Accounting question and answers for November 20, 2023
- Q Reed Company produced three joint products at a joint cost of P100,000. These products were processed further and sold as follows: Product Sales Additional Processing Costs A P245,000 P200,000 B...
- Q HomeSuites is a chain of all-suite, extended-stay hotel properties. The chain has 12 properties with an average of 200 rooms in each property. In year 1, the occupancy rate (the...
- Q Kronk, Incorporated provides the following information concerning the work in process at its plant: Beginning inventory was partially complete (materials are 100 percent complete; conversion costs are 10 percent complete)....
- Q UMB Tech, Inc., is a manufacturer of smart phone. It has two departments: assembly and testing. In January 2020, the company incurred $750,000 on direct materials and $798,000 on conversion...
- Q Cardo Company is considering two capital investment proposals. Estimates regarding each project are provided below: Project SoupProject Nuts Initial investment$600,000$900,000 Annual net income30,00063,000 Net annual cash inflow150,000213,000 Estimated useful life5...
- Q This document is incomplete for the following questions: c. The internal rate of return is between what two whole discount rates (e.g., between 10% and 11%, between 11% and 12%,...
- Q Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses$160,000 Depreciation expenseadministrative office79,000 Depreciation expenseplant and equipment330,000 Depreciation expensedelivery trucks52,000...
- Q Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expensive than the home consoles. The company only recently began producing the home...
- Q 15-24 Allocation of common costs. Sunny Gunn, a self-employed consultant near Sacramento, received an invitation to visit a prospective client in Baltimore. A few days later, she received an invitation...
- Q Hello, I am having issues with part (c) of this question. The overhead rates that I calculated for are 1.5 (for Variable Overhead rate) and 3.5 (For the fixed overhead...
- Q Paynesville Corporation manufactures and sells a preservative used in food and drug manufacturing. The company carries no inventories. The master budget calls for the company to manufacture and sell 140,000...
- Q A partial listing of costs incurred during March at Febbi Corporation appears below: Factory supplies-P9,000 Administrative wages and salaries-P85,000 Direct materials - P126,000 Sales staff salaries-P64,000 Factory depreciation-P33,000...
- Q On a contract that includes certified cost or pricing data, a Defense Contract Audit Agency (DCAA) audit confirms that one of the subcontractors submitted cost or pricing data that were...
- Q Oscar Clemente is the manager of Forbes Division of Pitt, Inc., a manufacturer of biotech products. Forbes Division, which has $4.12 millionin assets, manufactures a special testing device. At the...
- Q The problem with budget is if you achieve the budget targets in one year, top management then increases its expectations of you in the subsequent years. In this context, it...
- Q Markup on Cost, Job Pricing Ventana Window and Wall Treatments Company provides draperies, shades, and various window treatments. Ventana works with the customer to design the appropriate window...
- Q Maglie Company manufactures two video game consoles: handheld and home. The handheld consoles are smaller and less expensive than the home consoles. The company only recently began producing the home...
- 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 Mary corp uses a standard costing in its manufacturing tractor parts. The standard cost of a particular part, based on the denominator level of 4,500 output units peer year, including...
- Q Fixed Overhead Spending and Volume Variances, Columnar and Formula Approaches Branch Company provided the following information: Standard fixed overhead rate (SFOR) per direct labor...
- Q Selected information from the Blake Corporation accounting records for June follows. Materials Inventory BB (6/1) 78,000405,000 450,000 Work-In-Process Inventory Labor 345,000 EB(6/30)430,000...
- Q Bow Valley bicycles, has been manufacturing its own wheels for its bikes. The company is currently operating at 100% capacity and variable manufacturing overhead is charged to production at the...
- Q JN Corporation had only one job in process on June 1. The job had been charged with Rs.3,400 of direct materials, Rs.4,840 of direct labor, and Rs.6,292 of manufacturing overhead...
- Q China Pacific Ltd. has a department that manufactures wooden horses. The following information is for the production of these wooden horses for the month of February: Work-in-process inventory, 1...
- Q Timpco, a retailer, makes both cash and credit sales (i.e., sales on open account). Information regarding budgeted sales for the last quarter of the year is as follows: ...
