The process of combustion occurring without an open flame is called _______

edmiston Company reported the following year-end information: beginning work-in-process inventory, $80,000; cost of goods manufa

Maslowich

Answer:

$760,000

Explanation:

Costs of goods sold are the direct costs incurred in manufacturing products that sold to consumers in a period. It is obtained by using the formula below.

COGS = Beginning stock + purchases/ manufactured goods - ending stock stock.

For Edmiston Company

Beginning stock: $50,000

Endings stock: $40,000

Cost of goods manufactured: $750,000;

COGS = 50,000 + 750,000 - 40,000

COGS = $760,000

7 0

3 years ago

The following trial balance of Pronghorn Traveler Corporation does not balance. Pronghorn Traveler Corporation Trial Balance Apr

Sophie [7]

Answer:

adjusting entries:

1. Cash received from a customer on account was recorded (both debit and credit) as $1,940 instead of $2,210.

Dr Cash 270

Cr Accounts receivable 270

2. The purchase on account of a computer costing $3,080 was recorded as a debit to Office Expense and a credit to Accounts Payable.

Dr Equipment 3,080

Cr Office expense 3,080

3. Services were performed on account for a client, $2,610, for which Accounts Receivable was debited $2,610 and Service Revenue was credited $585.

Dr Accounts receivable 0

Cr Service revenue 2,025

4. A payment of $455 for telephone charges was entered as a debit to Office Expense and a debit to Cash.

Dr Office expense 0

Cr Cash 910

5. The Service Revenue account was totaled at $5,560 instead of $5,640.

Cr Service revenue 80

the adjusted trial balance should be:

Debit Credit

Cash $5,992

Accounts Receivable $5,330

Supplies $3,327

Equipment $9,540

Accounts Payable $7,404

Common Stock $8,360

Retained Earnings $2,360

Service Revenue $7,665

Office Expense <u> $1,600 </u> <u> </u>

Totals $25,789 $25,789

6 0

4 years ago

On January 1, 2014, Simmons Company sold to Flay Corporation $400,000 of its 10% bonds for $354,118 to yield 12%. Interest is pa

sergeinik [125]

Answer:

$21,322

Explanation:

The computation of the interest expense for the six months ended December 31, 2014 is shown below:

On January 1

The face value of the bond = $400,000

Carrying value of the bond = $354,118

So, unamortized discount is $45,882 ($400,000 - $354,118)

On July 1

The interest expense = $21,247 ($354,118 × 12%) ÷ 2

The interest payment = $20,000 ($400,000 × 10%) ÷ 2

So, the discount amortized is

= $21,247 - $20,00

= $1,247

The face value = $400,000

The unamortized discount is $44,635 ($45,882 - $1,247)

The carrying value of the bond $355,365 ($400,000 - $44,635)

On December 31,2014

The interest expense = $21,322 ($355,365 × 12%) ÷ 2

The interest payment = $20,000 ($400,000 × 10%) ÷ 2

6 0

3 years ago

On January 1, 2019, the Bonds Payable account has a balance of $730,000. On December 31, 2019, the Bonds Payable account has

BigorU [14]

Answer: $99,000

Explanation:

Given the opening Balance of the Bond Payable account as well as the Closing Balance and the bonds that were retired for the year, we can deduce the amount of new bonds issued using the following formula,

Opening Balance + Bonds Issued - Retired bonds = Closing Balance

Making Bonds Issued the subject we have,

Bonds Issued = Closing Balance - Opening Balance + Retired bonds

Bonds issued is therefore,

= 820,000 - 730,000 + 9,000

= $99,000

$99,000 was the Amount of new bonds issued in 2019.

4 0

3 years ago

In manufacturing, excess capacity can be used to A. do fewer setups, lengthen production runs, and drive down inventory costs

Aleksandr-060686 [28]

Answer:

In manufacturing, excess capacity can be used todo more setups, shorten production runs, and drive down inventory costs

Explanation:

Excess capacity refers to a situation where a firm is producing at a lower scale of output than it has been designed for. Context: It exists when marginal cost is less than average cost and it is still possible to decrease average (unit) cost by producing more goods and services

7 0

3 years ago

The process of combustion occurring without an open flame is called ________.