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978-0077862275 Chapter 20 Solution Manual Part 9
Problem 20-6A (45 minutes) 1. Units in beginning inventory………………………………….. 37,500 2. Equivalent units of production—FIFO Direct Equivalent units of production—FIFO Materials Conversion Units to complete beginning Work in Process Direct materials (37,500 x 40%)…………….……….……. 15,000 Conversion (37,500 x 60%)……………………………..…… 22,500 […]
978-0077862275 Chapter 20 Solution Manual Part 8
Problem 20-3A (concluded) Equivalent units of production Direct Materials Conversion Units completed & transferred out….. 150,000 EUP 150,000 EUP Units of ending work in process Cost of beginning work in process….. $17,100 $67,200 Costs incurred this period..…….…..…. 144,400 862,400 Total […]
978-0077862275 Chapter 20 Solution Manual Part 7
Chapter 20 – Process Costing Exercise 20-22 (10 minutes) 1. Work in Process Inventory……………………..…….…….….75,000 Factory Payroll Payable……………………………..…….. 75,000 Incurred direct labor costs. Exercise 20-23 (5 minutes) 1. Factory Overhead …………………………………………..……..38,750 Cash …………………………………………………………….…. 38,750 Incurred and paid overhead costs. 2. Work […]
978-0077862275 Chapter 20 Solution Manual Part 6
Chapter 20 – Process Costing Exercise 20-16 (continued) Cost assignment and reconciliation Costs transferred out Direct materials (17,000 EUP x $7.75 per EUP)……. $131,750 Exercise 20-17 (40 minutes) OSLO COMPANY Process Cost Summary – Weighted Average Method For Month Ended […]
978-0077862275 Chapter 20 Solution Manual Part 5
Chapter 20 – Process Costing Exercise 20-12 (30 minutes) ASHAD COMPANY Process Cost Summary – Weighted Average Method For Month Ended July 31 Costs Charged to Production Unit Information Units to Account For Units Accounted For Beginning work in process……………….. […]
978-0077862275 Chapter 20 Solution Manual Part 4
Chapter 20 – Process Costing Exercise 20-4 (30 minutes) 1. Beginning inventory is 100% complete with respect to materials. Ending inventory is 100% complete with respect to materials. EUP for Materials Units of Product 2. Beginning inventory is 40% complete […]
978-0077862275 Chapter 20 Solution Manual Part 3
Chapter 20 – Process Costing Quick Study 20-15 (5 minutes) Cost per equivalent unit – FIFO Direct Materials Conversion Costs incurred this period………………………………………. $10,404 $12,285 ÷ Equivalent units of production (from QS 20-14)…….. 10,200 9,100 Cost per equivalent unit of […]
978-0077862275 Chapter 20 Solution Manual Part 2
Chapter 20 – Process Costing Chapter 20 Process Costing QUESTIONS 1. The main deciding factor in choosing between a job order costing system or a process costing system is the type of product or service. Examples where a 2. The […]
978-0077862275 Chapter 20 Solution Manual Part 14
Ethics Challenge — BTN 20-3 MEMORANDUM TO: FROM: DATE: SUBJECT: expanding one’s knowledge about a particular industry, product, and process—students are likely to have additional insights. (1) First, the professional should read a quality trade journal in the selected industry. […]
978-0077862275 Chapter 20 Solution Manual Part 13
Comprehensive Problem (Concluded) Part 4 (Using weighted-average) Factory Payroll Payable Acct. No. 212 Date Explanation Debit Credit Balance (d) Payment 227,250 0 Sales Acct. No. 413 Date Explanation Debit Credit Balance (h) July sales 625,000 625,000 Cost of Goods Sold […]
978-0077862275 Chapter 20 Solution Manual Part 12
Problem 20-7B (Continued) Cost per EUP Direct Materials Conversion Costs incurred this period..……………. $ 223,200 $1,233,960 ÷ EUP……………………………………….……. ÷ 232,500 ÷ 226,000 Cost assignment and reconciliation Costs transferred out Cost of beginning work in process………..………..…………..…. $ 114,520 Cost to complete […]
978-0077862275 Chapter 20 Solution Manual Part 11
Problem 20-5B (80 minutes) Part 1 SWITCH COMPANY Process Cost Summary – FIFO Method For Month Ended January 31 Costs Charged to Production Costs of beginning work in process 0 Total units to account for…………….260,00 0 Total units accounted for……… […]
978-0077862275 Chapter 20 Solution Manual Part 10
