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Dvinal [7]
2 years ago
9

This company reports only total factory overhead on the schedule of cost of goods manufactured and attaches a separate schedule

listing individual overhead costs. For each of the following account balances for a manufacturing company, select yes in the appropriate column indicating that it appears on the balance sheet, the income statement, the schedule of cost of goods manufactured, and/or a detailed listing of factory overhead costs. Assume that the income statement shows the calculation of the cost of goods sold and the schedule of the cost of goods manufacturers shows only the total amount of factory overhead.
Account Balance Sheet Income Statement Schedule of COGM Overhead Report
Accounts receivable
Computer supplies used (office)
Beginning finished goods inventory
Beginning work in process inventory
Cash
Depreciation expense - Factory building
Depreciation expense - Office building
Direct Labor
Ending work in process inventory
Ending raw materials inventory
Factory maintenance wages
Income taxes
Insurance on factory building
Property taxes on factory building
Raw materials purchases
Sales
Business
1 answer:
tangare [24]2 years ago
4 0

Answer:

balance sheet (permanent accounts):

  • Accounts receivable  ⇒ BALANCE SHEET  
  • Cash   ⇒ BALANCE SHEET  

income statement (temporary accounts):

  • Computer supplies used (office)  ⇒ INCOME STATEMENT  
  • Depreciation expense - Office building  ⇒ INCOME STATEMENT  
  • Income taxes  ⇒ INCOME STATEMENT  
  • Sales ⇒ INCOME STATEMENT

cost of goods manufactured (temporary accounts):

  • Beginning finished goods inventory    ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED
  • Beginning work in process inventory   ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED  
  • Direct Labor  ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED  
  • Ending work in process inventory   ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED  
  • Ending raw materials inventory   ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED  
  • Raw materials purchases   ⇒ SCHEDULE OF COST OF GOODS MANUFACTURED

overhead report (temporary accounts):

  • Depreciation expense - Factory building  ⇒ OVERHEAD REPORT  
  • Factory maintenance wages   ⇒ OVERHEAD REPORT  
  • Insurance on factory building  ⇒ OVERHEAD REPORT
  • Property taxes on factory building   ⇒ OVERHEAD REPORT  

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Soloha48 [4]

Answer:

d) decease in demand

Explanation:

When the produce of sweet corn crop rises by 20%, this would lead to an increase in supply. With increase in supply, the price of sweet corn shall fall, which would lead to an increase in demand as now consumers will consume more of sweet corn.

Since the relationship between price of a good and demand for it's substitute is positive, the demand for the substitute shall fall.

Thus, demand for frozen peas shall decrease as demand for sweet corn has increased.

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3 years ago
The Chewbacca Starship Company had the following transactions during the month of December:
Naily [24]

Answer:

The Chewbacca Starship Company

T-accounts:

Cash

Date   Account Titles                 Debit        Credit

Dec. 1 Beginning balance      $73,500

Dec. 31 Salaries expense                        $57,000

Dec. 31 Accounts receivable 265,000

Dec. 31 Accounts payable                       210,000

Accounts receivable

Date   Account Titles           Debit        Credit

Dec. 1 Beginning balance   $60,000

Dec. 31 Sales revenue         154,000

Dec. 31 Cash                                     $265,000

Accounts payable

Date   Account Titles           Debit        Credit

Dec. 1 Beginning balance                  $39,000

Dec. 31 Inventory                               230,000

Dec. 31 Cash                    $210,000

Inventory

Date     Account Titles           Debit        Credit

Dec. 31 Accounts payable   $230,000

Sales revenue

Date     Account Titles           Debit        Credit

Dec. 31 Accounts receivable              $154,000

Salaries Expense

Date     Account Titles           Debit        Credit

Dec. 31 Cash                       $57,000

Explanation:

a) Data and Analysis:

a. Inventory $230,000 Accounts payable $230,000

b. Salaries expense $57,000 Cash $57,000

c. Accounts receivable $154,000 Sales revenue $154,000

d. Cash $365,000 Accounts receivable $265,000

e. Accounts payable $210,000 Cash $210,000

Opening balances:

Cash $73,500

Accounts receivable $60,000

Accounts payable $39,000

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Answer:

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gregori [183]

Answer:

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