All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Ask a Question

Search
Sign In
Register

study help
business
college accounting

Questions and Answers of College Accounting

Explain the meaning of marginal income on sales.
Is absorption costing or direct costing more useful in making decisions? Why?
What is the fundamental difference between direct costing and absorption costing?
Briefly describe absorption costing.
Which of the following items are subtracted from net sales to arrive at contribution margin?a. Fixed administrative expensesb. Variable administrative expensesc. Fixed manufacturing costsd. Variable
The following data pertains to Efficient Market Investment software packages in the inventory of the Investment Software division of Efficient Market Investment Outlets:Inventory, January 1
The following excerpt was taken from The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016).The Balance Sheet to the Consolidated Financial Statements contained the
Pitt Corporation began operations in 2019 to manufacture a single product. Relevant data for the year follow. There are no work-in-process inventories.OPERATING DATA FOR 2019Quantities:Beginning
Queens Corporation makes a single product that it sells to retail stores. The firm’s finishing department uses hand labor to perform its work on all products. A proposal has been made by the
San Jose Microelectronics is considering the purchase of a new factory machine at a cost of $140,000. The machine would perform a function that is now being performed by hand. The new machine would
Minnesota Manufacturing has an opportunity to export 2,000 units of its product to a foreign country. The current selling price is $166, but the special order will be sold at a unit price of $120.
Wood Decorative Manufacturing makes architectural wood products, such as crown molding, onlays, and panels, which it sells to commercial builders. The firm’s finishing department is not mechanized.
NorCal Computer Company is currently manufacturing a part that goes into its main product. Each year, 1,500 of these parts are used. Cost data for the past year that relate to the 1,500 parts are
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A.Locate the Five-Year Summary of Financial and Operating Results. Review the information
1. Compute the March equivalent production for materials for Shoe Maker, LLC.2. Compute the cost per equivalent unit for materials for March.3. Compute the cost of materials in the work transferred
Refer to the 2015 Form 10-K (for the fiscal year ended January 31, 2016) for The Home Depot, Inc.1. Locate the consolidated statements of cash flows for the year ended January 31, 2016. What net cash
Below you will find the condensed financial statements for Best Inc. and Good Inc. for 2019.INSTRUCTIONS1. Compute the following ratios for each company:a. Rate of return on net salesb. Rate of
The condensed income statement and comparative balance sheet of Donald Corporation as of December 31, 2019 and 2018, are provided below. Other financial data is also given.INSTRUCTIONSPrepare a
The comparative balance sheet for Long Company as of December 31, 2019 and 2018, is shown below, followed by the condensed income statement.INSTRUCTIONSPrepare a statement of cash flows for 2019.
A comparative balance sheet for CKCH Corporation as of December 31, 2019 and 2018, is given below.INSTRUCTIONSUse these data to prepare a statement of cash flows for 2019. Additional information for
Postclosing trial balance data and other financial data for Bass, Inc., as of December 31, 2019 and 2018, follow.INSTRUCTIONSPrepare a statement of cash flows for 2019. Additional information for the
Atlantic Corporation€™s comparative balance sheet as of December 31, 2019 and 2018, and 2019 condensed income statement appear below.INSTRUCTIONSPrepare a statement of cash flows for 2019.
The comparative balance sheet for EProducts, Inc., as of December 31, 2019 and 2018, is shown below, followed by the condensed income statement for 2019.INSTRUCTIONSPrepare a statement of cash flows
Cole Allen, the bookkeeper for Brentwood Company, asks for your help in identifying whether the following transactions should be reported on the corporation’s statement of cash flows. Prepare a
Avenue Company was formed and began business on January 1, 2019, when R. B. Street transferred merchandise inventory with a value of $60,000, cash of $55,000, accounts receivable of $60,000, and
What is a perpetual inventory?
What entry is made for indirect materials issued from the storeroom?
What is idle time? How is the cost of idle time usually accounted for?
Name the sources of postings to the job order cost sheet.
During 2019, Cole Manufacturing Company began and completed Job 1203. Costs entered on the job cost sheet for this job were $50,000 for materials and $10,000 for direct labor:1. Assuming that
For the year 2019, Tour Inc. had actual overhead costs of $85,000, and its applied overhead was $82,500:1. Did the firm have overapplied or underapplied overhead for the year?2. What was the amount
