Business managers frequently operate in a world where data are not readily available. Two independent situations follow:
Question:
Business managers frequently operate in a world where data are not readily available. Two independent situations follow:
Required
A. Based on the information given above, reconstruct the accounting data for each company.
B. Prepare an income statement for eachcompany.
Transcribed Image Text:
Company 2 $20,000 13,000 Company1 $10,000 5,000 12,000 Direct materials used Direct labor Manufacturing overhead Total manufacturing costs Beginning work in process Ending work in process Cost of goods manufactured Sales Beginning finished goods inventony Cost of goods manufactured Goods available for sale Ending finished goods inventory Cost of goods sold Gross margin Selling and administrative expenses Net Income 35,000 15,000 17,500 6,000 $23,000 $35,000 10,000 $50,000 12,000 15,000 26,000 9,500 $17,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 53% (13 reviews)
A Company 1 Direct materials used 10000 Direct labor 5000 Manufacturing 12000 Total manufacturing co...View the full answer
Answered By
Arun kumar
made more than four thousand assignments
5.00+
3+ Reviews
10+ Question Solved
Related Book For
Managerial Accounting A Focus on Ethical Decision Making
ISBN: 978-0324663853
5th edition
Authors: Steve Jackson, Roby Sawyers, Greg Jenkins
Question Posted:
Students also viewed these Managerial Accounting questions
-
Based on the information given in Problem 59, is it possible that the rocket moves with constant acceleration? Explain. In Problem 59, A rocket is launched from rest. After 8.0 min, it is 160 km...
-
Based on the information given below, if you were Jim Smith would you accept the job? If your answer is yes, give reasons in detail why you would. If your answer is no, give reasons in detail why you...
-
Based on Problem 2-9A, prepare an income statement for Jay Pembroke for the month of April 20--. Problem 2-9A: Jay Pembroke started a business. During the first month (April 20--), the following...
-
An investment project has annual cash inflows of $3,200, $4,100, $5,300, and $4,500, and a discount rate of 14 percent. What is the discounted payback period for these cash flows if the initial cost...
-
The development of a new product will require the expenditure of $125,000 at the beginning of each of the next two years. When the product reaches the market in Year 3, it is expected to increase the...
-
Fill in the blanks: The ______________ functional interface does not take any inputs, while the ______________ functional interface does not return any data. A. IntConsumer, LongSupplier B....
-
Prove Eq. (8.7.36).
-
Ben and Pete form a corporation to run a real estate investment management company. Ben contributes cash of $40,000 to the corporation in exchange for 50% of its stock. Pete obtains his 50% ownership...
-
The way it was shown in class, not using any thing from any of the websites or youtube. You would not receive any credits if doing like that. 1. Explain the Partition algorithm of Quick sort using...
-
It is early April 2021 and you, CPA, work in a mid-sized accounting firm in Regina, Saskatchewan. While you normally work on audits, you have requested to participate in the personal tax pool this...
-
Business managers frequently operate in a world where data are not readily available. Imagine a situation in which a company experiences a catastrophic event (for example, a hurricane, flood, or...
-
Venus Corporations accounting manager recently left the company without completing the companys schedule of cost of goods manufactured. The companys president is unsure what to do. He is unable to...
-
What are the key causes of reduced productivity and/or commitment in an organisation with which you are familiar? To what extent do you think that these issues will be improved or resolved by the...
-
Watch an entire episode of a sitcom. With this episode, apply Burke's Dramatism to determine the motive of speakers. Take one scene and identify all five elements of Burke's Dramatistic Pentad: Act,...
-
A wastewater treatment plant operates with a flow rate of 40 m/min. The water temperature is 20C, and jar testing showed an alum dosage of 25 mg/L with flocculation at a Gt value of 4x104 producing...
-
On an air track, a 400.5 g glider moving to the right at 2.20 m/s collides elastically with a 497.0 glider moving in the opposite direction at 3.10 m/s. A. Find the velocity of first glider after the...
-
Keith is interviewing for a new job. His future employer tells him that he can choose between two payment options: either be paid $14.75 per hour, or be paid $12.00 per hour and receive a bonus of...
-
Jar tests indicate that the best alum dose for water is 7 mg/L. The flow to be treated is 5754 m/day. Determine the m/day setting for the alum solution feeder if the liquid alum contains 642.3 g of...
-
Suppose that the mass in a massspringdashpot system with m = 10, c = 9, and k = 2 is set in motion with x(0) = 0 and x'(0) = 5. (a) Find the position function x(t) and show that its graph looks as...
-
The baseball player A hits the ball from a height of 3.36 ft with an initial velocity of 34.8 ft/s. 0.14 seconds after the ball is hit, player B who is standing 15 ft away from home plate begins to...
-
Mallory Manufacturing Company has a maximum productive capacity of 210,000 units per year. Normal capacity is 180,000 units per year. Standard variable manufacturing costs are $10 per unit. Fixed...
-
The board of directors of Garden City Gaskets, Inc., set the profit goal for the calendar year 2011 at $2,200,000. It also established a bonus plan in which the top five officers of the company will...
-
Handyman Helper, Inc., manufactures household products such as windows, light fixtures, ladders, and work tables. During the year it produced 10,000 Model 10X windows but only sold 5,000 units at $40...
-
Solve the system of differential equations. 0 XI= X; X 1 X (%) = 3
-
Consider the case of Alexander Industries: Alexander Industries is considering a project that requires an investment in new equipment of $3,570,000. Under the new tax law, the equipment is eligible...
-
Consider an investment where shares are bought @ Rs . 1 5 0 and sold @ Rs . 4 1 0 . The investment is held for 3 years. Calculate HPR and HPY. If shares bought @ Rs . 2 0 0 and sold @Rs . 1 1 0 and...
Study smarter with the SolutionInn App