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SOVA2 [1]
3 years ago
5

Alpha Company purchased, on account, 3,500 pounds of raw materials at $9 per pound on January 2, 2017. The production manager re

quisitioned and received 2,500 pounds of raw material into production on January 15. Use this information to prepare the General Journal entries (without explanation) for January 2 and January 15. If no entry is required then write "No Entry Required."
Business
1 answer:
yaroslaw [1]3 years ago
4 0

Answer:

January 2, 2017

Raw Materials $31,500 (debit)

Trade Payable $31,500 (credit)

January 15, 2017

Work In Process $22,500 (debit)

Raw Materials $22,500 (credit)

Explanation:

January 2, 2017

Raw Materials $31,500 (debit)

Trade Payable $31,500 (credit)

3,500 pounds × $9 per pound = $31,500

<em>Recognise the Asset - Raw Materials Inventory and Recognise the Liability - Trade Payable</em>

January 15, 2017

Work In Process $22,500 (debit)

Raw Materials $22,500 (credit)

2,500 pounds × $9 per pound = $22,500

<em>Recognise Cost of Manufacture - Work In Process and De-recognise the Asset - Raw Materials </em>

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3 years ago
What annual rate of return would Jia need to earn if she deposits​ $20,000 per year into an account beginning one year from toda
Nimfa-mama [501]

Answer:

3.12%

Explanation:

We use formula in excel to calculate annual rate of return

Rate = (Nper,PMT,,FV,1)

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FV (future value of investment): $1,000,000

type 1 for payment beginning of period

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Please see excel attached for the calculation

Download xlsx
5 0
3 years ago
Does accounts receivable go on the income statement.
Olin [163]

Answer:

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Explanation:

5 0
2 years ago
Horizontal scope refers to the Multiple Choice 0 O range of activities that the firm performs internally. 0 O range of product a
attashe74 [19]

Answer:

Horizontal scope refers to the Multiple Choice 0 O range of activities that the firm performs internally. 0 O range of product and service segments that a firm can serve within its focal market, 0 extent to which a firm engages in the various activities from initial activities all the way to after-sales activities. 0 O decision to outsource or insource certain processes of a company. 0 extent to which strategic alliances and partnerships are used.

Explanation:

4 0
3 years ago
Shelton, Inc. has sales of $435,000, costs of $216,000, depreciation expense of $40,000, interest expense of $21,000, and a tax
sattari [20]

Answer:

a. Net income = $107,200

b. Addition to retained earnings = $72,700  

Explanation:

a. What is the net income for the firm?

Net income which also referred to a s net earnings is estimated by deducting cost of goods sold, selling and distribution expenses, administrative expenses, depreciation expenses, interest expenses, taxes, and other relevant expenses from sales.

b. What is the addition to retained earnings?

Addition to retained earnings is obtained by deducting the cash dividends from the net income.

For this question, the net income and addition to retained earnings can be calculated by preparing an income statement as follows:

Shelton, Inc.

Income Statement

For the year ....

<u>Particulars                                           $    </u><u>             </u>

Sales                                             435,000

Costs of sales                           <u>   (216,000)  </u>

Gross profit                                   219,000

Depreciation expense                 (40,000)

Interest expense                       <u>    (21,000)  </u>

Income before tax                        158,000

Tax ($158,000 * 35%)               <u>    (55.300)  </u>

Net income                                   102,700

Cash dividends                           <u>  (30,000)  </u>

Addition to retained earnings   <u>   72,700  </u>

<u />

Therefore, Net income is $107,200, and addition to retained earnings is $72,700.

4 0
3 years ago
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