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acct 212 homework 3 chapter 18

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Question;acct 212 homework 3 chapter 18Exercise 18-7 Balance sheet identification and preparation L.O. C4;[The following information applies to;the questions displayed below.];Current;assets for two different companies at calendar year-end 2011 are listed here.;One is a manufacturer, Roller Blades Mfg., and the other, Sunny Foods, is a;grocery distribution company.;Account;Company 1;Company 2;Cash;$;9,000;$;7,000;Raw;materials inventory;?;46,750;Merchandise;inventory;49,750;?;Goods;in process inventory;?;34,000;Finished;goods inventory;?;54,000;Accounts;receivable, net;59,000;81,000;Prepaid;expenses;2,500;500;Section Break;Difficulty: Hard;Exercise 18-7 Balance sheet identification and preparation L.O. C4;Learning Objective: 18-C4 Explain how balance sheets and income;statements for manufacturing and merchandising companies differ.;1.;award:1 out of;1.00 point;Exercise 18-7 Part 1.1;(1.1);Identify;which set of numbers relates to the manufacturer.;Company 1;Company 2;Company;2, Roller Blades Mfg., is a manufacturing company with 3 inventory categories;(raw materials, goods in process, and finished goods).;eBook LinkView Hint #1;Multiple Choice;Difficulty: Hard;Exercise 18-7 Part 1.1;Learning Objective: 18-C4 Explain how balance sheets and income;statements for manufacturing and merchandising companies differ.;2.;award:1 out of;1.00 point;Exercise 18-7 Part 1.2;(1.2);Identify;which set of numbers relates to the merchandiser.;Company 1;Company 2;Company;1, Sunny Foods, is a merchandising firm with only one inventory item;merchandise inventory.;eBook LinkView Hint #1;Multiple Choice;Difficulty: Hard;Exercise 18-7 Part 1.2;Learning Objective: 18-C4 Explain how balance sheets and income;statements for manufacturing and merchandising companies differ.;3.;award:2 out of;2.00 points;Exercise 18-7 Part 2;(2);Prepare;the current asset section for each company from this information. (Be sure to list the current assets in order of liquidity.;Omit the "$" sign in your response.);Company 1;Sunny Foods;Current Asset Section;December 31, 2011;Cash;$ 9,000;Accounts;receivable, net;59,000;Merchandise;inventory;49,750;Prepaid;expenses;2,500;Total;current assets;$ 120,250;Company 2;Roller Blades Mfg.;Current Asset Section;December 31, 2011;Cash;$ 7,000;Accounts;receivable, net;81,000;Raw;materials inventory;Goods;in process inventory;Finished;goods inventory;Prepaid;expenses;500;Total;current assets;$ 223,250;eBook LinkView Hint #1;Worksheet;Difficulty: Hard;Exercise 18-7 Part 2;Learning Objective: 18-C4 Explain how balance sheets and income;statements for manufacturing and merchandising companies differ.;4.;award:2 out of;2.00 points;Exercise 18-8 Cost of goods sold computation L.O. P1;Century;Merchandising;New Homes;Manufacturing;Beginning;inventory;Merchandise;$;263,000;Finished;goods;$;526,000;Cost;of purchases;500,000;Cost;of goods manufactured;930,000;Ending;inventory;Merchandise;163,000;Finished;goods;157,000;Compute;cost of goods sold for each of these two companies for the year ended;December 31, 2011. (Omit the "$;sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Medium;Exercise 18-8 Cost of goods sold computation L.O. P1;Learning Objective: 18-P1 Compute cost of goods sold for a;manufacturer.;7.;award:3 out of;3.00 points;Exercise 18-11 Manufacturing statement preparation L.O. P2;Given the following selected account balances;of Randa Company.;Sales;$;1,459,000;Raw;materials inventory, Dec. 31, 2010;42,000;Goods;in process inventory, Dec. 31, 2010;56,300;Finished;goods inventory, Dec. 31, 2010;61,100;Raw;materials purchases;175,700;Direct;labor;246,000;Factory;computer supplies used;24,700;Indirect;labor;55,000;Repairs?Factory;equipment;7,250;Rent;cost of factory building;50,000;Advertising;expense;81,000;General;and administrative expenses;140,000;Raw;materials inventory, Dec. 31, 2011;49,900;Goods;in process inventory, Dec. 31, 2011;40,000;Finished;goods inventory, Dec. 31, 2011;65,300;Prepare;its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the;$" sign in your response.);Exercise 18-9 Cost of goods manufactured and cost of goods sold;computation L.O. P1, P2;[The following information applies to;the questions displayed below.];Using;the following data;Canyon;Company;Rossings;Company;Beginning;finished goods