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cost accounting
Questions and Answers of
Cost Accounting
What is cost behavior?
What is carriage outwards?
What is cash flow net of tax?
What is cash from operating activities?
What is columnar database?
What is Construction Work-in-Progress?
What is contained on a 10-column worksheet?
How is it possible for a company to suffer a net loss for a given year, yet produce a positive net cash flow from operating activities?
What is COS?
What is depletion?
What is credit analysis and financial analysis?
What is meant by events after the balance sheet date?
What is meant by non operating expenses and losses?
What is meant by non operating revenues and gains?
What is meant by the full cost of a product?
What is net realizable value?
What is meant by the term going concern?
When preparing a statement of cash flows using the direct method, why must the sales revenue figure be adjusted to arrive at cash receipts from sales?
What is depreciation? Briefly.
Indicate how debt and stock investments are valued and reported on the financial statements.
Where is a contract with a customer reported on the balance sheet?
On August 15, Blockstar Company buys 2,100 shares of Netvision common stock for $48,000, plus brokerage fees of $300. On October 31, Blockstar sells 500 shares of Netvision stock for $12,500, less
On January 1, 2019, Mulcahy Manufacturing Inc., a newly formed corporation, issued 1,000 shares of common stock in exchange for $150,000 cash. No other shares were issued during 2019, and no shares
On January 1, 2019, Mulcahy Manufacturing Inc., a newly formed corporation, issued 1,000 shares of common stock in exchange for $150,000 cash. No other shares were issued during 2019, and no shares
The following information is available for Wright Auto Supply at December 31, 2019.Required:1. Prepare a single-step income statement for the year ended December 31, 2019.2. Prepare a multiple-step
The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings:Required:Prepare a single-step
Ross Airport Auto Service provides parking and minor repair service at the local airport while customers are away on business or pleasure trips. The following account balances (except for retained
Listed below are three independent scenarios.Required:Use the fundamental accounting equation to find the missing amounts.
At the beginning of the year, Morgan Company had total assets of $425,000 and total liabilities of $260,000. Required: Use the fundamental accounting equation to answer the following independent
An analysis of the transactions of Cavernous Homes Inc. yields the following totals at December 31, 2019: cash, $3,200; accounts receivable, $4,500; notes payable, $5,000; supplies, $8,100; common
Parker Company has a balance of $35,000 in retained earnings on January 1. During the year, Parker reported revenues of $82,000 and expenses of $55,000. Parker also paid a dividend of
Marni Restaurant Company engaged in the following transactions during March, its first month of operations. a. Received $100,000 cash from the sale of stock. b. Purchased $20,000 of inventory from
Financial information for three independent cases is as follows: a. The liabilities of Dent Company are $82,000, and its stockholders' equity is $120,000. What is the amount of Dent's total
An analysis of the transactions of Rutherford Company for the year ended December 31, yields the following information: Sales revenue, $65,000; insurance expense, $4,300; interest income, $3,900;
Listed below are events that affect stockholders' equity. a. Reported net income of $85,000. b. Paid a cash dividend of $10,000. c. Reported sales revenue of $120,000. d. Issued common stock of
Listed below are items that would appear on a statement of cash flows. a. Cash received from customers b. Cash paid for dividends c. Cash received from a bank loan d. Cash paid to suppliers e. Cash
Listed below are three independent scenarios.Required: Compute the missing amount in each row. Assume no withdrawals or dividends.
1. At December 31, Pitt Inc. has assets of $12,900 and liabilities of $6,300. What is the stockholders' equity for Pitt at December 31?a. $6,600b. $6,300c. $18,100d. $19,200Use the following
Financial information for three independent cases is given below.Required: Compute the missing numbers in each case.
Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant indicates that the firm's operating cycle averages 6 months. At December 31, 2019, Dunn has the
Hanson Construction has an operating cycle of 9 months. On December 31, 2019, Hanson has the following assets and liabilities:a. A note receivable in the amount of $1,500 to be collected in 6
Swanson Products was organized as a new business on January 1, 2019. On that date, Swanson acquired equipment at a cost of $425,000, which is depreciated at a rate of $40,000 per
College Spirit sells sportswear with logos of major universities. At the end of 2019, the following balance sheet account balances were available. Accounts payable $104,700Required:1. Prepare a
Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Jerrison at December 31, 2019.Required: 1. Prepare a classified balance
Balance sheet information for Milton Company is as follows:Required: Compute the missing values (a)-(j). All the necessary information is provided.