Problem 20-1B (Continued) d. June 30 Work in Process Inventory…………………………….……….350,000 Factory Payroll Payable ……………………………..……. 350,000 Used direct labor. e. g. June 30 Factory Overhead ………………………………………………….170,500 Other Accounts ……………………………………………….. 170,500 Incurred other overhead costs. h. June 30 Work in Process Inventory…………………………….……….262,500 […]
978-0077862275 Chapter 20 Solution Manual Part 1
Solution: Alternate Demo Problem Twenty Weighted-average Method Direct Materials Direct Labor and Factory Overhead Units completed this period* 7,400 7,400 Equivalent units in ending inventory *Beginning inventory units of 400 + units started and completed 7,000 Solution: Alternate Demo Problem […]
978-0077862275 Chapter 20 Lecture Note
Chapter 20 – Process Costing CHAPTER 20 PROCESS COSTING Related Assignment Materials 20-15, 20-18 C3. Describe accounting for production activity and preparation of a process costing summary using weighted average 14 20-7, 20-12, 20-16, 20-18, 20-19, 20-20, 20-27 20-12, 20-13, […]
978-0077862275 Chapter 2 Solution Manual Part 9
Reporting in Action — BTN 2-1 1. Apple reports ($ millions): 2. Apple reports ($ millions): $207,000 in assets at September 28, 2013. $176,064 in assets at September 29, 2012. 3. ($ millions): As of September 28, 2013 Debt Ratio […]
978-0077862275 Chapter 2 Solution Manual Part 8
Problem 2-6B (35 minutes) Part 1 GOULD SOLUTIONS Trial Balance April 30 Debit Credit Cash ………………………………………………………….… $19,982 Office supplies …………………………………………….. 760 Prepaid rent ……………………..……….…………….….. 1,800 Office equipment …………………………………….…… 12,250 Accounts payable…………………………………………. $12,250 Part 2: Likely transactions (following order of trial […]
978-0077862275 Chapter 2 Solution Manual Part 7
Problem 2-2B (Concluded) Part 3 SOFTWORKS Trial Balance April 30 Debit Credit Cash …………………………………..……….……….. $ 17,262 Accounts receivable……………………..……….. 9,350 Prepaid insurance……………………………..…… 5,000 Office equipment……………………………………. 6,700 Fees earned………………………………..….……… 19,050 Wages expense……………………….….…………. 3,600 Computer rental expense…………………….…. 580 Advertising expense………………………………. 750 Repairs expense…………….………….………….. […]
978-0077862275 Chapter 2 Solution Manual Part 6
Problem 2-6A (35 minutes) Part 1 MIN ENGINEERING Trial Balance May 31 Debit Credit Cash………………………………………………….… $37,641 Office supplies…………………………………….. 890 Prepaid insurance…………..……….………….. 4,600 Office equipment…………………………….…… 12,900 Accounts payable………………………………… $12,900 Part 2: Likely transactions (following order of trial balance). 1. Purchased $890 […]
978-0077862275 Chapter 2 Solution Manual Part 5
Chapter 02 – Analyzing and Recording Transactions Problem 2-2A (Concluded) Part 3 ARACEL ENGINEERING Trial Balance June 30 Debit Credit Cash………………………………………………….… $ 22,945 Accounts receivable.…………………………… 29,000 Prepaid insurance…………..…………………… 3,000 J. Aracel, Withdrawals…………………………. 9,480 Engineering fees earned………………………. 42,200 Wages expense……………………………………. 2,400 […]
978-0077862275 Chapter 2 Solution Manual Part 4
Chapter 02 – Analyzing and Recording Transactions Exercise 2-20 (20 minutes) Description (1) Difference between Debit and Credit Columns (2) Column with the Larger Total (3) Identify account(s) incorrectly stated (4) Amount that account(s) is overstated or understated a. $3,600 […]
978-0077862275 Chapter 2 Solution Manual Part 3
Chapter 02 – Analyzing and Recording Transactions Exercise 2-6 (15 minutes) a. Beginning accounts payable (credit)…………..…………………..…..…. $152,000 Purchases on account in October (credits)…………….….….…..…… 281,000 b. Beginning accounts receivable (debit)…………..…………………….…. $102,500 Sales on account in October (debits)……………..….…..….….…..…… ? Collections on account […]
978-0077862275 Chapter 2 Solution Manual Part 2
Chapter 02 – Analyzing and Recording Transactions Chapter 2 Analyzing and Recording Transactions QUESTIONS 1. a. Common asset accounts: cash, accounts receivable, notes receivable, prepaid expenses (rent, insurance, etc.), office supplies, store supplies, equipment, building, and land. 2. A note […]
978-0077862275 Chapter 2 Solution Manual Part 1
Solution: Alternate Demonstration Problem Chapter Two GENERAL JOURNAL DATE ACCOUNT TITLES AND EXPLANATION P.R. DEBIT CREDIT March 1 Cash 3 0 0 0 00 Bill Smith, Capital 3 0 0 0 00 Accounts Payable 1 0 0 00 17 Gas […]
978-0077862275 Chapter 2 Lecture Note
