Recently Submitted Homework Problems: accounting

231. Double Eagle Corporation produces the prestigious Double Eagle¯ golf ball in one department using a process costing system. At the beginning of January, 10,000 golf balls were in work-in-process. During January, 20,000 more golf balls were started. The ending work-in-process included 6,000 balls which were 100 percent completed for direct materials, 75 percent completed for direct labor, and 75 percent completed for overhead.

The following table lists the cost information for Department A.

Beginning Work In progress
10,000 for materials, 2,000 for labor, and 3,200 for overhead

Cost added during January are:
20,000 for materials, 5125 for labor, and 8,200 for overhead

Calculate the answers to the following questions.

1. How many golf balls were completed during January?
2. Calculate the equivalent units for materials in the ending work-in-process.
3. Calculate the equivalent units for labor in the ending work-in-process.
4. Calculate the equivalent units for overhead in the ending-in-process.
5. Using the formula on page 94, calculate the cost per equivalent unit for materials.
6. Using the formula on page 94, calculate the cost per equivalent unit for labor.
7. Using the formula on page 94, calculate the cost per equivalent unit for overhead.
8. What is the total equivalent cost of one golf ball in the month of January?
9. What is the cost of the golf balls completed during January?
(Hint: Number of golf balls completed times the equivalent cost per golf ball.)
10. What is the cost of the ending work-in-process inventory?

please help!(Answered)


332. General journal. i need to know which accounts are affected. Jan 7. Sold services for $15,000 in cash and $1,800 on credit during the first week of January.(Answered)


827. Rites began the year with 90000 in the debtors account and ended the year with 62000 in the debtors account. If credit sales for the year were 1300000, how much will the cash collected from customers during the year amounted to?(Answered)


1060. Which of the following is not a typical business transaction?
1. Payment to a supplier
2.Sale on account
3. Purchase on account
4. All of the above are correct(Answered)


1368. Dorantes Manufacturing Company uses a standard cost system. In 2010, 28,000 units were produced. Each unit took several pounds of direct materials and 11/2 standard hours of direct labor at a standard hourly rate of $12.00. Normal capacity was 50,000 direct labor hours. During the year, 131,000 pounds of raw materials were purchased at $0.92 per pound. All materials purchased were used during the year.
Instructions

If the materials price variance was $2,620 favorable, what was the standard materials price per pound?

$ .94 per pound. (Round answer to 2 decimal places, e.g. 10.50.)

If the materials quantity variance was $4,700 unfavorable, what was the standard materials quantity per unit?

pounds per unit.(Round answer to 1 decimal place, e.g. 10.5.)

What were the standard hours allowed for the units produced?



If the labor quantity variance was $7,200 unfavorable, what were the actual direct labor hours worked?

actual hours worked

If the labor price variance was $10,650 favorable, what was the actual rate per hour?

$ actual rate per hour. (Round answer to 2 decimal places, e.g. 10.50.)

If total budgeted manufacturing overhead was $350,000 at normal capacity, what was the predetermined overhead rate?

$ predetermined overhead rate per direct labor hour. (Round answer to 2 decimal places, e.g. 10.50.)

What was the standard cost per unit of product?

$ standard cost per unit. (Round answer to 2 decimal places, e.g. 10.50.)

How much overhead was applied to production during the year?

$ overhead applied

Using one or more answers above, what were the total costs assigned to work in process?

$

(Answered)


1524. I need to figure out total cash collected during the year based off the following information;

The Tidwell Company began 2011 with accounts receivable of $180,000 and an allowance for uncollectible accounts of $12,000 (credit balance). Bad debt expense for the year was $15,000 and the ending balance in the allowance for uncollectible accounts account was $17,000. The accounts receivable turnover ratio for 2011 was 10.0. This ratio was calculated using the average of gross accounts receivable in the denominator (that is, [$180,000 + year-end accounts receivable] divided by 2). Also, the company's inventory turnover ratio for 2011 was 6.0, its average inventory for the year $200,000, and its gross profit ratio 50%.(Answered)


2723. Regents supply completed the following transactions during 2008 and 2009

2008
Dec 31 Estimated that Uncollectible accounts expense fpr the year was 3/4 of 1% on credit sales of $400,000 and recorded that amount.

31 Made the closing entry for Uncollectible accounts Expense
2009
Jan 17 Sold inventory to abe Gomez, $600 on account. Ignore cost of goods sold
June 29 Wrote off the Abe Gomez account as uncollectible after repeated dfforts to collect from him
Aug 6 Received $200 from Abe Gomez, along with a letter stating his intention to pay within 30days. Reinstated his account in full
Sept 4 Teceived the balance due from Abe Gomez
Dec 31 Made a compound entry to write off the following accounts as uncollectible: Bernard Clark, $700: marie Montrose, $300; and Terry Forman, $600
Dec 31 Estimated that Uncollectible Accounts Expense for the year was 2/3 of 1% on credit sales of $480,000 and recorded that amount as expense
Dec 31 Made the closing entry for Uncollectible Accounts expense.

