Fundamental Accounting Principles
25th Edition
ISBN: 9781260780222
Author: Wild, John
Publisher: MCGRAW-HILL HIGHER EDUCATION
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Chapter 7, Problem 10DQ
To determine
Credit customers:
Credit customers are the customers who bought the product or services and promised to pay to the company later within the given credit period.
Reason of immediately recording of sales and receipts from customer.
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Use the following information to answer questions. (Algo)
[The following information applies to the questions displayed below.]
Information on Kwon Manufacturing's activities for its first month of operations follows:
a. Purchased $100,800 of raw materials on credit.
b. Materials requisitions show the following materials used for the month.
Job 201
Job 202
Total direct materials
Indirect materials
Total materials used
$ 49,000
24,400
73,400
9,420
$ 82,820
c. Time tickets show the following labor used for the month.
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Job 201
$ 40,000
Job 202
13,400
Total direct labor
53,400
25,000
$ 78,400
Indirect labor
Total labor used
d. Applied overhead to Job 201 and to Job 202 using a predetermined overhead rate of 80% of direct materials cost.
e. Transferred Job 201 to Finished Goods Inventory.
f. Sold Job 201 for $166,160 on credit.
g. Incurred the following actual other…
quesrion 2
Anti-Pandemic Pharma Co. Ltd. reports the following information in
its income statement:
Sales = $5,250,000;
Costs = $2, 173,000;
Other expenses = $187,400;
Depreciation expense = $79,000;
Interest expense= $53,555;
Taxes $76,000;
Dividends $69,000.
$136,700 worth of new shares were also issued during the year and
long-term debt worth $65,300 was redeemed.
a) Compute the cash flow from assets
b) Compute the net change in working capital
(325 marks)
Chapter 7 Solutions
Fundamental Accounting Principles
Ch. 7 - Prob. 1QSCh. 7 - Prob. 2QSCh. 7 - Identifying general and subsidiary ledgers C2 For...Ch. 7 - QS 7-4 Controlling accounts and subsidiary ledgers...Ch. 7 - QS7-3
Identifying the special journal of...Ch. 7 - Prob. 6QSCh. 7 - Prob. 7QSCh. 7 - Prob. 8QSCh. 7 - QS 7-9 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 10QS
Ch. 7 - Prob. 11QSCh. 7 - Prob. 12QSCh. 7 - Prob. 13QSCh. 7 - Prob. 14QSCh. 7 - Prob. 15QSCh. 7 - Prob. 1ECh. 7 - Exercise 7-2 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 3ECh. 7 - Exercise 7-4 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 5ECh. 7 - Exercise 7-6 Purchases journal P3 Gomez Company...Ch. 7 - Prob. 7ECh. 7 - Exercise 7-8 Identifying journal of entry P1 P2 P3...Ch. 7 - Prob. 9ECh. 7 - Exercise 7-10 Purchases journal and error...Ch. 7 - Prob. 11ECh. 7 - Exercise 7-10
Posting to subsidiary ledger...Ch. 7 - Exercise 7-13 Days 'payable outstanding A1
The...Ch. 7 - Prob. 14ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Problem 7-3A Special journals, subsidiary ledgers,...Ch. 7 - Prob. 1PSBCh. 7 - Prob. 2PSBCh. 7 - Prob. 3PSBCh. 7 - Assume that Santana Rey expands Business...Ch. 7 - Prob. 1CPCh. 7 - Prob. 1GLPCh. 7 - Prob. 1AACh. 7 - Prob. 2AACh. 7 - Prob. 3AACh. 7 - Prob. 1DQCh. 7 - Prob. 2DQCh. 7 - Prob. 3DQCh. 7 - Prob. 4DQCh. 7 - What purpose is served by the output devices of an...Ch. 7 - When special journals are used, they are usually...Ch. 7 - Prob. 7DQCh. 7 - Prob. 8DQCh. 7 - Credits to customer accounts and credits to Other...Ch. 7 - Prob. 10DQCh. 7 - Prob. 1BTNCh. 7 - Prob. 2BTNCh. 7 - Prob. 3BTNCh. 7 - Prob. 4BTN
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- QS 15-18 (Algo) Computing and recording over- or underapplied overhead LO P4 A company applies overhead at a rate of 170% of direct labor cost. Actual overhead cost for the current period is $1,081,900, and direct labor cost is $627,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead.arrow_forwardQuestion 6 During 2019, Bitsincoins Corporation had EBIT of $100,000, a change in net fixed assets of $400,000, an increase in net current assets of $100,000, an increase in spontaneous current liabilities of $400,000, a depreciation expense of $50,000, and a tax rate of 30%. Based on this information, what is Bitsincoin's free cash flow? (3 marks)arrow_forwardQuestion 4 Waterfront Inc. wishes to borrow on a short-term basis without reducing its current ratio below 1.25. At present its current assets and current liabilities are $1,600 and $1,000 respectively. How much can Waterfront Inc. borrow? (5 marks)arrow_forward
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