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Answer:
$118000
Explanation:
Calculation for conversion cost incurred
First step is to calculate the Prime Cost
Opening stock Of Raw Material $18000
Add: Material purchased $42000
Less: Closing stock of raw material ($15000)
Add: Direct Labour $30000
Prime Cost $75000
Now let calculate the conversion cost incurred
Prime cost $75000
Add: overhead expenses $40000
[($30000/ $7.50)**10]
( 4000 * $10=$40000)
Total $115000
($75000+$40000)
Add: opening work in progress $9000
Total $124000
($115000+$9000)
Less: Closing stock of work in progress ($6000)
Factory cost or conversion cost $118000
($124000-$6000)
Therefore For March, conversion cost incurred was $118,000
Answer:
b. $1,000
Explanation:
Basis at the beginning of the year $10,000
Less cash received $6,000
=$4,000
Distributive share of income is $5,000
Less land distribution with a basis of $8,000
=$3,000
Hence:
$4,000-$3,000
=$1,000
Therefore Beth’s partnership interest basis at the end of the year will be $1,000
Answer: $5,681
Explanation:
As this is a residential property the Modified Accelerated Cost Recovery System (MACRS) depreciation rate is applicable.
Also as it was sold during the month, the mid month convention is also in effect which states that when an asset is sold during the month, only 15 days of that month are considered for depreciation assuming a 30 day month.
The straight line rate for MACRS after the first year for this residential property is 3.636% per annum.
The asset didn't last the entire year so this needs to be accounted for.
Out of 12 months it lasted 7 months till July and 15 days in August which means it lasted 7.5/12 of the year.
Depreciation for the year is therefore,
= 250,000 * 3.636% * 7.5/12
= $5,681
Answer:
Explanation:
The statement of stockholder's equity comprises common stock and retained earnings. The ending balance after adjustment shown in the attached spreadsheet.
And, the balance sheet comprises of the assets and liabilities. With the help of the accounting equation, the total assets are equal to the total liabilities including stockholder's equity.
The preparation of the statement of stockholders’ equity and the balance sheet is presented in the spreadsheet. Kindly find the attachment below:
