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polet [3.4K]
3 years ago
5

Accounts receivable turnover and days’ sales in receivables For two recent years, Robinhood Company reported the following: 20Y9

20Y8 Sales $7,906,000 $6,726,000 Accounts receivable: Beginning of year 600,000 540,000 End of year 580,000 600,000 a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place.
Business
1 answer:
jasenka [17]3 years ago
7 0

Answer:

Accounts receivable for 2019 = $590,000

Accounts receivable for 2018 = $570,000

Explanation:

The computation of accounts receivable for both years is shown below:-

                                2019                      2018

Sales                               $7,906,000        $6,726,000

Accounts receivable

Beginning balance          $600,000            $540,000

Ending balance                $580,000             $600,000

Accounts receivable       $590,000             $570,000

Working note:-

Average Accounts receivable for 2019 = ($600,000 + $580,000) ÷ 2

= $590,000

Average Accounts receivable for 2018 =  ($540,000 + $600,000) ÷ 2

= $570,000

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Calculating and using Dual Charging Rates
11Alexandr11 [23.1K]

Answer:

1. Calculate a variable rate for the Maintenance Department. Round your answer to the nearest cent. $ per maintenance hour Calculate the allocated fixed cost for each using department based on its budgeted peak month usage in maintenance hours.

variable rate = $1.30 per maintenance hour

Department                            Peak Number              Allocated  

                                               of hours                        Fixed cost  

Assembly                          (210/2,100) x $65,400          $6,540

Fabrication                     (1,050/2,100) x $65,400        $32,700

<u>Packaging                        (840/2,100) x $65,400         $26,160</u>

Total                                        2,100/2,100                   $65,400

2. Use the two rates to assign the costs of the Maintenance Department to the user departments based on actual usage. Calculate the total amount charged for maintenance for the year.

Department             Fixed costs         Variable cost                  Total              

Assembly                      $6,540     3,500 x $1.30 = $4,550      $11,090

Fabricating                  $32,700     7,000 x $1.30 = $9,100      $41,800

<u>Packaging                   $26,160    10,000 x $1.30 = $13,000    $39,160</u>

Total                           $65,400            $26,650                      $92,050

3. What if the Assembly Department used 3,550 maintenance hours in the year? How much would have been charged out to the three departments?

Department             Fixed costs         Variable cost                  Total              

Assembly                      $6,540     3,550 x $1.30 = $4,615        $11,155

Fabricating                  $32,700     7,000 x $1.30 = $9,100      $41,800

<u>Packaging                   $26,160    10,000 x $1.30 = $13,000    $39,160</u>

Total                           $65,400              $26,715                       $92,115

6 0
3 years ago
When talking about saving money, Anthony ONeal says, "Start paying yourself and
konstantin123 [22]

Answer:

“and get rich” I believe that’s the answer

Explanation:

6 0
2 years ago
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When a service organization provides services that affect the initiation, execution, processing, or reporting of a user company'
chubhunter [2.5K]
Those services are <span>considered to be part of the user company's information system.
The information system obviously provides relevant information about something - given that here services are given which may have an effect on the initiation, execution, processing, or reporting of a user company's transactions, they do belong to the information system of that company.

</span>
8 0
3 years ago
When manufacturing overhead costs are assigned to production in a process cost system, it means that
Colt1911 [192]

Answer:

<em>When manufacturing overhead costs are assigned to production in a process cost system, it means that the business uses absorption costing system.</em>

Explanation:

When manufacturing overhead costs are assigned to production in a process cost system, it means that the business uses absorption costing system.

Absorption costing system is that where units of products and inventories are valued using full cost. Full cost implies that each product would be charged for an amount of the<em> fixed production overhead </em>in addition to the variable cost.

The fixed overhead is charged using a predetermined overhead absorption rate.

8 0
3 years ago
At the beginning of the year, Smith Company budgeted overhead of $129,600 as well as 13,500 direct labor hours. During the year,
polet [3.4K]

Answer:

1. 9.60 per hour

2. $11,129

3. Dr Manufacturing overhead 172500

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

4. Over applied overhead= $1,260

5. $634,340

Explanation:

1) Calculation for the overhead rate for the year

Using this formula

Overhead rate = Estimated overhead/Estimated hour

Let plug in the formula

Overhead rate = 129600/13500

Overhead rate = 9.60 per hour

2) Calculation for the total cost of Job K456

Total cost of Job K456

Direct material 2750

Direct labor 5355

Overhead 3024

(5355/17*9.60)

Total cost of Job $11129

3) Preparation of the journal entries to record actual overhead and to apply overhead to production for the year.

Dr Manufacturing overhead 172500

(6800+19340+90400+14560+41400)

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

(Being To record actual overhead)

Work in process (18100*9.6) 173760

Manufacturing overhead 173760

(To record applied overhead)

4) Calculation for whether overhead is overapplied or underapplied

Over applied overhead = 173760-172500

Over applied overhead= $1260

5) Calculation for the adjusted cost of goods sold

Adjusted cost of goods sold = 635600-1260

Adjusted cost of goods sold= $634340

8 0
3 years ago
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