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Dennis_Churaev [7]
3 years ago
7

Paul White, the CFO of Crane Automotive, Inc., is putting together this year's financial statements. He has gathered the followi

ng balance sheet information: The firm had a cash balance of $23,015, accounts payable of $163,257, common stock of $313,000, retained earnings of $512,159, inventory of $212,300, goodwill and other assets equal to $78,656, net plant and equipment of $713,500, and short-term notes payable of $21,115. It also had accounts receivable of $141,258 and other current assets of $11,223. How much long-term debt does Crane Automotive have
Business
1 answer:
IrinaVladis [17]3 years ago
6 0

Answer: $170,421

Explanation:

Using the Accounting equation;

Assets = Liabilities + Equity

Assets = Cash + Inventory + Goodwill and other assets + Net plant and equipment + Accounts receivable + Other current assets

= 23,015 + 212,300 + 78,656 + 713,500 + 141,258 + 11,223

= $1,179,952

Equity

= Common stock + Retained earnings

= 313,000 + 512,159

= $‭825,159‬

Liabilities = Assets - Equity

Current Liabilities + Long term debt = Assets - Equity

Long term debt = Assets - Equity - Current Liabilities

= 1,179,952 - ‭825,159‬ - (163,257 + 21,115)

= $170,421

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Jackson Co. began the year with $20,000 in inventory. During the year, the company purchased $80,000 worth of inventory. At the
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The total cost of goods sold  = $70,000

Explanation:

Given:

Initial inventory at the start of the year for Jackson Co. = $20,000

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Inventory remaining at the end of the year = $30,000

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Total inventory for Jackson Co. during the year = \$20,000+\$80000= \$100,000

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Thus, cost of goods sold can be given as :

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Kennedy Company reports the following costs and expenses in May.
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Answer:

a. $161,350

b. $398,050

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<u>Total amount of manufacturing overhead</u>

Factory utilities                                                  $16,500

Depreciation on factory equipment                 $12,650

Indirect factory labor                                        $48,900

Indirect materials                                              $70,800

Factory manager's salary                                  $8,000

Property taxes on factory building                   $2,500

Factory repairs                                                   $2,000

Total                                                                 $161,350

Note : Manufacturing Overheads are Indirect Manufacturing Costs that can not be easily traced to the Product being manufactured.

<u>The total amount of product costs</u>

Direct materials used                                     $157,600

Direct labor                                                       $79,100

Manufacturing Overhead                               $161,350

Total                                                               $398,050

Note : Product Costs are Direct Manufacturing Costs that can be easily traced to the Product being manufactured.

<u>The total amount of period costs</u>

Depreciation on delivery trucks                       $3,800

Sales salaries                                                   $48,400

Repairs to office equipment                              $1,300

Advertising                                                      $23,000

Office supplies used                                         $4,640

Total                                                                   $81,140

Note : All Non Manufacturing Costs are Period Cost. Period Costs are expensed in the Income Statement.

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