Below are transactions for Wolverine Company during 2021.
1. On December 1, 2021, Wolverine receives $4,000 cash from a company that is renting office space from Wolverine. The payment, representing rent for December and January, is credited to Deferred Revenue.
2. Wolverine purchases a one-year property insurance policy on July 1, 2021, for $13,200. The payment is debited to Prepaid Insurance for the entire amount.
3. Employee salaries of $3,000 for the month of December will be paid in early January 2022.
4. On November 1, 2021, the company borrows $15,000 from a bank. The loan requires principal and interest at 10% to be paid on October 30, 2022.
5. Office supplies at the beginning of 2021 total $1,000. On August 15, Wolverine purchases an additional $3,400 of office supplies, debiting the Supplies account. By the end of the year, $500 of office supplies remains.
Required:
Record the necessary adjusting entries at December 31, 2021, for Wolverine Company. You do not need to record transactions made during the year. Assume that no financial statements were prepared during the year and no adjusting entries were recorded.

Answers

Answer 1

Answer:

Wolverine Company

Adjusting Journal Entries:

1. Debit Deferred Revenue $2,000

Credit Rent Revenue $2,000

To record rent revenue for December.

2. Debit Insurance Expense $6,600

Credit Prepaid Insurance $6,600

To record the insurance expense for the year.

3. Debit Salaries Expense $3,000

Credit Salaries Payable $3,000

To record the unpaid salaries expense.

4. Debit Interest Expense $250

Credit Interest Payable $250

To accrue interest expense for 2 months.

5. Debit Supplies Expense $3,900

Credit Supplies $3,900

To record the supplies used during the year.

Explanation:

a) Data and Calculations:

1. Rent Revenue = $2,000 ($4,000/2)

2. Insurance Expense = $6,600 ($13,200*6/12)

3. Salaries Expense $3,000 and Salaries Payable $3,000

4. Interest Expense = $250 ($15,000 * 10% * 2/12)

5. Office Supplies:

Beginning balance $1,000

Purchases                3,400

Ending balance          500

Supplies Expense $3,900

b) Adjusting journal entries are made in order to allocate revenue and expenses to the period in which they are earned or incurred.  This agrees with the accrual concept and the matching principle of generally accepted accounting principles, which require that revenue and expenses are recognized in the period they occur instead of when cash is exchanged.


Related Questions

Assume that the British government eliminates all controls on imports by British companies. Other things being equal, the U.S. demand for pounds would ____, the supply of pounds for sale would ____, and the equilibrium value of the pound would ____. a. remain unchanged; increase; decrease b. remain unchanged; increase; increase c. decrease; increase; decrease d. increase; increase; increase

Answers

Answer:

increase

increase

decrease

The following partially completed T-accounts summarize transactions for Farwest Corporation during the year: Raw Materials Beg Bal 4,700 10,000 6,900 Work in Process Beg Bal 4,600 26,300 7,400 8,000 6,800 Finished Goods Beg Bal 1,900 22,900 26,300 Manufacturing Overhead 2,600 6,800 3,000 1,900 Wages & Salaries Payable 12,300 Beg Bal 1,400 11,000 Cost of Goods Sold 22,900 The Cost of Goods Manufactured was: Group of answer choices $22,900 $26,300 $6,400 $49,200

Answers

Sjhdhdksososjhshzhxh

Three primary ledgers used in double-entry bookkeeping?

Answers

Answer:

General ledger

The chart of accounts

Journals

Explanation:

The general ledger contains all the transactions carried out and registered by the company.

The chart of accounts is lists and codes all the accounts that are used by the by the company, e.g. cash might be account 101.

The journal entries are the individual entries recorded in the general ledger or any other specific ledger.

Check for $10 incorrectly charged by bank as $100.

