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cost accounting
Questions and Answers of
Cost Accounting
Scruffy brother's supply uses a periodic inventory system. During May, the following transactions and events occurred. May 13 Purchased 8 motors at a cost of $45 each from Charlie Company, terms
On January 1, DogMart Company purchased a two-year liability insurance policy for $25200 cash. The purchase was recorded to Prepaid Insurance. How much would be the January 31 amount recorded to
Some websites are not very useful, functional, or well organized. Why do you believe that websites are approached differently than other software development initiatives? What did Wells Fargo do
Stereo City Co. manufactures speakers and receivers and uses activity-based costing. The following information is availableInstructions Compute the activity-based overhead rates.
Team Ltd is authorized to issue $2,000,000 of 3%. 10-year bonds payable. On December 31 2014, when the market interest rate is 5%, the company issues $1,600,000 of the bonds. Team Ltd. amortizes bond
The following data were obtained from a project to build a pressure vessel. Activity Duration Predecessors A......................6 weeks...........................--- B......................6
The following trial balance was obtained from Gentry Company's computer system. RPT TR.........................................BAL DPT....................................ACC
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 units-of-production method
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
Use the following unadjusted trail balance to prepare adjusting entries, given the additional information below it. Assume financial statement is prepared quarterly. Omit explanations.a. Of the
Pepper, Inc. agrees to lease equipment from the Blue Corporation for 10 years at $25,000 at the end of each year. The equipment has a fair value of $175,000 and an estimated useful life of 10 years.
The income statement of Fezzik's Shoe Repair is as follows:On April 1, the Owner's Capital account had a balance of $12,900. During April, Fezzik withdrew $3,000 cash for personal use. Prepare
A medical researcher estimates the percentage of children exposed to lead based paint, adding that he believes his estimate has a margin of error of about 3%. Explain what the margin of error means.
Daguio Corporation uses direct labor-hours in its predetermined overhead rate. At the beginning of the year, the total estimated manufacturing overhead was $370,570. At the end of the year, actual
A perfectly competitive firm has total revenue and total cost curves given by: TR = 100Q TC = 5,000 + 2Q + 0.2 Q2 a. Find the profit-maximizing output for this firm. b. What profit does the firm make?
A poll showed that when a sample of people in a certain country were asked whether they were thriving, struggling, or suffering, about 44% said that they were thriving. This problem has 8 parts to
A client gives you a data set of 30 observed values that represent the number of gallons of gas that 30 individual Nissan Sentra owners purchased at the gas pump last month. Your client wants to know
The same raw material is used in all three products Barlow Company has only 11,000 Kilograms of material on hand and will not be able to obtain any more material for several weeks due to a strike in
The trial balances of Orton Company follow with the accounts arranged in alphabetic order. Analyze the data and prepare(a) The adjusting entries and(b) The closing entries made by Orton Company.
The weight of a newborn baby follows a normal distribution with mean 3500 gr and a standard deviation of 250 gr. If the random variable X is the weight of a newborn, then a. Fill the blanks with the
The wholesale division of Navigator Enterprises is considering the installation of a just-in-time purchasing system. The company's accountant has provided the following figures if the system is
The following information is available: Spot rate for Euro: $1.4/€; 511-days futures rate for Euro: $1.50/€ (assume 365-day year); U.S. risk-free rate: 3%; Euro risk-free rate: 5%. a. A U.S.
