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
Digiron [165]
3 years ago
10

In January, Knox Company requisitions raw materials for production as follows: Job 1 $936, Job 2 $1,690, Job 3 $767, and general

factory use $667.
Prepare a summary journal entry to record raw materials used:

DEBIT CREDIT
Work in Process Inventory
Jan 31. Manufacturing Overhead
Raw Materials Inventory
Business
1 answer:
oksano4ka [1.4K]3 years ago
5 0

Answer:

Materials used in production go to Work in Process so;

= 936 + 1,690 + 767

= $3,393

The materials used in the general factory will go to Manufacturing Overhead.

Date                                                                         Debit                   Credit

Jan 31   Work in Process                                     $3,393

             Manufacturing Overhead                      $   667

             Raw Materials Inventory                                                    $4,060

You might be interested in
The All-Mine Corporation is deciding whether to invest in a new one-year project. The project would have to be financed by equit
Lerok [7]

A. NPV of the project

NPV = -2000 + 2500/(1.15) = $173.91

B. Value of the firm and its debt and equity components before and after the project addition.

Determine expected cash flows before the project.

($3,000 + $3,000 + $1,000)/3)/1.15 = $2,333.33/1.15 = $2,028.99

($1,500 + $0 + $0)/3)/1.15 = $500/1.15=$434.78

Determine value with project.

($3,000 + $3,000 + $3,000)/3)/1.15 =$3,000/1.15 = $2,608.70

($4,000 + $2,500 + $500)/3)/1.15 = $2,333.33/1.15=$2,028.99

C. The company should not take the project because the NPV does not go to equity but to bond holders.

5 0
3 years ago
Question 7
elena-14-01-66 [18.8K]

Today's share price for CCN is $16.67

Today's share price for CCN can be determined using the Gordon constant dividend growth model

The Gordon growth model is used to determine the value of the share of a firm using the value of its dividend with the assumption that the firm grows at a constant rate.

The formula of the Gordon constant dividend growth model :  

price = d1 / (r - g)

d1 = next dividend to be paid = $0.50

r = cost of equity = 12%

g = growth rate = 9%

0.50 / (12% - 9%)

0.50 / 3%

0.50 / 0.03

= $16.67

A similar question was answered here: brainly.com/question/15023105?referrer=searchResults

6 0
2 years ago
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credi
Karo-lina-s [1.5K]

Answer:

Halifax Manufacturing

a. Record the actual sales return of merchandise sold prior to 2021.

Debit Refund Liability $328,000

Credit Accounts Receivable $328,000

To record actual returns for sales prior to 2021.

1b. Record the cost of merchandise returned for goods sold prior to 2021.

Debit Inventory $229,600

Credit Estimated Inventory Returns $229,600

To record the cost of merchandise returned for goods sold prior to 2021.

1c. Record the actual sales return of merchandise sold during 2021.

Debit Sales Returns $266,000

Credit Accounts Receivable $266,000

To record actual returns for the current year.

1d. Record the cost of merchandise returned for goods sold during 2021.

Debit Inventory $186,200

Credit Cost of Goods sold $186,200

To record the cost of goods returned for sales during the year.

1e. Record the year-end adjusting entry for estimated returns.

Debit  Sales Returns $591,700

Credit Refund Liability $591,700

To record sales returns adjusting entry for the current year.

1f. Record the adjusting entry for the estimated return of merchandise to inventory.

Debit Estimated Inventory Returns $414,190

Credit Cost of goods sold $414,190

To record the adjusting entry for the estimated inventory returns.

3. What is the amount of the year-end refund liability after the adjusting entry is recorded?

=  $623,700

Explanation:

a) Data and Calculations:

Refund liability (beginning balance) = $360,000

Sales = $12,100,000

Cost of merchandise = $8,470,000 (70% * $12,100,000)

Actual returns during the year = $594,000

Returns for prior years =               328,000

Returns for current year =            266,000

Estimated sales returns allowance = 5% for year-end adjusting entry.

Refund liability (beginning balance) = $360,000

Actual return for prior years =              (328,000)

Allowance for current year =                  591,700

Refund liability (ending balance)  =     $623,700

6 0
3 years ago
The trial balance before adjustment of Taylor Swift Inc. shows the following balances.
ale4655 [162]

Answer:

A. Dr Bad Debt Expense$5,350

Cr Allowance for Doubtful account$5,350

B. Dr Bad Debt Expense $2,800

Cr Allowance for Doubtful account$2,800

Explanation:

Preparation of the journal entry for the estimated bad debts

A. Based on the information given the Journal entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts will be:

Dr Bad Debt Expense$5,350

Cr Allowance for Doubtful account$5,350

[(4%*90,000)-1,750]

B. Based on the information given the Journal entry for estimated bad debts assuming that the allowance is to provide for doubtful accounts will be:

Dr Bad Debt Expense $2,800

Cr Allowance for Doubtful account$2,800

[(5%*90,000)-1,700]

3 0
3 years ago
On April 1, 2021, the Electronic Superstore borrows $23 million of which $7 million is due in 2022. Show how the company would r
Serggg [28]

Answer:

Long term liabilities is $23,000,000

Explanation:

                 Electronic Superstore

        Balance Sheet (Not Full) at December 31, 2021

Details                                                Amount ($)

Current liabilities                                     NA

Long-term liabilities                         <u>  23,000,000 </u>    

Total liabilities                                   <u> 23,000,000 </u>                  

Note that the $7 million will due in 2022  not in 2021. Therefore, this does not effect on the 2021 balance sheet entries.      

4 0
3 years ago
Other questions:
  • The mere exposure effect most directly contributes to the positive relationship between ________ and liking.
    6·1 answer
  • The company town, in which a major employer builds homes and commercial buildings, and provides the goods and services needed by
    12·1 answer
  • A simple index of three stocks have opening values on day 1 and day 8 as shown in the table below. What is the rate of change of
    14·1 answer
  • Trade between countries leads to A. reduced specialization. B. high unemployment in both countries. C. higher product prices. D.
    12·2 answers
  • Davison Toaster Corp. sells its products for $250 per unit. It has the following costs:
    13·1 answer
  • The relationship between quantity supplied and the price of output is such that Group of answer choices quantity will decrease a
    6·1 answer
  • Gross billings for merchandise sold by Pharoah Company to its customers last year amounted to $12720000; sales returns and allow
    8·1 answer
  • Which budget or budget type should be used to meet the following​ needs? a. Upper management is planning for the next five years
    5·1 answer
  • Capital refers to a person's assets<br> True or False
    5·1 answer
  • According to the diversification-for-stability argument, why should some nations impose protective tariffs and import quotas
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!