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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Vikarmbhai

Transcribed Image Text:Tungsten Company, Incorporated, sells heavy construction equipment. There are 15,000 shares of capital stock
outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the
general ledger on December 31, Current Year:
Account Titles
Cash
Accounts receivable (net)
Inventory, ending
Operational assets
Accumulated depreciation
Liabilities
Capital stock
Retained earnings, January 1, Current
Year
Sales revenue
Sales returns and allowances
Cost of goods sold
Selling expense
Administrative expense
Bad debt expense
Sales discounts
Income tax expense
Totals
Debit
$34,400
Credit
16,300
53,500
41,800
$18,500
25,600
73,800
14,080
148,500
6,700
79,200
15,300
15,700
2,700
6,800
8,080
$280,480
$280,480
2. The beginning balance in Accounts Receivable (net) was $16,400. Compute the receivables turnover ratio.
Numerator
Denominator
Receivables Turnover Ratio
times
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- How do I solve thisarrow_forwardZina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800arrow_forwardWhat about D-J?arrow_forward
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