Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Presented below is the 2016 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2016 ($ in thousands) Sales revenue $ 7,000 Operating expenses: Cost of goods sold $ 3,360 Depreciation 240 Insurance 100 Administrative and other 1,800 1.28K viewsDarshita asked August 18, 2017 0 Votes 1 Ans he Kenda Il Division of Stephens Enterprises expects the following results for 2000: Variable expenses . Contribution margin. Fixed expenses. Operating income $500,000 cSalkes $300,000 $120,000 Total divisional assets are $1,000,000 Instructions: Calculate profit margin, asset turnover, and ROI for the division. 849 viewsDarshita asked August 17, 2017 0 Votes 1 Ans Gina’s Inc.manufacturer’s 10,000 units of Part X5 each year for use on its production line. At this level of activity, the costs per unit for X5 is as follows: direct material $2.20, direct labor $1.60, variable manufacturing overhead $1.00, and fixed manufacturing overhead $4.00. 901 viewsDarshita asked August 17, 2017 0 Votes 1 Ans Accountants have to keep up with GAAP and laws and regulations that pertain to the company. It is the accountants responsibility to see that the company follows GAAP an accurately reports the transactions of the company as they occur. How can an accountant do this? What kind of problems can occur? 916 viewsDarshita asked August 17, 2017 0 Votes 1 Ans 3) Beginning Inventory: 100 units @ $1 = $100 First Purchase: 200 units @ $2 = $400 Second Purchase; 300 units @ $3 = $900 Third Purchase: 400 units @ $4 = $1600 Ending Inventory: 200 units Required: 889 viewsDarshita asked August 17, 2017 0 Votes 1 Ans 1) Five jobs were worked on this month. Balances are as follows: Job 356, $450; Job 357, $1235; Job 358, $378; Job 359, $689; Job 360, $456. Jobs 356, 357, 358, and 359 were completed but not sold. Job 360 has not yet been completed. Required: Compute the value of the finished goods inventory. 1.14K viewsDarshita asked August 17, 2017 0 Votes 1 Ans Within the logistics function, segregation of duties means A. One person should not have inventory responsibilities over more than one station. B. One person should not have production responsibilities over more than one station. C. One person should not have quality assurance responsibilities over a work station other than his own 1.43K viewsDarshita asked August 17, 2017 0 Votes 1 Ans In 2009 Voest Inc’s income under absorption costing was $15,000 higher than its income under variable costing. During the year, the company produced 20,000 units. If total variable production costs were $80,000 and fixed manufacturing overhead was $40,000, how many units did the company sell in 2009? 865 viewsDarshita asked August 17, 2017 0 Votes 1 Ans Juniper Design Ltd. of Manchester, England, is a company specializing in providing design ser- vices to residential developers. Last year the company had net operating income of $600,000 on sales of $3,000,000. The company’s average operating assets for the year were $2,800,000 and its minimum required rate of return was 18% Required: Compute the company’s residual income for the year. 1.04K viewsDarshita asked August 17, 2017 0 Votes 1 Ans What is operating leverage? If the degree of operating leverage is 2.75, what does this mean? 995 viewsDarshita asked August 17, 2017 0 Votes 1 Ans Which project has the highest profitability index? Please show your calculations. A) Project A B) Project B C) Project C D) Project D 955 viewsDarshita asked August 17, 2017 0 Votes 1 Ans he following are selected transactions of Andreu Company. Andreu prepares finan- cial statements quarterly Jan. Purchased merchandise on account from Diego Company, $30,000, terms 2/10, n/30. (Andreu uses the perpetual inventory system.) Feb. 1 Issued a 9%, 2-month, $30,000 note to Diego in payment of account. Mar. 31 Accrued interest for 2 months on Diego note. Apr. Paid face value and interest on Diego note. July 1 Purchased equipment from Garcia Equipment paying $11,000 in cash and signing a Sept. 30 Oct. 1 Dec. 1 10%, 3-month, $40,000 note. 1.22K viewsDarshita asked August 17, 2017 0 Votes 1 Ans In October, Haldeman Corporation, a manufacturing company, reported the following financial data Sales.. $460,000 $89,000 107,000 $22,000 $59,000 S67.000 S111,000 Variable selling expense Variable administrative expense Fixed administrative expense The company had no beginning or ending inventories 109. The contribution margin for October was A. $5,000 B. $183,000 C. $264,000 D. $282,000 110. The gross margin for October was: A. $282,000 B. $183,000 C. $264,000 D. $5,000 964 viewsAnonymous deleted answer August 12, 2017 0 Votes 1 Ans Describe the impact inflation has on financial accounting. Should financial statements be adjusted for inflation? In what ways do International Accounting standards (IFRS) address the issue of accounting for changing prices (inflation)? Develop a 200 – 300 word explanation supporting your position. 940 viewsDarshita asked August 5, 2017 0 Votes 1 Ans During this past year, a small publishing company sold 60,000 copies of Super Travel paperbacks (its only product) at $5 per book, total fixed costs were $15,000, and total variable costs were $3 per book. What is this company’s breakeven point in units? 10,500 units b. 7,500 units e 30,000 units d. 15,000 units 15. If fixed costs are $80,000, the selling price is $100 per unit, the variable cost is $75 and the targeted profit is $30,000, then the required unit sales are a. 4,400 units. b. 2,000 units. e. 4,500 units. d. 2,500 units s break even point was 54 tablets. They expect to sell 100 tablets at a 990 viewsDarshita asked August 5, 2017 0 Votes 1 Ans Prepare journal entries to record the following merchandising transactions of Blink Company, which applies the perpetual inventory system. (Hint: It wll help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Boden.) July 1 Purchased merchandise from Boden Company for $6,000 under credit terms of 1/15, n/30, PROBLEM SET A Problem 4-1A Preparing journal entries for merchandising activities- perpetual system FOB shipping point, invoice dated July 1. Sold merchandise to Creek Co. for $900 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. 1.89K viewsDarshita asked August 5, 2017 0 Votes 1 Ans NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Cash Merchandise inventory Store supplies Prepaid insurance Store equipment Accumulated depreciation – 2.00K viewsDarshita asked August 5, 2017 0 Votes 0 Ans Coronado’s Agency sells an insurance policy offered by Capital Insurance Company for a commission of $116 on January 2, 2017. In addition, Coronado will receive an additional commission of $11 each year for as long as the policyholder does not cancel the policy. After selling the policy, Coronado does not have any remaining performance obligations. Based on Coronado’s significant experience with these types of policies, it estimates that policyholders on average renew the policy for 4.5 years 694 viewsDarshita asked August 5, 2017 0 Votes 1 Ans Claire wants to buy a car when she graduates from North State University 4 years from now. She believes that she will need $30,000 to buy the car (a) Calculate how much money Claire must put into her savings account today to have $30,000 in 4 years, assuming she can earn 8% compounded annually. (b) Calculate how much money Claire must put into her savings account today to have $30,000 in 4 years, assuming she can earn 8% compounded semi-annually 917 viewsDarshita asked August 5, 2017 0 Votes 1 Ans On December 31,2014, Barker Inc. provided consulting services to Carr Company at an agreed price of $408,004.35. Barker accepted $40,000 down and agreed to accept the balance in five equal installments of $50,000 to be received each June 30h and December 31st, beginning June, 2015. An assumed interest rate of 12% is imputed. Instructions: Using Excel, prepare the amortization schedule and then record all required journal entries that would be made by Barker on the following dates 765 viewsDarshita asked August 5, 2017 « Previous 1 2 … 26 27 28 29 30 … 128 129 Next »
