Answer:
Explanation:
Dr Building, Asset (73,000+6000+35,000) 114,000
Dr Land, Asset (107,000+10,000) 117,000
Cr Cash (73,000+107,000+16,000+35,000) 231,000
Answer: $178,000
Explanation:
The following information can be derived from the question:
We have to first calculate the total manufacturing cost. This will be:
Direct material 29000
Add: Direct labor 58000
Add: manufacturing overhead 82000
Then the manufacturing cost will be:
= 29000 + 58000 + 82000
= 169000
We then add the beginning work in progress and then subtract the ending work in progress. This will be:
Manufacturing cost = 169000
Add: Beginning WIP = 66000
Less: Ending WIP = 57000
= 169000 + 66000 - 57000
= $178,000
Given:
<span>accounts receivable of $244,000
allowance for uncollectible accounts of $1,350 (credit)
1% of the accounts receivable should be the value of the allowance for uncollectible accounts.
244,000 x 1% = 2,440
2,440 - 1,350 = 1,090
Adjusting entry:
Debit Credit
Bad Debt Expense 1,090
Allowance for uncollectible accounts 1,090</span>
Answer:
$6745
Explanation:
Given: Beginning inventory is 77 units at the cost of $19 per unit.
Purchased inventory is 476 units at $19 per unit.
Sales during the month is 355 units at $45 per unit.
Now, let´s find the cost of goods sold using LIFO method.
We know, LIFO method is Last in first out, which sell out inventory, which are most recently purchased. In a period of rising prices, LIFO inventory method tends to give the highest reported cost of goods sold.
As sales unit is 355 units.
Let´s take units from recent purchased inventory.
Cost of good sold= 
Hence, the cost of goods sold using the LIFO method is $6745.
Answer:
<u><em>FALSE</em></u>
Explanation:
Remember, total asset turnover is calculated using a ratio that measures how the management was able to use its assets to efficiently increase sales. Usually the total asset turnover is gotten by dividing a<em> company's sales </em>by its <em>total assets.</em>
<em />
To increase sales, management should <em>continue</em> to use its existing assets (not making purchase of any new asset), and at the same time reducing their purchases of inventory.
