Answer:
The cost of goods manufactured for July is $ 232,000
Explanation:
Raw Materials Inventories Utilized In Production
Beginning Raw materials $ 41,000
Add Purchases $ 73,000
Less Ending Raw materials ($ 37,000)
Used in Production $ 77,000
Cost of goods manufactured
Raw Materials $ 77,000
Direct labor cost $ 98,000
Manufacturing overhead $ 65,000
Total Cost of Manufacturing $ 240,000
Add Opening Work in process $ 23,000
Less Ending Work in process ($ 31,000)
Cost of goods manufactured $ 232,000
Not that Manufacturing overhead are included to the amount Applied in the Manufacturing Cost
Answer:
$323,500 shares
Explanation:
A stock split is a practice carried out by a company where stocks are split into multiples of its existing shares to boost liquidity.
There is no actual increase in the value of the shares, just an increase in the number. For example if a shareholder has 100 share and there is a 3-1 split, the shareholder will now have 3 shares for every one held before.
In this scenario total outstanding shares was 64,700 shares. The company offers a 5 for 1 stock split. Each share is now five, so new outstanding shares is 64,700 * 5= 323,500 shares
Answer:
77,640 shares
Explanation:
Stock split occur when new shares of a company are issued to existing shareholders in proportion to their current holdings.
The share outstanding after the stock split is the addition of the existing shares and the new share issued. For this question, this can be calculated as follows:
New shares to be issued = 64,700 ÷ 5 = 12,940
Number of outstanding shares after stock split = 64,700 + 12,940 = 77,640 shares
b. False
Answer: a. True
Explanation:
Marginal Cost as well known is the cost of producing an extra unit of a good. Average Cost on the other hand is the cost of producing all the goods divided by the number of units that are produced.
It therefore stands to reason that if goods are getting more expensive to produce, the Average Cost will rise.
For example, take 2 scenarios.
Scenario 1.
Cost of producing units 1 to 5 is $2 each.
Average Cost = (2 + 2 + 2 + 2 + 2) / 5
= 10/5
Average Cost = $2
Scenario 2
Cost of Producing Units 1 to 5 are;
Unit 1 - $2
Unit 2 - $2
Unit 3 - $2
Unit 4 - $2
Unit 5 - $4
Average cost at unit 5 = (2 + 2 + 2 + 2 + 4)/5
= 12/5
= $2.40
Average Cost has increased by $0.40
Answer:
The answer is True
Explanation:
Answer:
More than $0 but less than or equal to $100.
Explanation:
The transportation cost is $2.
Load summary is AB = 12, AC = 25, AD = 12, BC = -19, BD = 21, CD = 34.
The total cost to move product between A and D and B and C combined is ;
A and D = 12 * $2 = $24
B and C = 19 * $2 = $38.
2. Purchase painting equipment for $16,000 cash. One asset increases and another asset decreases.
3. Purchase office supplies on account for $2,500. Assets increase and liabilities increase.
4. Pay employee salaries of $3,200 for the current month. One asset increases and another asset decreases.
5. Purchase advertising to appear in the current month, $1,200. Assets increase and stockholders' equity increases.
6. Pay office rent of $4,400 for the current month. Assets decrease and stockholders' equity decreases.
7. Receive $10,000 from customers in (1) above. One asset increases and another asset decreases.
8. Receive cash of $5,000 in advance from a customer who plans to have his house painted in the following month. Assets increase and liabilities increase.
For each transaction, describe the dual effect on the accounting equation. For example, for the first transaction, (1) assets increase and (2) stockholders' equity increases.
