Accounting question and answers for November 20, 2023
- Q TerriRonsinhad recently been transferred to the Home Security Systems Division of National Home Products. Shortly after taking over her new position as divisional controller, she was asked to develop the...
- Q Predetermined Overhead Rate, Applied Overhead, Unit Cost Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Budgeted: Overhead$300,700 Machine hours86,000...
- Q Where does the 1/5 in this calculation come from? carrying value is calculated as 760,000 x 1/5= 152,000 The problem is: Several years ago Brant,...
- Q Zipcar (www.zipcar.com) is a car-sharing club founded in Cambridge, Massachusetts, in 1999. The club members pay an annual fee and then have the opportunity to rent from a pool of...
- Q Answer each of the questions in the following unrelated situations. (a)The current ratio of a company is5:1 and its acid-test ratio is 1:1. If the inventories and prepaid...
- Q Amazon Beverages produces and bottles a line of soft drinks using exotic fruits from Latin America and Asia. The manufacturing process entails mixing and adding juices and coloring ingredients at...
- Q Warner Company has the following data for the past year: Actual overhead $470,000, Applied overhead: Work-in-process inventory $100,000, Finished goods inventory 200,000, Cost...
- Q Exodus Company produces variety of products. One division makes neoprine wetsuits. The division's projected income statement for the coming year is as follows: Sales (65,000 units)15,600,000 Less: Variable expenses8,736,000...
- Q After-Tax Profit Targets Olivian Company wants to earn $600,000 in net (after-tax) income next year. Its product is priced at $350 per unit. Product costs include: Direct materials$105.00...
- Q Below is an income statement for XYZ Company: Sales $400,000 Variable costs (100,000) Contribution margin $300,000 Fixed costs (250,000)...
- Q Question: Hogle Corporation is a manufacturer that uses job-order costing. On January 1, the beginning of its fiscal year, the company's inventory balances were as follows: ...
- Q Answer the following questions using the information below: Samantha's Office Supplies manufactures desk organizers in its Processing Department. Direct materials are included at the inception of the production...
- Q York Ltd. was registered on 1 July 2020. The next day, the directors issued a disclosure document inviting applicants for 700,000 ordinary shares with an issue price of $1. The...
- Q Energy++ is a company that that produces food products for people active in sports. the following budgeted volume and costs has been provided for one of their post-workout beverages: ...
- Q Snow Inc. has just completed development of a new cellphone.The new product is expected to produce annual revenues of P1,400,000.Producing the cellphone requires an investment in new equipment, costing, P1,500,000.The...
- Q Paul Howard, the new plant manager of Garden Scapes Manufacturing plant #7 , has just reviewed a draft of his year-end financial statements.Howard receives a year-end bonus of 11.5% of...
- Q Q : 1 The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: ...
- Q Barstow Manufacturing Company has two service departments product design and engineering support, and two production departments assembly and finishing. The distribution of each service department's efforts to the...
- Q The following are the assumptions for the projected cash flow and profit or loss statements for 20X3 for Zinc Mining Inc.: Zinc will sell 176,900 metric...
- Q Colonial Pharmaceuticals is a small firm specializing in new products. It is organized into two divisions, which are based on the products they produce. AC Division is smaller and...
- Q On January 1, 2016, Nicholas Company purchased Office Equipment for $ 175,000 with an estimated useful life of 5 years, or 275,000 hours and a residual value of $ 10,000....
- Q On January 1, 2017, Bugaboo Corporation granted 40,000 options to key executives. Each option allows the executive to purchase one share of Bugaboo's common shares at a price of $30...
- Q Question 1 (25 Marks) IOL Ltd manufactures ceramic lamps. It has set up the following standards per finished unit for direct materials and direct manufacturing labour: Direct materials: 10...
- Q Charlie ChairsInc., manufactures plastic moldings for car seats. Its costing system utilizes two costcategories, direct materials and conversion costs. Each product must pass through Department A and Department B. Direct...
- Q Kate's Kale Chips produces a healthy snack made primarily of kale. Each bag of the product sells for $5. The company computes the manufacturing overhead rate on a quarterly basis...
