### Preparing the journal entries for the given transactions

Assignment Help Accounting Basics
##### Reference no: EM132234174

Question: 1- Prepare the journal entries for the following:

a. When raw materials are received, Give an example

b. When raw materials are sent to the factory floor, Give an example

c. When a job is completed, what happen to the cost, Give an example

d. Overhead expenses ( salary) paid by cheque \$ 5000

e. Utilities (Indirect expenses) paid in cash \$ 10000

f. Salaries totaling \$5,000 are accrued; 35% of these costs are direct labor, 40% are indirect labor and 25% are overhead expense. Prepare the journal entry.

g. Overhead costs are allocated to work in process using an allocation rate of 150% of direct labor costs and 300% of overhead expenses.

Prepare the journal entry. (Give different examples- examples should not be same)

2- Riyadh Electricity Company manufactures chandeliers . Following is information for next year's operations, based on an estimated volume of 20,000 units: 4 marks

Expected revenues \$1,000,000

Unit costs:

Direct materials \$ 6.25

Direct labor 15.75

Variable overhead 5.50

Fixed manufacturing overhead 2.50

Total \$30.00

Other fixed costs:

Administration, marketing, etc. \$225,000

Income tax rate 30%

a. What is the breakeven point for next year?

b. What is next year's projected after-tax income?

c. Suppose the managers set a target after-tax income of \$100,000. Estimate the number of units that must be sold.

3- Ahmed has budgeted next year's sales at 8,000 units. (2 marks )

Compute Ahmed's degree of operating leverage. If P = 1,000, V = 400, F = 850,000.

#### To start a new partnership, partner a contributed an asset

To start a new partnership, Partner A contributed an asset worth \$45,000 with a \$5,000 debt secured by it. Partner B loaned an asset worth \$40,000 with no loans against i

#### If its required return is 15 what is the stocks expected

A stock is expected to pay a dividend of \$3.00 at the end of the year (i.e., D1 = \$3.00), and it should continue to grow at a constant rate of 10% a year. If its required retu

#### Computing past growth rate and dividend

Radon Homes' current EPS is \$6.50. It was \$4.42 5 years ago. The company pays out 40% of its earnings as dividends, and the stock sells for \$36. Calculate the past growth rat

#### Past five years that can be traced back to a foreign policy

You have already developed a thesis statement and developed an outline in which you explored two (2) real-life international incidents from the past five (5) years involving

#### Perform a swot analysis on your chosen organization

How is their growth? What is their mission statement? Do they seem to be following their mission? Who are their competitors? Perform a SWOT analysis on your chosen organizat

#### What present value concept is appropriate for this situation

On June 1, 2004, Mike Brisky Inc. purchased a new machine that it does not have to pay for until May 1, 2006. The total payment on May 1, 2006, will include both principal and

#### Calculation of profit using completed contract method

Kiner, Inc. began work in 2012 on a contract for \$12,600,000. Other data are as follows: This problem related to Basics Accounting and calculation of profit using completed co

#### Real-life example of a market structure in your local city

You have been hired as a consultant by your local mayor to look at the various market structures. Your role is to provide analysis and answers to these important questions t

### Write a Review

#### 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!

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