1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Iteru [2.4K]
3 years ago
12

Crawford Corporation incurred the following transactions:1. Purchased raw materials on account $47,000.2. Raw Materials of $44,2

00 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,300 was classified as indirect materials.3. Factory labor costs incurred were $60,100, of which $51,000 pertained to factory wages payable and $9,100 pertained to employer payroll taxes payable.4. Time tickets indicated that $54,400 was direct labor and $5,700 was indirect labor.5. Manufacturing overhead costs incurred on account were $83,600.6. Depreciation on the company's office building was $8,600.7. Manufacturing overhead was applied at the rate of 160% of direct labor cost.8. Goods costing $94,800 were completed and transferred to finished goods9. Finished goods costing $81,800 to manufacture were sold on account for $110,300.Required:Journalize the above transactions.
Business
1 answer:
zubka84 [21]3 years ago
4 0

Answer:

Crawford Corporation

General Ledger

1.

Raw Materials $47,000 (debit)

Account Payable $47,000 (credit)

2.

Work In Process : Direct Materials $36,900 (debit)

Work In Process : Indirect Materials $7,300 (debit)

Raw Materials $44,200 (credit)

3.

Work In Process $51,000 (debit)

Salaries Expenses $9,100 (debit)

Salaries Payable $60,100 (credit)

4.

Work In Process : Direct Labor $54,400 (debit)

Work In Process : Indirect Labor $5,700 (debit)

Salaries Expenses $9,100 (debit)

Salaries Payable $60,100 (credit)

5.

Overheads $83,600 (debit)

Accounts Payable $83,600 (credit)

6.

Depreciation Expense - Building $8,600 (debit)

Accumulated Depreciation - Buildings $8,600 (credit)

7.

Work In Process $87,040 (debit)

Overheads $87,040 (credit)

8.

Finished Goods $94,800 (debit)

Work In Process $94,800 (credit)

9.

Accounts Receivable $110,300 (debit)

Cost of Goods Sold $81,800 (debit)

Sales Revenue $110,300 (credit)

Finished Goods $81,800 (credit)

Explanation:

See the Journal entries for Crawford Corporation and their respective transaction number recorded above.

You might be interested in
Marko, Inc., is considering the purchase of ABC Co. Marko believes that ABC Co. can generate cash flows of $5,700, $10,700, and
vovikov84 [41]

Answer:

Total PV= $26,176.63

Explanation:

Giving the following information:

Cash flow:

Cf1= $5,700

Cf2= $10,700

Cf3= $16,900

<u>To calculate the price of the investment now, we need to use the following formula on each cash flow:</u>

PV= Cf / (1+i)^n

PV1= 5,700/1.11= 5,135.14

PV2= 10,700/1.11^2= 8,684.36

PV3= 16,900/1.11^3= 12,357.13

Total PV= $26,176.63

7 0
2 years ago
What does the term "judgment-proof" imply about a debtor? A. He/she has defaulted on a mortgage B. He/she has not property subje
Ierofanga [76]

Answer:

He/She has no property subject to execution.

Explanation:

It is description of a person who doesn't have the assets for the creditor to seize when the court order requires the debt repayment. A broke and unemployed person is judgement proof. The debtor having few legally protected assets and income is also judgement proof. Judgment proof is also called the collection proof and is not permanent. The judgement are valid for many years, the creditors continue to collect whatever the judgement allows even after they have won a lawsuit against a delinquent customer.

8 0
2 years ago
Zhang company reported cost of goods sold of $841,000, beginning inventory of $38,400 and ending inventory of $46,900. the avera
Hunter-Best [27]

Zhang company suggested price of goods bought of $841,000, establishing inventory of $38,400 and ending inventory of $46,900. the common stock amount is $42560.

Average stock is the average amount or price of your stock over two or more accounting periods. It is the mean cost of inventory over a given quantity of time. That price may additionally or may additionally now not equal the median fee derived from the identical data.

<h3>What is the average inventory level?</h3>

The average inventory degree refers to the number of units, now not the monetary fee of these units. Determining average stock degree is simpler than identifying the average inventory cost. There's one less calculation: you do the identical thing, however assign no value to products. You're simply averaging their quantity.

Learn more about average inventory amount here:

<h3>brainly.com/question/4522984</h3><h3 /><h3>#SPJ4</h3>

4 0
1 year ago
You've collected the following information about a company: Assets Liabilities and Equity Cash 13,000 Accounts payable 16,000 Ma
professor190 [17]

Answer:

The answer is "$228,000"

Explanation:

Formula:

\text{Total Assets = Current Assets + Fixed Assets}

                    = [\$ 13,000 + \$ 2,000 + \$ 4,000 + \$ 95,000] + [\$ 34,000 + \$ 80,000]\\\\= [\$ 114,000] + [\$ 114,000]\\\\= \$ 228,000

8 0
3 years ago
You are using earned value analysis to track your project's progress. In your project, earned value is higher than planned value
Inessa [10]

In your project, the earned value is greater than the planned value. This means the project is ahead of schedule and under budget.

<h3>What is project management?</h3>

It is the set of strategies and methods used by the project leader so that all stages of the project occur as planned, that is, techniques for achieving the project objectives, reducing negative risks and using the stipulated budget and schedule.

Therefore, it is essential that the project manager is monitoring all stages of the project, reducing unnecessary costs and integrating the team to increase productivity and meet the schedule.

Find out more about project management here:

brainly.com/question/6500846

#SPJ1

5 0
2 years ago
Other questions:
  • In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will
    10·1 answer
  • _____ is a rater error in which a rater gives high ratings to all employees regardless of their performance.
    7·1 answer
  • What do most real estate agents represent?
    8·1 answer
  • A company purchased a computer, office furniture, and office supplies by issuing a check for $5,000 and a note payable for $19,5
    10·1 answer
  • Which of the following funds of a governmental unit uses the same basis of accounting as an enterprise fund?
    10·1 answer
  • On July 1, 2019, Sunland Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $10,000 salva
    10·1 answer
  • What is a mortgage?
    12·2 answers
  • Specific statements detailing what the organization intends to accomplish over a short period of time are call
    9·1 answer
  • Suppose that, in year 1, an economy produces 100 golf balls that sell for $3 each and 75 pizzas that sell for $8 each. The next
    5·1 answer
  • On July 15, 2021, M.W. Morgan Distribution sold land for $41.0 million that it had purchased in 2016 for $26.0 million.
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!