Business
When the accounts of Sunland Inc. are examined, the adjusting data listed below are available on December 31, the end of the annual period. 1. Interest has accrued on a $28,800, 6% note payable, issued on May 1. 2. On September 1, Rent Revenue was credited for $7,800, representing revenue from a subrental for a 6-month period beginning on that date. 3. Purchase of supplies for $2,110 during the year was recorded in the Supplies Expense account. On December 31, supplies of $540 are on hand.Prepare the adjusting entry for each item. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 2. 3. Prepare the reversing entry for each item where appropriate. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit
On January 1, 2021, Wooten Technology Associates sold computer equipment to the Denison Company. Delivery was made on January 1, 2021, but payment for the equipment of $10,100 is not due until December 31, 2021. Assuming that Wooten views the time value of money to be a significant component of this transaction and that an 12% interest rate is applicable. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) How much sales revenue would Wooten recognize on January 1, 2021
Manufacturing uses normal costing for its job-costing system, which has two direct-cost categories (direct materials and direct manufacturing labor) and one indirect-cost category (manufacturing overhead). The following information is obtained for:_____. Total manufacturing costs, $8,450,000 Manufacturing overhead allocated, $3,750,000 (allocated at a rate of 250% of direct manufacturing labor costs) Work-in-process inventory on January 1, 2017, $390,000 Cost of finished goods manufactured, $8,020,000Requirements: 1. Use information in the first two bullet points to calculate (a) direct manufacturing labor costs in and (b) cost of direct materials used in . 2. Calculate the ending work-in-process inventory on December 31, 2011.