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S_A_V [24]
2 years ago
6

Zang Co. manufacturs its products in a continuous process involving two departments, Machining and Assembly. The following trans

actions are related to production during June:
(a) Materials purchased (on June 1) on account, $180,000.
(b) Materials requisitioned by: Machining, $73,000 direct and $9,000 indirect materials; Assembly, $4,900 indirect materials.
(c) Direct labor used by Machining, $23,000; Assembly, $47,000.
(d) Depreciation expenses: Machining, $4,500; Assembly, $7,800.
(e) Factory overhead applied: Machining, $9,700; Assembly, $11,300.
(f) Machining Department transferred $98,300 to Assembly Department; Assembly Department transferred $83,400 to finished goods.
(g) Sold goods on account, $100,000; cost of goods sold, $68,000.
Business
1 answer:
Zigmanuir [339]2 years ago
4 0

Answer and Explanation:

The Journal entry is shown below:-

1. Material Inventory Dr, $180,000

      To Accounts Payable  $180,000

(Being Material Purchased on account is recorded)

2. WIP Machining Dept. Dr, $73,000

Manufacturing Overheads Machining Dept.  Dr, $9,000

Manufacturing Overheads Assembly Dept.  Dr, $4,900

        To Material Inventory $86,900

(Being Material issued to departments is recorded)

3. WIP Machining Dept.  Dr, $23,000

WIP Assembly Dept.  Dr, $47,000

        To Wages Payable  $70,000

(Being Direct Labor used is recorded)

4. Manufacturing Overheads Machining Dept.  Dr, $4,500

Manufacturing Overheads Assembly Dept.  Dr, $7,800

        To Depreciation Expense  $12,300

(Being Depreciation allocated is recorded)

5. WIP Machining Dept.  Dr, $9,700

WIP Assembly Dept.  Dr, $11,300

      To Man. Overheads Machining Dept. $9,700

       To Man. Overheads Assembly Dept.  $11,300

(Being Factory overheads applied is recorded)

6. WIP Assembly Dept. Dr, $98,300

      To WIP Machining Dept.  $98,300

(Being WIP Transferred is recorded)

7. Finished Goods Inventory  Dr, $83,400

        To WIP Assembly Dept.  $83,400

(Being Finished goods transferred is recorded)

8. Accounts Receivables  Dr, $100,000

      To Sales  $100,000

(Being Goods sold on account is recorded)

9. Cost of Goods sold  Dr, $68,000

          To Finished Goods Inventory  $68,000

(Being Goods sold is recorded)

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A company with 110,000 authorized shares of $8 par common stock issued 49,000 shares at $13. Subsequently, the company declared
Jet001 [13]

Answer:

$29,400

Explanation:

The company will distribute dividends only to outstanding shares, since the number of outstanding shares is not specified, we should assume that all the 49,000 shares issued are outstanding shares. The company declared a 2% dividend, so we must multiply the current value of the stock times 2% = $30 x 2% = $0.60 per share.

The total amount distributed was 49,000 outstanding shares x $0.60 per share = $29,400

8 0
3 years ago
Christina purchased 500 shares of stock at a price of $62.30 a share and sold the shares for $64.25 each. She also received $738
Gnesinka [82]

Answer:

1.60 percent

Explanation:

exact real rate of return on this investment = interest rate - inflation rate

total revenue gotten by Christina = ( 500 × $ 64.25) + $ 738 = $ 32863

total money invested = 500 × $ 62.30 = $ 31150

her profit =  $ 32863 - $ 31150  = $ 1713

interest =  $ 1713 / $ 31150 = 0.054992 × 100 = 5.4992 %

exact interest rate = 5.4992 %  - 3.9% = 1.5992 approx 1.60 percent

6 0
2 years ago
A homeowner has a mortgage balance of $149,570.75. If the interest rate on the loan is 9.5% and the monthly payment is $1,303.55
nalin [4]

Answer:

Principal balance at the end of year 2 = 149,330.9079

Explanation:

Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.

We will use the following relationships:

Interest paid = Interest rate × loan balance

Principal paid = Monthly installment - Interest paid

Principal balance= loan balance - principal paid

Year 1

Interest paid    =    9.5%/12 × 149,570.75 =   1,184.101          

Principal paid in year 1 = 1,303.55 -  1,184.101  = 119.448

Principal balance =  149,570.75 - 119.448= 149,451.3018

Year 2

Interest paid = interest rate × loan balance in year 1 = 1183.156

Interest paid = 9.5%/12 × 149,451.3018 = 1183.156

Principal paid = 1,303.55 - 1183.156139  = 120.393

Principal balance at the end of year 2= Principal balance in year 1 - Principal paid in  year 2

= 149,451.3018  - 120.393861  = 149330.9079

Principal balance at the end of year 2 = 149,330.90

8 0
3 years ago
Managing Financial Information<br> Project: Analyzing Consumer Protections Active
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Answer:

you want me to do a whole project?!

Explanation:

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3 years ago
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Answer: It is A. Accounts Receivable.

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