R. Ltd. issued 8,000, 13% Debentures of 100 each at a discount of 5%

Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual i

fgiga [73]

Answer and Explanation:

The Journal entry is shown below:-

1. Inventory Dr, $1,800

To accounts payable $1,800

(Being purchase of calculators on account is recorded)

2. Inventory Dr, $50

To cash $50

(Being inventory is recorded)

3. Accounts payable Dr, $51

To inventory $51

(Being return of calculators is recorded)

4. Accounts Receivable $670

To Sales revenue $670

(Being sales revenue is recorded)

5. Cost of Goods Sold Dr, $460

To Inventory $$460

(Being cost of goods sold is recorded)

6. Sales returns Dr, $40

To Accounts receivable $40

(Being goods returned by customer is recorded)

7. Inventory Dr, $28

To Cost of Goods Sold $28

(Being cost of goods sold returned is recorded)

8. Cost of Goods Sold Dr, $780

To Sales revenue $780

(Being cost of goods sold is recorded)

9. Cost of Goods Sold Dr, $560

To inventory $560

(Being cost of goods sold is recorded)

8 0

3 years ago

ACME Confetti Corporation needs to finance $20 million for a plant expansion building project. They've decided to issue common s

Law Incorporation [45]

Answer:

Option (C) is correct.

Explanation:

The required proceeds:

= Amount need to be finance ÷ (1 - 7%)

= $20 million ÷ (1 - 0.07)

= $215,05,376.34 (approx)

Hence, the number of shares needed to be issued:

= required proceeds ÷ Issue price per share

= $215,05,376.34 ÷ $50 per share

= 430,108 shares (approx)

Therefore, 430,108 shares they need to issue to cover the cost of the project plus all floatation costs.

6 0

3 years ago

[The following information applies to the questions displayed below.]

makvit [3.9K]

Answer:

A. Dr Raw meat Inventory 120,000

Cr Cash 120,000

B. Dr Indirect Materials $186,000

Cr Raw Materials $186,000

C. Dr Direct Materials $15,000

Cr Raw Materials $15,000

Explanation:

Preparation for the journal entries for the above transactions for the month of May.

Dr Raw meat Inventory 120,000

Cr Cash 120,000

(Being to record Raw materials purchases for cash)

B. Dr Indirect Materials $186,000

Cr Raw Materials $186,000

($201,000 - 15,000)

C. Dr Direct Materials $15,000

Cr Raw Materials $15,000

8 0

2 years ago

PLEASE HELP ME URGENT

Irina-Kira [14]

The answer is C, good luck!

4 0

2 years ago

Read 2 more answers

8. Hayward Industries manufactures dining chairs and tables. The following information is available: Dining ChairsTablesTotal Co

Contact [7]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

Dining Chairs - Tables - Total cost

Machine setups: 200 - 600 - $48,000

Inspections: 250 - 470 - $72,000

Labor hours: 2,600 - 2,400

A) A single overhead rate:

To calculate the estimated manufacturing overhead rate we need to use the following formula:

Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Estimated manufacturing overhead rate= (48,000 + 72,000) / (2,600 + 2,400)= $24 per direct labor hour

Now, we can allocate overhead based on direct labor hours:

Allocated MOH= Estimated manufacturing overhead rate* Actual amount of allocation base

Dining Chairs:

Allocated MOH= 24*2,600= $62,400

Tables:

Allocated MOH= 24*2,400= $57,600

B) We have to calculate an overhead rate for each activity cost pool.

<u>Overhead rate:</u>

Machine setups:

Estimated manufacturing overhead rate= 48,000/800= $60 per machine hour set up

Inspections:

Estimated manufacturing overhead rate= 72,000/ 720= $100 per inspection

Based on the overhead rate, we can allocate overhead to each product.

Dining chairs:

Allocated MOH= 60* 200 + 100*250= $37,000

Tables:

Allocated MOH= 60*600 + 100*470= $83,000

C) We can conclude that activity cost allocation is more accurate than using a single rate plant-wide. We can allocate costs more efficiently.

7 0

3 years ago