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borishaifa [10]

3 years ago

5

Merchandise paid for within the discount period for a Cash refund was returned. This will be recorded with a A. credit to a liab

ility. B. credit to an
asset. C. debit to a liability. D. debit to an asset.

1 answer:

Gnom [1K]3 years ago

5 0

The answer would be D: debit to an asset. Hoped this helped:)

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At the beginning of the year, Smith Company budgeted overhead of $129,600 as well as 13,500 direct labor hours. During the year,

polet [3.4K]

Answer:

1. 9.60 per hour

2. $11,129

3. Dr Manufacturing overhead 172500

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

4. Over applied overhead= $1,260

5. $634,340

Explanation:

1) Calculation for the overhead rate for the year

Using this formula

Overhead rate = Estimated overhead/Estimated hour

Let plug in the formula

Overhead rate = 129600/13500

Overhead rate = 9.60 per hour

2) Calculation for the total cost of Job K456

Total cost of Job K456

Direct material 2750

Direct labor 5355

Overhead 3024

(5355/17*9.60)

Total cost of Job $11129

3) Preparation of the journal entries to record actual overhead and to apply overhead to production for the year.

Dr Manufacturing overhead 172500

(6800+19340+90400+14560+41400)

Cr Lease payable 6800

Cr Accumulated depreciation-Building 19340

Cr Wages payable 90400

Cr Utilities payable 14560

Cr Account payable 41400

(Being To record actual overhead)

Work in process (18100*9.6) 173760

Manufacturing overhead 173760

(To record applied overhead)

4) Calculation for whether overhead is overapplied or underapplied

Over applied overhead = 173760-172500

Over applied overhead= $1260

5) Calculation for the adjusted cost of goods sold

Adjusted cost of goods sold = 635600-1260

Adjusted cost of goods sold= $634340

8 0

3 years ago

Carmine Inc. is a software firm that caters to the requirements of its clients. At Carmine, work teams have access to all vital

gladu [14]

Answer:

b. employee job satisfaction

Explanation:

Based on the information provided within the question it can be said that the employee-friendly workplace culture is most likely to increase job satisfaction. This term refers to the level at which an individual is happy or content with the job that they are doing as well as what it represents to them. Therefore the information made available helps motivate the employees which increases their mood and contentedness with their job.

6 0

3 years ago

Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018. Common stock—$20 par value, 10

gogolik [260]

Answer:

1. See the attached excel file for the journal entries.

2. Ending balance of retained earning is $346,125

3.Total Stockholder's Equity is $1,616,125

Explanation:

1. Prepare journal entries to record each of these transactions.

Note: See the attached excel file for the journal entries.

The following are tge workings:

w.1: Treasury stock = $5,000 * $20 = $10,000

w.2: Dividend payable = (Issued and outstanding shares - Shares repurchase) * Dividend per share = (60,000 - 5,000) * $4 = 55,000 * $4 = $220,000

w.3: Cash = Number of shares sold * Selling price per share = 1,875 * $24 = $45,000

w.4 = Treasury stock = Number of shares sold * Treasury price per share = 1,875 * $20 = $37,500

w.5: Additional paid in capital = Number of shares sold * (Selling price per share - Treasury price per share) = 1,875 * ($24 - $20) = $7,500

w.6: Cash = Number of shares sold * Selling price per share = 3,125 * $17 = $53,125

w.7 = Treasury stock = Number of shares sold * Treasury price per share = 3,125 * $20 = $62,500

w.8: Balancing figure = Treasury stock (w.7) – Cash (w.7) - Additional paid in capital (w.5) = $62,500 - $53,125 - $7,500 = $1,875

w.9: Dividend payable = (Issued and outstanding shares * Dividend per share = 60,000 * $4 = $240,000

2. Prepare a statement of retained earnings for the year ended December 31, 2019.

Kohler Corporation

Statement of Retained Earnings

On December 31, 2019

<u>Particulars Amount ($) </u>

Opening balance 400,000

Income for the year 408,000

Dividend Paid (220,000 + 240,000) (460,000)

Loss on sale of treasury stock <u> (1,875) </u>

Ending balance <u> 346,125 </u>

3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2019.

Kohler Corporation

Stockholder Equity Section of Balance sheet

At December 31, 2019

<u>Particulars Amount ($)</u>

Common stock issued ($20 * 60,000) 1,200,000

Paid-in capital in excess of par v - c. stock <u> 70,000 </u>

Total contributed Capital 1,270,000

Retained Earnings <u> 346,125 </u>

Total Stockholder's Equity <u> 1,616,125 </u>

3 0

3 years ago

Future Value At age 20 you invest $1,000 that earns 7 percent each year. At age 30 you invest $1,000 that earns 10 percent per y

agasfer [191]

Answer:

In the case of age 30, there will be more money at the age of 60

Explanation:

When person start investing at the age of 20 then total year till 60 years age is = 40 years.

Interest rate (r ) = 7 percent or 0.07.

Investment amount (Present value) = $1000

Now the total amount at the age of 60 years is calculated below.

$Total \ amount = Present \ value (1 + r)^{n} \\= 1000 ( 1 + 0.07 ) ^{40}\\= 14974.4578 \ dollars$

Now calculate the total amount at the age of 60 years when he invest at the age of 30 and earns interest rate 10 percent. Now the number of years is 30.

$Total \ amount = Present \ value (1 + r)^{n} \\= 1000 ( 1 + 0.1 ) ^{30}\\= 17449.4023 \ dollars$

7 0

3 years ago

sergij07 [2.7K]

Answer:

take good notes and ask good questions

Explanation:

why because taking good notes help you go through back again, ask good questions keeps it in ur <em>mind</em><em>.</em><em>.</em><em>.</em><em>.</em>

8 0

2 years ago