Business, 30.03.2020 16:26, lollollollollol1
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:
Accumulated Depreciation-Building $ 300,000
Administrative Expenses 216,000
Building 1,000,000
Cash 70,000
Cost of Merchandise Sold 1,520,000
Interest Expense 4,000
Kathy Melman, Capital 634,800
Kathy Melman, Drawing 70,000
Merchandise Inventory $ 392,000
Notes Payable 100,000
Office Supplies 8,000
Salaries Payable 3,200
Sales 2,564,000
Selling Expenses 286,000
Store Supplies 36,000
Required:
a. Prepare a multiple-step income statement for the year ended March 31, 2019. Be sure to complete the heading of the statement. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. A colon (:) will automatically appear if it is required.
b. What is a major advantage of the multiple-step income statement over the single-step income statement?
Answers: 3
Business, 23.06.2019 00:40, kate5582
Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold. mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)
Answers: 3
On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Compan...