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ACCT.PRINCIPLES (LL)
14th Edition
ISBN: 9781119707110
Author: Weygandt
Publisher: WILEY
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Chapter 7, Problem 4BE
To determine
General ledger: General ledger is a ledger which is used to summarize all the entries of the subsidiary ledger. The general ledger is used to record the correcting, adjusting and closing entries.
Subsidiary ledger: This is a ledger in which individual balance of every account is recorded. This is an expansion of the general ledger. The subsidiary ledger records the individual balances and hence there is no need to record the individual balances in the general ledger.
To determine: The balance of
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1 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.
2 Of the total insurance, 66% relates to the Factory Plant & Equipment & 33% relates to general &
administrative costs.
3 The property taxes should be shared: 75% manufacturing & 25% general & administrative costs.
Required:
i) Calculate the raw material used in production by Unique School Supplies & Uniforms.
ii) What is the total factory overhead costs incurred by Unique School Supplies & Uniforms during the
period?
iii) Determine the prime cost & conversion cost of the knapsacks manufactured.
iv) Prepare a schedule of cost of goods manufactured for the year ended June 30, 2024, clearly showing total
manufacturing cost & total manufacturing costs to account for.
v) What is the selling price per knapsack if Unique School Supplies & Uniforms manufactured 925
knapsacks for the Debe High School and uses a mark-up of 25% on cost?
vi) How does the format of the income statement for a…
Chapter 7 Solutions
ACCT.PRINCIPLES (LL)
Ch. 7 - Prob. 1QCh. 7 - Prob. 2QCh. 7 - 3. What are common features of computerized...Ch. 7 - Prob. 4QCh. 7 - Prob. 5QCh. 7 - 6. (a) When do companies normally post to (1) the...Ch. 7 - 7. Identify and explain the four special journals...Ch. 7 - 8. Kensington Company uses special journals. It...Ch. 7 - Prob. 9QCh. 7 - 10. Why would special journals used in different...
Ch. 7 - Prob. 11QCh. 7 - 12. One column total of a special journal is...Ch. 7 - Prob. 13QCh. 7 - Prob. 14QCh. 7 - Prob. 15QCh. 7 - Prob. 16QCh. 7 - Prob. 17QCh. 7 - Prob. 1BECh. 7 - Prob. 2BECh. 7 - Prob. 3BECh. 7 - Prob. 4BECh. 7 - Prob. 5BECh. 7 - Prob. 6BECh. 7 - Prob. 7BECh. 7 - Prob. 8BECh. 7 - Prob. 9BECh. 7 - Prob. 10BECh. 7 - Prob. 1DIECh. 7 - Prob. 2DIECh. 7 - Prob. 3DIECh. 7 - Prob. 1ECh. 7 - Prob. 8ECh. 7 - E7-10 Below are some typical transactions incurred...Ch. 7 - Prob. 11ECh. 7 - Prob. 12ECh. 7 - E7-13 Tresh Products uses both special journals...Ch. 7 - Prob. 14ECh. 7 - Prob. 1PSACh. 7 - Prob. 2PSACh. 7 - Prob. 3PSACh. 7 - Prob. 4PSA
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