Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans During July, the medical practice completed the following transactions: Jul. 1Yarwood contributed $68,000 cash to the business in exchange for capital. Jul 5Paid monthly rent on medical equipment, $550. Jul. 9Paid $17,000 cash to purchase land to be used in operations. Jul.10Purchased office supplies on account, $1,800.19Borrowed $24,000 from the bank for business use. Jul. 22Paid $1,700 on account.28The business received a bill for advertising in the daily newspaper to be paid in August, $290.31Revenues earned during the mont 1.55K viewsDarshita asked July 10, 2017 0 Votes 1 Ans Courtney Company uses a periodic inventory system. The following data were available: beginninginventory, 1,000 units at $35; purchases, 4,000 units at $38; operating expenses (excluding income taxes), $91,500; ending inventory per physical count at December 31, 900 units; sales price per unit, $75; and average income tax rate, 30%. Prepare income statements under the FIFO, LIFO, and weighted average costing methods. (Do not round intermediate calculati 1.00K viewsDarshita asked July 10, 2017 0 Votes 1 Ans An asset for drilling was purchased and placed in service by a petroleum production company. Its cost basis is s50,000, and it has an estimated MV of $14,000 at the end of an estimated useful life of 15 years. Compute the depreciation amount in the second year and the BV at the end of the third year of life by each of these methods: a. The SL method. b. The 200% DB method with switchover to SL. c. The GDS. d. The ADS. SL Click the icon to view the partial listing of depreciable assets used in business Click the icon to view the GDS Recovery Rates (k). 1.76K viewsDarshita asked July 10, 2017 0 Votes 1 Ans on January 1st 2014 hatch company borrowed $250,000 cash from First Bank by issuing a five-year 7% note the principal and interest are to be paid by making annual payments and the amount of $60,973 payments are to be made December 31st of each year beginning December 31st 2014. prepare an amortization schedule for the interest and principal payments for the four year period. 846 viewsDarshita asked July 10, 2017 0 Votes 1 Ans CSM Machine Shop is considering a four-year project to improve its production efficiency. Buying a new machine press for $489,000 is estimated to result in $188,000 in annual pretax cost savings. The press falls in the MACRS five-year class MACRS Table, and it will have a salvage value at the end of the project of $57,000. The press also requires an initial investment in spare parts inventory of $21,400, along with an additional $3,400 in inventory for each succeeding year of the project. The shop’s tax rate is 30 percent and its discount rate is 12 percent. what is the NPV. 888 viewsDarshita asked July 10, 2017 0 Votes 1 Ans AJ Manufacturing Company incurred $50,000 of fixed product cost and $40,000 of variable product cost during its first year of operation. Also during its first year, AJ incurred $16,000 of fixed selling and administrative costs and $13,000 of variable selling and administrative costs. The company sold all of the units it produced for $160,000. 1.27K viewsDarshita asked July 10, 2017 0 Votes 1 Ans Connecticut Manufacturing began business on January 1. During its first year of operation, Connecticut worked on five industrial jobs and reported the following information at year-end: Job 1 Job 2 Job 3 Job 4 Job 5 Direct Materials 2,300 7,900 4,000 3,500 1,500 1.21K viewsDarshita asked July 10, 2017 0 Votes 1 Ans Classify each cost and its amount as (a) either variable or fixed and (b) either product or period. (The firs Required Information cost is mpleted as an example.) The following information applies to the questions displayed below Cost by Behavior Cost by Function Costs Variable Fixed Product Period Plastic for casing S 23,000 23,000 Listed here are the total costs associated with the 2015 produczion of 1,000 drum sets manutactured by TrueBeat. The drum sets sell for $477 each 2. Wages of assembly workers 3. Property taxes on factory Accounting staff salaries Costs 1. Plastic for casing-$23.000 2. Wages of assembly workers-$87000 3. Property taxes on factory-$4.000 4. Accounting statt salaries-$39,000 5. Drum stands (1000 stands purchased)-$28,000 6. Rent cost of equipment for sales star-$24.000 964 viewsDarshita asked July 10, 2017 0 Votes 1 Ans or each of the following adjusting entries, identify whether the entry is correct If r it is not correct, provide the correct entry in the journal on the next page and specify why the entry given below is wrong. a. Sales 2,800 Accounts Receivable 2,800 To record sales made on the last day of the year that the company has not yet billed. b. Rent Expense 680 Prepaid Rent 680 To record one month of rent expense. Three months ago, the company paid S8,160 for one year’s rent in advance. c. Utilities Expense 800 Utilities Payable 800 The company received an electric bill for $800 for the current month. The bill is due next month. d. Supplies 1,900 Supplies Expense 1,900 The supplies account had a balance of $2,300 at the end of last month. The count at the end of this month showed a balance of $400 e. Unearned service fees 1,000 Service fee revenue 1,000 The company performed S1,000 of services that the client had paid for in advance. 950 viewsDarshita asked July 10, 2017 0 Votes 1 Ans The Rams Company has provided the following information Direct Eastory Overhead Month Labor Hous July August September October November $92,095 05,056 83,802 99,594 108,694 97,404 4,900 5,A80 3,760 4,420 5,720 3,980 December Using the high-low method, calculate the total fixed factory over overhead cost per direct labor hour. a. head cost and the variable factory b. Prepare the cost function. What would the total factory overhead cost be at a level of 7,000 hours? 