The income statement of Jue's Luggage includes the items listed below: Net sales..............................................$900,000 Gross
Maria and Tony are married. They are preparing to file their 2015 tax return. If they were to file as single taxpayers, Maria and Tony would report $10,000 and $70,000 of taxable income,
Agents and employees of Apples Corporation and Oranges Corporation are convicted of conspiring to violate a federal law that is punishable by a term of imprisonment and a fine. Can the corporations
You are the owner of a lawn service company (Grass Man). Your slogan is, "Who is that Grass Man?" Your company provides grounds and maintenance services to a range of corporate customers. Customers
During the current year, Orr Company incurred the following costs Research and development services performed by Key Crop, for Orr......................$1, 50,000 Design, construction, and testing of
You are looking to open up a cupcake shop in a high-traffic tourist area. In order to get your business open you will need investors to provide you with $250,000 dollars. You are going to be making a
A random sample of 89 tourists in the grand Bahamas showed that they spent an average of $2,860 (in a week) with a standard deviation of $126; and a sample of 64 tourists in New Province showed that
A company's unit costs based on 100,000 units are: Variable costs $75 Fixed costs 30. The normal unit sales price per unit is $165. A special order from a foreign company has been received for 5,000
Parole A study of 902 decisions made by the Nebraska Board of Parole produced the following computer output. Assuming these cases are representative of all cases that may come before the Board, what
Wayne Company reported net income of $265,00 for 2013. Wayne also reported depreciation expense of $45,000 and a loss of $8,000 on the sale of equipment. The comparative balance sheet shows a
The Jenkins Tool Company estimated the following demand equation for its product: Qd = 12000 - 4000P Where p = price / unit, Qd = quantity demanded/year; The firm's total cost is 4000 when nothing is
What are the potential problems with classifying consumers in other nations by national culture?
A coin enthusiast has heard you are taking a database course and has asked you to help her design a database to manage her collection.Currently she tracks all of her coins in a Microsoft Excel
What do you make of the razor wars, first between Gillette and Schick, and now with online competitors? Does Gillette face a serious threat from competitive inroads? Explain.
1. What is the present value of?a. $7900 in 10 years at 11 percentb. 16600 in 5 years at 9 percentc. $26000 in 14 years at 6 percent2. What is the present value of $140,000 to be received after 30
If you use a 0.10 level of significance in a (two-tail) hypothesis test, what is your decision rule for rejecting a null hypothesis that the population mean is 500 if you use the Z test?
When is it appropriate for the lessee to use the lessor's implicit rate to discount the minimum lease payments? a. Whenever the lessee knows what the lessor's rate is b. When the lessor's rate is
A ten-year bond pays 7% interest on a $1000 face value annually. If it currently sells for $1,195, what is its approximate yield to maturity? a) 9.33% b) 3.46% c) 5.34% d) 4.52%
Which of the fundamentals of planning did GE execute ineffectively? Explain your rationale
You decide to take out a loan for $6,000, at 7% yearly interest on the date October 14. If you repay the loan on December 31st (at the end of the current year)a) Exact time (days) of loan:
You decide to take out an ordinary interest loan of $30,000 at 4%, on a 90 day note. a) In 45 days you decide to make a payment of $10,000 on the loan. What is your new principal? Explain how you got
Boulware Company manufactures and sells electronic games. Each game costs $25 to produce, sells for $45, and carries a warranty that provides for free replacement if it fails during the two years
The ledger accounts of the Get Fit Gym at July 31, 2014 are shown below: Accounts Payable....................................$12.100 Accounts
A government reported expenditures for infrastructure as follows: $18 million for improvements and additions; $20 million to extend the life of existing infrastructure; $17 million for general
A health plan wishes to estimate the mean number of visits per plan participant in a year. How large a sample of participant records should be selected in order to estimate this mean with an accuracy
A light bulb burns in front of the center of a 50-cm wide mirror that is hung vertically on a wall. A man walks in front of the mirror along a line that is parallel to the mirror and twice as far
Fullard, Inc., manufactures and sells two products, Product E2 and Product G3. Data concerning the expected production of each product and the expected total direct labor-hours (DLHs) required
Sam saved diligently for his college education by putting part of his pay into U.S. Series EE saving bonds. Sam purchased the bonds for $6,500, and this year he redeemed the bonds for $7,200. He has
On January 1, Hise Corporation purchased a 35% equity in Schoenthaler Company for $220,000. At December 31, Schoenthaler declared and paid a $50,000 cash dividend and reported net income of
On January 14, Blackwell Corporation purchased 20, 11%, $1,000 Gooding Company bonds for $20,000, plus brokerage fees of $400. On November 30, the company sold 10 of the Gooding Company bonds for
On January 2, Westies Company purchased 30, 10%, $1,000 Arkansas Company bonds for $31,000 cash plus brokerage fees of $1,000. Interest is payable semiannually on July 1 and January 1. On July 1, the
What is a strong assumption? What is a weak assumption?
