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cost accounting
Questions and Answers of
Cost Accounting
Locate the Home Depot, Inc., 2012 financial statements. Briefly peruse the financial statements and answer the following questions: a. Name the titles of each of Home Depot's financial statements
A bi-level mall is under construction. Installation of only nine escalators is planned at the start although the ultimate design calls for 16. The question arises whether to provide necessary
Nic Saybin Enterprises Accounting Department collects all pertinent monthly operating data. Selected data are presented below for the current month. From the data provided, please provide Saybin
The ending inventory of finished goods has a total cost of $9,000 and consists of 600 units. Ifthe overhead applied to these goods is $3,000, and the overhead rate is 75% of direct labor, howmuch
Goods in process inventory account of a manufacturing company that uses an overhead rate based on the direct labor cost has a 4,400 debit balance after all posting is completed, the cost sheet of the
Briefly describe a corporate merger that you have read about recently or been part of as an employee. What kind of a merger was it? How well is it working from the perspectives of the various
Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012
Select a portfolio of common stocks in five companies whose stock is traded on the New York Stock Exchange (NYSE). Base your selection of stocks on your own personal willingness to take risks. Look
Otto Corp. purchased merchandise during 2010 on credit for $300,000; terms 2/10, n/30. All of the gross liability except $60,000 was paid within the discount period. The remainder was paid within the
There are several academic studies of how Venture Capitalists add value to their portfolio companies through stage financing, portfolio approach (investing in a portfolio of companies in the same or
The selling and administrative expense budget of Hiser Corporation is based on the number of units sold, which are budgeted to be 1,900 units in August. The variable selling and administrative
Janeiro Skate, Inc. currently manufactures the wheels that it uses for its in-line skates. The annual costs to manufacture the 150,000 wheels needed each year are as follows:Total CostDirect material
BagODonuts Company bought a used delivery truck on January 1, 2010, for $19,200. The van was expected to remain in service 4 years (30,000 miles). BagODonuts' accountant estimated that the truck's
Fredman Company has a standard costing system and keeps all its costs up to date. The company's main product is copper wind chimes, which are made in a single department. The Standard Variable
Frostbite Cold Storage Company was incorporated early in 2007 Since then, the following stock has been outstanding:Preferred stock, 5%, $25 par 8,000 shares Common stock, $20 par 10,000 shares On
Harist Corporation sold 5,000 units in May. Sales were $400,000, variable expenses were $240,000, and fixed expenses were $120,000. If the company increases its selling price by 10%, how many units
On January 2, 2011, Well Co. purchased 10% of Rea Inc.'s outstanding common shares for $400,000. Well is the largest single shareholder in Rea, and Well's officers are a majority on Rea's board of
During last period, a company's direct labor cost was double the cost of its direct material used. In addition, factory overhead was $5,000 under applied. Use the following incomplete accounts to
To avoid any uncertainty regarding his business' financing needs at the time when such needs may arise, Cyrus Brown wants to develop a cash budget for his latest venture: Cyrus Brown Manufacturing
During last period, a company's overhead rate was 150% of direct labor cost. This caused factory overhead to be $10,000 over applied. Use the following incomplete accounts to determine the cost of
Gorman Co. had a sheet metal cutter that cost $96,000 on January 1, 2012. This old cutter had an estimated life of ten years and a salvage value of $16,000. On April 1, 2017, the old cutter is
Assume a 5-year Treasury bond has a coupon rate of 4.5%. a. Give examples of required rates of return that would make the bond sell at a discount, at a premium, and at par. b. If this bond's par
Suppose the current value of a popular stock index is 653.50 and the dividend yield on the index is 2.8 percent. Also, the yield curve is flat at a continuously compounded rate of 5.5 percent. a. If
Using the following accounts and an overhead rate of 90% of direct labor cost, determine the amount of applied overhead.
The Magic Pumpkin Limousine Company wants to purchase a car entertainment system for one of its automobiles. The entertainment system vendor has offered to finance the $2,000 purchase over one year
The ending inventory of finished goods has a total cost of $9,000 and consists of 600 units. If the overhead applied to these goods is $3,000, and the overhead rate is75% of direct labor, how much
At December 31, 2014, the available-for-sale equity portfolio for XYZ Corp. is asDecember 31, 2013, securities fair value adjustment balance-Dr. 5,400On January 20, 2015, XYZ sold stock-A for
Describe the now of labor costs in a job order costing system and identify the documents used in the system.
