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survey of accounting 2nd

Questions and Answers of Survey of Accounting 2nd

Dieker Company begins operations on January 1. Because all work is done to customer specifications, the company decides to use a job order cost system. Prepare a chart of a typical job order cost
During the current month, Wacholz Company incurs the following manufacturing costs.a. Purchased raw materials of $18,000 on account.b. Incurred factory labor of $40,000.c. Factory utilities of $3,100
Greetings Inc., a nationally recognized retailer of greeting cards and small gift items, decides to employ Internet technology to expand its sales opportunities. For this case, you will employ
During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials purchased $4,000 on account, factory labor $6,000, and utilities payable
During January, its first month of operations, Dieker Company accumulated the following manufacturing costs: raw materials purchased $4,000 on account, factory labor $6,000, and utilities payable
The Institute of Management Accountants (IMA) sponsors a certification for management accountants, allowing them to obtain the title of Certified Management Accountant.InstructionsGo to the IMA
During the current month, Standard Corporation completed Job 310 and Job 312. Job 310 cost $70,000 and Job 312 cost $50,000. Job 312 was sold. Using the format shown in Illustration 12.24, record the
For Eckstein Company, the predetermined overhead rate is 130% of direct labor cost. During the month, Eckstein incurred $100,000 of factory labor costs, of which $85,000 is direct labor and $15,000
“Updates to Manufacturing Overhead normally are made daily.” Do you agree? Explain.
In March, Stinson Company completes its only two jobs in process, Jobs 10 and 11. Job 10 cost $20,000 and Job 11 $30,000. On March 31, Job 10 is sold. Using the format shown in Illustration 12.24,
At December 31, balances in Manufacturing Overhead are Shimeca Company— $1,200 positive, Garcia Company—$900 negative. Assuming the December 31 adjustment is made to cost of goods sold, indicate
The law firm of Colaw Associates uses a job order cost system. Cost data for the month of March follow.1. Purchased supplies on account $1,800.2. Issued supplies $1,200 (60% direct and 40%
“At the end of the year, under or overapplied overhead is eliminated by adjusting cost sheets.” Is this correct? If not, indicate the customary treatment of this amount.
a. What is cost behavior analysis?b. Why is cost behavior analysis important to management?
The condensed income statement for the Peri and Paul partnership for 2022 is as follows.A cost behavior analysis indicates that 75% of the cost of goods sold are variable and 40% of the selling
Contrast the effects of changes in the activity level on total fixed costs and on unit fixed costs.
Russell Inc. had sales of $2,200,000 for the first quarter of 2022. In making the sales, the company incurred the following costs and expenses.Prepare a CVP income statement for the quarter ended
Presto Corp. had total variable costs of $180,000, total fixed costs of $110,000, and total revenues of $300,000. Compute the required sales in dollars to break even. Compute sales for target net
What are some of the limitations of regression analysis?
The steps in management’s decision-making process are listed in random order below. Indicate the order in which the steps should be executed.Determine incremental changes. Review results of Make a
The following costs relate to a variety of different decision situations.InstructionsFor each cost listed above, indicate if it is relevant or not to the related decision. For those costs determined
a. What is a budget?b. How does a budget contribute to good management?
Pargo Company is preparing its master budget for 2022. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Sales. Sales for the year are expected to total
Paige Company estimates that unit sales will be 10,000 in quarter 1, 14,000 in quarter 2, 15,000 in quarter 3, and 18,000 in quarter 4. Using a sales price of $70 per unit, prepare the sales budget
Pargo Company is preparing its budgeted income statement for 2022. Relevant data pertaining to its sales, production, and direct materials budgets can be found in DO IT! 15.2. In addition, Pargo
Thome and Crede, CPAs, are preparing their service revenue (sales) budget for the coming year (2022). The practice is divided into three departments: auditing, tax, and consulting. Billable hours for
Batista Company management wants to maintain a minimum monthly cash balance of $25,000. At the beginning of April, the cash balance is $25,000, expected cash receipts for April are $245,000, and cash
Turney Company produces and sells automobile batteries, the heavy-duty HD-240. The 2022 sales forecast is as follows.The January 1, 2022, inventory of HD-240 is 2,000 units. Management desires an