Is this an addition or reduction on the bank or company side of a bank reconciliation

Answers

Answer:

On the bank reconciliation sheet this would be a reduction because on the customers side it was a debit, which turns into a credit once given back and the bank must perform a reduction to account for the error on the statement sheet

Answer:

Addition

Explanation:

They took too much money out 90$

Identify the following as financing activities (F) or investing activities (I):

a. Purchase of equipment
b. Purchase of treasury stock
c. Reduction of long-term debt
d. Sale of building
e. Resale of treasury stock
f. Increase in short-term debt
g. Issuance of common stock
h. Purchase of land
i. Purchase of common stock of another firm
j. Payment of cash dividends
k. Gain on sale of land
l. Repayment of debt principal

Answers

Answer:

Explanation:

Financial activities would basically be anything that involves money but is does not involve an asset with value. This would instead be considered Investing activities if you are buying or selling any asset financial asset. Therefore the following would be considered...

a. Purchase of equipment   (F)

b. Purchase of treasury stock  (I)

c. Reduction of long-term debt   (F)

d. Sale of building   (I)

e. Resale of treasury stock   (I)

f. Increase in short-term debt   (F)

g. Issuance of common stock  (I)

h. Purchase of land   (I)

i. Purchase of common stock of another firm   (I)

j. Payment of cash dividends   (I)

k. Gain on sale of land   (I)

l. Repayment of debt principal   (F)

As the field of OSCM has advanced, new concepts have been applied to help companies compete in a number of ways, including the advertisement of the firm's products or services. One recent concept to gain the attention of companies is promoting sustainability. Discuss how you have seen the idea of sustainability used by companies to advertise their goods or services.

Answers

Explanation:

Sustainability can be implemented in different ways in an organization, it can be a set of procedures and policies, through environmental management, environmental management systems, etc.

In the case of products and services, it is very common for the end consumer to realize that a company adopts sustainability through environmental certifications, which is generally represented in the form of a seal on the product packaging.

Environmental certifications are a way for the company to demonstrate its sustainability values ​​to its stakeholders, which strengthens the brand, creates value and reliability in the organization's products and services.

A building with an appraisal value of $128,156 is made available at an offer price of $153,050. The purchaser acquires the property for $32,829 in cash, a 90-day note payable for $26,957, and a mortgage amounting to $57,415. The cost basis recorded in the buyer's accounting records to recognize this purchase is

Answers

Answer:

$117,201

Explanation:

Calculation for what The cost basis recorded in the buyer's accounting records to recognize this purchase is

Using this formula

Cost basis=Cash+Note payable+Mortgage

Let plug in the formula

Cost basis=$32,829+$26,957+$57,415

Cost basis=$117,201

Therefore The cost basis recorded in the buyer's accounting records to recognize this purchase is $117,201

In the current year, Mitchell Manufacturing expected Job No. 13 to cost $600,000 of overhead, $650,000 of materials, and $400,000 of labor. Mitchell applied overhead based on direct labor cost. Actual production required an overhead cost of $420,000, $750,000 of materials used, and $300,000 of labor. All of the goods were completed. What amount was transferred from Work-In Process to Finished Goods?A. $1,500,000. B. $1,470,000. C. $1,650,000. D. $1,670,000.

Answers

Answer:

A. $1,500,000

Explanation:

The overhead is applied on the basis of the direct labor cost

Overhead allocation rate = $600,000/$400,000 = 1.5 times

Materials used

$750,000

Labor cost

$300,000

Prime cost

$1,050,000

Overhead ( direct labor cost × 1.5) = $300,000 × 1.5 = $450,000

The amount of transferred finished goods from WIP is $1500,000 I.e prime (cost $1,050,000 + overhead $450,000)

You want to buy a new sports coupe for $91,500, and the finance office at the dealership has quoted you an APR of 7.3 percent for a 72 month loan to buy the car. a. What will your monthly payments be

Answers

Answer: $1573

Explanation:

The information given above can be processed further as follows:

Nper = 72

Rate = 7.3%/12 = 0.073/12 = 0.0060833 = 0.0061

PV = 91500

The formula to use will be:

= PV ÷ 1 - (1 - r)^-nper / r

= 91500 ÷ 1 - (1 0.0061)^-72 / 0.0061

= $1573

Therefore, monthly payments will be $1573

Bi-Lo Traders is considering a project that will produce sales of $44,800 and have costs of $25,700. Taxes will be $4,500 and the depreciation expense will be $2,650. An initial cash outlay of $2,100 is required for net working capital. What is the project's operating cash flow?

