Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Sales 2016 Actual Sales 2017 Estimated Sales Nov Dec Jan Feb Mar Apr May Units 7,835 7,970 7,450 7,090 8,320 9,070 10,120 The selling price per unit has remained constant for the past year and is expected to 764 viewsAnonymous deleted answer July 27, 2017 0 Votes 1 Ans Crowley Building Supply sells various building materials to retail outlets. The company has just approached Sycamore State Bank requesting a $300,000 loan to strengthen the Cash account and to pay certain pressing short-term obligations. The company’s financial statements for the most recent two years follow: 1.49K viewsAnonymous deleted answer July 27, 2017 0 Votes 1 Ans Waterway Company sells 9% bonds having a maturity value of $2,200,000 for $1,962,092. The bonds are dated January 1, 2017, and mature January 1, 2022. Interest is payable annually on January 1. Set up a schedule of interest expense and discount amortization under the straight-line method. (Round answers to 0 decimal places, e.g. 38,548.) 903 viewsAnonymous deleted answer July 26, 2017 0 Votes 1 Ans The T-account showing the manufacturing overhead activity for Edith, Corp., for 2011 is as follows: nufacturing ovcrhea 99,000 215,000 Requirements R1. What is the actual manufacturing overhead? R2. What is the allocated manufacturing overhead? R3. What is the predetermined manufacturing overhead rate as 890 viewsAnonymous deleted answer July 26, 2017 0 Votes 1 Ans lf a country wants to boost its exports, it should devalue its currency. 838 viewsAnonymous deleted answer July 26, 2017 0 Votes 1 Ans Consider the following balance sheet: ASSETS Cash = $200 000 Accounts receivable = $200 000 Inventories = $100 000 Building and equipment- $2 000 000 Land = $3 000 000 LIABILITIES Accounts payable = $100 000 Taxes = $400 000 Long-term loans $1 500 000 Calculate the Equity ratio and Acid-Test Ratio 1.03K viewsAnonymous deleted answer July 25, 2017 0 Votes 1 Ans home Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. Indirect Labor $1.00 Indirect Materials $0.60 Utilities $0.30 1.20K viewsDarshita asked July 20, 2017 0 Votes 1 Ans xvz company estimates that 240,000 direct labor hours will be worked during 2017 in the Painting Department. Based on this estimate, the following budget was developed for manufacturing overhead costs Indirect labor Indirect materials Repairs Utilities Lubricants $72,000 48,000 36,000 26,400 9,600 $192,000 Supervision Depreciation $75,000 30,000 Rent Property taxes 9,000 6,000 $132,000 855 viewsDarshita asked July 20, 2017 0 Votes 1 Ans The Mark Corporation is authorized to issue a total of 100,000,000 shares of $.10 par value common stock. As of July 31, the corporation had issued a total of 9,200,000 common shares and received cash of $46,000,000. Determine the dollar amount reported in the Corporation’s common stock account on July 31. 916 viewsDarshita asked July 20, 2017 0 Votes 1 Ans The Francisca Company’s July 31 bank reconciliation showed four outstanding checks: No. 720 $496, No. 723 $285, No. 724 $456, and No. 725 $136. The Company wrote and recorded the following five checks during August: No. 726 $826, No. 727 $329, No. 728 $935, No. 729 $369, and No. 730 $1,986. The Company’s August 31 bank statement reported the following five checks were processed by the bank: No. 720 $496, No. 724 $456, No. 725 $136, No. 726 $826, and No. 727 $329. The bank charged the Company $56 for services during August.Determine the total dollar amount of the Company’s outstanding checks on August 31. 899 viewsDarshita asked July 20, 2017 0 Votes 1 Ans Optimus Company manufactures a variety of tools and industrial equipment. The company operates through three divisions. Each division is an investment center. Operating data for the Home Division for the year ended December 31, 2017, and relevant budget data are as follows. Actual Comparison with Budget Sales $1,401,000 $101,000 favorable Variable cost of goods sold 675,000 55,000 unfavorable Variable selling and administrative expenses 125,000 26,000 unfavorable Controllable fixed cost of goods sold 169,000 On target Controllable fixed selling and administrative expenses 79,000 On target 2.10K viewsDarshita asked July 19, 2017 0 Votes 1 Ans Valet Corporation began operationsin 2018. An analysis ofValet’s debt securitiesportfolio acquired in 2018 showsthefollowingtotalsat December 31,2018 for trading andavailable-for-sale debt securities: Trading Available-for-Sale Aggregate cost Aggregate fair value ecuriti S180,000 160,000 Securities $220,000 190,000 What amount shouldValet report in its 2018 income statement for unrealized holdingloss? a. T50,000 b. $10,000 c. $30,000 d. $20,000 856 viewsDarshita asked July 19, 2017 0 Votes 1 Ans Imperial Jewelers is considering a special order for 12 handcrafted gold bracelets to be given as gifts to members of a wedding party. The normal selling price of a gold bracelet is $410.00 and its unit product cost is $261.00 as shown below: Direct materials Direct labor Manufacturing overhead $143 83 35 Unit product cost $ 261 Most of the manufacturing overhead is fixed and unaffected by variations in how much jewelry is produced in any given period. However, $12 1.61K viewsDarshita asked July 19, 2017 0 Votes 1 Ans A)Earnestine, Kepplinger & Co. issued 10,000 common Stock for $100,000 on May 1, 2013. Write the journal entry to record the transaction. 1.01K viewsDarshita asked July 19, 2017 0 Votes 1 Ans The essential difference between absolute PPP and relative PPP is that the absolute PPP looks at the spot rate based on absolute price levels, whereas the relative PPP looks at the changes in the spot rate by the relative changes in price levels/inflation rates in two countries 1.01K viewsDarshita asked July 19, 2017 0 Votes 0 Ans If the rate between the Australian dollar and the US dollar is US$0.9256/AS, it can also be written as A$1.4014/USS 812 viewsDarshita asked July 19, 2017 0 Votes 1 Ans A foreign exchange market is also an over-the-counter (OTC) market because there T is no single defined location for it and a large part of funds are traded electronically 1.01K viewsDarshita asked July 19, 2017 0 Votes 1 Ans 1. When a country’s currency depreciates, foreign goods become more expensive. 933 viewsDarshita asked July 19, 2017 0 Votes 1 Ans Which of the following statements regarding a 52–53-week tax year is not correct? The year-end must be the same day of the week in all years. Some tax years will include more than 366 calendar days. Whether the particular tax year includes 52 weeks or 53 weeks is not elective. All of the above None of the above 1.44K viewsDarshita asked July 19, 2017 0 Votes 1 Ans On January 1, 2017, XYZ Company purchased 80,000 shares of the stock of Rayco, and did obtain significant influence. The investment is intended as a long-term investment. The stock was purchased for $475,000, and represents a 30% ownership stake. Rayco made $2,748,572 of net income in 2017, and paid dividends of $155,000. The price of Rayco’s stock increased from $10 per share at the beginning of the year, to $40 per share at the end of the year. Requirements: Prepare the January 1 and December 31 general journal entries for XYZ Company. How much should the XYZ Company report on the balance sheet for the investment in Rayco at the end of 2017? 981 viewsDarshita asked July 18, 2017 « Previous 1 2 … 28 29 30 31 32 … 128 129 Next »