Requirements
1. Open ledger accounts for allowance for Uncollectible accounts and uncollectible accounts expense. These accounts have beginning balances of $0
2. Record the transactions in the journal and post to the two ledger accounts; remember to update the account balanceds but ignore posting references
3. The December 31 2009, balance of accounts receivable would be reported on the balance sheet at that date(Answered)


2743. At the beginning of the year, Orbit Airways purchased a used Boeing aircraft at a cost of $45 million. Orbit expects the plane to remain useful for 5 yrs (3 million miles) and to have a residual value of $5 million. Orbit expects the plane to be flown 750,000 miles for the year.
1. Compute Orbit's first year-year depreciation on the plane using the following method:
Double decling balance(Answered)


2849. Type your homework question here, such as Help me understand this chemistry problemā€¦A. Double Eagle Corporation produces the prestigious "Double Eagle"¯ golf ball in one department using a process costing system. At the beginning of January, 10,000 golf balls were in work-in-process. During January, 20,000 more golf balls were started. The ending work-in-process included 6,000 balls which were 100 percent completed for direct materials, 75 percent completed for direct labor, and 75 percent completed for overhead.

The following table lists the cost information for Department A.

Materials Labor Overhead
Beginning Work-in-Process $10,000 $2,000 $3,200
Costs Added During January 20,000 5,125 8,200

Calculate the answers to the following questions.

1. How many golf balls were completed during January? 6060
2. Calculate the equivalent units for materials in the ending work-in-process. 20,000
3. Calculate the equivalent units for labor in the ending work-in-process. 15,000
4. Calculate the equivalent units for overhead in the ending-in-process. 15,000
5. Using the formula on page 94, calculate the cost per equivalent unit for materials. $1.15
6. Using the formula on page 94, calculate the cost per equivalent unit for labor. $0.34
7. Using the formula on page 94, calculate the cost per equivalent unit for overhead. $0.54
8. What is the total equivalent cost of one golf ball in the month of January? $2.03
9. What is the cost of the golf balls completed during January? $12,303
(Hint: Number of golf balls completed times the equivalent cost per golf ball.)
10. What is the cost of the ending work-in-process inventory? $36,200
(Hint: Equivalent units for materials in ending WIP times the cost per equivalent unit for materials
(Answered)


3165. During 2012, Maverick Inc. became involved in a tax dispute with the Internal Revenue Service (IRS). Maverick's attorneys have indicated that they believe it is probable that Maverick will lose this dispute. They also believe that Maverick will have to pay the IRS between $800,000 and $1,400,000. After the 2012 financial statements were issued in April of 2013, the case was settled and a check was sent to the IRS for $1,200,000. Based on the situation as described, how should Maverick account for this situation? What entries should be made at the end of 2012 and in April of 2013 when the case is settled. Maverick does not use reversing entries. (Answered)


4251. Journalize the following transactions of Joselito Lao, owner of Joey's Laundromat then post the transactions in the T-Accounts. Prepare the journal entries.
2014
August 1 - Joey Lao opened an Account with Union Bank under Joey's Laundromat business name in the amount of P1,500,000. He also invested in a computer worth P100,000 with a fair market value of P90,000.
August 2- Paid municipal taxes of P5,500 including his license to operate
August 5- Bought a P900,000 condominium for his office paying P500,000 downpayment and signing a mortage with Metro bank payable in 10 years for the balance.
August 7- Bought furniture on credit P45,000
August 8- Returned P7,000 worth of furniture bought due to wrong specifications
August 9- Bought cash register P24,000 paid in cash
August 11- Paid Furniture and Fixtures purchased on account
August 12- Bought a P600,000 van from Jade Motors for use in the business. Terms: 25% cash, 40% thru a 30 day 10% note, and the balance on account
August 13- Made an additional investment of P500,000 and equipment worth P60,000 with an unpaid balance of P10,000. The business will assume the liability.
August 14- Returned damage supplies worth P880
August 15- Withdrew P75,000 and office supplies worth P500 for personal use
August 16- Paid the salary of the office secretary P7,600
August 17- Paid the note issued to Jade motors
August 18- Collected laundry services from various customers P200,000
August 19- Rendered laundry services on account P45,000
August 20- Paid Utilities for the month P37,000
August 30- Collected P30,000 from laundry services rendered last August 19
(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


0. Great City Builders balance sheet data at May 31, 2012, and June 30, 2012, follow:

May 31, 2012
Total assets $177,000
Total liabilities 122,000

June 30, 2012
Total assets $213,000
Total liabilities 144,000

Following are three situations about owner's investments and drawings of the business during June. For each situation, compute the amount of net income or net loss during June 2012.

a.The owner invested $6,000 in the business and made no withdrawals.

b.The owner made no investments. The owner withdrew cash of $10,000.

c. The company owner made investments of $18,000 and withdrew cash of $20,000.(Answered)


5879. help me solve this problem what is a trading account and how does it differ from a profit and loss account
(Answered)


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