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meed help double checking my journal entries I wanted to see what the correct journal entries were for those datss its january 22 -31 Background
meed help double checking my journal entries
I wanted to see what the correct journal entries were for those datss its january 22 -31
Background Information obs199 byla ha In 2020, Sammy Bearkat opened a bicycle manufacturing business named Bearkat Bicycles. Sammy Bearkat, the sole stockholder, invested $50,000 for 10,000 shares of common stock in December. The company currently manufactures and sells racing bicycles for $2,350 to customers in Huntsville, Texas and its surrounding areas. His business has become so successful that Sammy can no longer build the bicycles out of his garage; thus, he has decided to expand his business. To meet demand, he has hired eight employees including a production supervisor, a salesperson, and an administrative assistant. The company has just signed a one-year lease with a local broker for downtown retail space. The company has one order (Job 14) that was started on December 15, 2020 for 3 racing bicycles that are still in process but will be completed in the next month. Bearkat Bicycles uses a manual accounting system and a chart of accounts has been provided. They've received four new orders for racing bicycles, which Bearkat will assign into four jobs as follows: o Job 15: 6 racing bicycles ordered by Morris Masterpieces, Inc. o Job 16:9 racing bicycles ordered by the Amazing Aspen Cyclists. o Job 17: 10 racing bicycles ordered by Robinson Roadsters, Inc. o Job 18: 8 racing bicycles ordered by Barker's Bike Emporium. batailor moodi shingo stro ho 239169 of usmuo buonano blog OG 100291 shta smiast 2020 do svi nosos dolls bosh 219 220 dolnost Jonichons SOS DE visuolo sonsled lshd basebna 90 es vendos on botannsM 2000 toto slutio 21500 s strivende toob bros Bearkat Bicycles Balance Sheet December 31, 2020 Assets 37,453 18,100 2,000 450 1,100 Current assets: Cash Accounts receivable Direct Materials Inventory Indirect Materials Inventory Work in Process Finished Goods Office Supplies Total current assets Property, plant and equipment: Factory Tools Accumulated Depreciation Total property, plant, and equipment Total assets 65 $ 59,168 $ 10,125 (78) 10,047 $ 69,215 8,750 1,250 $ 10,000 $ 10,000 Liabilities Current liabilities: Accounts payable Wages payable Total current liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 50,000 9215 59,215 $ 69,215 Chart of Accounts Assets 1000 Cash 1100 Accounts Receivable 1250 Direct Materials inventory 1260 Indirect Materials Inventory 1270 Work in Process Inventory 1280 Finished Goods Inventory 1300 Office Supplies 1400 Prepaid Rent 1500 Factory Tools 1510 Accumulated Depreciation Factory Tools 1700 Building 1710 Accumulated Depreciation Building sat e 1900 Land COOL Liabilities 2000 Accounts Payable 2100 Utilities Payable 2300 Wages Payable 2400 Dividends Payable 2700 Notes Payable 21 Stockholders' Equity 3000 Common Stock 3500 Retained Earnings not 3600 Cash Dividends Revenues 4000 Sales Revenue Expenses 5000 Cost of Goods Sold 5500 Factory Overhead 6200 Office Supplies Expense 6300 Rent Expense 6500 Utilities Expense 6600 Wages Expense 6700 Depreciation Expense 6800 Interest Expense 22 30 The first note payment of $4,238 is made to the First Bank of Huntsville, which Includes $3,938 in interest. Employees are paid monthly on the 5th of every month. Accrue the payroll for the entire month of January, which will be paid on February 5th. The payroll includes the sales and administrative staff that worked a total of 60 hours and earns $12.50 per hour, the part-time factory maintenance worker that worked a total of 50 hours and earns $10.00 per hour, the production supervisor earns $700 a week (assume an even four weeks was worked). Ignore all related payroll taxes. In addition, the following hours were incurred by assembly line workers based on the production time cards for each job: Job Hours $10 $10 $10 Rate 14 15 16 17 10 77 90 100 $10 $10 18 27 30 Apply factory overhead to all jobs (14, 15, 16, 17, & 18). Overhead is allocated based on direct labor costs. Budgeted overhead costs for the year were estimated to be $46,000. Bearkat estimates that direct labor costs will amount to $115,000 for the year. 30 Jobs 14, 15, and 16 were completed and transferred to the warehouse. 30 Sold all bikes from Job 14 and Job 15, and 6 bicycles from Job 16 on account. Ignore sales tax. 31 Job 17 was completed and transferred to the warehouse. Check figures: Cash $37,565 no mono son Indirect Materials 3,407 Subota Work in Process 1,798 wat ons Wages Payable 7,090 Factory Overhead 2,459 Unit cost for Job 16 708.89 Step by Step Solution
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