Accounting question and answers for August 30, 2023
- Q The Polaris Company uses a job-order costing system. Thefollowing transactions occurred in October:Raw materials purchased on account, $210,000.Raw materials used in production, $190,000 ($152,000direct materials and $38,000 indirect materials).Accrued direct...
- Q Luzadis Company makes furniture using the latest automatedtechnology. The company uses a job-order costing system and appliesmanufacturing overhead cost to products on the basis ofmachine-hours. The predetermined overhead rate was...
- Q What is a special assessment? How does funding for a specialassessment capital improvement differ from that of other capitalimprovements in a local government?What is a service concession arrangement, and why...
- Q Why is it important to study and understand accounting? Explainthe accounting equation and define its terms.
- Q 3. McCormick & Company is considering establishing newproducts in a new factory in Largo, Maryland. Theproject isexpected to last for eight years. To determine the right financingoption, you need to...
- Q Helix Corporation produces prefabricated flooring in a series ofsteps carried out in production departments. All of the materialthat is used in the first production department is added at thebeginning of...
- Q At the end of 2017fiscal year, L&Z Co. has the following information:BalanceSheetsCurrent AssetsAccountsreceivable, net of allowance of$1,076 $16,194a) During 2018, the company wrote off $200 of specific accounts thatwere deemed uncollectable. Prepare...
- Q iaz Company owns a milling machine that cost $125,400 and hasaccumulated depreciation of $93,000. Prepare the entry to recordthe disposal of the milling machine on January 3 under each of...
- Q RTI Company’s master budget calls for production and sale of19,300 units for $98,430; variable costs of $44,390; and fixedcosts of $18,600. During the most recent period, the companyincurred $33,300 of...
- Q Direct Materials Purchases BudgetAnticipated sales for Safety Grip Company were 35,000 passengercar tires and 11,000 truck tires. Rubber and steel belts are usedin producing passenger car and truck tires according...
- Q In a 2-3 page paper, complete the case below and submit toinstructor. Review the income statement for Uden Supply Company andanswer the following:Describe the purpose of analytical procedures performed in...
- Q The units of Manganese Plus available for sale during the yearwere as follows: Mar. 1 Inventory 23 units @ $29 $667 June 16Purchase 33 units @ $34 1,122 Nov. 28...
- Q Construct and Interpret a Product Profitability Report,Allocating Selling and Administrative ExpensesNaper Inc. manufactures power equipment. Naper has two primaryproducts—generators and air compressors. The following report wasprepared by the controller for...
- Q Question CT 15.7, Considering Your Costs and Benefits,is the basis for discussion pertaining to chapter 15. What are yourthoughts? Would you include charges for those costs, or would younot include...
- Q Star Videos, Inc., produces short musical videos for sale toretail outlets. The company’s balance sheet accounts as of January1 are given below.Star Videos, Inc.Balance SheetJanuary 1AssetsCash$89,200Accounts receivable106,600Inventories:Raw materials (film, costumes)$13,400Videos...
- Q On 9/1/16, Armada Company adopted a stock option plan forJoe and Erica to purchase common stock at $20 per share.Joe was granted options to purchase 1,000shares of stock: 700 shares...
- Q Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at...
- Q Corporations investing in both debt and equity securities. But,one interesting activity in the current investment world iscorporate “stock buybacks.” Do a little research and see if you canfind out why...
- Q The following data were extracted from the income statement ofMartin Solutions, Inc.:Year 2Year 1Sales$1,139,600$1,192,320Beginning inventory80,00064,000Cost of goods sold500,800606,000Ending inventory72,00080,000Required:Assume a 365-day year.Determine for each year:a. Inventory turnover. Round your answers...
- Q Problem 1:West Coast Board Manufacturing Inc. produces and sells surfboards in Southern California. The company expected the followingrevenues and costs in 2018 for its Premium surf boards:Revenue (750 boards @...
- Q Melissa recently paid $760 for round-trip airfare to San Franciscoto attend a business conference for three days. Melissa also paidthe following expenses: $370 fee to register for the conference,$365 per...
- Q You have just opened your own printing business. A large sportsfranchise is beginning an important advertising campaign in orderto attract more fans to the sport. The purchasing officer of thecompany...
- Q Use the following information for questions 1 through6.Best Linens manufactures towels and other linens. Material isintroduced at the beginning of the process in the CuttingDepartment. Conversion costs are incurred (and...
- Q During Heaton Company’s first two years of operations, itreported absorption costing net operating income as follows:Year 1Year 2Sales (@ $62 per unit)$1,240,000$1,860,000Cost of goods sold (@ $35 per unit)700,0001,050,000Gross margin540,000810,000Selling...
- Q Sunspot Beverages, Ltd., of Fiji makes blended tropical fruitdrinks in two stages. Fruit juices are extracted from fresh fruitsand then blended in the Blending Department. The blended juices arethen bottled...
- Q Average Rate of Return—Cost SavingsMidwest Fabricators Inc. is considering an investment inequipment that will replace direct labor. The equipment has a costof $85,000 with a $7,000 residual value and a...
- Q Compare and contrast the difference between variable and fullcosting.Describe why income calculated under full absorption costingwill be greater than income calculated under variable costing whenproduction exceeds sales.Explain how a manufacturing...