Zeller Company estimates that 2022 sales will be $40,000 in quarter 1, $48,000 in quarter 2, and $58,000 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending
Atlanta Company is preparing its manufacturing overhead budget for 2022. Relevant data consist of the following.Units to be produced (by quarters): 10,000, 12,000, 14,000, 16,000.Direct labor: time
DeWitt Industries has adopted the following production budget for the first 4 months of 2022.Each unit requires 2 pounds of raw materials costing $3 per pound. On December 31, 2021, the ending raw
On January 1, 2022, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2022. Sales units: First quarter 5,000; second quarter 6,000;
Lowell Company makes and sells artistic frames for pictures. The controller is responsible for preparing the master budget and has accumulated the following information for 2022.Lowell has a labor
Kirkland Company combines its operating expenses for budget purposes in a selling and administrative expense budget. For the first 6 months of 2022, the following data are available.1. Sales: 20,000
Fultz Company has accumulated the following budget data for the year 2022.1. Sales: 30,000 units, unit selling price $85.2. Cost of one unit of finished goods: direct materials 1 pound at $5 per
Danner Company expects to have a cash balance of $45,000 on January 1, 2022. Relevant monthly budget data for the first 2 months of 2022 are as follows. Collections from customers: January $85,000,
Deitz Corporation is projecting a cash balance of $30,000 in its December 31, 2021, balance sheet. Deitz’s schedule of expected collections from customers for the first quarter of 2022 shows total
The controller of Trenshaw Company wants to improve the company’s control system by preparing a month-by-month cash budget. The following information is for the month ending July 31, 2022.June 30,
Green Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end,
In May 2022, the budget committee of Grand Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June.1. Expected sales: June $500,000, July
Emeric and Ellie’s Painting Service estimates that it will paint 10 small homes, 5 medium homes, and 2 large homes during the month of June 2022. The company estimates its direct labor needs as 40
Ratchet Company uses budgets in controlling costs. The August 2022 budget report for the company’s Assembling Department is as follows. The monthly budget amounts in the report were based on an
CA Technologies, the world’s leading business software company, delivers the end-to-end infrastructure to enable e-business through innovative technology, services, and education. Recently, CA
In Rooney Company, direct labor is $20 per hour. The company expects to operate at 10,000 direct labor hours each month. In January 2022, direct labor totaling $206,000 is incurred in working 10,400
The Rockies Division operates as a profit center. It reports the following for the year ending December 31, 2022.Prepare a responsibility report for the Rockies Division at December 31, 2022.Compute
It is one thing to prepare a personal budget; it is another thing to stick to it. Financial planners have suggested various mechanisms to provide support for enforcing personal budgets. One approach
Gundy Company expects to produce 1,200,000 units of Product XX in 2022. Monthly production is expected to range from 80,000 to 120,000 units. Budgeted variable manufacturing costs per unit are direct
The service division of Raney Industries reported the following results for 2022.Sales................................................. $500,000Variable
AP Fallon Company uses flexible budgets to control its selling expenses. Monthly sales are expected to range from $170,000 to $200,000. Variable costs and their percentage relationship to sales are
The actual selling expenses incurred in March 2022 by Fallon Company are as follows.Instructionsa. Prepare a flexible budget performance report for March using the budget data in E16.5, assuming that
In the Assembly Department of Hannon Company, budgeted and actual manufacturing overhead costs for the month of April 2022 were as follows.All costs are controllable by the department manager.
For the year ending December 31, 2022, Cobb Company accumulates the following data for the Plastics Division which it operates as an investment center: contribution margin—$700,000 budget, $710,000
Chubbs Inc.’s manufacturing overhead budget for the first quarter of 2022 contained the following data.Actual variable costs were indirect materials $13,500, indirect labor $9,500, utilities
Tecumseh Products Company has its headquarters in Ann Arbor, Michigan. It describes itself as âa global multinational corporation producing mechanical and electrical components essential to
Campbell Soup Company is an international provider of soup products. Management is very interested in continuing to grow the company in its core business, while “spinning off” those businesses

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