# Connect chapter 2 homework accounting

We at Accounting Assignments Help provide Mcgraw-hill Connect Managerial Accounting Chapter 2 Homework Help with step by step calculation and explanation 24*7 from our accounting experts.

Problem-1

In December 2016, Custom Mfg. established its predetermined overhead rate for jobs produced during 2017 by using the following cost predictions: overhead costs, \$280,000, and direct materials costs, \$200,000. At year-end 2017, the company’s records show that actual overhead costs for the year are \$703,500. Actual direct material cost had been assigned to jobs as follows.

 Jobs completed and sold \$370,000 Jobs in finished goods inventory 77,000 Jobs in work in process inventory 49,000 Total actual direct materials cost \$496,000

1. Determine the predetermined overhead rate for 2017.
2&3. Enter the overhead costs incurred and the amounts applied during the year using the predetermined overhead rate and determine whether overhead is overapplied or underapplied.
4. Prepare the adjusting entry to allocate any over- or underapplied overhead to Cost of Goods Sold.

Problem-2

In December 2016, Shire Computer’s management establishes the 2017 predetermined overhead rate based on direct labor cost. The information used in setting this rate includes estimates that the company will incur \$754,000 of overhead costs and \$580,000 of direct labor cost in year 2017. During March 2017, Shire began and completed Job 13-56.

1. What is the predetermined overhead rate for 2017?
2. Using the information on the following job cost sheet, determine the total cost of the job.

Need help with Mcgraw-hill Connect Managerial Accounting Chapter 2 please:

Email Us: [email protected]

Chat with us

Sours: https://accountingassignmentshelp.com/mcgraw-hill-connect-managerial-accounting-chapter-2/

## Connect Financial Accounting Chapter 2

Home » Accounting Assignment Help » Online Exam Help » Connect Financial Accounting Chapter 2

Q1. Following are the transactions of a new company called Pose-for-Pics.

• Aug 1 – Madison Harris, the owner, invested \$12,500 cash and \$53,750 of photography equipment in the company in exchange for common stock.
• Aug 2 – The company paid \$3,700 cash for an insurance policy covering the next 24 months.
• Aug 5 – The company purchased office supplies for \$2,375 cash.
• Aug 20 – The company received \$2,650 cash in photography fees earned.
• Aug 31 – The company paid \$883 cash for August utilities.

Prepare general journal entries for the above transactions.

Q2. The transactions of Spade Company appear below.

• Kacy Spade, owner, invested \$20,000 cash in the company in exchange for common stock.
• The company purchased office supplies for \$580 cash.
• The company purchased \$11,060 of office equipment on credit.
• The company received \$2,360 cash as fees for services provided to a customer.
• The company paid \$11,060 cash to settle the payable for the office equipment purchased in transaction c.
• The company billed a customer \$4,240 as fees for services provided.
• The company paid \$520 cash for the monthly rent.
• The company collected \$1,781 cash as partial payment for the account receivable created in transaction f.
• The company paid \$1,100 cash in dividends to the owner (sole shareholder).

Required:
1.
Prepare general journal entries to record the transactions above for Spade Company by using the following accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries.

2. Post the above journal entries to T-accounts, which serve as the general ledger for this assignment.

Q3. The transactions of Spade Company appear below.

• Kacy Spade, owner, invested \$19,000 cash in the company in exchange for common stock.
• The company purchased office supplies for \$551 cash.
• The company purchased \$10,507 of office equipment on credit.
• The company received \$2,242 cash as fees for services provided to a customer.
• The company paid \$10,507 cash to settle the payable for the office equipment purchased in transaction c.
• The company billed a customer \$4,028 as fees for services provided.
• The company paid \$535 cash for the monthly rent.
• The company collected \$1,692 cash as partial payment for the account receivable created in transaction f.
• The company paid \$900 cash in dividends to the owner (sole shareholder).

Prepare the Trial Balance.

Q4. Following are the transactions of a new company called Pose-for-Pics.

 Aug. 1 Madison Harris, the owner, invested \$10,750 cash and \$46,225 of photography equipment in the company in exchange for common stock. 2 The company paid \$3,600 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for \$2,043 cash. 20 The company received \$3,100 cash in photography fees earned. 31 The company paid \$883 cash for August utilities.

Prepare general journal entries for the above transactions.

Q5. Following are the transactions of a new company called Pose-for-Pics.

 Aug. 1 Madison Harris, the owner, invested \$8,200 cash and \$35,200 of photography equipment in the company in exchange for common stock. 2 The company paid \$3,800 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for \$1,050 cash. 20 The company received \$5,031 cash in photography fees earned. 31 The company paid \$845 cash for August utilities.