ERS Inc. maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS
The following information is available for Bergin Pastry Shop.Gross margin.....................................................$34,700Income from
At the end of 2018, Sherwood Company had retained earnings of $18,240. During 2019, Sherwood had revenues of $837,400 and expenses of $792,100, and paid cash dividends in the amount of
Walters Inc. began operations on January 1, 2019. The following information relates to Walters' cash flows during 2019.Required: 1. Calculate the cash provided/used for each cash flow category. 2.
Zachary Corporation's December 31, 2018 balance sheet included the following amounts: Cash $ 20,400 Retained earnings 105,600 Zachary's accountant provided the following data for
The following information for Kellman Inc. is available at the end of 2019. Total assets on 12/31/2018...... $82,400... Common stock on 12/31/2018...... $50,000 Total assets on 12/31/2019......
During 2019, Moore Corporation paid $20,000 of dividends. Moore's assets, liabilities, and common stock at the end of 2018 and 2019 were:Required:Using the information provided, compute Moore's net
At the beginning of 2019, Huffer Corporation had total assets of $232,400, total liabilities of $94,200, common stock of $50,000, and retained earnings of $88,200. During 2019, Huffer had net income
Powers Wrecking Service demolishes old buildings and other structures and sells the salvaged materials. During 2019, Powers had $425,000 of revenue from demolition services and $137,000 of revenue
Each column presents financial information taken from one of four different companies, with one or more items of data missing.Required: Use your understanding of the relationships among financial
Dittman Expositions has the following data available: Dividends, 2019 .........$ 10,250 ....... Retained earnings, 12/31/2018...... $ 20,900 Dividends, 2020 ........... 12,920........... Revenues,
The table below presents the retained earnings statements for Bass Corporation for 3 successive years. Certain numbers are missing.Required:Use your understanding of the relationship between
The following information relates to Ashton Appliances for 2019.Required:1. Prepare a single-step income statement for 2019, a retained earnings statement for 2019, and a properly classified balance
Data from the financial statements of four different companies are presented in separate columns in the table below. Each column has one or more data items missing.Required: Use your understanding
Carson Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year. ...........................Beginning of Year......... End of Year Assets
Jim Hadden is a freshman at Major State University. His earnings from a summer job, combined with a small scholarship and a fixed amount per term from his parents, are his only sources of income. He
Agency Rent-A-Car Inc. rents cars to customers whose vehicles are unavailable due to accident, theft, or repair (''Wheels while your car heals''). The company has a fleet of more than 40,000 cars
Reproduced below are portions of the president's letter to stockholders and selected income statement and balance sheet data for the Wright Brothers Aviation Company. Wright Brothers is a national
Obtain Apple Inc.'s 2016 annual report either through the ''Investor Relations'' portion of their website (do a web search for Apple investor relations) or go to www.sec.gov and click ''Company
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com. Required: Answer the following questions: 1.
Cam and Anna met during their freshman year of college as they were standing in line to buy tickets to a concert. While waiting in line, the two shared various aspects of their lives. Cam, whose
At the beginning of 2019, KJ Corporation had total assets of $525,700, total liabilities of $290,800, common stock of $100,000, and retained earnings of $134,900. During 2019, KJ had net income of
Parker Renovation Inc. renovates historical buildings for commercial use. During 2019, Parker had $763,400 of revenue from renovation services and $5,475 of interest income from miscellaneous
Magical Experiences Vacation Company has the following data available: Dividends, 2019......... $ 14,000......... Retained earnings, 12/31/2018......... $ 55,300 Dividends, 2020
The table below presents the retained earnings statements for Dillsboro Corporation for 3 successive years. Certain numbers are missing.Required: Use your understanding of the relationship between
McDonald Marina provides docking and cleaning services for pleasure boats at its marina in southern Florida. The following account balances are available:Required:1. Prepare a single-step income
Leno Corporation reported the following amounts for assets and liabilities at the beginning and end of a recent year. ....................Beginning of Year.......... End of Year Assets...............
