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Nimfa-mama [501]
3 years ago
8

Terra Mesa Manufacturing uses a job order cost system to account for its production of specialty patio furniture. On June 30, th

e company had the following balances in its inventory accounts. Raw Materials: $142,630 Work in Pprocess: $612,320 Finished Goods: $744,350 On June 30, the total of all open job order cost sheets would be A :
Business
1 answer:
devlian [24]3 years ago
3 0

Answer:

$612,230

Explanation:

Since in the question it is mentioned that the company used the job order cost system for production of specialty patio furniture

Also there is various balances mentioned in the question

Now the total of all open job order cost is equivalent to the work in process amount i.e. $612,230 and the same is to be considered

Hence, the total is $612,230

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Flo is working on a construction site when she is injured on the job in the collapse of a girder company-made beam. at the time,
Bumek [7]
Injuries during working hours at a construction site leads to several legal consequences. If a person gets injured at working site, he/she can file civil law suit for negligence or product liability.
In the above situation, Flo was not wearing any safety wear while working on the construction site of a Grider company. She can file a product liability suit against the Girder company.
The company can most successfully raise the defense of "negligence". Since Flo was not wearing any safety wear during her working hours, the company can raise the defense of negligence because she knew that working on construction site without wearing safety gears may cause harm to her.
4 0
3 years ago
As of December 31, 2016, Nala Incorporated reported accounts receivable for $275,000 less allowance for doubtful accounts of $27
Rudik [331]

Answer:

a. 1. Debit Accounts receivable $180,000

Credit Sales $180,000

2. Debit cash $125,000

Credit Accounts receivable $125,000

3. Debit Sales return $20,000

Credit $20,000

4. Debit Provision for bad debts expense $35,000

Credit Accounts receivable $35,000

5. Debit Accounts receivable $ $2,500

Credit Provision for bad debts expense $2,500

Debit Cash $2,500

Credit Accounts receivable $2,500

B. Debit Bad debts expense $27,500

Credit provision for bad debt expense $27,500

Explanation:

1. Sale on account will increase the accounts receivable. So we have to debit accounts receivable and credit to sales in the amount of $180,000

2. Collections will decrease the accounts receivable due payments made by the customer. So we have to debit cash and credit accounts receivable by $125,000

3. Sales return is a contra asset account that will decrease the accounts receivable and also the net sales. So we will debit sales return and credit accounts receivable in the amount of $20,000

4. Write offs will decrease the provision for bad debts account as well as the accounts receivable accounts by $35,000

5. Recovery of bad debts previously written off has no effect in accounts receivable but will increase the provision for bad debts due to reversal of entry previously made. First, we will reverse the original written off entry. Debit Accounts receivable and credit provision for bad debts expense in the amount of $2,500. Then we will record the collection by debiting cash and crediting accounts receivable in the amount of $2,500

B. Let’s determine the balance of accounts receivable first,

Beg. $275,000 + 180,000 sale on account - 125,000 collection - 20,000 sales return - 35,000 write-off = $275,000

Therefore, $275,000 x 10% = $27,500

Entry:

Debit Bad debts expense $27,500

Credit provision for bad debts expense $27,500

3 0
3 years ago
Can Transnet raise extra capital for expansion
Butoxors [25]

Answer:

Yes

Explanation:

Enjoy your day. Thanks for the question

6 0
1 year ago
Gabriel applies for a home loan and, mark signs the agreement promising to pay off the debt in case gabriel fails to do so. in t
Gemiola [76]
The answer is letter a, cosigner. Mark is a cosigner is someone who is in charged of the other person's debt when that person he's in signed with wasn't able to meet the requirements or fail to pay or comply. That is why Mark is considered to be a cosigner of Gabriel if Gabriel fails to comply to pay the loan and Mark is in charged to settle it if Gabriel fails to do so.
6 0
3 years ago
Rex loves to work with his hands and is very good at making small figurines. Three years ago, Rex opened Bronze Age Miniatures (
VLD [36.1K]

Solution:

a. $14,900 AR is $6,250

   AP = 14,900 - 6250 = $8650

∴ $8650 * 25% = 2162.5

( 25% = Positive adjustment that is added for 4 years is 25% for an year)

b. $54,800

Sale to the HRU

c. With the help of deferral method for accrual , the amount obtain is follows:

2 mos. $21 for unit  x 600 units

= $25,200

d. $17,496

Sales for Sci-fi convention

e. Will only deduct money i.e. Considered as noncollectable or else expense for schedule c

= $2100

For the accrual method given income at the time of sale

= $233100

f. Costs of goods which are sold

= $159840

g. As $610 airfare in addition with + $165 convention fee also + $222 for lodging +$68 for cab fee+ $164 for meals

= $1229

h. As the earlier payment qualifies comes under the 12-month rule and which is payment liability thus it meets the economic performance test when it pays the insurance company in august

= $5040

i. For depreciation $8450

j. Economic performance for rent expense happens for the rental period

Due to no expenditure has happened , the 12 month rule is inapplicable

Rex may only deduct rent for 11 months it was renting the property ( 11 months * $1710  )

= $18810

K. As the expended immediately = $41,250 ; $41,250 / 180 months = 229

229 * 12 = 2750 other expense for schedule c

L. As $7900 is un-deduct able due to liability which is not constant

Economic preference for the $4200 occurs as AWU provides services

Also BAM may only cut the portion of this extra credit that relates to

December ( 4200 / 12 ) = $350

M. As tax payment liabilities are economic performance and the deduction occurs BAM pay taxes

= $5100

6 0
3 years ago
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