Answers

Answer:

$10,700

Explanation:

Operating cash flow is computed as;

= Net income + non cash expenses - outlay in working capital

First, we'll determine the net income

Net income = Sales $44,800 - cost $27,500 depreciation expense $2,650 - Taxes $4,500

Net income = $10,150

Operating cash flow = $10,150 + $2,650 - $2,100 = $10,700

Foxy Investigative Services is an investigative services firm that is owned and operated by Shirley Vickers. On November 30, 2018, the end of the fiscal year, the accountant for Foxy Investigative Services prepared an end-of-period spreadsheet, a part of which follows:
Required:
Foxy Investigative Services
End-of-Period Spreadsheet
For the Year Ended November 30, 2018
~ Adjusted Trial Balance
Account Title ~ Dr. Cr.
~
Cash ~ 27,500
Accounts Receivable ~ 71,800
Supplies ~ 3,550
Prepaid Insurance ~ 750
Building ~ 330,500
Accumulated Depreciation-Building ~ 184,100
Accounts Payable ~ 16,100
Salaries Payable ~ 6,600
Unearned Rent ~ 1,500
Common Stock ~ 40,000
Retained Earnings ~ 70,300
Dividends ~ 30,000
Service Fees ~ 675,500
Rent Revenue ~ 9,000
Salaries Expense ~ 435,000
Rent Expense ~ 55,000
Supplies Expense ~ 11,850
Depreciation Expense-Building ~ 10,000
Utilities Expense ~ 8,800
Repairs Expense ~ 4,250
Insurance Expense ~ 3,000
Miscellaneous Expense ~ 11,100
~ 1,003,100 1,003,100
1.
A. Prepare an income statement for the year ended November 30, 2018. If a net loss has been incurred, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Use the list of Labels and Amount Descriptions for the correct wording of text items other than account names. You will not need to enter colons (:) on the income statement. Refer to the Chart of Accounts for exact wording of account titles.
B. Prepare a retained earnings statement for the year ended November 30, 2018. If a net loss is incurred or dividends were paid, enter that amount as a negative number using a minus sign. Be sure to complete the statement heading. Refer to the Chart of Accounts for exact wording of account titles. Refer to the lists of Labels and Amount Descriptions for exact wording of the answer choices for text entries other than account names.

Answers

Answer:

Statement of Retained Earnings:

Operating Balance $70,300

Add: Net Income $145,000

Less: Dividends $30,000

Ending Balance $185,300

Explanation:

Income Statement for Foxy Investigative Services

Service Fees $675,000

Rent Revenue $9,000

Less: Operating expenses:

Salaries Expense $435,000

Rent Expense $55,000

Supplies Expense $11,850

Utilities Expense $8.800

Depreciation Expense $10,000

Repairs Expense $4,250

Insurance Expense $3,000

Miscellaneous Expense $11,100

Net Income : $145,000

State Farm insurance company prints an ad in a national newspaper’s apartment rental section with a picture of a girl sitting on the edge of a tub full of water, blowdrying her hair while a plugged in toaster sits on the edge. The caption at the top of the ad reads, “Renting without State Farm is like...” Which need does this marketing ad emphasize for potential customers?

a. safety and security

b. physiological needs

c. esteem

Answers

Answer:

Safety and Security

Explanation:

Blow drying your hair over the tub isn't safe

The marketing ad emphasizes potential customers' need of safety and security.

An insurance company is a company that is responsible for selling insurance that protects our objects and even our lives in case they are affected.

For example, if I buy insurance for my car and someone steals it, the insurance company gives me a percentage of the value of the car so that my loss is not total.

In the case presenting the company, it presents an image of "risk" so that buyers understand the idea of danger and the need for safety and protection to have insurance that covers those possible accidents that occur.

So the correct answer is A. safety and security

Learn more in: https://brainly.com/question/23955188

a. On April 1, the company hired an attorney for a flat monthly fee of $2,500. Payment for April legal services was made by the company on May 12.
b. As of April 30, $2,175 of interest expense has accrued on a note payable. The full interest payment of $6,525 on the note is due on May 20.
c. Total weekly salaries expense for all employees is $14,000. This amount is paid at the end of the day on Friday of each five-day workweek. April 30 falls on a Tuesday, which means that the employees had worked two days since the last payday. The next payday is May 3.
The above three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses.

