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Problem 2: 10 points
Nemani Corporation is projecting a cash balance of $31,785 in its December 31, 2013, balance sheet. Nemani schedule of expected collections from customers for the first quarter of 2013 shows total collections of $180,885. The schedule of expected payments for direct materials for the first quarter of 2013 shows total payments of $40,200. Other information gathered for the first quarter of 2013 is: sale of equipment $3,392; direct labor $70,178, manufacturing overhead $34,583, and purchase of securities $12,372. Selling and administrative expenses are projected to be $45,117; this figure includes $1,117 in depreciation expense on the office equipment. All costs and expenses will be paid in cash. Nemani wants to maintain a balance of at least $25,000 cash at the end of each quarter
Problem 3: 10 points
|
Elias Corporation has the following cost records for February 2013. Indirect factory labor |
$ 4,612 |
Factory utilities |
$ 401 |
|
Direct materials used |
22,361 |
Depreciation, factory equipment |
1,585 |
|
Work in process, 6/1/12 |
2,769 |
Direct labor |
31,084 |
|
Work in process, 6/30/12 |
3,633 |
Maintenance, factory equipment |
1,792 |
|
Finished goods, 6/1/12 |
4,609 |
Indirect materials |
2,268 |
|
Finished goods, 6/30/12 |
7,429 |
Factory manager’s salary |
3,315 |
Problem 6: 5 points
On July 1, Browning Corporation purchases 550,000 shares of its $6 par value common stock for the treasury at a cash price of $10 per share. On September 1, it sells 275,000 shares of the treasury stock for cash at $13 per share. The balance in the retained earnings account is $6,345,000.
Instructions: Journalize the two treasury stock transactions.
Problem 2: 10 points
|
Nemani Corporation Cash Budget For the Quarter Ending March 31, 2013 |
Problem 3: 10 points
|
Elias Corporation Cost of Goods Manufactured Schedule For the Month Ended June 30, 2013 |
|
Manufacturing overhead: |
Problem 6: 5 points
|
Date |
Account Description |
Debit |
Credit |
