Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans David is considering purchasing a new point-of-sale computer system for his store.The computer system will allow cashiers to process sales and returns quicker, plus it will easily integrate with his inventory management system. The new computer system will cost David $25,000 to purchase and setup 884 viewsDarshita asked July 18, 2017 0 Votes 1 Ans A $1,000 face value corporate bond matures in 28 years, pays interest semiannually, and has a market quote of 98.625. The coupon rate is 7.25 percent, the current yield is ________ percent, and the yield to maturity is ________ percent. 791 viewsDarshita asked July 18, 2017 0 Votes 1 Ans Profits have been decreasing for several years at Pegasus Airlines. In an effort to improve the company’s performance, the company is thinking about dropping several flights that appear to be unprofitable. A typical income statement for one round-trip of one such flight (flight 482) is as follows: Ticket revenue (115 seats × 40% occupancy × $65 ticket price) $ 2,990 100.0 % Variable expenses ($13.00 per person) 598 20 Contribution margin 2,392 80 % Flight expenses: 1.24K viewsDarshita asked July 18, 2017 0 Votes 1 Ans Prepare a statement of cash flow INCOME STATEMENT Sales 5,000 Gain on Sale of Land/Building 2,000 Cost of Goods Sold (3,000) Gross Profit on Sales 4,000 Operating Expenses: Depreciation 300 Other 500 (800) Net Income 3,200 843 viewsDarshita asked July 18, 2017 0 Votes 1 Ans At December 31, 2016, Novak Corp. Imports reported this information on its balance sheet. Accounts receivable $564,800 Less: Allowance for doubtful accounts 35,700 During 2017, the company had the following transactions related to receivables. 1. Sales on account $2,896,800 2. Sales returns and allowances 91,648 3. Collections of accounts receivable 2,637,500 4. Write-offs of accounts receivable deemed uncollectible 43,840 5. Recovery of bad debts previously written off as uncollectible 1.12K viewsDarshita asked July 18, 2017 0 Votes 1 Ans Stoney Saure, accountant for Votives, Inc., must group the costs of manufacturing tealights. Indicate whether each of the following items should be classified as direct materials (DM), direct labor (DL), overhead (O), or none of these (N). Also indicate whether each is a prime cost (PC), a conversion cost (CC), or neither (N). Hint: More then one answer per category may apply. 932 viewsDarshita asked July 18, 2017 0 Votes 1 Ans The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation. Production: 9 000 units finished and transferred out 3,000 units started that are 100% complete as to matenals and 20% complete as to conversion costs. Manufacturing costa: Materials $33,000; labor $24,000; overhead $36,000 Instructions Prepare a production cost report Determine eguivalent units, unit costs, and assignment of cost. LO 5, 6), AP fT uoneo Compagy has the following cost and production data for the month of April, 1.02K viewsDarshita asked July 18, 2017 0 Votes 1 Ans Discuss your experience with measurements in your organization or business? Do you find some to be more or less useful than others? Do you know what the measurements are really used for? Do you wonder if any are actually useless? 759 viewsDarshita asked July 14, 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 $155,000 834 viewsDarshita asked July 14, 2017 0 Votes 1 Ans Sandhill Co. markets CDs of numerous performing artists. At the beginning of March, Sandhill Co. had in beginning inventory 2,320 CDs with a unit cost of $7. During March, Sandhill Co. made the following purchases of CDs. March 5 2,140 @ $8 March 21 5,440 @ $10 March 13 3,560 @ $9 March 26 1,910 @ $11 902 viewsDarshita asked July 12, 2017 0 Votes 1 Ans Trez Company began operations this year. During this first year, the company produced 100,000 units and sold 80,000 units. The absorption costing income statement for this year follows. Sales (80,000 unitsx $45 per unit) Cost of goods sold 3,600,000 Beginning inventory Cost of goods manufactured (100,000 units x $25 per unit) 2,500,000 Cost of