On April 25, Braxton Company buys 4,200 shares of Computech common stock for $79,600, plus brokerage fees of $400. On October 31, Braxton sells 600 shares of Computech stock for $15,500, less
What are principles of accounting?
On January 1, Hillard Corporation purchased a 40% equity in Lewis Company for $360,000. At December 31, Lewis declared and paid a $40,000 cash dividend and reported net income of $98,000. Prepare
At January 1, 2005, Gulfport Corporation held one available-for-sale security: 1,500 shares of Netblaster common stock purchased for $40 per share. At December 31, 2005, the market value per share
What is the conservatism principle?
Horten Company had the following transactions pertaining to debt securities held as a short-term investment. Jan. 1 Purchased 30, 8%, $1,000 Edwards Company bonds for $30,000 cash plus brokerage fees
Alder Company issues 1,00 shares of $100 par value, convertible preferred stock at par value. Each share is convertible into 10 shares of $1 par value common stock. Later in the year, 500 shares
Contrast annual rate of return and cash payback in capital budgeting.
Distinguish between the net present value and internal rate of return methods.
What is meant by accounts written off?
Happy Cow Dairy Inc. produces milk at a total cost of $75,000. The production generates 55,000 gallons of organic milk which can be sold for $2 per gallon to a pasteurization company, or the milk can
Explain the importance of the ceteris paribus or "other-things-equal" assumption.
Describe and give a reason for the law of supply.
Deb has found it very difficult to repay her loans. Because of these difficulties, the bank decided to forgive one of her most recent loans, an amount of $45,000. After the loan was discharged, Deb
Define what is meant by a corporation and give two reasons why corporations dominate the American business sector.
Explain what "separation of ownership and control" of the modern corporation means. How is this situation a principal-agent problem?
Define spill over cost and give an example.
Explain the exclusion principle and the free-rider problem and how they are related
How is total government spending defined? What is its size in the economy?
List the four main categories of Federal spending.
Desai and Lucy divorced this year. Lucy has custody of their child, Andrea, and under the divorce decree Desai pays Lucy $120,000 per year. The payments must be made in cash and will cease if Lucy
List the four major sources of Federal revenues.
Why do governments often intervene in international trade to restrict imports and expand exports? Discuss.
What is NAFTA? What have critics and defenders said about it?
What is a price ceiling and what are its economic effects?
What is a price floor and what are its economic effects?
Describe the law of diminishing marginal utility. On what assumptions is this law based?
Describe how diminishing marginal utility is related to price elasticity of demand.
What factors explain economies of scale?
Why is the interest rate such an important price in the economy?
What are the basic purposes of antitrust policy?
Selected transactions for the Locey Company are listed below. 1. Collected accounts receivable. 2. Declared and paid dividends on common stock. 3. Sold long-term investments for cash. 4. Issued
What is elastic demand?
What is inventory valuation?
What is meant by the "market rate" of interest, the "effective rate" of interest, and the "yield rate" of interest?
Why do companies find the issuance of convertible bonds to be an attractive form of financing?
How do U.S. GAAP and International Financial Reporting Standards (IFRS) differ with respect to debt and equity for preferred stock?
How should bond issue costs be accounted for on the books of the issuing corporation?
What advantages might push-down accounting offer for internal reporting?
What is Form 10-K?
What is illusory profit?
What is interest expense?
Miller Company had total operating expenses of $135,000 in 2010, which included Depreciation Expense of $25,000. Also during 2010, prepaid expenses increased by $9,000 and accrued expenses decreased
What is cost incurred?
What is capitalized interest?
What is carriage inwards?
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