The bookkeeper for Wildhorse Co. asks you to record the following accrual adjustments at December 31 in the tabular summary that follows. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) Interest on notes payable of $350 is accrued.
(b) Services performed but unbilled totals $1,850.
(c) Salaries of $700 earned by employees have not been recorded.
Assets Liabilities Stockholders' Equity Accounts_ Interest Payable +Payable Sal./Wages ^ Com Stock Adjustment Receivable + Rev. Exp Div
Answers
Answer:
The attached file has the answer required.
Interest on notes payable will be a liability as it is accrued. It will still be accounted from the expenses however.
Services is a revenue stream that was not recorded so it will go to Accounts Receivable and Revenue.
Salaries unpaid will become a liability and an expense in the income statement.
Related Questions
Strong Metals Inc. purchased a new stamping machine at the beginning of the year at a cost of $1,567,500. The estimated residual value was $82,500. Assume that the estimated useful life was five years and the estimated productive life of the machine was 300,000 units. Actual annual production was as follows: Year Units 1 70,000 2 67,000 3 50,000 4 73,000 5 40,000 Required: 1. Complete a separate depreciation schedule for each of the alternative methods. a. Straight-line. b. Units-of-production. c. Double-declining-balance.
What is your standard deviation of demand during lead time if your average lead time = 5 days, standard deviation of demand = 4, average demand is 12, and standard deviation of lead time is 1.2 days.
Why is that 0.8 in fractional form is 8/10
Storico Co. just paid a dividend of $3.15 per share. The company will increase its dividend by 20 percent next year and then reduce its dividend growth rate by 5 percentage points per year until it reaches the industry average of 5 percent dividend growth, after which the company will keep a constant growth rate forever. If the required return on the company’s stock is 12 percent, what will a share of stock sell for today? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
b. How much of the $30,000 distributed to Clare is included in her gross income? $ is included in her gross income.
c. The distributions which are composed of trust accounting income that is required to be distributed currently come under .
Answers
Answer:
a)
Results for Renee are as follows:
After the first tier distributions ($60000/2 = $30000 to each income beneficiaries) are accounted for, $100000 DNI remains to be assigned to the beneficiaries on the second tier ($160000 DNI - $60000 DNI used for first tier distribution).
Amount received DNI received = Gross income,
portfolio income
First tier $30,000.00 $30,000.00
Second tier $1,20,000.00 $ 1,00,000.00
Total $1,50,000.00 $ 1,30,000.00
b)
Results for Clare are as follows:
Amount received DNI received = Gross income,
portfolio income
First tier $30,000.00 $ 30,000.00
Second tier $ - $ -
Total $30,000.00 $ 30,000.00
c)
The distributions which are composed of trust accounting income that is required to be distributed currently come under First Tier Distribution.
Answers
Answer:
OAR = $4 per machine hour
Explanation:
Plant wide overhead absorption rate (OAR)
= Estimated overhead/Estimated total machine hours
Estimated machine hours = (5 × 1000) +( 8× 2000) = 21,000 machine hours
OAR = $84,000/21,000 machine hour= $4 per machine hour
OAR = $4 per machine hour
B. The "Special Statement for Uncovered Options Writers" must be provided before executing the transaction
C. The "Options Disclosure Document" must be provided before executing the transaction
D. The representative must open a separate options account for the customer and segregate the resulting naked options positions
Answers
Answer:
The correct answer is letter "B": The "Special Statement for Uncovered Options Writers" must be provided before executing the transaction.
Explanation:
A naked call is a type of strategy options traders use when writing a call option without owning the underlying assets. For this to be possible, the trader must sign an options agreement and the Registered Options Principal (ROP) must approve the account so the trader can write naked options.
Before proceeding the "Special Statement for Uncovered Options Writers" must be provided.
Answers
Answer:
a) process
Explanation:
The P's are Product, Pricing, Place, Promotion, People, Process and Physical Evidence and for Traditional Marketing is Product, Pricing, Place and Promotion
2. At 12/31/17, Peyton has $200 worth of merchandise on consignment at Bruno’s House of Bacon.
3. On 12/23/17, Peyton received a $1,000 deposit from Pet Globe for product to be shipped by Peyton in the second week of January.
