ASSETS Cash Accounts receivable Raw materials inventory Finished good inventory
ID: 2557284 • Letter: A
Question
ASSETS Cash Accounts receivable Raw materials inventory Finished good inventory Total current assets Equipment, gross* Accumulated depreciation Equipment, net TOTAL ASSETS 50,000 249,900 35,000 241,080 575,980 720,000 (240,000) 480,000 1,055,980 LIABILITIES AND EQUITY Accounts payable Note payable Total liabilities Common stock Retained earnings Total stockholders' equity TOTAL LIABILITIES AND EQUITY 161,400 334,000 495,400 500,000 60,580 560,580 1,055,980 Equipment is depreciated on a straight-line basis.Explanation / Answer
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Factory Overhead budget July August September Total Direct labor hours 9800 9850 11400 31050 Variable overhead rate per hour ($) 2 2 2 2 Total variable overhead ($) 19600 19700 22800 62100 Fixed Overhead - Depreciation 30000 30000 30000 90000 Total factory overhead 49600 49700 52800 152100 Cash payment for factory overhead 19600 19700 22800 62100