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AFAR PW.xlsx - C A A D C B A A B A D C B C B D C C A A D B...

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CCProblem 1ADACBilledCostDDShipments from home office1,120,000800,000CDPurchases120,000120,000BCTotal goods available for sale1,240,000920,000ABEnding InventoryADBranch(173,600)(124,000)BDOutsiders(26,400)(26,400)ABCost of goods sold1,040,000769,600DCCASales1,200,000BACost of goods sold(769,600)CBGross Profit430,400BDOperating Expenses(150,000)DBTrue branch net income280,400CCCDProblem 2AAABHOBRDAAHome Office Current30,000BDCash(30,000)BBCCno entry made for home officeBBDCMachineryABInvestment in BranchDCAABInvestment in Branch4,000ABCash(4,000)ACAACash40,000DDHome Office Current(40,000)BABCHome Office CurrentCashCInvestment in Branch10,000Cash(10,000)no entry made for branchExpensesHome Office CurrentDInvestment in Branch18,000
Shipments to Branch(16,000)Allowance for Overvaluation(2,000)no entry made for branchShipments from Home OfficeHome Office CurrentEno entry made by home officeHome Office Current20,000Cash(20,000)CashInvestment in BranchHOBRUnadjusted balances132,00090,000A(30,000)B(36,000)C10,000D18,000E(20,000)Adjusted balances82,00082,000Problem 3Job 7Job 10Direct materials32,50039,000Direct labour (9.50/DLH)26,60031,350Applied overhead33,25039,187.50Total manufacturing cost92,350109,538Problem 4Job 3Job 4Beginning inventory8,3406,252Direct materials10,92013,200Direct labour14,40016,800Applied overhead9,36010,920Total manufacturing cost43,02047,172Problem 5ProductYardsSales Price
X1,0006Z2,0009Final selling price/yard7Separable cost/yard(1)NRV/yard6Number of yards800Approximated NRv of product X4,800Problem 6FIFOBeginning Inventory12,000Units started150,000Units to be accounted for162,000DMBeginning Inventory12,0002,400Units started115,000115,000Ending Inventory35,00035,000Units as accounted162,000152,400Weighted AverageBeginning Inventory12,000Units started150,000Units to be accounted for162,000DMBeginning Inventory12,00012,000Units started115,000115,000Ending Inventory35,00035,000Units as accounted162,000162,000Problem 7JKCash250,000350,000Equipment150,000Inventory550,000Land500,000Mortgage on Land(250,000)Contributed Capital400,0001,150,000Agreed Capital(775,000)(775,000)

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Term
Summer
Professor
NoProfessor
Tags
Balance Sheet, Revenue, Generally Accepted Accounting Principles

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