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financial and managerial accounting
Questions and Answers of
Financial And Managerial Accounting
Boston Enterprises produces LCD touch screen products. The company reports the following information at December 31, 2010: Boston began operations on January 30, 2010.Requirements 1. What is the
Evergreen Furniture manufactures wood patio furniture. The company reports the following costs for June 2011: Requirement1.What is the balance in the Manufacturing overhead account? Wood Nails,
Job 303 includes a direct materials cost of \($470\) and direct labor costs of $350.Requirement 1. If the manufacturing overhead allocation rate is 60% of direct labor cost, what is the total cost
Blake Advertising pays Amanda Hilton \($108,000\) per year. Hilton works 2,000 hours per year.Requirements1. What is the hourly cost to Blake Advertising of employing Hilton?2. What direct labor cost
Great Quality Trailers’ job cost records yielded the following information: Requirement1. Using the dates above to identify the status of each job, compute Great Quality’s cost of (a) Work in
What is Well’s predetermined manufacturing overhead rate?Well Corporation’s manufacturing of computers. Assume that Well • Allocates manufacturing overhead based on machine hours.• Budgeted
What is Well’s actual manufacturing overhead cost?Well Corporation’s manufacturing of computers. Assume that Well • Allocates manufacturing overhead based on machine hours.• Budgeted 11
How much manufacturing overhead would Well allocate?Well Corporation’s manufacturing of computers. Assume that Well• Allocates manufacturing overhead based on machine hours.• Budgeted 11
What entry would Well make to close the manufacturing overhead account?Well Corporation’s manufacturing of computers. Assume that Well • Allocates manufacturing overhead based on machine
For which of the following reasons would John Walsh, owner of the Walsh Associates law firm, want to know the total costs of a job (serving a particular client)?a. To determine the fees to charge
Martin and Reynolds provides hair cutting services in the local community. In January, the business incurred the following operating costs to cut the hair of 220 clients: Martin and Reynolds earned
The Glass Pro, a retail, merchandiser of auto windshields, has the following information:Requirement 1. Compute The Glass Pro’s cost of goods sold. Web site maintenance $ 6,900 Delivery expense
You are a new accounting intern at 101 Cookies. Your boss gives you the following information: Requirement1. Compute direct materials used. Purchases of direct materials Freight in... Property taxes
Consider Maher Cards’ manufacturing plant.Requirement i. Match one of the following terms with each example of a manufacturing cost given below:1. Direct materials 2. Direct labor 3. Indirect
Sun Pro Company manufactures sunglasses. Suppose the company’s October records include the following items:Requirements1. List the items and amounts that are manufacturing overhead costs.2.
Max-Fli Golf Company had the following inventory data for the year ended December 31, 2010: Requirement1. Compute Max-Fli’s cost of goods manufactured for 2010. Direct materials used........ $
Buddy Grooming provides grooming services in the local community. In November, Isaac Smith, the owner, incurred the following operating costs to groom 690 dogs: Buddy Grooming earned \($15,600\) in
Georgie’s Grooming is a competitor of Buddy Grooming. Georgie Oliver, owner, incurred the following operating costs to groom 2,700 dogs for the first quarter of 2011 (January, February, and March):
Gonzales Brush Company sells standard hair brushes. The following information summarizes Gonzales’s operating activities for 2011: Requirements1. Prepare an income statement for 2011. Compute the
Clarkson, Corp., a lamp manufacturer, provided the following information for the year ended December 31, 2012: Requirements1. Prepare a schedule of cost of goods manufactured.2. What is the unit
Which account does a manufacturing company, but not a service company, have?a. Retained earningsb. Advertising expensec. Cost of goods soldd. Salary payable
If the cost of direct materials used is $106, what is cost of goods manufactured?Suppose a bakery reports this information (in thousands of dollars):a. $159b. $157c. $160d. $158 Beginning materials
If the cost of goods manufactured were $156, what is cost of goods sold?Suppose a bakery reports this information (in thousands of dollars):a. $159b. $151c. $156d. $154 Beginning materials inventory
On March 1, 2011, Technicians Credit Union (TCU) issued 8%, 20-year bonds payable with maturity value of $700,000. The bonds pay interest on February 28 and August 31. TCU amortizes bond premium and
Captain Billy Whirlywhirl Hamburgers issued 7%, 10-year bonds payable at 70 on December 31, 2010. At December 31, 2012, Captain Billy reported the bonds payable as follows:Captain Billy Whirlywhirl
