Elian's credit card had a balance of $132.20 on April 1. On April 5, he charged $74.50. On April 18, he made a payment of $52.

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2015: Account

Nuetrik [128]

Answer:

Postal Service

The amount that would be reported for Stockholders' Equity at December 31, 2015 is:

= $130,000.

Explanation:

a) Trial Balance

December 31, 2015:

Cash $15,000

Accounts receivable 11,000

Supplies 4,000

Prepaid insurance (12-month) 6,000

Equipment 210,000

Accounts payable $ 18,000

Accumulated depreciation – equipment 28,000

Note payable, due 6/30/16 70,000

Common stock 42,000

Retained earnings (1/1/15) 60,000

Dividends 14,000

Service revenue 133,000

Advertising expense 21,000

Depreciation expense 12,000

Insurance expense 3,000

Rent expense 17,000

Salaries and wages expense 32,000

Supplies expense 6,000

Totals $351,000 $351,000

Income Statement for the year ended December 31, 2015

Service revenue $133,000

Advertising expense 21,000

Depreciation expense 12,000

Insurance expense 3,000

Rent expense 17,000

Salaries and wages expense 32,000

Supplies expense 6,000 $91,000

Net income $42,000

Statement of Retained Earnings

For the year ended December 31, 2015

Retained earnings (1/1/15) $60,000

Net income 42,000

Dividends (14,000)

Retained earnings (December 31, 2015) $88,000

Equity:

Common stock $42,000

Retained earnings 88,000

Total equity $130,000

4 0

3 years ago

Radon Corporation manufactured 34 comma 10034,100 units during March. The following fixed overhead data pertain to March:

Llana [10]

Answer:

$38,750 Favorable

Explanation:

Fixed overhead absorption rate:

= Fixed Overhead Costs for March (static budget) ÷ Production(static budget)

= $387,500 ÷ 31,000

= 12.5 per unit

Fixed overhead production−volume variance:

= Amount actually applied - Amount budgeted

= (12.5 × 34,100) - $387,500

= $426,250 - $387,500

= $38,750 Favorable

3 0

3 years ago

Titon Sports, which produces footballs, has two departments: cutting and stitching. Footballs that have undergone the cutting pr

zhenek [66]

Answer:

We find the equivalent units for both Weighted Average Method and FIFO separately for cost calculations . These are given along as required.

Explanation:

Titon Sports

Equivalent Units

Weighted Average Method

Particulars Units % of Completion Equivalent Units

Materials --Conversion Materials --Conversion

Completed and

Transferred 52,000 100% 100% 52,000 52,000

Ending work

in process 21,500 0% 20% Zero 4300

Equivalent Units 52,000 56,300 

Particulars Units % of Completion Equivalent Units

Transferred In Transferred In

Completed and

Transferred 52,000 100% 52,000

Ending work

in process 21,500 100% 21,500

Equivalent Units 73500

Particulars  Transferred In Materials Conversion Total

Costs

Beginning WIP $ 45,360 $0 $17,660

Total costs added $154,560 $28,080 $89,310

Total Costs 199920 $28,080 106970  $334970

b. Conversion cost per equivalent unit during March

Total Conversion Costs/ Total Equivalent Units Conversion

= 106970/56,300 = $1.9 per Equivalent Unit

Materials cost per equivalent unit during March

Total Materials Costs/ Total Equivalent Units Materials

= 28080/52000 = $ 0.54 per Equivalent Unit

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

= 199920 / 73500 = 2.72

C. Cost Assigned To Transferred Out Goods $ 268,320

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.9= 98800

Transferred in Units = 2.72 * 52000= 141440

Cost Assigned To Ending Work In Process $66650

Conversion = 4300* 1.9= 8170

Transferred in Units = 2.72 * 21500= 58,480

C. Total Costs Assigned = Transferred Out + Ending = $334970

d. Conversion cost assigned to the ending work in process: $8170

Conversion = 4300* 1.9= 8170

We see the difference between the weighted average and FIFO method is that the FIFO method only accounts for the current period costs not the total the costs.Where as the weighted method includes all the costs from preceeding department and also current costs.

e.Titon Sports

Equivalent Units

FIFO Method

Particulars Units % of Completion Equivalent Units

Materials --Conversion Materials --Conversion

Completed and

Transferred 52,000 100% 100% 52,000 52,000

Ending work

in process 21,500 0% 20% Zero 4300

Less

Beg. WIP 17500 0% 60% Zero 10500

Equivalent Units 52,000 45,800 

Particulars Units % of Completion Equivalent Units

Transferred In Transferred In

Completed and

Transferred 52,000 100% 52,000

Ending work

in process 21,500 100% 21,500

Less

Beg. WIP 17500 100% 17500

Equivalent Units 56000

f. Materials cost per equivalent unit during March (FIFO)

Total Materials Costs/ Total Equivalent Units Materials

= 28080/52000 = $ 0.54 per Equivalent Unit

g. Cost Assigned To WORK In Process (FIFO) $ 8385

Conversion cost per equivalent unit during March

Total Conversion Costs/ Total Equivalent Units Conversion

= 89310/ 45,800 = $1.95 per Equivalent Unit

Conversion = 4300* 1.95= $ 8385

h. Cost Assigned To Transferred Out Goods $ 273,000

Materials = 52,000*0.54= $ 28080

Conversion = 52,000* 1.95= 101,400

Transferred In cost per equivalent unit during March

Total Transferred In Costs / Total Transferred In Units

= 154560 / 56,000 = 2.76

Transferred in Units Costs = 2.76 * 52000= 143520

8 0

3 years ago

Copy equipment was acquired at the beginning of the year at a cost of $56,000 that has an estimated residual value of $8,000 and

sergeinik [125]

Answer:

Results are below.

Explanation:

The depreciable cost is the result of deducting from the purchase price the salvage value:

Depreciable cost= 56,000 - 8,000

Depreciable cost= $48,000

The depreciable rate is the depreciation that the asset suffers in one year express as a percentage:

Depreciation rate= 1/5 = 0.2 or 20% per year

Finally, the units of production depreciation for the first year:

Annual depreciation= [(original cost - salvage value)/useful life of production in copies]*number of copies

Annual depreciation= (48,000/1,000,000)*240,000

Annual depreciation= 0.048*240,000

Annual depreciation= $11,520

5 0

3 years ago

For many years there have been efforts to organize teaching assistants on college campuses and form a union. often these efforts

anygoal [31]

Social movement theory. Due to lack of resources, it is hard for these groups to form a union. To form a union and have a successful social movement, there needs to be an abundance of resources to successfully create a union. A union is formed when a group of workers want to protect their rights in the interest of labor.

6 0

3 years ago