Business, 25.02.2020 18:34 zmirandalove100

The following events occurred over the course of a year at Waterway Corp., which uses a job order costing system:

(1) Direct materials purchases totaled $454,000. Waterway Corp tracks its direct materials separately from its indirect materials. Purchases were made on account.
(2) $230,000 of indirect materials were used in production. Waterway uses a separate Supplies Inventory account for indirect materials.
(3) $413,000 of direct materials were used in production.
(4) The direct labor payroll was $969,979 (credit Wages Payable).
(5) Other manufacturing overhead costs incurred during the year totaled $557,000.
(6) Waterway applies overhead based on a predetermined overhead rate of $15 per machine hour. The company used 50,600 machine hours during the year.
(7) During the year, Waterway transferred goods costing $2,077,000 into the Finished Goods Inventory account.
(8) Waterway sold products with a manufacturing cost of $2,019,000 to customers during the year.

Prepare journal entries to record these events.

Answers: 3

Show answers

Another question on Business

Business, 22.06.2019 09:00

Consider the scenario below and let us know if you believe lauren smith's actions to be ethical. let us know why or why not. lauren smith is the controller for sports central, a chain of sporting goods stores. she has been asked to recommend a site for a new store. lauren has an uncle who owns a shopping plaza in the area of town where the new store is to be located, so she decides to contact her uncle about leasing space in his plaza. lauren also contacted several other shopping plazas and malls, but her uncle’s store turned out to be the most economical place to lease. therefore, lauren recommended locating the new store in her uncle’s shopping plaza. in making her recommendation to management, she did not disclose that her uncle owns the shopping plaza. if management decided to go with lauren's uncle's plaza, what additional information would be needed in the financial statements?

Answers: 2

Answer

Business, 22.06.2019 11:40

During 2016, nike inc., reported net income of $3,760 million. the company declared dividends of $1,022 million. the closing entry for dividends would include which of the following? select one: a. credit cash for $1,022 million b. credit dividends for $1,022 million c. debit net income for $1,022 million d. credit retained earnings for $1,022 million e. debit dividends for $1,022 million

Answers: 1

Answer

Business, 22.06.2019 20:10

Assume that a local bank sells two services, checking accounts and atm card services. the bank’s only two customers are mr. donethat and ms. beenthere. mr. donethat is willing to pay $8 a month for the bank to service his checking account and $2 a month for unlimited use of his atm card. ms. beenthere is willing to pay only $5 for a checking account, but is willing to pay $9 for unlimited use of her atm card. assume that the bank can provide each of these services at zero marginal cost.refer to scenario 17-5. if the bank is unable to use tying, what is the profit-maximizing price to charge for a checking account

Answers: 3

Answer

Business, 22.06.2019 20:20

Carmen’s beauty salon has estimated monthly financing requirements for the next six months as follows: january $ 9,000 april $ 9,000 february 3,000 may 10,000 march 4,000 june 5,000 short-term financing will be utilized for the next six months. projected annual interest rates are: january 9 % april 16 % february 10 may 12 march 13 june 12 what long-term interest rate would represent a break-even point between using short-term financing and long-term financing?

Answers: 3

Answer

You know the right answer?

The following events occurred over the course of a year at Waterway Corp., which uses a job order co...

Questions