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Staircase Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 2010, the first month of operations:a. Materials purchased on account, $23,400.b. Materials requisitioned and factory labor used:c. Factory overhead costs incurred on account, $4,500.d. Depreciation of machinery and equipment, $1,560.e. The factory overhead rate is $50 per machine hour. Machine hours used:Job......................... Machine HoursNo. 201.......................... 18No. 202.......................... 30No. 203.......................... 24No. 204.......................... 75No. 205.......................... 33No. 206.......................... 20Total............................ 200f. Jobs completed: 201, 202, 203, and 205.g. Jobs were shipped and customers were billed as follows: Job 201, $6,540; Job 202, $8,820; Job 203, $11,880.Instructions1. Prepare a schedule summarizing manufacturing costs by job for April. Use the following form:Job....... Direct Materials......... Direct Labor....... Factory Overhead....... Total2. Prepare a schedule of jobs finished in April.3. Prepare a schedule of jobs sold in April. What account does this schedule support for the month of April?4. Prepare a schedule of completed jobs on hand as of April 30, 2010. What account does this schedule support?5. Prepare a schedule of unfinished jobs as of April 30, 2010. What account does this schedule support?
McKain, Inc., a calendar year S corporation, incurs the following items. Calculate McKain's nonseperately computed income.
analyzing and recording merchandise transactions-both buyer and seller l.o. p1 p2 on may 11 smythe co. accepts delivery
The analytical framework used to evaluate transactions in reproduced below:
the beginning assets were 437800 beginning liabilities were 262660 common stock issued during the year totaled 45100
Amber city borrowed $1,000,000 secured by a 5-year mortgage note. This cash from the note was used to purchase a building for vehicle and equipment maintenance. Show how these two transactions should be recorded in the General Fund and governmenta..
During the remainder of the year, Ramirez generates revenues of $600,000 and expenses of $360,000 and paid no dividends. On a December 31 consolidated balance sheet, what amount should be reported as noncontrolling interest?
1. unit-based product costing uses which procedure?all overhead costs are expensed as incurred.overhead costs are
Olivia, a calendar year taxpayer, does not file her 2010 return until December 12, 2011. At this point, she pays the $40000 balance due on her 2010 tax liability of $70000.
Chamber intends to capitalize and amortize intangibles over the maximum allowable period in accordance with generally accepted accounting principles. Based on this strategy, what is Chambers's expense associated with organization costs in 2017?
assume that muhammed corporation has a contractual debt outstanding.muhammed has available two means of settlement it
franklin craft store completed the following merchandising transactions in the month of october. at the beginning of
johnson enterprises inc. is involved in the manufacture and sale of electronic components used in small amfm radios.
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