Answer:
Received investment of cash by organizers and distributed to them 1,000 shares of $1 par value common stock with a market price of $40 per share
Dr. Cr.
Cash $40,000
Common stock @ 1 $1,000
Add-In capital Common Stock $39,000
Purchased $15,000 of equipment, paying $3,000 in cash and owing the rest on accounts payable to the manufacturer
Dr. Cr.
Equipment $15,000
Cash $3,000
Account Payable $12,000
Borrowed $10,000 cash from a bank
Dr. Cr.
Cash $10,000
Bank Loan $10,000
Loaned $800 to an employee who signed a note.
Dr. Cr.
Note Receivable $800
Cash $800
Purchased $13,000 of land paid $4,000 in cash and signed a mortgage note for the balance
Dr. Cr.
Land $13,000
Cash $4,000
Mortgage Note Payable $9,000
Answer:
Kingbird Company
a. The amount of Net Sales = $5,040.
b. The amount of the estimated liability for refunds = $180
Explanation:
a) Data and Calculations:
Units of products sold to Logan Inc. = 290
Selling price = $18
Sales revenue = $5,220 ($18 * 290)
Cost of each unit = $11
Expected returns = 10/290 = 0.03448
Net sales = $5,220 * (1 - 0.03448)
= $5,040
Estimated liability for refunds = $180 ($5,220 - $5,040)
<span>The summer solstice is the day of the year when the sun is the farthest north, over the Tropic of Cancer, 23.44 degrees (or 23 degrees 26 minutes) north of the equator.
On that day, all locations north of the Arctic Circle experience 24 hours of daylight.</span>
Answer:
Direct Labor Equivalent unit cost : $5,415463
Explanation:
![\left[\begin{array}{ccccc}\\ &$Units to be assigned costs:&&Equivalent Units&\\&&$Whole Units&Materials&Conversion\\&$Beginning&35000&35000&17500\\&$Started and completed&71000&71000&71000\\&$transferred&106000&106000&106000\\&$ending&39000&39000&11700\\&$Total units to be assigned costs&145000&145000&117700\\\end{array}\right]](https://tex.z-dn.net/?f=%5Cleft%5B%5Cbegin%7Barray%7D%7Bccccc%7D%5C%5C%09%26%24Units%20to%20be%20assigned%20costs%3A%26%26Equivalent%20Units%26%5C%5C%26%26%24Whole%20Units%26Materials%26Conversion%5C%5C%26%24Beginning%2635000%2635000%2617500%5C%5C%26%24Started%20and%20completed%2671000%2671000%2671000%5C%5C%26%24transferred%26106000%26106000%26106000%5C%5C%26%24ending%2639000%2639000%2611700%5C%5C%26%24Total%20units%20to%20be%20assigned%20costs%26145000%26145000%26117700%5C%5C%5Cend%7Barray%7D%5Cright%5D)
<u><em>Transferred units:</em></u>
beginning + started - ending = transferred
35,000 + 71,000 - 39,000 = 71,000
Labor cost: 581,000 + 56,400 = 637,400
equivalent units for conversion: 117,700
(trasnferrred + percentage of completion ending WIP)
<em><u>Equivalent unit cost:</u></em>
637,400 / 117,700 = 5,415463
