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Lady bird [3.3K]
3 years ago
7

On March 15, Viking Office Supply agrees to accept $1,200 in cash along with a $2,800, 60-day, 15 percent note from one of its c

ustomers to settle his $4,000 past-due account. Prepare the March 15 entry for Viking Office Supply by selecting the account names from the drop-down menus and entering the dollar amounts in the debit or credit columns.
Business
1 answer:
Rzqust [24]3 years ago
6 0

Answer:

Cash debit 1,200

Note Receivable debit 2,800

Account Receivable credit 4,000

Explanation:

The accounting will reflect the receipt of cash and the note at their principal.

The interest of the note will ge accrued with the past of time. Currently no interest was earned, so we don't have to post anything related to the interest of the note.

We just write-off the account receivable of the customer and declare how we settle.

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Direct materials are added at the beginning of the process and conversions costs are uniformly applied. Other details include:
valentinak56 [21]

Answer:

a. What are the total equivalent units for direct materials?

152,400 units

b. What are the total equivalent units for conversion costs?

129,700 units

c. What is the cost per equivalent unit for direct materials?

Total Direct Materials Cost

 $495,300

Cost per equivalent unit =  Total Direct Materials Cost / total equivalent units for direct materials

$3.25

d. What is the cost per equivalent unit for conversion costs?

Total conversion costs

$324,250

Cost per equivalent unit =  Total conversion costs / total equivalent units for conversion

$2.50

e. What is the total cost of units completed and transferred out?

$615,250

f. What is the total cost of units remaining in ending WIP?

$204,300

Explanation:

a. What are the total equivalent units for direct materials?

Completed and Transferred (107,000 × 100%) = 107,000 units

Ending Work In Process (45,400 × 100%)         = 45,400 units

Total equivalent units                                         = 152,400 units

b. What are the total equivalent units for conversion costs?

Completed and Transferred (107,000 × 100%) = 107,000 units

Ending Work In Process (45,400 × 50%)           = 22,700 units

Total equivalent units                                         = 129,700 units

c. What is the cost per equivalent unit for direct materials?

Total Direct Materials Cost

Beginning Work In Process $53,200

Added                                   $442,100

Total Direct Materials          $495,300

Cost per equivalent unit =  Total Direct Materials Cost / total equivalent units for direct materials

                                         = $495,300/ 152,400 units

                                         = $3.25

d. What is the cost per equivalent unit for conversion costs?

Total conversion costs

Beginning Work In Process $19,600

Added                                   $304,650

Total conversion costs         $324,250

Cost per equivalent unit =  Total conversion costs / total equivalent units for conversion

                                          =$324,250/ 129,700 units

                                         = $2.50

e. What is the total cost of units completed and transferred out?

Raw Materials ( $3.25 × 107000) = $347,750

Conversion($2.50 × 107000) =       $267,500

Total                                                  $615,250

f. What is the total cost of units remaining in ending WIP?

Raw Materials ( $3.25 × 45,400) = $147,550

Conversion($2.50 × 22,700)       =  $56,750

Total                                                 $204,300

5 0
3 years ago
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$10 par value, 10
melisa1 [442]

Answer:

Kohler Corporation

Journal Entries:

Jan. 2:

Debit Treasury Stock $45,000

Debit Paid-in Capital In Excess of Par $67,500

Credit Cash Account $112,500

To record the purchase of 4,500 shares of its own stock at $25 per share.

Jan. 5:

Debit Dividends $71,000

Credit Dividends Payable $71,000

To record the declaration of $2 per share cash dividend.

Feb. 28:

Debit Dividends Payable $71,000

Credit Cash Account $71,000

To record the payment of cash dividend on 35,500 shares at $2 per share.

July 6:

Debit Cash Account $48,952

Credit Treasury Stock $16,880

Credit Paid-in Capital In Excess of Par $32,072

To record the sale of treasury stock shares at $29 per share.

Explanation:

a) Data and Calculations:

Common stock—$10 par value, 100,000 shares authorized,

40,000 shares issued and outstanding $ 400,000

Paid-in capital in excess of par value,

common stock                                             60,000

Retained earnings                                      460,000

Total stockholders' equity                      $ 920,000

b) The purchase on Jan. 2 of its own stock of 4,500 shares, the cash receipt is credited to the Cash Account while the Treasury Stock is debited, but only with the par value of the repurchased shares if the par value method is adopted.  If the costing method is adopted, the value to be debited to the Treasury Stock account would have $112,500 without any debit to the Paid-in Capital In Excess of Par.  This is also followed when the sale of 1,688 treasury shares at $29 per share takes place on July 6, but with opposite entries.

c) To compute the dividend payable, the treasury stock shares of 4,500 are deducted from the outstanding shares of 40,000.  This means that the shareholders of record have shares outstanding totalling 35,500 (40,000 - 4,500).

d) The general journal is used in these cases to record the transactions initially in the books of Kohler Corporation.  They show the accounts to be debited and the others to be credited, since two accounts or more are usually involved in any business transaction.

4 0
3 years ago
Yasmine plans to attend a four-year public university. She expects she will need to contribute $9,000 annually to her education.
mojhsa [17]
It is D. There are 12 months in a year and she needs to save atleast 9,000. 
600x12=7,200
350x24=8,400
225x36=8,100
200x48=9,600
7 0
3 years ago
Read 2 more answers
Do you pay attention to the price on the stocks on the stock market? Why or why not? Do you think it is beneficial to individual
defon
Yes i do pay attention to the price on the stocks on the stock market, it benefits me to do so because it helps me keep track of my purchase:)
5 0
3 years ago
Read 2 more answers
Explain the hipp of the primary sources below source: letter written by john rolfe
jekas [21]

The correct answer to this open question is the following.

Explain the HIPP of the primary sources below source: "letter written by John Rolfe."

"H" stands for Historical context. John Rolf was an important component in the foundation and success of the Jamestown, Virginia colony, in the North American territory. In the letter, he explains the Governor of the colony, Thomas Dale, his reasons to marry Pocahontas, a Native American Indian woman.

"I" stands for the Intended audience. The Governor of Jamestown, Virginia colony, Thomas Dale. The intention of John Rolfe was to clearly explain his motives, trying to maintain his intact reputation before the people of Jamestown.

"P" stands for Purpose. Rolfe wanted the approval of the Governor, knowing that in those years, Native American Indians were considered savages that first needed to be converted to the Christian religion to be accepted in the colonial society.

"P" stands for Point of view. In this part, we have to understand the point the author is trying to convey. In this case, John Rolfe, an English man, and an important figure that brought the toc¿bacco seed from the Caribbean Islands to grow tobacco crops in Jamestown and made tobacco the king of crops in Virginia wanted to justify his actions but not wanted to compromise his position before the Jamestown society.

6 0
3 years ago
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