good available for sale Ending inventory (20,000 x $25) 2,500,000 500,000 Cost of goods sold 2,000,000 1.94K viewsDarshita asked July 12, 2017 0 Votes 1 Ans On March 10, 2017, Monty Company sold to Barr Hardware 240 tool sets at a price of $49 each (cost $32 per set) with terms of n/60, f.o.b. shipping point. Monty allows Barr to return any unused tool sets within 60 days of purchase. Monty estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at a profit 804 viewsDarshita asked July 12, 2017 0 Votes 1 Ans As of December 31, 2016, Warner Corporation reported the following Dividends payable Treasury stock Paid-in capital share repurchase Other paid-in capital accounts Retained earnings $22,000 620,000 22,000 4,200,000 $3,200,000 During 2017, half of the treasury stock was resold for $244,000, net income was $620,000, cash dividends declared were $1,520,000, and stock dividends declared were $520,000 The 2017 sale of half of the treasury stock would O Reduce income before tax by $66.000 O Reduce retained earnings by $66,000 O Reduce retained earnings by $44,000 O Increase total shareholders’ equity by $310,000 1.17K viewsDarshita asked July 12, 2017 0 Votes 1 Ans The following items were selected from among the transactions completed by Pioneer Co. during the current year: Mar. 1 Purchased merchandise on account from Galston Co., $360,000, terms n/30. 31 Issued a 30-day, 5% note for $360,000 to Galston Co., on account. 846 viewsDarshita asked July 12, 2017 0 Votes 1 Ans The Production Department of Hruska Corporation has submitted the following forecast of units to be produced by quarter for the upcoming fiscal year: 1st Quarter 10,900 2nd Quarter 3rd Quarter 11,900 4th Quart 12,900 Units to be produced 9,900 Each unit requires 0.25 direct labor-hours and direct laborers are paid $12.00 per hour. In addition, the variable manufacturing overhead rate is $2.00 per direct labor-hour. The fixed manufacturing overhead is $89,000 pe quarter. 1.31K viewsDarshita asked July 12, 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 Variable cost of goods sold Variable selling and administrative expenses Controllable fixed cost of goods sold Controllable fixed selling and administrative expenses S1,400,000 676,000 124,000 169,000 81,000 $100,000 favorable 56,000 unfavorable 24,000 unfavorable On target On target Average operating assets for the year for the Home Division were $2,001,000 wh 1.14K viewsDarshita asked July 12, 2017 0 Votes 1 Ans he Zoe Corporation has the following information for the month of March Cost of direct materials used in production Direct labor Factory overhead Work in process inventory, March 1 Work in process inventory, March 31 Finished goods inventory, March 1 Finished goods inventory, March 31 a. Determine the cost of goods manufactured 1.49K viewsDarshita asked July 12, 2017 0 Votes 1 Ans The face value of a simple discount note is $4,000. The bank discount is calculated at 12% for 60 days. Use ordinary interest. Calculate: 9. A. Amount of interest charged for note B. Amount borrower would receive C. Amount payee would receive at maturity 1.12K viewsDarshita asked July 12, 2017 0 Votes 1 Ans Walsh Company manufactures and sells one product. The following information pertains to each of the company’s first two years of operations Variable costs per unit: Manufacturing Direct materials Direct labor Variable manufacturing overhead $26 $16 Variable selling and administrative Fixed costs per year: $ 320,000 Fixed manufacturing overhead Fixed selling and administrative expenses 60,000 During its first year of operations, Walsh produced 50,000 units and sold 40,000 units. During its second year of operations, it produced 40,000 units and sold 50,000 units. 5.72K viewsDarshita asked July 12, 2017 0 Votes 1 Ans Your portfolio returned 13% last year, with a beta equal to 1.5. The market return was 10% and risk free rate 4%. Did you earn more or less than the required rate of return on your portfolio? Use jensen’s measure 788 viewsAnonymous deleted answer July 11, 2017 « Previous 1 2 … 30 31 32 33 34 … 128 129 Next »
