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WINSTONCH [101]
2 years ago
8

A company budgeted unit sales of 204,000 units for January, 2017 and 240,000 units for February 2017. The company has a policy o

f having an inventory of units on hand at the end of each month equal to 30% of next month's budgeted unit sales. If there were 61,200 units of inventory on hand on December 31, 2016, how many units should be produced in January, 2017 in order for the company to meet its goals? 214,800 units 204,000 units 193,200 units 276,000 units
Business
1 answer:
tatuchka [14]2 years ago
4 0

Answer:

214,800 units should be produced in January, 2017 in order for the company to meet its goals

Explanation:

Prepare a Production Budget for January 2017 as follows ;

                                                                                 January

Budgeted Sales                                                      204,000

Add Budgeted Closing Stock(240,000×30%)        72,000

Total Production Needed                                       276,000

Less Budgeted Opening Inventory (December)   (61,200)

Budgeted Production                                              214,800

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The Waltham System
erastovalidia [21]

Answer:

Option A                

Explanation:

The Waltham-Lowell method was a labor and manufacturing paradigm implemented in the U.s during the growth of the textile industry, especially in New England, in the broader context of the initial 19th century rapid growth of the Industrialisation.

The program utilized regional labor, sometimes linked to as mill girls, who went from small towns to the fresh textile facilities to make more money than they might at home to live an educated life in "the town." Their lives were very structured-they lived in boarding houses for the corporation and were carried to stringent hours and a value system.

8 0
3 years ago
The unadjusted trial balance of PS Music as of July 31, 2016, along with the adjustment data for the two months ended July 31, 2
Masja [62]

Answer:

PS Music

1. End of Period Spreadsheet

13 Income Summary (Temporary accounts)

14 Fees Earned                      21,200.00

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

Statement of Retained Earnings (Temporary accounts)

11 Retained Earnings

12 Dividends                       1,750.00

Balance Sheet (Permanent accounts)

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings

2. PS Music

Income Statement for the year ended July 31, 2016

14 Fees Earned                                        $21,200.00

15 Wages Expense               $2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00   $16,245.00

Net income                                             $4,955.00

Statement of Retained Earnings for the year ended July 31, 2016

11 Retained Earnings

Net income                      $4,955.00

12 Dividends                       1,750.00

Retained Earnings          $3,205.00

Balance Sheet as of July 31, 2016

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

Current assets                                            $16,845.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation       (50.00)    $7,450.00

Total assets                                               $24,295.00

Liabilities

7 Accounts Payable                8,350.00

8 Wages Payable                        140.00

9 Unearned Revenue            3,600.00   $12,090.00

10 Common Stock                 9,000.00

11 Retained Earnings             3,205.00    $12,275.00

Total liabilities and equity                       $24,295.00

3. A. Closing Journal Entries:

14 Debit Fees Earned $21,200.00

13 Credit Income Summary $21,200.00

To close the Fees Earned to Income Summary.

13 Debit Income Summary $16,245.00

Credit:

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense               925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

To close the expenses to the Income Summary.

13 Debit Income Summary $4,955.00

11 Credit Retained Earnings $4,955.00

To close the net income to retained earnings.

11 Debit Retained Earnings $1,750.00

12 Credit Dividends $1,750.00

To close the dividends to retained earnings.

B. Posting the closing entries:

14 Fees Earned

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                                    21,200.00

Income Summary                 21,200.00

15 Wages Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   2,940.00

Income Summary                                       2,940.00

16 Office Rent Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   2,550.00

Income Summary                                       2,550.00

17 Equipment Rent  Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,375.00

Income Summary                                       1,375.00

18 Utilities Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,215.00

Income Summary                                       1,215.00

19 Music Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   3,610.00

Income Summary                                       3,610.00

20 Advertising Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,500.00

Income Summary                                       1,500.00

21 Supplies Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                       925.00

Income Summary                                        925.00

22 Insurance Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                      225.00

Income Summary                                       225.00

23 Depreciation Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                         50.00

Income Summary                                       50.00

24 Miscellaneous Expense

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                     1,855.00

Income Summary                                      1,855.00

11 Retained Earnings

ACCOUNT TITLE                         DEBIT    CREDIT

Income Summary                                    4,955.00

Dividends                                 1,750.00

Balance                                   3,205.00

12 Dividends

ACCOUNT TITLE                         DEBIT    CREDIT

Balance                                   1,750.00

11 Retained Earnings                               1,750.00

4. Post-Closing Trial Balance

August 1, 2016

ACCOUNT TITLE                         DEBIT    CREDIT

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings                               3,205.00

Total                                    24,345.00 24,345.00

Explanation:

a) Data and Calculations:

PS Music

ADJUSTED TRIAL BALANCE

July 31, 2016

ACCOUNT TITLE                         DEBIT    CREDIT

1 Cash                                       9,945.00

2 Accounts Receivable            4,150.00

3 Supplies                                   275.00

4 Prepaid Insurance                2,475.00

5 Office Equipment                 7,500.00

6 Accumulated Depreciation

-Office Equipment                                          50.00

7 Accounts Payable                                  8,350.00

8 Wages Payable                                          140.00

9 Unearned Revenue                              3,600.00

10 Common Stock                                   9,000.00

11 Retained Earnings

12 Dividends                            1,750.00

13 Income Summary

14 Fees Earned                                     21,200.00

15 Wages Expense                 2,940.00

16 Office Rent Expense         2,550.00

17 Equipment Rent  Expense  1,375.00

18 Utilities Expense                 1,215.00

19 Music Expense                  3,610.00

20 Advertising Expense       1,500.00

21 Supplies Expense              925.00

22 Insurance Expense           225.00

23 Depreciation Expense        50.00

24 Miscellaneous Expense 1,855.00

25 Totals                           42,340.00 42,340.00

4 0
3 years ago
Spartan Corporation estimates that it will incur $200,000 of total manufacturing overhead cost at an estimated activity level of
bagirrra123 [75]

Answer:

Applied manufacturing overhead is $4,000

Explanation:

Given,

Total manufacturing overhead = $200,000

Activity level = 10,000 DLH

Predetermined overhead rate = \frac{Manufacturing\ overhead\ cost}{Activity\ level}

=\frac{200,000}{10,000}

=$20

Manufacturing overhead applied = predetermined rate × time required

                                                       = 20 × 200

                                                       = $4,000

Therefore, manufacturing overhead of $4,000 is applied to the job.

3 0
3 years ago
How old can you be to get your license?<br>A) 16<br>B) 18<br>C) 19 ​
jekas [21]

Answer: 18

Explanation: Legal age to drive

7 0
3 years ago
Read 2 more answers
T. Hillcrest Co. sold $500 of merchandise on a bank credit card with a 5% fee. The entry to record this sales transaction would
Rufina [12.5K]

Answer:

Cash for $475 and Credit Card Expense for $25

Explanation:

Cash for $475 and Credit Card Expense for $25

8 0
2 years ago
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