Entries by mary WAMBUGU

Harrison Company had sales of $10,000 (100 units at $100 per). Manufacturing costs consisted of direct labor $1,500, direct materials $1,000, variable factory overhead $1,100,

August 30, 2019 in /by

Harrison Company had sales of $10,000 (100 units at $100 per). Manufacturing costs consisted of direct labor $1,500, direct materials $1,000, variable factory overhead $1,100, and fixed factory overhead $500. Selling expenses totaled $1,500 ($500 variable and $1,000 fixed), and administrative expenses totaled $1,600 ($410 variable and $1,190 fixed). Operating income was $2,800. Round all […]

 

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Question Reynolds Corporation’s comparative balance sheets are presented below. Reynolds CORPORATION Balance Sheets December 3

August 30, 2019 in /by

Reynolds Corporation’s comparative balance sheets are presented below. Reynolds CORPORATION Balance Sheets December 31 2018 2017 Cash $ 10,000 $ 9,000 Accounts receivable 35,000 30,000 Inventory 25,500 20,000 Land 15,000 15,000 Building 90,000 90,000 Accumulated depreciation (27,000) (25,000)     Total $148,500 $139,000 Accounts payable $ 50,000 $ 45,000 Common stock 65,000 60,000 Retained earnings 33,500 34,000 […]

 

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McCartney Corporation had the following bond transactions during the fiscal year 2018: On January 1: issued ten $20,000 bonds at 101. The 5-year bonds are dated January 1, 2018.

August 30, 2019 in /by

McCartney Corporation had the following bond transactions during the fiscal year 2018: On January 1: issued ten $20,000 bonds at 101. The 5-year bonds are dated January 1, 2018. The contract interest rate is 5%. Straight-line amortization method is used. Interest is payable semi-annual on January 1 and July 1. On July 1: McCartney Corporation issued […]

 

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On January 1, 2018, Cardi Company purchased 20,000 shares of the stock of Perry Co, and did obtain significant influence. The investment is intended as a long-term investment.

August 30, 2019 in /by

On January 1, 2018, Cardi Company purchased 20,000 shares of the stock of Perry Co, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $100,000, and represents a 40% ownership stake. Perry made $50,000 of net income in 2018, and paid dividends of $20,000. The price […]

 

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