FINANCIAL AND MANAGERIAL ACCOUNTING
9th Edition
ISBN: 2818440048890
Author: Wild
Publisher: MCG CUSTOM
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Question
Chapter 3, Problem 34E
1.
To determine
Introduction: The amount earned by the company after paying all its expenses is known as net income. It is also known as net earnings. It is beneficial for the investors as it indicates the profitability of the company.
The net income of the company.
2.
To determine
Introduction: Balances at the end of the accounting year are transferred from a temporary account to a permanent account by passing a
To prepare: The closing entries.
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Step
Amount
Category
Inventory
1. Beginning Balance, January 1
28,000
Beginning Balance
Raw Materials
2. (+) Purchases (RM Purchases)
220,000
Addition
Raw Materials
3. (-) Ending Balance
20,000
Ending Balance
Raw Materials
4. = Transferred Out (RM used)
(228,000)
Transferred Out
Raw Materials
5. (+) Direct Labor
(152,000)
Transferred Out
Direct Labor
6. (+) Fixed Overhead
300,000
Addition
Overhead
7. (+) Variable Overhead
-
Addition
Overhead
8. = Total Factory Overhead
(390,000)
Transferred Out
Overhead
9. Beginning Balance, January 1
40,000
Beginning Balance
WIP
10. (+) Additions (RM used)
228,000
Addition
WIP
11. (+) Additions (DL used)
152,000
Addition
WIP
12. (+) Additions (OH used)
390,000
Addition
WIP
13. (-) Ending Balance, December 31
55,000
Ending Balance
WIP
14. = Transferred Out (COGM)
(755,000)…
Step
Amount
Category
Inventory
1. Beginning Balance, January 1
28,000
Beginning Balance
Raw Materials
2. (+) Purchases (RM Purchases)
220,000
Addition
Raw Materials
3. (-) Ending Balance
20,000
Ending Balance
Raw Materials
4. = Transferred Out (RM used)
(228,000)
Transferred Out
Raw Materials
5. (+) Direct Labor
(152,000)
Transferred Out
Direct Labor
6. (+) Fixed Overhead
300,000
Addition
Overhead
7. (+) Variable Overhead
-
Addition
Overhead
8. = Total Factory Overhead
(390,000)
Transferred Out
Overhead
9. Beginning Balance, January 1
40,000
Beginning Balance
WIP
10. (+) Additions (RM used)
228,000
Addition
WIP
11. (+) Additions (DL used)
152,000
Addition
WIP
12. (+) Additions (OH used)
390,000
Addition
WIP
13. (-) Ending Balance, December 31
55,000
Ending Balance
WIP
14. = Transferred Out (COGM)
(755,000)
Transferred Out
WIP
15.…
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Chapter 3 Solutions
FINANCIAL AND MANAGERIAL ACCOUNTING
Ch. 3 - Prob. 1QSCh. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QS
Ch. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 23QSCh. 3 - Identifying post-closing accounts P5 Identify...Ch. 3 - identifying the accounting cycle C2 List the...Ch. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Prob. 29QSCh. 3 - Prob. 30QSCh. 3 - Prob. 31QSCh. 3 - Prob. 32QSCh. 3 - Prob. 33QSCh. 3 - Prob. 34QSCh. 3 - Prob. 35QSCh. 3 - Prob. 36QSCh. 3 - Prob. 37QSCh. 3 - Prob. 38QSCh. 3 - Prob. 39QSCh. 3 - Prob. 40QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Prob. 21ECh. 3 - Prob. 22ECh. 3 - Prob. 23ECh. 3 - Prob. 24ECh. 3 - Prob. 25ECh. 3 - Prob. 26ECh. 3 - Prob. 27ECh. 3 - Prob. 28ECh. 3 - Prob. 29ECh. 3 - Prob. 30ECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 9PSACh. 3 - Prob. 10PSACh. 3 - Prob. 11PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 4PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 8PSBCh. 3 - Prob. 9PSBCh. 3 - Prob. 10PSBCh. 3 - Prob. 11PSBCh. 3 - No Account Title Debit Credit 101 Cash $38,264 106...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 1.1AACh. 3 - Prob. 1.2AACh. 3 - Prob. 1.3AACh. 3 - Prob. 1.4AACh. 3 - Prob. 2.1AACh. 3 - Prob. 2.2AACh. 3 - Prob. 2.3AACh. 3 - Prob. 2.4AACh. 3 - Prob. 3.1AACh. 3 - Prob. 3.2AACh. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 1BTNCh. 3 - Prob. 4BTN
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