Answers

Answer:

A. Apr 30

Dr Legal fees expense 2,500

Cr Legal fees payable 2,500

May 12

Dr Legal fees payable 2,500

Cr Cash 2,500

B. Apr 30

Dr Interest expense 2,175

Cr Interest payable 2,175

May 20

Dr Interest expense 4,350

Dr Interest payable 2,175

Cr Cash 6,525

C. Apr 30

Dr Salaries expense 5,600

Cr Salaries payable 5,600

May 03

Dr Salaries expense 8,400

Dr Salaries payable 5,600

Cr Cash 14,000

Explanation

Preparation of the adjusting entry for both April 30 and the subsequent entry during May to record the payment of the accrued expenses.

A. Apr 30

Dr Legal fees expense 2,500

Cr Legal fees payable 2,500

May 12

Dr Legal fees payable 2,500

Cr Cash 2,500

B. Apr 30

Dr Interest expense 2,175

Cr Interest payable 2,175

May 20

Dr Interest expense 4,350

(6,525-2,175)

Dr Interest payable 2,175

Cr Cash 6,525

C. Apr 30

Dr Salaries expense 5,600

(14,000*2/5)

Cr Salaries payable 5,600

May 03

Dr Salaries expense 8,400

(14,000*3/5)

Dr Salaries payable 5,600

(14,000*2/5)

Cr Cash 14,000

Brody Corp uses a process costing system in which direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning inventory for January consisted of 1,300 units that were 40% completed. 13,000 units were started into the process during January. On January 31, the inventory consisted of 650 units that were 70% completed. What would be the equivalent units for conversion cost using the weighted average method?a. 13,000b. 13,585c. 14,105d. 14,300

Answers

Answer:

14,105

Explanation:

Calculation for What would be the equivalent units for conversion cost using the weighted average method

Equivalent units for conversion cost=[(1,300 + 13,000 - 650 )×100%]+ (650 × 70%)

Equivalent units for conversion cost=(13,650 × 100%) + (650 × 70%)

Equivalent units for conversion cost=13,650+455

Equivalent units for conversion cost= 14,105

Therefore What would be the equivalent units for conversion cost using the weighted average method will be 14,105

19) Which of the following best describes horizontal analysis? A) calculating key ratios to evaluate performance B) comparing a company's financial statements with other companies C) comparing financial statement amounts from year to year for the same company D) expressing each financial statement amount as a percentage of a budgeted amount

Answers

Answer:

C) comparing financial statement amounts from year to year for the same company

Explanation:

Horizontal analysis refers to an analysis of the items in the financial statements that should be compared for a period of time. It basically used to see the situation of the trends how it goes whether it is increase or decrease. For using this, the two or more periods financial statements are required

Therefore according to the given options, the option c is correct

Trade can benefit a family:__________
a. by allowing each person to specialize in the activities he or she does best.
b. by allowing the family to buy a greater variety of goods and services at a lower cost.
c. All of the above are correct.
d. Both a and b are correct.
e. only if the family is not in economic competition with other families.

Answers

Answer:

Option d: Both a and b are correct

Explanation:

Trade is simply defined as the act of giving or exchanging one or more goods and services for another. It can be between people,countries e.t.c. it makes people well paid off when they have different taste or preferences and said to have a rapid increase in terms of productivity through different specialization and the division of knowledge. It makes rich people richer and it leads to an increase in terms of productivity through comparative advantage.

By promoting transparency, the government can improve

a.profit margins
b.economies of scale
c.market efficiency
d.zoning

Answers

Answer:

Option c. is correct

Explanation:

By promoting transparency, the government can improve market efficiency.

The government should be transparent as transparency will also strengthen the democracy and effectiveness in Government. Openness provides information to the citizens about what their Government is doing for them.

Option c. is correct

Smith Distributors, Inc., supplies ice cream shops with various toppings for making sundaes. On November 17, 2021, a fire resulted in the loss of all of the toppings stored in one section of the warehouse. The company must provide its insurance company with an estimate of the amount of inventory lost. The following information is available from the company's accounting records:

Fruit Toppings Marshmallow Toppings Chocolate Toppings

Inventory, January 1, 2013 $22,000 $7,200 $3,200
Net purchases through Nov. 17 160,000 38,000 12,200
Net sales through Nov. 17 210,000 57,000 20,200
Historical gross profit ratio 20% 30% 30%

Required:
Calculate the estimated cost of each of the toppings lost in the fire.