The records of Atlantic Inc. for 2019 show that it completed goods costing $160,000 and that it sold goods costing $209,000 for the year. Give the entries in general journal form on December 31,
In April 2019, Metal Trailers Co. had the following cost data:COST DATAa. Raw materials costing $93,000 were purchased.b. Raw materials costing $90,000 were used: direct materials, $85,000; indirect
The Modern Company builds kitchen cabinets. On January 1, 2019, one job (D42) was in progress. The order is from Dallas Apartment Corporation and was begun on December 21, 2018. Costs accumulated to
In June 2019, Metal Fab, Inc., had the following cost data:COST DATAa. Raw materials costing $100,000 were purchased.b. Raw materials costing $80,000 were used: direct materials, $75,000; indirect
Oak Cabinet Company builds kitchen cabinets. On November 1, 2019, two jobs, Job 045 and Job 048, were in progress. The order is from Grace Apartments and was begun on October 5, 2019. The accumulated
BBS Manufacturing Company manufactures one product that has several model styles. All materials are added at the beginning of production. Manufacturing overhead is applied as a percentage of direct
The job order cost sheets for LA Inc. show the following information about special orders for June and July of the current year:The company prices its jobs to make a 50 percent gross profit on sales.
The costs for a supervisor are included in indirect costs. The supervisor’s travel is included in the indirect costs. Susie is a supervisor for a sewing department at a clothing manufacturing
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A.Under the paragraph Revenues, from Notes to Consolidated Financial Statements, read how
Do a search for articles on just-in-time manufacturing. Be sure to include the word “manufacturing” to find the most relevant information. What is the definition of just in time? Notice all the
Why are job order cost sheets not used in the process cost accounting system?
In a cost of production report, what items are found in the Costs to Be Accounted For section?
Will the same equivalent units always be used for materials, labor, and overhead? Explain.
Will the amount shown as a department’s ending inventory of work in process on the cost of production report agree with the work in process for the department in the general ledger after adjusting
Why is it not necessary to use an overhead application rate when the process cost accounting system is employed?
Why might the process cost accounting system be unsatisfactory when several different products are being manufactured in the same department?
How does accounting for the raw materials inventory and the finished goods inventory differ under the process cost accounting system and the job order cost accounting system?
Compute the equivalent units of production for the prior department costs for the month.Information about production in the fabricating department of the Char & Son Company for March 2019
Compute the equivalent units of production for materials for the month.Information about production in the fabricating department of the Char & Son Company for March 2019 follows:Beginning
Compute the equivalent units of production for labor and overhead for the month.Information about production in the fabricating department of the Char & Son Company for March 2019
On April 1, 2019, the assembly department of AC Inc. had no beginning work in process. During the month, production was started on 10,000 units. The total cost of materials was $60,000. All materials
OutFlow, Inc., manufactures a single type of garden cart. The monthly production report for July 2019 follows:INSTRUCTIONSPrepare the equivalent production computations for each department.Analyze:
LEB Games Inc. has two producing departments€”fabricating and assembly. The following data is from the firm€™s records for the month of June 2019. There were no beginning
Brainerd Corporation adds all materials at the beginning of production. On August 1, 2019, 1,500 gallons of its product were in production in the first department. During the month of August, 12,000
CharlesAllen Company manufactures plastic hats. The monthly production report for August 2019 follows:INSTRUCTIONSPrepare the equivalent production computations for each department.Analyze: What
WaterMakers Inc. has two producing departments€”fabricating and assembly. The data below is from the firm€™s records for the month of May 2019. There were no beginning
LA Chemical Company manufactures a pharmaceutical chemical. All materials are put into process at the beginning of production. On April 1, 2019, 2,000 pounds of the product were in process in the
Selected data about the operations of the mixing department, the first department of Blue Manufacturing, Inc., for April 2019 follows.At the beginning of the month, there were 1,000 units in process
