College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Concept explainers

The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can resu…
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the a…
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately…
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial repor…
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Chapter 12, Problem 3PA

The following partial work sheet covers the affairs of Masanto and Company for the year ended June 30.

Chapter 12, Problem 3PA, The following partial work sheet covers the affairs of Masanto and Company for the year ended June

Required

  1. 1. Journalize the six adjusting entries.
  2. 2. Journalize the closing entries.
  3. 3. Journalize the reversing entry as of July 1, for the salaries that were accrued in the June adjusting entry.

Check Figure

Reversing entry amount, $1,240

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Question:Financial Account - 21-69 The following absorption costing income statement and additional data are available from the accounting records of Bernon Co. for the month ended May 31, XXXX. During the accounting period, 17,000 units were manufactured and sold at a price of $60 per unit. There were no beginning inventories. Bernon Co. Absorption Costing Income Statement For the Month Ended May 31, XXXX Sales (17,000 @ $60) Cost of goods sold $ 10,20,000 6,12,000 $ 4,08,000 Selling and administrative expenses 66,000 Income from operations $ 3,42,000 Gross profit Additional Information: Cost Total Cost Number of Unit Cost Manufacturing costs: Variable $ 4,42,000 17,000 $26 Fixed 1,70,000 17,000 10 Total $ 6,12,000 $36 Selling and administrative expenses: Variable ($2 per unit sold) Fixed $ 34,000 32,000 $ 66,000 Total Prepare a new income statement for the year using variable costing.
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Chapter 12 Solutions

College Accounting (Book Only): A Career Approach

Ch. 12 - What is the term used for the profit on a sale...Ch. 12 - Which of the following is not an example of a...Ch. 12 - Prob. 3QYCh. 12 - What is the third entry of the closing procedure...Ch. 12 - What general journal entry is used to undo a...Ch. 12 - Prob. 1DQCh. 12 - What is the difference between the cost of goods...Ch. 12 - Prob. 3DQCh. 12 - Prob. 4DQCh. 12 - Prob. 5DQ
Ch. 12 - Explain the calculation of net sales and net...Ch. 12 - Prob. 7DQCh. 12 - What are the rules for recognizing whether an...Ch. 12 - Prob. 9DQCh. 12 - Calculate the missing items in the following:Ch. 12 - Using the following information, prepare the Cost...Ch. 12 - Identify each of the following items relating to...Ch. 12 - The Income Statement columns of the August 31...Ch. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - From the following T accounts, journalize the...Ch. 12 - From the following information, journalize the...Ch. 12 - A partial work sheet for The Fan Shop is presented...Ch. 12 - Prob. 2PACh. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - A partial work sheet for McKnight Music Store is...Ch. 12 - Here is the partial work sheet for Meyer Mountain...Ch. 12 - The following partial work sheet covers the...Ch. 12 - The following accounts appear in the ledger of...Ch. 12 - Costco is the largest chain of membership...Ch. 12 - A music store sells new instruments. The store...Ch. 12 - You are an owner/bookkeeper in a country whose...Ch. 12 - Prob. 4ACh. 12 - Prob. 5ACh. 12 - It is now August 31. You have journalized and...

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