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MakcuM [25]
3 years ago
13

The following transactions occurred during March 2018 for the Wainwright Corporation.

Business
1 answer:
lys-0071 [83]3 years ago
5 0

Answer and Explanation:

The Journal entries are shown below:-

1. Cash Dr, $450,000

          To common stock $450,000

(Being issuance of common stock is recorded)

2. Equipment Dr, $55,000

        To cash $17,500

         To notes payable $37,500

(Being equipment purchased is recorded)

3. Merchandise inventory Dr, $108,000

              To accounts payable $108,000

(Being inventory is purchased on the account is recorded)

4. Accounts receivable Dr, $195,000

             To sales revenue $195,000

(Being credit sales is recorded)

5. Cost of goods sold Dr, $85,000

           To Merchandise inventory $85,000

(Being cost of goods sold is recorded)

6. Rent expense Dr, $6,500

         To cash $6,500

(Being cash paid is recorded)

7. Prepaid insurance Dr, $7,500

         To cash $7,500

(Being cash paid is recorded)

8. Accounts payable Dr, $85,000

            To cash $85,000

(Being cash paid is recorded)

9. Cash Dr, $70,000

           To accounts receivable $70,000

(Being cash paid is recorded)

10. Depreciation expense Dr, $2,500

                    To accumulated depreciation- equipment $2,500

(Being depreciation expense is recorded)

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Budget Performance Reports for Cost Centers Partially completed budget performance reports for Delmar Company, a manufacturer of
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Delmar Company

Delmar Company

Budget Performance Report—Vice President, Production

For the Month Ended June 30

Plant                       Actual           Budget      Over Budget   (Under) Budget

Eastern Region  $4,200,000   $4,250,000                           $(50,000)

Central Region      6,175,000     6,200,000                             (25,000)

Western Region    8,515,000     8,200,000    $375,000

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Budget Performance Report—Manager, Western Region Plant

For the Month Ended June 30

Department                  Actual       Budget     Over Budget   (Under) Budget

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Final Assembly           1,640,000      1,700,000                             $(60,000)

                                 $8,515,000  $8,200,000   $375,000         $(60,000)

b. Memo to Randi Wilkes, Vice President

To: Vice President, Production

From: FC

Subject: Budget Performance Report—For the Month Ended June 30

Date: July 3, 2021

The above-mentioned subject refers.

The production division incurred $315,000 more costs than budgeted.  The extra costs are reflected in the increasing cost of producing light duty motors in the Western Region.  The overall increase is caused by the regional differences in Chip fabrication and Electronic Assembly.

There is a need to review production activities with these two production processes with a view to reducing costs.

Regards,

Explanation:

a) Data and Calculations:

Delmar Company

Budget Performance Report—Vice President, Production

For the Month Ended June 30

Plant                       Actual           Budget      Over Budget   (Under) Budget

Eastern Region  $4,200,000   $4,250,000                           $(50,000)

Central Region      6,175,000     6,200,000                             (25,000)

Western Region     (g)                       (h)                $(i)

                             $(j)                      $(k)                $(l)             $(75,000)

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Budget Performance Report—Manager, Western Region Plant

For the Month Ended June 30

Department                  Actual      Budget     Over Budget   (Under) Budget

Chip Fabrication      $(a)                $(b)                $(c)

Electronic Assembly 2,575,000  2,500,000       75,000

Final Assembly          1,640,000   1,700,000                             $(60,000)

                                   $(d)               $(e)              $(f)                 $(60,000)

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For the Month Ended June 30

Cost                             Actual      Budget     Over Budget     (Under) Budget

Factory wages    $1,450,000  $1,200,000    $250,000

Materials               1,575,000     1,600,000                               $(25,000)

Power and light      945,000       900,000         45,000

Maintenance          330,000       300,000         30,000

                         $4,300,000  $4,000,000    $325,000          $(25,000)

a. = $4,300,000

b. = $4,000,000

c. = $300,000 ($325,000 - $25,000)

d. = $8,515,000 ($4,300,000 + 2,575,000 + 1,640,000)

e. = $8,200,000 ($4,000,000 + 2,500,000 + 1,700,000)

f. = $375,000 ($300,000 + 75,000)

g. = $8,515,000

h. = $8,200,000

i. = $375,000

j. = $18,890,000 ($4,200,000 + 6,175,000 + 8,515,000)

k. = $18,650,000 ($4,250,000 + 6,200,000 + 8,200,000)

l. = $375,000

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