Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 28 The following information is available for Favre Corporation for 2020: Indirect materials $10,000 Depreciation on factory equipment 25,000 Salary of store supervisor 47,500

image text in transcribed
image text in transcribed
Question 28 The following information is available for Favre Corporation for 2020: Indirect materials $10,000 Depreciation on factory equipment 25,000 Salary of store supervisor 47,500 Labor costs of assembly line workers 300,000 Labor costs of quality inspectors 87.000 45,000 Salary of sales personnel Property taxes on factory 18,000 75,000 Salary of factory manager Direct materials 250,000 15.000 Work in process inventory, Jan 1 45,000 Work in process inventory, Dec 31 What is the cost of goods manufactured for 2020? $630,000 $648,000 $825,000 $735,000 On January 1, 2020, Green Bay Enterprises Issued 10%, 10-year bonds with a face amount of $2,000,000 at 108. Interest is payable annually on January 1. The entry when the bond was issued would include a debit to cash for $108.000. credit to premium on bonds payable for $160.000 debit to bonds payable for $2,000,000 credit to bonds payable for $2,160,000. 2 pts Question 30 On January 1, 2020, Green Bay Enterprises Issued 10%, 10-year bonds with a face amount of $2,000,000 at 108. Interest is payable annually on January 1. The entry to accrue Interest on December 31, 2020 would include a debit to interest expense for $184.000 credit to bonds payable for $200,000 debit to interest expense for $200,000 credit to premium on bonds payable for $16.000 2 pts Question 31 On January 1, 2020, Milwaukee Corporation issued $3,000,000 of its 20 year, 8% bonds payable at 96. Interest is payable annually on January 1. The entry when the bond was issued would include a debit to discount on bonds payable for $120,000 credit to premium on bonds payable for $120.000 credit to bonds payable for $2,800,000 debit to interest expense for $120.000

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

Quality Auditing In Construction Projects

Authors: Abdul Razzak Rumane

1st Edition

1032570245, 978-1032570242

More Books

Students also viewed these Accounting questions