Horngren's Financial & Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134078908
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 12, Problem 6RQ
When does a discount on bonds payable occur?
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Data for the two departments of Gurley Industries for September of the current fiscal year are as follows:
Drawing Department
Winding Department
Work in process, September 1
4,900 units, 20% completed
3,000 units, 65% completed
Completed and transferred to next processing department during September
67,100 units
66,000 units
Work in process, September 30
3,700 units, 55% completed
4,100 units, 20% completed
Production begins in the Drawing Department and finishes in the Winding Department.
Question Content Area
a. If all direct materials are placed in process at the beginning of production, determine the direct materials and conversion equivalent units of production for September for the Drawing Department. If an amount is zero, enter in "0".
Drawing DepartmentDirect Materials and Conversion Equivalent Units of ProductionFor September
Line Item Description
Whole Units
Direct MaterialsEquivalent Units
ConversionEquivalent Units
Inventory in process,…
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production.
Work in Process-Assembly Department
Transaction
Debit amount
Transaction
Credit amount
Bal., 3,000 units, 45% completed
6,900
To Finished Goods, 69,000 units
?
Direct materials, 71,000 units @ $1.4
99,400
Direct labor
106,400
Factory overhead
41,440
Bal., ? units, 55% completed
?
Cost per equivalent units of $1.40 for Direct Materials and $2.10 for Conversion Costs.
a. Based on the above data, determine the different costs listed below.
Line Item Description
Amount
1. Cost of beginning work in process inventory completed this period
fill in the blank 1 of 4$
2. Cost of units transferred to finished goods during the period
fill in the blank 2 of 4$
3. Cost of ending work in process inventory
fill in the blank 3 of 4$
4. Cost per unit of…
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Chapter 12 Solutions
Horngren's Financial & Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)
Ch. 12 - Flipco signed a 10-year note payable on January 1,...Ch. 12 - Daniels's bonds payable carry a stated interest...Ch. 12 - A bond that matures in installments at regular...Ch. 12 - Prob. 4QCCh. 12 - Nicholas Smith Fitness Gym has 700,000 of 20-year...Ch. 12 - Prob. 6QCCh. 12 - Prob. 7QCCh. 12 - The debt to equity ratio is calculated as a. Total...Ch. 12 - Mike Gordon wishes to have 80,000 in five years....Ch. 12 - Prob. 10BQC
Ch. 12 - Prob. 1RQCh. 12 - What is an amortization schedule?Ch. 12 - What is a mortgage payable?Ch. 12 - What is a bond payable?Ch. 12 - What is the difference between the stated interest...Ch. 12 - When does a discount on bonds payable occur?Ch. 12 - When does a premium on bonds payable occur?Ch. 12 - When a bond is issued, what is its present value?Ch. 12 - Why would a company choose to issue bonds instead...Ch. 12 - Prob. 10RQCh. 12 - Prob. 11RQCh. 12 - What is the normal balance of the account Discount...Ch. 12 - Prob. 13RQCh. 12 - Prob. 14RQCh. 12 - Prob. 15RQCh. 12 - Prob. 16RQCh. 12 - Prob. 17RQCh. 12 - Prob. 18ARQCh. 12 - Prob. 19ARQCh. 12 - Prob. 20ARQCh. 12 - Prob. 21BRQCh. 12 - Prob. 12.1SECh. 12 - Prob. 12.2SECh. 12 - Determining bond prices Bond prices depend on the...Ch. 12 - Prob. 12.4SECh. 12 - Determining bond amounts Quick Drive-Ins borrowed...Ch. 12 - Prob. 12.6SECh. 12 - Prob. 12.7SECh. 12 - Prob. 12.8SECh. 12 - Prob. 12.9SECh. 12 - Prob. 12.10SECh. 12 - Prob. 12.11SECh. 12 - Computing the debt to equity ratio Richards...Ch. 12 - Prob. 12.13SECh. 12 - Prob. 12.14SECh. 12 - Prob. 12.15SECh. 12 - Prob. 12.16SECh. 12 - Accounting for long-term notes payable...Ch. 12 - Prob. 12.18ECh. 12 - Prob. 12.19ECh. 12 - Prob. 12.20ECh. 12 - Prob. 12.21ECh. 12 - Prob. 12.22ECh. 12 - Prob. 12.23ECh. 12 - Prob. 12.24ECh. 12 - Prob. 12.25ECh. 12 - Prob. 12.26ECh. 12 - Prob. 12.27ECh. 12 - Prob. 12.28ECh. 12 - Prob. 12.29ECh. 12 - Prob. 12.30ECh. 12 - Journalizing liability transactions and reporting...Ch. 12 - Analyzing, journalizing, and reporting bond...Ch. 12 - Analyzing and journalizing bond transactions On...Ch. 12 - Analyzing and journalizing bond transactions On...Ch. 12 - Prob. 12.35APCh. 12 - Prob. 12.36APCh. 12 - A Determining the present value of bonds payable...Ch. 12 - Prob. 12.38BPCh. 12 - Prob. 12.39BPCh. 12 - Analyzing and journalizing bond transactions On...Ch. 12 - Analyzing and journalizing bond transactions On...Ch. 12 - Prob. 12.42BPCh. 12 - Prob. 12.43BPCh. 12 - Prob. 12.44BPCh. 12 - Prob. 12.45CPCh. 12 - The following questions are not related....Ch. 12 - Raffle's Kids, a nonprofit organization that...Ch. 12 - Bill and Edna had been married two years and had...Ch. 12 - Prob. 12.1CTFSC
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- The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. Date Item Debit Credit BalanceDebit BalanceCredit August 1 Bal., 6,300 units, 4/5 completed 16,884 31 Direct materials, 113,400 units 226,800 243,684 31 Direct labor 64,390 308,074 31 Factory overhead 36,212 344,286 31 Goods finished, 114,900 units 332,958 11,328 31 Bal., ? units, 2/5 completed 11,328 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during August $fill in the blank 3 4. Cost of units started and completed during August $fill in the blank 4 5. Cost of the ending work in…arrow_forwardWaiting for your solution general accounting questionarrow_forwardPlease see an attachment for details general accounting questionarrow_forward
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