Chapter 02 – Analyzing and Recording Transactions CHAPTER 2 ANALYZING AND RECORDING TRANSACTIONS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the steps in processing transactions and the role of […]
978-0077862275 Chapter 19 Solution Manual Part 8
Chapter 19 – Job Order Costing Comparative Analysis — BTN 19-2 1. Actual inventory changes and operating cash flow effects as found on the cash flow statement (amounts are in $millions) Apple Current Year One Year Prior Two Years Prior […]
978-0077862275 Chapter 19 Solution Manual Part 7
Chapter 19 – Job Order Costing Problem 19-4B (35 minutes) Part 1 a. Predetermined overhead rate = = = 50% b. Overhead costs charged to jobs Direct Applied Job No. Labor Overhead (50%) 625…………………………………………..…………….…….$ 354,000 $177,000 626…………………………………………..…………….…….330,000 165,000 Total…………………………………………………..…………$1,473,000 $736,500 […]
978-0077862275 Chapter 19 Solution Manual Part 6
Chapter 19 – Job Order Costing Problem 19-1B (Continued) Part 3 PEREZ MFG. Schedule of Cost of Goods Manufactured For Month Ended September 30 Direct materials used…………………………………………….…… $350,000 Direct labor used………………………………………………….……. 218,000 Deduct work in process, September 30 (Job 116)………… […]
978-0077862275 Chapter 19 Solution Manual Part 5
Chapter 19 – Job Order Costing Problem 19-3A (70 minutes) Part 1 JOB COST SHEETS Job No. 136 Job No. 138 Materials………….. $ 48,000 Materials………….. $ 19,200 Labor…………..….. 12,000 Labor…………..….. 37,500 Overhead……..….. 24,000 Overhead……..….. 75,000 Total cost ……..….. $ 84,000 […]
978-0077862275 Chapter 19 Solution Manual Part 4
Chapter 19 – Job Order Costing Exercise 19-19 (15 minutes) (1) Raw Materials Inventory……………………..………………….3,108 Accounts Payable…………………………………………….. 3,108 To record raw material purchases. (2) The amount of materials purchased is almost equal to the amount of materials used in production. This […]
978-0077862275 Chapter 19 Solution Manual Part 3
Chapter 19 – Job Order Costing Exercise 19-4 (15 minutes) 2. Direct materials…………………………………………………………….………… $15,350 Direct labor…………………………………………………………………….………. 3,200 Factory overhead ($3,200 x 130%)……………………………….………….. 4,160 Total cost of Job No. 13-56………………………………………………………. $22,710 Exercise 19-5 (20 minutes) 1. Rate = = = 40% […]
978-0077862275 Chapter 19 Solution Manual Part 2
Chapter 19 – Job Order Costing Chapter 19 Job Order Costing QUESTIONS 1. Factory overhead is not identified with specific units (jobs) or batches (job lots). Therefore, to assign costs, estimates of the relation between factory overhead cost 2. Several […]
978-0077862275 Chapter 19 Solution Manual Part 1
VISUAL #19-1 Tracing Product Costs Through a Cost Accounting System Work in Process Finished Goods (5) Other factory OH costs incurred (Cr varies) 19-8 Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written […]
978-0077862275 Chapter 19 Lecture Note
Chapter 19 – Job Order Costing CHAPTER 19 JOB ORDER COSTING Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Describe important features of job order production. 10, 11, 12, 13 19-1, […]
978-0077862275 Chapter 18 Solution Manual Part 6
Chapter 18 – Managerial Accounting Concepts and Principles Problem 18-5B (40 minutes) Part 1 MERCHANDISING BUSINESS TEEMART Partial Income Statement For Year Ended December 31, 2015 Cost of goods sold Merchandise inventory, December 31, 2014……………………….…..$100,000 Merchandise purchases……………………………………………………….. 250,000 Goods available […]
978-0077862275 Chapter 18 Solution Manual Part 5
Chapter 18 – Managerial Accounting Concepts and Principles Problem 18-3A (Continued) Part 2 LEONE COMPANY Income Statement For Year Ended December 31, 2015 Sales…………………………………………………………………….. $4,462,500 Cost of goods sold Cost of goods sold………………….…….….…….…….……. 1,966,510 Gross profit from sales………………….…….…….….……… 2,495,990 Operating […]
978-0077862275 Chapter 18 Solution Manual Part 4
Chapter 18 – Managerial Accounting Concepts and Principles Exercise 18-12 (25 minutes) Account Balance Sheet Income Statement Schedule of COGM Overhead Report Cash……….……………….………..…..….……. Depreciation expense—Factory building………………………………..…..….. Depreciation expense—Office building………………………………..…..….. Direct labor……….……………….………..….. Ending work in process inventory……. […]
