Accounting question and answers for November 20, 2023
- Q Warner and Augustine Robins, both 33 years old, have been married for 9 years and have no dependents. Warner is the president of Dragon Lady Corporation located in Macon. The...
- Q The inventory manager of Maximart Sales wants to establish optimum ordering policies. Weekly demand for a particular item follows a normal distribution with a mean of 300 units and a...
- Q Shine Detergent (M) Sdn. Bhd. produces a special type of detergent for heavy industrial use in Malaysia. The following information was provided by the company for theSecond Quarterof 2019: ...
- Q Choi Company manufactures two skin care lotions, Smooth Skin and Silken Skin, from a joint process. The joint costs incurred are $430,000 for a standard production run that generates 260,000...
- Q With solution or explanation The Le Amore Company had the following budgeted sales for the first half of the current year: Cash Sales Credit Sales January P70,000 P340,000 February 50,000...
- Q The profit generated by the subsidiary in the U.K. is considered as a good source of money to be used to pay for the import of manufacturing equipment from Japan...
- Q ABC is a distributor of DVDs. KMart is a local retail outlet which sells blank and recorded DVDs. KMart purchases DVDs from ABC at $5.00 each; the units are shipped...
- Q Paul and Libby White (both are age 66) are married and together have AGI of $105,000 in 2018. They have two dependents and file a joint return. During the year,...
- Q Mare Co., the consultant of Marites Co. had summarized the following standard cost data extracted from the historical records and performance reports issued by the cost accounting department in the...
- Q The balance in beginning Work in Process atWalla WallaRubber Company for direct labor was $151,800. During the month of March, an additional $684,200of direct labor was incurred, and32,900pounds of rubber...
- Q The master budget for the year just ended was on a computer that was just hacked. You feel responsible because you didn't install anti-hacking software on the computer and you...
- Q Lexan Textile Company's Job X12 had one of its 20 units spoiled. The cost incurred on the unit was $750. It was specific normal spoilage with an estimated disposal price...
- Q Costing Models You work for XYZ trucking and your boss has asked you to figure out how much the firm should charge a new customer to make a...
- Q Question 1: Activity Based Costing (25 marks) The Try Corporation has a machining facility specializing in jobs for the aircraft-components market. Try's previous simple job-costing system had...
- Q Comely Products manufactures three products, R, S, and T, in a joint process. For every ten kilos of raw materials input, the output is five kilos of R, three kilos...
- Q Whitley Construction Company is in the home remodeling business. Whitley has three teams of highly skilled employees, each of whom has multiple skills involving carpentry, painting, and other home remodeling...
- Q XYZ chair company manufactures a standard recliner. During February, the firm's Assembly Department started production of 75,000 chairs. During the month, the firm completed 80,000 chairs, and transferred them to...
- Q Erkens Company uses a job costing system with normal costing and applies factory overhead on the basis of machine hours. At the beginning of the year, management estimated that the...
- Q A&R Quality Advisors is a small consulting firm offering quality audits and advising services to small and mid-sized manufacturing firms. Quality audits entail reviewing, checking, and documenting quality practices within...
- Q Ronda Company employs weighted average process costing system concerning its sole product. The following data were provided by the cost accountant for the year ended Dec 31, 2016: There...
- Q Nofat Company produces a product in three departments. The product is cut out of sheet metal in the Cutting Department, then transferred to the Forming Department, where it is bent...
- Q You are evaluating whether you should purchase a hybrid car, or its gasoline-engine counterpart. Select two car models that are similar, with one being a hybrid and one being a...
- Q Mack's Bike Shop receives the following trade discounts: 34/20/11.The vendor's price list indicates the percent off the list price is for purchasing bikes in quantities of 100 or more, percent...
- Q T Safe Systems installs home security systems. Two of its systems, the ICU 100 and the ICU 900, have these characteristics: Design Specifications ICU 100 ICU 900 Cost Data...
- Q Christine's Chronographs makes two models of a high-end watchthe model 94 and the model 101. Both models go through a special polishing step that requires the use of the single...
- Q Suppose that you are a bank regulator who knows that there are two types of bank's under your jurisdiction, high quality (H) and low quality (L), who differ in their...
