Illustrate the effects on the accounts and financial statements of each of the following transactions for a
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Question:
Illustrate the effects on the accounts and financial statements of each of the following transactions for a company using a job order cost system:
(a) | Materials purchased on account | $186,000 | |
(b) | Materials requisitioned: | ||
For production orders | 161,500 | ||
For general factory use | 8,700 | ||
(c) | Factory labor used: | ||
On production orders | 139,800 | ||
For general factory purposes | 9,000 | ||
(d) | Depreciation on factory equipment | 40,000 | |
(e) | Factory overhead applied, based on machine hours | 97,650 | |
(f) | Jobs finished | 406,000 | |
(g) | Jobs shipped to customers: cost, $394,000; selling price | 580,000 |
Enter an increase in Accumulated Depreciation as a negative value. In all other cases, enter increases in accounts as positive values and decreases as negative values. If an answer cell does not require an entry, leave it blank.
Enter an increase in Accumulated Depreciation as a negative value. In all other cases, enter increases in accounts as positive values and decreases as negative values. If an answer cell does not require an entry, leave it blank.
Assets = | Liabilities + | Stockholders' Equity | |||||||
Accounts Rec. | Factory Overhead | Materials Inventory | Work in Process | Finished Goods | Accumulated Depreciation | Accounts Payable | Wages Payable | Stockholders' Equity | |
a. | |||||||||
b. | |||||||||
c. | |||||||||
d. | |||||||||
e. | |||||||||
f. | |||||||||
g. |
Related Book For
Managerial Accounting
ISBN: 978-0078025518
2nd edition
Authors: Stacey Whitecotton, Robert Libby, Fred Phillips
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