Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Cost Accounting Expert

problem: Financial Data for 2008

[A] Sales for the year, all on account, were $221,632.

[B] Cash collected from consumers on account, $219,514

[C] Purchases of merchandise were $132,500, of which $12,425 had not been paid by the end of the year

[D] Operating expenses of the current year, paid in cash, were $57,394. In addition, $1,575 of such expenses were incurred but not paid by the end of the year.

[E] Rent paid in cash during the year was $7,800, of which $6,000 related to 2008, and the remainder to 2009. This payment is not included in #4 above.

[F] Accounts receivable of $1,950 was written off as uncollectible.

[G] Starting accounts payable were paid.

[H] A cash dividend of $2,500 was paid to the shareholders during the year.

[I] Prepaid rent at 12/31/07 was for January and February of 2008.

[J] As a result of the physical inventory, it was determined that inventory on hand at 12/31/08 was $27,500.

[K] Based on an aging of the accounts receivable, it was determined that the allowance for bad debts at 12/31/08 should be $1,100.

[L] Depreciation expense for the year is $2,700 (classified as an operating expense).

[M] The note payable bears simple interest at 8 percent yearly. Interest for 2008 is due January 3, 2009.

[N] Income tax expense is 20 percent of net income before taxes. These taxes are payable March 15, 2009.

Cost Accounting, Accounting

  • Category:- Cost Accounting
  • Reference No.:- M922231

Have any Question? 


Related Questions in Cost Accounting

Accounting assignmentmotorcade company has three service

Accounting Assignment Motorcade Company has three service departments (S1, S2, and S3) and two production departments (P1 and P2). The following data relate to Motorcade's allocation of service department costs:   Budget ...

Assignmentdolan products is a small family owned audio

Assignment Dolan Products is a small, family owned audio component manufacturer. Several years ago, the company decided to concentrate on only three models, which were sold under many brand names to electronic retailers ...

Write 500 words that respond to the following

Write 500 words that respond to the following questions: • Discuss what absorption, variables, and throughput costing are. • Determine when each would be used. • Provide an explanation and example of all three.

Polarisreading the case and answer the all question polaris

Polaris Reading the case and answer the all question: Polaris: Suggested assignment questions Why does the Polaris outsource the manufacture of most components but in-source final assembly? Which manufacturing location o ...

Problem 1 master budgetomega inc has developed the

Problem 1: Master Budget Omega, Inc. has developed the following sales forecast for the first six months of the coming year Month Sales (in units) January 30,000 February 50,000 March 70,000 April 80,000 May 60,000 June ...

Final project milestone three guidelinesoverview

Final Project Milestone Three Guidelines Overview: Classifying a company's costs allows for an in-depth analysis of the impact that changes in output have on revenues, costs, and net income or net loss. A cost-volume-pro ...

Module 3 - slpstrategic choicessimulationin module 3 you

Module 3 - SLP Strategic Choices SIMULATION In Module 3, you will use CVP analysis to inform the pricing of your 3 products. SCENARIO CONTINUATION: You've now completed SLP2, and it the date is (once again) January 1, 20 ...

For your assignment you will apply the fundamental concepts

For your Assignment, you will apply the fundamental concepts of accounting and finance that you are studying to complete several problems indicative to real-world business scenarios and challenges. For this Assignment, t ...

Assignment cost accountingoverviewthe final project for

Assignment: Cost Accounting Overview The final project for this course is the creation of a quantitative analysis with a memo to management. Classifying a company's costs allows for an in-depth analysis of the impact tha ...

Quiz1 a process cost system would be used for all of the

QUIZ 1 A process cost system would be used for all of the following products except computer chips. chemicals. motion pictures. soft drinks. 2 Differences between a job order cost system and a process cost system include ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen