Can you please explain this???Homework Answers
OPTION: it will reduce income by $3300
EXPLANATION:
A debit balance of $3300 means overheads applied are less than actual overheads which means that the overheads are under applied. It is charged as part of cost of goods sold on income statement thereby it reduces net income by $3300.
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Can you please explain this???
Concord Corporation is analyzing its account balances for 2020. As of...
Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $4700 remains...
Concord Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $4700 remains in the Manufacturing Overhead account. What impact will this have on the financial statements? It will increase assets by $4700 and have no effect on income. It will increase income by $4700. It will reduce income by $4700. It will decrease gross profit but have no effect on income.
Vaughn Corporation is analyzing its account balances for 2020. As of the end of 2020, a...
Vaughn Corporation is analyzing its account balances for 2020. As of the end of 2020, a debit balance of $3900 remains in the Manufacturing Overhead account. What impact will this have on the financial statements? It will increase assets by $3900 and have no effect on income. It will increase income by $3900. It will reduce income by $3900. It will decrease gross profit but have no effect on income.
Exercise 13-06 a-b Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income...
Exercise 13-06 a-b Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income Statement For the Years Ended December 31 2019 Net sales Cost of goods sold 2020 $636,000 512,616 123,384 79,500 $ 43,884 Gross Profit $530,000 452,620 77,380 43,460 $ 33,920 Operating expenses Net income (a) Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g....
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished...
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished goods $13,800, work in process $17,200, and raw materials $9,100. 2. May 31 inventories-finished goods $9,800, work in process $18,600, and raw materials $8,000. 3. Debit postings to work in process were direct materials $63,600, direct labor $51,800, and manufacturing overhead applied $43,100. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,900. Prepare a condensed cost of goods manufactured...
Condensed balance sheet and income statement data for Concord Corporation are presented here. Concord Corporation Balance...
Condensed balance sheet and income statement data for Concord Corporation are presented here. Concord Corporation Balance Sheets December 31 2020 2019 Cash $ 31,000 $ 21,000 Accounts receivable (net) 51,000 46,000 Other current assets 98,000 103,000 Investments 63,000 78,000 Plant and equipment (net) 500,000 370,000 $743,000 $618,000 Current liabilities $ 86,000 $ 81,000 Long-term debt 153,000 93,000 Common stock, $10 par 328,000 318,000 Retained earnings 176,000 126,000 $743,000 $618,000 2018 $ 19,000 49,000 72,000 53,000 358,000 $551,000 $ 71,000 58,000...
Concord Corporation began operations on January 1, 2017. During its first 3 years of operations, Concord...
Concord Corporation began operations on January 1, 2017. During its first 3 years of operations, Concord reported net income and declared dividends as follows: Net income Dividends declared 2017 $49,200 $ –0– 2018 129,000 59,400 2019 160,800 56,400 The following information relates to 2020. Income before income tax $228,600 Prior period adjustment: understatement of 2018 depreciation expense (before taxes) $31,000 Cumulative decrease in income from change in inventory methods (before taxes) $45,000 Dividends declared (of this amount, $31,000 will be...
Concord Corporation accumulates the following data relative to jobs started and finished during the month of June 2020....
Concord Corporation accumulates the following data relative to
jobs started and finished during the month of June 2020.
Costs and Production Data
Actual
Standard
Raw materials unit cost
$2.40
$2.20
Raw materials units
11,000
10,300
Direct labor payroll
$162,800
$159,600
Direct labor hours
14,800
15,200
Manufacturing overhead incurred
$217,464
Manufacturing overhead applied
$221,464
Machine hours expected to be used at normal capacity
41,500
Budgeted fixed overhead for June
$66,400
Variable overhead rate per machine hour
$3.10
Fixed overhead rate per...
On June 1, 2020, Concord Corporation approached Silverman Corporation about buying a parcel of undeveloped land....
On June 1, 2020, Concord Corporation approached Silverman Corporation about buying a parcel of undeveloped land. Silverman was asking $242,000 for the land and Concord saw that there was some flexibility in the asking price. Concord did not have enough money to make a cash offer to Silverman and proposed to give, in return for the land, a $305.000, five-year promissory note that bears interest at the rate of 4%. The interest is to be paid annually to Silverman Corporation...
Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an...
Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ per mile e Textbook and Media List of Accounts Compute depreciation expense for...
please help me with all, I will thumb up! 12. What type of account is interest...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
Exercise 13-06 a-b Here are the comparative income statements of Concord Corporation. CONCORD CORPORATION Comparative Income Statement For the Years Ended December 31 2019 Net sales Cost of goods sold 2020 $636,000 512,616 123,384 79,500 $ 43,884 Gross Profit $530,000 452,620 77,380 43,460 $ 33,920 Operating expenses Net income (a) Prepare a horizontal analysis of the income statement data for Concord Corporation, using 2019 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g....
At May 31, 2020, the accounts of Concord Company show the following. 1. May 1 inventories-finished goods $13,800, work in process $17,200, and raw materials $9,100. 2. May 31 inventories-finished goods $9,800, work in process $18,600, and raw materials $8,000. 3. Debit postings to work in process were direct materials $63,600, direct labor $51,800, and manufacturing overhead applied $43,100. (Assume that overhead applied was equal to overhead incurred.) 4. Sales revenue totaled $216,900. Prepare a condensed cost of goods manufactured...
Condensed balance sheet and income statement data for Concord Corporation are presented here. Concord Corporation Balance Sheets December 31 2020 2019 Cash $ 31,000 $ 21,000 Accounts receivable (net) 51,000 46,000 Other current assets 98,000 103,000 Investments 63,000 78,000 Plant and equipment (net) 500,000 370,000 $743,000 $618,000 Current liabilities $ 86,000 $ 81,000 Long-term debt 153,000 93,000 Common stock, $10 par 328,000 318,000 Retained earnings 176,000 126,000 $743,000 $618,000 2018 $ 19,000 49,000 72,000 53,000 358,000 $551,000 $ 71,000 58,000...
Concord Corporation accumulates the following data relative to
jobs started and finished during the month of June 2020.
Costs and Production Data
Actual
Standard
Raw materials unit cost
$2.40
$2.20
Raw materials units
11,000
10,300
Direct labor payroll
$162,800
$159,600
Direct labor hours
14,800
15,200
Manufacturing overhead incurred
$217,464
Manufacturing overhead applied
$221,464
Machine hours expected to be used at normal capacity
41,500
Budgeted fixed overhead for June
$66,400
Variable overhead rate per machine hour
$3.10
Fixed overhead rate per...
On June 1, 2020, Concord Corporation approached Silverman Corporation about buying a parcel of undeveloped land. Silverman was asking $242,000 for the land and Concord saw that there was some flexibility in the asking price. Concord did not have enough money to make a cash offer to Silverman and proposed to give, in return for the land, a $305.000, five-year promissory note that bears interest at the rate of 4%. The interest is to be paid annually to Silverman Corporation...
Concord Corporation purchased a delivery truck for $36,800 on January 1, 2020. The truck has an expected salvage value of $1,800, and is expected to be driven 100,000 miles over its estimated useful life of 8 years. Actual miles driven were 13,500 in 2020 and 13,000 in 2021. Calculate depreciation expense per mile under units-of-activity method. (Round answer to 2 decimal places, e.g. 0.50.) Depreciation expense $ per mile e Textbook and Media List of Accounts Compute depreciation expense for...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
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