- Q Suppose that the term structure of interest rates is flat in the United States and Australia. The USD interest rate is 7% per annum and AUD rate is 9% per...
- Q Ashton continued as an enthusiastic, skillful, attentive buyer for the newly created department, and the impressive sales increases continued for the first year. The second year, however, the sales increases...
- Q Hanung Corp has two servicedepartments, Maintenance and Personnel. Maintenance Department costs of$360,000 are allocated on the basis of budgeted maintenancehours. Personnel Department costs of$110,000 are allocated based on the number...
- Q The functionf ( x ) = 2 x 3 30 x 2 + 54 x + 11 f(x)=2x3-30x2+54x+11 has one local minimum and one local maximum. This function has...
- Q Windy Ltd has requested that you prepare a tax-effect accounting information for the year ended 30 June 2021. The following has been extracted from their internal reports: -Accounting...
- Q Cutler Manufacturing manufactures two products, (1) Regular and (2) Deluxe. The budgeted units to be produced are as follows: Units of Product 2021 Regular Deluxe Total July 10,000...
- Q SHC produces three products, A, B and C. A and C are joint products B is a by-product of A no Joint cost is to be allocated to the by-product....
- Q Preparing Financial Statements and Closing Procedures Solomon Corporation's adjusted trial balance for the year ending December 31, 2018, is: Solomon Corporation Adjusted Trial Balance December 31, 2018DebitCreditCash$4,000Accounts Receivable6,500Equipment78,000Accumulated Depreciation$14,000Notes Payable10,000Common...
- Q 1)Preliminary plans are underway for construction of a new stadium for a major league baseball team. City officials question the number and profitability of the luxury corporate boxes planned for...
- Q Topic: Capital Budgeting ABC Corporation made a net investment of P500,000 in a vending machine. Over the five years of its useful life, the machine is expected to have...
- Q Dean Sportswear regularly buys sweaters from Mill Company is allowed trade discounts of 20% and 10% from the list price.Dean made a purchase on March 20, 2010, and received an...
- Q Luke's Lubricants starts business on January 1. The following operations data are available for January for the one lubricant it produces. GallonsBeginning inventory0Started in January149,000Ending work-in-process inventory (70% complete)18,000...
- Q Delcatty Design Company manufactures expensive brass doorknobs. It has total assets amounting to 2,500,000 and liabilities of 1,500,000. The fixed cost of producing and marketing the doorknob is 250,000. The...
- Q Calculating Activity-Based Costing Overhead Rates Assume that manufacturing overhead for Goldratt Company consisted of the following activities and costs: Setup (1,000 setup hours)$118,000Production scheduling (400 batches)60,000Production engineering (60...
- Q 1.In TQM, many organizations found that investments in prevention and appraisal usually resulted in major cost savings in other areas. Explain this phenomenon.
- Q Hosulton is a well known corporate incentives and awards manufacturer in Ontario. Hoselton mass produces blanks and then customizes the blanks for the company and nature of the incentive or...
- Q One of the five elements of emotional intelligence is self-awareness. Explain why emotional intelligence is crucial for effective leadership. Discuss what behaviors someone with a high degree of self-awareness would...
- Q 18-12"The costs of rework are always charged to the specific jobs in which the defects were originally discovered." Do you agree? Explain. Use a reference if needed.
- Q Cost - Quiz 2 - #1 The following events took place at a manufacturing company for the current year: (1) Purchased $95,000 in...
- Q A large global automobile manufacturer is considering outsourcing the manufacturing of a solenoid used in the transmission of its SUVs. The company estimates that annual fixed costs of manufacturing the...
- Q Central State College (CSC) is a state-supported college with a large business school. The business school offers an undergraduate degree and training programs for a local manufacturer. The...
- Q A company that produces a single product has provided the following data concerning its most recent month of operations: Units in beginning inventory-0 Units produced-7,100 Units sold-7,000 Units...
- Q Grey Brothers Consulting has issued a report recommending changes for its newest man of acting client Energy Motors Energy motors currently manufactures a single product which is sold and distributed...
- Q 1.[15 points] Project Evergreen is to produce 300 garden solar lights and is scheduled to take five weeks. Each unit is planned to cost $81. The project is severely cost...
