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2 years ago

Lakeview Company completed the following two transactions. The annual accounting period ends December 31.

Business

1 answer:

Ann [662]2 years ago

6 0

Answer: Check attachment and explanation.

Explanation:

a. The question has been solved. Check the attachment.

b. LAKEVIEW COMPANY

Balance sheet (Partial)

December 31

Current liabilities

FICA Payable=$4800 + $4800= $9600

Charitable contribution payable = $2400

Withheld income tax payable = $6400

State and Federal unemployment tax payable = $560

Unearned rent revenue = $5700 - $3800 = $1900

Total current liabilities = $20860

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A company pays its employees $4,250 each Friday, which amounts to $850 per day for the five-day workweek that begins on Monday.

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Answer:

$3,400

Explanation:

Out of five day workweek, accounting period ends on Thursday which indicates that employees work only for 4 days. Therefore, salaries are earned only for 4 working days and unpaid at the end of the accounting period

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Hence, salaries earned but unpaid at the end of the account period is $3,400

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3 years ago

A market order has: a. Price uncertainty but not execution uncertainty. b. Both price uncertainty and execution uncertainty. c.

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Answer:

The correct answer is letter "A": Price uncertainty but not execution uncertainty.

Explanation:

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3 years ago

Georgia Products Inc. completed and transferred 163,000 particle board units of production from the Pressing Department. There w

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Answer:

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b. Conversion cost per equivalent unit $

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b. Conversion cost per equivalent unit 0.61

c. Direct materials cost per equivalent unit 3.20

Explanation:

Solution

a. Total conversion cost 252.900

b. Conversion cost per equivalent unit 0.61

c. Direct materials cost per equivalent unit 3.20

Statement of Equivalent Units(Weighted average)

Material Conversion cost

Units Complete % Equivalent units Complete % Equivalent units

Transferred out 163.000 100% 163,000 100% 163,000

Ending WIP 14,000 100% 14,000 40% 5,600

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COST Material Conversion cost TOTAL

Beginning WIP Inventory Cost $ 0

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Total Cost to be accounted for 566,100 102,900 669,000

Total Equivalent Units 177,000 168.600

Cost per Equivalent Units 3.20 0.61 3.81

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