1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
nirvana33 [79]
3 years ago
5

Below is the complete list of accounts of Sooner Company and the related balance at the end of April. All accounts have their no

rmal debit or credit balance. Cash, $2,600; Prepaid Rent, $6,100; Accounts Payable $3,000; Common Stock, $27,000; Service Revenue, $24,100; Salaries Expense, $6,900; Accounts Receivable, $4,800; Land, $47,000; Deferred Revenue, $1,650; Retained Earnings, $19,750; Supplies Expense, $8,100.
Required:
Prepare a trial balance with the list of accounts in the following order: assets, liabilities, stockholders' equity, revenues, and expenses.
Business
1 answer:
Cloud [144]3 years ago
6 0

Answer:

Sooner Company

Trial Balance

For the month ended April 30, 202x

                                          Debit                 Credit

Cash                                $2,600

Accounts Receivable     $4,800

Prepaid Rent                   $6,100

Land                              $47,000

Accounts Payable                                      $3,000

Deferred Revenue                                      $1,650

Common Stock                                        $27,000

Retained Earnings                                    $19,750

Service Revenue                                      $24,100

Salaries Expense             $6,900

Supplies Expense             $8,100

Totals                              $75,500           $75,000

When you are preparing a trial balance, you must report the accounts with their normal balances, e.g. assets have a normal debit balance while equity has a normal credit balance.

You might be interested in
Activity-Based Costing: Factory Overhead Costs The total factory overhead for Bardot Marine Company is budgeted for the year at
Butoxors [25]

Answer:

The question is not incomplete as it is missing the requirement below:

A) The activity rates for each activity and

B) The activity-based factory overhead per unit for each product.

Fabrication activity rate=$68 /dlh

Assembly activity rate =$35 /dlh

Setup activity rate =$390/setup

inspection activity rate=$90/inspection

Speed boat activity based factory overhead=$387000

Bass boat activity based factory overhead=$213000

Explanation:

Fabrication activity rate=$204,000/(2000+1000)=$68 /dlh

Assembly activity rate =$105000/(1000+2000)=$35 /dlh

Setup activity rate =$156000/(300+100)=$390/setup

inspection activity rate=$135000/(1100+400)=$90/inspection

Speed boat total overhead is computed thus:

fabrication  $68*2000                     136000

Assembly  $35*1000                          35000

setup $390*300                                 117000

inspection $90*1100                           <u>99000 </u>

Total                                                      387000

bass boat total overhead is computed thus:

fabrication  $68*1000                     68000  

Assembly  $35*2000                       70000

setup $390*100                               39000

inspection $90*400                          <u>36000  </u>

Total                                                   213000

8 0
3 years ago
Almost 80% of business owners are clueless about the competition, resulting in
Lesechka [4]

Answer:

The correct answer would be lost market share and customers.

Explanation:

When companies start their business and their business starts to boom, they usually get busy in making their products better and better and usually forget to keep an active eye on the competition they have in the markets. Almost 80% of the business owners are clueless about the competition. Due to this negligence, companies start to loose their market share as well as the customers, because they don't have idea about what their competitors have introduced in the market and what strategies they have used to compete in the market.

6 0
3 years ago
In preparing a statement of cash flows under the indirect method, a decrease in accounts receivable would be reported as a(n): M
denpristay [2]

Answer:Addition to net income in the operating activities section

Explanation:

8 0
2 years ago
LCD Industries purchased a supply of electronic components from Entel Corporation on November 1, 2016. In payment for the $25.0
deff fn [24]

Answer:

We will use the following equations for this problem

a. (Initial cost  Estimated output) × Actual yearly output

b. (Depreciable cost  Yearly output) × Estimated output

c. Depreciable cost  Yearly output

d. (Depreciable cost  Estimated output) × Actual yearly output

8 0
3 years ago
Required information The Foundational 15 [LO6-1, LO6-2, LO6-3, LO6-4, LO6-5] [The following information applies to the questions
Vsevolod [243]

Answer:

Results are below.

Explanation:

<u>The absorption costing </u>method includes all costs related to production, both fixed and variable. The unit product cost is calculated using direct material, direct labor, and total unitary manufacturing overhead.

<u>The variable costing method</u> incorporates all variable production costs (direct material, direct labor, and variable overhead).

<u>Variable costing income statement:</u>

Total unitary variable production cost= (24 + 16 + 2 + 3)= $45

Sales= 73*51,000= 3,723,000

Total variable cost= 51,000*45= (2,295,000)

Contribution margin= 1,428,000

Fixed manufacturing overhead= (784,000)

Fixed selling and administrative expense= (672,000)

Net operating income= (28,000)

<u>Absorption costing income statement:</u>

Unitary production cost= (24 + 16 + 2) + (784,000/56,000)

Unitary production cost= $56

Sales= 73*51,000= 3,723,000

COGS= 51,000*56= (2,856,000)

Gross profit= 867,000

Total selling and administrative= 672,000 + 3*51,000= (825,000)

Net operating income= 42,000

<u>The difference between both methods is the fixed manufacturing overhead allocated in ending inventory.</u>

6 0
3 years ago
Other questions:
  • A buyer entered into a contract with a seller to purchase the seller's farm. The contract of sale referred to the farm as contai
    13·1 answer
  • Shankar Company uses a perpetual system to record inventory transactions. The company purchases 1,500 units of inventory on acco
    15·1 answer
  • Shanti recently went to a communication workshop to help improve her workplace performance. She learned that in effective commun
    9·1 answer
  • If your organization performs nonroutine tasks in a complex environment and you wanted to empower the managers closest to the en
    10·1 answer
  • The entry to record the payment of a previously declared dividend of $2.00 per share on 21,500 shares of common stock includes a
    11·1 answer
  • During July, the equivalent units of direct materials added to the product worked on by Department A amounted to a total of 90,0
    14·1 answer
  • The unemployment rate of full-employment is also called the rev: 05_30_2018 Multiple Choice cyclical rate of unemployment. poten
    8·1 answer
  • A share of common stock is not a derivative, but an option to buy the stock is a derivative because the value of the option is d
    14·1 answer
  • What is foreign direct investment
    14·1 answer
  • A free market is one where decisions regarding what and how much to produce are made by the market itself. This market is made u
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!