Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: $ 1,200 Service revenue $67,700 53,400 40,000 3,400 Cash Equipment Accounts payable Delivery expense Salaries expense 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of

Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: $ 1,200 Service revenue $67,700 53,400 40,000 3,400 Cash Equipment Accounts payable Delivery expense Salaries expense 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 30E: A company uses charging rates to allocate service department costs to the using departments. The...

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Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts:Cash $ 1,200 Service revenue $67,700Equipment 29,000 Cost of goods sold 53,400Accounts payable 4,400 (food expense)Delivery expense 2,600 Buildings 40,000Salaries expense 5,500 Supplies 3,400 Salaries payable 800In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year.Required: Prepare the income statement, statement of stockholders’ equity, and balance sheet for…
Refer to the following information from a long term care facility for questions 6-10. April May June Ending Food Inventory 2319 2831 2462 Food Purchased 8126 9037 8496 Labor costs 12363 11974 12197 Supply costs 512 592 551 6282 Operating Costs 6791 6547 119 121 123 Average Daily Census What is the value of the food used in June? OA. $11,327 B. $10,958 O C. $8496 O D. $8865 QUESTION 7 Click Save and Submit to save and submit. Click Save All Answers to save all answers.
A restaurant reported the following revenues and receipt in May 2020: P 120,000 10,000 30.000 P. Rice and viands els Soft drinks Snacks Total 160.000 Compute the exempt sales. c. P150,000 d. P160,000 a. РО b. P120,000 000,209d
Question Kindly answer in good accounting form. thank you! Maria Corporation has a branch in Caloocan. During 2021, the home office shipped to the branch supplies costing P156,000 at a billed price of 30% above cost. The inventories of supplies at the branch were as follows: January 1, 2021 P110,000; December 31, 2021 128,000. On December 31, 2021, the home office holds inventories of P112,800 which includes P11,500 held on consignment and which excludes P5,000 inventories out on consignment. How much is the inventories in a combined balanced sheet as of December 31, 2021?
Ated below is information for Ramadan Sweets for the year ended 31 March 2022. articular AED Particular AED Cost of goods sold Salaries and wages expense 316,000 Rent Expenses 42,400 Sales Discount 3,200 Sales Return and allowances 4,750 Sales Revenue 680,000 Other comprehensive income 12,450 Loss on disposal of plant assets 4,650 Bank loans 32,000 1,230 Freights-out Insurance expense 2,600 766,800 Owner's Capital 12,650 Interest expense 3,450 Interest revenue 250,000 REQUIRED: a. Prepare an income statement. b. Prepare a comprehensive income statement.
Misha Mashito, the owner of the MishMash Diner, has requested your assistance in determining some monthly expenses. She provides you with the following information: Revenue Beginning Inventory Ending Inventory Purchases Employee Meals Food to Beverage Transfer Determine the following costs: $ 185,000 $ 10,000 $ 9,000 $ 50,000 $ 750 $ 450 Cost of Food Sold - Dollars Cost of Food Sold - Percentage Cost of Beverage Sold - Dollars Cost of Beverage Sold - Percentage Cost of Food Used - Dollars Food $ 80,000 $ 2,500 $ 3,000 $ 18,000 Beverage
Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported the following revenues and expenses. Sales Revenue $985,000 Cost of Goods Sold 493,000 Operating Expenses 242,000 Use this information to construct an income statement for the year 2019. Magio Company Income Statement For Year Ending 2019
A. Prepare for the Income Statement (Service) of Cruz Law Firm for the year ended December 31, 2020. P520,000 8,500 Revenue Utilities Expense Rent Expense Salaries Expense Advertising Expense 10,500 125,000 5,000
Pine Valley Nursing Home has the following food expenditure for the month of November 2022. The capacity of the facility is 161 beds. $7,710 Beginning Inventory Food Purchases $41,710 Petty Cash Food Purchases $360 Ending Inventory $9,710 Meals on Wheels $350 Guest Meals $370 Non-Menu Food Cost Breakdown Nourishments $370 Therapeutic Supplements Non-Therapeutic Supplements $1,090 $570 Resident Special Events $260 Nursing Supplies $360 Coffee Program $180 Food Expenditure Report Month: Year: Beginning Inventory Food Purchases Petty Cash Food Purchases Total Purchases Ending Inventory Meals On Wheels Guest Meals Net Food Cost Resident Days Per Month Food Cost Per Resident Day (PRD) Budgeted Food Cost Per Resident Day (PRD) Ministry Budgeted Food Cost Per Month Non-Menu Food Cost Breakdown Nourishments Therapeutic Supplements Non-Therapeutic Supplements Resident Special Events Nursing Supplies Coffee Program Non-Menu Food Cost Total Actual Menu Cost Total Actual Menu Cost Per Resident Day…
Vindows constructs and installs windows for new homes. The sales staff are having a meeting and reviewing the following information to determine how to help reduce days' sales uncollected. Accounts receivable Net sales 2023 2022 2021 $ 634,000 $492,000 $ 414,000 6,590,000 5,714,000 4,985,000 Required: a. Calculate the days sales uncollected for 2021 to 2023 and identify whether the trend is favourable or unfavourable (Round the final answer to 2 decimal places. Do not round intermediate calculation. Use 365 days a year) Days' sales uncollected 2023 + 35 07 days 2022 31 55 days 2021 30 36 days Unfavorable Seve -. What can a salesperson do to improve days' sales uncollected? (You may select more than one answer. Single click the box with me question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the bo or a wrond answer.)
Customer Refunds and Allowances Assume the following data for Lusk Inc. before its year-end adjustments: Sales fasthe year $3,600,000 Estimated percent of refunds for the year 0.8% Journalize the adjusting entry for customer refunds and allowances. If an amount box does not require an entry, leave it blank. 88 Sales v Customer Refunds Payable v Feedback Check My Work Sales are reduced by the estimated amount of customer refunds and allowances which are calculated based upon a percentage of sales. Pre Check My Work Subm Save and Exit Email Instructor
Sales Cost of goods sold Sales returns and allowances Operating expenses: Thompson's Company Income Statement For the Month Ended August 31, 2021 Net income $ 6,700 1,100