Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

Question

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Answer 1

Question

Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

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Use the following data to find the total direct labor cost variance if the company produced 4,200 units during the period. Direct labor standard (5 hrs. @ $7/hr.): $35 . Actual hours worked: 4,200 • Actual rate per hour: $7.80 a. $10,920 Favorable b. $10,920 Unfavorable c. $18,540 Favorable d. $3,285 Unfavorable e. $114,240 Favorable

The predetermined overhead rate for Bright Co. is $12, which includes a variable overhead rate of $8 and a fixed overhead rate of $4. The budgeted overhead costs at a normal capacity of 50,000 direct labor hours were divided by the normal capacity of 50,000 hours to arrive at the predetermined overhead rate of $12. The actual overhead for August was $20,000 for variable costs and $15,000 for fixed costs. The standard hours allowed for the product produced in August were 4,000 hours. What is the total overhead variance? A. $20,000 U B. $21,000 F C. $13,000 U D. $23,000 F

Answer 2

Question

Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

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Answer 3

Question

Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

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Answer 4

Question

Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

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Answer 5

Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

Answer 6

Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

Answer 7

Chapter 14, Problem 18P

a.

To determine

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

Answer 8

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

Answer 9

b.

To determine

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

Answer 10

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

Answer 11

c.

To determine

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

Answer 12

Expert Solution & Answer

Answer 13

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Answer 14

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Answer 15

Ch. 14 - Prob. 1Q Ch. 14 - Prob. 2Q Ch. 14 - Prob. 3Q Ch. 14 - Prob. 4Q Ch. 14 - Prob. 5Q Ch. 14 - Prob. 6Q Ch. 14 - Prob. 7Q Ch. 14 - Prob. 8Q Ch. 14 - Prob. 9Q Ch. 14 - Prob. 10Q

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

Solution Summary: The author identifies the journal entry which should be recorded if person S invests 100,000 in cash in the business for a 25 percent interest when bonus method is used.

Concept explainers

Identify the journal entry which should be recorded if person S invests $100,000 in cash in the business for a 25 percent interest when bonus method is used.

Identify the journal entry which should be recorded if person S invests $60,000 in cash in the business for a 25 percent interest when bonus method is used.

Identify the journal entry which should be recorded if person S invests $72,000 in cash in the business for a 25 percent interest when goodwill method is used.

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Chapter 14 Solutions