Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter 16, Problem 5PA
(1)
To determine
Prepare annual income statement of Company G.
(2)
To determine
Compute the ending balance, December 31 20Y8, in the work in process and finished goods inventories.
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FOOD BLON
NVASIONTH
a)
b)
A-27
Give journal entries, ledger accounts and Balance Sheets under the
following methods of treatment of goodwill:-
If goodwill is raised and written off.
If goodwill is brought in cash and withdrawn from the business.
(B.Com., Osm) (Ans. Balance Sheet total (under both methods of treatment
85,000)
16. C and D carrying on business in partnership and sharing profits 5/8 &
3/8th require a partner when their Balance Sheet stood as follows.
Balance Sheet
Liabilities
Assets
Creditors
10,000 Cash
Reserve Fund
20,000
Debtors
Capitals:
Stock
C
40,000
Investment
D
20,000
60,000 Plant
90,000
2,400
20,000
10,000
7,600
50,000
90,000
They admit E into partnership giving him 1/8th share on the following terms:
Stock to be depreciated by 20 per cent, a provision of 5 percent on debtors is
to be made for doubtful debts, investments are to be brought in the new firm
at an agreed value of 6,000 and Plant to be appreciated by 20 per cent.
E brings in 16,000 as his share of…
Chapter 16 Solutions
Financial And Managerial Accounting
Ch. 16 - A. Name two principal types of cost accounting...Ch. 16 - What kind of firm would use a job order cost...Ch. 16 - Prob. 3DQCh. 16 - Prob. 4DQCh. 16 - What is a job cost sheet?Ch. 16 - Prob. 6DQCh. 16 - Discuss how the predetermined factory overhead...Ch. 16 - A. How is a predetermined factory overhead rate...Ch. 16 - A. What is (1) overapplied factory overhead and...Ch. 16 - Describe how a job order cost system can be used...
Ch. 16 - Issuance of materials On May 7, Bergan Company...Ch. 16 - Direct labor costs During May, Bergan Company...Ch. 16 - Factory overhead costs During May, Bergan Company...Ch. 16 - Applying factory overhead Bergan Company estimates...Ch. 16 - Job costs At the end of May, Bergan Company had...Ch. 16 - Cost of goods sold Pine Creek Company completed...Ch. 16 - Transactions in a job order cost system Five...Ch. 16 - The following information is available for the...Ch. 16 - Cost of materials issuances under the FIFO method...Ch. 16 - Prob. 4ECh. 16 - Kingsford Furnishings Company manufactures...Ch. 16 - A summary of the time tickets is as follows:...Ch. 16 - Entry for factory labor costs The weekly time...Ch. 16 - Schumacher Industries Inc. manufactures...Ch. 16 - Eclipse Solar Company operates two factories. The...Ch. 16 - Exotic Engine Shop uses a job order cost system to...Ch. 16 - Predetermined factory overhead rate Obj. 2...Ch. 16 - The following account appears in the ledger prior...Ch. 16 - Collegiate Publishing Inc. began printing...Ch. 16 - The following events took place for Rushmore...Ch. 16 - Job order cost accounting for a service company...Ch. 16 - Job order cost accounting for a service company...Ch. 16 - Barnes Company uses a job order cost system. The...Ch. 16 - Entries and schedules for unfinished jobs and...Ch. 16 - Job cost sheet Remnant Carpet Company sells and...Ch. 16 - Analyzing manufacturing cost accounts Fire Rock...Ch. 16 - Prob. 5PACh. 16 - Entries for costs in a job order cost system Royal...Ch. 16 - Entries and schedules for unfinished jobs and...Ch. 16 - Job cost sheet Stretch and Trim Carpet Company...Ch. 16 - Analyzing manufacturing cost accounts Clapton...Ch. 16 - Prob. 5PBCh. 16 - Antolini Enterprises produces mens sports coats...Ch. 16 - Alvarez Manufacturing Inc. is a job shop. The...Ch. 16 - Raneri Trophies Inc. uses a job order cost system...Ch. 16 - Brady Furniture Company manufactures wooden oak...Ch. 16 - Ethics in Action TAC Industries Inc. sells heavy...Ch. 16 - Team Activity As an assistant cost accountant for...Ch. 16 - Prob. 3TIFCh. 16 - RIRA Company makes attachments such as backhoes...Ch. 16 - Todd Lay just began working as a cost accountant...Ch. 16 - Baldwin Printing Company uses a job order cost...Ch. 16 - John Sheng, a cost accountant at Starlet Company,...Ch. 16 - Lucy Sportswear manufactures a specialty line of...Ch. 16 - Patterson Corporation expects to incur 70,000 of...
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