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2 years ago

The Chewbacca Starship Company had the following transactions during the month of December:

Business

1 answer:

Naily [24]2 years ago

3 0

Answer:

The Chewbacca Starship Company

T-accounts:

Cash

Date Account Titles Debit Credit

Dec. 1 Beginning balance $73,500

Dec. 31 Salaries expense $57,000

Dec. 31 Accounts receivable 265,000

Dec. 31 Accounts payable 210,000

Accounts receivable

Date Account Titles Debit Credit

Dec. 1 Beginning balance $60,000

Dec. 31 Sales revenue 154,000

Dec. 31 Cash $265,000

Accounts payable

Date Account Titles Debit Credit

Dec. 1 Beginning balance $39,000

Dec. 31 Inventory 230,000

Dec. 31 Cash $210,000

Inventory

Date Account Titles Debit Credit

Dec. 31 Accounts payable $230,000

Sales revenue

Date Account Titles Debit Credit

Dec. 31 Accounts receivable $154,000

Salaries Expense

Date Account Titles Debit Credit

Dec. 31 Cash $57,000

Explanation:

a) Data and Analysis:

a. Inventory $230,000 Accounts payable $230,000

b. Salaries expense $57,000 Cash $57,000

c. Accounts receivable $154,000 Sales revenue $154,000

d. Cash $365,000 Accounts receivable $265,000

e. Accounts payable $210,000 Cash $210,000

Opening balances:

Cash $73,500

Accounts receivable $60,000

Accounts payable $39,000

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According to the theory of competitive equilibrium, the firm's supply of the product is equal to the market's demand for that same amount of the product. It is a circumstance in which neither the buyer nor the seller can strengthen their bargaining position with regard to the goods being sold.

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1 year ago

In the context of strategic thinking, which of the following is a difference between for-profit organizations and nonprofit orga

blondinia [14]

Answer:

c.Unlike nonprofit organizations, for-profit organizations focus on gaining competitive advantage in the marketplace.

Explanation:

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3 years ago

Companies must follow generally accepted accounting principles (gaap) for ______ accounting reports.

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Companies must follow generally accepted accounting principles (gaap) for international financial reporting standards accounting reports

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2 years ago

Cotton White, Inc., makes specialty clothing for chefs. The company reported the following costs for 2018: Factory rent $ 42,000

Doss [256]

Answer:

Results are below.

Explanation:

1) Direct materials are those materials and supplies that are consumed during the manufacture of a product, and which are directly identified with that product.

Direct material= Thread + Premium quality cotton material + Buttons

Direct material= 1,000 + 42,000 + 750

Direct material= $43,750

2) Direct labor is production or service labor that is assigned to a specific product, cost center, or work order. 

Direct labor= Wages paid to seamstresses + Wages paid to cutters Direct labor= 75,000 + 50,000

Direct labor= $125,000

3) Manufacturing overhead refers to indirect factory-related costs that are incurred when a product is manufactured.

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Manufacturing overhead= 42,000 + 22,000 + 30,000 + 15,000 + 6,000

Manufacturing overhead= $115,000

4) Total manufacturing costs= 43,750 + 125,000 + 115,000

Total manufacturing costs= $283,750

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Prime cost= 43,750 + 125,000

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6) Conversion cost= direct labor + MOH

Conversion cost= 125,000 + 115,000

Conversion cost= $240,000

7) Period costs are not directly tied to the production process. Overhead or sales, general, and administrative (SG&A) costs are considered period costs. SG&A includes costs of the corporate office, selling, marketing, and the overall administration of company business.

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3 years ago

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Vlada [557]

Answer:

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Explanation:

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3 years ago

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