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On December 31 of the current year, a company's unadjusted trial balance included the following: Accounts Receivable, debit balance of $97,900; Allowance for Doubtful Accounts, credit balance of $1,
All materials are added at the beginning of the process. Using the average cost method, what the cost (rounded to two places) per equivalent unit for materials for June is:
What is the journal entry to record factory overhead applied to production?
Weston is preparing the company's statement of cash flows for the fiscal year just ended. Using the following information, determine the amount of cash flows from operating activities using the indi
The beginning work in process inventory is 60 percent complete, and the ending work in process inventory is 45 percent complete. The dollar amount of the production cost included in the ending work
What are the three primary causes of cash flow problems faced by a small business? Explain cash flow management using the cash-to-cash cycle.
Production costs for the month were: materials - $25,325; labor - $20,175; overhead - $38,950. Costs in beginning work in process were $5,250.What is the cost per equivalent unit?
The warranty liability account has a balance of $11,700 before adjustment. Customers returned product for warranty repairs during the month that used $8,300 in parts for repairs. The entry to record
Michael Company had 2,000 units in work in process at January 1 that were 80 percent complete. During January, 15,000 units were completed. At January 31, 4,000 units remained in work in process tha
Allowance for Doubtful Accounts, credit balance of $1,031. What amount should be debited to Bad Debts Expense, assuming 6% of outstanding accounts receivable at the end of the current year will be
What is the journal entry to record completed production and transfer to the warehouse?
If the ending work-in-process inventory is 50% complete, using the average cost method, what was the materials cost in Work in Process at October 31?
Compute net income by product line and in total Cawley Company if the company discontinues the Stunner product line.( Hint: Allocate the $300,000 common cist to the two remaining product lines based
Assuming that Lucas elects to distribute service department costs to production departments using the direct distribution method, the amount of human resources department costs that would be alloca
Cooper Company had overapplied factory overhead of $2,000 last year. Assuming the amount was considered small enough not to materially distort net income, what the entries needed to close factory ov
Discuss the signal a large stock repurchase might foretell about management's outlook relative to the future of a company. Explain whether a repurchase of stock is typically a good or bad sign?
Harrison Carter, who is classified as direct labor, earns $800 per week and is entitled to three weeks of vacation and 10 holidays each year. How much should be accrued for his vacation each week?
Under a modified wage plan, an employee working an eight-hour day earns $.40 for each finished unit and is guaranteed $20 per hour as a minimum wage. At what level should the daily quota be set?
A factory worker earns $500 per week and will receive a $2,000 bonus at year-end, a 2-week paid vacation, and 5 paid holidays. The combined amount of the accruals for bonus, vacation, and holiday pa
If 1,096 pounds of tails and 324 pounds of flakes are sold, what is (1) the allocated cost of the sold items and (2) the allocated cost of the ending inventory?
The amount of Joel's wages that will be charged to the Work in Process account, assuming that the overtime worked was due to a rush order on the FASB job is:
What selling price per unit will this company require to earn $3,000 on the order?
(a) The FICA rate is 8% of the first $100,000 of wages. None of the employees has reached this maximum.(b) The company is responsible for state and federal unemployment taxes on the first $8,000 of
For the same period, Shannon has sales of $200,000 and cost of goods sold of $160,000. During the year, Patti sold merchandise to Shannon for $60,000 at a price based on the normal markup. At the en
Under a modified wage plan, an employee earns $1.50 for each finished unit and is guaranteed $18 per hour as a minimum wage. If the daily quota is 96 units, on a particular day when an employee comp