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ad-work [718]
3 years ago
14

During the current month, Sheffield Company incurs the following manufacturing costs. (a) Purchased raw materials of $17,800 on

account. (b) Incurred factory labor of $40,700. Of that amount, $30,600 relates to wages payable and $10,100 relates to payroll taxes payable. (c) Factory utilities of $3,900 are payable, prepaid factory property taxes of $2,800 have expired, and depreciation on the factory building is $9,800. Prepare journal entries for each type of manufacturing cost. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
patriot [66]3 years ago
5 0

Answer:

Explanation:

The journal entries are shown below:

a. Raw material inventory A/c Dr $17,800

     To Accounts payable A/c $17,800

(Being raw material is purchased on credit)

b. Factory labor A/c Dr $40,700

        To Factory wages payable $30,600

        To Payroll taxes payable    $10,100

(Being factor labor cost is recorded)

c. Manufacturing overhead A/c Dr $16,500

      To Factory utility payable A/c                   $3,900

      To Prepaid factory property taxes A/c     $2,800

      To Factory building - accumulated depreciation  $9,800

(Being manufacturing overhead cost recorded)

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patriot [66]

Answer and Explanation:

The classification is as follows:

a. Financing activity inflow of cash

b. INvesting activity outflow of cash

c. Investing activity inflow of cash

d. Financing activity outflow of cash

The inflow of cash shows the positive sign while on the other hand the outflow of cash shows the negative sign

And, the same should be relevant

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You purchased shares of a mutual fund at a price of $20 per share at the beginning of the year and paid a front-end load of 5.75
valkas [14]

Answer:

3.44%

Explanation:

The computation of the return if sold the fund at the year end is shown below:

= {[Price × (1 - Front End Load) × ((1 + fund increase percentage) -expense ratio)] - price} ÷ price

={[$20 per share × (1 - 5.75%) × ((1 + 11%) - 1.25%)] - 20} ÷ 20

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We simply applied the above formula so that the correct return could come

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2 years ago
The Esposito Import Company had 1 million shares of common stock outstanding during 2021. Its income statement reported the foll
borishaifa [10]

Answer:

Explanation:

The preparation of the 2021 EPS presentation for the Esposito Import Company is shown below:

Income from continuing operations                           $7 million

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Net income                                                   $5.6 million

Now the earning per share would be

Earning per share = (Net income) ÷ (Number of shares)

                              = ($5.6 million) ÷ (1 million shares)

                              = $5.6 per share

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