inventory;$;12,000;$;14,500;Beginning;goods in process inventory;16,500;19,500;Beginning;raw materials inventory;13,500;10,000;Rental;cost on factory equipment;29,000;23,000;Direct;labor;22,000;42,000;Ending;finished goods inventory;21,500;12,500;Ending;goods in process inventory;27,000;21,000;Ending;raw materials inventory;7,700;17,200;Factory;utilities;10,000;10,000;Factory;supplies used;10,000;9,100;General;and administrative expenses;18,000;55,000;Indirect;labor;3,250;9,660;Repairs?Factory;equipment;6,780;3,500;Raw;materials purchases;34,000;41,000;Sales;salaries;57,000;47,000;Section Break;Exercise 18-9 Cost of goods manufactured and cost of goods sold;computation L.O. P1, P2;Learning Objective: 18-P2 Prepare a manufacturing statement and;explain its purpose and links to financial statements.;5.;award:2 out of;2.00 points;Exercise 18-9 Part 1;1.;Compute the cost of goods manufactured for both;Canyon Company and Rossings Company. (Omit;the "$" sign in your response.);eBook Links (2)View Hint #1;Worksheet;Difficulty: Medium;Learning Objective: 18-P2 Prepare a manufacturing statement and;explain its purpose and links to financial statements.;Exercise 18-9 Part 1;Learning Objective: 18-P1 Compute cost of goods sold for a;manufacturer.;6.;award:0 out of;2.00 points;Exercise 18-9 Part 2;2.;Compute cost of goods sold for both Canyon;Company and Rossings Company. (Omit the;$" sign in your response.);eBook Links (2)View Hint #1;Worksheet;Difficulty: Medium;Learning Objective: 18-P2 Prepare a manufacturing statement and;explain its purpose and links to financial statements.;Exercise 18-9 Part 2;Learning Objective: 18-P1 Compute cost of goods sold for a;manufacturer.;Section Break;Exercise 18-9 Cost of goods manufactured and cost of goods sold;computation L.O. P1, P2;Learning Objective: 18-P2 Prepare a manufacturing statement and;explain its purpose and links to financial statements.;1.;Exercise 18-9 Part 2;2.;7.;award:3 out of;3.00 points;Exercise 18-11 Manufacturing statement preparation L.O. P2;Given;the following selected account balances of Randa Company.;Sales;$;1,459,000;Raw;materials inventory, Dec. 31, 2010;42,000;Goods;in process inventory, Dec. 31, 2010;56,300;Finished;goods inventory, Dec. 31, 2010;61,100;Raw;materials purchases;175,700;Direct;labor;246,000;Factory;computer supplies used;24,700;Indirect;labor;55,000;Repairs?Factory;equipment;7,250;Rent;cost of factory building;50,000;Advertising;expense;81,000;General;and administrative expenses;140,000;Raw;materials inventory, Dec. 31, 2011;49,900;Goods;in process inventory, Dec. 31, 2011;40,000;Finished;goods inventory, Dec. 31, 2011;65,300;Prepare;its manufacturing statement for the year ended on December 31, 2011. (Input all amounts as positive values. Omit the;$" sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Hard;Exercise 18-11 Manufacturing statement preparation L.O. P2;Learning Objective: 18-P2 Prepare a manufacturing statement and;explain its purpose and links to financial statements.;8.;award:2 out of;2.00 points;Exercise 18-12 Income statement preparation L.O. P2;Following;are the selected account balances of Randa Company;Sales;$;1,491,000;Raw;materials inventory, Dec. 31, 2010;37,000;Goods;in process inventory, Dec. 31, 2010;59,600;Finished;goods inventory, Dec. 31, 2010;61,100;Raw;materials purchases;172,200;Direct;labor;232,000;Factory;computer supplies used;19,100;Indirect;labor;52,000;Repairs?Factory;equipment;7,250;Rent;cost of factory building;55,000;Advertising;expense;94,000;General;and administrative expenses;132,000;Raw;materials inventory, Dec. 31, 2011;49,000;Goods;in process inventory, Dec. 31, 2011;46,500;Finished;goods inventory, Dec. 31, 2011;71,300;Prepare;an income statement for Randa Company (a manufacturer). Assume that its cost;of goods manufactured is $538,650. (Input all;amounts as positive values. Omit the "$" sign in your response.);eBook LinkView Hint #1;Worksheet;Difficulty: Hard;Exercise 18-12 Income statement preparation L.O. P2;Learning Objective: 18-P2 Prepare a manufacturing statement and;explain its purpose and links to financial statements.;9.;award:2 out of;2.00 points;Exercise 18-13 Cost flows in manufacturing L.O. C5;The;following chart shows how costs flow through a business as a product is;manufactured. Some boxes in the flowchart show cost amounts. Compute the cost;amounts for the input boxes.

 

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