Entries by mary WAMBUGU

On May 21, 2019, Christine worked 7.0 hours on job A-1, and 3 hours on general “overhead activites”. Christine is paid $20 per hour.

August 23, 2019 in /by

Question On May 21, 2019, Christine worked 7.0 hours on job A-1, and 3 hours on general “overhead activites”. Christine is paid $20 per hour. Overhead is applied based on $28 per direct labor hour. Additionally, on May 21, Christine, while working on Job A-1 used $27 of indirect material. Indirect material is included in […]

 

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On January 1, Easton company had cash on hand of $105,000. All of January’s $224,000 sales were on account.

August 23, 2019 in /by

Question On January 1, Easton company had cash on hand of $105,000. All of January’s $224,000 sales were on account. December sales of $218,000 were also all on account. Experience has shown that Easton typically collects 30% of receivables in the month of the sale and the balance the following month. All materials and supplies […]

 

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On January 2, 2018, Baltimore company purchased 8,000 shares of the stock of Towson company at $12 per share.

August 23, 2019 in /by

On January 2, 2018, Baltimore company purchased 8,000 shares of the stock of Towson company at $12 per share. Baltimore did NOT obtain significant influence as the purchases represents a 5% ownership stake in townson company. On August 1, 2018, Towson company paid cash dividends of $21,000. Baltimore company intended this investment to a long-term […]

 

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Fredrick Company has two service departments (cafeteria and maintenance). Frederick has two production departments (assembly and packaging).

August 23, 2019 in /by

Question Fredrick Company has two service departments (cafeteria and maintenance). Frederick has two production departments (assembly and packaging). Frederick uses a step allocation method where cafeteria services is allocated to all departments and maintenance services is allocated to the production departments. All allocations are based on total employees. Cafeteria services has costs of $190,000 and […]

 

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