Business
A list of Year 3 revenues and expenses for Green Thumb, Inc. is provided below. Advertising and Promotion Expenses $ 263,700 Income Tax Expense 56,620 Interest Expense 44,020 Other Expenses 123,600 Other Selling & Administrative Expenses 352,000 Sales Revenue 1,871,300 Salaries and Wages Expense 726,000 Required: 1. Calculate the net income for the Green Thumb, Inc. for Year 3. 2. Prepare a statement of retained earnings for Green Thumb, Inc. for Year 3. Assume the company had retained earnings of $163,200 as of January 1, Year 3, and paid out $46,120 in dividends during Year 3.
Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 7,000 units, 70% completed $81,970Direct materials (7,000 $8.00) $56,000 Conversion (7,000 70% $5.30) 25,970 $81,970 Materials added during January from Weaving Department, 108,000 units $869,400 Direct labor for January 248,134 Factory overhead for January 303,274 Goods finished during January (includes goods in process, January 1), 109,200 units Work in process, January 31, 5,800 units, 30% completed A. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". B. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December).
Brace Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the estimated direct labor-hours were 21,600 hours. At the end of the year, actual direct labor-hours for the year were 20,400 hours, the actual manufacturing overhead for the year was $506,920, and manufacturing overhead for the year was underapplied by $23,440. The estimated manufacturing overhead at the beginning of the year used in the predetermined overhead rate must have been:_________ A. $501,920B. $531,445C. $483,480D. $511,920
A (Static) Using T accounts to record all business transactions. LO 3-1, 3-2, 3-4The following accounts and transactions are for Vincent Sutton, Landscape Consultant.Transactions:Sutton invested $90,000 in cash to start the business.Paid $6,000 for the current months rent.Bought office furniture for $10,580 in cash.Performed services for $8,200 in cash.Paid $1,250 for the monthly telephone bill.Performed services for $14,000 on credit.Purchased a computer and copier for $18,000; paid $7,200 in cash immediately with the balance due in 30 days.Received $7,000 from credit clients.Paid $2,800 in cash for office cleaning services for the month.Purchased additional office chairs for $5,800; received credit terms of 30 days.Purchased office equipment for $22,000 and paid half of this amount in cash immediately; the balance is due in 30 days.Issued a check for $9,400 to pay salaries.Performed services for $14,500 in cash.Performed services for $16,000 on credit.Collected $8,000 on accounts receivable from charge customers.Issued a check for $2,900 in partial payment of the amount owed for office chairs.Paid $725 to a duplicating company for photocopy work performed during the month.Paid $1,280 for the monthly electric bill.Sutton withdrew $5,500 in cash for personal expenses.Post the above transactions into the appropriate T accounts.Analyze:What liabilities does the business have after all transactions have been recorded?Complete this question by entering your answers in the tabs below.TransactionsAnalyzePost the above transactions into the appropriate T accounts.Cash Accounts ReceivableBal. Bal. Office Furniture Office EquipmentBal. Bal. Accounts Payable Vincent Sutton, CapitalBal. Bal. Vincent Sutton, Drawing Fees IncomeBal. Bal. Rent Expense Utilities ExpenseBal. Bal. Salaries Expense Telephone ExpenseBal. Bal. Miscellaneous Expense Bal. Complete this question by entering your answers in the tabs below.What liabilities does the business have after all transactions have been recorded?Liabilities
Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: ($ millions) PBO balance, January 1 $530 Plan assets balance, January 1 300 Service cost 50 Interest cost 30 Gain from change in actuarial assumption 36 Benefits paid (46 ) Actual return on plan assets 23 Contributions 2021 40 The expected long-term rate of return on plan assets was 9%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $18 million.Required: a. Calculate the pension expense for 2021. b. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2021. c. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability?
This information relates to Sunland Co.. 1. On April 5, purchased merchandise from Blossom Company for $26,400, terms 4/10, n/30. 2. On April 6, paid freight costs of $590 on merchandise purchased from Blossom Company. 3. On April 7, purchased equipment on account for $33,900. 4. On April 8, returned $5,200 of April 5 merchandise to Blossom Company. 5. On April 15, paid the amount due to Blossom Company in full. (a) Prepare the journal entries to record the transactions listed above on Sunland Co.s books. Sunland Co. uses a perpetual inventory system. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) No. Date Account Titles and Explanation Debit Credit 1. choose a transaction date enter an account title enter a debit amount enter a credit amount.
Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,283,744 as follows. Work in process, November 1 Materials $78,600 Conversion costs 48,700 $127,300 Materials added 1,592,280 Labor 225,100 Overhead 339,064 Production records show that 35,200 units were in beginning work in process 30% complete as to conversion costs, 661,000 units were started into production, and 25,400 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.(a) Determine the equivalent units of production and the unit production costs for the Assembly Department.(Round unit costs to 2 decimal places, e.g. 2.25.) Materials Conversion CostsEquivalent Units Cost per unit $ $(b) Determine the assignment of costs to goods transferred out and in process.(c) Prepare a production cost report for the assembly dept.
On December 31, 2020, Reagan Inc. signed a lease with Silver Leasing Co. for some equipment having a seven-year useful life. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December 31, 2026. There is no purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease. Reagan's lease amortization schedule appears below: Decrease in OutstandingDec. 31 Payments Interest Balance Balance 2020 $410,442 2020 $74,700 $74,700 335,742 2021 $74,700 $20,145 54,555 281,187 2022 $74,700 16,871 57,829 223,358 2023 $74,700 13,401 61,299 162,059 2024 $74,700 9,724 64,976 97,083 2025 $74,700 5,825 68,875 28,208 2026 $29,900 1,692 28,208 0 What is the amount of residual value guaranteed by Reagan to the lessor?