1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lapo4ka [179]
3 years ago
5

Entries for Materials Kingsford Furnishings Company manufactures designer furniture. Kingsford Furnishings uses a job order cost

system. Balances on April 1 from the materials ledger are as follows: Fabric $19,100 Polyester filling 5,700 Lumber 42,800 Glue 1,800 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $96,600 Polyester filling 134,300 Lumber 264,700 Glue 9,200 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $34,800 $43,800 $117,300 $195,900 Job 602 26,800 47,700 102,700 177,200 Job 603 24,700 32,400 57,100 114,200 Factory overhead-indirect materials $4,500 4,500 Total $86,300 $123,900 $277,100 $4,500 $491,800 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April. If an amount box does not require an entry, leave it blank.
Business
1 answer:
arsen [322]3 years ago
3 0

Answer:

A.Dr Materials 504,800

Cr Account payable 504,800

B.Dr Work in process 487,300

Dr Factory overhead 4500

Cr Materials 491,800

C.Fabric Ployester filling Lumber Glue

$29,400 $16,100 $30,400 $6,500

Explanation:

Entries for Materials Kingsford Furnishings

a) Journal entry

Fabric $96,600

Polyester filling 134,300

Lumber 264,700

Glue 9,200

Total 504,800

Dr Materials 504,800

Cr Account payable 504,800

b) Journal entry

Dr Work in process 487,300

(491,800-4500)

Dr Factory overhead 4500

Cr Materials 491,800

c) Calculation of the ending balance

Fabric Ployester filling Lumber Glue

Beginning balance

$19,100 5,700 42,800 1,800

Purchase

$96,600 134,300 264,700 9,200

Used

-$86,300 -$123,900 -$277,100 -$4,500

Ending balance

$29,400 $16,100 $30,400 $6,500

You might be interested in
In business writing, the main idea of a written work should be located
Nadya [2.5K]

Answer:

c

Explanation:

cccccccccccccccccccccccccc

6 0
2 years ago
Read 2 more answers
CA5-5 WRITING (Cash Flow Analysis) The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a lette
zvonat [6]

Answer:

Explanation statement of cash flow for the year ended December 31.2017

Cash flow from operating activities

Net income                                              100,000

Add back depreciation          10,000

Add back amortization              1,000

Add back loss on asset sales   5,000

Increase in account receivable(40,000)

Increase in inventory                 (35,000)

Decrease in accounts payable (41,000)   (100,000)

Net cash from operating activities                  0

Cash flow from investing activities

Sales of land                                  25,000

Purchase of equipment                (100,000)

Purchase of Land                          (200,000)

Net cash from investing activities                     (275,000)

Cash from financing activities

Payment of dividends                    (10,000)

Redemption of bonds                    (100,000)

Bet cash from financing activities                       (110,000)

Net decrease in Cash                                         ( 385,000)    

Cash balance in January 1, 2017                         400,000

Cash balance in December 31 , 2017                    15,000

<u>Workings</u>

1)

The disparity between the net income and the cash floe are as a result loss of cash to operating activities as a result of  cash tied down to increase in receivable and inventory and also to an increase in payable leading to an overall cash generated by operating activities of 0

Moreover , a larger portion (300,000) of the opening cash balance(400,000) for the year was used in acquiring land and equipment and also 100,000 used in the redemption of bond. , even though this reduced the interest expense and improve equity , yet it was a big blow to the cash flow.

2)

The importance of cash flow is that it helps to analyse and monitor cash movement and cash available for the purpose of business activities towards liquidity and long term solvency.

3)

Renewable sources of cash flow are generated from the company's operating activities as the cash used for the financing and operating activities are generated from this medium.

4)

Suggestion to improve cash flow for Kappler are

  1. Reduce the level of inventory held
  2. Negotiate with the account payable for a longer trade payable payment period
  3. Reduce the trade receivable collection period
  4. Payment of dividends and redemption of bonds van be suspended till alter date when adequate cash is available
  5. it can also negotiate for external sources of financing

       

4 0
3 years ago
Henncom, a company that manufactures computer spare parts, runs its operations in a small office. Owing to the increase in the d
Leno4ka [110]

Answer:

Carl is most likely satisficing

Explanation:

For decision making, satisficing means "Examining alternatives until a practical (most obvious, attainable, and reasonable) solution with adequate level of acceptability is found, and stopping the search there instead of looking for the best-possible (optimum) solution."

Reference: WebFinance Inc. “What Is Satisficing? Definition and Meaning.” BusinessDictionary.com, 2019

8 0
2 years ago
If during the year the portfolio manager sells all of the holdings of stock D and replaces it with 200,000 shares of stock E at
lana [24]

Answer:

$10.49

Explanation:

The computation of the net asset value of the fund is shown below:

= (Market value of the assets - market value of the liabilities) ÷ number of oustanding shares

where,

Market value of assets is

= (200,000 × $35) + (300,000  × $40) +  (400,000 × 20) + (600,000 × 25)

= $42,000,000

So, the net asset value of the fund is

= ($42,000,000 - $30,000) ÷ (4,000,000)

= $10.49

4 0
3 years ago
Participating in extracurricular activities in hush school helps
slavikrds [6]
You with college applications
5 0
3 years ago
Other questions:
  • Frankie is in charge of writing a script for a television show, along with six other writers. The script must be finished by the
    8·1 answer
  • Moss County Bank agrees to lend the Ivanhoe Company $365000 on January 1. Ivanhoe Company signs a $365000, 6%, 9-month note. The
    14·1 answer
  • A global non-profit organisation (NPO) needs to build a Community for managing disaster relief efforts. The NPO wants a basic Co
    9·2 answers
  • Which entrepreneur had a significant impact on the cosmetics industry?
    6·1 answer
  • Which activities are often required of someone who is in the performing arts?
    13·2 answers
  • Which of the following price bases is mostly likely to be used for commercial construction projects or custom-made equipment?
    6·1 answer
  • Types of Business Ownership<br> Similarities<br> Differences<br> Sole trader/proprietorship
    10·1 answer
  • The following information applies to the questions displayed below.
    10·1 answer
  • Which stage of the planning process is Jekyll Corp. involved in if it is assessing how well alternative plans meet high-priority
    8·1 answer
  • Class time. Process Costing C50 points) Our company manufactures Chemical X. Assume the company uses weighted average. Separate
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!