subject
Business, 19.05.2021 22:50 deshundradenton4805

Walton Manufacturing Company was started on January 1, year 1, when it acquired $86,000 cash by issuing common stock. Walton immediately purchased office furniture and manufacturing equipment costing $8,400 and $34,600, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,400 salvage value and an expected useful life of four years. The company paid $11,700 for salaries of administrative personnel and $15,600 for wages to production personnel. Finally, the company paid $10,480 for raw materials that were used to make inventory. All inventory was started and completed during the year. Walton completed production on 4,400 units of product and sold 3,410 units at a price of $15 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) Required

Determine the total product cost and the average cost per unit of the inventory produced in year 1. (Round "Average cost per unit" to 2 decimal places.)

Determine the amount of cost of goods sold that would appear on the year 1 income statement. (Do not round intermediate calculations.)

Determine the amount of the ending inventory balance that would appear on the December 31, year 1, balance sheet. (Do not round intermediate calculations.)

Determine the amount of net income that would appear on the year 1 income statement. (Round your final answer value to the nearest whole dollar.)

Determine the amount of retained earnings that would appear on the December 31, year 1, balance sheet. (Round your final answer value to the nearest whole dollar.)

Determine the amount of total assets that would appear on the December 31, year 1, balance sheet. (Round your final answer value to the nearest whole dollar.)

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 21.06.2019 21:30, Ayomide19
Daniel owns 100 shares of abc corporation's common stock. abc uses the fair value option, and recent declines in the firm's credit rating have caused the value of the firm's outstanding bonds payable to drop by 10%. daniel feels this is good news, but he wants to know what you think about the situation. which of the following represents your best response? a : "this situation may be positive for you in that the change in abc's credit standing indicates that the value of the firm's assets is likely increasing. however, the drop in bond value may negate any positive effects on your bottom line, because it means your claim on the firm's assets is simultaneously decreasing." b : "actually, this is bad news all around. the drop in the value of abc's bonds payable means shareholders' claims on the firm's assets have decreased. moreover, abc's declining credit rating means that the firm's assets are probably also dropping in value, thus magnifying your losses even more." c : "on the surface, this seems like good news because it means your claim on the firm's assets has increased. however, the drop in creditworthiness may also indicate that abc's assets are declining in value, thus offsetting any gains associated with the drop in bonds payable." d : "you're right! this is good news because it means that abc's debtholders have a decreased claim on the firm's assets. as a result, the firm's existing shareholders"like you"have seen their claim on the firm's assets increase."
Answers: 2
image
Business, 22.06.2019 00:50, katie673
At a roundabout, you must yield to a. already in the roundaboutb. entering the roundaboutc. only if their turn signal is ond. only if they honk at you
Answers: 1
image
Business, 22.06.2019 02:30, Roof55
When interest is compounded continuously, the amount of money increases at a rate proportional to the amount s present at time t, that is, ds/dt = rs, where r is the annual rate of interest. (a) find the amount of money accrued at the end of 3 years when $4000 is deposited in a savings account drawing 5 3 4 % annual interest compounded continuously. (round your answer to the nearest cent.) $ (b) in how many years will the initial sum deposited have doubled? (round your answer to the nearest year.) years (c) use a calculator to compare the amount obtained in part (a) with the amount s = 4000 1 + 1 4 (0.0575) 3(4) that is accrued when interest is compounded quarterly. (round your answer to the nearest cent.) s = $
Answers: 1
image
Business, 22.06.2019 07:20, staxeeyy767
Richardson hired j. c. flood company, a plumbing contractor, to correct a stoppage in the sewer line of her house. the plumbing company's 'snake' device, used to clear the line leading to the main sewer, became caught in the underground line. to release it, the company excavated a portion of the sewer line in richardson's backyard. in the process, the company discovered numerous leaks in a rusty, defective water pipe that ran parallel with the sewer line. to meet public regulations, the water pipe, of a type no longer approved for such service, had to be replaced either then or later, when the yard would have to be excavated again. the plumbing company proceeded to repair the water pipe. though richardson inspected the company's work daily and did not express any objection to the extra work involved in replacing the water pipe, she refused to pay any part of the total bill after the company completed the entire operation. j. c. flood company then sued richardson for the costs of labor and material it had furnished. (c) for what, if anything, should richardson be liable? explain."
Answers: 1
You know the right answer?
Walton Manufacturing Company was started on January 1, year 1, when it acquired $86,000 cash by issu...

Questions in other subjects:

Konu
Mathematics, 26.08.2019 05:10
Konu
Spanish, 26.08.2019 05:10
Konu
Mathematics, 26.08.2019 05:10