Magnificent Modems, Inc., makes modem cards that are used in notebook computers. The company completed the following transactions during 2014. All purchases and sales were made with cash.
1. Acquired $750,000 of cash from the owners.
2. Purchased $270,000 of manufacturing equipment. The equipment has a $30,000 salvage value and a four-year useful life. Label the purchase of the equipment as Event 2a and the recognition of depreciation as Event 2b.
3. The company started and completed 5,000 modems. Direct materials purchased and used amounted to $40 per unit.
4. Direct labor costs amounted to $25 per unit.
5. The cost of manufacturing supplies purchased and used amounted to $4 per unit.
6. The company paid $50,000 to rent the manufacturing facility.
7. Magnificent sold all 5,000 units at a cash price of $120 per unit. Label the recognition of the sale as Event 7a and the cost of goods sold as Event 7b. (Hint: It will be necessary to determine the manufacturing costs in order to record the cost of goods sold.)
8. The sales staff was paid a $6 per unit sales commission.
9. Paid $39,000 to purchase equipment for administrative offices. The equipment was expected to have a $3,000 salvage value and a three-year useful life. Label the purchase of the equipment as Event 9a and the recognition of depreciation as Event 9b.
10. Administrative expenses consisting of office rental and salaries amounted to $71,950.
Record the transaction data in the financial statement.
Answers: 1
Business, 21.06.2019 13:30
Iwant to be an engineer but cant do math for the life of me, but i also want to be a cop."what should i do"
Answers: 3
Business, 22.06.2019 11:00
Acoase solution to a problem of externality ensures that a socially efficient outcome is to
Answers: 2
Business, 22.06.2019 12:40
Kumar consulting operates several stock investment portfolios that are used by firms for investment of pension plan assets. last year, one portfolio had a realized return of 12.6 percent and a beta coefficient of 1.15. the average t-bond rate was 7 percent and the realized rate of return on the s& p 500 was 12 percent. what was the portfolio's alpha?
Answers: 1
Business, 22.06.2019 17:40
Because the demand for wheat tends to be inelastic. true or false
Answers: 1
Magnificent Modems, Inc., makes modem cards that are used in notebook computers. The company complet...
Mathematics, 30.10.2020 23:00
Mathematics, 30.10.2020 23:00
Health, 30.10.2020 23:00
Mathematics, 30.10.2020 23:00
Mathematics, 30.10.2020 23:00
Mathematics, 30.10.2020 23:00
English, 30.10.2020 23:00
Mathematics, 30.10.2020 23:00
Social Studies, 30.10.2020 23:00
Mathematics, 30.10.2020 23:00
Social Studies, 30.10.2020 23:00