Factory overhead of $41,700 consists of Indirect labor of $20,900, Depreciation expense-Factory of $15,900, and Factory utilities of $4,900 a) Compute the manufacturing costs b) Prepare a schedule of costs of goods manufacturing #CostManufacturing #Manufactuirng #CostAccounting

Accounting Help: Prepare an income statement for Rex Manufacturing for the year ended December 31 #IncomeStatement #AccountingHelp #Manufacturing

Alpha Company issued 1,000 shares of $10 par value common stock to stockholders, in exchange for $15,000 cash. Which of the following correctly describes the impact of this transaction on Alpha's financial statements? Common stock is reported at $15,000 in stockholders' equity A $15,000 investment is reported as a long-term investment. Additional paid-in capital of $5,000 is reported in stockholders' equity. Stockholders have invested $25,000 as stockholders' equity #AccountingHelp #CommonStock #JournalEntries #Stocks

Diaz Company owns a machine that cost $ 126,000 and has accumulated depreciation of $ 93,200 . Prepare the entry to record the disposal of the machine on January 1 in each separate situation. The machine needed extensive repairs and was not worth repairing. Diaz disposed of the machine, receiving nothing in return. Diaz sold the machine for $ 15,900 cash. Diaz sold the machine for $ 32,800 cash. Diaz sold the machine for $ 40,400 cash. #AccountingHelp #Accounting #GainOrLoss #JournalEntries

Trane Company purchases a delivery van by paying $5,000 cash and by signing a $25,000 note payable. Which of the following correctly describes the recording of the delivery van purchase? Cash is debited for $5,000. The delivery van account is debited for $25,000. Notes payable is debited for $25,000. The delivery van account is debited for $30,000. #AccountingHelp #Accounting #Credit #Debit

JM Co has recorded the following distribution costs during the last three months. Month Volume Total Cost Units £ 1 32,000 100,000 2 40,000 120,000 3 50,000 145,000 Assuming a linear relationship, what will be the distribution cost (to the nearest £) in month 4 when the expected activity level is 42,500 units? Tip: Use high/low method to calculate VC and FC #HighLow #AccountingHelp #Accounting #Finance #VariableCosts #FixedCosts

When a company buys equipment for $150,000 and pays for one third in cash and the other two thirds is financed by a note payable, which of the following are the effects on the accounting equation? Total liabilities decrease $50,000. Total assets increase $150,000. Total liabilities increase $150,000. Total assets increase $100,000. #Asset #Liability #Equity #AccountingHelp

Mahomes Company reported the following data at the end of its first year of operations on December 31 #AccountingHelp #BalanceSheet #RetainedEarnings

Accounting: Terrell Company reported the following data at the end of its first year of operations #AccountingHelp #Accounting #IncomeStatements #RetainedEarnings

Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2023, Diane's wages are $21,000 and she receives dividend income of $1,200. Earned Income Credit Phase-Out Ranges Other Than Joint Filers Joint Filers Qualifying Children Phase-out Begins Phase-out Ends Phase-out Begins Phase-out Ends None $9,800 $17,640 $16,370 $24,210 1 21,560 46,560 28,120 53,120 2 21,560 52,918 28,120 59,478 3 or more 21,560 56,838 28,120 63,398 Calculate Diane's earned income credit using the EIC table in Appendix B. #TaxAccounting #Accounting #EarnedCredit