EP AUDITING+ASSURANCE...-MYACCT.LAB
16th Edition
ISBN: 9780134148656
Author: ARENS
Publisher: PEARSON CO
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Please provide the answer to this financial accounting question using the right approach.
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At year-end, Simple has cash of $12,000, current accounts receivable of $60,000, merchandise
inventory of $37,200, and prepaid expenses totaling $5,200. Liabilities of $24,000 must be paid
next year. Assume accounts receivable had a beginning balance of $20,000 and net credit sales
for the current year totaled $2,400,000.
How many days did it take Simple to collect its average level of receivables? (Assume 365
days/year.)
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- Perry Industries is preparing its direct labor budget for the next two months. Each unit of output requires 0.85 direct labor hours. The direct labor rate is $12 per direct labor hour. The production budget calls for producing 7,200 units in June and 7,000 units in July. The company guarantees its direct labor employees a 40-hour paid work week, and with the current workforce, this means they are committed to paying for at least 5,900 labor hours per month, even if there isn't enough work to occupy all that time. What would be the total combined direct labor cost for the two months?arrow_forwardPlease provide the correct answer to this financial accounting problem using valid calculations.arrow_forwardI need guidance with this general accounting problem using the right accounting principles.arrow_forward
- You purchase lubricating oil in 55-gallonarrow_forwardEquipment with a cost of $1,912,000 has an estimated salvage value of $52,000 and an estimated life of 4 years or 47,000 hours. It is to be depreciated using the units-of-activity method. What is the amount of depreciation for the first full year, during which the equipment was used for 9,200 hours?arrow_forwardDetermine the departmental factory overheadarrow_forward
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