Answers

Answer:

Estimated cost of Fruit Toppings lost in the fire = $14,000

Estimated cost of Marshmallow Toppings lost in the fire = $5,300

Estimated cost of Chocolate Toppings lost in the fire = $1,260

Explanation:

                                                               Fruit          Marshmallow   Chocolate

                                                             Toppings       Toppings         Toppings

Inventory, January 1, 2013         [a]      22,000            7,200             3,200

Net purchases through Nov. 17 [b]      160,000         38,000           12,200

Net sales through Nov. 17          [c]      210,000          57,000          20,200

Historical gross profit ratio         [d]          20                   30                 30

Gross Profit [c*d%]                       [e]       42000            17,100           6,060

Cost of Good Sold [c-e]               [f]        168,000         39,900          14,140

Inventory, Nov 17, 2013 [a+b-f]    [g]       14,000            5,300            1,260

Imagine you have $25.00. Your best friend’s birthday is coming up, and you’d like to get them a gift. You’ve also been wanting to buy a new backpack since your current one has some holes in it. What do you decide to d with $25.00 and Why

Answers

Answer:

buy a new backpack because you need it more

Explanation:

If I had $25.00 and my best friend's birthday was coming up while I also needed a new backpack, I would first prioritize my friend's gift since it's time-sensitive. I would allocate around $15.00 for the gift, leaving me with $10.00 for the backpack.

What is a military-style backpack?

Military backpacks are designed to carry all necessary materials for protracted periods of time. Assault packs are typically designed for shorter-duration or even day missions. Assault packs only hold about 20L, compared to a military backpack's capacity of 96L. Throughout the day, they are significantly more compact, lightweight, and portable.

For my friend's gift, I would consider their interests and what they might appreciate. I could buy a small but thoughtful gift such as a personalized card or a small decorative item. Alternatively, I could get something related to their hobbies, such as a book, a piece of jewelry, or a small gadget that they might enjoy.

With the remaining $10.00, I would look for a simple but durable backpack that fits my needs. I would try to find a sale or a clearance item to stretch my budget further.

Learn more about backpacks here:

https://brainly.com/question/23714908

#SPJ3

A rational decisionmaker
A. ignores marginal changes and focuses instead on “the big picture.”
B. takes an action only if the combined benefits of that action and previous actions exceed the combined costs of that action and previous actions
C. ignores the likely effects of government policies when he or she makes choices
D. takes an action only if the marginal benefit of that action exceeds the marginal cost of that action

Answers

The Answer is Option B.

Although New York State is second only to Washington State in production of​ apples, its production has been declining during the past 20 years. The decline has been particularly steep in counties close to New York City. In​ 1985, there were more than​ 11,000 acres of apple orchards in Ulster​ County, which is 75 miles north of New York City.​ Today, only about​ 6,000 acres remain. As it became difficult for apple growers in the county to compete with​ lower-cost producers​ elsewhere, the resources these entrepreneurs were using to produce applesparticularly landbecame more valuable in other uses. Many farmers sold their land to housing developers. Suppose a revolutionary new diet is developed that involves eating 10 apples per​ day, and the new diet becomes wildly popular. ​Source: Lisa W.​ Foderaro, "Plenty of​ Apples, but a Possible Shortage of Immigrant​ Pickers," New York Times​, August​ 21, 2007. Because of the popularity of the​ diet, the number of apple orchards within 100 miles of New York City will likely increase decrease .
What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City? What effect is the diet likely to have on housing prices in New York City?

Answers

Answer:

1. Increase in number of orchards

2. Increase in housing prices

Explanation:

1. What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City?

There is going to be increased demand for apples due to this new diet and this increase in demand is going to bring about a hike in the price for apples. This price increase would make business to be viable for these apple farmers. More people would want to own orchards just to make money out of the boom in apples. Because apple farming now seems to be more profitable than other activities. So this would cause the number of apple orchards that are within 100 miles of new york city to increase.

2.  What effect is the diet likely to have on housing prices in New York City?

There would be an increase in housing prices in New york city as farmers would rather be planting apples on these lands instead of sellng them to developers for building houses. There would be a decrease in the supply of housing in New york.