Required:
1. Post the transactions to the T-accounts.

2. Use the amounts from the T-accounts in Requirement (1) to prepare an August 31 trial balance for Pose-for-Pics.

Q6. The transactions of Spade Company appear below.

1. Kacy Spade, owner, invested \$18,750 cash in the company in exchange for common stock.
2. The company purchased office supplies for \$544 cash.
3. The company purchased \$10,369 of office equipment on credit.
4. The company received \$2,213 cash as fees for services provided to a customer.
5. The company paid \$10,369 cash to settle the payable for the office equipment purchased in transaction c.
6. The company billed a customer \$3,975 as fees for services provided.
7. The company paid \$530 cash for the monthly rent.
8. The company collected \$1,670 cash as partial payment for the account receivable created in transaction f.
9. The company paid \$1,000 cash in dividends to the owner (sole shareholder).

Prepare the Trial Balance.

Q7. Carmen Camry operates a consulting firm called Help Today, which began operations on August 1. On August 31, the company’s records show the following accounts and amounts for the month of August.

Cash\$25,450Consulting fees earned\$27,110
Accounts receivable22,490Rent expense9,680
Office supplies5,370Salaries expense5,700
Land44,120Telephone expense990
Office equipment20,140Miscellaneous expenses610
Accounts payable10,460Common stock103,100
Dividends6,120

Use the above information to prepare an August income statement for the business.

Q8. Use the above information to prepare an August statement of retained earnings for Help Today. (Hint: Net income for August is \$10,130.)

Q9. Use the above information to prepare an August 31 balance sheet for Help Today. (Hint: The ending retained earnings account balance as of August 31 is \$4,010.)

Q10. Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.

 April 1 Tanner invested \$90,000 cash along with office equipment valued at \$21,600 n the company in exchange for common stock. 2 The company prepaid \$7,200 cash for 12 months’ rent for office space. (Hint: Debit Prepaid Rent for \$7,200.) 3 The company made credit purchases for \$10,800 in office equipment and \$2,160 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received \$2,000 cash. 9 The company completed a \$7,200 project for a client, who must pay within 30 days. 13 The company paid \$12,960 cash to settle the account payable created on April 3. 19 The company paid \$6,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for \$6,000.) 22 The company received \$5,760 cash as partial payment for the work completed on April 9. 25 The company completed work for another client for \$2,640 on credit. 28 The company paid \$6,200 cash in dividends. 29 The company purchased \$720 of additional office supplies on credit. 30 The company paid \$700 cash for this month’s utility bill.

Required:
1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690).

2. Post the journal entries from part 1 to the ledger accounts.

3. Prepare a trial balance as of April 30.

PROBLEM 2.4ACotton Cleaning ServicesCotton Cleaning ServicesCotton Cleaning ServicesIncome StatementStatement of Owner’s EquityBalance Sheetfor Month ended May 31for Month ended May 31for Month ended May 31Revenue7,880Taylor’s, Capital, May 1, 201950,600AssetsLiabilities  Fees Income  Net Loss for May10,194  Cash4,686Accounts Payable4,900Expenses  Less Withdrawal for May3,000  Accounts Receivable5,900  Utilities Expense(980)Decrease in Capital  Supplies5,800  Salaries Expense(8,900)Taylor’s, Capital, May 31, 201950,600  Equipment33,800Taylor’s Capital, May 31, 201945,286  Telephone Expense(314)Total Assets50,186Total Liabilities and Equity50,186Total Expenses(10,194)Analysis:Net Loss10,194  The amount of \$45,286 (Taylor Cotton, Capital, May 31) was transferred to the balance sheet
Sours: https://accountingassignmentshelp.com/chapter-2-homework-assignments/
Chapter 2 Homework Part 1
Sours: https://studylib.net/doc/8217887/connect-chapter-2-homework---mgmt-026

## Homework connect chapter accounting 2

She kept moaning and begging, and I just relaxed and enjoyed this lust and debauchery. I fucked her in the mouth. Literally. Long.

ch 2 Homework P2-1A \u0026 P2-2A

Finally spring came, and the cold left us. On this day, a young man who recently turned 21 came to a small town. Stanislav decided to visit the house of his grandmother, who died several years ago and bequeathed this house to him. It was located almost on the outskirts of the city near the forest, so there were very few people there.

### Similar news:

Skeptically examining himself in the mirror, he opened the front door. Amazing. She dressed specially for cleaning. She pulled on a tracksuit, very tight for her plump figure.

1059 1060 1061 1062 1063