Accounting question and answers for November 20, 2023
- Q DeLuxe Limo Service has the following information for March. Sales revenue $315,000 Variable costs of operations, excluding labor costs94,500 Employee wages and salaries106,500 Manager salaries 39,500 Fixed cost of...
- Q Miller Outdoor Equipment (MOE) makes four models of tents. The model names are Rookie, Novice, Hiker, and Expert. MOE manufactures the tents in two departments: Stitching and Customizing. All four...
- Q Purple Corp. a high-technology company, utilizes the following procedures for recording materials and and transferring them to work in process. 1. Upon receipt of raw materials by stores,...
- Q Joanne Krol wants to purchase a newer model automobile to replace her rusty 1989 car. The bank where Joanne has a checking account, US Bank, is advertising an annual...
- Q Juett Company produces a single product. The cost of producing and selling a single unit of this product at the company's normal activity level of 70,000 units per month is...
- Q N Inc., manufactures beds that passes through two processes: Cutting and Assembly. All manufacturing costs are added uniformly in the Cutting Department. Information for the Cutting Department for December follows:...
- Q Accounting for by-product Carvers Inc. manufactures wood statues, which yields sawdust as a by-product. Selling costs associated with the sawdust are $250 per ton sold. The company accounts for sawdust...
- Q Sales value and physical value allocation To-Go produces milk and sour cream from a joint process. During June, the company produced 240,000 quarts of milk and 190,000 pints of sour...
- Q Anita Lopez operates a full-time law practice in eastern Ontario. In her spare time, she maintains a small rural acreage for the purpose of growing and selling Christmas trees. In...
- Q Opening Stock: (i) Raw Material 40,350, (ii) Work-in-Progress 15,000 and (iii) Finished Stock 35,590. Materials purchased 2,50,000, Wages paid 2,00,000, Carriage inward 2,000, Consumable Stores 10,000, Wages of...
- Q Morningside Nursing Home, a single not-for-profit facility, is estimating its corporate cost of capital. Its tax-exempt debt currently requires an interest rate of 6.2 percent, and its target capital...
- Q On April 1, 2021, Easton Company's beginning work in process inventory had 8,000 units in its only production department. Beginning WIP units were 50% complete as to conversion costs. Easton...
- Q Pilipinas Lumber Company Processes lumber products for sale to lumber wholesalers. Its most popular line is narra products. Narra tree growers sell Pilipinas Lumber whole trees. These trees are jointly...
- Q Jamal, Kareem, Rashid and Associates are in the process of evaluating its new client services for the business consulting division. EstatePlanning, a newservice, incurred $140,000 in development costs and...
- Q Clothco Ltd sells imported clothing wholesale and holds 12 valuable import quotas which permit it to import stock. Clothco wishes to restructure its business and for that purpose, sells two...
- Q Question Tasks :McFadden's department store has been a profitable... Tasks:McFadden's department store has been a profitable family-owned business (consisting of several stores in the Pacific Coast region) since...
- Q Dorcan Corporation manufactures and sells T-shirts imprinted with college names and slogans. Last year, the shirts sold for $11.10 each, and the variable cost to manufacture them was $2.25 per...
- 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 Fillmore Industries is a vertically integrated firm with several divisions that operate as decentralized profit centers. Fillmore's Systems Division manufactures scientific instruments and uses the products of two of Fillmore's...
- Q Tarzan Company employs a job order cost system. Its manufacturing activities in July 2011, its first month of operation, are summarized as follows: Particulars JOB NUMBERS 1201...
- Q Zuma Company manufactures surfboards. The controller prepares a weekly production efficiency report and sends it to corporate headquarters. The data compiled in these reports for a recent six-week period follow....
- Q I - Becker Enterprise expects sales of 20,000 units of T1 in September. T1 is its most popular high-performance desktop model. The sales manager is confident that, between October...
- Q After working at several accounting and consultancy firms for more than a decade, you have recently decided to start your own consultancy business. A friend of your wife introduces you...
- Q Jason is in the business of importing soccer balls from Taiwan and selling them in Australia. On 25 March, Jason purchased $20,000 worth of soccer balls from Taiwan....
- Q Part 2 - Application Question - 30 Marks Hi-Tek Manufacturing Inc. makes two types of industrial component partsthe B300 and the T500. An absorption costing income statement for the...
