Job order cost accounting entries for a service businessthe

Assignment Help Accounting Basics

Reference no: EM13605969

Job Order cost accounting entries for a service business,The law firm of Yoo and Sachs accumulates costs associated with individual cases, using a job order cost system. The following transaction occurred during July:
July 3. Charged 500 hours of professional (lawyer) time to the Liddy Co. breech of contract suit to prepare for the trial, at a rate of $150 per hour.
9. Reimbursed travel costs to employees for depositions related to the Liddy case, $18,500.
10. Charged 250 hours of professional time for the Liddy trial at a rate of $225 per hour.
15. Received invoice from consultants Mack and Corzine for $55,000 for expert testimony related to the Liddy trial.
22. Applied office overhead at a rate of $60 per professional hour charged to the Liddy case.
31. Paid secretarial and administrative salaries of $32,000 for the month.
31. Used office supplies for the month, $10,000.
31. Paid professional salaries of $126,000 for the month.
31. Billed Liddy #365,000 for successful defense of the case.

a. Provide the journal entries for each of the above transactions.
b. How much office overhead is over- or underapplied?
c. Determine the gross profit on the Liddy case, assuming that over-or underapplied office overhead is closed monthly to cost of services.

Reference no: EM13605969

Questions Cloud

Jon received 900 in 2009 as a reimbursement for a portion : jon had adjusted gross income of 25000 in 2009. during the year he incurred and paid the following medical

Determine the greatest ethical dilemmas created by : determine the greatest ethical dilemmas created by globalization and the best way to address those dilemmas. provide

Using a finite volume spanning the range 0ltxltepsilon : consider a one-dimensional plane wall with constant properties and uniform internal generation qdot. the left face is

Analyze your ability to adapt to the foreign culture you : research a foreign country of your choice excluding canada with a focus on that countrys specific culture. analyze your

Job order cost accounting entries for a service businessthe : job order cost accounting entries for a service businessthe law firm of yoo and sachs accumulates costs associated with

How many miles away was the lightning strike assume the : sound travels at a speed of about 344 in air. you see a distant flash of lightning and hear the thunder arrive 7.7

The expected return for stock p is 30 percent if we know : the expected return for stock p is 30 percent. if we know the following information about stock p then what return will

In 2010 sean who is single and age 44 received 55000 of : in 2010 sean who is single and age 44 received 55000 of gross income and had 5000 of deductions for agi and 4600 of

You have invested 40 percent of your portfolio in an : you have invested 40 percent of your portfolio in an investment with an expected return of 12 percent and 60 percent of

User Account

All Pages