Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please provide correct answer immediately I will give rating on ur answer. Following details have been provided by BAR corporation as given below: Purchase of

image text in transcribed

please provide correct answer immediately I will give rating on ur answer.

Following details have been provided by BAR corporation as given below: Purchase of direct material on account: June July August $68,000 $77,000 $73,000 Company pays off 20% of the due balance of accounts payable in the month of purchase and remaining portion in next month. In month of July, direct labor cost is $33,800. In month of August, direct labor cost is $35,400.90% of the direct labor cost is paid in the month to which it belongs and remaining is paid in next month Overhead related to August is $77,200 and it includes depreciation of $6,350. Company has loan of $23,000 which has due period of 4 months. It was taken on May 1. Interest will be due at 9% per annum. Repayment of loan along with interest is done on August 31 Cash payments in August is: LENG

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

CA FOUNDATION FINANCIAL ACCOUNTING BY NSHAH MODULE I

Authors: Sanjay Nanak Chand Thadhani

1st Edition

172887419X, 978-1728874197

More Books

Students also viewed these Accounting questions

Question

how to set up variables in the Variable View part of the interface.

Answered: 1 week ago