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3 years ago

On April 1, Sangvikar Company had the following balances in its inventory accounts:

Business

1 answer:

noname [10]3 years ago

4 0

Answer:

DR Raw Material Inventory $30,000

CR Accounts Payable $30,000

DR Work in Process Inventory $33,900

CR Raw Material Inventory $33,900

Working

= Job 114 + Job 115 + Job 116

= 16,500 + 12,400 + 5,000 = $33,900

DR Work in Process $‭7,430‬

CR Wages Payable $‭7,430‬

Working

= (150 * 15) + (220 * 17) + (80 * 18)

= $‭7,430‬

DR Work in Process $‭4,458‬

CR Manufacturing Overhead $‭4,458‬

Working

Overhead as % of Direct labor cost using Job 115 = Applied Overhead / Direct labor = 936/1,560 = 60%

Manufacturing Overhead = Overhead rate * Direct labor

= 60% * 7,430 = $‭4,458‬

DR Manufacturing Overhead $4,765

CR Accounts Payable $4,765

DR Finished Goods $‭23,520‬

CR Work in Process $‭23,520‬

Job 115 costs = Beginning + Material + Labor + Overhead

= (2,640 + 1,560 + 936) + 12,400 + (220 * 17) + (220 * 17 * 60%)

= $‭23,520‬

DR Cost of Goods sold $‭23,520‬

CR Finished Goods $‭23,520‬

DR Accounts Receivable $‭32,928‬

CR Cost of Goods sold $‭32,928‬

Working

= ‭23,520‬ * 140%

= $‭32,928‬

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Answer: $26; $28.057

Explanation:

Total value = $260 million in assets

Shares outstanding = 10 million

Dividends = $2.5 million

Fund value at the start of the year = $\frac{Total\ value}{No.\ of\ shares\ outstanding}$

= $\frac{260}{10}$

= $26

Fund value at the end of the year:

Dividend per share = $\frac{Dividends}{No\ of\ shares}$

= $\frac{2.5}{10}$

= $0.25

Price gain at 9% with deduction of 1% of 12b-1

Fund value at the end of the year = $26 × 1.09 × (1 - 0.01)

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3 years ago

When the accounts of Sunland Inc. are examined, the adjusting data listed below are available on December 31, the end of the ann

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Answer:

Sunland Inc.

Adjusting Journal Entries:

Account Titles and Explanation Debit Credit

Interest Expense $1,152

Interest Payable $1,152

To record accrued interest for 8 months.

Rent Revenue $2,600

Deferred Revenue $2,600

To record deferred rent revenue for 2 months.

Supplies Expense $1,570

Supplies $1,570

To record supplies expense for the period.

Explanation:

a) Data and Calculations:

1. Interest Expense $1,152 Interest Payable $1,152 ( $28,800 * 6% * 8/12)

2. Rent Revenue $2,600 Deferred Revenue $2,600 ($7,800 * 2/6)

3. Supplies Expense $1,570 Supplies $1,570 ($2,110 - $540)

b) The above adjusting journal entries are made in order to reverse the earlier entries made. The purpose is to bring the accounts in line with the accrual concept and the matching principle of generally accepted accounting principles. These require that expenses and revenues for the period are matched and recognized whether or not cash is exchanged.

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3 years ago

Bill's employer offers a new health insurance benefit that covers preventive and cosmetic dental services, including orthodontic

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The given statement is FALSE.

Explanation:

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4 years ago

The before-tax income for Culver Co. for 2017 was $101,000 and $84,100 for 2018. However, the accountant noted that the followin

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Answer:

Corrected income before tax year 2017 = $65,690

Corrected income before tax year 2018 = $102,467

Explanation:

According to the scenario, computation of the given data are as follow:-

Particular Year 2017 ($) Year 2018 ($)

Income before tax 101,000 84,100

Corrections

1. In 2017, unearned sales -36,200

Sales added in 2018 36,200

2. In 2017, understated ending inventory 9,500

In 2018, overstated opening inventory -9,500

3. Add-wrongly charged interest expenses 13,800 13,800

Less-actual interest expenses

In 2017 ($230,000-$14,000)×7%=$216,000×7% -15,120

In 2018, bond of carrying amount

=$216,000+($15,120-$13,800)=$217,320

In 2018, Actual interest expense=($217,320×7%) -15,212

4 Add-wrongly charged depreciation expenses

In 2017=($8,100×10%) 810

In 2018,=($8,100-$810)×10%+$8,500×10% = 1,579

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4 years ago

In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data.

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Sunland Company

Multi Step Income Statement

For the Year Ended December 31, 2022

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Less: Cost of goods sold ($ 1,257,000)

Gross margin / Profit $ 943,000

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Income from operations $ 221,000

Other revenues and gains:

Interest revenue $ 35,000

Other expenses ans losses:

Interest expense ($ 72,000)

Loss on disposal of plant assets ($ 18,000) ($ 90,000)

Income before income taxes $ 166,000

Income taxes expenses ($ 46,000)

Net income $ 120,000

Sunland Company

Comprehensive Income Statement

For the Year Ended December 31, 2022

Net income $ 120,000

Add: Other comprehensive income $ 8,400

Comprehensive income $ 128,400

Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization. This number appears on a company's income statement and is also an indicator of a company's profitability.

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2 years ago