- Q To win a predatory pricing case, law enforcement officials traditionally have had to prove that a company has sold products or services for less than their average variable cost. Companies...
- Q Rush Corporation plans to acquire production equipment for $630,000 that will be depreciated for tax purposes as follows: year 1, $126,000; year 2, $216,000; and in each of years 3...
- Q MaxiDrive manufactures a wide variety of parts for recreational boating, including a gear and driveshaft part for high-powered outboard boat engines. Original equipment manufacturers such as Mercury and Honda purchase...
- Q Given the following information for MotherBoardsPlus, an electronics e-tailer, compute the cost of goods sold Website maintenance. . . . . . . . .$7,900 Delivery expense. ....
- Q Part 2: Process Costing Intrepid Industries manufactures sterile parts used in medical equipment. The company uses the weighted-average process costing method to account for production costs. It produces parts...
- Q Willis Corporation manufactures industrial-sized gas furnaces and uses budgeted machine-hours to allocate variable manufacturing overhead. The following information pertains to the company's manufacturing overhead data: Budgeted output units...
- Q Honey Products manufactures 10,000 units of Part M-1 annually for use in its operations. The following costs are reported: Direct materials P20,000 Direct labor 55,000 Variable...
- Q Fedori Corporation has a Parts Division that does work for other Divisions in the company as well as for outside customers. The company's Machinery Division has asked the Parts Division...
- Q The company had begun their calendar fiscal year of 2018 with 560,000 common shares issued and outstanding. Mr. Jell provided you with additional information on the company's equity and...
- Q Professor John Morton has just been appointed chairperson of the Finance Department at Westland University. In reviewing the department's cost records, Professor Morton has found the following total cost associated...
- Q Osborn Manufacturing uses a predetermined overhead rate of $18.20per direct labor- hour. This predetermined rate was based on a cost formula that estimated $218,400 of total manufacturing overhead for an...
- Q The Combate Corporation uses the raw materials and in process (RIP) inventory account. At the end of each month, all inventories are counted, their conversion components are estimated, and inventory...
- Q Mobility Partners makes wheelchairs and other assistive devices. For years it has made the rear wheel assembly for its wheelchairs. A local bicycle manufacturing firm, Trailblazers, Inc., offered to sell...
- Q Star City is considering an investment in the community center that is expected to return the following cash flows: UseExhibit A.8. Year Net Cash Flow 1 $37,000 2 67,000...
- Q I need help calculating the Sales, COGS, Gross Margin, and Operating Income based on the below information. Thank you in advance for any help! Income Statement Predetermined Overhead...
- Q Star Company has decided to introduce a new product, which can be manufactured by either a computer assisted manufacturing system or a labor-intensive production system. The manufacturing method...
- Q Yale Company manufactures hair brushes that sell at wholesale for $3 per unit. The company had no beginning inventory in the prior year. These data summarize the current and prior...
- Q The University Credit Union (UCU) has engaged your services to determine the cost of its various activities. The following data are available for a representative branch. Process...
- Q Kris Lee, the owner of the Quality Hardware Store, is reassessing his inventory policy for hammers.He sells an average of 50 hammers per month, so he has been placing an...
- Q Multiple Versus Single Overhead Rates, Activity Drivers Deoro Company has identified the following overhead activities, costs, and activity drivers for the coming year: Activity Expected Cost Activity Driver...
- Q Spring Company's cost structure is dominated by variable costs with a contribution margin ratio of 0.25 and fixed costs of $115,500. Every dollar of sales contributes 25 cents toward fixed...
- Q Club Loop Corporation (CL) is a large owner, operator, and developer of golf clubs and resorts. The company is privately owned by several wealthy individuals. During the current year, according...
- Q Tony Ltd purchased all the shares of Stark Ltd on 31 December 20X3. Stark's assets were recorded at fair value except for the following: Land: Carrying amount $47000...
- Q Cost Accumulation: Service Youth Athletic Services (YAS) provides adult supervision for organized youth athletics. It has a president, William Mayes, and five employees. He and one of the other...
- Q Q3. Silgan Containers Company manufactures metal cans used in the food-processing industry. A case of cans sells for $25. The variable costs of production for one case of cans are...
- Q ABC Ltd has incorporated a bonus plan that rewards the board of directors (executive members) by providing a bonus of 3 per cent of reported profits. This is an Accounting-based...
- Q Constructo Inc: Under or Overapplied Overhead Constructo Inc. is a manufacturer of furnishings for infants and children. The company uses a job cost system and employs a full...
- Q On August 4th Company sells $700,000 of its accounts receivable to the Cheesecake Factoring Company (CFC). The contractual rights have been transferred to CFC and the company will receive the...
- Q Papaya Partners is a distributor of papayas. They purchase papayas from individual growers and package them in 10-pound cartons for delivery to their various customers, generally supermarkets. Last month, they...
- Q Intrepid Industries manufactures sterile parts used in medical equipment. The company uses the weighted-average process costing method to account for production costs. It produces parts in three different departments: Forming,...
- Q Under Eagle Co.'s job costing system, manufacturing overhead is applied to Work-in-Process using a predetermined annual overhead rate. During February, Eagle's transactions included the following: Direct materials issued to...
- Q Applied Overhead and Unit Overhead Cost: Plantwide Rates Seco, Inc., produces two types of clothes dryers: deluxe and regular. Seco uses a plantwide rate based on direct labor hours to...
- Q Kernel Industries has two sources of funds: long-term debt with a market and book value of $5 million issued at an interest rate of 12%, and equity capital that has...
- Q Basic Cost Flow Model Assume that the following events occurred at a division of Generic Electric for March of the current year: Purchased $45 million in direct materials. Incurred...
- Q Billy Bear Ltd. has two divisions, R&M and Consulting Services. In addition to its external customers, each division performs work for the other division. The external fees earned by each...
- Q Boerkian Co. started 2021 with two assets: Cash of 26,000 (Stickles) and Land that originally cost 72,000 when acquired on April 4, 2018. On May 1, 2021, the company rendered...
- Q ABC company is doing the budget for month November 2021.The following data are provided. The company manufactures tables for schools Sales in units 12,250 ...
- Q You are asked by a Swedish company that assembles computers to draw up a by-nature and by-function income statement for year n . You are provided with the following information:...
- Q Q1. Quartz Clock Works manufactures fine, handcrafted clocks. The firm uses a job-order costing system, and manufacturing overhead is applied on the basis of direct-labor hours. Estimated manufacturing overhead for...
- Q Complete the T-accounts. Analysis of Overhead Using a Predetermined Rate Kansas Company uses a job costing accounting system for its production costs. The company uses a predetermined overhead...
- Q The joint cost to produce Products 1A, 2A, 3A and 4A is $4,000.Each of these products can either be sold at the end of the joint production process, or can...
- Q St. Kilda Enterprises produces parts for the electronics industry. The production manager and cost analyst reviewed the accounts for the previous month and have provided an estimated breakdown of the...
- Q The company plans to sell 200,000 units of finished product in July and anticipates a growth rate in sales of 5% per month. The desired monthly ending inventory in units...
- Q CABBAGE Company makes three products with the following characteristics: Product Product Product V JK JIN Selling price per unit P10 P15 P20...
- Q Premier Corp expects to spend$800,500 in 2017 in appraisal costs if it does not change its incoming materials inspection method. If it decides to implement a new receivingmethod, it will...
- Q Reveen Products sells camping equipment. One of the company's products, a camp lantern, sells for $90 per unit. Variable expenses are $63 per lantern, and fixed expenses associated with the...
- Q The solution is to determine volume to maintain the current profit level. The school's answer is: Profit + Fixed Costs/Contribution Margin ($ 747,500/12.85). I don't know how they came up...
- Q Rooney Quilting Company makes blankets that it markets through a variety of department stores. It makes the blankets in batches of 1,000 units. Rooney made 31,000 blankets during the prior...
- Q The First Church has been asked to operate a homeless shelter in part of the church. To operate a homeless shelter the church must hire a full-time employee for $1,200/month...
- Q Mr. K'obonyo is married to Liza Awinja.K'obonyo is a registered engineer and he is the proprietor of Jadez Engineering Services a firm of consulting engineers.He is nevertheless fully occupied as...
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