- Q The balance sheet data below for Randolph Company for two recentyears.AssetsYear 2Year 1Current assets$445 $280Plant assets 680 520Total assets$1,125 $800Liabilities & Stockholders' EquityCurrent liabilities$285$120Long-term debt 255 160Common stock 325 320Retained earnings 260 200Total liabilities and stockholders' equity$1,125 $800Required:a. Using horizontal analysis,...
- Q The Cutting Department of Tangu Carpet Company provides thefollowing data for December 2016. Assume that all materials areadded at the beginning of the process.Work in process, December 1, 10,400 units,...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown: Hi-Tek ManufacturingInc. Income Statement Sales $...
- Q The following is a series of transactions for Berkeley City.Indicate how Berkeley reports each transaction within thegovernment-wide financial statements and then on the fund financialstatements. Assume that Berkeley follows a...
- Q The following information applies to the questions displayedbelow.] Pocket Corporation acquired 100 percent of StrapCorporation's common stock on December 31, 20X2. Balance sheet datafor the two companies immediately following the...
- Q Page 5-7 (Section 5-4a) of the text mentions “qualified tuitionreduction plans” under which an educational institution may reduceor pay the tuition for its employees, and the employees will not betaxable...
- Q 2. Kohler Corporation reports the following components ofstockholders’ equity on December 31, 2016:Common stock—$15 par value, 100,000 sharesauthorized,45,000 shares issued and outstanding$675,000Paid-in capital in excess of par value, commonstock60,000Retained earnings430,000Total...
- Q Selected transactions completed by ATV Discount Corporationduring the current fiscal year are as follows: Jan. 5. Split thecommon stock 3 for 1 and reduced the par from $75 to $25...
- Q Measures of liquidity, Solvency, and ProfitabilityThe comparative financial statements of Marshall Inc. are asfollows. The market price of Marshall common stock was $ 56 onDecember 31, 20Y2.Marshall Inc.Comparative Retained EarningsStatementFor...
- Q Splish Company uses the gross profit method to estimateinventory for monthly reporting purposes. Presented below isinformation for the month of May.Inventory, May 1$ 162,100Purchases (gross)691,300Freight-in30,800Sales revenue1,041,700Sales returns65,900Purchase discounts12,500Compute the estimated...
- Q On June 30, 2017, Wisconsin, Inc., issued$300,000 in debt and 15,000 new shares of its $10 par value stockto Badger Company owners in exchange for all of the outstandingshares of...
- Q On January 1, 2018, the Marjlee Company began construction of anoffice building to be used as its corporate headquarters. Thebuilding was completed early in 2019. Construction expenditures for2018, which were...
- Q Lucido Products markets two computer games: Claimjumper andMakeover. A contribution format income statement for a recent monthfor the two games appears below: Claimjumper Makeover Total Sales $100,000 $ 50,000 $...
- Q Required information[The following information applies to the questions displayedbelow.]Forten Company, a merchandiser, recently completed itscalendar-year 2017 operations. For the year, (1) all sales arecredit sales, (2) all credits to Accounts...
- Q Factory Overhead Cost Variance ReportFeeling Better Medical Inc., a manufacturer of disposablemedical supplies, prepared the following factory overhead costbudget for the Assembly Department for October of the current year.The company...
- Q Miller Toy Company manufactures a plastic swimming pool at itsWestwood Plant. The plant has been experiencing problems as shownby its June contribution format income statement below:BudgetedActual Sales (6,000 pools)$265,000 $265,000 Variable...
- Q Required information Problem 19-3A Source documents, journalentries, and accounts in job order costing LO P1, P2, P3 [Thefollowing information applies to the questions displayed below.]Widmer Watercraft’s predetermined overhead rate for...
- Q On December 31, 2020, Berclair Inc. had 360 million shares ofcommon stock and 3 million shares of 9%, $100 par value cumulativepreferred stock issued and outstanding. On March 1, 2021,...
- Q Prepare a horizontal analysis of both the balance sheet andincome statement. ? Analysis Bal Sheet Analysis Inc Stmt ? Completethis question by entering your answers in the tabs below. Prepare...
- Q Given the following details, what are the seller's net proceedsfrom a stock sale and an asset sale? Please show all workDetails:Corporate tax rate: 38%Capital gains rate: 20%Stock sale:Purchase price $4,000.0...
- Q Fogerty Company makes two products—titanium Hubs and Sprockets.Data regarding the two products follow:DirectLabor-Hours per UnitAnnualProductionHubs0.8014,000unitsSprockets0.4054,000unitsAdditional information about the company follows:Hubs require $37 in direct materials per unit, and Sprocketsrequire $14.The...
- Q Hi-Tek Manufacturing, Inc., makes two types of industrialcomponent parts—the B300 and the T500. An absorption costing incomestatement for the most recent period is shown:Hi-Tek Manufacturing Inc.Income StatementSales$1,710,000Cost of goods sold1,213,984Gross...
- Q Presented below is the trial balance of Nash Corporation atDecember 31, 2017.DebitCreditCash$ 199,120Sales$ 8,101,010Debt Investments (trading) (cost, $145,000)154,010Cost of Goods Sold4,800,000Debt Investments (long-term)301,120Equity Investments (long-term)279,120Notes Payable (short-term)91,010Accounts Payable456,010Selling Expenses2,001,010Investment Revenue67,610Land261,010Buildings1,042,120Dividends Payable138,120Accrued...
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