4. On 12/03/2017, a mixer with cost of $2,000, accumulated depreciation $1,200, was destroyed by a forklift. As of 12/23/17, insurance company has agreed to pay $700 in January, 2018, for accidental destruction.
5. Note about later borrowing financials will show loan from parents repaid and use of bank financing.
PEYTON APPROVED
TRIAL BALANCE
As of December 31, 2017
Unadjusted trial balance Adjusting entries Adjusted trial balance
Dr Cr ref Dr Cr ref Dr Cr
Cash 67,520.04 67,520.04
Accounts Receivable 68,519.91 68,519.91
Other Receivable - Insurance Baking Supplies 15,506.70 15,506.70
Merchandise Inventory 1,238.07 1,238.07
Consignment Inventory Prepaid Rent 2,114.55 2,114.55
Prepaid Insurance 2,114.55 2,114.55
Misc. Supplies 170.49 170.49
Baking Equipment 14,000.00 14,000.00
Accumulated Depreciation 1,606.44 1,606.44
Customer Deposit - Accounts Payable 20,262.11 20,262.11
Wages Payable 3,383.28 3,383.28
Interest Payable 211.46 211.46
Notes Payable 5,000.00 5,000.00
Common Stock 20,000.00 20,000.00
Beginning Retained earnings 50,144.84 50,144.84
Dividends 105,000.00 105,000.00
Bakery Sales 327,322.55 327,322.55
Merchandise Sales 1,205.64 1,205.64
Cost of Goods Sold - Baked 105,834.29 105,834.29
Cost of Goods Sold - Merchandise 859.77 859.77
Rent Expense 24,549.19 24,549.19
Wages Expense 10,670.72 10,670.72
Misc. Supplies Expense 3,000.46 3,000.46
Business License Expense 2,045.77 2,045.77
Misc. Expense 1,363.84 1,363.84
Depreciation Expense 677.86 677.86
Insurance Expense 1,091.08 1,091.08
Advertising Expense 1,549.74 1,549.74
Interest Expense 818.31 818.31
Telephone Expense 490.98 490.98
Gain/Loss on disposal of equipment 429,136.32 429,136.32 - - 429,136.32 429,136.32
Answers
Answer:
PEYTON APPROVED
TRIAL BALANCE
As of December 31, 2017
Unadjusted Adjusting Adjusted
Trial balance Entries Trial balance
Dr Cr ref Dr Cr ref Dr Cr
Cash 67,520.04 3 1,000 68,520.04
Accounts Receivable 68,519.91 68,519.91
Other Receivable -
Insurance Baking
Supplies 15,506.70 15,506.70
Merchandise
Inventory 1,238.07 1 3,175 1 4,413.07
Consignment
Inventory 2 200 2 200
Prepaid Rent 2,114.55 2,114.55
Prepaid Insurance 2,114.55 2,114.55
Misc. Supplies 170.49 170.49
Baking Equipment 14,000.00 4 2,000 4 12,000.00
Accumulated Depreciation 1,606.44 4 4 406.44
Customer Deposit
- Accounts Payable 20,262.11 20,262.11
Wages Payable 3,383.28 3,383.28
Interest Payable 211.46 211.46
Notes Payable 5,000.00 5,000.00
Common Stock 20,000.00 20,000.00
Beginning Retained
earnings 50,144.84 50,144.84
Dividends 105,000.00 105,000.00
Bakery Sales 327,322.55 327,322.55
Merchandise Sales 1,205.64 1,205.64
Cost of Goods
Sold - Baked 105,834.29 105,834.29
Cost of Goods
Sold -
Merchandise 859.77 859.77
Rent Exp. 24,549.19 24,549.19
Wages Exp. 10,670.72 10,670.72
Misc. Supplies
Expense 3,000.46 3,000.46
Business
License
Expense 2,045.77 2,045.77
Misc.
