Accounting question and answers for November 20, 2023
- Q 8-31 Production-volume variance analysis and sales-volume variance. Marissa Designs, Inc., makes jewelry in the shape of geometric patterns. Each piece is handmade and takes an average of 1.5 hours to...
- Q In an effort to attract and retain air passengers, Metropolitan International Airport has implemented several initiatives over the past year focused on improving the customer experience at airport restaurants and...
- Q (Security Walking Escorts) A university offers a walking escort service to increase security around campus. The system consists of specially trained uniformed professional security officers that accompany students from one...
- Q Prepare the New Pharmacy payroll record with the following columns: employee name, number of hours worked, hourly wage, weekly gross wage, social security discount, Medicare discount, amount of state taxes...
- Q 15) Kansas Company uses the weighted-average method in its process costing system. Operating data for the first processing department for the month of June appear below: ...
- Q Talpakan Company is preparing its comprehensive budget for 2021. The company is a breeder and seller of fighting cocks. During 2020, there was a surge in online cockfighting as a...
- Q Need helping breaking all of this info down, as previous questions, need to study for my Cost Accounting finals Edited the question as a tutor told me the format was...
- 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 Triangle Corporation is a biotech company based in Cary, North Carolina. It makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the...
- Q Imagine that our country is under threat of an imminent nuclear attack. You must make the important decision of who to let into the nearest fall-out shelter. There are 12...
- Q Chocolate Bars, Inc. (CBI), manufactures creamy deluxe chocolate candy bars. The firm has developed three distinct products: Almond Dream, Krispy Krackle, and Creamy Crunch. CBI is profitable, but management...
- Q Mirabile Corporation uses activity-based costing to compute product margins. Overhead costs have already been allocated to the company's three activity cost pools--Processing, Supervising, and Other. The costs in those activity...
- Q The financial year end of Diary Manufacturing Limited is 31 December. On 31 December 2020, the following balances are available: Item Land and building...
- Q I don't understand this. Last year [year 1], we decided to drop our highest-end Red model and only produce the Yellow and Green models, because the cost system indicated we...
- Q Lorn Corporation purchased inventory from Dresser Corporation for P120,000 on September 20, 2021, and resold 80% of the purchased inventory to unaffiliated companies prior to December 31, 2021, for...
- Q 10) Pigot Corporation uses job costing and has two production departments, M and A. Budgeted manufacturing costs for the year are as follows: Dept. M Dept....
- Q The Pfeiffer Company manages approximately $15 million for clients. For each client, Pfeiffer chooses a mix of three investment vehicles: a growth stock fund, an income fund, and a money...
- Q 23) Republic Industries decides to price delivery services according to the results of a recent activity-based costing (ABC) study. The study indicates Republic should charge $8 per order,...
- Q In reviewing activity for July, the controller of Mathis, Inc., collected the following data concerning direct materials. Actual production123,000unitsDirect materials purchased (actual)$2,122,800Standard cost of materials purchased1,594,000Standard direct materials costs...
- Q Kitchen Supply, Inc. (KSI), manufactures three types of flatware: institutional, standard, and silver. It applies all indirect costs according to a predetermined rate based on direct labor-hours. A consultant recently...
- 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 rolex corporation estimates that its production for the coming year will be 10,000 units, which is 80% of normal capacity, with the following unit costs: materials p40...
- Q Channing Corporation makes two products (A1 and B2) that require direct materials, direct labor, and overhead. The following data refer to operations expected for next month. A1B2TotalRevenue$210,000$630,000$840,000Direct material85,000170,000255,000Direct labor62,000147,250209,250Overhead:Direct-material...
- Q You have been asked to assist the management of Ironwood Corporation in arriving at certain decisions. Ironwood has its home office in Michigan and leases factory buildings in Wisconsin, Minnesota,...
- Q Choosing financial and nonfinancial performance measures (LO4). Assume that you are a franchisee of a fast-food chain, "Pita Palace," that serves made-to-order pitas. The menu, prices, and decor are dictated...
