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Prepare two alternative journal entries that could be used to account for the sale of scrap.
Assume that a laborer dropped 200 cases. Suppose part of the 200 cases could be sold to a nearby prison for $200 cash.
When the spoilage is detected, the spoiled goods are inventoried at $230 per unit.
Assume the sheet metal cannot be sold, and its cost has been recorded in work-in-process inventory.
Total input includes abnormal as well as normal spoilage and is, therefore, inappropriate as a basis for computing normal spoilage.
The Kim Company is a furniture manufacturer with two departments: molding and finishing. The company uses the weighted-average method of process costing.
Source documents trigger the analysis of events requiring an accounting entry.
Identify each account as either a balance sheet account or an income statement account. For each balance sheet account, identify it as an asset, a liability.
I've been thinking about our method of recording entries it seems that it's inefficient.
Dividends of $7,500 were recorded as a debit to Wages Expense and a credit to Cash.
Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does the credit balance mean an error has occurred?
The importance of maintaining the equality of the accounting equation, the errors that might cause an inequality, and suggestions for finding the errors.
Discuss the effect on the assessable income of the parent.
Scrap materials sent to the storeroom were valued at an estimated selling price of $685 and treated as a reduction in the cost of all jobs worked .
Aztec Company expects daily usage of 500 pounds of material Inca, an anticipated lead time of seven days, and a desired safety stock of 2,500 pounds.
Materials often represent a substantial portion of a company's assets,therefore, they should be controlled from the time orders are placed .
What is the balance of the materials inventory account at the end of the month?
Overtime premiums are to be excluded when savings are computed. The contract will require 2,250 employees at a base rate of $20.00 per hour.
Direct materials returned to the storeroom from the factory amounted to $2,500.
Returned to a supplier for credit, 90 ft purchased on February 14, which were found to be defective.
What is the total amount of payroll taxes that will be imposed on the employer for the payroll, assuming that two administrative employees.
The scrapping of the 18 motors, with the income from spoiled goods treated as a reduction in the manufacturing cost of the specific job.
Why do companies adopt the LIFO method of inventory costing?
If the same daily output can be achieved while reducing the work in process by 50%, determine the new throughput time.
Determine the prorated amount of the over-applied factory overhead that is chargeable to each of the accounts.