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3 years ago

Financial statement data at December 31 for Alpine Company are shown below.

Business

1 answer:

sesenic [268]3 years ago

5 0

Answer:

b. 121.7 days

Explanation:

Number of day's in sales = $\frac{Average\: Inventory}{Cost \:of \:Goods \:Sold} \times 365$

Here average Inventory = $\frac{380,000 \: + \:320,000}{2} = 350,000$

Therefore Number of days in sales = $\frac{350,000}{1,050,000} \times 365$ = 121.7 = days

Thus, in this manner we calculate the average number of days in sales, which are 121.7 days

b. 121.7 days

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Natraj Corporation uses the weighted-average method in its process costing system. Operating data for the Lubricating Department

bazaltina [42]

Answer: $41,520

Explanation;

Equivalent units of production are used when some goods have not been fully processed but costs need to be attached to them. The incomplete ones will be converted to complete goods depending on how far along the production process they are.

Equivalent units for conversion costs = Transfers out during October + Ending WIP * Percentage completion

= 37,800 + (5,700 * 60%)

= $41,520

4 0

3 years ago

First Class, Inc., expects to sell 26 comma 000 pool cues for $ 13.00 each. Direct materials costs are $ 2.00, direct manufact

Nastasia [14]

Answer:

$231,140

Explanation:

The computation of the amount reported in the cost of goods sold is shown below:

= Number of pool cues sold × total manufacturing cost per pool cue

where,

Number of pool cues sold would be 26,000 pool cues

And, the total manufacturing cost per pool cue would be

= Direct Materials per cue + Direct manufacturing Labor per cue + Manufacturing Overhead per cue

= $2 + $6 + $0.89

= $8.89

Now put these values to the above formula

So, the value would be equal to

= 26,000 cues × 8.89

= $231,140

6 0

3 years ago

Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepa

Vesna [10]

Question Completion:

Prepare income statement, statement of owners' equity, and a balance sheet.

Answer:

Elliptical Consulting

1. ELlIPTICAL CONSULTING

Income Statement for the year ended June 30, 2076:

Fees Earned $71,580

Salary Expense 28,670

Supplies Expense 3,340

Depreciation Exp. 1,990

Miscellaneous Exp. 3,010 37,010

Net Income $34,570

Statement of Owners' Equity for the year ended June 30, 20Y6:

Jayson Neese, Capital $38,320

Net Income 34,570

Jayson Neese, Drawing (4,880)

Jayson Neese, Equity $68,010

Balance Sheet as of June 30, 20Y6:

Assets:

Cash $15,780

Accounts Receivable 37,570

Supplies 640 $53,990

Office Equipment 30,810

Accumulated Depreciation 6,160 $24,650

Total assets $78,640

Liabilities + Equity:

Accounts Payable $10,140

Salaries Payable 490

Total liabilities $10,630

Jayson Neese, Capital $68,010

Total liabilities and equity $78,640

Explanation:

a) Data and Calculations:

Elliptical Consulting End-of-Period Spreadsheet For the Year Ended June 30, 20Y6

Unadjusted Adjusted

Trial Balance Adjustments Trial Balance

Account Title Dr. Cr. Dr. Cr. Dr. Cr.

Cash 15,780 15,780

Accounts Receivable 37,570 37,570

Supplies 3,980 (a) 3,340 640

Office Equipment 30,810 30,810

Accumulated Depreciation 4,170 (b) 1,990 6,160

Accounts Payable 10,140 10,140

Salaries Payable (c) 490 490

Jayson Neese, Capital 38,320 38,320

Jayson Neese, Drawing 4,880 4,880

Fees Earned 71,580 71,580

Salary Expense 28,180 (c) 490 28,670

Supplies Expense (a) 3,340 3,340

Depreciation Exp. (b) 1,990 1,990

Miscellaneous Exp. 3,010 3,010

Totals 124,210 124,210 5,820 5,820 126,690 126,690

Adjusted

Trial Balance

Account Title Dr. Cr.

Cash 15,780

Accounts Receivable 37,570

Supplies 640

Office Equipment 30,810

Accumulated Depreciation 6,160

Accounts Payable 10,140

Salaries Payable 490

Jayson Neese, Capital 38,320

Jayson Neese, Drawing 4,880

Fees Earned 71,580

Salary Expense 28,670

Supplies Expense 3,340

Depreciation Exp. 1,990

Miscellaneous Exp. 3,010

Totals 126,690 126,690

6 0

2 years ago

When a local walmart is open 7 days a week, 24 hours a day, which form of utility is it providing to customers?

Vladimir [108]

Answer: TIME UTILITY

When a local Walmart is open 7 days a week, 24 hours a day, it is providing the customers with time utility. Economic utility includes Form utility, Time utility, Place utility and Possession utility. Time utility refers to the availability of products when the customer needs them. In this utility, the company chooses the hours and days when products and services are available to the customers according to the needs of the customers.

6 0

3 years ago

Mobile Homes reported the following in its financial statements for the year ended December 31, : 2018 2017 Income Statement N

kirill [66]

Answer:

Mobile Homes

Computation of:

1. Collections from customers

Beginning Accounts Receivable $615

Net Sales 25,118

Less ending accounts receivable 798

Collections from customers $24,935

2. Payments for merchandise inventory

Beginning Accounts Payable 1,364

Purchases 18,725

Ending Accounts payable 1,547

Payments $18,542

3. Payments of other operating expenses:

Accrued liabilities:

beginning 851

Operating expenses 4,632

Less ending 938

Cash payments 4,545

4. Acquisition of property plant and equipment:

Beginning cost = $4,622

Ending cost = $3,671

Acquisition = $951

5. Amount of borrowing with:

a) Long-term liabilities:

Ending $477

Beginning $461

Borrowing $16

b) A-one paying no long term liabilities:

Accrued Liabilities:

Ending $938

Beginning $851

Borrowing $87

6. Payment of cash dividends:

Retained Earnings $3,784

Net Income 1,611

Total available $5,395

Retained earnings (5,021)

Dividends paid $374

Explanation:

a) Data and Calculations:

Mobile Homes Financial Statements for the years ended December 31:

2018 2017

Income Statement

Net Sales Revenue $ 25,118 $ 21,893

Cost of Goods Sold 18,074 15,501

Depreciation Expense 271 234

Other Operating Expenses 4,632 4,277

Income Tax Expense 530 482

Net Income $ 1,611 1,399

2018 2017

Balance Sheet

Cash 21 19

Accounts Receivable 798 615

Merchandise Inventory 3,483 2,832

Property, Plant, and

Equipment, net 4,351 3,437

Accounts Payable 1,547 1,364

Accrued Liabilities 938 851

Long-term Liabilities 477 461

Common Stock, no par 670 443

Retained Earnings 5,021 3,784

Property, plant, and equipment:

PPE net 4,351 3,437

Depreciation 271 234

Cost 4,622 3,671

Purchases:

Ending inventory 3,483

Cost of goods sold 18,074

Beginning inventory (2,832)

Purchases 18,725

6 0

2 years ago