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december 2015
06

Accounting Questions and Answers December 06, 2015

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At the beginning of Year 1. Copeland Drugstore purchased a new computer system for $225,000. It is expected to have a five-year life and a $35,000 salvage value Exercise 8-9A Part b b. Record the purchase of the computer system and the depreciation expense for the first year under straight line and double declining-balance methods in a financial

A) B) Exercise 11-3 Measures of Internal Business Process Performance (LO11-3) Management of Mittel Rhein AG of Kln, Germany, would like to reduce the amount of time between when a customer places an order and when the order is shipped. For the first quarter of operations during the current year the following data were reported: Inspection time

Question 1 of 1 Which of the following statements is not correct? When a periodic system is in use, the Purchases account must be credited for its account balance to close this account to the Income Summary account. When a periodic inventory system is in use, the Merchandise Inventory account is both debited and credited in the closing entry

The following information pertains to Peak Heights Company Income Statement for current Year Sales $ 86,300 Expenses Cost of goods sold $51,675 Depreciation expense Salaries expense 11,700 70,875 Net income $ 15,425 7,500 Partia Balance Sheet Accounts receivable Inventory Salaries payable Current Prior year year $10,000 $ 14,100 13,800 8,500 1,560

1. Put the following table into 3NF tables. You have to list the 1NF, 2NF and 3NF tables. Draw the ERD 2. CName cCty PPrice aty PID PDesc OID (Order (Order (Customer (Customer (Customer's Product (Product Product (euantity ID) description) price) urchased) date) D) Name) city) ID) 1,1,5 10/24/182 Ah Keung Shenzhen 75,4 Table 1006 25 Chair 500 4,6

During Heaton Companys first two years of operations, it reported absorption costing net operating income as follows: Year 1 Year 2 Sales (@ $60 per unit) $ 1,080,000 $ 1,680,000 Cost of goods sold (@ $38 per unit) 684,000 1,064,000 Gross margin 396,000 616,000 Selling and administrative expenses* 303,000 333,000 Net operating income $ 93,000 $

aructiens s.(1) 1114.000 tritalahat sab fas wosk than 000 4. betinaine balanse 2. direct naterale 3. tireet Lbheor 4. aamafecturing overbead 5. nampleied juan b. timarat + 1 a gei e. Deteraike the rroas jeodt ts be iepertal for sost. the firgson aructiens s.(1) 1114.000 tritalahat sab fas wosk than 000 4. betinaine balanse 2. direct naterale 3.

What were the strategies formulated by the company's management team for managing costs (please be specific)? How were these strategies implemented? What specific steps did the company take to apply the cost management initiatives? Briefly evaluate the steps. What challenges were management faced with when formulating and implementing the

01) assung wildt! a. Tulip is using the equity method. b. Tulip chose to use the fair value method. Question 2 (50 points). Orange Company acquired 100 percent of Shell Company's voting common stock on January 1, 2019, for $350,000. At that date, the book value and fair values of Shell's assets and liabilities were equal. Shell reported the

Garrison 2. Maintenance costs at a Gibson Corporation factory are listed below: TT Machine-Hours 3,135 3,095 3,133 3,157 3,065 3,076 3,084 3,125 3,098 Maintenance Cost $48,340 $47,993 $48,345 $48.548 March April May June July August. September October.. November . $47,733 $47,830 $47,880 $48,247 $48,014 Management believes that maintenance cost is

Vernon Company sells a wide range of goods through two retail stores operated in adjoining cities. Vernon purchases most of the goods it sells in its stores on credit, promising to pay suppliers later. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring

Evans Company produces asphalt roofing materials. The production budget in bundles for Evans' most popular weight of asphalt shingle is shown for the following months: Units March 5,400 April 17,550 May 19,440 June 22,950 Each bundle produced requires (on average) 0.40 direct labor hours. The average cost of direct labor is $27 per hour. Required:

Dennis is a successful doctor who earned $204,800 in fees this year, but he also competes in weekend golf tournaments. Dennis reported the following expenses associated with competing in almost a dozen tournaments: Transportation to various tournaments Lodging Entry fees Golf supplies (balls, tees, etc.) $3,450 1,890 920 75 This year Dennis won

