QS 22-25 Budgeted financial statements P3 Following are selected accounts for a manufacturing company. 301) Employee benefits Additional compensation paid to or on behalf of employees, such as premiums for medical, dental, life, and disability insurance, and contributions to pension plans. Performance reports are then prepared comparing the flexible budget to actual revenues and costs. The machine has the following features. Subsidiary ledger: A list of individual accounts detailing a specific account in the general ledger. They also needed to finance the company, which they did by selling Woz's HP calculator and Jobs's Volkswagen van. Record the sale of assets for cash, and any gain or loss is allocated to partners using their income-and-loss-sharing agreement.
The rightmost column of this exhibit shows that break-even time is between 5 and 6 years, or about 5. D. The November 30 deposit of $17, 150 was placed in the night depository after banking hours on that date, and this amount does not appear on the bank statement. These are financial assets held by the Group in order to make a short-term profit on the sale. Page 538. debt and equity securities. Bad debts are estimated to be 2. The balance of the Notes Receivable account should only include notes that have not matured. 4) International Accounting Standards Board (IASB) Group that identifies preferred accounting practices and encourages global acceptance; issues International Financial Reporting Standards (IFRS). A company's manufacturing activities are described in a report called a schedule of cost of goods manufactured (also called a manufacturing statement or a statement of cost of goods manufactured). If treasury stock is reissued, any proceeds in excess of cost are credited to Paid-In Capital, Treasury Stock. Accounting cycle, 137–138 adjusting for merchandisers, 177–178. The following amounts for new equipment purchases are planned in the coming quarter: January, $72, 000; February, $96, 000; and March, $28, 800. CHAPTER 11 Pandora Media commits to corporate citizenship. Allowance for Doubtful Accounts, a balance sheet account, is not closed at period end.
Open the following general ledger accounts: Cash; Accounts Receivable; Inventory; Long-Term Notes Payable; B. Wiset, Capital; Sales; Sales Discounts; and Cost of Goods Sold. This entry is posted to the general ledger accounts, Factory Overhead and Factory Wages Payable, and is posted to Indirect Labor in the subsidiary factory overhead ledger. We see that Starbucks's 14. What amount of warranty claims did Samsung pay in 2017? Write a half-page memo to this classmate explaining the concept of the closing process by drawing analogies between (1) a scoreboard for an athletic event and the revenue and expense accounts of a business or (2) a sports team's record book and the capital account. Prepare the journal entry to record these direct materials variances.
Total overhead cost applied to each of the six jobs during the year. How are organization expenses reported? 4% of total revenues and its unadjusted trial balance reports a credit balance of ¥10, 000 million for the Allowance for Doubtful Accounts. In journalizing the June 14 payment, the pharmacy debited Accounts Payable for $14, 000 but failed to record the cash discount on the purchase. Beginning work in process was 75% complete with respect to direct materials and 60% complete with respect to conversion. Next, assume that Z-Mart's petty cashier makes several November payments from petty cash. Asset misappropriation was by far the most common form of occupational. In this chapter we focus on the first step in the budgetary control process, developing a budget. NEED-TO-KNOW 5-6 COMPREHENSIVE 1. TEAMWORK IN ACTION P2. It monitors suppliers to ensure they adhere to all applicable laws and regulations. 99% of coffee was purchased from suppliers certified for responsible. Assume Peng requires a 15% return on its investments.
At year-end December 31, the stock investments had a fair value of $200. FasTrac is considering several different capital investments, one of which is to purchase a machine to use in manufacturing a new product. To compute the internal rate of return for this project, the following is entered into cell C15: =IRR(C2:C11) This instructs Excel to use its IRR function to compute the internal rate of return of the cash flows in cells C2 through C11. Decision Analysis—Sales Variances 883 Appendix 23A Expanded Overhead Variances and Standard Cost Accounting System 888. The bonds mature in five years and pay 10% annual interest in semiannual payments. M. If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. TechCom decides that J. Kent's $520 account is uncollectible and makes the following entry to write it off. Wages of assembly workers. The first of these entries records standard materials cost incurred in May in the Work in Process Inventory account. TEAMWORK IN ACTION P5 P6. A manufacturer's job cost sheet reports direct materials of $1, 200 and direct labor of $250 for printing 200 T-shirts for a bikers' reunion. Prepare the journal entry to. Round to the nearest whole dollar. However, while U. GAAP balance sheets report current items first, IFRS balance sheets normally (but are not required to) present noncurrent items first, and equity before liabilities.
Divisions in decentralized companies sometimes do business with one another. Google, for example, reports a statement of comprehensive income following its income statement (see Appendix A). Pressure C. Rationalization. Instructions: Enter overhead on the job cost sheet but do not make a journal entry at this time. Cash paid to employees is $2, 860.
Complete an amortization table for this installment note similar to the one in Exhibit 14. Xia estimates an incremental overhead rate of $0. Required Prepare journal entries to record Liang's summarized transactions and its year-end adjustments to record bad debts expense. The table in Exhibit 11A. Also determine total assets and total liabilities. QS 1-4 Identifying principles, assumptions, and constraints C4. Is the Credit column total of the trial balance overstated, understated, or correctly stated? If cash is refunded, Cash is debited instead of Accounts Payable. This lean approach reduced the number of defective products sold and increased customer satisfaction. 7 Cash Receipts Journal with Posting. 11 Four-Step Process for Overhead. Decision Analysis (a section at the end of each chapter) covers ratios for decision making using real company data. Page 703. needs by performing a custom service for a specific customer. BTN 5-2 You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs.
In this way, responsibility accounting reports provide relevant information for each management level. We can use sensitivity analysis to predict income if we can describe how these changes affect a company's fixed costs, variable costs, selling price, and volume. This means that some adjusting and closing entries are recorded later than, but dated as of, the last day of the period. The special order will not affect normal unit sales and will not increase fixed overhead or fixed selling expenses. Page 622. price, hit an earnings target, and influence executive pay (The Wall Street Journal). This ratio means that Diego has low to moderate risk because its sales must decline sharply before it is unable to pay its interest expenses.
A company acquires a zinc mine at a cost of $750, 000 on January 1. Prepare entries that the seller records for the (a) sale, (b) cash collection within the discount period, and (c) cash collection after the discount period. Thus, monitoring and controlling both process and job order costs are important. Prepare journal entries to record (a) establishment of the fund and (b) reimbursement of the fund at the end of the current period. Also, unlike U. GAAP, IFRS offers no detailed guidance on valuation procedures. The company must also consider whether this customer is really a one-time customer. A subsidiary ledger, called the accounts receivable ledger, is set up to keep a separate account for each customer. This standard overhead rate is used in computing overhead cost variances, as we show next, and in recording journal entries in a standard cost system, which we show in the appendix to this chapter. Cost per EUP of conversion = $500, 000/200, 000 = $2. Prior experience shows that costs of the warranty equal 5% of sales.
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