Insolvency occurs when liabilities far exceed available assets.

Finn Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. June 1 Purchased raw m

Gelneren [198K]

Answer:

raw materials 20000 debit

accounts payable 20000

WIP 8000 debit

factory overhead 1000 debit

raw materials 9000 credit

WIP 84000 debit

factory overhead 24000 debit

wages payables 108000 credit

factory overhead 10100 debit

cash 10100 credit

WIP 49000 debit

factory overhead 49000 credit

Finished Goods 18000 debit

WIP inventory 18000 credit

COGS 15000 debit

Finished Goods 15000 credit

Explanation:

The indirect materials and labor will be considered actual factory overhead thus debited into that account

same procedures applies to the repair and utilities paid in cash we have to posted into factory overehad

from the cost sheet we determiante 7,000 labor hours we apply the $7 overhead rate per our to get the amount of applied overhead

The finished goods will increase while the WIP inventory decrease by the ammount transferred out

The COGS is an expense which decreases our finished goods inventory as we sale them and are no longer in our possesion.

5 0

3 years ago

True or False Question

Len [333]

Answer:

true

Explanation:

jhonny sins approved this message

3 0

2 years ago

Read 2 more answers

determine the payback period for an investment. evaluate the acceptability of an investment project using the net present value

Fantom [35]

An investment is an asset or object received with the aim of producing earnings or appreciation. Appreciation refers to a boom in the value of an asset over the years.

That in shape is loose cash and a guaranteed go-back on your funding. you could start with as low as 1% of each paycheck, though it is an excellent idea to intention for contributing at least as a great deal as your business enterprise match. for instance, a not-unusual matching association is 50% of the first 6% of the profits you contribute.

Investors are understandably cautious. record-high inflation and back-to-back interest rate increases have all triggered volatility. The S&P 500 briefly fell into a undergo market on May 20, again on June 13, and for a 3rd time in September. however, all of that also shouldn't mean sitting out of the marketplace.

Learn more about investment here

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4 0

1 year ago

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay pe

Alexeev081 [22]

Answer:

Journal entries for the following will be shown below:

Explanation:

1.

Journal entries for the wages expense is as follows:

Wages expense A/c.........................Dr $50,000

Income Tax Payable A/c................Cr $7,000

FICA taxes payable A/c...................Cr $2,625

Cash A/c...............................................Cr $40,375

Working Note:

Cash = Wage expense - Income tax payable - FICA taxes payable

= $50,000 - $7,000 - $2,625

= $40,375

2.

Journal entry for the payroll expenses is as follows:

Payroll tax expense A/c............................Dr $2,875

FICA taxes payable A/c............................Cr $2,625

Unemployment taxes payable A/c.........Cr $250

4 0

3 years ago

Skidmore Music Company had the following transactions in March:

finlep [7]

Answer: Check attachment

Explanation:

A cash basis income statement is simply referred to as an income statement which contains revenues and expenditures for the company whereby cash has either being received or paid by the company.

For accrual basis income statement, revenue and expenditures are recorded when they're either earned or made.

Check the attachment for more analysis.

5 0

3 years ago