Questions And Answers Questions Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans Why is the identification of favorable and unfavorable variances so important to a company? How can the identification of the variances help management control costs? Please explain. 541 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Santos Company currently manufactures one of its crucial parts at a cost of $4.85 per unit. This cost is based on a normal production rate of 60,000 units per year. Variable costs are $3.10 per unit, fixed costs related to making this part are $60,000 per year, and allocated fixed costs are $45,000 per year. 498 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Jack Flubber, who owns Sons of Flubber Construction Co. and runs it as a proprietorship, had gross profits last year of $80,000. His personal and family expenses are $52,000 and he has $7,000 in exemptions and deductions. He paid $17,000 in taxes. If he paid himself a salary of$55,000 taxed at 20%, would it be advantageous for him to incorporate as a closely held corporation? Explain. 774 viewsDarshita asked June 7, 2017 0 Votes 1 Ans The comparative balance sheet of Berry Company for Year 1 and 2 ended December 31, appears below in condensed for 520 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Two sole proprietors, L and M, agreed to form a partnership on January 1, 2013. The trial balance for each proprietorship is shown below as of January 1, 2013. Click the link at the bottom of the page to access a spreadsheet containing information from both proprietors. 619 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Construction accounting under lFRS Appendix] In 2016, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2018. Information related to the contract is as follows 2016 2017 2018 Cost incurred during the year $2,400,000 $3,600,000 $2,200,000 Estimated costs to complete as of year-end 5.600.000 2,000,000 Billings during the year 2,000,000 4,000,000 4,000,000 Cash collections during the year 1,800,000 3,600,000 4,600,000 Westgate Construction reports under lFRS and concludes that the percentage-of-completion method is not appropriate Required 1. Calculate the amount of revenue and gross profit to be recognized in each of the three years. 4.38K viewsDarshita asked June 7, 2017 0 Votes 1 Ans What is cost accounting? Why is it important in business? Provide examples 518 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Under accrual-basis accounting cash must be received before revenue is recognized 610 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Make one (1) recommendation to FASB for overcoming obstacles in accounting for stock option plans. Provide one (1) specific example of the way in which your recommendation could improve the accounting for stock option plans. 548 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Accounting for partner contributions, allocating profits and losses to Learning c E. the partners, preparing partnership financial statements Lorena Lally and Allie Ranas formed a partnership on March 15, 2014. The partners 2. Lally, Capital S56,000 agreed to contribute cqual amounts off capital. Lallycontributed her solc proprietor- ship’s assets and liabilities (credit balances in parentheses) as follows: 625 viewsDarshita asked June 7, 2017 0 Votes 1 Ans gemini electronics case analysis 589 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Fairmount Inc., a developer of radiology equipment, has stock outstanding as follows: 24,000 shares of cumulative preferred 4% stock, $110 par, and 80,000 shares of $10 par common. During its first four years of operations, the following amounts were distributed as dividends: first year, $70,800; second year, $98,160; third year, $186,240; fourth year, $212,000. 611 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Using the information provided, calculate net income for 2002. Assume a tax rate of 40 percent. Inventory $5,000 Sales $200,000 Depreciation expense $5,000 Cost of goods sold $100,000 Interest expense $10,000 Operating expenses $30,000 525 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Penn Company was formed on July 1, 2012. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8% $25 par value, cumulative and nonparticipating preferred stock. Penn Company has a July 1–June 30 fiscal year. The following information relates to the stockholders’ equity accounts of Penn Company. Common Stock 574 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Refer to the following transactions. a. Sold 2,310 shares of $10.5 par value preferred stock at $13.50 per share. 671 viewsDarshita asked June 7, 2017 0 Votes 1 Ans 1- Is cash-basis accounting more reliable than accrual-basis accounting because the former deals with actual cash received and paid? 2- So then is accrual basis accounting is 100% truthful? Can you fool the readers of the financial statements using accrual accounting? If so, how? 544 viewsDarshita asked June 7, 2017 0 Votes 1 Ans Billings Company is a decentralized wholesaler with five autonomous divisions. The divisions are evaluated on the basis of ROI, with year-end bonuses given to the divisional managers who have the highest ROIs. Operating results for the company’s Office Products Division for the most recent year are given below 1.07K viewsDarshita asked June 7, 2017 0 Votes 1 Ans On January 10, BOC Corporation issued for cash 100,000 shares of $10 par value common stock at $80. On April 20, BOC issued at par 25,000 shares of preferred 4% stock, $25 par at $90. On July 1, BOC issued for cash 10,000 shares of 5%, $15 par preferred stock at $100. 635 viewsDarshita asked June 7, 2017 0 Votes 1 Ans The Washington Fish Company completed the flexible budget analysis for the second quarter, which is given below. 757 viewsDarshita asked June 6, 2017 0 Votes 1 Ans Flamingo, Inc. has the following budgeted figures: 1.48K viewsDarshita asked June 6, 2017 « Previous 1 2 … 42 43 44 45 46 … 128 129 Next »
