GEN COMBO LOOSELEAF FINANCIAL AND MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
7th Edition
ISBN: 9781260088694
Author: John J Wild
Publisher: McGraw-Hill Education
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Chapter 11, Problem 13QS
To determine
Stockholder’s Equity:
It refers to the total amount of money that belongs to the shareholders of the company. It can be equity shareholders or preference shareholders.
Notes Payable:
Notes payable is a promissory note, which show the agreement between the borrower and the lender, in which borrower agrees to pay principle amount with its interest.
To explain: Correction of a mistake in recording payment of notes payable.
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Step
Amount
Category
Inventory
1. Beginning Balance, January 1
28,000
Beginning Balance
Raw Materials
2. (+) Purchases (RM Purchases)
220,000
Addition
Raw Materials
3. (-) Ending Balance
20,000
Ending Balance
Raw Materials
4. = Transferred Out (RM used)
(228,000)
Transferred Out
Raw Materials
5. (+) Direct Labor
(152,000)
Transferred Out
Direct Labor
6. (+) Fixed Overhead
300,000
Addition
Overhead
7. (+) Variable Overhead
-
Addition
Overhead
8. = Total Factory Overhead
(390,000)
Transferred Out
Overhead
9. Beginning Balance, January 1
40,000
Beginning Balance
WIP
10. (+) Additions (RM used)
228,000
Addition
WIP
11. (+) Additions (DL used)
152,000
Addition
WIP
12. (+) Additions (OH used)
390,000
Addition
WIP
13. (-) Ending Balance, December 31
55,000
Ending Balance
WIP
14. = Transferred Out (COGM)
(755,000)…
Chapter 11 Solutions
GEN COMBO LOOSELEAF FINANCIAL AND MANAGERIAL ACCOUNTING; CONNECT ACCESS CARD
Ch. 11 - Prob. 1MCQCh. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - Prob. 5MCQCh. 11 - Prob. 1DQCh. 11 - Prob. 2DQCh. 11 - Prob. 3DQCh. 11 - Prob. 4DQCh. 11 - Prob. 5DQ
Ch. 11 - List the general rights of common stockholders.Ch. 11 - Prob. 7DQCh. 11 - Prob. 8DQCh. 11 - Prob. 9DQCh. 11 - Prob. 10DQCh. 11 - Prob. 11DQCh. 11 - Prob. 12DQCh. 11 - Prob. 13DQCh. 11 - Prob. 14DQCh. 11 - Prob. 15DQCh. 11 - Prob. 16DQCh. 11 - Prob. 17DQCh. 11 - Prob. 18DQCh. 11 - Prob. 19DQCh. 11 - Prob. 1QSCh. 11 - Prob. 2QSCh. 11 - Prob. 3QSCh. 11 - Prob. 4QSCh. 11 - Prob. 5QSCh. 11 - Prob. 6QSCh. 11 - Prob. 7QSCh. 11 - Prob. 8QSCh. 11 - Prob. 9QSCh. 11 - Prob. 10QSCh. 11 - Prob. 11QSCh. 11 - Prob. 12QSCh. 11 - Prob. 13QSCh. 11 - Prob. 14QSCh. 11 - QS 11-15 Basic earnings per share A1
Epic company...Ch. 11 - Prob. 16QSCh. 11 - Prob. 17QSCh. 11 - Prob. 18QSCh. 11 - Prob. 19QSCh. 11 - Prob. 1ECh. 11 - Prob. 2ECh. 11 - Prob. 3ECh. 11 - Prob. 4ECh. 11 - Prob. 5ECh. 11 - Prob. 6ECh. 11 - Prob. 7ECh. 11 - Prob. 8ECh. 11 - Prob. 9ECh. 11 - Prob. 10ECh. 11 - Prob. 11ECh. 11 - Prob. 12ECh. 11 - Prob. 13ECh. 11 - Prob. 14ECh. 11 - Prob. 15ECh. 11 - Prob. 16ECh. 11 - Prob. 17ECh. 11 - Prob. 18ECh. 11 - Prob. 1PSACh. 11 - Prob. 2PSACh. 11 - Prob. 3PSACh. 11 - Prob. 4PSACh. 11 - Prob. 5PSACh. 11 - Prob. 6PSACh. 11 - Problem 16-7AA FIFO: Process cost summary,...Ch. 11 - Prob. 1PSBCh. 11 - Prob. 2PSBCh. 11 - Prob. 3PSBCh. 11 - Prob. 4PSBCh. 11 - Prob. 5PSBCh. 11 - Prob. 6PSBCh. 11 - Prob. 7PSBCh. 11 - Prob. 11SPCh. 11 - Prob. 1GLPCh. 11 - Prob. 2GLPCh. 11 - Prob. 1BTNCh. 11 - Prob. 2BTNCh. 11 - Prob. 3BTNCh. 11 - Prob. 4BTNCh. 11 - Prob. 5BTNCh. 11 - Prob. 6BTNCh. 11 - Prob. 7BTNCh. 11 - Prob. 8BTNCh. 11 - Prob. 9BTN
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- Step Amount Category Inventory 1. Beginning Balance, January 1 28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases) 220,000 Addition Raw Materials 3. (-) Ending Balance 20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used) (228,000) Transferred Out Raw Materials 5. (+) Direct Labor (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead 300,000 Addition Overhead 7. (+) Variable Overhead - Addition Overhead 8. = Total Factory Overhead (390,000) Transferred Out Overhead 9. Beginning Balance, January 1 40,000 Beginning Balance WIP 10. (+) Additions (RM used) 228,000 Addition WIP 11. (+) Additions (DL used) 152,000 Addition WIP 12. (+) Additions (OH used) 390,000 Addition WIP 13. (-) Ending Balance, December 31 55,000 Ending Balance WIP 14. = Transferred Out (COGM) (755,000) Transferred Out WIP 15.…arrow_forwardIntroduce yourself to your peers by sharing something unique about your background. Explain how you expect this course will help you move forward in your current or future career.arrow_forwardStep Amount Category Inventory 1. Beginning Balance, January 1 28,000 Beginning Balance Raw Materials 2. (+) Purchases (RM Purchases) 220,000 Addition Raw Materials 3. (-) Ending Balance 20,000 Ending Balance Raw Materials 4. = Transferred Out (RM used) (228,000) Transferred Out Raw Materials 5. (+) Direct Labor (152,000) Transferred Out Direct Labor 6. (+) Fixed Overhead 300,000 Addition Overhead 7. (+) Variable Overhead - Addition Overhead 8. = Total Factory Overhead (390,000) Transferred Out Overhead 9. Beginning Balance, January 1 40,000 Beginning Balance WIP 10. (+) Additions (RM used) 228,000 Addition WIP 11. (+) Additions (DL used) 152,000 Addition WIP 12. (+) Additions (OH used) 390,000 Addition WIP 13. (-) Ending Balance, December 31 55,000 Ending Balance WIP 14. = Transferred Out (COGM) (755,000) Transferred Out WIP 15.…arrow_forward
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