Part (a) 1.If the ratio of accounts-to-support technicians is 5:1, how many accounts are supported by each technician? 2.If there are currently 8 technicians on staff, how many accounts total are they supporting now? Please see the previous answer. 40
Record the following in the T-accounts below:aReceived cash from customer as payment of prior month bill.($2,000)bCompany paid all salaries accrued in the prior month.cDepreciation for the month totaled $600.dSupplies on hand at the end of the current month totaled $1,400.eSalaries earned during the final week of the month totaled $1,500. The salaries were paid one week afterthe payperiod ended.
Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions
How to use t accounts?
Selected T-accounts for Rolm Company are given below for the just completed year:Raw Materials Manufacturing OverheadBal. 1/1 38,000 Credits ? Debits 388,000 Credits ?Debits 450,000Bal. 12/31 55,000Work in Process Factory Wages PayableBal. 1/1 79,000 Credits 780,000 Debits 177,000 Bal. 1/1 10,000Direct Materials 328,000 Credits 181,000Direct Labor 119,000 Bal. 12/31 14,000Overhead 420,000Bal. 12/31 ?Finished Goods Cost of Goods SoldBal. 1/1 47,000 Credits ? Debits ?Debits ?Bal. 12/31 138,000Required:1. What was the cost of raw materials put into production during the year?2. How much of the materials in (1) above consisted of indirect materials?3. How much of the factory labor cost for the year consisted of indirect labor?4. What was the cost of goods manufactured for the year?5. What was the cost of goods sold for the year (before considering underapplied or overapplied overhead)?6. If overhead is applied to production on the basis of direct materials cost, what rate was in effect during the year?7. Was manufacturing overhead underapplied or overapplied? By how much?8. Compute the ending balance in the Work in Process inventory account. Assume that this balance consists entirely of goods started during the year. If $32,200 of thisbalance is direct materials cost, how much of it is direct labor cost? Manufacturing overhead cost?
Soldatna Corporation's controller frequently prepared T-accounts to analyze inventory. However, his penmanship was poor and he is no longer employed by the company.The following was reconstructed from a scratch pad left on his desk. The missing values (?) were illegible. Analyze the information and answer the requirements thatfollow.Raw Materials Cost of Goods Soldbeg. bal. ? ? 491,000 ?175,000 491,000 ?175,000 ?481,000102,000Work in Process Factory Overheadbeg. bal. 44,000 460,000 35,000 ?113,000 40,000? 75,000? ?477,000 ? ? ?? ?Finished Goodsbeg. bal. 131,000 ??? ?100,000(a) Overhead is applied at 100% of direct labor cost. How much was direct labor?(b) Was overhead over- or underapplied, and by how much?(c) Which inventory category increased?(d) Other factory overhead, besides indirect material and indirect labor, was $75,000. Indirect labor was 25% of the direct labor. How much was indirectmaterial?(e) How much was cost of goods manufactured?
analyze each of the transactions. For each decide what accounts are affected and set up T accounts. Record the effects of the transaction in the T accounts. Use plusand minus signs before the amounts to show the increases and decreases.1. James Walker, an owner, made an additional investment of $16,000 in cash.2. A firm purchased equipment for $9,000 in cash.3. A firm sold some surplus office furniture for $1,200 in cash.4. A firm purchased a computer for $2,700, to be paid in 60 days.5. A firm purchased office equipment for $10,200 on credit. The amount is due in 60 days.6. Carol Rose, owner of Rose Travel Agency, withdrew $5,000 of her original cash investment.7. A firm bought a delivery truck for $32,000 on credit; payment is due in 90 days.8. A firm issued a check for $2,500 to a supplier in partial payment of an open account balance.
Donna Wells decided to start a dental practice. The first five transactions for the business follow. For each transaction. (1) determine which two accounts areaffected. (2) set up T accounts for the affected accounts, and (3) enter the debit and credit amounts in the T accounts.1. Donna invested $80,000 cash in business.2. Paid $20,000 in cash equipment.3.Performed services for cash amounting to $8,0004. Paid $2,800 in cash for advertising expense.5. Paid $2,000 in cash for supplies.
January 2011 Transactions for Francine’s Fast Deliveries, Inc. (FFD)1. Owners invest $18,000 of additional cash in the business.2. Supplies are purchased for $1,2003. Insurance is paid for 6 months beginning January 1: $2,400 (Record as asset)4. Rent is paid for 2 months beginning in January: $4,500 (Record as an asset)5. Two employees are hired. Each employee will be paid $2,400 per month6. FFD borrows $12,000 from 1st State Bank at 12% annual interest.7. A delivery van is purchased for cash. Including tax the total cost was $10,800. It will be used for 2 years and will be depreciated monthly using straight-line withno salvage value. A full month of depreciation will be charged in January.7. $1,100 of the receivables from December’s sales are collected.8. All of the accounts payable from December are paid.9. Mailed invoices for services performed for customers on account: $9,800.10. Services are performed for cash customers: $7,200.11. Wages for the first half of the month are paid on January 16.12. The company receives $3,600 from a customer for an advance order for services to be provided in January and February.13. Collections from customers on account (see January 9 transaction): $4,50014. The last 2 weeks wages earned by employees are $1,200 per employee and will be paid on February 3.15. A $775 utility bill for January arrived. It is due on February 15.
I don't know which accounts to use for each transaction?
How do I record earnest money. A down payment a customer gives a real estate broker for a house?