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Sati [7]
3 years ago
8

job cost journal entries prior to the beginning of 2016, lowe company estimated that it would incur $264,000 of manufacturing ov

erhead cost during 2016, using 24,000 direct labor hours to produce the desired volume of goods. on january 1,2016, beginning balances of materials inventory, work in process inventory, and finished goods inventory were $42,000, $-0-, and $64,500, respectively. required prepare general journal entries to record the following for 2016. a. purchased materials on account, $58,500.
Business
1 answer:
saw5 [17]3 years ago
4 0

Answer:

raw materials inventory    58,500 debit

                      accoutns payable       58,500 credit

Explanation:

Required prepare general journal entries to record the following for 2016. a. purchased materials on account, $58,500.

The raw materials inventory will increase for 58,500 which is the amount purchased. As the materials are an asset, we will debited.

We will also use an account to represent the debt we have with our providor.

We have an "account to pay" --> account payable

As this is a debt, we have a liability. Thus we credit to increase it-

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Sales $920,000 Variable expenses $388,000 Fixed manufacturing expenses $370,000 Fixed selling and administrative expenses $250,0
Lelechka [254]

Answer:

The company would have a greater net operating income of $339,000 if the product H58S were dropped.

Explanation:

The net operating income can be expressed as;

a). If product H58S is not dropped

Net operating income=income from sales-Total expenses

where;

Income from sales=$920,000

Total expenses=Net fixed expenses+variable expenses

Fixed expenses=Fixed manufacturing expenses+Fixed selling and administrative expenses=(370,000+250,000)=$620,000

Variable expenses=$388,000

Total expenses=(620,000+388,000)

Total expenses=$1,008,000

Net operating income=(920,000-1,008,000)=-$88,000

b). If product H58S is dropped

Income from sales=$920,000

Total expenses=Net fixed expenses+variable expenses

Fixed expenses=Fixed manufacturing expenses+Fixed selling and administrative expenses=(370,000+250,000)=$620,000

Net fixed expenses=(620,000)-(233,000+194,000)

Net fixed expenses=$193,000

Variable expenses=$388,000

Total expenses=193,000+388,000= $581,000

Replacing;

Net operating income=(920,000-581,000)

Net operating income=$339,000

The company would have a greater net operating income of $339,000 if the product H58S were dropped.

7 0
3 years ago
The following payroll journal entries for Oct. 15 were made by your predecessor. For FICA tax, assume that the social security r
krok68 [10]

Answer:

1. We have:

Payroll subject to the federal unemployment taxes = $22,000

Payroll subject to the state unemployment taxes = $22,000

2. Total payroll = $820,000

3. FICA taxes in payroll = $61,500

Explanation:

Note: The data in this question are merged together. They are therefore sorted before answering the question. See the attached pdf file for the complete question with the sorted data.

The explanation of the answers is now provided as follows:

1. Determine the payroll amount subject to federal and state unemployment taxes in this payroll.

Payroll subject to the federal unemployment taxes = Federal unemployment tax payable / Federal unemployment tax rates = 176 / 0.8% = $22,000

Payroll subject to the state unemployment taxes = State unemployment tax payable / State unemployment tax rates = 1,188 / 5.4% = $22,000

2. What is the total payroll for Copperfield and Company shown in these journal entries?

Total payroll = Salaries Expense + Wages Expense = 647,800 + $172,200 = $820,000

3. What is Copperfield and Company’s share of FICA taxes in this payroll?

FICA taxes in payroll = Social security tax payable + Medical tax payable = $49,200 + 12,300 = $61,500

Download pdf
4 0
3 years ago
Immediately after an ice storm brought down power lines throughout the region, hardware stores were sold out of batteries and fl
Lisa [10]

Answer:

D) Markets allocate goods effectively.

Explanation:

The two main principles of capitalism are that individuals are rational and act according to their best self interest, and markets will allocate goods and service more efficiently than governments.

In this case, the stores ran out of batteries and flashlights due to a sudden increase in the demand, but since the stores make a profit by selling batteries and flashlights, they immediately replenished their stocks and were able to satisfy all the customers' needs.

If the stores would have needed government permission for replenishing their inventories, they would have never done it so fast and so efficiently.

7 0
3 years ago
A rumor is circulating that ridicules a new employee, accusing him of having typos in his latest slide presentation. You overhea
aliina [53]
The step that should taken action of this is to have your co-workers to ask whether if they have an actual evidence of this incident. They should not talk about other employees when they don't even know what the real story behind it and if ever they have anything that they are trouble to, they should seek someone who will be of assistance to them to fix the problem.
3 0
3 years ago
Headland Corp. had $100,000 of 7%, $20 par value preferred stock and 12,000 shares of $25 par value common stock outstanding thr
KonstantinChe [14]

Answer:

total dividends distributed to common stockholders = $42,294.12

dividend per common stock = $42,294.12 / 12,000 = $3.52

Explanation:

allocated preferred dividends = 5,000 x $20 x 7% = $7,000

dividends directly allocated to common stockholders = $7,000 (same as above)

total dividends declared - allocated dividends = $64,000 - $14,000 = $50,000

total common + preferred stocks = 5,000 + 12,000 = 17,000

dividends per stock = $50,000 / 17,000 = $2.9412

dividends distributed to common stockholders = $42,294.12

dividends distributed to preferred stockholders = $21,705.88

dividend per common stock = $42,294.12 / 12,000 = $3.52

7 0
3 years ago
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