The controller of Coronado Company estimates sales and production for the first four months of 2022 as follows: February March $38,200 1,500 Sales Production in units January $28,700 1,100 April $50,900 $25,800 1,800 2,800 Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of the sale. In the month after the sale, 40% of credit sales are collected. It takes 4 kg of direct materials to produce a finished unit, and direct materials cost $5 per kg. All direct materials purchases are on account, and are paid as follows: 40% in the month of the purchase and 60% the following month. Ending direct materials inventory for each month is 40% of the next month's production needs. January's beginning materials inventory is 1,010 kg. Suppose that both accounts receivable and accounts payable are zero at the beginning of January.

The controller of Coronado Company estimates sales and production for the first four months of 2022 as follows: February March $38,200 1,500 Sales Production in units January $28,700 1,100 April $50,900 $25,800 1,800 2,800 Sales are 40% cash and 60% on account, and 60% of credit sales are collected in the month of the sale. In the month after the sale, 40% of credit sales are collected. It takes 4 kg of direct materials to produce a finished unit, and direct materials cost $5 per kg. All direct materials purchases are on account, and are paid as follows: 40% in the month of the purchase and 60% the following month. Ending direct materials inventory for each month is 40% of the next month's production needs. January's beginning materials inventory is 1,010 kg. Suppose that both accounts receivable and accounts payable are zero at the beginning of January.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter8: Recording Closing Entries And Preparing A Post-closing Trial Balance For A Service Business

Section8.1: Recording Closing Entries

Problem 1AYU

See similar textbooks

Similar questions

What is the total book receipts for December?
What is reginalds check account balance at the end of December?
Determine the following (1-3)::: 1. What is the accounts receivable balance, net of uncollectible accounts, at the end of December? 2. What is the accounts payable at the end of December? 3. What is the retained earnings at the end of December?
What is the balance of accounts payable at May 31st?
How much is the total book receipts in December?
At the end of the month, the total balance in the accounts receivable account in the general ledger should
What are the estimated accounts receivable collections for May? A. P 85,100 B. P 87,100 C. P 88,100 D. P 89,820
SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts receivable ledger shown, prepare a schedule of accounts receivable for Gelph Co. as of November 30, 20--.
What are the journal entries a-f and the effects on accounts receivable in the balance sheet for 2021?
What is the amount of trade payables paid in June?
Marine Company has an accounting fiscal year which ends on September 30. The company also has a policy of paying the weekly payroll on Friday. Payroll records indicate the following salary costs were incurred: Monday Tuesday Wednesday Thursday Friday Date September 28 September 29 September 30 October 1 October 2 Amount $2000 $2400 $3800 $2700 $3100
What is the Allowance for Uncollectible Accounts at December 31 of the current year after adjustments? attached in ss below thansk rgwiohwj ohwt hw