Unless an extension is given, a federal income tax return must be filed for the preceding tax year by

A job cost sheet of Fugate Company is given below.

Vera_Pavlovna [14]

Answer:

A.Direct material 5,320

Direct labour 1,700

Manufacturing overhead 2,550

B. Total cost 9,570

Unit cost 6.38

C. Dr Finished goods inventory account 9,570

Cr Work in Process inventory account 9,570

Explanation:

A. Calculation for the predetemined manufacturing overhead rate

Date Direct material Direct Labour Manufacturing Overhead

5/10 1,330

12 1,120

15 550 825 825

22 480 720 720

24 1,000

27 1,870

31 670 1,005

Total 5,320 1,700 2,550

B. Calculation for the total cost and the unit cost of the completed job

Cost of Completed job :

Direct material 5,320

Direct Labour 1,700

Manufacturing Overhead 2,550

Total Cost 9,570

Unit Cost = Total Cost / Number of units

Unit cost = 9,570/1,500

Unit cost = 6.38

C.Therefore when a job is fully completed, thebFinished goods inventory account will be

debited with the correspondent credit of Work in progress account.

Journal entry

May.31

Dr Finished goods inventory account 9,570

Cr Work in Process inventory account 9,570

4 0

3 years ago

Firm Y has issued 500 million shares of stock at $1 par value and $200 millino in additional paid in capital. Retained earnings

aniked [119]

Answer:

Return on equity = 17.46%

Explanation:

DATA:

Issued share capital = $500m

Additional Paid-in capital = $200 million

Retained Earnings = $5.6 billion

Net Income = $1.1 billion

Return on Equity = ?

Solution

Return on equity can be calculated by dividing net income in total shareholder's equity

NOTE: ALL THE WORKINGS ARE IN 1000's

Return on equity = Net Income / Shareholder's Equity

Return on equity = 1,100,000 / (500,000 + 200,000 +5,600,000)

Return on equity = $1,100,000/6,300,000

Return on equity = 17.46%

4 0

4 years ago

Investor owns 30% of Investee and applies the equity method. In 2020, Investor sells merchandise costing $240,000 to Investee fo

Ira Lisetskai [31]

Answer:

We should eliminate 3,000 revenue for this sale as is considered intra-entity therefore, there is no gain realized.

Explanation:

The transactions intra-entity should be eliminated.

We should eliminate the revenue from the goods that are still in the inventory of the investee.

inventory sold: 300,000

remaining inventory: 50,000

remaining goods 50,000/300,000 = 1/6

Then, total revenue: 300,000 - 240,000 = 60,000

1/6 of this revenue is still in the investee 60,000 x 1/6 = 10,000

then we should eliminate the percentage of ownership we got on the investee

30% of this belong to the investor so it should be eliminated while the other 70% is kept.

10,000 x 30% = 3,000

5 0

3 years ago

A(n) ________ is a financial contract that provides annual payments until a specified year or until one's death.A) savings accou

Andru [333]

Answer and Explanation:

B) annuity

3 0

3 years ago

On January 1, 2021, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright rec

dimulka [17.4K]

The sales revenue that Wright Transport will recognize on 1st January, 2021 is $408,823.60.

Here, we are going to calculate the sales revenue that Wright Transport will recognize on 1st January, 2021.

The Formulae for the Sales revenue is Value of note * Present Value Factor at (8%, 3rd year).

Sales Revenue = Value of Note * PVF(8%, 3)

Sales Revenue = $515,000 * (1/1.08)^3

Sales Revenue = $515,000 * 0.79383224

Sales Revenue = $408,823.60

Therefore, the sales revenue that Wright Transport will recognize on 1st January, 2021 is $408,823.60.

The missing question "H(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.): Required: How much sales revenue would Wright recognize on January 1, 2021, for this transaction?"

See similar solution here

brainly.com/question/6642080

5 0

3 years ago