The descriptionof the dual effects of the transactions on the accounting equation is as follows:
1. Asset increases (Accounts Receivable) and stockholders' equity (Retained Earnings) increases.
2. One asset (Equipment) increases and another asset (Cash) decreases.
3. Assets (Supplies) increase and liabilities (Accounts Payable) increase.
4. Assets (Cash) decrease and stockholders' equity (Retained Earnings) decreases.
5. Assets (Cash) decrease and stockholders' equity (Retained Earnings) decreases.
6. Assets (Cash) decrease and stockholders' equity (Retained Earnings) decreases.
7. One asset (Cash) increases and another asset (Accounts Receivable) decreases.
8. Assets (Cash) increase and liabilities (Deferred Revenue) increase.
The accounting equation is a depiction that assets equal liabilities and equity at every given time and with every transaction. This equation gives each transaction the dual effect.
1. Accounts Receivable $15,000 Service Revenue $15,000
2. Equipment $16,000 Cash $16,000
3. Supplies $2,500 Accounts Payable $2,500
4. Salaries Expense $3,200 Cash $3,200
5. Advertising Expense $1,200 Cash $3,200
6. Rent Expense $4,400 Cash $4,400
7. Cash $10,000 Accounts Receivable $10,000
8. Cash $5,000 Deferred Revenue $5,000
Thus, the dual effect means that each transaction affects, at least, two accounts of the accounting equation.
Learn more about the dual effects of accounting transactions at brainly.com/question/2707498
Part 1
Determine the gain/loss realized and recognized in the current year for each of these events. Also determine whether the gain/loss
recognized is §1231, capital, or ordinary.
Item
Description
A KTZ sold an office building for $85,000 in cash. It originally bought the office building seven years ago for $59,000 and has taken $14,000 in depreciation.
B KTZ sold another machine for $6,200. It originally purchased this machine six months ago for $9,000 and has claimed $1,230 in depreciation expense against the asset.
C KTZ sold some of its inventory for $5,000 cash. This inventory had a basis of $8,000
D KTZ held stock in XYZ Corp., which had a value of $19,000 at the beginning of the year. That same stock had a value of $25,230 at the end of the year.
E KTZ sold a machine that it used to make computerized dies for $26,300 cash. It originally bought the machine for $16,200 three years ago and has taken $4,000 depreciation
Part 2
From the recognized gains/losses determined in part 1, determine the net §1231 gain/loss and the net ordinary gain/loss KTZ will recognize on its tax return.
Answer:
Consider the following explanations and calculations
Explanation:
part 1
a) KTZ sold an office building for $85,000 in cash. It originally bought the office building seven
years ago for $59,000 and has taken $14,000 in depreciation.-
Ans- Bookvalue on date of sale= $59000- $ 14000= $ 45000
Profit on sale of office building= $85000- $45000= $40000
As per section 1231, out of profit of $40,000, amount of $14000, i.e till the amount of depreciation will be an ordinary income and $26000 (40000-14000) will be considered capital income.
b)
KTZ sold another machine for $6,200. It originally purchased this machine six months ago for
$9,000 and has claimed $1,230 in depreciation expense against the asset.
Ans- As the asset was held for less than one year, the provision of section 1230 will not apply. Thus, the loss will be treated as ordinary loss. The amount of ordinary loss =cost-depreciation-salesprice=9000-1230-6200= $1570
c)
KTZ sold some of its inventory for $5,000 cash. This inventory had a basis of $8,000
Ans-Section 1230 will not be applied to inventories. Thus ordinary profit of $3000 (8000-3000) will be considered.
d)
KTZ held stock in XYZ Corp., which had a value of $19,000 at the beginning of the year. That
same stock had a value of $25,230 at the end of the year.
Ans- Stock is treated as lower of market value or cost, hence no treatment, willl be shown at $19000
e)
KTZ sold a machine that it used to make computerized dies for $26,300 cash. It originally bought
the machine for $16,200 three years ago and has taken $4,000 depreciation
Ans- Bookvalue of computer- 16200-4000= $12,200
Profit= 26300- 12200= $14100
As per section 1231, out of profit of $14,100, amount of $4000, i.e till the amount of depreciation will be an ordinary income and $10100 (14100-4000) will be considered capital income.
part 2
Net section 1231 gain=26,000 + 10100= $ $36100
Ordinary gain= 14000+3000+4000= $21000
Ordinary loss= $ 1570