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aalyn [17]
3 years ago
9

Arona Corporation manufactures canoes in two departments, Fabrication and Waterproofing. In the Fabrication Department, fibergla

ss panels are attached to a canoe- shaped aluminum frame. The canoes are then transferred to the Waterproofing department to be coated with sealant. Arona uses a weighted-average process cost system to collect costs in both departments. All materials in the Fabrication Department are added at the beginning of the production process. On July 1, the Fabrication Department had 30 canoes in process that were 20% complete with respect to conversion cost. On July 31, Fabrication had 20 canoes in process that were 40% complete with respect to conversion cost. During July, the Fabrication Department completed 70 canoes and transferred them to the Waterproofing Department. What journal entry should Arona make to record the completion of the production process by the Waterproofing Department?
Business
1 answer:
nata0808 [166]3 years ago
5 0

Answer:

Arona Corporation

Journal Entry:

Debit Finished Goods Inventory $

Credit Work in Process - Waterproofing Department $

To transfer 70 canoes to the finished goods inventory.

Explanation:

Arona Corporation makes this entry to transfer 70 canoes to the finished goods inventory account in order to record the completion of the production process by the Waterproofing Department.  The Work in Process of the Waterproofing Department is credited with the value of 70 canoes multiplied by their unit costs.  Then the Finished Goods Inventory is debited to record the transfer.  These entries show that the Waterproofing Department is not indebted to the organization having completed its assignment.

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Question Completion:

Cash                         $ 4,600

Accounts receivable   4,000

Supplies                      2,400  

Equipment               26,000

Total assets          $37,000

Notes payable       $12,000

Accounts payable        500

Service revenue       7,500

Supplies expense    1,000  

Maintenance and repairs expense  600

Advertising expense  400  

Utilities expense  300

Salaries and wages expense  1,400

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In June, the company issues no additional stock but paid dividends of $1,400.

Prepare an income statement, retained earnings statement, and balance sheet.

Check figures:

·         Net income is $3,800.

·         Total assets are $37,000.

·         Total liabilities are $12,500.

Answer:

Elite Service Co.

a) Income Statement for the month of June 30, 2022:

Service revenue                                         $7,500

Supplies expense                           $1,000  

Maintenance and repairs expense    600

Advertising expense                          400  

Utilities expense                                300

Salaries and wages expense         1,400   3,700

Net Income                                              $3,800

b) Retained Earnings Statement for the month of June 30, 2022:

Net Income                     $3,800

Dividends paid                  1,400

Retained Earnings         $2,400

c) Balance Sheet as of June 30, 2022:

Cash                                   $ 4,600

Accounts receivable             4,000

Supplies                                2,400  

Equipment                         26,000

Total assets                    $37,000

Notes payable                 $12,000

Accounts payable                  500

Total liabilities                $12,500

Common stock                 22,100

Retained Earnings          $2,400

Total liabilities + Equity $37,000

Explanation:

Data and Calculations:

Cash                         $ 4,600

Accounts receivable   4,000

Supplies                      2,400  

Equipment               26,000

Total assets          $37,000

Notes payable       $12,000

Accounts payable        500

Common stock       22,100

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