Direct Write-Off Method ournalize the following transactions using the direct write-off method of accounting for uncollectible receivables. Jan. 17: Received $3,290 from Paula Spitler and wrote off the remainder owed of $5,820 as uncollectible. If an amount box does not require an entry, leave it blank. Jan. 17 Allowance for Doubtful Accounts

I get the idea, just need help breaking it down and how you get the calculations Brief Exercise 220 Swifty Corporation is authorized to issue 1,600,000 shares of $1 par value common stock. During 2020, the company has the following stock transactions. Jan. 15 Issued 728,000 shares of stock at $5 per share. Sept. 5 Purchased 29,000 shares of common

ncome Statement 3. Prepare an income statement for We Do Windows for the month of July 20- Additional Instructions Question not attempted. 1 (Label) 3 (Label) + 4 5 99+ $ We Do Windows Income Statement July 31, 20-- Shaded cells have feedba --- Score: 0/70 Prepare an income statement for We Do Windows for the month of July 20-. Additional

Alleyway Corporation manufactures two styles of leather bowling bag, the Strike and Turkey. Budgeted production levels for October follow: Strike Turkey Production 2,200 bags 3,450 bags Two departments, Cutting and Sewing, produce the bowling bags. Direct labor hours needed for each style are as follows: Cutting Sewing Strike 0.050 hour per bag

! Required Information PB2-3 Recording Transactions (in a Journal and T-Accounts); Preparing and Interpreting the Balance Sheet [LO 2-2, LO 2-3, LO 2-4, LO 2-5] {The following information applies to the questions displayed below.) Starbucks is a coffee company-a big coffee company. During a 10-year period, the number of Starbucks locations in

Subject: Income Tax Law Interest Rate Adjustments for Mortgages Kirsty owns an investment property, as well as her own main residence. Each of the two houses were purchased with a mortgage. Both of the mortgages have an amount owing of $1m each. As the mortgages are both with the same bank, Kirsty enters into an arrangement with the bank: instead

H uulelem_iu=1/7385 Question 5 View Policies Current Attempt in Progress Turney Company produces and sells automobile batteries, the heavy-duty HD-240. The 2020 sales forecast is as follows. Quarter HD-240 5,100 7,270 8,110 10,450 The January 1, 2020, inventory of HD-240 is 2,040 units. Management desires an ending inventory each quarter equal to

PLEASE READ CAREFULLY! Indicate the proper journal entry to record the receiving of a cash payment on an Account Receivable from previously performed services: Select one: a. Debit Cash, credit Accounts Receivable b. Debit Accounts Receivable, credit Cash c. Debit Cash, credit Service Revenue d. Debit Service Revenue, credit Accounts Receivable e.

The following condensed information was reported by Peabody Toys, Inc. for 2021 and 2020: ($ in thousands) 2021 2020 $ 7,100 468 $ 6,100 162 Income statement information Net sales Net income Balance sheet information Current assets Property, plant, and equipment (net) Total assets Current liabilities Long-term liabilities Common stock Retained

Clarkson Company reports the following for the month of June. Date Explanation Units Units Cost Total Cost June 1 Inventory 200 $5 $1000 june 12 Purchase 400 $6 $2400 June 23 Purchase 300 $7 $2100 Inventory in hand on June 30 are 100 units. A sale of 440 units occurred on June 15 for a selling price of $8 and a sale of 360 units on June 27 for $9.

Topper Sports, Incorporated produces high quality sports equipment. The company's Racket Division manufactures three tennis rockets-the Standard, the Deluxe, and the Prowthat are widely used in amateur play Selected information on the rackets is given below: Standard Deluxe Selling price per racket Pro $ 60.00 Variable expenses per racket $90.00 $

[The following information applies to the questions displayed below) On January 1 Year 1 Jing Company purchased office equipment that cost $18,000 cash: The equipment was delivered under terms FOB shipping point and transportation cost was $2.500. The equipment had a five-year useful fe and a $6,500 expected salvage value. Assuming the company

Question SD-9 (similar to) Vary Cemerhandeling from the winter me on to www to be the Vor 40.000.com www.sanding dreg 2010 Requirement 1. Compute the prolt margin to for Victory's Companies for 2014 Ben by selecting te tumua tante Viloy's Comparios srote margin rate. Then enter the amounts and to the pret magn tutor 2018. Round your answer to on

Swirl Enterprises has two support departments (S1 and S2) and two producing departments (A and B). The distribution of services by the support departments is as follows: Services Provided to Services Provided from S1 S2 A B S1 - 10% 65% 25% S2 24% - 50% 26% Total department costs for the support and producing departments are as follows: Department

E2-4 Accounting equation One item is omitted in each of the following recent year summaries of balance sheet and income statement data (in millions) or Google and Verizon Communications as of December 31, Year 1 and Year 2

In September 2022, the management of Bramble Company assembles the following data in preparation of budgeted merchandise purchases for the months of October and November. 1. 2. Cost of goods sold is expected to be 60% of sales. 3. Desired ending merchandise inventory is 109 is of the next month's cost of goods sold. 4. The beginning inventory at

a. The unadjusted balance in Supplies was $1,050 at December 31, 2021. The unadjusted balance in Supplies Expense was $0 at December 31, 2021. A year-end count showed $200 of supplies on hand. b. Wages earned by employees during December 2021, unpaid and unrecorded at December 31, 2021, amounted to $4,700. The last paychecks were issued December

MOSS COMPANY Selected Balance Sheet Information December 31, 2018 and 2017 2018 2017 Current assets Cash $87,150 $29,300 Accounts receivable 27,500 37,000 Inventory 62,500 54,600 Current liabilities Accounts payable 35,400 28,200 Income taxes payable 2,300 2,700 MOSS COMPANY Income Statement For Year Ended December 31, 2018 Sales $540,000 Cost of

8.04/12 Question 4 View Policies Show Attempt History Current Attempt in Progress Calabogie Camera Shop Ltd. reports the following cost and net realizable value information for its inventory at December 31: Units Unit Cost Unit NRV Cameras: 4 $179 $167 8 145 147 Sony Canon Light Meters: Gossen 12 131 135 Sekonic 10 118 113 (a) Your answer is

10Points) Ahringer Company makes 50,000 units per year of a part it uses in the products it manufactures. The unit product cost of this part is computed as follows: Direct materials.$19.10 Direct labor. 21.70 Variable manufacturing overhead.... Fixed manufacturing overhead.14.20 Unit product cost.... $57.10 An outside supplier has offered to sell

Which of the following can be considered a modern costing techniques and relies more on accuracy? Process costing Job Costing Activity based costing

Exercise 19-10 (Part Level Submission) The following facts relate to Marigold Corporation. 1. Deferred tax liability, January 1, 2020, $31,200. 2. Deferred tax asset, January 1, 2020, $10,400. 3. Taxable income for 2020, $109,200. 4. Cumulative temporary difference at December 31, 2020, giving rise to future taxable amounts, $239,200. 5.

QUESTION 8 Not yet answered Points out of 1.00 P Flag question If direct materials are added at the beginning of a process, the equivalent units completed of direct materials will be: Select one: A. Equal to equivalent units completed of conversion costs B. Equal to the physical units completed C. Less than physical units completed D. None of the

State the missing items. (For sales revenue enter answers in alphabetical order.) Gross profit - Operating expenses = 1. Cost of goods sold + Gross profit = 2. Sales revenue - = Net sales 3. Income from operations + = Net income 4. Net sales - Cost of goods sold = 5

El Gato Painting Company maintains a checking account at American Bank, Bank statements are prepare P7-14 Bank end of each month. The November 30, 2021, reconciliation of the bank balance is as follows: reconciliation and $3.231 adjusting entries Balance per bank, November 30 1.200 Appendix 7A Add: Deposits outstanding Less: Checks outstanding

Palermo Inc. purchased 80 percent of the outstanding stock of Salina Ranching Company, located in Australia, on January 1, 20X3. The purchase price in Australian dollars (A$) was A$200,000, and A$40,000 of the differential was allocated to plant and equipment, which is amortized over a 10-year period. The remainder of the differential was

Bellco, a division of Becker International Corporation, is operated under the direction of Antoin Sedatt. Bellco is an independent investment center with approximately $73,450,000 of assets that generate approximately $10,160,000 in annual net income. Becker International has additional investment capital of $13,560,000 that is available for the

Phillips Company, as lessee, enters into a lease agreement on January 1, 2021, for equipment The following data are relevant to the lease agreement: 1. The term of the non-cancelable lease is 4 years. Payments of $978,446 are due on January 1 of each year. 2. The fair value of the equipment on January 1, 2021 is $3,500,000. The equipment has an

Click here to view factor tables. a. Joseph Moore Co, sold $1,940,000 of 10%,10-year bonds at 104 on January 1,2025. The bonds were dated January 1, 2025, and pay interest on July 1 and January 1. If Moore uses the straight-line method to amortize bond premium or discount, getermine the amount of Interest expense to be reported on July 1.2025, and

7. On February 3 smart company sold merchandise in the amount of $2700 to Truman company with credit terms of 1/10 n/30 the cost of the item sold is $1865 smart uses the perpetual inventory system and the gross method truman pays the invoice on February 8 and takes the proper discount the journal entry that smart makes on February 8 is Debit cash

Stuart Corporation has four divisions: the assembly division, the processing division, the machining division, and the packing division. All four divisions are under the control of the vice president of manufacturing. Each division has a manager and several departments that are directed by supervisors. The chain of command runs downward from vice

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $219,000 $ 261,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 159,000 372,000 $ 353,000

PLEASE SOLVE FOR PART B Note: You can right-click the image then open in a new tab to better see the problem Exercise 16-1 The CPA Partnership operated by Cook, Parks, and Argo is being liquidated. A balance sheet prepared at this stage in their liquidation process is presented below. Cash Other Assets $44,000 53,000 Liabilities Parks, Loan Cook,

For Neeraj Company, the predetermined overhead rate is 130% of direct labor cost. During the month, Neeraj incurred $1,000,000 of factory labor costs, of which $850,000 is direct labor and $150,000 is indirect labor. Actual overhead incurred was $1,150,000. Required : a) Compute the amount of manufacturing overhe ad applied during the month. b)

Arundel Company disclosed the following information for its recent calendar year. Prepare the operating activities section of the statement of cash flows using the indirect method. (Amounts to be deducted should be indicated with a minus sign.)

Help Sever Very often PAES and private enterprises may have the same objectives in preparing financial statements. Which one of the following objectives is likely to be used more by private enterprises than public entities? Choice 0 Very often PES and private entreprises may have the same objectives in preparing financial statements which one of

1. Data Allocation base Estimated manufacturing overhead cost Estimated total amount of the allocation base Actual manufacturing overhead cost Actual total amount of the allocation base Machine-hours $450,000 85,000 machine-hours $310,000 74,000 machine-hours Enter a formula into each of the cells marked with a 2 below ? ? machine-hours ? per

Golden Food Products produces special-formula pet food. The company carries no inventories. The master budget calls for the company to manufacture and sell 168,000 cases at a budgeted price of $60 per case this year. The standard direct cost sheet for one case of pet food follows: Direct materials (3 pounds @ $2) $ 6 Direct labor (0.25 hours @

Locate and summarize the following topics: Who and what is the Institute of Management Accountants? What is the purpose (mission) of the organization? How many members are there and, generally, where are they located? Identify the closest chapter to your home or place of business. Describe the CMA certification. What are some of the benefits of

Company can set of the plush and supreme products it can produce, but it has tried production capacity. It can produce 4 plush units per hour or 2 supreme units per hour and it has 3.600 production hours walable Contribution margin per 5230 or the push product and 516 for the supreme product What is the total contribution margin chooses the most

1 Sharon Matthews transferred cash from a personal bank account to an account to be used for the Jan. business, $40,000. 2 Paid rent on office and equipment for the month, $6,000. 3 Purchased supplies on account, $3,200. 4 Paid creditor on account, $1,750 5 Eaned fees, receiving cash, $18,250. 6 Paid automobile expenses (including rental charge)

Required information [The following information applies to the questions displayed below.] Data for Hermann Corporation are shown below: Fixed expenses are $73,000 per month and the company is selling 4,300 units per month. Required: -a. How much will net operating income increase (decrease) per month if the monthly advertising budget increases by

Blazer Chemical produces and sells an ice-melting granular used on roadways and sidewalks in winter. It annually produces and sells 25,125 tons of its granular. Because of this years mild winter, projected demand for its product is only 20,100 tons. Based on projected production and sales of 20,100 tons, the company estimates the following income

LO4 PSB12.4 Calculate ratios; comment on overall liquidity and profitability. Financial information for Multimedia Ltd is presented here. MULTIMEDIA LTD Statement of financial position as at 31 December 2019 2018 $ ASSETS Cash Short-term investments Receivables (net of allowance for doubtful accounts of $4000 for 2017 and $3000 for 20 50 000 80

Exercise 5-07 a-b (Part Level Submission) Sarasota Company had the following account balances at year-end: Cost of Goods Sold $63,520; Inventory $15,090; Operating Expenses $29,560; Sales Revenue $124,930; Sales Discounts $1,080; and Sales Returns and Allowances $1,800. A physical count of inventory determines that merchandise inventory on hand is

Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31,Dec. 31, 20Y9 20Y8 Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment $228,730 $213,270 76,600 82,860 233,920226,7 87,860 119,980 258,080

X Company is considering buying a part next year that they currently make. This year's per-unit production costs for 94,000 units of this part were: Materials $5.49 Direct labor 5.63 Variable overhead 3.95 Fixed overhead 1.64 Total $16.71 A company has offered to supply this part for $15.53 per unit. If X Company buys the part, $84,788 of the

Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment $ 20,000 Accounts payable 1,800 Salaries expense 27,000 Common stock 10,000 Land 12,000 Notes payable 14,000 Service revenue 33,000 Cash 4,800 Retained earnings ? Required: Use only the appropriate accounts to prepare a balance sheet.

Problem 7-8: The Cyber Corporation The Cyber Corporation is a manufacturer of MP3 players. Immediately prior to the year end, a competitor released a superior product and it is now apparent that the finished goods inventory is worthless. The following information is available from the unadjusted trial balance: Amount 1000 301 Account Revenue

Complete the statement of cash flows. January 22: Issued $75,000 of 6% term bonds due on January 1, 2025 (10 periods) with interest payable each June 30 and December 31 . Investors require an effective interest rate of 8%. Record the entries for issuance of the bond. February 28: A new long-term lease is entered into for extra storage space for

Waterways has two major public park projects to provide with comprehensive irrigation in one of its service locations this month. Job JS7 and Job K52 involve 15 acres of landscaped terrain, which will require special-order, sprinkler heads to meet the specifications of the project. Using a job cost system to produce these parts, the following

On Jonusry 1. Revis Consulting entered into a contract to complete a cost reduction program for Green Financial over a six-month peniod. Revis wil receive $44000 fron Green at the end of each month. If total cost ravings reach a specifle target. Revis will recelve an additional $22.000 from Green at the end of the contract. but if total coct

Exercise 3-15 (Algo) Analyzing and preparing adjusting entries LO P5 Following are two income statements for Alewis Company for the year ended December 3 t. The int number colum is premaped hesire. odfusting entries are recorded, and the right column is prepared atter adjusting entries. The crmmany iecords cash receipts and Analyze the statements

Brief Exercise 11-31 (Algorithmic) Determining Net Cash Flow from Financing Activities Madison Company reported the following information: 12/31/2019 $95,000 120,000 20,000 12/31/2018 75,000 80,000 36,000 Notes payable Common stock Retained earnings Madison reported net income of $34,000 for the year ended December 31, 2019. In addition, Madison

Blossom, Incorporated, is a small company that manufactures three versions of patio tables. Unit information for its products follows: Blossom has determined it can sell a limited number of each table in the upctining year. Expected demand for each model follows: Required: 1. Suppose direct labor hours have been identified as the bottleneck

options: $9.503 $9.913 $9.704 $8.459 Paceheco Corporation uses the weighted average method in its process costing system. The Molding Department is the second department in its production process. The data below summarize the department's operations in January Percent Complete with Respect to Conversion 700 Beginning work in process inventory

The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. Transactions: a. Sutton invested $141,000 in cash to start the business. b. Paid $4,100 for the current month's rent. c. Bought office furniture for $14,820 in cash. d. Performed services for $9,100 in cash. e. Paid $1,060 for the monthly

Projected Sales Budget 2019 Quarter 2 10,000 3 4 1 Year Expected Unit Sales 8,000 65.00 S65.00 S65.00 S70.00 8,000 2000 38,000 Total Sales Projected SG&A Expense Budget 2019 Quarter 2 10,000 3 4 12,000 S 38,000 Year Budgeted Unit Sales Variable Cost 8,000 8,000 Sales Commissions ($3.40/unit) S 27,200 S 34000 S 27,200 40,800 S 129,200 Freight-out

Goshford Company produces a single product and has capacity to produce 125,000 units per month. Costs to produce its current sales of 100,000 units follow. The regular selling price of the product is $108 per unit. Management is approached by a new customer who wants to purchase 25,000 units of the product for $79.20 per unit. If the order is

Brett Collins is reviewing his company's investment in a cement plant. The company paid $14,500,000 five years ago to acquire the plant Now top management is considering an opportunity to sell it. The president wants to know whether the plant has met original expectations before he decides its fate. The company's desired rate of return for present

please solve a,b,c and -Compute the unit worth of resource 1 (defined by 1st constraint) and the range of its validity -Compute the unit worth of resource 2 (defined by 2nd constraint) and the range of its validity. clearly with non-cursive handwriting so it can be clear to me (or keyboard). thank you Example 2.1-1 (The Reddy Mikks Company):

Jobs, Inc. has recently started the manufacture of Tri-Robo, a three-wheeled robot that can scan a home for fires and gas leaks and then transmit this information to a smartphone. The cost structure to manufacture 19,700 Tri-Robos is as follows. Jobs is approached by Tienh Inc., which offers to make Tri-Robo for $119 per unit or $2,344,300.

perpetual-last expert answered incorrectly please help Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate 12 Required information Use the following informat 1 for the Exercises below. The following information applies to the questions displayed below.) Laker Company reported

Required information The following selected account balances are provided for Delray Mfg. Sales Raw materials inventory, beginning Work in process inventory, beginning Finished goods inventory, beginning Raw materials purchases Direct labor Factory supplies used (indirect materials) Indirect labor Repairs-Factory equipment Rent cost of factory

Keggler's Supply is a merchandiser of three different products. Beginning inventories for March are footwear, 19,000 units; sports gear, 80,000 units; and apparel, 48,500 units. Management believes each of these inventories is too high and begins a new policy that ending inventory in any month should equal 30% of the budgeted sales units for the

2. CARE ctd acquired all assets and liobilities of AT Litd on June 200. h exchange. Are Ltd greed unissue 5000 ordinary chores of I each. The fair! value of these shores on 1 June 2020 was libo each Cost to issue these shares are too bring young a) Transfer ca a block et vacant lond to the former chareholders of VAT Ltd of the land was carried in

On Berry Field Department Stores' most recent balance sheet, the balance of its irwentory at the beginning of the year was $16,000, A1 the end of the year, the invertory balance was $22,500. During that yeor, its cost of goods sold was $59,000. All purchases of imentory throughout the you ware on account. What was the total of Berry Field's

Division A manufactures electronic circuit boards. The boards can be sold either to Division B of the same company or to outside customers. Last year, the following activity occurred in Division A: Selling price per circuit board $185 Variable cost per circuit board $120 Number of circuit boards: Produced during the year 21,100 Sold to outside

On August 1, a U.S. company enters into a forward contract, in which it agrees to buy 1,000,000 euros from a bank at a rate of $1.115 on December 1. Changes in the value of the forward contract will be reported in other comprehensive income on the balance sheet in which one of the following situations? (Points : 8) The U.S. company has receivables

In a joint processing operation, Nolen Company manufactures three grades of sugar from a common input, sugar cane. Joint processing costs up to the split-off point total $92,000 per year. The company allocates these costs to the joint products on the basis of their total sales value at the split-off point. Thae sales values are as follows: raw

The following data is available for Sheffield Corp. at December 31, 2020: Common stock, par $10 (authorized 29000 shares) $203000 Treasury stock (at cost $15 per share) $825 Based on the data, how many shares of common stock are outstanding? 29000. 20300. 23145. 20245.

