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cost accounting
Questions and Answers of
Cost Accounting
What is the rationale for not reporting plant assets at their liquidation value?
What is the purpose of the Allowance for Doubtful Accounts?
What is the role of a company's controller?
What is the gross margin ratio?
What is the return on stockholders' equity (after tax) ratio? Discuss.
With regard to depreciation, what does the term mid-month convention mean?
Will the adjusting entry amounts appear in the balance sheet and income statement?
Why would the cost behavior change outside of the relevant range of activity?
Why would Prepaid Insurance have a credit balance?
Why would a company use double-declining depreciation on its financial statements?
Why would a business change its chart of accounts?
Why is there a difference in the amounts for Bad Debts Expense and Allowance for Doubtful Accounts?
Why is the distinction between product costs and period costs important?
Why is push-down accounting a popular internal reporting technique?
What is the meaning of debtor?
Why do purchases appear as expenses on an income statement?
Why does our company's balance sheet report its land at cost when it is so much more valuable?
Why does the internal rate of return equate to a net present value of zero?
Give some example asset accounts have a credit balance?
Why is Accumulated Depreciation an asset account?
Why is a negative cash balance reported as a liability?
Why doesn't the balance sheet equal the post-closing trial balance?
Why do companies use cost flow assumptions to cost their inventories?
Why are the amounts on the financial statements rounded to thousands or millions?
Why are loan costs amortized?
What is the meaning of net assets?
Why are expenses debited?
Why do you separate current liabilities from long-term liabilities?
Why are assets and expenses increased with a debit?
Which financial statement shows a corporation's worth?
Which companies would benefit most from Activity-Based Costing?
When do you adjust the amount of prepaid expenses?
Where does the interest paid on bank loans get reported on the statement of cash flows?
What would cause a decrease in accumulated depreciation?
What would be a brief description of activity based costing?
What is the major weakness of the traditional method of allocating factory overhead?
What is the three-way match?
When are expenses credited?
What is theoretical capacity?
When should a product warranty liability be recorded?
Which accounts are debited in the closing entries?
Which accounts get closed at the end of a fiscal year?
Where should a business report cash which is restricted to purchase a long-term asset?
Which financial ratios are considered to be efficiency ratios?
Where is the premium or discount on bonds payable presented on the balance sheet?
What journal entries are prepared in a bank reconciliation?
Below are amounts for two companies:a. For each company, calculate the accounts receivable average collection periodb. Which company seems increasingly effective in gathering money from sales:Company
Below are amounts for two companies:1. For each company, calculate the accounts receivable average collection period 2. Which company appears more efficient in collecting cash from sales? Company
Goodmark Company produces two types of birthday cards: scented and regular. During the year, 20,000 scented cards and 200,000 regular cards were produced. Goodmark has two production departments:
Grandma's Attic Company produces soft pillows made from goose down. The company uses a standard cost system and has set the following standards for materials and labor for each pillow: Feathers from
Great Grasslands Grains, Inc. (GGG) manufactures and sells a wide variety of breakfast cereals. GGG's product development lab recently created a new cereal that consists of rice flakes and
GrowthCo had sales of $55 million in 2011 and is expected to have sales of $83,650,000 for 2014. The company's net profit margin was 5% in 2011 and is expected to increase to 8% by 2014. Estimate the
John Petosa, a simple Professor of Practice at Syracuse University, has a lifelong dream of owning a winery. He has studied the soils and topography of both New York State and California. It is
Herc Co.'s inventory at December 31, 2011, was $1,500,000 based on a physical count priced at cost, and before any necessary adjustment for the following: • Merchandise costing $90.000, shipped
(a) Karns Company purchased merchandise on account from Bailey Office Suppliers for $174,000, with terms of 2/10, n/30. During the discount period, Karns returned some merchandise and paid $156,800
Holmes Corporation manufactures electronic components for use in many consumer products. Their raw materials are purchased literally from all over the world. Depending on the country involved,
Homestyle Brands imports materials from other countries and exports finished products to customers throughout the world. Information regarding four such transactions occurring in the last accounting
Home Suites is a chain of all-suite, extended-stay hotel properties. The chain has 15 properties with an average of 200 rooms in each property. In year 1, the occupancy rate (the number of rooms
Are the provisions of Code Section 351 desirable to the shareholders forming the corporation? Why or why not? How do they impact the basis of any assets received to the corporation? Why did congress
a. How has IBM's stock been doing recently? b. Assuming IBM's historical price-earnings ratio is 18, how does it currently stand? c. Assuming its annual dividend yield is 2.5 percent, how does it
Assume the following cost of goods sold data for a company: 2018 $ 1412000 2017 $ 1221000 2016 $ 1021000 If 2016 is the base year, what is the percentage increase in cost of goods sold from 2016
If goods in transit are shipped FOB destination a. No one has legal title to the goods until they are delivered. b. The seller has legal title to the goods until they are delivered. c. The
Fragment Company, Inc. is a wholesaler that sells merchandise in large quantities. Its catalog indicates a list price of $300 on a particular product and a 40% trade discount is offered for quantity
Singer and McMann are partners in a business. Singer's original capital was $40,000 and McMann's was $60,000. They agree to salaries of $12,000 and $18,000 for Singer and McMann respectively and 10%
Recall that unit costs include direct materials, direct labor, and overhead. The costs for direct materials and direct labor are incurred throughout the period. However, overhead costs may not
In a manufacturing process a random sample of 36 bolts manufactured has a mean length of 3 inches with a standard deviation of .3 inches. What is the 99% confidence interval for the true mean length
Franco and Jason share income and losses in a 2:1 ratio after allowing for salaries to Franco of $15,000 and $30,000 to Jason. If the partnership suffers a $15,000 loss, by how much would Jason's
Is it possible for owner's equity to be a negative amount?