- Q In the United States, organ procurement organizations (OPOs), transplant centres, and the medical professions coordinate the organ donation process. The US government pays for this treatment through its Medicare program....
- Q Alex Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.7 direct labor-hours. The direct labor rate is $8.50 per direct...
- Q Seaside Company with increase in units. Seaside Company produces canned sea food products the processing of which increases the units received from the preceding department by 20% because of the...
- Q Gary's Gears is a production facility that produces metal gears. The first step is stamping, which happens at a press. There are two identical presses that operate simultaneously (gears can...
- Q Because of the availability of equipment and labor, Clear View has started making mass market picture frames at its Orlando, Florida plant with the excess capacity. Clear View has determined...
- Q On 1 July 2017, Goldstein Ltd acquired 80% of the share capital of Mailman Ltd for $1,000,000.At this date, the financial statements of Mailman Ltd included the following items: ...
- Q QUESTION ONE William Limited manufactures a unique hair oil branded Williamline. The product undergoes two manufacturing processes before emerging as a complete product. The following information relates to production undertaken...
- Q 1) Management of the Robinson Manufacturing Company requests that you calculate the effect of two different wage payment plans upon employee earnings and also on the unit labor cost of...
- Q Please provide step by step answer for the question below. Francis and Company has planned a cash budget for the third quarter of 2004. The cash balance on...
- Q The Hudy Manufacturing Company uses a Materials and In Process (MIP) inventory account and expensed all conversion costs to the cost of goods sold account. At the end of each...
- Q Seaton Ltd. Manufactures and sells laptop computers. For its 2020 business plan, Seaton estimated the following Selling Price$600 Variable cost per laptop$300 Annual fixed cost$150,000 Net (after -tax) income$360,000 Tax...
- Q Richard Brandt graduated from York University with his BAS although he spent more time in the gym than in the classrooms and libraries. His parents and grandparents were...
- Q Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and the scientific model is the Sci-X. Both models are assembled in the same plant and require...
- Q Case: One of Betsure Betsher bestselling products is raspberry sherbet, which is manufactured in 10\-gallon batches. Each batch requires 6 quarts of raspberries. The raspberries are sorted by hand before...
- Q Production and materials budget. Cagayan Corporation manufactures and distributes a number of products to retailers. One of the products, Dalton requires four pounds of material X in the manufacture of...
- Q Use MS Excel to journalize the input settings presented. As of August 31, the following information was accumulated to prepare adjustment entries for the Paper House company: The balance for...
- Q Palisades Eco-Park is a small ecological reserve that admits a relatively small number of visitors on any day, but provides both educational and entertaining lectures, exhibitions, and opportunities to observe...
- Q ScootAround Inc. owns a scooter service station in California, where the climate is warm year-round. Customers have often expressed the need, especially during summer, for a cold drink facility at...
- Q Cash Budget The Mckenzie Company is preparing its cash budget for the months of April and May. The firm has established a $250,000 line of credit...
- Q Glocker Company makes three products in a single facility. These products have the following unit product costs: Product: A B C Direct Materials $10.90 $15.80 $8.00 Direct...
- Q Part A - Cost Volume Profit (15 marks) Forecast income statement Sales 5,000,000 Direct material cost (1000,000) Direct labour cost (12,50,000) Variable factory overhead. (750,000) Fixed factory overhead (1000,000) Costs...
- Q AJ manufacturing company produces about one hundred products. Its largest selling product is product X and its smallest is product Y. relevant data is given below: Particulars ...
- Q Quiz No. 1 - A The Black Pepper Corporation desires to classify the cost and provides you the figure of trial balance for the period ended on December 31, 2016...
- Q You were appointed the manager of Drive Systems Division (DSD) at Tunes2Go, a manufacturer of portable music devices using the latest developments in hard drive technology, on December 15 last...
- Q Maria's Food Service provides meals that nonprofit organizations distribute to handicapped and elderly people. The following is her forecasted income statement for April, when she expects to produce and sell...
