User Account

All Pages

Record the sale of goods on credit

Assignment Help Accounting Basics
Reference no: EM132048531

Question - Prepare journal entries to record the following production activities.

1. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $141,000.

2. Sold $449,000 of goods on credit. Their cost is $152,000.

Record the transfer of goods from the assembly department to finished goods.

Record the transfer of goods from the assembly department to finished goods.

Record the sale of goods on credit.

Record the cost of goods sold.

Reference no: EM132048531

Questions Cloud

What was the average issue price of the common stock shares : Total stockholders' equity $1,236,500. What was the average issue price of the common stock shares? What is the average issue price of preferred stock shares
What are the two factors that must be considered : What are the two factors that must be considered when deciding on an accounting system?
What is the effective annual interest rate on this lending : Suppose you need $19.95 million today and you repay it in seven months. How much interest will you pay?
Maximum amount of total contribution margin : How much is the maximum amount of total contribution margin possible to the firm in the short run?
Record the sale of goods on credit : Prepare journal entries to record the following production activities. Sold $449,000 of goods on credit. Their cost is $152,000
Consideration of healthcare cost benefits : What is the implication of the entanglement between the employers and employees in consideration of healthcare cost benefits?
What are the main steps a company : What are the main steps a company can take to reduce their customer defection rate.
Prepare journal entries to record the overhead costs paid : Prepare journal entries to record the following production activities. Paid overhead costs (other than indirect materials and indirect labor) of $21,000
What is the significance of job costing : What is the significance of job costing to service organizations in tracking direct materials?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Meeting with the visitors from corporate hq

After meeting with the visitors from Corporate HQ, Bawcombe spoke to you, his operations managers, "They want to close the plant," he said grimly. "They expect costs to decrease considerably if we manufacture in China through a Scotts subsidiary."

  Explain what balance sheet exposure and transaction

Explain what balance sheet exposure and transaction exposure are and the difference between them.

  How do you calculate the current ratio

There are multiple ratios to show the health of a business. How do you calculate the Current Ratio and what does it indicate?

  The rules do not provide assistance in determining how much

shortcut charlie usually manages to develop some simple rule to handle even the most complex situations. in providing

  What would be the market value of trident corporation

What would be the market value of Trident Corporation if it were unlevered - What is the value of equity after the announcement of the stock repurchase plan?

  Prepare supporting schedule of costs of goods manufacturing

Prepare a Supporting Schedule of Costs of Goods Manufacturing for the year ended December 31, 2009. Prepare an Income Statement for the year ended December 31

  Compute the transfer price using full cost and calculate the

Compute the transfer price using full cost and calculate the operating income for each operation. Compute the transfer price using variable cost and calculate the operating income for each operation.

  Difference between financial income and taxable income

In accounting for a pension plan, any difference between the pension cost charged to expense and the payments into the fund should be reported as

  Prepare a 2011 statement of stockholders equity

The Cleaning Authority provides janitorial services for commercial customers. On December 31, 2010, the credit balance of the Common Stock and Retained Earnings accounts were $12,000 and $5,500, respectively. During 2011, the company issued $4,200..

  Compute the company break-even point

1. Compute the company's break-even point in unit sales and in dollar sales.

  Compute depreciation for each year and total depreciation

a machine costing 211200 with a four-year life and an estimated 18000 salvage value is installed in luther companys

  Record the journal entries for the issuance of the bonds

Record the journal entries for the issuance of the bonds, Record the journal entries for the first interest payment due on October 1, 2016

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