It is conventional wisdom in catering circles that at evening events two thirds of people choose white wine as their beverage. The new catering manager at Simmons would like to know whether or not
"It is much better to make your own products obsolete than allow a competitor to do it" - make a comment regarding this statement and car industry. Explain.
J. Z. (single taxpayer) is retired and received $10,000 of Social Security benefits this year. How much of the $10,000 Social Security benefits is taxable if his only other income was $28,000 of
On July 1st Jackson Hole Construction purchases a bulldozer for $285,000.00. The equipment has a 9 year life with a residual value of $15,000.00. Jackson Hole uses straight-line depreciation. (a)
Jenna (age 50) files single and reports AGI of $40,000. This year she has incurred the following medical expenses: Dentist Charges $ 90 Physician's fees $ 2,800 Cosmetic Surgery $ 400 Cost of
From a resource-based view, why are US exports so competitive? From an institution- based view, why are US exports so competitive?
John Petosa, a simple Professor of Practice at Syracuse University, has a life long dream of owning a winery. He has studied the soils and topography of both New York State and California. It is
Having discussed a nationwide product and its consequences, you decide to go a local institution to reward yourself with a delicious ice cream bar. You start talking to the most recent owner, Sally,
Journalize the following five transactions for Nexium & Associates, Inc. Omit explanations. March 1 - Bills are sent to clients for services provided in February in the amount of $800. March 9 -
Juniper Company, Inc. uses a perpetual inventory system. The company purchased $9,750 of merchandise on August 7 with terms 1/10, n/30. On August 11, it returned $1,500 worth of merchandise. On
Karns Company purchased merchandise on account from Bailey Office Suppliers for $174,000, with terms of 2/10, n/30. During the discount period, Karns returned some merchandise and paid $156,800 as
Garth company sold goods on account to kyle Enterprises with terms of 2/10, n/30. The goods had a cost of $600 and a selling price of $1100. Both Garth and Kyle use a perpetual inventory system.
Kennedy Company had the following account balances at year-end: cost of goods sold $85,000; inventory $15000; operating expenses $39,000; sales revenue $144,000 sales discounts $1600; and sales
On October 1, Lance's Bicycle Store had an inventory of 20 ten speed bicycles at a cost of $350 each. During the month of October, the following transactions occurred. Oct. 4 Purchased 40 bicycles at
Lennox Industries manufactures two products: A and B. A review of the company's accounting records revealed the following per-unit costs and production volumes:Manufacturing overhead is currently
Let's say the probability of a royal flush is 0.05. If you played 10 hands of poker, find the probability that you will get a royal flush exactly 8 times (This is a binomial distribution.) p =
Using a real-life example, list a firm's stakeholders and use one of the models presented to prioritize their importance. What criteria do you think should be used to prioritize competing stakeholder
Diversitek (D) was approached by Ambassador Automobiles (AA) for a rush order of 100 units of customized suspension systems (SS) at $5,000 per unit. Diversitek has to make the decision whether to
Articulate two - three points of agreement and one - two points of disagreement based on your reading. Manipulating the Data to Find Your Version of the Truth pg 51
Prepare worksheet, financial statements, and adjusting and closing entries prepare an income statement and owner's equity statement for the month of March and a classified balance sheet at March 31.
Mike Carp is a star player for the Los Angeles Halos. His current contract calls for him to be paid $20 million today with nine additional annual payments of $20 million. In order to create room
Gibson Corp. owned a 90% interest in Sparis Co. Sparis frequently made sales of inventory to Gibson. The sales, which include a markup over cost of 25%, were $420,000 in 2009 and $500,000 in 2010. At
My Oil Co. acquired drilling rights for $6,500,000. The oil deposit is estimated at 32,500,000 gallons. During the current year, 2,000,000 gallons were drilled.Journalize the adjusting entry at
On December 1st, Jump Start Company provides $2,800 in services to clients. (a) Journalize this event as if the clients had paid cash at the time the services were rendered. (b) (1) Journalize this
Given the probability distribution of hours teenagers spend on social media a week, find the following.a. The probability that a teenager spends 15 hours on social media a week. b. The probability
Predict GDP Growth in India and Japan for 2017 utilizing:a. Using moving average technique (4 period)b. Exponential smoothing.alpha=.01
On January 1, 2014, Hannigan Company issued bonds with a face value of $600,000. The bonds carry a stated interest of 7% payable each January 1. a. Prepare the journal entry for the issuance
Prepare the necessary journal entries on the books of Kelly Carpet Company to record the following transactions, assuming a perpetual inventory system (you may omit explanations): (a) Kelly
Prepare the necessary journal entries to record the following transactions, assuming a periodic inventory system: (a) Purchased $400,000 of merchandise on account, terms 2 / 10, n / 30 (b) Returned
Presented below is an adjusted trial balance for Shawn Company, at December 31, 2014.Instructions: (a) Prepare closing entries for December 31, 2014. (b) Prepare a post-closing trial balance.
Reineman Supply Company uses a periodic inventory system. During April, the following transactions and events occurred. Sept. 3 Purchased 80 backpacks at $25 each from Zuzu Company, terms 2 / 10, n
Roll over the items to read their descriptions, and then drop them into the correct position.
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