Marshall's & Co. purchased a corner lot in Eglon City five years ago at a cost of $640,000. The lot was recently appraised at $770,000. At the time of the purchase, the company spent $53,000 to grade the lot and…
B.Peter contributed $13,000 in cash plus office equipment valued at $12,000 to the BP Partnership. The journal entry to record the transaction for the partnership is: Cash 13000 Office Equipment 12000 BP…
Daisy and Jasmine are forming a partnership. Daisy will invest a building that currently is being used by another business owned by Daisy. The building has a market value of $70,000. Also, the partnership will assume responsibility for a $19,500…
White, Hebrew, and Marco formed a partnership with White contributing $68,000, Hebrew contributing $53,000 and Marco contributing $37,000. Their partnership agreement called for the income (loss) division to be based on the ratio of capital investments. If the partnership had…
Nick invested $200,000 and Herald invested $100,000 in a partnership. They agreed to share incomes and losses by allowing a $20,000 per year salary allowance to Nick and a $60,000 per year salary allowance to Herald, plus an interest allowance…
A partnership recorded the following journal entry: Cash 50,000 M.Ken, Capital 11,000 Eric, Capital 11,000 L.Farrell, Capital 72,000 This entry reflects: Withdrawal of $11,000 each by M.Ken and Eric upon the admission…
The costs of direct materials are classified as: Conversion cost Manufacturing cost Prime cost A) Yes Yes Yes B) No No No C) Yes Yes No D) No Yes Yes A B C D
A partial listing of costs incurred at Peggs Corporation during September appears below: Direct materials …………………………………………………$199,000 Utilities, factory ………………………………………………...11,0000 Administrative salaries …………………………………………. 83,000 Indirect labor ……………………………………………………. 29,000 Sales commissions ……………………………………………….. 37,000 Depreciation of production equipment……………………………..31,000 Depreciation of administrative equipment…
A partial listing of costs incurred during February at Urfer Corporation appears below: Factory supplies …………………………………………………….$9,000 Administrative wages and salaries ……………………….. 106,000 Direct materials ……………………………………………………..142,000 Sales staff salaries ……………………………………………….. 53,000 Factory depreciation ………………………………………….. 28,000 Corporate headquarters building rent …………………30,000 Indirect…
Tart Corporation reported the following data for the month of September: Inventories: Beginning Ending Raw materials ………………………….. $34,000 $37,000 Work in process ……………………….. 14,000 14,000 Finished goods ………………………….. 58,000 57,000 Additional information Raw material purchases …