The rules of debit and credit for expense accounts are the same as the rules for asset accounts. true or false

WalCo is a manufacturing company. Assume the estimated inventories on January 1, 2020, for finished goods, work in process, and

ASHA 777 [7]

Answer:

Cost of goods sold=$955000

Explanation:

we know that to calculate cost of goods sold we have to first finds cost of goods manufactured and to calculate cost of goods manufactured we will need total manufacturing cost.

Step#01: Total manufacturing cost=?

Total manufacturing cost= raw material used+direct labour+ factory overhead

Raw material used=?

Raw material (open)= 72000

Add: Raw material purchase=467000

539000

less: Raw material (ending)= (93000)

Raw material used 446000

Total manufacturing cost=446000+363000+213000=1021000

Step#2: Cost of goods manufactured (COGM)=?

we know that: COGM= Total manufacturing cost+ work in process (open)-work in process (end)

COGM= 1021000+63000-84000=1000,000

Step#3: Cost of goods sold (COGS)=?

we know that : COGS= Cost of goods manufactured+finished goods (open)-finished goods (ending)

COGS= 1000000+171000-216000=955000

6 0

3 years ago

Exercise 5-15B Record notes receivable and interest revenue (LO5-7) On March 1, Company A provides legal services to Company B r

Alex787 [66]

Answer:

March 1: Note acceptance

Debit Note receivable $9,100

Credit Accounts receivable $9,100

(To record note receivable from Company B)

Sept 1: Cash collection

Debit Cash $9,100

Credit Note receivable $9,100

(To record cash collection of note receivable)

Debit Cash $364

Credit Interest receivable $364

(To record cash collection of interest receivable on note)

Explanation:

Note is a promissory note with a written promise made by the borrower to the lender (payee) to pay a certain, definite sum at a specified date.

Interest revenue on the note is calculated as: Principal x Interest Rate x Time

The total interest revenue is $9,100 x 8%/12 x 6 months = $364.

Monthly interest revenue is therefore $364 / 6 months = $60.67.

The 6 months is from March 1 to Sept. 1.

On a monthly basis, Company A would accrue for the interest revenue as follows:

Debit Interest receivable $60.67

Credit Interest revenue $60.67

(Interest accrual on notes receivable)

6 0

3 years ago

There are many costs associated with owning a car. Which of these is not something you'll need to pay for?

kaheart [24]

The answer will be -B-

4 0

3 years ago

what's the best definition of financial literacy? a. the efficient and effective management of moneyb. the ability to find, eval

san4es73 [151]

Im going to say the answer is A

5 0

3 years ago

When a closed economy is in equilibrium, we know with certainty that

faust18 [17]

Answer:

inward shift in the supply curve.

Explanation:

= I = S + (T-G). shift in the supply curve.

4 0

3 years ago