After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,900. Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet. Reply
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
Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions
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?
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.
How to use t accounts?
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.
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.
Bleeker Company has the following merchandise account balances: Sales $194,408, Sales Discounts $2,178, Cost of Goods Sold $103,141, and Merchandise Inventory $39,065.Prepare the entries to record the closing of these items to Income Summary. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)Account / Description Debit Credit $ $ (To close credit accounts) Income Summary $ $ $ (To close debit accounts)
Mr. Husker’s Tuxedos Corp. ended the year 2012 with an average collection period of 34 days. The firm’s credit sales for 2012 were $56.3 million.What is the year-end 2012 balance in accounts receivable for Mr. Husker’s Tuxedos?