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Serggg [28]
3 years ago
10

JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative

expenses $585,900; unrealized holding loss on available-for-sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation adjustment $26,250 (considered other comprehensive income); and an unrealized loss from pension adjustment (considered other comprehensive income) $7,000. JDW’s tax rate was 21%. Ignore income taxes related to amounts in other comprehensive income. Required: Prepare a multiple-step income statement and
Business
1 answer:
vichka [17]3 years ago
4 0

Answer:

JDW Corporation

Income Statement

For the year ended December 31, 20x1

Sales revenue                                                                       $2,929,500

Cost of goods sold                                                              <u> ($1,786,995)</u>

Gross margin                                                                          $1,142,505

S&A expenses                                                                      <u> ($585,900)</u>

Income from operations                                                         $556,605

Other comprehensive income:

  • Unrealized holding loss AFS securities ($22,000)
  • Currency translation gain $26,250
  • Unrealized loss from pension adjustment ($7,000)      
  • Total other comprehensive income/loss                       <u>  ($2,750)</u>

Net income before taxes                                                        $553,855

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Answer:

Debit to cost of goods sold and credit to factory overhead

Explanation:

Here we are interested in knowing the appropriate journal entry when the factory overhead is under applied.

What happens to the factory overhead journal in this case is that the we should have an adjusting journal entry.

The adjusting journal entry here is that we debit cost of goods sold and credit factory overhead

5 0
2 years ago
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3 years ago
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Explanation:

The deffered is one of the type of annuity that helps in making the various types of insurance related contracts for the purpose of long time savings.

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b. has no-par value stock.

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__________ helped convince fdr to try to stop workplace discrimination by creating the fair employment practices commission.
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Short answer: The FEPC helped convince FDR.</span>
5 0
3 years ago
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