Determine the difference in the present worth values of the following two commodity contracts at an interest rate of 8% per year. a. Contract 1 has a cost of $10,000 in year 1; costs will escalate at a rate of 4% per year for 10 years. b. Contract 2 has the same cost in year 1, but costs will escalate at 6% per years for 11 years

Answers

Answer:

$14,336

Explanation:

Calculation to Determine the difference in the present worth values

First step is to calculate Contract 1 present worth values

Contract 1 present worth values = 10,000{1 – [(1 + 0.04)/(1 + 0.08)]^10}/(0.08 – 0.04)

Contract 1 present worth values = 10,000{1 – [(1.04)/(1 .08)]^10}/( 0.04)

Contract 1 present worth values = $78,590

Second step is to Contract 2 present worth values

Contract 2 present worth values

= 10,000{1 – [(1 +0.06)/(1 +0.08)]^11}/(0.08 – 0.06)=

Contract 2 present worth values

= 10,000{1 – [(1 .06)/(1 .08)]^11}/( 0.02)

Contract 2 present worth values = $92,926

Now let calculate the difference in the present worth values

Present worth values Difference =$92,926-$78,590

Present worth values Difference =$14,336

Therefore the difference in the present worth values will be $14,336

In a small town, there is a shoe factory which employs workers at $15 an hour, for forty-hour weeks. There is a writer, who expects to finish a novel in nine months. If he does not write the novel, he can teach high school English for $12 an hour. What is his opportunity cost of writing the novel

Answers

Answer:

the amount he would have earned if he taught, $12

Explanation:

Opportunity cost is the cost of the next best option forgone when one alternative is chosen over other alternatives

If the writer decides to write, he loses the opportunity to teach and earn $12. This is his opportunity cost.

Also, if he decided to teach instead, his opportunity cost the time he could have spent writing the novel

Suppose the current price of a good is $130. At this price, the quantity supplied is 125 units, and the quantity demanded is 165 units. For every $1 increase in price, the quantity supplied increases by 2 units and the quantity demanded decreases by 2 units.At the current price, the quantity demanded isgreater than the quantity supplied. This means that the market is currently experiencing ashortage . In order to adjust, the market price willincrease until the quantity demanded and quantity supplied are equal. The result is an equilibrium quantity of ________ and an equilibrium price of ________

Answers

Answer:

Equilibrium quantity: 145

Equilibrium price: $140

Explanation:

In order to find the answer, first we determine the current difference between quantity supplied and quantity demanded.

Quantity supplied - quantity demanded = difference

125 - 165 = -40

So we have a shortage of -40 units.

We have the information that a $1 increase in price increases supply by 2, and decreases demand by 2. Thus, in order to close the shortage, we need a $10 price increase, because this will raise supply by 20 units, and lower demand by 20 units as well, bringing the 40 gap to 0.

For this reason, the equilibrium quantity is 145 units, and the equilibrium price is $140.

A company that sells running shoes online wants to compare two new marketing strategies. They will test the strategies on 10 weekdays. In the morning of each day, a web page describing the comfort of the running shoes will be displayed. In the afternoon of each day, a web page describing the discounted price for the shoes will be displayed. Sales of the featured running shoes in the morning will be compared with sales in the afternoon at the end of the experiment. What are the experimental units, the treatments, and the outcomes for this experiment

Answers

Answer:

The explanation of the three factors and they conclusion are below.

Explanation:

To begin with, when we talk about experimental units we refer to the entities that the researcher looks forward to make inferences about, so that means that in this case the experimental units of the situation will be all the people who got to visit the website in both schedules, the morning shift and the afternoon shift.

Secondly, the treatments is understood to be the process or the way, it could be said, that the researchers administrate to the experimental units. So that implicates that in this case the treatments will be the morning with its comfort described and the afternoon on the other side with its discounted prices shown.

Finally, the most probable outcomes for this experiments will be that the statics will show how the people interact with the variables and which of them generated more interest, that being either price or comfort. It will also show the behavior of the people when it comes to understand if the tend more to visit the web site at morning or afternoon.

