costs are incurred. The number of hours estimated are as follows: JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember120‚000125‚000130‚000128‚000142‚000154‚000165‚000178‚000190‚000The company pays $1.50 per direct labour hour. d) Operating Expenses are estimated to be $332‚000 per month and this is paid end
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Chapter 13 Segment and Interim Reporting Multiple Choice Questions Wakefield Company uses a perpetual inventory system. In August‚ it sold 2‚000 units from its LIFO-base inventory‚ which had originally cost $35 per unit. The replacement cost is expected to be $45 per unit. The company is planning to reduce its inventory and expects to replace only 1‚500 of these units by December 31‚ the end of its fiscal year. The company replaced 1‚500 units in November at an actual cost of $50 per unit
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12‚350 Sale of new common stock 16‚850 Cash sales 51‚000 39‚000 Total receipts 89‚750 76‚250 Total Available Cash 99‚750 86‚250 Less: Disbursements Purchases of inventory 55‚000 33‚000 Operating expenses 6‚750 6‚750 Selling and administrative expenses 12‚500 12‚500 Dividends 19‚000 Equipment purchase 6‚000 Total disbursements 93‚250 58‚250 Excess (deficiency of available cash over disbursements) 6‚500 28‚000 Financing Borrowings
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000 Sale of new common stock 50‚000 Cash sales 75‚000 57‚000 Total receipts 200‚650 192‚150 Total Available Cash 220‚650 212‚150 Less: Disbursements Purchases of inventory 171‚000 106‚200 Operating expenses 15‚000 15‚000 Selling and administrative expenses 10‚150 10‚150 Equipment purchase 35‚000 Dividends 20‚000 Total disbursements 231‚150 151‚350 Excess (deficiency of available cash over disbursements) (10‚500) 60‚800
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accounts that results in a better matching of expenses with revenues is the a. aging accounts receivable method b. direct write-off method c. percentage of receivables method d. percentage of sales method 2. Using the percentages of receivables method for recording bad debts expense‚ estimated uncollectible accounts are $25‚000. If the balance of the Allowance for Doubtful Accounts is $8‚000 debit before adjustment‚ what is the amount of bad debts expense for that period? a. $25‚000 b. $8‚000
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transactions at the moment it occurs. When the business performs a service‚ a sale‚ or earns an expense the accountant records the transactions. It also records if the transaction receives or pays no cash. AccountingCoach.com (2011) website states the following: 1. Revenues are reported on the income statement when they are earned— which often occurs before the cash is received from the customers. 2. Expenses are reported on the income statement in the period when they occur or when they expire—which
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GENERAL INTRODUCTION | This volume is submitted to assist Congress in the review and deliberation of the proposed national budget for the legislation of the annual appropriations measures for the next fiscal year. It contains the details of the government’s proposed program and is presented into two parts‚ namely: Part I – National Government Budget‚ and Part II - Budgets of the three (3) Energy Corporations. | The FY 2008 Budget Program | The total proposed expenditure program for FY 2008
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663.00 508‚770.00 Selling/General/Admin. Expenses‚ Total 384‚993.00 390‚730.00 388‚687.00 331‚459.00 346‚750.00 Research & Development - - - - - Depreciation/Amortization - - - - - Interest Expense(Income) - Net Operating - - - - - Unusual Expense (Income) - - - - -10‚186.00 Other Operating Expenses‚ Total 192‚482.00 43‚914.00 230‚088.00
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expected profit margins and also the overall profitability has declined * Some of the operational problems have aroused due to introduction of Red coloured pens which required more changeovers from the existing process * All plants indirect expenses were aggregated at the plant level and allocated to products based on their direct labour content. The above mentioned problems are important especially because company wants to introduce some new range of products so without knowing the causes
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* causes of depreciation: Depreciation is a ratable reduction in the carrying amount of a fixed asset. Depreciation is intended to roughly reflect the actual consumption of an underlying asset‚ so that the carrying amount of the asset has been greatly reduced by the time its useful life is over. 1. Wear And Tear wear and tear refer to a decline in the efficiency of asset due to its constant use. When an asset losses its efficiency‚ its value goes down and depreciation arises. This is true in
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