978-0077862275 Chapter 18 Solution Manual Part 3
Chapter 18 – Managerial Accounting Concepts and Principles EXERCISES Exercise 18-1 (10 minutes) Exercise 18-2 (20 minutes) Most fixed costs are indirect. Fixed costs normally are resources acquired to support the production process rather than being traceable to individual products […]
978-0077862275 Chapter 18 Solution Manual Part 2
Chapter 18 – Managerial Accounting Concepts and Principles Chapter 18 Managerial Accounting Concepts and Principles QUESTIONS 1. The managerial accountant plays an important role in preparing the information necessary for effective planning and control decisions. One example is the budget, […]
978-0077862275 Chapter 18 Solution Manual Part 1
Alternate Demo Problem Eighteen Using the following information for Superior Manufacturing Company, prepare a manufacturing statement and an income statement for the year ended December 31, 2015. (Assume a 25% income tax.) Further assume that all raw materials used were […]
978-0077862275 Chapter 18 Lecture Note
Chapter 18 – Managerial Accounting Concepts and Principles CHAPTER 18 MANAGERIAL ACCOUNTING CONCEPTS AND PRINCIPLES Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the purpose and nature of, and the […]
978-0077862275 Chapter 17 Solution Manual Part 6
Chapter 17 – Analysis of Financial Statements Problem 17-6BA (60 minutes) Part 1 Effect of income taxes (debits or losses in parentheses) Pretax 25% Tax Effect After-Tax e. Loss on hurricane damage…………..…………………..………(64,000) (16,000) (48,000) (45,000) Part 2 Income from continuing […]
978-0077862275 Chapter 17 Solution Manual Part 5
Chapter 17 – Analysis of Financial Statements PROBLEM SET B Problem 17-1B (120 minutes) Part 1 TRIPOLY COMPANY Income Statement Trends For Years Ended December 31, 2015-2009 2015 2014 2013 2012 2011 2010 2009 Sales…..………………….….……. 65.1% 70.9% 73.3% 79.1% 86.0% […]
978-0077862275 Chapter 17 Solution Manual Part 4
Chapter 17 – Analysis of Financial Statements Problem 17-2A (60 minutes) Part 1 Current ratio: December 31, 2015: $52,390 / $22,800 = 2.3 to 1 Part 2 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2015, 2014, […]
978-0077862275 Chapter 17 Solution Manual Part 3
Chapter 17 – Analysis of Financial Statements Exercise 17-7 (25 minutes) 1. Current ratio 2015: = 1.88 to 1 2. Acid-test ratio 2015: = 0.93 to 1 2014: = 1.30 to 1 2013: = 1.72 to 1 $75,250 $37,800 + […]
978-0077862275 Chapter 17 Solution Manual Part 2
Chapter 17 – Analysis of Financial Statements Chapter 17 Analysis of Financial Statements QUESTIONS 1. Financial reporting includes the entire process of preparing and issuing financial 2. With comparative statements, financial statement items for two or more successive accounting periods […]
978-0077862275 Chapter 17 Solution Manual Part 1
Alternate Demonstration Problem Chapter Seventeen Following are data from the statements of two companies selling similar products: Current Year-End Balance Sheets Sled Company Zip Company Cash……………………………………………………………… $ 11,900 $ 20,000 Notes receivable—short-term……….……………….. 7,700 3,200 Accounts receivable, net……………………………….. 42,000 64,000 Inventory………………………………………………………. […]
978-0077862275 Chapter 17 Lecture Note
Chapter 17 – Analysis of Financial Statements CHAPTER 17 ANALYSIS OF FINANCIAL STATEMENTS Related Assignment Materials Student Learning Objectives Questions Quick Studies* Exercises* Problems* Beyond the Numbers Conceptual objectives: C1. Explain the purpose and identify the building blocks of analysis. […]
978-0077862275 Chapter 16 Solution Manual Part 7
Chapter 16 – Reporting the Statement of Cash Flows Comparative Analysis — BTN 16-2 1. Apple’s cash flow on total assets ratio ($ millions) Current Year = Operating cash flows/Average total assets = $53,666 / [($207,000 + $176,064)/2] = $53,666 […]
978-0077862275 Chapter 16 Solution Manual Part 6
Chapter 16 – Reporting the Statement of Cash Flows Problem 16-3B (40 minutes) Part 1 GAZELLE CORPORATION Statement of Cash Flows Income statement item not affecting cash Depreciation expense……………………….….…….….….…….….38,600 Loss on disposal of equipment…………………………….….…… 2,100 Changes in current assets and […]