The board of directors of Zeta Health Spa authorizes the issuance of \($500,000\) of 8%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on July
The accounting records of Placeless Wireless include the following:Requirement1. Report these liabilities on the Placeless Wireless balance sheet, including headings and totals for current
Walter’s Surf Shop is considering two plans for raising \($2,500,000\) to expand operations. Plan A is to issue 6% bonds payable, and plan B is to issue 100,000 shares of common stock. Before any
Sherman Lawn Service, Inc., is considering hiring its first “real” employee. The employee will earn \($600\) weekly and will have \($60\) in federal income tax and \($25\) for health insurance
Haupt Consulting, Inc., is considering raising capital for a planned business expansion to a new market. Haupt believes the company will need \($500,000\) and plans to raise the capital by issuing
Herman Simms manages a Dairy House drive-in. His straight-time pay is \($14\) per hour, with time-and-a-half for hours in excess of 40 per week. Simms’ payroll deductions include withheld income
Juan’s Mexican Restaurants incurred salary expense of \($62,000\) for 2009. The payroll expense includes employer FICA tax of 8%, in addition to state unemployment tax of 5.4% and federal
On January 1, Durkin Limited issues 9%, 20-year bonds payable with a maturity value of \($70,000\). The bonds sell at 97 and pay interest on January 1 and July 1. Durkin amortizes bond discount by
Jefferson, Inc., issued \($80,000\) of 10-year, 8% bonds payable on January 1, 2010. Jefferson pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line method.
Fredrickson Homebuilders issued \($220,000\) of 7%, 10-year bonds at par on October 31, 2011. Fredrickson pays semiannual interest on April 30 and October 31.Requirements1. Journalize the issuance of
Orthopedic Dispensary borrowed \($600,000\) on January 2, 2011, by issuing a 15% note payable that must be paid in three equal annual installments plus interest for the year. The first payment of
At December 31, MediPoint Precision Instruments owes \($52,000\) on accounts payable, plus salary payable of \($11,000\), and income tax payable of \($9,000\). MediPoint also has \($260,000\) of
SG Electronics is considering two plans for raising \($3,000,000\) to expand operations. Plan A is to issue 6% bonds payable, and plan B is to issue 100,000 shares of common stock. Before any new
The following transactions of Brewton Pharmacies occurred during 2010 and 2011:2010Jan 9 Purchased computer equipment at a cost of \($10,000\), signing a six-month,8% note payable for that amount29
The general ledger of Seal-N-Ship at June 30, the end of the company’s fiscal year, includes the following account balances before adjusting entries.The additional data needed to develop the
Logan White is general manager of Moonwalk Tanning Salons. During 2010, White worked for the company all year at a \($6,100\) monthly salary. He also earned a year- end bonus equal to 5% of his
On March 1, 2011, Professors Credit Union (PCU) issued 6%, 20-year bonds payable with maturity value of \($900,000\). The bonds pay interest on February 28 and August 31. PCU amortizes bond premium
Captain Johnny Whizbang Hamburgers, Inc., issued 4%, 10-year bonds payable at 85 on December 31, 2010. At December 31, 2012, Captain Johnny reported the bonds payable as follows:Captain Johnny uses
The board of directors of Epsilon Health Spa authorizes the issuance of \($450,000\) of 8%, 10-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on
The accounting records of Path Leader Wireless include the following:Requirement1. Report these liabilities on the Path Leader Wireless balance sheet, including headings and totals for current
Corny s Corndogs is considering two plans for raising \($3,000,000\) to expand operations. Plan A is to issue 7% bonds payable, and plan B is to issue 200,000 shares of common stock. Before any new
The following transactions of Chicago Pharmacies occurred during 2010 and 2011:2010Jan 9 Purchased computer equipment at a cost of \($9,000\), signing a six-month,8% note payable for that amount29
The general ledger of Quick Ship at June 30, the end of the company’s fiscal year, includes the following account balances before adjusting entries.The additional data needed to develop the
Lee Werner is general manager of United Tanning Salons. During 2010, Werner worked for the company all year at a \($6,300\) monthly salary. He also earned a year- end bonus equal to 10% of his
Deer Corporation issued a \($80,000\), 7%, seven-year bond payable.Requirement1. Journalize the following transactions for Deer and include an explanation for each entry:a. Issuance of the bond
Starlight Diive-Ins borrowed money by issuing \($3,000,000\) of 7% bonds payable at 98.5.Requirements1. How much cash did Starlight receive when it issued the bonds payable?2. How much must Starlight
A 5%, 10-year bond was issued at a price of 94.Requirement1.Was the market interest rate at the date of issuance closest to 4%, 5%, or 6%? Explain.
