The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

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Answer 1

Question

Chapter 3, Problem 1FA

1.

To determine

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

2.

To determine

To explain: The source of these receivables.

3.

To determine

To Construct: A journal entry that might account for the change.

4.

To determine

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

5.

To determine

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

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Cullumber Company uses a job-order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labour cost in Department D, direct labour hours in Department E, and machine hours in Department K. In establishing the predetermined overhead rates for 2022, the following estimates were made for the year. Department D E K Manufacturing overhead $1,280,000 $1,500,000 $840,000 Direct labour costs $1,600,000 $1,312,500 $472,500 Direct labour hours 105,000 125,000 42,000 Machine hours 420,000 525,000 120,000 The following information pertains to January 2022 for each manufacturing department. Department D E K Direct materials used Direct labour costs $147,000 $132,300 $81,900 $126,000 $115,500 $39,375 Manufacturing overhead incurred $103,950 $128,600 $73,950 Direct labour hours 8,400 11,550 3,675 Machine hours 35,700 47,250 10,380 Your answer is partially correct. Calculate the predetermined overhead rate for each department.…

Answer 2

Question

Chapter 3, Problem 1FA

1.

To determine

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

2.

To determine

To explain: The source of these receivables.

3.

To determine

To Construct: A journal entry that might account for the change.

4.

To determine

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

5.

To determine

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

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Answer 3

Question

Chapter 3, Problem 1FA

1.

To determine

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

2.

To determine

To explain: The source of these receivables.

3.

To determine

To Construct: A journal entry that might account for the change.

4.

To determine

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

5.

To determine

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

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Answer 4

Question

Chapter 3, Problem 1FA

1.

To determine

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

2.

To determine

To explain: The source of these receivables.

3.

To determine

To Construct: A journal entry that might account for the change.

4.

To determine

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

5.

To determine

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

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Answer 5

Chapter 3, Problem 1FA

1.

To determine

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

2.

To determine

To explain: The source of these receivables.

3.

To determine

To Construct: A journal entry that might account for the change.

4.

To determine

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

5.

To determine

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

Answer 6

Chapter 3, Problem 1FA

1.

To determine

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

Answer 7

Chapter 3, Problem 1FA

1.

To determine

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

Answer 8

2.

To determine

To explain: The source of these receivables.

Answer 9

2.

To determine

To explain: The source of these receivables.

Answer 10

3.

To determine

To Construct: A journal entry that might account for the change.

Answer 11

3.

To determine

To Construct: A journal entry that might account for the change.

Answer 12

4.

To determine

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

Answer 13

4.

To determine

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

Answer 14

5.

To determine

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

Answer 15

5.

To determine

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

Answer 16

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Answer 17

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Answer 18

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Answer 19

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The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

Solution Summary: The author explains the Company's policy for recognizing each type of revenue that is included in the consolidated statements of income.

To explain: The Company’s policy for recognizing each type of revenue that is included in the consolidated statements of income.

To explain: The source of these receivables.

To Construct: A journal entry that might account for the change.

To Explain: The reason for the remainder of the change in the accumulated depreciation account during 2016.

To explain: The primary categories of items in accrued expenses and to say the type of account and the manner in which the change have impacted the company’s overall net income in 2016.

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Chapter 3 Solutions