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77julia77 [94]
3 years ago
6

Finch Company began its operations on March 31 of the current year. Finch Co. has the following projected costs: April May June

Manufacturing costs(1) $156,800 $195,200 $217,600 Insurance expense (2) $1,000 $1,000 $1,000 Depreciation expense $2,000 $2,000 $2,000 Property tax expense(3) $500 $500 $500 (1) 3/4 of the manufacturing costs are paid for in the month they are incurred. 1/4 is paid in the following month. (2) Insurance expense is $1,000 a month, however, the insurance is paid four times yearly in the first month of the quarter, i.e. January, April, July, and October. (3) Property tax is paid once a year in November. The cash payments for Finch Company in the month of June are:
Business
1 answer:
sergeinik [125]3 years ago
3 0

Answer:

The cash payments for Finch Company in the month of June is $185,600.

Explanation:

Cash payment : Cash payment is that payment which is deals only in cash or the payment is only paid in cash.

So,

To compute the cash payment for June month, the following things is need to be considered.

1. Manufacturing cost of April and May

All other cost like - insurance cost, property tax is not need to be considered because it is not related to may month.

So,

= 3÷4 of May month + 1÷4 of April month

= 3÷4 × $195,200 + 1÷4 × $156,800

= $146,400 + $39,200

= $185,600

Hence,  The cash payments for Finch Company in the month of June is $185,600.

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Answer and Explanation:

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a. Line of credit = short term financing

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5 0
3 years ago
What is the simplest change that can be made to the budget to produce more savings next month? Add to fixed expenses. Decrease f
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The answer to the question is (B) decreases food expenses.

Since the individual wants to reduce budget for a short period of time (within the next month) she should reduce his variable expenses – in which from the option is only decreasing food expenses. It is impossible for her to reduce her fixed expenses (rent, for example) and she should most definitely refrain from adding more. It is near impossible to add total income within such a short period of time as well.

6 0
3 years ago
The following transactions occurred in April at Steve’s Cabinets, a custom cabinet firm. Purchased $80,000 of materials on accou
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Journal entry

1. Dr Material 80000

                    Cr Accounts payable 80000

         (Purchase material on account)

2. Dr Work in process 4000

                       Cr Material   4000

        (issue material)

3. Dr Material   56000

                     Cr Accounts payable  56000

( Purchase material on account)

4. Dr Accounts payable  80000

                                    Cr Cash 80000

(Paid cash of material purchase)

5. Dr Work in process 68000

                          Cr Material  68000

( Issued material to production)

6. Dr Work in process  100000

                              Cr Wages payable  100000

    (Direct labor incurred)

7. Dr Factory overhead 106000

                  Cr Cash                  106000

( Paid cash on account of factory overhead)

8. Dr Work in process (100000*125%) 125000

              Cr Applied factory overhead             125000

( To record applied factory overhead)

9. Dr Factory overhead  50000

                             Cr Accumulated depreciation 50000

( To record depreciation on plant and equipment)

T-account

Cash                                                                             Material

Dr___________Cr__                                            __ DR ___________CR

                                                                                   148200     ---

           ---80000                                                          80000   ----    4000

          ---106000                                                            56000 ---

                                                                                                         -- 68000

Work in process                                                              Accounts payable

Dr____________Cr___                                          ___ DR ___________Cr                                                                                                        

33000 ---

4000---                                                                              80000        --  80000

68000--                                                                                               -- 56000

100000---

125000 ---

Wages payable                                                          Factory overhead

Dr ____________Cr__                                          __ Dr _____________Cr

            ---  100000                                                  106000 --

                                                                                50000 --

Applied factory overhead                                    Accumulated depreciation

Dr_____________Cr__                                          _ Dr ___________Cr_

          ---   1250000                                                                ---   50000

Finished goods                                                    Cost of goods sold

Dr_____________Cr__                                          _ Dr ___________Cr_

166000     ---                                                                         ---     263400

                ---   143200  

Material end =?  

Material (end) = 148200 +80000+56000-4000-68000=

Work in process (end) = ?

work in process  = 148200+166000-143200 =171000                                                                                

8 0
3 years ago
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Answer:

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On receipt of the goods we debit Budgetary Fund Balance -- Reserve for Encumbrances for $550,000 (the correct value of goods received).

4 0
3 years ago
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7 0
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