The storage area is where the merchandise is presented to the customer. True or false

Workplace Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of

mash [69]

Answer: Please refer to Explanation

Explanation:

Jul 1

DR Cash (400,000 * 7) $2,800,000

CR Common Stock $2,800,000

(To record common stock issued)

July 1

DR Organisation Expense (1,000*7) $7,000

CR Common Stock $7,000

(To record Common Stock Issue)

Aug 7

DR Land $250,000

DR Building $400,000

DR Equipment $70,000

CR Common Stock $560,000

CR Paid in capital excess of par value - Common stock $160,000

( To record Exchange of common stock for PPE)

Sep 20

DR Cash (25,000 * 44) $1,100,000

CR Preferred Stock (25,000*40) $1,000,000

Paid in Excess Capital of Par Value Preferred Shares $100,000

(To record issue of Preference Shares)

If you need any clarification do comment.

8 0

3 years ago

Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and the scientific model is the Sci-X

belka [17]

Answer:

The cost per unit of the Fin-X model is $28 and the cost per unit of the Sci-X model is $33.

Explanation:

Process costing refers to a cost accounting technique that traces and accumulates direct costs for each product type or model, and then assigns indirect or conversion costs incurred in the manufacturing process to each product based on the method adopted by the firm.

The cost per unit of the Fin-X and Sci-X models for June can be computed by following the following steps:

Step 1: Calculation of total parts cost of Fin-X and Sci-X

Fin-X total parts cost = Units of Fin-X × Fin-X parts cost per unit

= 10,000 × $25

Fin-X total parts cost = $250,000

Sci-X total parts cost = Units of Sci-X × Sci-X parts cost per unit

= 40,000 × $30

Sci-X total parts cost = $1,200,000

Step 2: Assignment of total conversion cost of Fin-X and Scin-X

Fin-X portion of conversion cost = (Units of Fin-X ÷ Total units) × Total conversion cost

= (10,000 ÷ 50,000) × $150,000

Fin-X portion of conversion cost = $30,000

Sci-X portion of conversion cost = (Units of Sci-X ÷ Total units) × Total conversion cost

= (40,000 ÷ 50,000) × $150,000

Sci-X portion of conversion cost = $120,000

Step 3: Calculation of total cost of Fin-X and Scin-X

Fin-X total cost = Fin-X total parts cost + Fin-X portion of conversion cost

= $250,000 + $30,000

Fin-X total cost = $280,000

Sci-X total cost = Sci-X total parts cost + Sci-X portion of conversion cost

= $1,200,000 + $120,000

Sci-X total cost = $1,320,000

Step 4: Calculation of cost per unit for Fin-X and Scin-X

Fin-X cost per unit = Fin-X total cost ÷ Units of Fin-X

= $280,000 ÷ 10,000

Fin-X cost per unit = $28 per unit

Sci-X cost per unit = Sci-X total cost ÷ Units of Sci-X

= $1,320,000 ÷ 40,000

Sci-X cost per unit = $33 per unit

Conclusion

The cost per unit of the Fin-X model is $28 and the cost per unit of the Sci-X model is $33.

5 0

4 years ago

Wonder Company sells a plant asset that originally cost $720,000 for $240,000 on December 31. The accumulated depreciation accou

Masja [62]

Answer:

The company should recognize d. $120,000 loss on disposal

Explanation:

Companies frequently sell plant assets to dispose them. To recognize gain or loss on disposal:

First, the company calculates the carrying amount of the asset by using the original cost of the asset, minus all accumulated depreciation and any accumulated impairment charges.

Then, subtract this carrying amount from the sale price of the asset. If the remainder is positive, it is a gain and if the remainder is negative, it is a loss .

In Wonder Company:

The carrying amount of the asset = $720,000 - $360,000 = $360,000

Sales price - carrying amount of the asset = $240,000 - $360,000 = -$120,000 <0

The company should recognize $120,000 loss on disposal

5 0

3 years ago

Complete the statements regarding financial agencies.

Elena L [17]

Brainly suggestions is financial agencies

4 0

3 years ago

At the beginning of December, Global Corporation had $2,100 in supplies on hand. During the month, supplies purchased amounted t

kifflom [539]

Answer:

DR Supplies expense $2,800

CR Supplies $2,800

Explanation:

Opening Balance $2,100

Add Purchases $3,500

Total $5,600

Closing Balance $2,800

To determine usage for the month

=Total supplies - Closing Balance of Supplies

= $5,600 - $2,800

= $2,800

Usage for the month = $2,800

DR Supplies expense $2,800

CR Supplies $2,800

6 0

3 years ago

Read 2 more answers