Oliver, Inc., issued a \($80,000\), 7%, 10-year bond payable at a price of 95 on January 1, 2010.Requirements1. Journalize the issuance of the bond payable on January 1, 2010.2. Journalize payment of
Weatherbee Mutual Insurance Company issued a \($40,000\), 8%, 10-year bond payable at a price of 109 on January 1, 2011.Requirements1. Journalize the issuance of the bond payable on January 1,
Truestar Communication issued \($90,000\) of 9%, 10-year bonds payable on August 1, 2012, at par value. Truestar’s accounting year ends on December 31.Requirements1. Journalize the issuance of the
Seacoast Realty issued \($325,000\) of 9%, 10-year bonds payable at par value on May 1, 2010, four months after the bond’s original issue date of January 1, 2010.Requirements1. Journalize issuance
Grand Suites Hotels includes the following selected accounts in its general ledger at December 31, 2011:Requirement1. Prepare the liabilities section of Grand Suites’ balance sheet at December 31,
Speegleville Marina needs to raise \($2\) million to expand. Speegleville’s president is considering two plans:• Plan A: Issue \($2,000,000\) of 8% bonds payable to borrow the money• Plan B:
Consider the following transactions of Johnson Software:Jul 31 Recorded cash sales of \($210,000\), plus sales tax of 8% collected for the state of Texas. Aug 6 Sent July sales tax to the
Consider the following note payable transactions of Crandell Video Productions.2011Mar 1 Purchased equipment costing \($16,000\) by issuing a one-year, 9% note payable.Dec 31 Accrued interest on the
Worldwide Publishing completed the following transactions during 2011:Oct 1 Sold a six-month subscription, collecting cash of \($200\), plus sales tax of 5%.Nov 15 Remitted (paid) the sales tax to
Ed O Connor Associates reported short-term notes payable and salary payable as follows:During 2012, O’Connor paid off both current liabilities that were left over from 2011. During 2012, O’Connor
The accounting records of Earthtone Ceramics included the following at December 31, 2011:In the past, Earthtone’s warranty expense has been 5% of sales. During 2012, Earthtone made sales of
Known liabilities of uncertain amounts area. Ignored (Record them when paid.)b. Reported on the balance sheetc. Contingent liabilitiesd. Reported only in the notes to the financial statements
On January 1, 2011, you borrowed \($14,000\) on a five-year, 9% note payable. At December 31, 2012, you should record:a. Note receivable of $14,000b. Cash payment of $14,000c. Interest payable of
Your company sells \($110,000\) of goods and you collect sales tax of 6%. What current liability does the sale create?a. Sales tax payable of $6,600b. Sales revenue of $116,600c. Unearned revenue of
Burnham Electric (BE) owed Estimated warranty payable of \($1,500\) at the end of 2011. During 2012, BE made sales of \($100,000\) and expects product warranties to cost the company 6% of the sales.
