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lilavasa [31]
3 years ago
7

Lewis Co. sold merchandise to AdCo for $48,000 and received $48,000 for that sale one month later. One week prior to receiving p

ayment from AdCo, Lewis made a $10,000 payment to AdCo for advertising services that have a fair value of $7,000. After accounting for any necessary adjustments, how much revenue should Lewis Co. record for the merchandise sold to AdCo?
Business
1 answer:
miv72 [106K]3 years ago
8 0

Answer:

$45,000 revenue to be recorded

Explanation:

If the seller is purchasing the goods and service from customer at fair value of those goods, so will account for that purchase as separate transaction.

Computing overpayment as:

Overpayment = Amount paid - Fair value

where

Amount paid is $10,000

Fair value is $7,000

So,

Overpayment - $10,000 - $7,000

Overpayment = $3,000

Now,

Computing the Net revenue which should be recorded as:

Net revenue = Sale amount - Overpayment

where

Sale amount is $48,000

Overpayment is $3,000

So,

Net revenue = $48,000 - $3,000

Net revenue = $45,000

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Champagne of the​ South, Inc., a manufacturer of bottled sweet​ tea, had the following beginning and ending inventories for the
nekit [7.7K]

Answer:

total manufacturing cost added for the period 105,169

Cost of goods manufactured 106,064

Cost of goods sold 110,564

Explanation:

First, we need to know the amount of direct materials used in production.

beginning raw materials 10,000

purchase                         27,000

ending                               (1,702)

indirect materials          <u>    (2,129)  </u>

direct materials                33,169

now, we calculate the cost added during the period

direct materials    33,169

direct labors         30,000

overhead              42,000

total cost added 105,169

next step, we calculate the cost of goods manufactured from the WIP

WIP                     17,895

added               105,169

WIP ending    <u>   (17,000)  </u>

COGM             106,064

And last, the cost of goods sold

beginning finished goods  21,000

COGM                                106,064

ending finished goods    <u>  (16,500)  </u>

          COGS                      110,564

6 0
3 years ago
HELPPP MEEE ILL MARK YOU BRAINLIEST
kakasveta [241]

Answer:

salary is a lump sum for work and fixed rate is a fixed rate that changes with amount of hours worked.

Explanation:

salary is a lump sum for work and fixed rate is a fixed rate that changes with amount of hours worked.

Brainliest appreciated!

8 0
3 years ago
Someone please answer this. I’m stuck. I give brainliest points
Troyanec [42]
The correct answer to your question is going to be option D. In the question it states that Ana is looking for "highly respected" on the topic of women's health. When you looks at the options,, you need to look for which one of your choices is about data that a lot of people trust. Data that people trust typically comes from those without a lot of knowledge on the topic,, or expertise. 
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4 0
3 years ago
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Edgar is a chef and the kitchen manager in an upscale restaurant. He is very knowledgeable in both the culinary and restaurant m
gavmur [86]

Answer:

Edgar is a chef and the kitchen manager in an upscale restaurant. He is very knowledgeable in both the culinary and restaurant management fields. Because he possesses these technical skills, Edgar can be considered an Management by objectives (MBO)

Explanation:

Management by Objectives (MBO) has to do with management of organization in terms of their goals and ensure maximum performance is recorded. Edgar used MBO as a result helps the restaurant to harness their resources and manage it efficiently.

8 0
3 years ago
Pro-Weave manufactures stadium blankets by passing the products through a weaving department and a sewing department. The follow
taurus [48]

Answer:

<em>a. raw materials purchases</em>

raw materials  505,000 debit

  account payable   505,000 credit

<em>b. direct materials usage</em>

Weaving WIP  304,000 debit

Sewing WIP      84,000 debit

      Raw Materials        388,000 credit

<em>c. indirect materials usage</em>

Factory overhead 164,000 debit

      Raw Materials        164,000 credit

<em>d. direct labor usage</em>

Weaving WIP  1,275,000 debit

Sewing WIP       485,000 debit

      Wages Payables         1,760,000 credit

<em>e . indirect labor usage</em>

Factory overhead  1,525,000 debit

      Wages Payables         1,525,000 credit

<em>f. other overhead costs</em>

Factory Overhead 186,000 debit

      Other Account Payable 186,000 credit

<em>g. overhead applied</em>

Weaving WIP  1,083,750 debit

Sewing WIP        751,750 debit

      factory Overhead         1,760,000 credit

<em>h. payment of total wages costs.</em>

Wages Payable    3,285,000 debit

           Cash                3,285,000 credit

Explanation:

the direct cost is assigned to each department while the indirect cost into factory overhead

g) overhead calculations:

Weaving  $1,275,000 labor x 85%   =   1,083,750

Sewing    $  485,000 labor x 155%  =<u>      751,750</u>

Total applied overehead:                       1,835,500

h) total wages cost:

Wages payable T-account

DEBIT              CREDIT

--------------------------------------

           d)         1,760,000

           e)    <u>     1,525,000</u>

       Balance 3,285,000

6 0
3 years ago
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