Osborn Manufacturing uses a predetermined overhead rate of $19.10 per direct labor-hour. This predetermined rate was based on a cost formula that estimates $246,390 of total manufacturing overhead for an estimated activity level of 12,900 direct labor-hours. The company actually incurred $245,000 of manufacturing overhead and 12,400 direct labor-hours during the period.
Required:
1. Determine the amount of underapplied or overapplied manufacturing overhead for the period.
2. Assume that the company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Would the journal entry to dispose of the underapplied or overapplied overhead increase or decrease the company’s gross margin? By how much?

Answers

Answer and Explanation:

The computation is shown below:

a. The underapplied or overapplied overhead is

But before that the applied overhead is

Applied overhead = 12400 × 19.1

= $236,840  

Now Underapplied overhead is

= $245,000 - $236,840

= $8,160

2 The gross margin of the company would be decreased by $8,160    

1. In a manufacturing firm, product costs include: ______

a. all GAAP costs
b. all variable costs
c. all manufacturing costs
d. all fixed costs all non-manufacturing costs

2. Period costs include:

a. all fixed costs
b. all non-manufacturing costs
c. all variable costs
d. all non-GAAP costs
e. all manufacturing costs

Answers

Answer and Explanation:

1. The product cost involved all the manufacturing cost i.e. direct cost that includes direct material, direct labor, manufacturing overhead etc

2. The period cost involved non-manufacturing cost i.e. indirect cost like rent expense, fixed selling & admin expenses, depreciation expense, etc

Therefore for 1 the option c is correct and for 2 the option b is correct

1.  In a manufacturing firm, product costs include all manufacturing costs. Thus, option C is the correct option.

2. Period costs include all non-manufacturing costs. Thus, option B is the correct option.

Product Costs are the expenses incurred during a product's creation. Materials, labor, production supplies, and factory overhead are all included in these prices. A product cost includes the price of the labor needed to provide a service to a consumer.

Period costs are any expenses that are not accounted for in product costs. The manufacturing method is not directly related to period expenses. Period costs include overhead and sales, general, and administrative (SG&A) expenses. Period costs are expenses that are not connected to or related to the creation of inventories in management and cost accounting.

Learn more about Period costs here:

https://brainly.com/question/17330018

#SPJ6

Bambino Sporting Goods makes baseball gloves that are very popular in the spring and early summer season. Units sold are anticipated as follows: Monthly Unit Sales 4,000 8,000 13,000 11,000 March April May June Total units 36,000 sold If seasonal production is used, it is assumed that inventory will directly match sales for each month and there will be no inventory buildup The production manager thinks the preceding assumption is too optimistic and decides to go with level production to avoid being out of merchandise. He will produce the 36,000 units over four months at a level of 9,000 per month.
a. What is the ending inventory at the end of each month?
b. If the inventory costs $12 per unit and will be financed at the bank at a cost of 6 percent, what is the monthly financing cost and the total for the four months?

Answers

Answer:

Bambino Sporting Goods

a.                                March     April        May     June

Ending Inventory     5,000     6,000     2,000       0

b. Monthly financing cost = $540

Total for the four months = $2,160

Explanation:

a) Data and Calculations:

                                   March     April        May     June

Beginning Inventory    0          5,000     6,000    2,000

Production                9,000     9,000     9,000     9,000

Monthly sales           4,000     8,000    13,000     11,000

Ending Inventory     5,000     6,000     2,000       0

Cost of inventory = $12 per unit

Monthly financing cost = $540 ($108,000 * 6% * 1/12)

Total financing cost for the four months = $2,160 ($540 * 4)

Thomlin Company forecasts that total overhead for the current year will be $10,282,000 with 194,000 total machine hours. Year to date, the actual overhead is $5,689,800, and the actual machine hours are 98,100 hours. If Thomlin Company uses a predetermined overhead rate based on machine hours for applying overhead, as of this point in time (year to date), the overhead is

Answers

Answer:

$490,500 underapplied

Explanation:

The computation of the overhead is shown below:

But before that the predetermined overhead rate and the applied overhead is

Predetermined overhead rate is

= Estimated overhead ÷ estimated activity

= $10,282,000 ÷ 194,000

= $53 per MH

Now

Applied overhead = actual activity × overhead rate

 = 98,100 hours ×$53 per MH

= $5,199,300

Now the underapplied overhead is

= $5,689,800 - $5,199,300

= $490,500 underapplied

What is a benefit of joining a professional organization for your chosen career path?

