Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hello! Can you please help me to understand the 5 questions in the attached document? I am struggling with them. Thank you so much in

Hello! Can you please help me to understand the 5 questions in the attached document? I am struggling with them. Thank you so much in advance for your assistance!

image text in transcribed
6. If beginning work in process was 500 units, 1,000 additional units were put into production, and ending work in process was 600 units, how many units were completed? 8. Assume that actual overhead consisted of $20,000 for 10. Petty Corporation issued $100,000 of 3%, 10-year bonds on indirect labor, $20,000 for indirect material, and $15,000 for April 1, 201, at 104. Interest is paid on April 1 and October 1. Question 6 options: depreciation of factory equipment. Based on the preset rates, The proper entry to record issuance of the bonds includes a a) 1,000 $50,000 of overhead was applied to work in process. Which of debit to Cash for _ b) 1,200 the following statements is true? Question 10 options: Question 8 options: a) $102,167 C) 900 a) none of these b) $100,000 d) none of these b) there will be a $5,000 debit balance in Factory Overhead C) $107,000 e) 1,400 c) there will be a $10,000 credit balance in Factory Overhead d) $103,000 d) there will be a $5,000 credit balance in Factory Overhead 7. Grande Company had no beginning inventory and adds all e) $104,000 materials at the very beginning of its only process. Assume 10,000 units were started, and 5,000 units completed. Ending work in process is 60% complete. The cost per equivalent unit of 11. Which of the following statements about treasury stock is material is 9. The contract interest rate for bonds true? Question 7 options: Question 11 options: a) $1.00 if total material cost is $9,000 Question 9 options: a) must equal the effective interest rate a) Excess of the sales price over cost should be credited to retained earnings. b) $1.00 if total material cost is $6,000 b) will fluctuate over the life of the bond b) Gains are not recorded on treasury stock transactions but losses are. c) $1.00 if total material cost is $10,000 c) has no relation to the cash flow associated with a particular bond c) Losses on treasury stock transactions are recorded in income. d) $1.00 if total material cost is $8,000 d) is greater than the effective interest rate when bonds are issued at a premium d) Purchasing treasury stock requires a debit to the common stock account. e) none of these e) none of these e) Purchasing treasury stock causes stockholders equity to decrease

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting with International Financial Reporting Standards

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

4th edition

1119504309, 1-119-50340-8, 9781119503408 , 978-1119504306

More Books

Students also viewed these Accounting questions

Question

How and why does an investor short sell a security?

Answered: 1 week ago

Question

c. Are there any prerequisites for the course?

Answered: 1 week ago