During the current month, Barnum Company incurs the following manufacturing costs: a. Purchased raw materials of $13,000
Question:
During the current month, Barnum Company incurs the following manufacturing costs:
a. Purchased raw materials of $13,000 on account.
b. Incurred factory labor of $40,000. Of that amount, $31,000 relates to wages payable and $9,000 relates to payroll taxes payable.
c. Factory utilities of $3,100 are payable, prepaid factory property taxes of $2,400 have expired, and depreciation on the factory building is $9,500. Prepare journal entries for each type of manufacturing cost. (Use a summary entry to record manufacturing overhead.)
Step by Step Answer:
a Raw Materials Inventory 13000 Accounts Payable 13000 Purchases of raw ...View the full answer
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Related Video
A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
Students also viewed these Managerial Accounting questions
-
During the current month, Wacholz Company incurs the following manufacturing costs. (a) Purchased raw materials of $18,000 on account. (b) Incurred factory labor of $40,000. Of that amount, $31,000...
-
Prepare journal entries for each transaction listed. a. During the period, bad debts are written off in the amount of $14,500. b. At the end of the period, bad debt expense is estimated to be $16,000.
-
During the current month, Dalmar Company incurs the following manufacturing costs: 1. Purchased raw materials of $16,000 on account. 2. Incurred factory labour of $40,000. Of that amount, $31,000...
-
Which of the following best describes employees suppliers and governments? a.These are examples of organisational stakeholders. b.These are rarely considered in organisational behaviour theories....
-
These items are taken from the financial statements of Summit Ltd. at December 31, 2015 Instructions (a) Calculate net income and the ending balance of retained earnings at December 31, 2018. It is...
-
Oak Petroleum has spent $202,000 to refine 63,000 gallons of petroleum distillate, which can be sold for $6.00 per gallon. Alternatively, Oak can process the distillate further and produce 58,000...
-
Use a process simulator to determine the flow rate of saturated vapor benzene at \(176.2^{\circ} \mathrm{F}\) and \(1 \mathrm{~atm}\) to be mixed with \(100 \mathrm{lbmol} / \mathrm{hr}\) of liquid...
-
Even though most corporate bonds in the United States make coupon payments semiannually, bonds issued elsewhere often have annual coupon payments. Suppose a German company issues a bond with a par...
-
Gonzalo works in the budget department of a company that manufactures and markets women's shoes. He is responsible for preparing the company's master budget, however, Adn, the director of the...
-
The following information is available for Tamarisk Hill Corporation: common stockholders' equity paid to common stockholders paid to preferred stockholders mmon stockholders' equity e $775.000...
-
At December 31, balances in Manufacturing Overhead are: Lott Companydebit $1,500, Perez Companycredit $900. Prepare the adjusting entry for each company at December 31, assuming the adjustment is...
-
Fishel Company is working on two job orders. The job cost sheets show the following: Prepare the three summary entries to record the assignment of costs to Work in Process from the data on the job...
-
Which of the following statements is true? a. Deflation is an increase in the general level of prices. b. The consumer price index (CPI) measures changes in the average prices of consumer goods and...
-
How do the services and costs vary with the different types of full-service, discount service, deep discount, and online brokerage accounts?
-
Finance professors often assert that the stock market is efficient. Explain market efficiency and provide an example of a contradiction to the theory. Explain why the average investor is often unable...
-
What is short selling? Should the average investor consider using short selling techniques? Why or why not?
-
What is a continuous market? What is the primary reason stock prices move up and down in a continuous market? Who stabilizes the price in this type of market and how do they accomplish it?
-
Interview a property and casualty insurance agent to find out what type of homeowner's and auto insurance policies are most commonly purchased in your area and which policy features are most often...
-
Draw a use case diagram for the situation described in Problem and Exercise 9. Problem and Exercise 9 Starting with a context diagram, draw as many nested DFDs as you consider necessary to represent...
-
The following items were displayed in the statement of affairs for Lubbock Company: Fully secured liabilities ......... $90,000 Partially secured liabilities ....... 12,000 Unsecured liabilities...
-
What are two things that happen to an electron in an atom as the n value of the electron increases?
-
Use the stockholders equity section of an annual report and identify the major components. 1. From Report Gallery Homepage, choose Search by Alphabet, and choose a letter. 2. Select a particular...
-
Use the stockholders equity section of an annual report and identify the major components. 1. From Report Gallery Homepage, choose Search by Alphabet, and choose a letter. 2. Select a particular...
-
Olindo Company sells Gishs bonds costing $40,000 for $45,000, including $500 of accrued interest. In recording the sale, Olindo books a $5,000 gain. Is this correct? Explain.
-
Design a power transmission system to connect a DC motor to its load. The motor is given in the motor catalogue as a BM1400 motor. You must create a transmission which will connect to this motor and...
-
SDJ, Incorporated, has net working capital of $3,320, current liabilities of $4,550, and inventory of $4,600. a. What is the current ratio? b. What is the quick ratio?
-
Calculate the final selling price to the nearest cent and markdown percent to the nearest hundredth percent: Original selling price $4,900 First markdown 20% Second markdown 10% Markup 12% Final...
Study smarter with the SolutionInn App