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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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C36 CProblem 1A37 DA38 CBilledD39 DShipments from home office1,120,000C40 DPurchases120,000B41 CTotal goods available for sale1,240,000A42 BEnding InventoryA43 DBranch(173,600)B44 DOutsiders(26,400)A45 BCost of goods sold1,040,000D46 CC47 ASales1,200,000B48 ACost of goods sold(769,600)C49 BGross Profit430,400B50 DOperating Expenses(150,000)DBTrue branch net income280,400CCCDProblem 2AAABHODAAHome Office CurrentBDCashBBCCno entry made for home officeBBDCMachineryABInvestment in BranchDCAABInvestment in Branch4,000ABCash(4,000)ACAACashDDHome Office CurrentBABCHome 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 CurrentCashCashInvestment in BranchHOUnadjusted balances132,000A(30,000)BCDE(20,000)Adjusted balances82,000Problem 3Job 7Direct materials32,500Direct labour (9.50/DLH)26,600Applied overhead33,250Total manufacturing cost92,350Problem 4Job 3Beginning inventory8,340Direct materials10,920Direct labour14,400Applied overhead9,360Total manufacturing cost43,020Problem 5
ProductYardsX1,000Z2,000Final selling price/yard7Separable cost/yard(1)NRV/yard6Number of yards800Approximated NRv of product X4,800Problem 6FIFOBeginning Inventory12,000Units started150,000Units to be accounted for162,000Beginning Inventory12,000Units started115,000Ending Inventory35,000Units as accounted162,000Weighted AverageBeginning Inventory12,000Units started150,000Units to be accounted for162,000Beginning Inventory12,000Units started115,000Ending Inventory35,000Units as accounted162,000Problem 7JCash250,000Equipment150,000InventoryLandMortgage on LandContributed Capital400,000

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Term
Spring
Professor
professor_unknown
Tags
Balance Sheet, Revenue, Generally Accepted Accounting Principles

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