During January, its first month of operations, Knox Company accumulated the following manufacturing costs: raw materials $5, 310
on account, factory labor $7, 010 of which $5, 673 relates to factory wages payable and $1, 337 relates to payroll taxes payable, and utilities payable $2, 130. During January, time tickets show that the factory labor of $7, 010 was used as follows: Job 1 $2, 314, Job 2 $1, 733, Job 3 $1, 529, and general factory use $1, 434. Prepare a summary journal entry to record factory labor used. In January, Knox Company requisitions raw materials for production as follows: Job 1 $926, Job 2 $1, 730, Job 3 $777, and general factory use $701.
1 answer:
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Answer:
$1100.
Explanation:
We have been given that Nyle Corp. owned 100 shares of Beta Corp. stock that it bought in 1993 for $9 per share. In 2014, when the fair market value of the Beta stock was $20 per share.
Nyle's recognized gain on this distribution would be:
Therefore, Nyle's recognized gain on this distribution was $1100.