 90,000 during the End. bal. 72,000 year) Required a. What is the amount of indirect material cost incurred this period? b. Specify whether MOH for the period was under- or over applied, and by how much. c. Determine the COGS amount for this period (before any MOH difference would have been closed out). d. Prepare the journal entry to close out the MOH difference, given that the company wants to prorate it to the appropriate accounts based on their ending balances (before proration) (round proportions to four decimal places, if necessary). e. Did the proration of the MOH…
Required information [The following information applies to the questions displayed below.] Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $44,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. c. On February 4, the company collected $22,000 of accounts receivable. d. On February 15, the company wrote off a $150 account receivable. e. During February, the company provided services for $34,000 on credit. f. On February 28, the company estimated bad debts using 1 percent of credit sales. g. On March 1, the company loaned $2,200 to an…
The following Purchases Ledger Control Account PLCA was prepared for the year: Bal b/d 45,000 Bank 285,000 Credit Purchases * ? 145,000 Return outwards 12,500 Discount received 24,000 Bal c/d 78,500 297,500 297,500 It was suspected that there are some errors in the preparation of the PLCA, although the numerical values are correct except for the credit purchases. What would be the amount for credit purchases if the PLCA was to be written up correctly? 355,000 360,000 450,000 517,000
Presented below is information for Waterway Company. 1. Beginning-of-the-year Accounts Receivable balance was $22,100. 2. Net sales (all on account) for the year were $101,300. Waterway does not offer cash discounts. Collections on accounts receivable during the year were $86,000. 3. (a) Prepare (summary) journal entries to record the items noted above. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.).
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These transactions are summarized as follows. Year 1 Sold $1,346,100 of merchandise on credit (that had cost $983,000), terms n/30. Wrote off $21,100 of uncollectible accounts receivable. Received $673,300 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. Year 2 Sold $1,577,400 of merchandise (that had cost $1,329,500) on credit, terms n/30. Wrote off $25,000 of uncollectible accounts receivable. Received $1,122,600 cash in payment of accounts receivable. In adjusting the accounts on December 31, the company estimated that 1.80% of accounts receivable would be uncollectible. Required: Prepare journal entries to record Liang's Year 1 and Year 2 summarized transactions and its year-end…