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Davis Hardware Company uses a perpetual inventory system. How should Davis record the sale of merchandise, costing $620, and sold for $960 on account?
Instructions: Using the following data, complete the requirements given below. When you are given amounts to assume as the answers to previous requirements.
Cal Farms reported supplies expense of $1,600,000 this year. The supplies account decreased by $280,000 during the year to an ending balance of $330,000.
Yummy Foods purchased a two-year fire and extended coverage insurance policy on August 1, 2011, and charged the $2,760 premium to Insurance expense. At its December 31, 2011, year-end, Yummy Foods w
Denny company produces sporting equipment. In 2009, the first year of operations, Denny produced 20,000 units and sold 15,000 units. In 2010, the production and sales results were exactly reversed.
Mama's Pizza Shoppe borrowed $8,200 at 12% interest on May 1, 2011, with principal and interest due on October 31, 2012. The company's fiscal year ends June 30, 2011.
Peggy's Pillows produces and sells a decorative pillow for $75.00 per unit. In the first month of operation, 2,000 units were produced and 1,750 units were sold.
Johnson Inc. is a job-order manufacturing company that uses a predetermined overhead rate based on direct labor hours to apply overhead to individual jobs.
Budgeted variable overhead for the year is $120,000. Expected activity is 20,000 standard direct labor hours. The actual hours worked were 18,000 and the standard hours allowed for actual productio
On January 1, 2011, Trillini Corporation issued $3,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31.
During the year, Hawkings produced 10,000 units, used 20,000 direct labor hours, and incurred variable overhead of $90,000. Budgeted variable overhead for the year was $88,000.
Worthington Company issued $1,000,000 face value, six-year, 10% bonds on 7/1/2012, when the market rate of interest was 12%. Interest payments are due every 7/1 and 1/1. Worthington uses a calendar
Each pot requires 30 minutes of direct labor time. Direct labor wages average $15 per hour. Monthly overhead averages $4 per direct labor hour plus fixed overhead of $2,100.What is the direct labor
Belant Company budgeted 200,000 units for June, 210,000 for July and 300,000 for August. Each unit requires 0.25 direct labor hours. How many direct labor hours are budgeted for August?
How does Air France (AF) classify operating expenses in its income statement? How are these expenses typically classified in a U.S. company income statement?
Harvey Alexander, an all-league professional football player, has just declared free agency. Two teams, the San Francisco 49ers and the Dallas Cowboys, have made Harvey the following offers to obtai
Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock price and also to increase the value of stock options.
Saturn issues 6.5%, five-year bonds dated January 1, 2011, with a $500,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $510,666.
Calculate FICA Social Security taxes payable and FICA Medical taxes payable. Prepare the journal entry to record Ravello Company's January 8 (employee) payroll expenses and liabilities.
Siness Fitness Club uses straight-line depreciation for a machine costing $26,400, with an estimated four year life and a $2,900 salvage value.
Sarita Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $67,000. The machine's useful life is estimated at 10 years, or 420,000 units of
At the end of the current fiscal year, an analysis of the payroll records of Bev company showed accrued salaries of $22,200. The accrued Salaries Payable account had a balance of $32,000.
What is the value of this 20 year lease? The first payment, due one year from today is $2,000 and each annual payment will increase by 4%. The discount rate used to evaluate similar leases is 9%. (R
Farrell Company manufactures a product that sells for $50 per unit. Farrell incurs a variable cost per unit of $30 and $3,400,000 in total fixed costs to produce this product.
Zehms Company began operations in 2010 and adopted weighted-average pricing for inventory. In 2012, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO.