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Accounting Questions and Answers October 15, 2018

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The Western Oil Company buys crude vegetable oil. Refining this oil results in four products at the splitoff point. A, B, C, and D. Product C is fully processed by the splitoff point. Products A, B, and D can individually be further refined into

2.16,000 ? To Bank Alc 2016 ? By Bank Alc (sales) Unloading charges 1,000 Fitting charges 2.000 Godown rent 4,200 To Commission Received Alc 10.800 31.12.2016 To Advance Against Consignment Ac 1,00,000 To Bank Alc (final payment) 98,000 2.16,000 Dr.

Required: Prepare a sales activity variance analysis for Fournier Fixtures. Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not

plz help me! Problem 9-4A At the beginning of 2017, Oriole Company acquired equipment costing $151,600. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $15,160 at that time. The straight-line method of

Rocky's Rockers manufactures three models, Standard, Premium, Ultra. Weekly demand is estimated to be 100 units of the Standard Model, 70 units of the Premium Model and 45 units of the Ultra. The following per unit data apply: Ultra Standard $15

Menlo Company distributes a single product. The company's sales and expenses for last month follow: \ table [ [ , , Per ] , [ Sales , Total,Unit ] , [ Variable expenses,$ 6 1 2 , 0 0 0 , $ 4 0

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales data for DVD players are as follows: \ table [ [ November 1 , Inventory, 1 2 0 units at $ 3 9

Four thousand bonds with a face value of $4,000,000 are issued for $4,160,000. The entry to record the issuance is Select one: A. Cash 4,160,000 Bonds Payable 4,160,000 O B. Cash 4,160,000 Premium on Bonds Payable 160,000 Bonds Payable 4,000,000 O

Adjusting Entry for Supplies The balance in the supplies account, before adjustment at the end of the year, is $1,617 Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $760. Adjusting Entry for

Customer volume is often highly uncertain. You can predict it, but you can't completely control it. So, let's calculate the number of customers Elena would need to serve at the F1 track to at least break even. Remember, Elena's contribution margin

On September 30, the fixed manufacturing overhead account of Gordon Ltd. showed a debit balance of $6489 after fixed manufacturing overhead had been applied for the month. If the actual total manufacturing overhead cost incurred in September was

Required information (The following information applies to the questions displayed below. Summary information from the financial statements of two companies competing in the same industry follows. Barco Kyan Company Company Data from the current

Silver Company makes a product that is very popular as a Mother s Day gift. Thus, peak sales occur in May of each year, as shown in the company s sales budget for the second quarter given below: April May June Total Budgeted sales ( all on account )

Oriole Corporation is involved in the business of injection molding of plastics. It is considering the purchase of a new computer-aided design and manufacturing machine for $437,000. The company believes that with this new machine it will improve

Galliger Corp's adjusted trial balance at December 31, 2023, included the following: The perpetual inventory system is used and the income tax rate is 30\%. What is Galliger Corp.'s after-tax income from continuing operations for 2023 ? Answer is

Hamilton Company uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 1 : Compute ending inventory and cost of goods sold

2 QS 9-5 Recording employee payroll taxes LO P2 nts On January 15, the end of the first pay period of the year, North Company's employees earned $26,000 of sales salaries. Withholdings from the employees' salaries include FICA Social Security taxes

12-30) Following is a Trial Balance of the accounts of the Bureau of Bridge Inspection (BOBI), a relatively new unit of the Department of Transportation (DOT), as of October 1, 2019. Budgetary Accounts: Total actual resources - collected 20,000

Recording Finance Lease Journal Entries-No Residual Value Pier10 Inc. entered into a S-year lease and recorded a right-of-use asset and lease liability of $299,200 on January 1, 2020. Pier10 Inc. was aware of the lessor's implicit rate of interest

Comparative financial statement data for Carmono Company follow: This Year Last Year Assets Cash $ 9.00 $ 17.00 Accounts receivable 56.00 49.00 Inventory 100.00 87.00 Total current assets 165.00 153.00 Property, plant, and equipment 240.00 200.00

Siogo Shoes, a shoe wholesaler, began February with 120 pairs of shoes inventory that cost $80 each. During February, the company completed the following transactions: Feb 2 Siogo Shoes purchased 40 pairs of shoes at $60 each. The amount due is

Case 3 (25%) Texas Co started as a company on January 2, 2023, but was unable to begin manufacturing activities until July 1, 2023, because new factory facilities were not completed until that date. The Land and Buildings account reported the

Having trouble with the diluted EPS. Please show work. On December 31, 2017, Dow Steel Corporation had 660,000 shares of common stock and 36,000 shares of 10%, noncumulative. nonconvertible preferred stock issued and outstanding. Dow issued a 5%

Velma and Keota (V&K) is a partnership that owns a small company. It is considering two alternative investment opportunities. The first investment opportunity will have a five-year useful life, will cost $19,680.96, and will generate expected cash

Exercise B-18 (Algo) Practical applications of the time value of money LO P1, P2, P3, P4 Provided are links to the present and future value tables: (PV of $1,FV of $1, PVA of $1, and FVA of $1 ) (Use appropriate factor(s) from the tables provided.

Prepare a production budget by quarters for the 6-month period ended June 30,2022. CRANE COMPANY Production Budget Quarter 1 2 Mont! Oriole Company's manufacturing overhead budget shows total variable costs of $201,960 and total fixed costs of

On January 1 , 2 0 2 3 , Greenlight Industries leased equipment to a customer for a four - year period, at which time possession of the leased asset will revert back to Greenlight. The equipment cost Greenlight $ 7 0 0 , 0 0 0 and has an expected

Vertis Corporation is interested in cutting the amount of time between when a customer places an order and when the order is completed. Details for the first quarter of the year are provided here. Choose the correct answer from the options provided.

Return to question The following information was extracted from the records of Cascade Company at the end of the fiscal year after all adjusting entries were completed: Common stock ($0.01 par value; 360,000 shares authorized, 62,000 shares issued,

Recently the Williams Company has been having problems. As a result, its financial situation has deteriorated. Williams approached the First National Bank for a badly needed loan, but the loan officer insisted that the debt to assets ratio (now 60%)

ent CALCULATOR FULL SCREEN PRINTER VERSION 4 RACK NEXT Problem 7-1 Ivanhoe Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order. 1. 2. $13,540

Part A The Buarque, Monte, and Vinicius partnership reports the following accounts. Vinicius is personally insolvent and can contribute only an additional $24,000 to the partnership. Part B Drawdy, Langston, and Pearl operate a local accounting firm

Tims Bicycle Shop sells 21-speed bicycles. For purposes of a cost-volume-profit analysis, the shop owner has divided sales into two categories, as follows: Product Type Sales Price Invoice Cost Sales Commission High-quality $ 1,250 $ 540 $ 80

Hale Company manufactures two models of its couch, the Mini and the Maxi. The Mini model requires 10000 direct labor hours and the Maxi model requires 40000 direct labor hours. The company produces 4000 units of the Mini model and 1000 units of the

Cram Sales Company completed the following note payable transactions: (i) (Cick the icon to vew the transactions) Read the tequirements Requirement 1. How much interest expense must be accrued at December 31, 2021? (Round your answer to the nearest

Multiple - Product Break - even Andrews Sporting Goods, Inc., produces and sells children's softball mitts: vinyl mitts and basic leather mitts. Last year, Andrews sold 1 8 , 0 4 0 vinyl mitts and 4 , 5 1 0 leather mitts. Information on the two

Tom uses his car for business purposes approximately 80% of the time. He is a well-organized person and keeps records of actual expenses and mileage incurred during the year. To deduct his vehicle expenses correctly, he needs to better understand

The following information is available for a recent period: a. The denominator activity of 5,500 machine-hours was chosen to compute the predetermined overhead rate. b. At the 5,500 standard machine-hours level of activity, the company should

On January 1, 2018, Joiner, Inc. decides to invest in 11,200 shares of Pinto stock when the stock is seling for $19 per share. On June 1, 2018, Pinto paid a $1.20 per share cash dividend to stockholders. On December 31, 2018, Pinto reports net

Help Save & Exit Submit Required information The following information applies to the questions displayed below] Oslo Company prepared the following contribution format income statement based on a sales volume of 1,000 units (the relevant range of

Recent financial statement data for Harmony Health Foods (HHF) Inc. is shown below Current liabilities 108 Bonds, long-term Total liabilities Shareholders' equity Capital stock Retained Total shareholders' equity Total liabilities and equity $ 193

help with part b 1 and 2 please On January 1, 2013, Porsche Company acquired 100% of Saab Company's stock for $453,060 cash. The fair value of Saab's identifiable net assets was $373,270 on this date. Porsche Company decided to measure goodwill

Problem 11-1A Computing payback period, accounting rate of return, and net present value LO P1, P2, P3 Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $487,000

problem deals with Internal Revenue Code Section 2033 I-2 D died on May 1, at the age of 55. He was survived by his wife, W (aged 52), a son s (age 32), his father F (age 80) and his sister A (age 60). At the time of his death, D owned or had

Precision Manufacturing Inc. (PMI) makes two types of industrial component parts-the EX300 and the TX500. It annually produces 60,000 units of EX300 and 12,500 units of TX500. The company's conventional cost system allocates manufacturing overhead

MapleTree Industries has $ 2 6 5 , 0 0 0 to invest. The company is trying to decide between two alternative uses of the funds. The alternatives follows Project A Project B Cost of equipment required $ 2 6 5 , 0 0 0 Working capital investment

Question 9b Pacific Island Tourist Hotel Development Limited, a New Zealand resident company, is paying a fully imputed cash dividend to its shareholder on 30 September 2023. The Finance Director provides you with the following list of proposed

The Foundational 15 [LO2-1, LO2-2, LO2-3, LO2-4] Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments--Molding and Fabrication. It started, completed, and sold

Logan, a 50-percent shareholder in Military Gear Inc. (MG), is comparing the tax consequences of losses from C corporations with losses from S corporations. Assume MG has a $111,000 tax loss for the year, Logan's tax basis in his MG stock was

Sailing Marina needs to raise $1.5 million to expand the company. Sailing Marina is considering the issuance of either - $1,500,000 of 6% bonds payable, or - 100,000 common shares at $15 per share. (Click the icon to view additional information.)

The actual information pertains to the third quarter. As part of the budgeting process, the Duck Decoy Department of Paralith Incorporated had developed the following static budget for the third quarter. Duck Decoy is in the process of preparing the

On July 1, 2019, Crane Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a

Fickel Company has two manufacturing departmentsAssembly and Testing & Packaging. The predetermined overhead rates in Assembly and Testing & Packaging are $25.00 per direct labor-hour and $21.00 per direct labor-hour, respectively. The company's

I have five minutes to solve this question Mr. Ahmed is much interested to study about the perception of the customers for purchasing a particular product. He further wants to investigate the factors which determine the buying behaviour of

The company currently has excess capacity and is investigating several possible ways to improve profitability. E7-9 (Algo) Analyzing Sell-or-Process-Further Decision [LO 7-2, 7-6] MSi's educational products currently are sold without any

Identification and Effects of Changes and Errors The following are independent events: Required: Indicate what type of accounting change or error, if any, is represented by each of the preceding items and the method of accounting ( retrospective

vernon publications Vernon Publications established the following standard price and costs for a hardcover picture book that the cor Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and

need answer Uahg the formule in the text, if the iowest acceptable tansfer price from the vewpolnt of the sesing didilon is 573 and the opportunity cost per urit on outside swlet is 529, then the variable coet per unit imust bet 5ra per unt 102 eer

11. On January 2, Parma borrowed $60,000 and used the proceeds to purchase 90% of the outstanding common shares of Seville. Parma had no prior equity interest in Seville. Ten equal principal and interest payments begin December 30. The excess of the

Consider each of the transactions below. All of the expenditures were made in cash. The Edison Company spent $21,000 during the year for experimental purposes in connection with the development of a new product. In April, the Marshall Company lost a

Your answer is partially correct. Try again Bridgeport Warehouse distributes hardback books to retail stores and extends credit to all of its customers. During the month of June, the following merchandising transactions occurred. Purchased books on

Singapore Taxation Gary Wee Chong is aged 62 and works as a senior engineer in Singapore for a large Singaporean engineering practice. He is married. His wife is retried and does not work His job requires him to work in Singapore as well as travel

Required information [ The following information applies to the questions displayed below. ] Valley Company's adjusted account balances from its general ledger on August 3 1 , its fiscal year - end, follows. It categorizes the following accounts as

Please show all work Problem 8.23 (Budgeted Cash Collections, Budgeted Cash Payments) Historically, Ragman Company has had no significant bad debt experience with its customers. Cash sales have accounted for 20 percent of total sales, and payments

Compute the Missing Inventory Values. The following information was disclosed in the Year 3 annual report of The Arcadia Company. Fill in the missing values. Year 3 Year 2 Year 1 Beginning inventory Answer Answer $ 1 2 , 7 6 0 Purchase of inventory

The Statements of Financial Position of Safe Di Pte Ltd, a company incorporated in Singapore and that adopts the Singapore Financial Reporting Standards, as at 31 December 20X8 and 31 December 20X9, and its Statement of Profit or Loss for the year

On January 1, 2019, Sandhill Corporation acquires a building at a cost of $210,000. The building is expected to have a 30-year life and no residual value. The asset is accounted for using the proportionate revaluation method and revaluation is

please help! Murray Chemical Company refines a variety of petrochemical products. These data are from the firm's Houston plant: Required: 1. Compute the equivalent units of direct materials and conversion for the month of September using the

A company that uses job order costing purchases $84,000 in raw materials for cash. It then uses $16,000 of raw materials as indirect materials and uses $60,800 of raw materials as direct materials. Prepare journal entries to record the (a) purchase

The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of 275,000 units with revenues of $3,300,000. Total variable costs were budgeted at $1,925,000 and fixed costs at $950,000. During the period, actual

Production budget Healthy Habits Inc. produces a Bath version and a Gym version of its popular electronic scale. The anticipated unit sales for the scales by sales region are as follows: The finished goods inventory estimated for January 1, for the

Whirly Corporation's contribution format income statement for the most recent month is shown below: Sales (8,500 units) Variable expenses Contribution margin Fixed expenses Net operating income Total $ 263,500 161,500 102,000 55,900 $ 46,100 Per

The following information was taken from Cody Co.'s accounting records for the year ended December 31,2016. There was no work in process inventory at the beginning or end of the year. Cody's 2016 cost of goods manufactured is Select one: a.

. What is an advantage of using the percent age of receivables method of estimating uncollectible accounts? a. The direct write-off method does a better job of matching revenues and expenses than the allowance method. b. The percentage-of-sales

4 Exercise 9-1 Classifying liabilities LO C1 The following items appear on the balance sheet of a company with a one-year operating cycle. Identify the proper classification of each item as follows: Cif it is a current liability, Lif it is a

Scrumptious Snacks Inc. manufactures three types of snack foods: tortilla chips, potato chips, and pretzels. The company has budgeted the following costs for the upcoming period: Factory overhead is allocated to the three products on the basis of

so far. It does not i an unused field from a local farmer by paying $60,000 cash. As a construction site for smaller projects, it is estimated to be $10,000, but the supplier gave J.K. Builders a 10 percent discount. JK. Builders has not yet

Sandhill Co. at the end of 2025, its first year of operations, prepared a reconciliation between pretax financial income and taxable income as follows: Pretax financial income $415,000 Extra depreciation taken for tax purposes (1,017,000) Estimated

Exercises 603 Using this information, prepare a partial statement of cash flows for the year ended December 31 2018, showing the computation of net cash flows from operating activities by the indirect method. LO13-2 EXERCISE 13.11 Classifying Cash

Comey Products has decided to acquire some new equipment having a $250,000 purchase price. The equipment will last 4 years and is in the MACRS 3-year class. (The depreciation rates for Year 1 through Year 4 are equal to 0.3333, 0.4445, 0.1481, and

3. Take-Home Part (to be done with your Project Team) For the problem shown in Table below 13 Machines x 13 Products, determine the best layout using 1)SLP method (Use Centroid-to-Centroid Measure to determine efficiency of the ON 00 12 13 S 4 1.

On October 1 of the current year, Molloy Corporation prepared a cash budget for October, November, and December. All of Molloy's sales are made on account The fotrowng information was used in preparing estimated casti colicctions: Approximately 65%

During ts first year of operations, Connor Company paid $42,040 for direct materials and $19,200 in wages for production workers Lease company produced 6.200 units and sold 5.200 units for $16.20 a unit. The average cost to produce one unit is which

Beta Corporation issued a $300,000,8%, 20-year note. Beta's annual payments are $30,556. Calculate the principal balance after the first installment payment has been made. $269,444 O $281.444 O $330,556 O $293.444

Bahubali Ltd allocates manufacturing overhead to work in process based on direct labour hours. On 1st January of the current year, there were no balance in work in process of finished goods inventories. The following estimates were included in the

Education reform is one of the most hotly debated subjects on both state and national policy makers' list of socioeconomic topics. Consider a linear regression model that relates school expenditures and family background to student performance in

Reginald is a golf enthusiast. He teaches and plays the game of golf. A few years back, he was able to get in on an excellent business opportunity. He is a part of Improve Your Golf, Inc. They sell two different products that help people improve

Waterwiay Bottling Corporation is considering the purchase of a new botting machine. The machine would cost 5200000 and has af estimated usetul life of eghe rears with reto salvase valus. Manapernent estimates that the new botting machina will

Sunland Company manufactures and sells two products. Relevant per unit data concerning each product follow. (a) Your answer is correct. Compute the contribution margin per machine hour for each product. Your answer is correct. Compute the

Fopoe Coiporation hes w0.000 thares of $1 par vilue common stock and 76,000 shares of eumulative 7.8%5,5100 par prefered stock ounstanding. Topper has not peid a dividond for the pror yew il fopper deciares a 51.75 per common shere dividend this

Silver Company makes a product that is very popular as a Mother's Day gift. Thus, peak sa the company's sales budget for the second quarter given below: From past experience, the company has learned that 25% of a month's sales are collectec

[The following information applies to the questions displayed belowj Trico Company set the following standard unit costs for its single product. Direct materials (30 Ibs. $4. 40 per Ib.) Direct labor (6 hrs. $14 per hr) Factory overhead-variable (6

QUESTION 1 I. What can users of the audit report reasonably expect from the audited financial statements? The financial statements are complete and contain many of the important financial disclosures The financial statements are presented fairly

b. Use the controller's activity-based approach to estimate the 2020 budgeted cost for one kilogram of Mocha coffee and one kilogram of Vanilla coffee. Ivanhoe Inc. is a distributor and processor of a variety of different blends of coffee. The

Camden Biotechnology began operations in September 2021. The following selected transactions relate to liabilities of the company for September 2021 through March 2022. Camdens fiscal year ends on December 31. Its financial statements are issued in

Inventory Costing Methods-Periodic System The following information is available concerning the inventory of Carter Inc.: During the year, Carter sold 995 units. It uses a periodic inventory system. Required: 1. Calculate ending inventory and cost

Sales and production budgets Bowser Inc. manufactures two models of speakers, Rumble and Thunder. Based on the following production and sales data for June, prepare (a) a sales budget and ( b ) a production budget: a. Prepare a sales budget. b.

and extend the table to ahow the balance at the and of esch moeth unst the debt is paid oft. How long dees it take to pay off the credt card debie? Fil out the table row by row, and continue until the last hal payment. New Balance

Required information [ The following information applies to the questions displayed below. ] Sandra's Purse Boutique has the following transactions related to its top - selling Gucci purse for the month of October. Sandra's Purse Boutique uses a

what would be the retained earning here? tried zero also, the answer was incorrect Critz Company was started on January 1, Year 1. During the month of January, Critz earned $7,500 of revenue and incurred $ of expenses. During the remainder of Year

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