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3 years ago

At December 31, 2018, Hawke Company reports the following results for its calendar year.

Business

1 answer:

MrRa [10]3 years ago

7 0

Answer:

The adjusting entries are shown below:

Explanation:

The journal entries are shown below:

a. Bad debt expense $85,230

To Allowance for doubtful debts $85,230

(Being the bad debt expense is recorded)

The computation is shown below:

= $5,682,000 × 1.5%

= $85,230

a. Bad debt expense $75,870

To Allowance for doubtful debts $75,870

(Being the bad debt expense is recorded)

The computation is shown below:

= ($5,682,000 + $5,682,000) × 1%

= $75,870

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The price of an item has been reduced by 30% . The original price was $80 . What is the price of the item now?

prisoha [69]

30 times 80 equal 2400.then 2400 divide by 100 equal 24.now there's your answer.

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4 years ago

Read 2 more answers

Absorption and Variable Costing Comparisons: Production Equals Sales Assume that Smuckers manufactures and sells 30,000 cases of

pantera1 [17]

Answer:

a:Total Variable Costs $26

a:Total Manufacturing Costs = $ 30

b:Net Income Variable Costing $100,000

b: Net Income Absorption Costing $ 100,000

Explanation:

Smuckers Manufacturers

Costs per case under Variable Costing

Direct materials per case 16

Direct labor per case 7

Variable manufacturing overhead per case 3

Total Variable Costs $26

Costs per case under Absorption Costing

Direct materials (30,000*16) 480,000

Direct labor (30,000*7) 210,000

Variable manufacturing overhead (30,000*3) 90,000

Total Variable Costs 780,000

Total fixed manufacturing overhead $120,000

Total Manufacturing Costs $ 900,000

Total Manufacturing Costs per Case= $ 900,000/ 30,000= $ 30

The difference between the variable and absorption costing is that the product costs include variable and fixed costs in absorption costing. But in variable costing the product costs include only variable costs.

SMUCKERS

Variable Costing Income Statement

For the Third Quarter of 2017

Sales (30,000*34) 1020,000

Direct materials (30,000*16) 480,000

Direct labor (30,000*7) 210,000

Variable manufacturing overhead (30,000*3) 90,000

Total Variable Costs 780,000

Contribution Margin 240,000

Fixed Expenses 140,000

Total fixed manufacturing overhead $120,000

Fixed selling and administrative 20,000

Net Income 100,000

In this case the net income under both variable and absorption costing does not change because the units produced are units sold. No cost is charged to ending inventory under absorption costing.

SMUCKERS

Absorption Costing Income Statement

For the Third Quarter of 2017

Sales (30,000*34) 1020,000

Direct materials (30,000*16) 480,000

Direct labor (30,000*7) 210,000

Variable manufacturing overhead (30,000*3) 90,000

Total fixed manufacturing overhead $120,000

Total Manufacturing Costs 900,000

Gross Profit 120,000

Fixed Expenses 20,000

Fixed selling and administrative 20,000

Net Income 100,000

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3 years ago

Is It important to follow directions from supervisors even when you disagree with them

kiruha [24]

Yes because they have more experience than you so they have better judgement

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4 years ago

The following information is available for Lock-Tite Company, which produces special-order security products and uses a job orde

FromTheMoon [43]

Answer:

Lock-Tite Company

1. Cost of direct materials used = $186,000

2. Cost of direct labor used = $265,000

3. Cost of goods manufactured = $ 625,400

4. Cost of goods sold = $652,800

4. Gross profit = $747,200

5. Underapplied overhead = $29,500

Explanation:

a) Data and Calculations:

Inventories April 30 May 31

Raw materials $43,000 $52,000

Work in process 10,200 21,300

Finished goods 63,000 35,600

Raw materials

Account Titles Debit Credit

Beginning balance $43,000

Cash 210,000

Factory overhead $15,000

Goods in Process 186,000

Ending balance $52,000

Goods in process

Account Titles Debit Credit

Beginning balance 10,200

Raw materials 186,000

Factory payroll 265,000

Factory overhead 185,500

Finished Goods Inventory 625,400

Ending balance 21,300

Factory Payroll

Account Titles Debit Credit

Cash $345,000

Factory Overhead $80,000

Goods in Process 265,000

Finished goods

Account Titles Debit Credit

Beginning balance 63,000

Goods in Process 625,400

Cost of goods sold 652,800

Ending balance 35,600

Factory Overhead

Account Titles Debit Credit

Raw materials $15,000

Factory payroll 80,000

Cash 120,000

Goods in Process $185,500

Balance 29,500

Income Statement (Partial)

Sales $1,400,000

Cost of goods sold 652,800

Gross profit $747,200

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3 years ago

g The lower risk nature of longminusterm debt in a firm's capital structure is due to the fact that ________. A. the debt hold

IRINA_888 [86]

Answer:

The correct option is C states that creditors have a higher position in the priority of claims.

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3 years ago