Financial Accounting
5th Edition
ISBN: 9780134728643
Author: Robert Kemp; Jeffrey Waybright
Publisher: Pearson Education (US)
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Chapter 10, Problem 58BP
To determine
Record the following transactions given.
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Record the following journal entries for Young Company:
(Click the icon to view the transactions.)
(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
6. Purchased raw materials on account, $5,000.
Date
6.
Accounts Payable
Accounts and Explanation
Debit
Credit
Accounts Receivable
Cash
Cost of Goods Sold
Finished Goods Inventory
Manufacturing Overhead
Raw Materials Inventory
Sales Revenues
Wages Payable
Work-in-Process Inventory
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6. Purchased materials on account, $5,000.
7. Used $2,000 in direct materials and $700 in indirect materials in production.
8. Incurred $9,000 in labor costs, of which 60% was direct labor.
Print
Done
- X
The following information pertains to Miller Company for the year
(Click the icon to view the information.)
13.
Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base
14.
Determine the amount of overhead allocated during the year. Record the journal entry.
15.
Determine the amount of underallocated or overallocated overhead. Record the journal entry to adjust Manufacturing Overhead.
Data table
13. Calculate the predetermined overhead allocation rate using direct labor hours as the allocation base
Estimated overhead cost
$
420,000
Estimated direct labor hours
12,000
Predetermined overhead
allocation rate
Estimated manufacturing overhead
Estimated direct labor hours
$420,000
Actual manufacturing overhead
12,000 hours Actual direct labor hours
$500,000
12,650 hours
35
per direct labor hour
14. Determine the amount of overhead allocated during the year. Record the journal entry.
Predetermined overhead allocation rate
35
Actual direct labor…
Problem 3-5B
Applying the accounting cycle
P1 P3 P4 P5 P6
On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company's first month.
July 2
Plume invested $30,000 cash and buildings worth $150,000 in the company in exchange for its common stock.
3
5
10.
14.
24.
28.
29.
30.
31
The company rented equipment by paying $2,000 cash for the first month's (July) rent.
The company purchased $2,400 of office supplies for cash.
The company paid $7,200 cash for a 12-month insurance policy. Coverage begins on July 11.
The company paid an employee $1,000 cash for two weeks' salary earned.
The company collected $9,800 cash for storage revenue from customers.
The company paid $1,000 cash for two weeks' salary earned by an employee.
The company paid $950 cash for minor repairs to buildings.
The company paid $400 cash for this month's telephone bill.
The company paid $2,000 cash in dividends.
The company's chart of accounts follows:…
Chapter 10 Solutions
Financial Accounting
Ch. 10 - What are the four baste rights of stockholders?Ch. 10 - Assume you are a CFO of a company that is...Ch. 10 - Prob. 3DQCh. 10 - What accounts, if any, are involved in the journal...Ch. 10 - With which type of stock would dividends in...Ch. 10 - What accounts are affected by the declaration and...Ch. 10 - What are some of the reasons for issuing a stock...Ch. 10 - Prob. 8DQCh. 10 - What could you reasonably conclude if a company...Ch. 10 - Prob. 10DQ
Ch. 10 - Prob. 1SCCh. 10 - Prob. 2SCCh. 10 - Prob. 3SCCh. 10 - Prob. 4SCCh. 10 - Prob. 5SCCh. 10 - Prob. 6SCCh. 10 - Prob. 7SCCh. 10 - Prob. 8SCCh. 10 - Prob. 9SCCh. 10 - Prob. 10SCCh. 10 - Prob. 11SCCh. 10 - Prob. 12SCCh. 10 - Stockholders' equity terminology (Learning...Ch. 10 - Stock issuance (Learning Objective 3) 5-10 min....Ch. 10 - Issuance of stock for cash and noncash assets...Ch. 10 - Prob. 4SECh. 10 - Prob. 5SECh. 10 - Prob. 6SECh. 10 - Prob. 7SECh. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Prob. 9SECh. 10 - Prob. 10SECh. 10 - Prob. 11SECh. 10 - Prob. 12SECh. 10 - Prob. 13SECh. 10 - Prob. 14SECh. 10 - Prob. 15AECh. 10 - Issuing stock (Learning Objectives 3 7) 10-15 min....Ch. 10 - Prob. 17AECh. 10 - Prob. 18AECh. 10 - Prob. 19AECh. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Prob. 21AECh. 10 - Accounting for cash and stock dividends (Learning...Ch. 10 - Prob. 23AECh. 10 - Prob. 24AECh. 10 - Prob. 25AECh. 10 - Accounting for treasury stock (Learning Objectives...Ch. 10 - Prob. 27AECh. 10 - Prob. 28AECh. 10 - Prob. 29AECh. 10 - Calculating return on equity (Learning Objective...Ch. 10 - Prob. 31BECh. 10 - Prob. 32BECh. 10 - Prob. 33BECh. 10 - Prob. 34BECh. 10 - Prob. 35BECh. 10 - Prob. 36BECh. 10 - Accounting for stock dividends (Learning...Ch. 10 - Accounting for cash and stock dividends (Learning...Ch. 10 - Prob. 39BECh. 10 - Prob. 40BECh. 10 - Accounting for treasury stock (Learning Objectives...Ch. 10 - Prob. 42BECh. 10 - Disclosing stockholders equity on a balance sheet...Ch. 10 - Accounting for various stockholders' equity...Ch. 10 - Prob. 45BECh. 10 - Prob. 46BECh. 10 - Prob. 47APCh. 10 - Analyzing stockholders equity (Learning Objectives...Ch. 10 - Analyzing stockholders equity (Learning Objectives...Ch. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Accounting for various stockholders equity...Ch. 10 - Prob. 52APCh. 10 - Prob. 53APCh. 10 - Prob. 54BPCh. 10 - Prob. 55BPCh. 10 - Analyzing stockholders equity (Learning Objectives...Ch. 10 - Accounting for cash dividends (Learning Objective...Ch. 10 - Prob. 58BPCh. 10 - Prob. 59BPCh. 10 - Prob. 60BPCh. 10 - Prob. 1CECh. 10 - Continuing Problem This problem continues our...Ch. 10 - Prob. 1EIACh. 10 - Case 2. The board of directors for Atlantic...Ch. 10 - Financial Analysis Purpose: To help familiarize...Ch. 10 - Prob. 1IACh. 10 - Prob. 1SBACh. 10 - Written Communication You just got off the...
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