- 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 Brilliant Travel Agency specializes in flights between Toronto and Jamaica. It books passengers on Ontario Air. Brilliant's fixed costs are $36,000 per month. Ontario Air charges passengers $1,300 per round-trip...
- Q 45. A machine shop manufactures a stainless-steel part that is used in an assembled product. Materials charged to a particular job amounted to P6,000. At the point of final inspection,...
- Q Scenario: As a senior financial advisor you have decided to develop materials, then market and hold a two day investment seminar. You plan to do all the work within the...
- Q Mel's Meals 2 Go purchases cookies that it includes in the 10,000 box lunches it prepares and sells annually. Mel's kitchen and adjoining meeting room operate at 70 percent of...
- Q Sweeten Company had no jobs in progress at the beginning of March and no beginning inventories. The company has two manufacturing departments--Molding and Fabrication. It started, completed, and sold only...
- Q The Class is Managerial Accounting. The topic this week is: Budgeting What I mainly don't understand is we are being asked toembedExcel spreadsheets for relevant calculations...
- Q Exercise 2 "Consumer Focus is a marketing research firm that organizes focus groups for consumer-product companies. A Consumer Focus Staff member attends each session to ensure that all the...
- Q 17-35. JOINT-COST ALLOCATION, PROCESS FURTHER OR SELL. (CMA, adapted) Liverpool Sawmill, Inc. (LSI) purchases logs from independent timber contractors and processes the logs into three types of lumber products: ...
- Q The Dallas Armadillos, a minor-league baseball team, play their weekly games in a small stadium just outside Dallas. The stadium holds 6,000 people, and tickets sell for $20 each. The...
- Q The petty cash fund of $200 for George Company appeared as follows on December 31, 2019: Cash$59.40 Petty cash vouchers Freight in$27.60 Postage40.00 Balloons for a special occasion68.00 Instructions...
- Q RitzProducts's materialsmanager, TejDhakar, must determine whether to make or buy a new semiconductor for the wrist TV that the firm is about to produce. Two million units are expected to...
- Q Friday Pharmacy Company produces three main products which share joint costs from a joint process, Altor, Loral, and Hycor. A hazardous waste product called Dorzinox is also produced from the...
- Q JDI, Inc. is trying to decide whether to make or buy a part (#J-45FPT). Purchasing the part would cost $1.50 each. If they design and produce it themselves, it will...
- Q Machine hours and electricity costs for Wells Industries for the year 2011 are as follows: MonthMachine HoursElectricity Costs January2,000$ 9,200 February2,32010,500 March1,5206,750 April2,48011,500 May3,04014,125 June2,64011,000 July3,28012,375 August2,80011,375 September1,6007,750 October2,96013,000 November3,76015,500...
- Q Inc. is a manufacturer of digital cameras. It has twodepartments: assembly and testing. In January 2017 2017, the company incurred $ 775 comma 000 $775,000...
- Q Back Country Hiking Company (BCHC) is an international company that manufactures specialty camping equipment. Over the years, the company has grown both in terms of product offerings and geographic distribution....
- Q Blossom Inc. has 0.90 million common shares outstanding as at January 1, 2020. On June 30, 2020, 4% convertible bonds were converted into 90,000 additional shares. Up to that point,...
- Q SunlandWillis is the advertising manager for Bargain Shoe Store. She is currently working on a major promotional campaign. Her ideas include the installation of a new lighting system and increased...
- Q Great Northern Pizza Co. (Great Northern) was founded in North Vancouver in 2010 by Rob Bruno and his sister Donna. It is February 2019 and they have approached you for...
- Q Knowledge Transfer Associates is in the process of evaluating its new client services for the business systems consulting division. - ServerPlanning, a newservice, incurred$270,000 in development costs. - The direct...
- Q he owner of the Queensland Restaurant would like to determine the fixed and variable components of the restaurant's utility expenses. The owner believes that the variable component of the utilities...
- Q Since 1962, members of the Plumbers Local have been dyeing the Chicago River green in honor of St. Patrick's Day. Similar river dyeing occurs in Tampa, Austin, and elsewhere. In...
- Q Jim Gant has worked for Dr. Ken Flood for several years. Jim demonstrates a loyalty that is rare among employees. He hasn't taken a vacation in the last three years....
- Q Qty. Item # Description Unit Price Discount % Line Total 356 Model A Business class router 95.68 9% a. 179 Model B Executive business class router 164.84 15%,8%, 2%...
