company made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation Purchase of a patent Legal and other fees for transfer of the patent Advertising Total $ 7,200 22,000 1,600 62,088 $92,800

company made the following expenditures during the first month of operations: Attorneys' fees to organize the corporation Purchase of a patent Legal and other fees for transfer of the patent Advertising Total $ 7,200 22,000 1,600 62,088 $92,800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Synder corp present the following information for the year ended December 2008. Inventories Beginning Ending Materials $50,000 $25,000 Work in progress $100,000 $65,000 Finished Goods $40,000 $43,000 Other Information: Depreciation of plant, building and equipment $15,000 Material purchases $155,000 Insurance on plant $20,000 Sales Salaries Expense $48,000 Repairs and maintenance-plant $5,000 Indirect Labour $30,000 Direct Labour $120,000 Admnistrative expenses $52,000 Sales Revenue $550,700 1. Prepare a schedule of cost of goods manufactured FOR THE YEAR ended December 31,2008 2. Prepare an income statement for synder corp for the year ended December 31,2008 3. What is the unit product cost if synder manufactured 3000 lamps for the year.
A company constructs a building for its own use. Construction began on January 1 and ended on December 30. The expenditures for construction were as follows: January 1, $590,000; March 31, $690,000, June 30, $490,000; October 30, $870,000. The company arranged a 8% loan on January 1 for $880,000. Assume the $880,000 loan is not specifically tied to the construction of the building. The company's other borrowings, outstanding for the whole year, consisted of a $4 million loan and a $6 million note with interest rates of 12% and 7%, respectively. Assuming the company uses the weighted-average method, calculate the amount of interest capitalized for the year. A company constructs a building for its own use. Construction began on January 1 and ended on December The expenditures for construction were as follows: January 1, $590,000; March 31, $690,000; June 30, $490,000; October 30, $870,0 00. The company arranged a 8% loan on January 1 for $880,000. Assume the $880,000 loan is not…
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Global Traders purchases a piece of equipment for $1.5 million and incurs the following expenses: Freight charges = $250,000 Installation charges = $25,000 Cost of training machine maintenance staff = $12,000 Cost of strengthening the factory floor = $5,500 Cost of painting factory walls = $7,000 The amounts capitalized and expensed by the company are closest to: Balance Sheet ($) A 1,775,000 B 1,780,500 C 1,792,500 O Row B Row C Row A Income Statement ($) 24,500 19,000 7,000
Synder corp present the following information for the year ended December 2008. Inventories Beginning Ending Materials $50,000 $25,000 Work in progress $100,000 $65,000 Finished Goods $40,000 $43,000 Other Information: Depreciation of plant, building and equipment $15,000 Material purchases $155,000 Insurance on plant $20,000 Sales Salaries Expense $48,000 Repairs and maintenance-plant $5,000 Indirect Labour $30,000 Direct Labour $120,000 Admnistrative expenses $52,000 Sales Revenue $550,700 1. Prepare a schedule of cost of goods manufactured FOR THE YEAR ended December 31,2008
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Subject: accounting
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Siegel Company spent $14,000 on direct supplies and $19,000 on compensation for manufacturing personnel during its first year of operation. Lease and utility costs for the manufacturing plants totaled $17,000, with general, marketing, and administrative expenditures totaling $8,000. The business manufactured 5,000 devices and sold 3,000 units for $15.00 each. What was Silverman's net income in his first year of business? Answer options group 1. $7,000 2. $12,000 3. $28,000 4. $37,000