Business
The following information is available for Moiz Company:________. Debit Credit Common Stock $30,000 Retained Earnings 20,000 Dividends $30,000 Sales Revenue 510,000 Sales Returns and Allowances 20,000 Sales Discounts 7,000 Cost of Goods Sold 310,000 Freight-Out 2,000 Advertising Expense 15,000 Interest Expense 19,000 Salaries and Wages Expense 55,000 Utilities Expense 18,000 Depreciation Expense 7,000 Interest Revenue 23,000 Using the above information, prepare the closing entries for Moiz Company. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Harper Chicken Corporation processes and packages chicken for grocery stores. It purchases chickens from farmers and processes them into two different products: chicken drumsticks and chicken steak. From a standard batch of 25,000 pounds of raw chicken that costs $17,500, the company produces two parts: 4,400 pounds of drumsticks and 6,200 pounds of breast for a processing cost of $3,648. The chicken breast is further processed into 5,400 pounds of steak for a processing cost of $3,400. The market price of drumsticks per pound is $1.85 and the market price per pound of chicken steak is $5.40. If Harper decided to sell chicken breast instead of chicken steak, the price per pound would be $2.70. Required: a-1. Allocate the joint cost to the joint products, drumsticks and breasts, using weight as the allocation base. a-2. Calculate the gross margin for each product. a-3. If the drumsticks are producing a loss, should that product line be eliminated? b-1. Reallocate the joint cost to the joint products, drumsticks and breasts, using relative market values as the allocation base. b-2. Calculate the gross margin for each product. c-1. Should Martin further process chicken breasts into chicken steak? (Use the assumption made in requirement b-1). c-2. How would the profit be affected by your answer in c-1?
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations. June 12, 2021 Provide services to customers on account for $33,200. September 17, 2021 Receive $18,500 from customers on account. December 31, 2021 Estimate that 45% of accounts receivable at the end of the year will not be received. March 4, 2022 Provide services to customers on account for $48,200. May 20, 2022 Receive $10,000 from customers for services provided in 2021. July 2, 2022 Write off the remaining amounts owed from services provided in 2021. October 19, 2022 Receive $38,500 from customers for services provided in 2022. December 31, 2022 Estimate that 45% of accounts receivable at the end of the year will not be received.Required:Calculate net accounts receivable at the end of 2021 and 2022. 2021 2021Total accounts receivable Less: Allowance for uncollectible acounts Net accounts receivable
Dixon Company is a manufacturer that completed numerous transactions during the month, some of which are shown below:A. Raw materials purchased on account, $100,000.B. Raw materials used in production, $78,000 direct materials, and $16,000 indirect materials.C. Sales commissions paid in cash, $45,000.D. Depreciation was recorded for the month, $60,000 (65% related to factory equipment, and the remainder related to selling and administrative equipment).E. Sales for the month, $450,000 (70% cash sales and the remainder were sales on account).F. Factory utilities paid in cash, $12,000.G. Applied $138,000 of manufacturing overhead to production during the month.H. Various jobs costing a total of $190,000 were completed during the month and transferred to Finished Goods.I. Cash receipts from customers who had previously purchased on credit, $115,000.J. Various completed jobs costing a total of $220,000 were sold to customers.K. Cash paid to raw material suppliers, $90,000.Required: The table shown below includes only one account from Dixon Company's balance sheet-Retained Earnings. For each of the above transactions, select "No" if it would not affect Retained Earnings. Conversely if the transaction would affect Retained Earnings, then record the amount of the increase or (decrease) to this account under the "Yes" column. Retained EarningsTransaction Yes Noabcdefghijk