User Account

All Pages

Cinta company is a manufacturer of toys

Assignment Help Accounting Basics
Reference no: EM131369590

P1-5B Cinta Company is a manufacturer of toys. Its controller resigned in August 2011. An inexperienced assistant accountant has prepared the following income statement for the month of August 2011. 

CINTA COMPANY

Income Statement
For the Month Ended August 31,   2011
Sales (net)                                             $675,000
Less:  Operating expenses
Raw materials purchases                            $220,000
Direct labor cost                                       160,000
Advertising expense                                  75,000 
Selling and administrative salaries                70,000 
Rent on factory  facilities                           60,000
Depreciation on sales  equipment                 50,000 
Depreciation  on  factory equipment              35,000 
Indirect labor cost                                     20,000
Utilities expense                                       10,000
Insurance expense                                     5,000                 705,000 
Net loss                                                  $ (30,000)

Reference no: EM131369590

Questions Cloud

Purpose of stp and different versions of stp : Research the purpose of STP and the different versions of STP. Discuss what happens during STP convergence. How does PVST+ differ from Rapid PVST+? What are the most common issues that cause STP problems?
Determine which fax machine the business center : A business center wants to lease a fax machine for customers to use. A regular fax machine leases for $18 per hour, and it takes a customer an average of 10 minutes (exponentially distributed) to complete a faxing job. An upgraded fax machine leases ..
Determine the new value of l : After considerable use, the walls of the channel became rougher and the Manning coefficient, n, doubled. Determine the new value of L if the flowrate stayed the same.
What is their market size and growth rate : What is their Market size and growth rate? What are the major customer or market needs? What are the macro trends impacting the market Current company or segment market share and market position (i.e. lender, follower, challenger)?
Cinta company is a manufacturer of toys : P1-5B Cinta Company is a manufacturer of toys. Its controller resigned in August 2011. An inexperienced assistant accountant has prepared the following income statement for the month of August 2011.
What is the probability that it paid dividends : If a stock is selected at random out of the analyst's list of 246 stocks, what is the probability that it increased in price?- If a stock is selected at random, what is the probability that it paid dividends?
What are the cost characteristics of each delivery option : Spartan Plastics provides components to assembly plants in the automobile industry. Currently, they ship directly from their plant in St. Louis, Missouri, to plants in Lansing, Michigan; Toledo, Ohio; and eight assembly plants surrounding Detroit, Mi..
Learning and discoveries during process : Describe key learning and discoveries during this process, including elements from your learning in this week about the major elements of cultural patterns and cultural taxonomies.
What specific supply chain processes and specific metrics : What specific supply chain processes and specific metrics might you look carefully at if you were in charge of improving and or redesigning your company's supply chain to decrease cost?

Reviews

Write a Review

Accounting Basics Questions & Answers

  For some new asus fasb makes the effective date later for

for some new asus fasb makes the effective date later for nonpublic entities than it does for public entities. for asu

  Freddie preparer penalty

Freddie purposely omitted $100,000 of cash receipts that should have been reported as gross income. Freddie charged Peggy $6,000 to prepare the return. What is Freddie's preparer penalty?

  Strategic management accounting

There are the relationships in the area of "strategic financial management" & "strategic management accounting"

  For 2013 fielder corporation reported net income of 30000

for 2013 fielder corporation reported net income of 30000 net sales 400000 and average common stock shares outstanding

  In year 1 better sleep company began to receive complaints

in year 1 better sleep company began to receive complaints from physicians that patients were experiencing unexpected

  Galvaset indutries manufactures and sells custom-made

activity-based costing versus traditional overhead allocation methods lo 9 galvaset indutries manufactures and sells

  Classify the financial statement items

Classify the financial statement items based upon the major balance sheet classifications.- Current assets Stockholders' equityLong-term liabilitiesIntangible assetsCurrent liabilities, plant, and equipment.

  Basics of labor hours to activity-based costing

R-Ball is considering switching from one overhead rate based on labor hours to activity-based costing. Using activity-based costing, how much assembly cost is assigned to deluxe racquets?

  Win co produces a single product its normal selling price

win co. produces a single product. its normal selling price is 26.00 per unit. the variable costs are 16.00 per unit.

  Would board-designated net assets be reported

Describe which net assets are included in each category. Would board-designated net assets be reported as temporary restricted net assets?

  Round computations to the nearest dollar

For each of the above situations, prepare the journal entry required to record the acquisition of the equipment. Round computations to the nearest dollar.

  Received an invoice from national credit co for 1900

a. sold merchandise for cash 12 150. the cost of merchandise sold was 9100.b. sold merchandise on account 6000. the

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd