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Vesnalui [34]
3 years ago
14

The balance sheet items of Kiner company as of December 31, current year, follow in random order

Business
1 answer:
liberstina [14]3 years ago
6 0
Retained Earnings = $86,000

Accounting Equation…Assets= Liabilities + Owners Equity

Assets (Cash, acct rec, equipment, building, land) = $421,000

Liabilities (Notes payable, accounts payable)= $260,000

Equity (capital stock) = $75,000

Liabilities + Equity= $335,000

Retained Earnings flows into equity

$421,000-$335,000= $86,000

$335,000+86,000= $421,000

So the equation balances.
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in construction of a new housing development, which factor of production can be catergorized by land?
svet-max [94.6K]

Answer:

need the pt srry hope you dont get made

Explanation:

8 0
2 years ago
Read 2 more answers
Forest Components makes aircraft parts. The following transactions occurred in July. Purchased $16,950 of materials on account.
horrorfan [7]

Answer:

Forest Components

Journal Entries:

1. Debit Materials Inventory $16,950

Credit Accounts Payable $16,950

To record the purchase of materials on account.

2. Debit Work in Process Inventory $16,780

Credit Materials Inventory $16,780

To record the issue of materials to the production department.

3. Debit Manufacturing Overhead $1,340

Credit Materials Inventory $1,340

To record the issue of materials to the service department.

4. Debit Accounts Payable $16,950

Credit Cash Account $16,950

To record the payment for the materials purchased on account.

5. Debit Materials Inventory $2,020

Credit Work In Process $2,020

To record the record of materials.

6. Debit Work in Process $32,500

Credit Factory Wages $32,500

To record the direct labor cost.

7. Debit Manufacturing Overhead $17,250

Credit Accounts Payable $17,250

To record the purchase of miscellaneous items for the plant.

8. Debit Manufacturing Overhead $36,700

Credit Depreciation Expense $36,700

To record depreciation expense on manufacturing plant.

9. Debit Work In Process $30,875

Credit Manufacturing Overhead $30,875

To apply overhead for the month.

b. T-accounts:

Materials Inventory

Accounts Titles         Debit    Credit

Balance                    $12,320

Accounts Payable   $14,930

Work in Process         2,020

Work in Process Inventory    $16,780

Balance                                  $12,490

Work-in-Process Inventory

Accounts Titles         Debit    Credit

Balance                    $11,755

Materials Inventory   16,780

Materials Inventory                $2,020

Factory Wages        32,500

Overhead                30,875

Finished Goods Inventory    79,330

Balance                                  10,560

Manufacturing Overhead

Accounts Titles                 Debit    Credit

Materials Inventory         $1,340

Accounts Payable           17,250

Depreciation Expense   36,700

Work In Process                         $30,875

Finished Goods Inventory

Accounts Titles         Debit    Credit

Balance                   $2,700

Work in Process     79,330

Cost of goods sold                75,100

Balance                                 $6,930

Cost of Goods Sold

Accounts Titles         Debit    Credit

Finished Goods      75,100

Explanation:

a) Data and Calculations:

Materials Inventory                 ?         $12,490

Work-in-Process Inventory     ?           10,560

Finished Goods Inventory $2,700       6,930

Cost of Goods Sold                ?         75,1000

Predetermined overhead rate = $412,870/$434,600 = $0.95

Overhead applied = $30,875 ($0.95 * $32,500)

5 0
2 years ago
PLEASE HELP ME
Gnom [1K]

Answer:

C

I hope it helps, sry if it doesn't!

I don't rly know how to explain it tho

Explanation:

6 0
3 years ago
In her spare time, Sharon is the chair for a local nonprofit organization. The project committee is attempting to determine what
maxonik [38]

Answer: (D) Competing

Explanation:

 According to the given question, Sharon is one of the chair-person of a local non-profit organization and usually in her free time she selected the various types of ideas, thoughts and then forced her ideas on the other organizational members.

So, on the basis of the given concept she is using the competing approach to conflict as this type of approach is typically used for making quick decisions for the purpose of resolving various types of problems or issue is an organization. This is also known as the conflicting management style.  

Therefore, Option (D) is correct answer.

3 0
3 years ago
The first step in finding a job is locating job leads. Please select the best answer from the choices provided T F
Dominik [7]

true the first step is locating job leads


4 0
3 years ago
Read 2 more answers
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