Naledi 3 5 years of age,is working a my lady 3 5 years of age is a working as a junior accountant within a small accounting and taxation department she earns a cash salary of 2 6 , 0 0 0 Rand per month due to the demand of her position the company decided to increase her salary by 2 . 7 % effective from June 2 0 2 3 the lady received the monthly

Neptune Inc. uses a standard cost system and has the following information for the most recent month. April: Actual direct labor hours (DLHS) worked Standard DLHs allowed for good output produced this period Actual total factory overhead costs incu Budgeted fixed factory overhead costs Denominator activity level, in direct la hours (DLHS) Total

Grouper Corporation began operations in 2020 and reported pretax financial income of $236,000 for the year. Grouper's tax depreciation exceeded its book depreciation by $32,000. Grouper's tax rate for 2020 and years thereafter is 30%. Assume this is the only difference between Grouper's pretax financial income and taxable income. Prepare the

Citation Builders, Inc., builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging from 10-20 homes and are typically sold during construction or soon after. To secure the home upon completion, buyers must pay a deposit of 10% of the

The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015 ). Required: 1. Conduct a horizontal analysis by calculating the year-over-year changes in each line item, expressed in dollars and in percentages for the income statement of Insignia Corporation for the year ended December 31, 2015

A watch manufacturer producing and selling affordable watches has the following sales and cost information: Selling price per unit $80 Variable cost per unit $32 Fixed cost is estimated to be $108,000 per quarter. Desired quarterly income is estimated at $96,000 Required: Calculate the number of watches to be sold each quarter to break even Mainte

Rainey Enterprises loaned $40,000 to Small Company on June 1 , Year 1 , for one yenar at 8 percent interest Required: Show the effects of the following transactions in a horizontal statements model, Note: Enter any decreases to account balances and cash outflows with a minus sign. For changes on the Statement of Cash Flows, indicate whether the

Comparing Three Depreciation Methods Waylander Coatings Company purchased waterproofing equipment on January 6 for $963,600. The equipment was expected to have a useful life of four years, or 10,400 operating hours, and a residual value of $79,600. The equipment was used for 4,000 hours during Year 1, 3,200 hours in Year 2, 1,900 hours in Year 3,

This problem provides a simple example of how alternative investments bases affect the calculation of ROI (and therefore, affects performance evaluation). Basic Information: The T Division of A.T. Enterprises has depreciable assets costing $2 million. The cash flows from these assets for 3 years follow: Year Cash Flow 1 $600,000 2 $700,000 3

HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two production departments (advertising and sales). The distribution of each service department's efforts (In percentages) to the other departments is shown in the following table: From Actuarial To Premium Rating 80% Actuarial Premium Advertising 10% 20

Cornerstone Exercise 4.1 (Algorithmic) Applied Overhead and Unit Overhead Cost: Plantwide Rates Seco, Inc., produces two types of clothes dryers: deluxe and regular. Seco uses a plantwide rate based on direct labor hours to assign its overhead costs. The company has the following estimated and actual data for the coming year: Estimated overhead

The records for Crane Inc. showed the following for 2020: Jan. 1 Dec. 31 Accrued expenses $1,300 $2,300 Prepaid expenses 760 950 Cash paid during the year for expenses, $48,850 Calculate the amount of expense that should be reported on the income statement. Amount of expense

Click to watch the Concept Clip Income Statement for Merchandise video and then answer the questions below. a. The revenue from a merchandise business is reported as fees earned. b. The program and production expenses are subtracted from gross profit to arrive at operating Income. c. Depreciation and amortization expenses are added to the cost of

Please show work B. Assume you have a one-year investment horizon and are trying to choose among three bonds. All have the same degree of default risk and mature in 10 years. The first is a zero-coupon bond that pays $1,000 at maturity. The second has an 8% coupon rate and pays the $80 coupon once per year. The third has a 10% coupon rate and pays

Requirements 1. Record the journal entry for the March 1 payment. 2. Record the adjusting entry required at March 31 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances at March 31. (Ignore the Cash account.) Print Done

The section of Waterways that produces controllers for the company provided the following information. Using this information for the controllers, determine the contribution margin ratio, the degree of operating leverage, the break-even point in sales dollars, and the margin of safety ratio for Waterways Corporation on this product

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