At December 31, your company owes employees for three days of the five-day workweek. The total payroll for the week is \($7,000\). What journal entry should you make at December 31, ignoring payroll
A \($400,000\) bond priced at 105.5 can be bought or sold fora. \($400,000\) + interest.b. $422,000.c. $22,000.d. $42,200
Lafferty Corporation’s bonds payable carry a stated interest rate of 7%, and the market rate of interest is 8%. The price of the Lafferty bonds will be ata. Par value.b. Premium.c. Maturity
Jade Larson Antiques issued its 12%, 10-year bonds payable at a price of \($770,000\) (maturity value is $800,000). The company uses the straight-line amortization method for the bonds. Interest
Sydney Park Fitness Gym has \($500,000\) of 10-year bonds payable outstanding. These bonds had a discount of \($45,000\) at issuance, which was five years ago. The company uses the straight-line
On August 31, 2010, Gordon, Co., purchased \($7,000\) of inventory on a one-year, 12% note payable.Reqyiresraersts1. Journalize the company’s accrual of interest expense on February 28, 2011, their
Catskills Corporation guarantees its snowmobiles for three years. Company experience indicates that warranty costs will add up to 5% of sales.Assume that the Catskills dealer in Colorado Springs made
Gina Tarver is paid \($720\) for a 40-hour workweek and time-and-a-half for hours above 40.Requirements1. Compute Tarver’s gross pay for working 52 hours during the first week of February.2. Tarver
Return to the Gina Tarver payroll situation in Short Exercise 10-4. Tarver’s employer, College of St. Mary, pays all the standard payroll taxes plus benefits for employee retirement plan (4% of
Suppose you work for DePetro-Carr, the accounting firm, all year and earn a monthly salary of \($6,800\). There is no overtime pay. Your withheld income taxes consume 25% of gross pay. In addition to
Arabia Petroleum holds huge reserves of oil and gas assets. Assume that at the end of 2010, Arabia Petroleum’s cost of oil and gas reserves totaled \($84\) billion, representing 7 billion barrels
When one media company buys another, goodwill is often the most costly asset. Decca Publishing paid \($240,000\) to acquire Tri Town Daily, a weekly advertising paper. At the time of the acquisition,
Lexington Precision Tools repaired one of its Boeing 737 aircrafts at a cost of \($100,000\). Lexington Precision Tools erroneously capitalized this cost as part of the cost of the
Ayer Furniture Co. purchased land, paying \($95,000\) cash plus a \($270,000\) note payable. In addition, Ayer paid delinquent property tax of \($2,000\), title insurance costing \($2,500\), and
Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:Maplewood paid \($240,000\) in cash.Requirement1. Record the purchase
Ron Zander just slept through the class in which Professor Chen explained the concept of depreciation. Because the next test is scheduled for Friday, Zander telephones Sven Svensen to get his notes
Mama’s Fried Chicken bought equipment on January 2, 2010, for \($15,000\).. The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs. At the end of the equipment’s
Tumble Gymnastics Center paid \($120,000\) for fitness equipment that is expected to have a 10-year life. The expected residual value is $40,000.Requirement1. Select the appropriate depreciation
A-l Computer Consultants purchased a building for \($510,000\) and depreciated it on a straight-line basis over a 40-year period. I he estimated residual value is \($100,000\). After using the
On January 2, 2011, Ditto Clothing Consignments purchased showroom fixtures for \($16,000\) cash, expecting the fixtures to remain in service for five years. Ditto has depreciated the fixtures on a
Peace Bank recently traded in office fixtures. Here are the facts:Old fixtures:• Cost, \($99,000\)• Accumulated depreciation, \($73,000\) New fixtures:• Cash paid, \($105,000\), plus the old
Travel Trucking Company uses the units-of-production (UOP) depreciation method because UOP best measures wear and tear on the trucks. Consider these facts about one Mack truck in the company’s
Cannon Mountain Mining paid \($488,500\) for the right to extract mineral assets from a 400,000-ton deposit. In addition to the purchase price, Cannon also paid a \($500\) filing fee, a \($1,000\)
Maynard Printers (MP) manufactures printers. Assume that MP recently paid \($400,000\) for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to
Pilgrim, Inc., has acquired several other companies. Assume that Pilgrim purchased Kate, Co., for \($9\) million cash. The book value of Kate’s assets is \($15\) million (market value, \($18\)
Reader.com uses automated shipping equipment. Assume that early in year 1, Reader purchased equipment at a cost of \($500,000\). Management expects the equipment to remain in service 5 years, with
Airport Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:Airport Parking depreciates land improvements over
On January 9, 2010, Swifty Delivery Service purchased a truck at a cost of \($67,000\). Before placing the truck in service, Swifty spent \($2,200\) painting it, \($500\) replacing tires, and
Whitney Plumb Associates surveys American eating habits. The company’s accounts include Land, Buildings, Office equipment, and Communication equipment, with a separate accumulated depreciation
Donahue Oil Company has an account titled Oil and Gas Properties. Donahue paid \($6,400,000\) for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid \($590,000\) for
Central States Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Central States purchased goodwill as part of the acquisition of Sheldon Wireless Company, which had
On May 31, 2010, Deliver It, the overnight shipper, had total assets of \($24\) billion and total liabilities of \($17\) billion. Included among the assets were property, plant, and equipment with a
Park and Fly Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:Park and Fly Airport Parking depreciates land
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