Zookal
Zookal

We’d love to hear any feedback or comment from you!

© 2011-2021 Zookal Pty Ltd

View question and answer

From our collection of questions and answers
Business · Accounting
Question details
I only need the answer to letter (f.) the amount of total assets

Check my work mode : This shows what is correct or Incorrect for the work you have completed so far. It does not iIndicate com Thornton Manufacturing Company was started on January 1, 2018, when it acquired $80,000 cash by Issuing common stock. Thornton immediately purchased office furniture and manufacturing equipment costing $7.000 and $25,400, respectively. The office furniture had an 8-year useful life and a zero salvage value. The manufacturing equipment had a $3,800 salvage value and an expected useful lfe of three years. The company paid $11,600 for salaries of administrative personnel and $15,200 for wages to production personnel. Finally, the company paid $16,100 for raw materials that were used to make inventory. All nventory was started and completed during the year. Thornton completed production on 5,000 units of product and sold 4,100 units at a price of $15 each in 2018. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP) a Determine the total product cost and the average cost per unit of the inventory produced in 2018. (Round Average cost per unit to 2 decimal places.) b. Determine the amount of cost of goods sold that would appear on the 2018 income statement. (Do not round Intermediate calculations.) c. Determine the amount of the ending inventory balance that would appear on the December 31, 2018, balance sheet. (Do not rounch intermediate calculations) d. Determine the amount of net income that would appear on the 2018 income statement e. Determine the amount of retained eamings that would appear on the December 31, 2018, balance sheet f Determine the amount of total assets that would appear on the December 31, 2018, balance sheet Answer is complete but not entirely correct Total product cost Average cost per Cost of good sold Ending nventory Net income Retared earningー ($ 38,500。 7.70 31,570 6.9300 17,455 17,4550 Total ass 5 63,110 C MacBook Air 5 7 8 9
Thornton Manufacturing Company was started on January 1, 2018, when it acquired $80,000 cash by issuing common stock. Thornton immediately purchased office furniture and manufacturing equipment costing $7.000 and $25,400, respectively. The office furniture had an 8-year useful life and a zero salvage value. The manufacturing equipment had a $3,800 salvage value and an expected useful life of three years. The company paid $11,600 for salaries of administrative personnel and $15,200 for wages to production personnel. Finally, the company paid $16,100 for raw materials that were used to make inventory. All inventory was started and completed during the year. Thornton completed production on 5,000 units of product and sold 4100 units at a price of $15 each in 2018. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP) Required a. Determine the total product cost and the average cost per unit of the inventory produced in 2018. (Round Average cost per unit o2 decimal places b. Determine the amount of cost of goods sold that would appear on the 2018 income statement. (Do not round intermediate c. Determine the amount of the ending inventory balance that would appear on the December 31, 2018, balance sheet. (Do not roundk intermediate calculations.) d. Dete e. Determine the amount of retained earnings that would appear on the December 31, 2018, balance sheet f. Determine the amount of total assets that would appear on the December 31, 2018, balance sheet. the amount of net income that would appear on the 2018 income statement 38,500 $ 7.70 S 31,570 c Ending inventory s 6,930 S 17,455 S 17,455 S 63,110 a. Total cost unit くPrex 6016 İİİ Next
Answer
Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.

Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.Find step-by-step answers from expert tutors to questions asked by students like you. Start 14-day free trial.