Expense 1,363.84 1,363.84
Depreciation
Expense 677.86 677.86
Insurance
Expense 1,091.08 1,091.08
Advertising
Expense 1,549.74 1,549.74
Interest
Expense 818.31 818.31
Telephone
Expense 490.98 490.98
Gain/Loss on
disposal of equipment 429,136.32 429,136.32 - - 429,136.32 429,136.32
Explanation:
a) Data and Calculations:
PEYTON APPROVED
TRIAL BALANCE
As of December 31, 2017
Unadjusted trial balance Adjusting entries Adjusted trial balance
Dr Cr ref Dr Cr ref Dr Cr
Cash 67,520.04 67,520.04
Accounts Receivable 68,519.91 68,519.91
Other Receivable - Insurance Baking Supplies 15,506.70 15,506.70
Merchandise Inventory 1,238.07 1,238.07
Consignment Inventory Prepaid Rent 2,114.55 2,114.55
Prepaid Insurance 2,114.55 2,114.55
Misc. Supplies 170.49 170.49
Baking Equipment 14,000.00 14,000.00
Accumulated Depreciation 1,606.44 1,606.44
Customer Deposit - Accounts Payable 20,262.11 20,262.11
Wages Payable 3,383.28 3,383.28
Interest Payable 211.46 211.46
Notes Payable 5,000.00 5,000.00
Common Stock 20,000.00 20,000.00
Beginning Retained earnings 50,144.84 50,144.84
Dividends 105,000.00 105,000.00
Bakery Sales 327,322.55 327,322.55
Merchandise Sales 1,205.64 1,205.64
Cost of Goods Sold - Baked 105,834.29 105,834.29
Cost of Goods Sold - Merchandise 859.77 859.77
Rent Expense 24,549.19 24,549.19
Wages Expense 10,670.72 10,670.72
Misc. Supplies Expense 3,000.46 3,000.46
Business License Expense 2,045.77 2,045.77
Misc. Expense 1,363.84 1,363.84
Depreciation Expense 677.86 677.86
Insurance Expense 1,091.08 1,091.08
Advertising Expense 1,549.74 1,549.74
Interest Expense 818.31 818.31
Telephone Expense 490.98 490.98
Gain/Loss on disposal of equipment 429,136.32 429,136.32 - - 429,136.32 429,136.32
b) The adjustments are made in the Adjusting entries column and referenced accordingly, while the effect is reflected in the adjusted trial balance column.
Answers
The cost of direct material used during the period would be $1,24,000.
What is inventory?
Inventory is an asset because the company invents money in that, it is the stock used in a particular business it starts with an opening balance of inventory and ends with its closing balance.
The cost of goods sold is the cost of the product which is sold during the year.
The formula for computing cost of goods sold(COGS):
OS= Opening Stock,
CS= Closing Stock.
Computation of cost of direct material:
Given that,
Opening stock of raw material = $27,000,
Closing stock of raw material = $28,000,
Purchases = $72,000 ($1,00,000-$28,000)
Putting the given values in the above formula, we get:
Hence, the cost of direct materials used during the period would be $1,27,000.
Learn more about inventory, refer:
Final answer:
The cost of the direct materials used during the year is $74,000. This was computed by adding the beginning raw materials inventory and purchases, then subtracting the end-year inventory and the indirect materials.
Explanation:
To calculate the cost of direct materials used during the period, you will need to take the beginning raw materials inventory, add the purchases made during the year, and then subtract the end of the year inventory and the indirect materials.
In this case, the calculation would be as follows: $27,000 (beginning inventory) + $100,000 (purchases) - $25,000 (ending inventory) - $28,000 (indirect materials) = $74,000. So the cost of direct materials used during the year is $74,000.
This calculation is part of managerial accounting, where it's crucial to keep track of direct and indirect costs to calculate the cost of goods manufactured and eventually obtain the cost of goods sold.
Learn more about Direct Materials Cost here:
#SPJ11