- Q Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows:...
- Q Better Skills, Inc. provides workshops on various topics throughout the United States. Typically, they have five workshops simultaneously every day, Monday through Friday, in the 48 contiguous states. One support...
- Q The president ofMacDonald Inc., has asked the Controller, Laura Spence, to review the way the company is costing its products. The company uses manufacturing cost as a basis for setting...
- Q ALL ANSWERS MUST INCLUDE WORK AND/OR EXPLANATION FOR ANY CREDIT. Amtrack operates train routes all over the United States. They are considering a new route from Rocky Mount, NC...
- Q Now that Dyson owns a battery firm, how will the transfer price for batteries used in its vacuums be determined? Dyson, the vacuum cleaner manufacturer, recently made a large investment...
- Q Ahmad Company has the following budgeted variable costs per unit produced: Direct materials $5.50 Direct Labour 1.50 Variable overhead ---- Supplies 0.60 Maintenance 0.30 Power 0.20 Budgeted fixed overhead costs...
- Q What are characteristics of companies that are likely to use a job cost system?
- Q Company, a wholesale supply company, engages independent sales agents to market the company lines. These agents currently receive a commission of 20% of sales, but they are demanding an increase...
- Q Tableview Surfing Sports operates in the highly seasonal surfing and surfing board equipment manufacturing industry. Although Tableview Surfing's sales are highly seasonal, to obtain production efficiencies it produces surfing and...
- Q Cost-plus, target pricing, working backward. The new CEO of Rusty Manufacturing has asked for information about the operations of the firm from last year. The CEO is given the following...
- Q EOQ, Safety Stock, Lead Time, Batch Size, and JIT Bateman Company produces helmets for drivers of motorcycles. Helmets are produced in batches according to model and size. Although...
- Q Santosh Plastics Inc. purchased a new machine one year ago at a cost of $105,000. Although the machine operates well and has five more years of operating life, the president...
- Q For a function for 50 guests you require 8.500 kg of trimmed lamb. Trimmings are 20 %. How much lamb do you need to order from stores?
- Q Ponte, Inc., bottles and distributes mineral water from thecompany's natural springs in northern Oregon. Ponte markets twoproducts: 12-ounce disposable plastic bottles and1-gallon reusable plastic containers. 1. For 2021,...
- Q Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling,...
- Q ovid Ltd is involved in a research and development project to develop vaccine for Corona virus. For the current year ended 30 June 2020 expenditure on the project is as...
- Q The owner of Anu Ltd has completed a bank reconciliation and cannot get the bank's records to agree with the cash records of his business. He concludes that internal control...
- Q CONSOLIDATION WORKSHEET ENTRIES Sydney Ltd incorporated the subsidiary Melbourne Ltd by contributing $800,000 for all the 400,000 issued shares. Prepare the journal entries for the consolidation worksheet...
- Q Gilmore, Inc., had equity of $125,000 at the beginning of the year. At the end of the year, the company had total assets of $280,000. During the year, the company...
- Q The Majority and Minority leadership of the state House and Senate convened for breakfast to discuss a solution to the absolute impasse which had developed in the state budget process....
- Q Ideally, what does an allocation base reflect between the overhead cost and the activity (production of a product, for example)?
- Q 14-32Customer profitability in a manufacturing firm. Mississippi Manufacturing makes a component called B2040. This component is manufactured only when ordered by a customer, so Mississippi keeps no inventory of B2040....
- Q Nationalian Inc., a dealer of household appliances, sells washing machines at an average price of P8,100. The company also offers to each customer a separate 3-year warranty contract for P810...
- Q Howie Jones used the following information to calculate the profit coefficients for Aqua-Spas and Hydro-Luxes: pumps cost $225 each, labor costs $12 per hour, tubing costs $2 per foot. In...
- Q Michael Cheung has drafted an audit plan for a new client. The client is Countrywide Capers, a party rental business. Countrywide Capers earns 80 percent of its revenue from renting...
- Q Westphalia Corporation produces audio equipment for home, office, and vehicles. The production manager (PM) and marketing manager (MM) are both are paid a flat salary and are eligible for a...
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