900 viewsDarshita asked July 10, 2017 0 Votes 1 Ans Synergy is an often-used word in business, but as the popular press and the textbook suggest, many efforts at diversification do not provide value to customers or shareholders. Based on your analysis of Harley-Davidson to date and its merger, describe how it has done or could do the following: Find economies of scope. Provide examples of specific actions Harley-Davidson’s managers could take to reduce expenses or share activities through horizontal relationships across brands. Find ways to achieve economies of scope by leveraging assets and capabilities across business units. Find ways to enhance market power by pooling and negotiating or vertical integration. 1.04K viewsDarshita asked July 9, 2017 0 Votes 0 Ans Galway Corporation manufactures furniture. Classify each cost item into one of these categories: DM, DL, MO, or P. 1. [DM DL MO P] Depreciation on the factory machinery 2. [DM DL MO P] Glue, nails, paint, and small parts used in production. 3. [DM DL MO P] Wages paid to assembly line workers 4. [DM DL MO P] Factory supervisor’s salary 5. [DM DL MO P] Insurance on machines in the factory 6. [DM DL MO P] Salary for the night security guard in the factory 7. [DM DL MO P] Wood used in the furniture 8. [DM DL MO P] Property taxes on the factory building. 9. [DM DL MO P] Factory repairs. 10. [DM DL MO P] Factory utilities cost. 11. [DM DL MO P] Cost of idle time for assembly line workers.* k* 13. [DM DL MO P] Overtime premium for assembly line workers.:* * 868 viewsDarshita asked July 9, 2017 0 Votes 1 Ans Sultan Company has the following data: Direct labor Direct materials used Total manufacturing overhead Ending work in process Beginning work in process 576,000 84,000 65,000 30,000 45,000 Required Compute (a) total manufacturing costs and (b) cost of goods manufactured. 797 viewsDarshita asked July 9, 2017 0 Votes 1 Ans Exercise 6-7 Teal Mountain Inc. reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 121 $5 $ 605 12 Purchases 335 6 2,010 23 Purchases 198 7 1,386 30 Inventory 216 1.28K viewsDarshita asked July 9, 2017 0 Votes 1 Ans following information applies to the questions displayed below] gers Company signs a five-year capital lease with Packer Company for o d lease payment is $16,000, and the Interest rate is 7%.dable B.1. Table se appropriate factor(s) from the tables provided.) ue 7 points Complete the below table to calculate the present value of Roger’s five-ye Present value of lease payments 779 viewsAnonymous deleted answer July 7, 2017 0 Votes 1 Ans Bayleaf Inc is considering the purchase of a machine that costs $250,000. The machine is expected to generate revenues of $85,000 per year for five years. The machine would be depreciated using the straight-line method over a five-year life and have no salvage value. The company considers the impact of income taxes in all of its capital investment decisions. The company has a 40 percent income tax rate and desires an after-tax rate of return of 12 percent on its investment Compute the net present value of the machine. Please include detailed instructions on how answer is obtained. 1.07K viewsDarshita asked July 7, 2017 0 Votes 1 Ans What are the two methods in accounting for leases? What are the advantages and disadvantages of each? 806 viewsDarshita asked July 7, 2017 0 Votes 1 Ans Explain how knowledge of managerial accounting can assist a manager with regard to the followingconcerns: a. He is deciding whether to push through with a project. b. He is determining whether a branch is profitable or not. c. He is deciding whether to process a certain product further before selling. d. He would like to show to the Board of Directors how the business is financially performing and how cash is being used. f. He would like to plan for the year so that he will be prepared to deal with shortage of cash fund. 945 viewsDarshita asked July 7, 2017 0 Votes 1 Ans Miller Metal Co. makes a single product that sells for $42 per unit. Variable costs are $28 per unit, and fixed costs total $65,310 per month. Required: a. Calculate the number of units that must be sold each month for the firm to break-even. (Do not round intermediate calculations.) b. Assume current sales are $407,000. Calculate the margin of safety and the margin of safety ratio. (Round intermediate calculations to the nearest whole number.) c. Calculate operating income if 6,500 units are sold in a month. (Do not round intermediate calculations.) 821 viewsDarshita asked July 7, 2017 0 Votes 1 Ans Given the following information for Maynor Company in 2014, calculate the company’s ending inventory cost of goods sold, and gross profit, using the following inventory costing methods, assuming the company uses a periodic inventory system 2014 Jan 1 Purchases March 28 Aug 22 Oct 14 Units Unit Cost Total Cost Beginning Inventory 30 $48 $1,440 Purchase Purchase Purchase 40 40 45 51 53 56 2,040 2,120 2,520 Goods Available for Sale 155 $8,120 Sales Unit Sales Price Revenue May 1 October 28 Sales Sales 45 40 $68 68 $3,060 2,720 Total Revenue 85 $5,780 a. Weighted Average: (Do not round intermediate calculations. Round “Average Cost” to 2 decimal places.) Average Cost Ending Inventory Cost of Goods Sold Gross Profit b. FIFO: Ending Inventory Cost of Goods Sold Gross Profit 1.25K viewsDarshita asked July 7, 2017 « Previous 1 2 … 31 32 33 34 35 … 128 129 Next »