You are operating a firm in a perfectly competitive market. In the short run, you have fixed costs of $30. Your variable costs are given in the following table:
The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year. This table summarizes information provided
What is Public administration.
Plumley Ad Agency contracted with a company to prepare an ad campaign. Plumley uses a job order costing system. Plumley estimates that the job will take 145 designer hours at $90 per hour and 85
Using the information listed below, calculate the total budget food sales revenue and beverage sales revenue for the month of August. (This particular August has four Sundays) A dining room has 66
The following information relates to Fanning's Electronics on December 31, 2011. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items
A $1000 par value convertible bond has a conversion price of $50. It is currently selling for $1120 despite the fact that the bond's coupon rate and the market rate are equal. The common stock
Prepare the necessary journal entries for each of the transactions presented below for the Salisbury Company. a. Salisbury Company sold 2,000 shares of common stock at $25 per share in cash. b. The
Key Manufacturing Co. applies factory overhead to production on the basis of direct labor costs. Assume that at the beginning of the current year the company estimated that direct material costs
Capers, Inc. is developing its cash budget for the next year. Of Capers% u2019 sales, 20% is for cash, another 60% is collected in the month following sale, and 20% is collected in the second month
Pro, Inc. had the following activities during its most recent period of operations: a) Purchased raw materials on account for $140,000 (both direct and indirect materials are recorded in the raw
A company's ending inventory of finished goods has a cost of $35,000 and consists of 750 units. If the overhead applicable to these goods is $8,400, and overhead is applied at the rate of 60% of
The production of one unit of Product BBB used $17.50 of direct materials and $21.00 of direct labor. The unit sold for $56.00 and was assigned overhead at a rate of 30% of labor costs. What is the
Maximizing shareholder returns usually implies that the firm must also satisfy customers, employees, suppliers, creditors and other stakeholders. First, rank stakeholders as to expected risk and
The following data rates to the Density Company's first operating period. Calculate cost of goods sold for each product.
A Person plans to retire today and expects to begin living off their retirement savings beginning one year from now and continuing until death. Identify and explain key variables that will influence
The basic accounting equation is: Assets 5 Liabilities 1 Stockholders' Equity. Replacing the words in that equation with dollar amounts, what is The Coca-Cola Company's accounting equation at
The financial statements of Zetar plc are presented in Appendix C. The company's complete annual report, including the notes to its financial statements, is available at
Triumph Company prepares reversing entries. If the adjusting entry for interest payable is reversed, what type of an account balance, if any, will there be in Interest Payable and Interest Expense
Zurich Company recently received the following information (in Swiss francs) related to the company's December 31, 2014, statement of financial position.Prepare the assets section of the company's
The following information is available for Rego Bowling Alley at December 31, 2014.Prepare a classified statement of financial position; assume that $13,900 of the notes payable will be paid in 2015.
The financial statements of Zetar plc are presented in Appendix C. The company's complete annual report, including the notes to its financial statements, is available at
Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $200 credit was received from the supplier for damaged goods. Give the journal entry on July 24
Explain the difference between the "nature-of-expense" and "function-of-expense" classifications.
The financial statements of Zetar plc are presented in Appendix C. The company's complete annual report, including the notes to its financial statements, is available at
Raglan Company's balance sheet shows Inventory $162,800. What additional disclosures should be made?
On March 20, Batavia's petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $52, freight-out $26, and travel expense $10. Prepare the journal entry to
Rick Baden is uncertain about the applicability of the cost principle to plant assets. Explain the principle to Rick.
Hashmi Company's investments in non-trading securities at December 31 show total cost of $195,000 and total fair value of $205,000. Prepare the adjusting entry.
