The gross earnings of the factory workers for Larkin Company during the month of January are $76,000.
Question:
Instructions
(a) Prepare the entry to record the factory labor costs for the month of January.
(b) Prepare the entry to assign factory labor to production
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 90% (11 reviews)
a Factory Labor 90000 Factory Wages Payable 7...View the full answer
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1118875056
12th edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Question Posted:
Students also viewed these Managerial Accounting questions
-
The gross earnings of the factory workers for Cepeda Company during the month of January are $60,000. The employer's payroll taxes for the factory payroll are $8,000. The fringe benefits to be paid...
-
The gross earnings of the factory workers for Junhong Ltd. during the month of January are HK$760,000. The employers payroll taxes for the factory payroll are HK$80,000. The fringe benefits to be...
-
The gross earnings of the factory workers for Vargas Company during the month of January are $62,200. The employer's payroll taxes for the factory payroll are $8,500. The fringe benefits to be paid...
-
Let be an arbitrary operation in Problems 5259. Describe the operation for each problem. 5038; 70 2= 9; 901 = 10; 8 0 2 = 10; -
-
At the end of its first year of operations, December 31, 2013, Felicity Ltd.s accounts show the following amounts: Accounts receivable............................$789,000 Allowance for doubtful...
-
Generally accepted accounting principles ( GAAP ) and International Financial Reporting Standards (IFRS) treat the LIFO inventory cost flow method differently. Required a. Briefly describe the...
-
During the past year, Lite Company had net income of \(\$ 5\) million, and Scanlon Company had net income of \(\$ 8\) million. Both companies manufacture electrical components for the construction...
-
You plan to invest $2,000 in an individual retirement arrangement (IRA) today at a nominal annual rate of 8%, which is expected to apply to all future years. a. How much will you have in the account...
-
! Required information CP9-1 (Algo) Computing Acquisition Cost and Recording Depreciation under Three Alternative Methods [LO 9-2, LO 9-3] [The following information applies to the questions...
-
1. List the pluses and minuses of each location. 2. What type of store would be most appropriate for each location? 3. If you were Stephanie, which location would you choose? Why? Synopsis: Stephanie...
-
During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $70,000 and Job 312 cost $50,000. Job 312 was sold on account for $90,000. Journalize the entries for the...
-
A job order cost sheet for Ryan Company is shown below. Instructions (a) On the basis of the foregoing data, answer the following questions. (1) What was the balance in Work in Process Inventory on...
-
Solve Prob. 7.76 assuming that the 30kN m couple applied at B is counterclockwise. 40 kNu 30 KN-m
-
Carter Company manufactures two products, Deluxe and Regular, and uses a traditional two-stage cost allocation system. The first stage assigns all factory overhead costs to two production...
-
At the end of the current year, Accounts Receivable has a balance of $685,000; Allowance for Doubtful Accounts has a credit balance of $6,000; and sales for the year total $3,080,000. Bad debt...
-
Northwood Company manufactures a basketball selling for $25 per unit in a small plant heavily relying on direct labor workers. Thus, variable expenses are high, totaling $15.00 per ball, of which 60%...
-
Kubes Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhead rate for the current...
-
Spectators watch a bicycle stunt rider travel off the end of a 57.5 ramp, rise to the top of his trajectory and, at that instant, suddenly push his bike horizontally away from him so that he falls...
-
Discuss the size of the interest rate derivatives market in both absolute and relative terms using different measures.
-
Provide an example of an aggressive accounting practice. Why is this practice aggressive?
-
A Routemaster - a London bus - weighs 12 tonnes when empty, 18 tonnes with full. It does, on average, 6.6 miles \((11 \mathrm{~km})\) per imperial gallon of diesel, which cost \( 5\) per imperial...
-
What is meant by CVP analysis?
-
Provide three examples of management decisions that benefit from CVP analysis.
-
Provide three examples of management decisions that benefit from CVP analysis.
-
A coupon bond that pays interest of $100 semi-annually has a par value of $1,000, matures in ten years, and is selling today at a $72 discount from par value. What is the yield to maturity on this...
-
oblems 15-1 CASH CONVERSION CYCLE Parramore Corp has $12 million of sales, $3 million of inventories, $3.25 million of receivables, and $1.25 million of payables. Its cost of goods sold is 75% of...
-
Assume that two investors purchase the same stock valued at $67/share currently paying a constant dividend of $5.00 (annual) and an annual growth rate of 6.5% for the security. If investor A utilizes...
Study smarter with the SolutionInn App