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Scilla [17]
3 years ago
14

Wang Company began operations on January 1, 2018, by issuing common stock for $70,000 cash. During 2018, Wang received $88,000 c

ash from revenue and incurred costs that required $65,000 of cash payments.
Prepare a GAAP-based income statement and balance sheet for Wang Company for 2018, for the below scenario:

Wang is a manufacturing company. The $65,000 was paid to purchase the following items:

(1) Paid $10,000 cash to purchase materials that were used to make products during the year.

(2) Paid $20,000 cash for wages of factory workers who made products during the year.

(3) Paid $5,000 cash for salaries of sales and administrative employees.

(4) Paid $30,000 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $6,000 salvage value. The company uses straight-line depreciation.

(5) During 2018, Wang started and completed 2,000 units of product. The revenue was earned when Wang sold 1,500 units of product to its customers.
Business
1 answer:
posledela3 years ago
3 0

Answer:

Wang Company

Statement of financial position

Equity and liabilities

Issued share capital  $70,000

Retained earnings     $45,000

                                   115,000

Assets

Non-Current assets

Fixed assets               $22,000

Current assets

Cash in hand               $93,000

                                     $115,000            

Wang company

Income statement

Net sales                      $88,000

Cost of sales                 $38,000

Gross margin                $50,000

Less:admin expenses   $5,000

Net Profit                       $45,0000

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Alex

Travis may apply for $0  as in the US, consumers who have won a court judgment against a licensee are given reimbursement.

A licensed real estate broker, salesperson, or closing agent's dishonest, fraudulent, or dishonest conduct, or the conversion of trust money, are grounds for compensation under the Real Estate Education, Research, and Recovery Fund.

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6 0
2 years ago
Flesch corporation produces and sells two products. in the most recent month, product c90b had sales of $26,100 and variable exp
julia-pushkina [17]

Flesch Corporation produces and sells two products, in case if there is any shift in the sales from product Y45E to C90B, then the breakeven will also decrease, since the contribution margin for Product C90B is less than the Product Y45E.

Contribution Margin: Total Contribution ÷ Total Sales

Product C90B:

=(26100-9135) ÷ 26100

= 35%

Product Y45E:

= (33540-15093) ÷ 33540

= 45%

Since the contribution margin of Product C90B < Product Y45E, the breakeven will decrease.

5 0
3 years ago
Food Packaging, Inc., agrees to sell 50,000 6-ounce yogurt containers to Golden Dairy Company. Food can obtain only 20,000 of th
posledela

Answer:

Option C.

Explanation:

From the scenario presented above, Golden is not in any way liable for the inability to supply the total quantity of the 6-ounce yogurt containers, therefore, Golden can choose to reject the delivery of the 8-ounce containers.

Also, Golden can give Food Packaging a reasonable amount of time to enable them replace the containers, of Golden is not in a hurry to begin production and packaging.

5 0
3 years ago
The depreciation method that produces larger depreciation expense during the early years of an asset's life and smaller expense
Citrus2011 [14]

Answer:

Accelerated depreciation method

Explanation:

Accelerated method is a depreciation method in which the asset lost its book value at a quicker rate as compared with the straight line method. Under this method, it permit high deduction in the starting years so that the taxable income could be minimized

Therefore according to the given option the first option is correct and the same is to be considered

6 0
2 years ago
Assuming that there is one-half pound of resin per foot of the finished product, determine the resin materials cost per foot of
tangare [24]

The resin materials cost per foot of finished product for June $0.53.

Given the data in the question;

                                                      <u>May</u>                  <u>June</u>                          <u>July</u>

<u>Resin pounds input </u>

<u>into the process</u><u> </u>                       <u>470,000</u>            <u>700,000</u>              <u>650,000 </u><u> </u>

<u>Price per pound</u>                         <u>X$1.50</u>               <u>X$1.50</u>                    <u>X$1.50</u>

<u>Plastic material costs</u>             <u>$493,000</u>           <u>$640,000</u>             <u>$677,000</u>

<u>Conversion costs</u>                    <u>$80,000</u>           <u>$120,000</u>                 <u>$115,000</u>

<u>Conduit output from</u>

<u>the process (feet)</u>                   <u>800,000</u>              <u>1,200,000</u>            <u>1,130,000</u>

Assuming that there is one-half pound of resin per foot of the finished product, determine the resin materials cost per foot of finished product for June.

<u>Given:</u>

Materials cost for June = $640,000

Number of Feet produced as output in June =  1,200,000

   

So, Formula of Material Cost per foot of finished product

Material Cost per foot of finished product = Material Cost/ Number of feet produced in June

                                                                        = $640,000 / 1,200,000

                                                                        = $0.5333 = $0.53

Therefore, the resin materials cost per foot of finished product for June is $0.53

Hence, the correct option is A.

Your question is incomplete, but most probably your full question was:

Rambo-Conduit Corporation manufactures plastic conduit that is used in the cable industry. A conduit is a tube that encircles and protects the underground cable. In the process of making the plastic conduit, called extrusion, the melted plastic (resin) is pressed through a die to form a tube. Scrap is produced in this process. Information from the cost of production reports for three months is as follows, assuming that inventory remains constant:

May June July

Resin pounds input into the process 470,000 700000 650,000

Price per pound x81.50 x81.50 x81.50

Plastic material costs 493,000 6,40,000 6,77,000

Conversion costs 80,000 120,000 115000

Conduit output 800,000 1200,000 1130,000

from the process (feet)

Assuming that there is one-half pound of resin per foot of the finished product, determine the resin materials cost per foot of finished product for June.

a. $0.53

b. $0.60

c. $0.54

d. None of these choices are correct.

Learn  more about Materials Cost Per Foot on:

brainly.com/question/18152528

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6 0
2 years ago
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