July 3 the company purchased $4,300 of merchandise on credit from advanced parts, terms n/60. 6 the company sold $1,200 of merchandise (cost is $1,050) for cash to o'reilly. 7 the owner, a. smith, contributed equipment worth $7,400 to the company. 9 the company sold $1,350 of used equipment (non inventory) on credit to junk yard, terms n/30. 13 the company sold $5,600 of merchandise (cost is $5,200) on credit to j. bell, terms n/30. 15 the company granted j. bell an allowance (price reduction) of $740 for merchandise purchased on july 13. smith auto credited accounts receivable for that amount. 22 the company purchased a building for $44,000 by issuing a note payable. 26 the company paid salaries of $5,600 with cash.

Salty sensations snacks company manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. the company has budgeted the following costs for the upcoming period: 1 factory depreciation $33,782.00 2 indirect labor 84,456.00 3 factory electricity 8,446.00 4 indirect materials 40,356.00 5 selling expenses 26,900.00 6 administrative expenses 17,200.00 7 total costs $211,140.00 factory overhead is allocated to the three products on the basis of processing hours. the products had the following production budget and processing hours per case: budgeted volume (cases) processing hours per case tortilla chips 3,600 0.25 potato chips 5,300 0.11 pretzels 2,300 0.49 total 11,200 required: a. determine the single plantwide factory overhead rate.* b. use the factory overhead rate in (a) to determine the amount of total and per-case factory overhead allocated to each of the three products under generally accepted accounting principles. refer to the amount descriptions list provided for the exact wording of the answer choices for text entries.* * if required, round your answers to the nearest cen

Which of the following statements about cash basis accounting is true? a. it is more complicated than accrual basis accounting. b. the irs allows all types of corporations to use it. c. it follows gaap standards. d. it ensures the company always knows how much cash flow it has.

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