- Q Lansing, Inc. provides the following information for one of its department's operations for June (no new material is added in Department T). WIP inventoryDepartment TBeginning inventory (9,100 units, 20%...
- Q Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30AssetsCash$9,000Accounts receivable54,000Inventory30,000Buildings and...
- Q Benoit Manufacturing Company manufactures and sells parts for various musical gadgets. The following information to a single part which is used in the production of a wind instrument. The business...
- Q Assume that Laptop parts assembly company producing 650 laptops during 2019. The management has drawn up a standard cost plan as follows: The standard quantity of direct material is 30...
- Q Lakeside Components wishes to purchase parts in one month for sale in the next. On June 1, the company has 9,000 parts in stock, although sales for June are estimated...
- Q During March, the production department of a process operations system completed and transferred to finished goods 25,000 units that were in process at the beginning of March and 150,000 that...
- Q On January 1, 2019, the management of MILL Company determined that a revision in the estimate associated with the depreciation of storage facilities was appropriate. The facilities, purchased on January...
- Q South Coast Appliance Store is a small company that has hired you to perform some management advisory services. The following information pertains to 2017 operations. Sales...
- Q HomeLife Life Insurance Company has two service departments (actuarial and premium rating) and two production departments (advertising and sales). The distribution of each service department's efforts (in percentages) to the...
- Q Cornelius Company produces women's clothing. During the year, the company incurred the following costs: Factory rent: 402,500 Direct Labor: 345,000 Utilities - factory: 44,000 Purchase of direct materials: 592,500 Indirect...
- Q Question 2 (7 marks) XYZ Ltd acquires 100 per cent of Red-X Ltd on 1 July 2021. XYZ Ltd pays the shareholders of Red-X Ltd the following consideration: ...
- Q Jim Lee and his wife Mary Lee are the two directors of the private company, Darwin Accounting Services Pty Ltd. On 1 July 2003 a Deed of Settlement was executed...
- Q Luke Corporation produces a variety of products, each within their own division. Last year, the managers at Luke developed and began marketing a new chewing gum, Bubbs, to sell in...
- Q Question 4(7 marks) Assume that Company A acquires 70 per cent of Company B for a cash price of $14 million when the share capital and reserves of Company B...
- Q In 2014, National Utility issued $60,000,000 of 10%, 25-year bonds at par. The current market rate on bonds with the same rating is 8%. The bond contract will allow refunding...
- Q Anu's Amusement center has collected the following data for operations for the year. total revenues 1,890,000 total fixed costs 590,200 total variable variable costs 1,071,000 total tickets...
- Q Shannon Company segments its income statement into its North and South Divisions.The company's overall sales, contribution margin ratio, and net operating income are $500,000, 50%, and $25,000 respectively.The North Division's...
- Q ABC Inc is evaluating a project. The ABC intends to sue 205 debt in funding the project. ABC identifies 5 comparable companies with the following "equity betas" and "debt/equity" ratios....
- Q December 31AssetsCurrent assets:Cash$19,000Accounts receivable, net220,000Merchandise inventory370,000Prepaid expenses7,000Total current assets616,000Property and equipment, net860,000Total assets$1,476,000Liabilities and Stockholders' EquityLiabilities:Current liabilities$210,000Bonds payable, 11%310,000Total liabilities520,000Stockholders' equity:Common stock, $5 par value$200,000Retained earnings756,000Total stockholders' equity956,000Total liabilities and...
- Q In 2011, Beta Corporation earned gross profits of 760,000 Suppose it is financed by a combination of common stock and 1 million of debt. The interest rate on...
- Q Mrs. Shepard was a patient at Citizens Hospital, where she was admitted complaining of stomach pains. Tests revealed that Mrs. Shepard had an inflamed appendix, and surgery was indicated. Once...
- Q Farell is a member of Sierra Vista LLC. Although Sierra Vista is involved in a number of different business ventures, it is not currently involved in real estate either as...
- Q The before-tax income for Hawks Corp. for 2019 was $111,400; for 2020, it was $78,600. However, the accountant noted that the following errors had been made: 1.Sales for...
- Q Implementing an ABC system should proceed only if management believes the benefits of doing so will exceed the costs.The costs of an ABC system are not difficult to quantify.They include...
