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Anon25 [30]
3 years ago
6

Mervon Company has two operating departments: Mixing and Bottling. Mixing occupies 25,380 square feet. Bottling occupies 16,920

square feet. Indirect factory costs include maintenance costs of $238,000.
Required:
a. If maintenance costs are allocated to operating departments based on square footage occupied, determine the amount of maintenance costs allocated to each operating department
Business
1 answer:
WITCHER [35]3 years ago
8 0

Answer:

Mixing   = $142,800

Bottling = $95,200

Explanation:

Th amount of indirect cost of maintenance to be allocated to the two departments would be as follows:

<em>Allocated Maintenance department cost :</em>

Mixing  = 25,380/( 25,380 +16,920) ×  $238,000 = 142800

Bottling = 16,920/( 25,380 +16,920) × $238,000= 95200

<em>Allocated maintenance overheads</em>

Mixing   = $142,800

Bottling = $95,200

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d. Many firms are working together to eliminate pollution

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3 years ago
The cash account for American Medical Co. at April 30 indicated a balance of $334,985. The bank statement indicated a balance of
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Answer:

1. Cash balance according to bank statement $370,000

Cash balance according to company’s records $370,000

2. a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

3. $370,000

Explanation:

1. Preparation of a bank reconciliation

AMERICAN MEDICAL COMPANY

Bank Reconciliation

April 30

Cash balance according to bank statement $388,600

Add: Deposit of April 30, Not recorded by bank $42,500

Add: Bank Error in Charging check as $420 instead of $240 [$420 - $240] $180

Deduct: Outstanding Checks $61,280

Adjusted balance $370,000

Cash balance according to company’s records $334,985

Add: Note and Interest Collected by bank $42,000

Deduct: Error in Recording Check [$7,600 - $760] $6,840

Deduct: Bank Service Charges $145

Adjusted balance $370,000

2. Preparation of Journal entries.

Journal entries

a. April 30

Dr Cash $42,000

Cr Notes Receivable $40,000

Cr Interest Income / Interest Revenue $2,000

b. April 30

Dr Accounts Payable - Targhee Supply Co [$7,600 - $760] $6,840

Dr Miscellaneous Expenses [Bank service charge] $145

Cr Cash $6,985

($6,840+$145)

3. Based on the information given If a balance sheet is prepared for American Medical Co. on April 30, the amount that should be reported as cash will be $370,000

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