Prepare bank reconciliation statement of Company T’s bank account.

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Chapter 6, Problem 19P

1.

To determine

Prepare bank reconciliation statement of Company T’s bank account.

2.

To determine

Record entries to adjust the current bank balance of Company T

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Coronado Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours x (54,000+10,200)]. Estimated annual manufacturing overhead is $1,566,090. Thus, the predetermined overhead rate is $16.26 or ($1,566,090 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models. The company's managers identified six activity cost pools and related…

Coronado Fire, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume (54,000 units), half-gallon cylinder that holds 2 1/2 pounds of multi- purpose dry chemical at 480 PSI. The commercial model is a low-volume (10,200 units), two-gallon cylinder that holds 10 pounds of multi-purpose dry chemical at 390 PSI. Both products require 1.5 hours of direct labor for completion. Therefore, total annual direct labor hours are 96,300 or [1.5 hours x (54,000+ 10,200)]. Estimated annual manufacturing overhead is $1,566,090. Thus, the predetermined overhead rate is $16.26 or ($1,566,090 ÷ 96,300) per direct labor hour. The direct materials cost per unit is $18.50 for the home model and $26.50 for the commercial model. The direct labor cost is $19 per unit for both the home and the commercial models. The company's managers identified six activity cost pools and related…

The completed Payroll Register for the February and March biweekly pay periods is provided, assuming benefits went into effect as anticipated. Required: Using the payroll registers, complete the General Journal entries as follows: February 10 Journalize the employee pay. February 10 Journalize the employer payroll tax for the February 10 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base. February 14 Issue the employee pay. February 24 Journalize the employee pay. February 24 Journalize the employer payroll tax for the February 24 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employee will exceed the FUTA or SUTA wage base. February 28 Issue the employee pay. February 28 Issue payment for the payroll liabilities. March 10 Journalize the employee pay. March 10 Journalize the employer payroll tax for the March 10 pay period. Use 5.4 percent SUTA and 0.6 percent FUTA. No employees will exceed the FUTA or SUTA wage base.…

Answer 2

Question

Chapter 6, Problem 19P

1.

To determine

Prepare bank reconciliation statement of Company T’s bank account.

2.

To determine

Record entries to adjust the current bank balance of Company T

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Answer 3

Question

Chapter 6, Problem 19P

1.

To determine

Prepare bank reconciliation statement of Company T’s bank account.

2.

To determine

Record entries to adjust the current bank balance of Company T

Expert Solution & Answer

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Answer 4

Question

Chapter 6, Problem 19P

1.

To determine

Prepare bank reconciliation statement of Company T’s bank account.

2.

To determine

Record entries to adjust the current bank balance of Company T

Expert Solution & Answer

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Answer 5

Chapter 6, Problem 19P

1.

To determine

Prepare bank reconciliation statement of Company T’s bank account.

2.

To determine

Record entries to adjust the current bank balance of Company T

Answer 6

Chapter 6, Problem 19P

1.

To determine

Prepare bank reconciliation statement of Company T’s bank account.

Answer 7

Chapter 6, Problem 19P

1.

To determine

Prepare bank reconciliation statement of Company T’s bank account.

Answer 8

2.

To determine

Record entries to adjust the current bank balance of Company T

Answer 9

2.

To determine

Record entries to adjust the current bank balance of Company T

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 6 - What are the components of cash? What items may be...Ch. 6 - Prob. 2GI Ch. 6 - Prob. 3GI Ch. 6 - How are trade receivables different from nontrade...Ch. 6 - Prob. 5GI Ch. 6 - Prob. 6GI Ch. 6 - Prob. 7GI Ch. 6 - What is a sales return? A sales allowance?...Ch. 6 - Discuss the differences between the allowance...Ch. 6 - Prob. 10GI

Prepare bank reconciliation statement of Company T’s bank account.

Solution Summary: The author explains how to prepare a bank reconciliation statement of Company T's bank account.

Prepare bank reconciliation statement of Company T’s bank account.

Record entries to adjust the current bank balance of Company T

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Chapter 6 Solutions