Latrobe Corporation holds as a long-term investment non-trading stock securities costing $72,000. At December 31, 2014, the fair value of the securities is $66,000. Prepare the adjusting entry to
At December 31, 2014, the trading securities for Oglesbee, Inc. are as follows.Instructions (a) Prepare the adjusting entry at December 31, 2014, to report the securities at fair value. (b) Show the
Zippydah Company has the following data at December 31, 2014.The non-trading securities are held as a long-term investment. Instructions (a) Prepare the adjusting entries to report each class of
On January 1, 2014, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as
In January 2014, the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions
On December 31, 2013, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.On December 31, 2013,
In January 2014, the management of Gina Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions
On December 31, 2013, Eli Associates owned the following securities, held as long-term investments.On this date, the total fair value of the securities was equal to its cost. The securities are not
You've got $3,000 in credit card bills at an 18% interest rate. Your employer has a 401(k) plan in which it will match your contributions, up to 10% of your annual salary. Should you pay off your
Quarshee Corporation had these transactions during 2014. (a) Issued $50,000 par value common stock for cash. (b) Purchased a machine for $30,000, giving a long-term note in exchange. (c) Issued
Identify the specific sections in PepsiCo's 2010 annual report where horizontal and vertical analyses of financial data are presented.
Carly Simon wishes to invest $18,000 on July 1, 2014, and have it accumulate to $50,000 by July 1, 2024. Use a financial calculator to determine at what exact annual rate of interest Carly must
On July 17, 2014, James Taylor borrowed $60,000 from his grandfather to open a clothing store. Starting July 17, 2015, James has to make 10 equal annual payments of $8,860 each to repay the loan. Use
What information is shown on a W-4 statement? On a W-2 statement?
Using functions write a Program using Ohm’s Law:You will need 9 functions3 input functionsinvoltsinresistincurrent3 process functionscalcvoltscalcresistcalccurrent3 output
Consider the following scenario and address the questions that follow. Your leader has asked you to evaluate the defects based on insurance claim type (auto vs. injury). You have a total of 600
A Chinese exporter has agreed to supply toys to a US retailer, being paid in Yuan at the equivalent of US$50 each. In this arrangement, who is exposed to FX risk? How can this exposed company hedge
How large will Canada's GDP be 25years from now? The answer depends on what the rate of growth in GDP will be over that 25-year period. A mathematical formula we can for this caculation is the
How to find circumference of half circle?
Hypochlorous acid is formed in situ by reaction of aq. sodium hypochlorite solution with acetic acid. Draw a balanced chemical equation to show the formation of hypochlorous acid and protonated
The genus Nicotiana contains over 60 species. Interestingly, the nicotine content of leaves varies widely among species. For instance, a study reported nicotine contents ranging from 0 to >9000
Do you believe that tax cuts are vital to help revive an economy in recession? Would a one-time tax cut or a permanent tax cut work better? If the US has been on a "consumption binge" for the past
If there is an increase in accounts receivable from one accounting period to the next, what affect would this have on the cash flow activities?
If you were in charge of making changes to U.S. fiscal policy, what changes would you make given the current economic conditions?
In the month of July, a convenience store had total sales of $104,000 from its gas pumps and other in-store products. If HST is 13% of sales, how much HST was collected on the in-store products if
Lefty provides demolition services in several southern states. Lefty has property as
Mary Green is a full-time undergraduate student at Clayton State University. Mary is an honor student and received a $9,000-per-year scholarship. The scholarship award pays for Mary’s tuition
Miller Company purchased treasury stock with a cost of $15,000 during the current year. During the year, the company paid dividends of $20,000 and issued bonds payable for proceeds of $816,000. Cash
Mr. Jones became seriously ill from ingesting defectively manufactured tablets of Vitamin B12. He intends to file a lawsuit against the most likely manufacturer of the tablets. After a brief
Norwest Trucking Corporation files a suit in a state court against Bob’s Service Company (BSC), and wins. BSC appeals the court’s decision, asserting that the evidence presented at trial to
Identify, in the sequence in which they are prepared, the three trial balances that are often used to report financial information about a company.a) Adjusted Trial Balance, Trial Balance, and
Some plants grow in soils as high as 20% iron. If the iron is present in the form of Fe(OH)3, the plants can still be iron deficient. Explain how this can be true. How can the iron in the soil be
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