Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans SmoothAir is a no-frills airline that services the Midwest. Its mission is to be the only short-haul, low-fare, high-frequency, point-to-point carrier in the Midwest. However, there are several large commercial carriers offering air transportation, and SmoothAir knows that it cannot compete with them based on the services those carriers provide. SmoothAir has chosen to reduce costs by not offering many inflight services, such as food and entertainment options. Instead, the company is dedicated to providing the highest quality transportation at the lowest fare. SmoothAir’s balanced scorecard measures (and actual results) for 2013 follow: 810 viewsDarshita asked June 29, 2017 0 Votes 1 Ans Compare the percentage-of-receivables method and the percentage-of-credit-sales method (LO5-9) [The following information applies to the questions displayed below.] Suzuki Supply reports the following amounts at the end of 2018 (before adjustment) Credit Sales for 2018 Accounts Receivable, December 31, 2018 Allowance for Uncollectible Accounts, December 31, 2018 $260,000 55,000 1,100 3.07K viewsDarshita asked June 29, 2017 0 Votes 1 Ans ABC, wholesale, customer profitability. Veritek Wholesalers operates at capacity and sells furni- ture items to four department-store chains (customers). Mr. Veritek commented, “We apply ABC to deter- mine product-line profitability. The same ideas apply to customer profitability, and we should find out our customer profitability as well.” 837 viewsDarshita asked June 29, 2017 0 Votes 1 Ans The West Division wants to increase the price of the part it sells to East Division by $96 to $480. The manager of the East Division has stated that he cannot pay that much insofar as the division’s profit goe can buy the part from an outside supplier for $448 per unit 815 viewsDarshita asked June 27, 2017 0 Votes 1 Ans The trial balance of D. Savage Company at the end of its fiscal year, August 31, 2017, includes these accounts: Inventory $19,500; Purchases $156,000; Sales Revenue $193,000; Freight-In $4,350; Sales Returns and Allowances $3,200; Freight-Out $1,700; and Purchase Returns and Allowances $3,000. The ending inventory is $24,500. Prepare a cost of goods sold section for the year ending August 31 (periodic inventory). 877 viewsDarshita asked June 27, 2017 0 Votes 1 Ans What is it important to match costs vs. revenues in an accounting cycle? Please give an example 751 viewsDarshita asked June 27, 2017 0 Votes 1 Ans The most cost-effective way to limit fraud losses is to prevent fraud from occurring. There are 11 sections on the checklist; evaluate the effectiveness of this checklist to accomplish its stated goal of helping an organization test the effectiveness of its fraud-prevention measures. Comment on every measure in the checklist. Is every item necessary to accomplish the checklist’s goals? 917 viewsDarshita asked June 27, 2017 0 Votes 1 Ans the management of Kunkel Company is considering the purchase of a $26,000 machine that would reduce operating costs by $6,500 per year. At the end of the machine’s five-year useful life, it will have zero scrap value. The company’s required rate of return is 16%. 970 viewsDarshita asked June 27, 2017 0 Votes 1 Ans piess Corporation has two major business segments–Apparel and Accessories. Data concerning those segments for December appear below Sales revenues, Apparel Variable expenses, Apparel Traceable fixed expenses, Apparel Sales revenues, Accessories Variable expenses, Accessories Traceable fixed expenses, Accessories $735,000 $342,000 $174,000 $777,000 $426,000 $125,000 Common fixed expenses totaled $433,000 and were allocated as follows: $187,000 to the Apparel business segment and $246,000 to the Accessories business segment. 882 viewsDarshita asked June 27, 2017 0 Votes 0 Ans General Fabricators assembles its product in several departments. It has two departments that process all units. During October, the beginning work in process in the cutting department was half completed as to conversion, and complete as to direct materials. The beginning inventory included $12,000 for materials and $3,000 for conversion costs. Ending work-in-process inventory in the cutting department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in the finishing department was 75% complete as to conversion. Direct materials are added at the end of the process. Beginning inventories included $16,000 for transferred-in costs and $20,000 for conversion costs. Ending inventory was 25% complete. Additional information about the two departments follows: 1.22K viewsDarshita asked June 25, 2017 0 Votes 1 Ans Lexington Company produces baseball bats and cricket paddles. It has two departments that process all products. During July, the beginning work in process in the cutting department was half completed as to conversion, and complete as to direct materials. The beginning inventory included $40,000 for materials and $60,000 for conversion costs. Ending work-in-process inventory in the cutting department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in the finishing department was 80% complete as to conversion. Direct materials for finishing the units are added near the end of the process. Beginning inventories included $24,000 for transferred-in costs and $28,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows: 1.14K viewsDarshita asked June 25, 2017 0 Votes 1 Ans The Laramie Factory produces expensive boots. It has two departments that process all the items. During January, the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials. The beginning inventory included $6,000 for materials and $18,000 for conversion costs. Ending work-in-process inventory in the tanning department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in the finishing department was 60% complete as to conversion. Beginning inventories included $7,000 for transferred-in costs and $10,000 for conversion costs. Ending inventory was 30% complete. 987 viewsDarshita asked June 25, 2017 0 Votes 1 Ans Surf Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities: 1.31K viewsDarshita asked June 25, 2017 0 Votes 0 Ans Four Seasons Company makes snow blowers. Materials are added at the beginning of the process and conversion costs are uniformly incurred. At the beginning of September, work in process is 40% complete and at the end of the month it is 60% complete. Other data for the month include: 901 viewsDarshita asked June 25, 2017 0 Votes 1 Ans Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows: Beginning work in process 10,000 units Units started 20,000 units Units completed 25,000 units Beginning work-in-process direct materials $ 6,000 Beginning work-in-process conversion $ 2,600 Direct materials added during month $30,000 Direct manufacturing labor during month $12,000 Factory overhead $ 5,000 1.15K viewsDarshita asked June 25, 2017 0 Votes 1 Ans Cedar Rapids Chemical placed 220,000 liters of direct materials into the mixing process. At the end of the month, 10,000 liters were still in process, 30% converted as to labor and factory overhead. All direct materials are placed in mixing at the beginning of the process and conversion costs occur evenly during the process. Cedar Rapids Chemical uses weighted-average costing. 785 viewsDarshita asked June 25, 2017 0 Votes 1 Ans The Zygon Corporation was recently formed to produce a semiconductor chip that forms an essential part of the personal computer manufactured by a major corporation. The direct materials are added at the start of the production process while conversion costs are added uniformly throughout the production process. June is Zygon’s first month of operations, and therefore, there was no beginning inventory. Direct materials cost for the month totaled $895,000, while conversion costs equaled $4,225,000. Accounting records indicate that 475,000 chips were started in June and 425,000 chips were completed. 1.22K viewsDarshita asked June 25, 2017 0 Votes 1 Ans Beginning inventory plus purchases equals: 993 viewsDarshita asked June 25, 2017 0 Votes 1 Ans 19. System that collects and processes data from transactions, organizes them into useful 742 viewsDarshita asked June 25, 2017 0 Votes 1 Ans The investment committee of Shield Insurance Co. is evaluating two projects, office expansion and upgrade to computer servers. The projects have different useful lives, but each requires an investment of $1,117,000. The estimated net cash flows from each project are as follows 831 viewsDarshita asked June 25, 2017 « Previous 1 2 … 34 35 36 37 38 … 128 129 Next »