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A.Look over the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows
The Internet has a great deal of help with inventory for businesses. Enter as a search phrase “inventory management.” Why are barcodes being used by so many industries?
Define the term fixed cost.
What are semi-variable costs?
Explain how variable costs per unit change as the level of activity changes.
Briefly explain the high-low point method for analyzing semi-variable costs.
What is the relevant range of activity as used in budgeting?
What is included in a budget performance report?
How are standards set for materials?
Explain how to compute the quantity variance for materials.
What does the price variance for materials show?
Which manager would more likely be responsible for materials quantity variances?
Who provides information about wage rates in setting labor standards?
What two variances make up the total labor variance?
Beta Company€™s records show the following data for the four quarters of 2019:Compute the fixed and variable elements of utilities cost, using the high-low point method. Direct Utilitles Quarter
In Lodi Power Corporation’s factory, fixed indirect labor costs are $6,600 per month. Variable indirect labor costs are $1.70 per direct labor hour. The budget for the month of May 2019 calls for
In preparing the standard cost for each unit of QS542, the company’s only product, the accountant for Green Earth Solvents Corporation has developed the following data for the year 2019:Total
The accountant of Venus Health Products, LLC, has compiled the following information about the direct labor hours and the indirect labor costs for each month of 2019:INSTRUCTIONS1. Compute the
West Texas Chemical Company manufactures a product called Kylon, which requires three raw materials. Production is in batches of 1,000 gallons of finished product. The firm uses standard costs as a
Organic Manufacturing Co. manufactures the product Orgex, which requires three raw materials. Production is in batches of 2,500 pounds of materials. Any waste is thrown away. The firm uses standard
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A. In the Notes to Consolidated Financial Statements, review the two paragraphs—Revenues
Go to the International Organization of Standardization website at www.iso.ch. Go to the site map and identify what the purpose is of an international standard. Who benefits from the standards
Ebeth Company’s direct labor costs were $100,000 for May 2019. Assuming that the company applies overhead at the rate of 65 percent of direct labor costs, give the general journal entry for May
KZ Co. estimates the following manufacturing overhead costs for 2019:Estimated direct labor hours......................60,000 hoursEstimated direct labor costs...................$900,000Estimated
Give the entry in general journal form to record the issuance of the direct materials into production.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use July 31
Give the entry in general journal form to record the issuance of the manufacturing supplies into production.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use
A payroll summary prepared at ROB Manufacturing Company showed the following figures for January 2019:Direct labor costs incurred...............$50,000.00Indirect labor costs
Give the entry in general journal form to record the cost of the manufacturing supplies purchased.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use July 31 as
Give the entry in general journal form to record the cost of the materials purchased.During July 2019, Kali Co. purchased and issued the following materials and supplies. Use July 31 as the date for
Discuss how costs flow through the Raw Materials Inventory,Work in Process Inventory, and Finished Goods Inventory accounts to cost of goods sold.
Name three types of businesses that would use a job order cost accounting system.
What account is debited and what account is credited when completed goods are transferred from the factory floor to the finished goods storeroom?
Why is an overhead application rate used?
Name five common manufacturing overhead costs.
What account is debited and what account is credited when manufacturing overhead is applied?
What is a materials requisition?
What does the Raw Materials Inventory account show?
When direct materials are issued from the storeroom, what entries are made in the subsidiary records?
What information does a job order cost sheet contain?
Why does managerial accounting focus on the future?
Where is information obtained for preparing the statement of cash flows?

Showing 1600 - 1700 of 2126

First
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Company Info

Security
Copyrights
Privacy Policy
Terms & Condition
SolutionInn Fee
Scholarship

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Copyright © 2024 SolutionInn All Rights Reserved.

Get the SolutionInn - Study Help App