The Hardware Shoppe sold $222,500 of goods during September. It collected $75,000 from these sales plus $165,000 from sales of prior months. Complete the followingtable:
In “The Gift of the Magi,” why does the writer call Jim and Della foolish and wise at the same time?
Industries manufactures a popular interactive stuffed animal for children that requires twotwo computer chips inside each toy. The company pays $ 1$1 for each computer chip. To help to guard against stockouts of the computer? chip, JudaJuda Industries has a policy that states that the ending inventory of computer chips should be at least 2525?% […]
A company reports inventory using the lower-of-cost-or-market method. Below is information related to its year-end inventory (assume the company applies lower-of-cost-or-market rule to each inventory item separately): Inventory Quantity Cost per Unit Market per Unit Item A …………130………… $25……… $30 Item B …………..30 …………..30…………20 a. Calculate ending inventory under lower-of-cost-or-market. b. Prepare the necessary adjusting […]
When do GASB standards require inter fund receivables and payables to be reported as Internal Balances?
A Company produces a single product.The following is the budget for the product Budgeti) Selling price Ksh.10ii) Direct material cost per unit Ksh.3iii) Direct wages per unit Ksh.2iv) Variable overhead per unit Ksh.1v) Fixed production overhead Ksh.10,000 per monthvi) Production volume 5,000 units per monthsActuali) Production 6,000 unitsii) Sales 4,800 unitsiii) Assume that all costs […]
Which of the following controls may prevent the failure to bill customers for some shipments? a. Each shipment should be supported by a prenumbered sales invoice that is accounted for. b. Each sales order should be approved by authorized personnel. c. Sales journal entries should be reconciled to daily sales summaries. d. Each sales invoice […]
In its income statement for the year ended December 31, 2017,Sandhill Co. reported the following condensed data. Salaries and wages expenses $697,500 Loss on disposal of plant assets $ 125,250 Cost of goods sold1,480,500 Sales revenue 3,315,000 Interest expense106,500 Income tax expense 37,500 Interest revenue97,500 Sales discounts 240,000 Depreciation expense465,000 Utilities expense 165,000 Prepare a multiple-step […]
Shorts Company has three process departments: Mixing, Encapsulating, and Bottling. At the beginning of the year, there were no work-in-process or finished goods inventories. The following data are available for the month of July: Required: 1. Prepare journal entries that show the transfer of costs from one department to the next (including the entry to […]
Kelley Company has completed October’s sales and purchases journals (on the following page). a. Total and post the journals to T accounts for the general ledger and the accounts receivable and accounts payable ledgers. b. Complete a schedule of accounts receivable for October 31, 20—. c. Complete a schedule of accounts payable for October 31, […]
