All categories

3 years ago

A manufacturing company reports the following items:

Business

1 answer:

QveST [7]3 years ago

5 0

Answer:

The cost of goods sold is $ 4,800.

Explanation:

This problem requires us to calculate cost of good sold. The opening and closing balance of finished goods is given in the question. The cost of good manufactured is also provided in the question.

The cost of good sold can be calculated by finding the amount transferred from finished good account. Detail calculation is given below.

Finished good inventory begining $ 1,000

Cost of good manufactured $ 5,000

Finished good inventory ending ($ 1,200)

Cost of good sold $ 4,800

You might be interested in

Prepaid expenses require what type of adjusting entry? Question options: Matched Accumulated Accrued Deferral

yanalaym [24]

Answer:

deferral

Explanation:

Adjusting entries are when changes are made to already recorded journal entries.

Categories of adjusting entries :

accrued revenues
accrued expenses
unearned revenues
prepaid expenses
depreciation.

Prepaid expenses are payments made for services yet to be delivered.

For example, paying for a year's worth of subscription on your streaming service

Prepaid expenses is an example of deferred payment, so the adjustment should be a deferral

7 0

3 years ago

A company uses the cost method of accounting for treasury stock. On January 1, the company repurchases 1,000 shares of stock at

Ksivusya [100]

Answer:

The credit on December 31 is to credit Treasury Stock with $15,000.

Explanation:

There are two methods for accounting for Treasury Stock. The first is the par value method. With this method, the Treasury Stock account is debited or credited with the par value for each transaction, while the difference in par value is taken to the Additional Paid-in Capital account.

Using the cost method, the Treasury Stock account is debited and credited with the value of each transaction and the Additional Paid-in Capital account is not affected.

This implies that under the cost method, the purchase and resale of treasury stock is recorded by debiting and crediting the treasury stock account by the actual cost of purchase and actual value of sale.

3 0

3 years ago

Layton Company purchased tool sharpening equipment on October 1, 2012, for $108,000. The equipment was expected to have a useful

dusya [7]

The amount of depreciation expense for the years ended December 31, 2012, 2013, 2014, and 2015, for Layton Company is determined as follows:

<h3>(a) the straight-line method:</h3>

2012: $33,600

2013: $33,600

2014: $33,600

2015: $0

<h3>(b) the units-of-output method:</h3>

2012: $11,340 (1,350 x $8.40)

2013: $35,280 (4,200 x $8.40)

2014: $30,660 (3,650 x $8.40)

2015: $23,520 (2,800 x $8.40)

<h3>(c) the double-declining-balance method:</h3>

2012: $71,993 ($108,000 x 0.6666)

2013: $24,002 ($36,007 x 0.6666)

2014: $4,805 ($12,005 - 7,200))

2015: $0

<h3>Data and Calculations:</h3>

Cost of equipment = $108,000

Useful life = 3 years

Operating hours = 12,000

Residual value = $7,200

Depreciable amount = $100,800 ($108,000 - $7,200)

Straight-line depreciation rate = $33,600 per year ($100,800/3)

Units-of-output method rate = $8.40 per hour ($100,800/12,000)

Double-declining-balance method rate = 66.6666 (100/3)

Thus, the depreciation expenses for the years ended December 31, 2012, 2013, 2014, and 2015, for Layton Company have been determined using (a) the straight-line method, (b) the units-of-output method, and (c) the double-declining-balance method.

Learn more depreciation methods at brainly.com/question/17102168

#SPJ1

3 0

2 years ago

why do you think governments want to influence the supply of alcohol and tobacco products by imposing excise taxes?

anastassius [24]

So that the government earn more revenue .Few governments for exampe India people are still ready to pay high to consume alcohol and tobacco,So therefore Indian government charges high tax(not too high) so that the consumers doesn't decrease their consumption and increase the government revenues to reduce the consumption .if taxes are high people might refuse to buy tobacco and alcohol thus reduces the consumption

4 0

3 years ago

Max Maxwell's property is assessed at $412,500. He pays $5775.00 in property taxes, what is the property tax rate in his city?

UkoKoshka [18]

You divide his property by his tax. That makes 412,500 ÷ 5775 = 71.4285715286.
5775 is approx 71.4% of 412,500. The tax is approx 71.4%
To check this you multiply 71.4285714286 by 5775 which does get you 412,500

4 0

3 years ago