Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 2 Days Ago
Questions Answered: 66690
Tutorials Posted: 66688

Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 22 Jul 2017 My Price 11.00

firm of Jack, Bob

Shown below are the job cost related accounts for the law firm of Jack, Bob, and Will and their manufacturing equivalents:

Law Finn Accounts

Manufacturing Finn Accounts

Supplies

Raw Materials

Salaries and Wages Payable

Factory Wages Payable

Operating Overhead

Manufacturing Overhead

Service Contracts in Process

Work in Process

Cost of Completed Service Contracts

Cost of Goods Sold

Cost data for the month of March follow.

  1. Purchased supplies on account $1,500.
  2. Issued supplies $1,200 (60% direct and 40% indirect).
  3. Assigned labor costs based on time cards for the month which indicated labor costs of $60,000 (80% direct and 20% indirect).
  4. Operating overhead costs incurred for cash totaled $40,000.
  5. Operating overhead is applied at a rate of 90% of direct attorney cost.
  6. Work completed totaled $75,000.

Instructions

(a)Journalize the transactions for March. (Omit explanations.)

(b)Determine the balance of the Service Contracts in Process account. (Use a T-account.)

Answers

Maurice Tutor
(5)
Status NEW Posted 22 Jul 2017 08:07 PM My Price 11.00

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