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Alex73 [517]
3 years ago
15

Larned Corporation recorded the following transactions for the just completed month. $80,000 in raw materials were purchased on

account. $71,000 in raw materials were requisitioned for use in production. Of this amount, $62,000 was for direct materials and the remainder was for indirect materials. Total labor wages of $112,000 were incurred. Of this amount, $101,000 was for direct labor and the remainder was for indirect labor. Additional manufacturing overhead costs of $175,000 were incurred.Prepare journal entries for above transactions.
Business
1 answer:
sesenic [268]3 years ago
5 0

Answer and Explanation:

The Journal entry is shown below:-

a. Raw material Dr, $80,000

                To Account payable $80,000

(Being purchase of raw material is recorded)

Here we debited the raw material as it increased the assets and we credited the accounts payable as  it also increased the liabilities

b. Work in process Dr, $62,000

   Manufacturing overhead Dr $9000

           To Raw material $71,000

(Being raw material used is recorded)

Here we debited the work in progress ,  the manufacturing overhead as it increased the assets and expenses and credited the raw material as  it decreased the assets

c. Work in process Dr, $101,000

   Manufacturing overhead Dr, $11,000

                       To Cash $112,000

(Being paid to labor is recorded)

Here we debited the work in progress ,  the manufacturing overhead as it increased the assets and expenses and credited the cash as  it decreased the assets

d. Manufacturing overhead Dr, $175,000

          To Accumulated depreciation-Equipment $175,000

(Being manufacturing overhead is recorded)

Here we debited the manufacturing overhead as it increased the expenses and we credited the accumulated depreciation of depreciation as it reduced the assets

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An analysis and aging of the accounts receivable of Hugh Company at December 31 revealed the following data: Accounts Receivable
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Answer:

$844,000

Explanation:

Given that,

Accounts Receivable = $900,000

Credit balance of Allowance for Doubtful Accounts per books before adjustment = $50,000

Expected amount of uncollectible = $56,000

Bad debt expense at the end of the period is determined by subtracting the credit balance of allowance for doubtful accounts from the expected amount of uncollectible.

Bad debt expense:

= Expected amount of uncollectible - Credit balance

= $56,000 - $50,000

= $6,000

At the end of the period, the allowance for doubtful accounts has a balance of $56,000 that are to be uncollectible.

The cash realizable value of the accounts receivable at December 31, after adjustment, is determined by simply subtracting the Allowance for doubtful accounts  from the accounts receivable. It is calculated as follows:

= Accounts Receivable - Allowance for doubtful accounts

= $900,000 - $56,000

= $844,000

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3 years ago
What is the difference between legitimate and illegitimate compulsion for enrique dussel? Does he consider both to be violence?
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3 years ago
Your Competitive Intelligence team reports that a wave of product liability lawsuits is likely to cause Digby to pull the produc
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Answer:

The total capacity of the market in core products less the Digby's Deft is 10860 thousand units.

Explanation:

In order to completely answer the question, the complete question is found online. This question was missing some table attachments which are attached with it.

From the table, it is first noted that the core products are listed which are as below:

  1. Axe
  2. Bolt
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  5. Dim

Now as mentioned in the question, deft is to be ignored so the remaining options are:

  1. Axe
  2. Bolt
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Axe=2050

Bolt=1040

Buzz=1040

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2 years ago
Jiminez, Inc., had the following transactions during the month of March, current year. Prepare an income statement based on this
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Question Completion:

Cash received from bank loans was $10,000.

Revenues earned and received in cash were $9,000.

Dividends of $4,000 were paid to stockholders.

Expenses incurred and paid were $5,600.

Answer:

Jiminez, Inc.

Income Statement for the month ended March 31:

Revenue                                          $9,000

Expenses                                           5,600

Net income                                      $3,400

Dividends                                          4,000

Retained earnings during the year ($600)

Explanation:

Jiminez, Inc. paid more dividends to stockholders this month than it actually generated in net income.  The excess amount of dividends must be from retained earnings carried forward from the previous month.  In preparing the income statement for the month of March, Jiminez, Inc. must deduct all the expenses from its revenue to obtain the net income before tax.  The bank loan does not form part of the items for the preparation of the income statement, as only temporary accounts are considered.

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