Answers

Answer: experience

Explanation: This will give the opportunity to show off your skills in the organization you have chosen plus it would be hands on and they can show you things to enhance your skills you learned.

Other Questions
How do I solve 1/3 = 5n/600 -x+5y=8 3x+7y=-3 find the equation will give brainliest to right answer please help!! 15 points -A sample of a radioactive isotope had an initial mass of 370 mgin the year 2000 and decays exponentially over time. Ameasurement in the year 2008 found that the sample's masshad decayed to 110 mg. What would be the expected mass of thesample in the year 2017, to the nearest whole number? Help rn pls I dont get it A pair of Jordans is normally $180. It is on sale for 20% off.Find the price after the discount.i need helpppp 2.Here is a recipe for SconesSconesServes 8 peopleButter 60gFlour 270gBaking Powder 2 teaspoons Buttermilk 180mlHow much of each ingredient would be needed to make scones for 2 people? The Greatest Common Factor (GCF) of 24, 36, and 48 is O A. 2 O B. 24 O C. 12 O D. 6 The Stamp Act imposed on the colonies by the Parliament of Great Britain is an ill-judged measure. Parliament has no rights to put its hands in our pockets without our consentGeorge WashingtonWhich phrase was used by colonists to address the specific situation Washington was writing about?unite or dieBdon't tread on meno taxation without representationDthese are the times that try men's souls The sum of a number x and 2,496 is 17,344. What is the value of x The electric field force is a ___________ quantity. Find the greatest common factor pf 110, 40, and 120 your thoughts on doing the Examination of Conscience? Please share your thoughts! It would really help me df5 5010 10015 15020 200Each week, Raymond orders 10 pounds of dog food for each dog at the local animal shelter. The table shows the relationshipbetween the number of dogs, d, and the pounds of dog food, f.Which equation models the relationship between the independent and dependent variables?A)d = 10fB)f = 100C)d = 10 + fD)f = 10 + d 5. Select the correct answer.Read the words spoken by an imaginary farmer in Rome, and then answer the question.The threat of attack was always there. Life in the countryside seemed safer than in the cities, especially since we grew our own food to survive. But we never knew when one of the neighboring tribes or invaders would come through our town. Lord Otho lived nearby. He was a strong leader with money to pay several soldiers who were no longer loyal to the Roman Empire. We fled to his manor to ask for his protection in return for part of our grain. When he agreed, we all felt safer in our homes than we had in a long time.What effect of the fall of the Roman Empire does the farmer describe?A. the decline in literacyB. the rise of the feudal systemC. the diminished value of Roman coinsD. the use of the barter systemE. the survival of a strong central government How did westward expansion affect Native American tribes? (5 points) Elena swan 14 laps in 42 minutes.how many minutes per lap did Elena swim?round your answer to two decimal places must be a decimal answer. Hank, a calendar-year taxpayer, uses the cash method of accounting for his sole proprietorship. In late December, he performed $38,000 of legal services for a client. Hank typically requires his clients to pay his bills immediately upon receipt. Assume his marginal tax rate is 32 percent this year and will be 37 percent next year, and that he can earn an after-tax rate of return of 12 percent on his investments.a. What is the after-tax income if Hank sends his client the bill in December?After- tax income ?b. What is the after-tax income if Hank sends his client the bill in January? (Do not round intermediate calculations. Round "PV Factor" to 3 decimal places. Round your answer to 2 decimal places.)after-tax income ?c. Should Hank send his client the bill in December or January?DecemberJanuaryd. What is the after-tax income if Hank expects his marginal tax rate to be 25 percent next year and sends his client the bill in January? (Round "PV Factor" to 3 decimal places. Round your answer to 2 decimal places.)After-tax income ? Newhard Company assigns overhead cost to jobs on the basis of 115% of direct labor cost. The job cost sheet for Job 313 includes $17,435 in direct materials cost and $10,100 in direct labor cost. A total of 1,350 units were produced in Job 313. Required: a. What is the total manufacturing cost assigned to Job 313 DOMAIN AND RANGE PLS HELP A car is 180 inches long. A truck is 75% longer than the car.How long is the truck?