Quadrant Corporation, a major producer of machine parts, recorded the following information for its year ended September
Question:
Quadrant Corporation, a major producer of machine parts, recorded the following information for its year ended September 30, 2015 (all figures in thousands of dollars):
Required:
1. Prepare a cost of goods manufactured statement for 2015.
2. Prepare an income statement for 2015. Calculate the percentage of sales for each line item on the income statement. Round percentages to the nearest tenth of a percent.
Transcribed Image Text:
$ 15,000 24,642 28,768 36,555 38,775 9,624 10,007 Cash Accounts Receivable (October 1, 2014) Accounts Receivable (September 30, 2015) Finished Goods Inventory (October 1, 2014) Finished Goods Inventory (September 30, 2015) Work-in-Process Inventory (October 1, 2014) Work-in-Process Inventory (September 30, 2015) Raw Materials Inventory (October 1, 2014) Raw Materials Inventory (September 30, 2015) Property, Plant, and Equipment (October 1, 2014) Property, Plant, and Equipment (September 30, 2015) Goodwill (October 1, 2014) Goodwill (September 30, 2015) Accounts Payable (October 1, 2014) Accounts Payable (September 30, 2015) Accrued Liabilities (October 1, 2014) Accrued Liabilities (September 30, 2015) Taxes Payable (October 1, 2014) Taxes Payable (September 30, 2015) Long-Term Debt (October 1, 2014) Long-Term Debt (September 30, 2015) Common Shares (October 1, 2014) Common Shares (September 30, 2015) Retained Earnings (October 1, 2014) Retained Earnings (September 30, 2015) 2,685 2,992 88,374 96,052 24,327 16,378 8,627 8,997 4,339 5,685 19,727 20,654 50,789 37,852 91,627 97,687 67,698 81,327 296,844 36,699 45,772 27,556 76,251 Revenues Raw Materials Purchases Factory Wages Paid Factory Overhead Selling Expenses Administrative Expenses Other Corporate Overhead Income Tax Expense 68,728 11,785 8,240
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
1 Quadrant Corporation Statement of Cost of Goods Manufacture...View the full answer
Answered By
Ankur Gupta
I have a degree in finance from a well-renowned university and I have been working in the financial industry for over 10 years now. I have a lot of experience in financial management, and I have been teaching financial management courses at the university level for the past 5 years. I am extremely passionate about helping students learn and understand financial management, and I firmly believe that I have the necessary skills and knowledge to effectively tutor students in this subject.
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Cornerstones of Managerial Accounting
ISBN: 978-0176530884
2nd Canadian edition
Authors: Maryanne M. Mowen, Don Hanson, Dan L. Heitger, David McConomy, Jeffrey Pittman
Question Posted:
Students also viewed these Managerial Accounting questions
-
Which of the following are step costs? Why? a. Rent on a warehouse that is large enough for all anticipated orders b. Teachers for a private elementary school; one teacher is needed for every 15...
-
Croftsman Company recorded the following information for its main product: Selling price per unit...................................................................$200 Costs per unit (at the normal...
-
Vulcan Materials Company, a member of the S&P 500 Index, is the nations largest producer of construction aggregates, a major producer of asphalt mix and concrete, and a leading producer of cement in...
-
Determine how current values might be determined for investments, land, buildings, equipment, patents, copyrights, trademarks, and franchises. How might the use of current values in the accounting...
-
Determine by direct integration the mass moment of inertia with respect to the x axis of the pyramid shown assuming that it has a uniform density and a mass m.
-
You will receive 120 a year for the next 5 years beginning today. What is the present value of these cashflows if r = 10%? Numeric Response
-
You have been asked by the board of trustees of a local church to review its accounting procedures. As a part of this review, you have prepared the following comments relating to the collections made...
-
Consider the following note payable transactions of Tube Video Productions. 2014 Mar 1 Purchased equipment costing $80,000 by issuing an eight-year, 12% note payable. The note requires annual...
-
a B 0 b A Note: Triangle may not be drawn to scale. Suppose a 168 and 6 = 95. Find an exact value (report answer as a fraction). You will need to determine the length of the missing side first....
-
Wald, Plotkin, and Sugofsky would do well to follow which model of ethical reasoning? a. Kohlberg b. Rest c. Kidder d. Thorne
-
In March, AEK Company purchased materials costing $14,000 and incurred direct labour cost of $20,000. Overhead totalled $36,000 for the month. Information on inventories was as follows: Required: 1....
-
Frontenac Company incurred the following costs last year: Direct materials...............................................................$324,000 Factory...
-
Visit the IT department at your school or at a local business and determine how the organization uses database management systems. Describe your findings in a memo.
-
What are the features that foster to innovate over Gen \(\mathrm{III} / \mathrm{III}^{+}\)reactors and what new goals are specified for Gen IV reactors?
-
Major change in the design of light and heavy water reactors to achieve design characteristics of SMRs.
-
What are the reactor physics requirements for sustainability of TWRs?
-
Major challenges in developing B\&B concept based reactors?
-
Burns & Kennedy Corporation (BK) has a value of operations equal to $2,100, short-term investments of $100, debt of $200, and 100 shares of stock. a. What is BKs estimated intrinsic stock price? b....
-
Using these price data collected from Hobart supermarkets, compute the unweighted aggregate price index numbers for the four types of meat. Let 2010 be the base year for this market basket of goods....
-
Explain briefly what is meant by electronic data interchange (EDI). How does EDI affect a companys audit trail?
-
Briefly describe some of the common themes or pressures faced by executives who commit corporate fraud.
-
Identify the three forms of accounting certification. Which form of certification do you believe is best for a managerial accountant? Why?
-
1. The provision of accounting information for internal users is known as a. Managerial accounting. b. Accounting. c. Financial accounting. d. Information provision. e. Accounting for planning and...
-
Wildhorse Manufacturing incurs $82,900 of direct labour costs. Supporting records show that the assembly department used $47,500 of the direct labour and the finishing department used the remainder....
-
Explain and contrast unique ( individual , unsystematic ) risk of a firm and market ( systematic ) risk. Explain how unique risk and market risk can be measured.
-
Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company's records show the following selected accounts and amounts for the month...
Study smarter with the SolutionInn App