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Kaylis [27]
2 years ago
5

Rosita purchased 300 shares of a stock for $37 a share. Today, the stock is selling for $41 a share. The initial margin requirem

ent is 70 percent and the maintenance margin is 30 percent. Rosita had to pay _____ in cash to purchase the stock and must have at least _____ in equity today.
Business
1 answer:
adoni [48]2 years ago
6 0

Answer: $7,770; $3,690

Explanation:

<em>Rosita purchased 300 shares of a stock for $37 a share. Today, the stock is selling for $41 a share. The initial margin requirement is 70 percent and the maintenance margin is 30 percent. Rosita had to pay </em><em><u>$7,770</u></em><em> in cash to purchase the stock and must have at least </em><em><u>$3,690</u></em><em> in equity today.</em>

Amount Rosie had to pay in cash:

= Number of shares * Value of shares * Initial margin requirement

= 300 * 37 * 70%

= $7,770

Least amount to have in equity:

=  Number of shares * current value of shares * maintenance margin

= 300 * 41 * 30%

= $‭3,690‬

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Journalize the following transactions assuming the perpetual inventory system:July 3 Sold merchandise on account for $3,750 incl
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Answer:

Explanation:

The journal entries are shown below:

On July 3

Account receivable A/c Dr $3,750

          To Sales $3,750

(Being the goods are sold on credit)

Cost of goods sold A/c Dr $2,000

     To Merchandise Inventory A/c                   $2,000

(Being goods are sold at cost)

On July 5

Sales return and allowance A/c Dr $1,050

            To Accounts receivable $1,050

(Being sales return is recorded)

Merchandise Inventory A/c                   $610

            To  Cost of goods sold A/c Dr $610

(Being sales return is recorded)

On July 12

Cash A/c Dr $2,700                               ($3,050 - $1,050)

         To Accounts receivable $2,700

(Being cash is received)

On July 17

Cash A/c Dr $7,420

             To Sales A/c $7,000

             To Sales tax payable A/c $420    ($7,000 × 6%)

(Being the goods are sold on credit)

Cost of goods sold A/c Dr $3,830

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(Being goods are sold at cost)

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3 years ago
Broomhilda manufactures broomsticks for her fellow witch (and wizard) friends. Broomhilda uses a job order cost system and appli
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Answer:

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1. Predetermined overhead rate = overhead costs/direct labor costs

= $840,000/$700,000

= $1.20 per direct labor cost

2.  Job Cost Sheets for           Job 50      Job 51      Job 52

Beginning balances:

Direct materials                    $20,000

Direct labor                            $12,000

Manufacturing overhead      $16,000

3. Journal Entries for the purchase of raw materials and manufacturing overhead costs:

Debit Raw materials $90,000

Credit Accounts Payable $90,000

To record the purchase of raw materials on account.

Debit Manufacturing overhead $65,000

Credit Raw materials $17,000

Credit Wages $20,000

Credit Depreciation expense $12,000

To record the manufacturing overhead incurred.

4. Debit Job 50 $21,000

Credit Raw materials $10,000

Credit Direct labor $5,000

Credit Manufacturing overhead $6,000

To record the assignment of direct materials, direct labor, and manufacturing overhead costs to Job 50.

Debit Job 51 $94,000

Credit Raw materials $39,000

Credit Direct labor $25,000

Credit Manufacturing overhead $30,000

To record the assignment of direct materials, direct labor, and manufacturing overhead costs to Job 51

Debit Job 52 $74,000

Credit Raw materials $30,000

Credit Direct labor $20,000

Credit Manufacturing overhead $24,000

To record the assignment of direct materials, direct labor, and manufacturing overhead costs to Job 52

5.  Job Cost Sheets for           Job 50      Job 51      Job 52

Beginning balances:

Direct materials                    $20,000

Direct labor                            $12,000

Manufacturing overhead      $16,000

Direct materials                     $10,000      $39,000     $30,000

Direct labor                             $5,000      $25,000     $20,000

Manufacturing overhead       $6,000      $30,000     $24,000

Total                                      $69,000      $94,000

6. Debit Accounts Receivable $280,000

   Credit Sales Revenue $280,000

To record the sale of goods (Jobs 49 and 50 for $122,000 and $158,000, respectively).

Debit Cost of Goods Sold $159,000

Credit Job 49 $90,000

Credit Job 50 $69,000

To record the cost of goods sold for Jobs 49 and 50.

7. Finished Goods Inventory balance = $94,000

This balance consists of Raw materials $39,000, Direct labor $25,000, and Manufacturing overhead $30,000 for Job 51.

8. The amount of over-or underapplied overhead:

Overhead incurred = $65,000

Overhead applied =   $60,000

Underapplied =            $5,000

Debit Cost of Goods Sold $5,000

Credit Manufacturing overhead $5,000

To close the underapplied overhead to the cost of goods sold.

Explanation:

Jobs 50 costs prior to September:

direct materials $20,000,

direct labor $12,000, and

manufacturing overhead $16,000

Total costs so far = $$48,000

Job 49 completed at a cost of $90,000

Beginning balance of Raw Materials Inventory = $15,000

Started Jobs 51 and 52, completed Jobs 50 and 51

Sold Jobs 49 and 50 on account for $122,000 and $158,000, respectively.

Additional events:

Raw materials purchased on account = $90,000

Manufacturing overhead incurred:

indirect materials $17,000

indirect labor $20,000

depreciation expense on equipment $12,000

Various manufacturing overhead = $16,000

Total = $65,000

Assignment of direct materials and direct labor to jobs:

Job no.   Direct Materials   Direct Labor   Manufacturing overhead

50                  10,000            5,000              $6,000

51                  39,000          25,000            $30,000

52                 30,000          20,000           $24,000

Estimated total manufacturing overhead costs = $840,000

Estimated direct labor costs = $700,000

Predetermined overhead rate = overhead costs/direct labor costs

= $840,000/$700,000

= $1.20 per direct labor cost

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2 years ago
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