- Q Managers at ABC, Inc. are reviewing the economic feasibility of manufacturing a part that the company currently purchases from a supplier. Forecasted annual demand for the part is 3300 units....
- Q 17-33. ALTERNATIVE METHODS OF JOINT-COST ALLOCATION, PRODUCT-MIX DECISIONS. The Chicago Oil Company buys crude vegetable oil. Refining this oil results in four products at the splitoff point: A, B, C,...
- Q Pro Sports Inc. manufactures basketballs for professional basketball associations. For the first six months of 2016, the company reported the following operating results while operating at 90%...
- Q Good afternoon. Please help me to answer completely the Required 1 (a - c). Thank you so much!. Exercise 7-23 The U Oil Refinery is presently operating on a 60%...
- Q Cameron Enterprises conducted two foreign-currency transactions on September 1, Year 2. In the first transaction, it sold E750,000 (E represents Euro) in merchandise to a foreign company.Cameron agreed to a...
- Q 1)CBA Inc., a manufacturer, has received a special request for 1000 units of its product, widgets, at a price of $ 52.50 per unit. The normal selling price for widgets...
- Q How to make a Journal Spreadsheet with the given information? 1 Aaron Hideaway invested $15,000 and a truck, with a market value of $3,000, in the...
- Q A large drug company must determine how many sales representatives to assign to each of four sales districts. The cost of having n (n>0) representatives in a district is 88,000+80,000n...
- Q our team attends a trade conference on the subject of globalization. They have attended several seminars both advocating and dismissing implementing a global strategy. You return to the office and...
- Q Rock Solid Bank and Trust (RSB&T) offers only checking accounts. Customers can write checks and use a network of automated teller machines. RSB&T earns revenue by investing the money deposited;...
- Q Cost Accounting is a branch of accounting and has been developed due to limitations of financial accounting. Financial accounting is primarily concerned with record keeping directed towards the preparation of...
- Q Could you tell me step-by-step explanations Thanks. Spuds Chips Ltd (SCL) processes crinkle-cut potato chips. Production requires three (3) processes: Cutting, Cooking and Packaging. In the Cooking Department...
- Q Prepared from a situation suggested by Professor John W. Hardy.) Lone Star Meat Packers is a major processor of beef and other meat products. The company has a large amount...
- Q Markham Company makes two products: Basic Product and Deluxe Product. Annual production and sales are 2,000 units of Basic Product and 1,400 units of Deluxe Product. The company has traditionally...
- Q You are an audit manager at Carillion & Associates and have been assigned to the audit of Colette Hayman Ltd (CHL) for the year ending 30 June 2020. CHL is...
- Q You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's income tax position based on the following: ...
- Q We assume that the lease is appropriately recorded as an operating lease by Harter. Harter Company leased machinery to Stine Company on Jan 1, 2018, for a ten-year period expiring...
- Q 1.The Swiss Clock Shop manufactures clocks on a highly automated assembly line. Its costing system uses two cost categories, direct materials and conversion costs. Each product must pass through the...
- Q Responding to a case brought by the Dillon Corporation, Florida of U.S., for the purpose to expand China paper anti-dumping tariff, the U.S. Commerce Department announced it was imposing a...
- Q aMrs A, a single mum with two children, would like you to assist her to prepare her tax return for the 30 June 2021 tax year. She has presented you...
- Q 1. Big Bucks Casino is currently operating at 80 percent capacity. Worried about the casino's performance, Grey, the general manager, reviewed the company's operating performance. Following are revenue and cost...
- Q QUESTION 2[20 marks] Liguanea Pharmaceuticals Limited (LPL) currently sells a product the "sovereign" for $2200. This price is based on the annual demand. Analysis indicates that if the company...
- Q Company L displayed the following information in the December 31, 2019 financial statements and disclosures: Projected benefit obligation$340,000 Fair value of plan assets370,000 OCI: Unamortized prior service cost90,000...
- Q Vermont Instruments manufactures two models of calculators. The finance model is the Fin-X and the scientific model is the Sci-X. Both models are assembled in the same plant and require...
- 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...
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