- Q Michael Scott works as a cost analyst for mid-size paper company. he collected the following information concerning the operations of the Machine Department: Observation Machine Hours Total operating cost January...
- Q Williams and DiMaggio, architects, have been using a simplified costing system in which all professional labor costs are included in a single direct cost category, professional labor; and all overhead...
- Q During 2021, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30)$64,000 Baking equipment (June 30)19,200 Assume that William decides to use the...
- Q Azorean Hospital operates a general hospital but rents space to separately owned entities rendering specialized services such as pediatrics and psychiatry. Azorean charges each separate entity for...
- Q Tombro Industries is in the process of automating one of its plants and developing a flexible manufacturing system. The company is finding it necessary to make many changes in operating...
- Q Javed Corporation had only one job in process on June 1. The job had been charged with Rs.3,400 of direct materials, Rs.4,640 of direct labor, and Rs.9,200 of manufacturing overhead...
- Q The following data reflect the current month's activity for Vickers Corporation. Actual total direct labor$660,375Actual hours worked37,500Standard labor-hours allowed for actual output (flexible budget)36,500Direct labor price variance$14,625FActual variable overhead$167,650Standard...
- Q SCOTSBURN DAIRY Scotsburn Dairy's (SD) plant in Truro, Nova Scotia, makes over 300 types and sizes of ice cream and frozen yoghurt. The process is in two stages. First,...
- Q HighValu Inc. manufactures a moderately priced set of lawn furniture (a table and four chairs) that it sells for $230. The company currently manufactures and sells 6,100 sets per year....
- Q Harrison Company makes two products and uses a conventional costing system in which a single plantwide, predetermined overhead rate is computed based on direct labour-hours. These products are customized to...
- Q A job order for 100 uses four different machines in the factory of which the machine hour rates are: Machine P - ...
- Q Micro Enterprises has the capacity to produce 10,000 widgets a month, and currently makes and sells 9,000 widgets a month. Widgets normally sell for $6 each, and cost an average...
- Q Selected data for Babar Ltd of past year of operations are presented below Product X Production [ in units ] 25000 Sales [ in units ] 18000...
- Q 1.Operating leverage - Superior Door Company sells pre-hung doors to home builders.The doors are sold for $60 each.Variable costs are $42 per door and fixed costs total $450,000 per year.The...
- Q Tammy Cat Tree Co. (TCTC) builds luxury cat trees and sells them through the internet to cat owners who want to provide their cats with a more natural environment. At...
- Q The Lexington company produces baseball bats.It has two departments that process all products - the Cutting Department and the Finishing Department.This problems focuses on the Finishing...
- Q Presented below is information which relates to Labrador Limited for 2017: Collections of credit sales.................................................................................... $1,100,000 Retained earnings, January 1, 2017......................................................................... 800,000 Sales...................................................................................................................... 1,900,000 Selling and administrative expenses........................................................................ 290,000 Casualty...
- Q At Kingston Industries, the revenue processes are conducted by five employees. The five employees are the sales clerk, warehouse clerk, accountant 1, accountant 2, and the collection clerk. A description...
- Q SandhillCompany had $201,100of net income in 2021 when the selling price per unit was $155, the variable costs per unit were $95, and the fixed costs were $572,900. Management expects...
- Q A.3-FIVE-STEP DECISION-MAKING ROLE OF RELEVANT ACCOUNTING INFORMATION. Honel Foods makes frozen dinners that it sells through grocery stores. Typical products include turkey dinners, pot roast, fried chicken, and meatloaf. The...
- Q Banc Corp. Trust is considering either a bankwide overhead rate or department overhead rates to allocate $396,000 of indirect costs. The bankwide rate could be based on either direct labor...
- Q Gilman's Caf is a popular restaurant in a local tourist town. Sarah Gilman, who opened the restaurant five years ago, has seen it grow steadily. Currently, Gilman's is only open...
- Q 2.2.Scranton Motors Ltd company faced the following situations. -The business has an interest expense of $9,000 early in January 2017. -An interest revenue of $2,000 has been earned but...
- Q Samantha's Office Supplies manufactures desk organizers in its Processing Department. Direct materials are included at the inception of the production cycle and must be bundled in single kits for each...
- Q Question 2 OMG Engineers is a consulting firm that provides design and support services for civil engineering projects. OMG is in the process of preparing a tender for a project...
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