Rosenthal Decorating Inc. is a commercial painting and decorating contractor that began operations in January 2019. The following transactions occurred during the year:a. On January 15, Rosenthal
Luis Madero, after working for several years with a large public accounting firm, decided to open his own accounting service. The business is operated as a corporation under the name Madero
Several years ago, Mary Emerson founded Emerson Consulting Inc., a consulting business specializing in financial planning for young professionals. The following captions and amounts summarize Emerson
The Mendholm Company entered into the following transactions:a. Performed services on account, $21,500.b. Collected $9,500 from client related to services performed in Item a.c. Paid $500 dividend to
Four transactions that occurred during June are listed below. a. June 1: Issued common stock to several investors for $100,000. b. June 8: Purchased equipment for $16,800 cash. c. June 15: Made cash
Four transactions that occurred during May are listed below. a. May 5: Borrowed cash of $40,000 from Middle State Bank. b. May 10: Made cash sales of $28,500 to customers. c. May 19: Paid salaries of
Listed below are the ledger accounts for Borges Inc. at December 31, 2019. All accounts have normal balances.Required: Prepare a trial balance for Borges at December 31, 2019.
Five common accounting practices are listed below: a. A customer pays $20 to mail a package on December 30. The delivery company recognizes revenue when the package is delivered in January. b. Jim
Several events are listed below. a. Paid $30,000 for land. b. Purchased office supplies for cash. c. Performed consulting services for a client with the amount to be collected in 30 days. d. Signed a
Galle Inc. entered into the following transactions during January.a. Borrowed $50,000 from First Street Bank by signing a note payable.b. Purchased $25,000 of equipment for cash.c. Paid $500 to
Galle Inc. entered into the following transactions during January. a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable. b. January 4: Purchased $25,000 of equipment for
Listed below are selected T-accounts and their beginning balances for Galle Inc.Required: Post the journal entries from Brief Exercise 2-32 to these accounts and compute the ending balance for each
The following trial balance that was prepared by the bookkeeper of Mason Company does not balance.Required: Prepare a correct trial balance. Assume all accounts have normal balances.
The following economic events related to K&B Grocery Store occurred during 2019: a. On February 7, K&B received a bill from Indianapolis Power and Light indicating that it had used electric power
The following events occurred for Parker Company. a. Performed consulting services for a client in exchange for $3,200 cash. b. Performed consulting services for a client on account, $1,700. c. Paid
Goal Systems, a business consulting firm, engaged in the following transactions:a. Issued common stock for $75,000 cash.b. Borrowed $35,000 from a bank.c. Purchased equipment for $12,000 cash.d.
Jefferson Framers engaged in the following transactions:a. Purchased land for $35,200 cash.b. Purchased equipment for $16,400 in exchange for a 1-year, 8% note payable.c. Purchased office supplies on
Kauai Adventures rents and sells surfboards, snorkeling, and scuba equipment. During March, Kauai engaged in the following transactions: March 2 Received $51,500 cash from customers for rental. 3
Pasta House Inc. was organized in January 2019. During the year, the transactions below occurred: a. On January 14, Pasta House sold Martin Halter, the firm's founder and sole owner, 10,000 shares of
The following accounts and account balances are available for Badger Auto Parts at December 31, 2019:Required: Prepare a trial balance. Assume that all accounts have normal balances.
The following T-accounts summarize the operations of Chen Construction Company for July 2019.Required: 1. Assuming that only one transaction occurred on each day (beginning on July 2) and that no
Monroe Company rents and sells electronic equipment. During September, Monroe engaged in the transactions described below. Sept. 5 Purchased a Chevrolet truck for $38,900 cash. 8 Purchased inventory
Karleen's Catering Service provides catered meals to individuals and businesses. Karleen's purchases its food ready to serve from Mel's Restaurant. In order to prepare a realistic trial balance, the
Western Sound Studios records and masters audio tapes of popular artists in live concerts. The performers use the tapes to prepare ''live'' albums, CDs, and MP3s. The following account balances were
You have the following data for Cable Company's accounts receivable and accounts payable for 2019: Accounts receivable, 1/1/2019 ........................... $ 6,325 2019 Sales on credit
Kathryn Goldsmith is the chief accountant for Clean Sweep, a national carpet-cleaning service with a December fiscal year-end. As Kathryn was preparing the 2019 financial statements for Clean Sweep,
Obtain General Electric's 2016 annual report either through the ''Investor Relations'' portion of its website (do a web search for GE investor relations) or go to www.sec.gov and click ''Company
Refer to the 10-K reports of Under Armour, Inc., and Columbia Sportswear that are available for download from the companion website at CengageBrain.com.Required:1. Determine the amounts in the
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