- Q Problem 16-5AA FIFO: Process cost summary; equivalent units; cost estimates LO C3, C4, P4 [The following information applies to the questions displayed below.] Tamar Co. manufactures a single...
- Q Problem: Module 2Textbook Problem 2 Learning Objective: 2-2Use the percent of revenue method to account for uncollectible accounts expense The following account balances come from the records of Ourso...
- Q Hasbro Inc. Homework questions Part 1 Hasbro, Inc. ("Hasbro") prides itself on high-quality output, especially in its film and television operations. The senior management team believe...
- Q Luke Corporation produces a variety of products, each within their own division. Last year, the managers at Luke developed and began marketing a new chewing gum, Bubbs, to sell in...
- Q Crazy Covers Company manufactures decals to place on the outside of laptop computers.Each decal sells for $8.00. The cost currently assigned to each decal is $5.97. A competitor is introducing...
- Q The Milo Company's records for May contained the following information: Actual direct labour-hours 9,000 hours Actual direct labour cost $47,000 Direct material purchased 16,000...
- Q Question Lotus Ltd has identified the following overhead costs and cost drivers for next year Overhead Items E (cost) $ Power 15000 Maintenance cost 7800 Ordering cost 6150 Set ups...
- Q Norio Manufacturing uses powdered plastics (PPS) to manufacture a high-pressure board used in a digital equipment product, Flex 10. Information concerning its operation in June is as follows: Budgeted...
- Q XZ is a Fortune 100 diversified conglomerate with operations in many industries around the world. Top management focuses on the annual earnings in evaluating the performance of division managers....
- Q Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling...
- Q Factory Ledger Accounts, Journal Entries, and Trial Balances. The Colorado Manufacturing Company has a cost accounting system using both general and factory ledgers. On December 31, 19A, after closing, the...
- Q Mr. Carter is the manager of Simmons Farm and Seed Company, a wholesaler of fertilizer, seed, and other farm supplies. The company has been successful in recent years primarily because...
- Q Cotrone Beverages makes energy drinks in three flavors: Original, Strawberry, and Orange. The company is currently operating at 75 percent of capacity. Worried about the company's performance, the company president...
- Q The accountant of Paul Shop Fitter Private Limited has provided the following data on the Assets, Liabilities, Equity, Income and Expense amounts as at 30th June 2021. ...
- Q STANDARD COSTING Hermosa Enterprises recently experienced a fire, forcing the company to use incomplete information to analyze operations. Consider the following data and assume that all materials purchased during the...
- Q Don't copy CurtainsMaster is a large proprietary company established in North Queensland in the 1990s, selling a wide range of high-quality fabric curtains for household decoration. The...
- Q Mr. Wise, who is in the 37 percent tax bracket, is the sole shareholder of Bobs Inc., which manufactures greeting cards. Bob's average annual net profit (before deduction of Mr....
- Q The Tufanzi Furniture Company manufactures leather furniture. The manufacturing process uses a variety of metal pieces, such as brackets, braces, and casters. Carla Reid, the resource officer of Tufanzi, has...
- Q Alpha Company purchased 100% of the outstanding stock of Beta, Inc., on January 1, 2023, for a purchase price of $1,600,000.At the acquisition date, Beta's book value consisted of common...
- Q Choosing cost drivers, activity-based costing, activity-based management. Patel Bags (PB) is a designer of high-quality backpacks and purses. Each design is made in small batches. Each spring, PB comes out...
- Q Andrea would like to organize SHO as either an LLC(taxed as a sole proprietorship) or a C corporation. In either form, the entity is expected to generate an...
- Q Assignment #2- Advertising 1) There are multiple options for advertising in the PROSIM module. Advertising is an expense that helps increase revenues. Much like other expenses, it is very important...
- Q FarmFresh produces luxury Easter picnic baskets (6 per box) which has the following standard cost per box : / Unit Direct Material (on average)...
- Q CASE ANALYSIS: The athletics program at the University of Cal-Berkeley is one of the premier collegiate athletic programs in the country ranking in the top 10 all-time of most NCAA...
- Q Timbuk2 is a San Francisco company that makes a variety of messenger, cyclist, laptop bags and facemasks. The company's Web site (Timbuk2.com (Timbuk2.com) ) allows customers to design their own...
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!