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OleMash [197]
1 year ago
12

luebke incorporated has provided the following data for the month of november. the balance in the finished goods inventory accou

nt at the beginning of the month was $54,000 and at the end of the month was $30,200. the cost of goods manufactured for the month was $213,000. the actual manufacturing overhead cost incurred was $55,600 and the manufacturing overhead cost applied to work in process was $58,800. the company closes out any underapplied or overapplied manufacturing overhead to cost of goods sold. the adjusted cost of goods sold that would appear on the income statement for november is:
Business
1 answer:
umka21 [38]1 year ago
8 0

The adjusted cost of goods sold that would appear on income statement for November is $247,900.

<h3>What is an income statement?</h3>

One of a company's financial statements, an income statement or profit and loss account (also known as a profit and loss statement (P&L), statement of profit or loss, revenue declaration, statement of financial performance, earnings statement, statement of earnings, operating statement, or statement of operations) lists the company's income and outgoings for a given time period. It explains how the revenues, commonly referred to as the "top line," are converted into net income or net profit (the result after all revenues and expenses have accounted for). The income statement's goal is to demonstrate to managers and investors whether the business gained money (profit) or lost money during the reporting period.

To learn more about income statement, visit:

brainly.com/question/14308954

#SPJ4

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Flint Inc. issued $3,790,000 of 10%, 10-year convertible bonds on June 1, 2020, at 99 plus accrued interest. The bonds were date
gulaghasi [49]

Answer:

A. Dr Interest Payable $63,167

Dr Interest expense $127,617

Cr Discount on Bonds payable $1,284

Cr Cash $189,500

B. Dr Bonds payable $1,421,250

Cr Discount on Bonds payable $13,008

Cr Common Stock $612,000

Cr Paid-in capital in excess of par- Common Stock $796,242

Explanation:

(a) Preparation of the entry to record the interest expense at October 1, 2020. Assume that accrued interest payable was credited when the bonds were issued.

Dr Interest Payable $63,167

[($3,790,000*.10)/2*(2/6)]

Dr Interest expense $127,617

[($3,790,000*.10)/2*(4/6) + $1,284]

Cr Discount on Bonds payable $1,284

($321*4)

Cr Cash $189,500

[ ( $3,790,000*.10)/2]

(To record interest expense at October 1, 2020.)

Calculation for the discount per month

First step is to calculate the remaining months

Months remaining= (10 years *12-2)

Months remaining=118 months

Second step is to calculate the Total discount

Total Discount= $3,790,000-($3,790,000*.99)

Total discount=$3,790,000-$3,752,100

Total discount=$37,900

Now let calculate the discount per month

Discount per month=($37,900/118)

Discount per month=$321

(b) Preparation of the entry to record the conversion on April 1, 2021

Dr Bonds payable $1,421,250

Cr Discount on Bonds payable $13,008

Cr Common Stock $612,000

(34,000*$18)

Cr Paid-in capital in excess of par- Common Stock $796,242

[$1,421,250-($13,008+$612,000)]

(To record conversion of bond into 34,000 shares.)

Calculation for Unamortized bond discount

Discount of the bonds $14,213

($37,900*(3/8))

Less Discount amortized ($1,205)

[($37,900/118)*10 years*(3/8)]

Unamortized bond discount $13,008

($14,213-$1,205)

8 0
3 years ago
Clarion Corp. invested cash in a 6-month certificate of deposit (CD) on November 1, 2015. If Clarion Corp. has an accounting per
Ira Lisetskai [31]

Answer:

A is the correct option

Explanation:

Revenue or income is recognized based on accrual concept of accounting where revenue or income is recognized when earned and expenses when incurred not when received or paid in  cash.

As a result,on the 31st December Clarion Corp. has earned two months' interest on the 6-month certificate of deposit as it has invested for two months.

The correct option is A,Clarion recognizes interest revenue on 31st December ,2015 only.

It is also important to note that the since 2015 came to end the fraction of interest revenue relating to  year 2015 needs to be recognized by debiting accrued income account and crediting investment on the face of the income statement

5 0
2 years ago
You are asked to send out an important letter to your business associates in Japan, and it must be sent within the next 90 minut
alexandr1967 [171]

Answer:

The answer is "15 minutes"

Explanation:

I will approximately spend 15 minutes on prewriting once i have gathered the information needed.

4 0
2 years ago
Groupong Inc. recently paid a $2.78 annual dividend on its common stock. This dividend increases at 3.50 percent per year and th
liq [111]

Answer:

c) 11%

Explanation:

The question is to determine the rate of return on Groupong Inc's

The rate of return represents an investment's net gain or net loss calculated over a period of time and usually expressed in terms of the percentage of the initial cost of investment.

The rate of return in this question is calculated as follows:

Rate of Return = (The Dividend for the next year/ the current price of the share) + The Growth rate

The dividend for the next year = current year dividend x (1+r), where r is 3.5

= 2.78 x (1+0.035)

=2.78 x 1.035

= (2.8773/38.3) + 0.035

=0.1101 or 11%

5 0
3 years ago
Read the following actual bill. Sawtooth National Recreation Area and Jerry Peak Wilderness Additions Act Designates specified p
JulijaS [17]
The answer is "Amendments can be added to the bill in committee." This is because they can add some legal document to the bill and more programs to it. Programs such as building the subjects like c<span>emeteries and funerals, forests, land transfers, parks, recreation areas, and trails.</span>
8 0
3 years ago
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