Entries by Munene david

Farr Co. elects to use the percentage-of-sales basis in 2017 to record

May 4, 2020 in /by

Farr Co. elects to use the percentage-of-sales basis in 2017 to record bad debt expense. It estimates that 4% of net credit sales will become uncollectible. Sales revenues are $840,000 for 2017, sales returns and allowances are $53,700, and the allowance for doubtful accounts has a credit balance of $9,100. Prepare the adjusting entry to record bad […]

 

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1) During FY 2018, Adelps Company reported sales of $400,000,

May 4, 2020 in /by

1) During FY 2018, Adelps Company reported sales of $400,000, a contribution margin of $9.00 per unit, fixed costs of $100,000, and net income of $20,000. Use this information to determine the number of units Adelps sold during FY 2018. (Round answer to nearest whole number) 2) Tows Company manufactures book cases, and each requires 28 […]

 

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1) Annapolis Company has two service departments

May 4, 2020 in /by

1) Annapolis Company has two service departments (Computer Operations & Maintenance Services). Annapolis has two production departments (Mixing Department & Packaging Department.) Annapolis uses a direct allocation method where service departments are allocated only to production departments. All allocations are based on total employees. Computer Operations has costs of $150,000 and Maintenance Services has costs of $195,000 before any allocations. What amount […]

 

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1) Adelps Company provides the following information for their first year of operations in 2018:

May 4, 2020 in /by

1) Adelps Company provides the following information for their first year of operations in 2018:             Sales, 10,000 units @ $20 each             Total production, 13,000 units      Production costs per unit:          Direct materials            $4.00          Direct labor                   $2.00          Variable overhead        $2.00          Fixed manufacturing overhead      $14,000 Adelps Company uses absorption costing. Determine for Adelps Company the FY 2018 Cost of Goods Sold. (Round […]

 

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