Loose Leaf For Fundamentals Of Financial Accounting
6th Edition
ISBN: 9781260159547
Author: Phillips Associate Professor, Fred, Libby, Robert, Patricia
Publisher: McGraw-Hill Education
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Question
Chapter 13, Problem 1CP
1.
To determine
Complete the two final columns in comparative financial statement of Company G.
2.
To determine
Identify (a) a large percentage change in one account that is accompanied by a small dollar change and (b) a direction change in one account balance that is inconsistent with the direction of change in a related account balance.
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Fairfield Company's payroll costs for the most recent month are summarized here:
Item
Hourly labor unges
Description
920 hours $27 per hour
190 hours for Job 101
340 hours for Job 102
Factory supervision
Production engineer
Factory Janitorial work
Selling, general, and
administrative salaries
Total payroll costs
Required:
390 hours for Job 103
Total Cost
$ 5,130
9,180
10,530
$ 24,840
4,350
7,100
1,200
8,800
$ 46,298
1. & 2. Prepare the journal entries for payroll and to apply manufacturing overhead to production. The company applies manufacturing
overhead to products at a predetermined rate of $54 per direct labor hour
Note: If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.
View transaction list
Journal entry worksheet
A
B
Record Fairfield Company's payroll costs to be paid at a later date.
Note Enter debits before credits.
S.No Date
1
Account Title
Debit
Credit
No wrong answer
L.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7. In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Now assume that 5% of the L.L. Bean boots are returned by customers for various reasons. L. Bean has a 100% refund policy for returns, no matter what the reason. What would the journal entry be to accrue L.L. Bean's sales returns for this one pair of boots?
Chapter 13 Solutions
Loose Leaf For Fundamentals Of Financial Accounting
Ch. 13 - What is the general goal of trend analysis?Ch. 13 - Prob. 2QCh. 13 - What is ratio analysis? Why is it useful?Ch. 13 - What benchmarks are commonly used for interpreting...Ch. 13 - Prob. 5QCh. 13 - Prob. 6QCh. 13 - Slow Cellars current ratio increased from 1.2 to...Ch. 13 - From last year to this year, Colossal Companys...Ch. 13 - From last year to this year, Berry Bam reported...Ch. 13 - Explain whether the following situations, taken...
Ch. 13 - What are the two essential characteristics of...Ch. 13 - Prob. 12QCh. 13 - Prob. 13QCh. 13 - Prob. 14QCh. 13 - Prob. 15QCh. 13 - Prob. 16QCh. 13 - 1. Which of the following ratios is not used to...Ch. 13 - Prob. 2MCCh. 13 - Prob. 3MCCh. 13 - Analysts use ratios to a. Compare different...Ch. 13 - Which of the following ratios incorporates stock...Ch. 13 - Prob. 6MCCh. 13 - Prob. 7MCCh. 13 - A bank is least likely to use which of the...Ch. 13 - Prob. 9MCCh. 13 - (Supplement 13A) Which of the following items is...Ch. 13 - Calculations for Horizontal Analyses Using the...Ch. 13 - Calculations for Vertical Analyses Refer to M13-1....Ch. 13 - Interpreting Horizontal Analyses Refer to the...Ch. 13 - Interpreting Vertical Analyses Refer to the...Ch. 13 - Prob. 5MECh. 13 - Prob. 6MECh. 13 - Prob. 7MECh. 13 - Analyzing the Inventory Turnover Ratio A...Ch. 13 - Inferring Financial Information Using the Current...Ch. 13 - Prob. 10MECh. 13 - Identifying Relevant Ratios Identify the ratio...Ch. 13 - Prob. 12MECh. 13 - Analyzing the Impact of Accounting Alternatives...Ch. 13 - Describing the Effect of Accounting Decisions on...Ch. 13 - Prob. 1ECh. 13 - Prob. 2ECh. 13 - Prob. 3ECh. 13 - Prob. 4ECh. 13 - Prob. 5ECh. 13 - Matching Each Ratio with Its Computational Formula...Ch. 13 - Computing and Interpreting Selected Liquidity...Ch. 13 - Prob. 8ECh. 13 - Prob. 9ECh. 13 - Prob. 10ECh. 13 - Prob. 11ECh. 13 - Prob. 12ECh. 13 - Prob. 13ECh. 13 - Prob. 14ECh. 13 - Analyzing the Impact of Alternative Inventory...Ch. 13 - Prob. 1CPCh. 13 - Prob. 2CPCh. 13 - Prob. 3CPCh. 13 - Prob. 4CPCh. 13 - Prob. 5CPCh. 13 - Prob. 6CPCh. 13 - Prob. 7CPCh. 13 - Prob. 1PACh. 13 - Prob. 2PACh. 13 - Prob. 3PACh. 13 - Prob. 4PACh. 13 - Prob. 5PACh. 13 - Using Ratios to Compare Loan Requests from Two...Ch. 13 - Prob. 7PACh. 13 - Prob. 1PBCh. 13 - Prob. 2PBCh. 13 - Prob. 3PBCh. 13 - Prob. 4PBCh. 13 - Prob. 5PBCh. 13 - Using Ratios to Compare Loan Requests from Two...Ch. 13 - Prob. 7PBCh. 13 - Prob. 1SDCCh. 13 - Prob. 2SDCCh. 13 - Prob. 5SDCCh. 13 - Prob. 6SDCCh. 13 - Prob. 7SDCCh. 13 - Prob. 1CC
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- The following data were taken from the records of Splish Brothers Company for the fiscal year ended June 30, 2025. Raw Materials Inventory 7/1/24 $58,100 Accounts Receivable $28,000 Raw Materials Inventory 6/30/25 46,600 Factory Insurance 4,800 Finished Goods Inventory 7/1/24 Finished Goods Inventory 6/30/25 99,700 Factory Machinery Depreciation 17,100 21,900 Factory Utilities 29,400 Work in Process Inventory 7/1/24 21,200 Office Utilities Expense 9,350 Work in Process Inventory 6/30/25 29,400 Sales Revenue 560,500 Direct Labor 147,550 Sales Discounts 4,700 Indirect Labor 25,360 Factory Manager's Salary 63,400 Factory Property Taxes 9,910 Factory Repairs 2,500 Raw Materials Purchases 97,300 Cash 39,200 SPLISH BROTHERS COMPANY Income Statement (Partial) $arrow_forwardNo AIarrow_forwardL.L. Bean operates two factories that produce its popular Bean boots (also known as "duck boots") in its home state of Maine. Since L.L. Bean prides itself on manufacturing its boots in Maine and not outsourcing, backorders for its boots can be high. In 2014, L.L. Bean sold about 450,000 pairs of the boots. At one point during 2014, it had a backorder level of about 100,000 pairs of boots. L.L. Bean can manufacture about 2,200 pairs of its duck boots each day with its factories running 24/7.In 2015, L.L. Bean expects to sell more than 500,000 pairs of its duck boots. As of late November 2015, the backorder quantity for Bean Boots was estimated to be about 50,000 pairs. Question: Assume that a pair of 8" Bean Boots are ordered on December 3, 2015. The order price is $109. The sales tax rate in the state in which the boots are order is 7%. L.L. Bean ships the boots on January 29, 2016. Assume same-day shipping for the sake of simplicity. On what day would L.L. Bean recognize the…arrow_forward
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