Answer:
The ending balance of the Work in Process Inventory account for the Fabricating Department is: $11,200
Explanation:
To determine Ending Balance of Work in Process Inventory, <em>Prepare a Manufacturing Cost Statement</em>.
Opening Work in Process Inventory $11,200
<em>Add </em>Cost Added During the Period :
Direct materials $77,200
Direct labor $25,200
Factory overhead ( $25,200 × 50%) $12,600
Total Manufacturing Costs $126,200
<em>Less </em>Transfer to Next Department ($115,000)
Closing Work in Process Inventory $11,200
Conclusion :
Therefore, the ending balance of the Work in Process Inventory account for the Fabricating Department is: $11,200
The date the board of directors votes to declare and pay a cash dividend is called the date of declaration.
<h3>What does the declaration date mean?</h3>
A declaration date refers the date on which the board of directors of a company announces the next date of dividend payment. The board of directors of a company announces a cash dividend on a declaration date, which involve paying a certain amount of money per common share.
A declaration statement is issued that mainy includes the details such as the size of the dividend, the record date and its payment date.
Basically, the date on which the directors vote to declare and pay a dividend is called the declaration date.
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Answer
(1)Subtracted (2) Subtracted (3) Subtracted (4) yes, it will affect the statement of cash flow as the amortization of bonds payable (premium) to be added back to the Net income because, it is a non cash expense.
Explanation:
Solution
Given that:
(1) The changes of debit to current assets are added or subtracted from net income:
Answer: They are subtracted from net income
(2) The changes of debit to current liabilities are added or subtracted from net income.
Answer: they are subtracted from net income
(3) Redemption gains of bonds are added or subtracted from net income.
Answer: Gains on redemption of bonds are subtracted from net income
(4), Yes, it will affect the statement of cash flow As the amortization of bonds payable (premium) to be added back to the Net income, because it is a non cash expense.
Thus the cash flow statement is adjusted.
Answer:
adjusted gross income tax is an individuals total gross income minus specific deductions.
taxable income is adjusted gross income minus allowance for personal exemptions and itemized deductions.
