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3 years ago

Kolander Company has the following accounts and balances at the end of the year:

Business

1 answer:

Mrac [35]3 years ago

4 0

Answer:

The correct answer is $ 49,000. (which is not in options)

Explanation:

This problem requires us to calculate value of retain earning at the end of the year. We know that assets = equity + liabilities and equity = common stock + retain earning. Following this rule we can easily calculate amount of retain earning. Detail Calculation is given below.

Asset

Accounts Receivable $30,000

Land $42,000

Investments $7,000

Building $59,000

Cash and Equivalents $80,000

Equipment $64,500

Supplies $6,000

Total Asset $288,500

Less

Liability

Notes Payable $59,000

Interest Payable $5,500

Income Taxes Payable $10,000

Accounts Payable $38,000

Total Liabilities $112,500

Less

Equity

Common Stock $127,000

Retain earning $ 49,000

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Mango Company applies overhead based on direct labor costs. For the current year, Mango Company estimated total overhead costs t

erastovalidia [21]

Answer:

Balance for the Factory Overhead account: 19,000 credit

Explanation:

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3 years ago

The following data are from the accounting records of Niles Castings for year 2: Units produced and sold 80,000 Total revenues a

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Answer:

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Explanation:

Nile Castings

Income Statement

Year 2

Sales Revenue $ 270,000

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Direct Labor $ 33,000

Variable Manufacturing Overheads $ 18,000

Fixed Manufacturing Costs $ 41,000

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Nile Castings

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Sales Revenue $ 270,000

Direct Materials $63,000

Direct Labor $ 33,000

Variable Manufacturing Overheads $ 18,000

Variable Marketing & Administrative Costs $ 11,500

Contribution Margin $ 144,500

Less Fixed Costs

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3 years ago

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3 years ago

Kolander Company has the following accounts and balances at the end of the​ year:

Kolander Company has the following accounts and balances at the end of the year: