Accounting question and answers for November 20, 2023
- Q A worker under hasley plan of remuneration has a day rate of 1200 per week of 48hours, a cost of living bonus of 10 per hour worked. He is given...
- Q Harry's Carryout Stores has eight locations. The firm wishes to expand by two more stores and needs a bank loan to do this. Mr. Wilson, the banker, will finance construction...
- 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 Universal Electronics, Inc. (UEI), which started operations one year ago, has two divisions: Consumer and Commercial. Both divisions invest heavily in R&D, which is assumed to benefit five years. R&D...
- Q Willy Wonka Chocolate Factory has been around since 1971 (it is currently 2021). The machines still work but the repairs are getting pretty serious. The original cost of the factory...
- Q X company uses job order costing. At the start of the year, January 1, the company had work-in-process which consisted of the following jobs and costs: ...
- Q Lear Inc. has $860,000 in current assets, $380,000 of which are considered permanent current assets. In addition, the firm has $660,000 invested in fixed assets. a.Lear wishes to...
- Q The accounting department of a large limousine company is analyzing the costs of its services. The cost data and level of activity for the past 16 months follow. MonthSpecial...
- Q The bookkeeper receives all the labour timecards and calculates this week's payroll as follows: wages due to employees, $4453.77, amount owed for social security, $642.52; Medicare, $196.01; SUTA, $233.80; FUTA,...
- Q Explain why" differential cost" and "variable cost" do not have the same meaning . Give an example of a situation in which there is a cost that is a differential...
- 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 Zhender Inc. manufactures hair brushes that sell at wholesale for $2.50 per unit. Budgeted production in both 2018 and 2019 was 3,600 units. There was no beginning inventory in 2018....
- Q Why might measures such as ROCE (also called ROI) continue to be used to determine executive remuneration even though the limitations of such measures have been highlighted for many years
- Q How is the total relevant costs of $4,182.56 calculated? Entertainment Time is a distributor of DVDs. Video Mart is a local retail outlet that sells blank and recorded DVDs....
- Q HandleyMetal Works received an offer from a big-box retail company to purchase3,000metal outdoor tables for $216each.HandleyMetal Works accountants determine that the following costs apply to the tables: Direct...
- Q On January 1, 2019, ABC Co. acquired 80% interest in XYZ, Inc. by issuing 5,000 shares with fair value of 15 per share. On this date, XYZ's total equity was...
- Q Accrued salaries payable of $97,000 were not recorded at December 31, 2020. Office supplies on hand of $53,000 at December 31, 2021 were erroneously treated as expense instead of supplies...
- Q Johnson Men's Clothing revenues and cost data for 2020 are as follows: Revenues $600,000.00 Cost of goods sold $300,000.00 Gross margin $300,000.00 Operating cost: Salaries(Fixed) $170,000.00 Sales...
- Q TIME VALUE OF MONEY 25 (MARKS) For your job as the business reporter for a local newspaper, you are given the task of putting together a series of articles that...
- Q BluStar Company has two service departments, Administration and Accounting, and two operating departments, Domestic and International. Administration costs are allocated on the basis of employees, and Accounting costs are allocated...
- 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 Daniel, age 64 and Avery, age 53, are married. They elect to file Married Filing Jointly. Daniel is retired. He received Social Security benefits, a pension, and wages from...
- Q All workers' compensation agencies have Experience Rating programs. Explain the main purpose and goals of an Experience Rating Program, as well as the qualifications for participation.Discuss any safety incentive programs...
- Q Barney's Pizza Parlour recently opened for business. The owner wants a cost function estimate to help with future planning. The manager feels that last month's results fairly represent costs over...
- Q Nico Parts, Inc., produces electronic products with short life cycles (of less than two years). Development has to be rapid, and the profitability of the products is tied strongly to...
- Q Colby Company makes cases for cell phones of all sizes and types for sale through specialty retailers. The company makes a standard model for the most recent iPhone as well...
- Q Please answer following questions: Mehta & Associates, a producer of cable wires, wants you to complete several calculations based on the information given: Selling Price/Unit = $8.75 Variable...
- Q Assume that a company has recently switched to JIT manufacturing. Each manufacturing cell produces a single product or major subassembly. Cell workers have been trained to perform a variety of...
- Q The fixed factory overhead application rate is a function of a predetermined activity level. If standard hours allowed for actual output equal this predetermined activity level for a given period,...
- Q Patton Dyes manufactures colorings, primarily for textiles. Information on the work in process follows: Beginning inventory, 140,000 partially complete liters. Ending inventory, 110,000 liters; units are 25 percent complete...
- Q 18-1 Why is there an unmistakable trend in manufacturing to improve quality? Use an example with reference.
- Q ABC Enterprises is small organization based in Sialkot. This organization deals in sports equipment and normally they export in European countries. There are 30 employees in this organization who have...
- Q 1) Jaspher, Inc. is a large manufactuer of afforable DVD players. Management recently became aware of rising expenses results from returns of malfunctioning products. As a starting point for further...
- Q Carol Mauldin, owner of Mauldin Mercantile Exchange, is considering changing to a sales commission pay scale for her employees. Currently, her 20 salespeople are each paid a flat salary of...
- Q Netherland Corporation has the following unadjusted balances: Accounts Receivable, $83,000 (debit), and Allowance for Sales Discounts $330 (credit). Of the receivables, $53,000 of them are within the 3% discount period,...
- Q Need some help with Cost Accounting! WILL RATE! 1. Why are product costs assigned to the product and period costs immediately expensed?
- Q The International Monetary Fund is trying to raise $500 billion in 5 years for new funds to lend to developing countries. At 6% interest compounded quarterly, how much must it...
- Q Miller Cereals is a small milling company that makes a single brand of cereal. Recently, a business school intern recommended that the company introduce a second cereal in order to...
- Q Explain the differences between a cost centre, revenue centre, profit centre and an investment centre and explain what type of financial performance measure is suitable for the evaluation of each...
- Q You have been asked to analyze a project where the analyst has estimated the return on capital to be 37% over the ten-year lifetime of the project. The cost of...
- Q Kim's Asphalt does driveway and parking lot resurfacing work for large commercial clients as well as small residential clients. An inventory of materials and equipment is...
- Q A manufacturer uses process costing. It has one direct material cost pool and one conversion cost pool. Information for the month is as follows: Beginn3ng of Month End...
- Q List two cost accounting concepts you have learned in Applying Cost Accounting Concepts and explain how you might use them in your present or future accounting position. Make sure you...
- Q 2) A company had beginning inventories as follows: Direct Materials, $300; Work-in-Process, $500; Finished Goods, $700. It had ending inventories as follows: Direct Materials, $400; Work-in-Process, $600; Finished...
- Q ABC Corporation has the following costs for July: July 1, Beginning Work in Process Inventory (18,000 units): Direct Materials (70% complete) $ 122,400 Conversion Costs (60% complete) ...
- Q Stuart Company manufactures a single product. Each unit sells for $15. The firm's projected costs are listed below: Variable costs per unit: Production $5 SG&A $1 Fixed costs: Production $40,000...
- Q Kayo Computer assembles and sells personal computers. Each computer needs one custom-designed printed circuit board (PCB). Kayo has contracted to buy the PCB's from an outside PCB manufacturer, Apex Manufacturing....
- Q GoGo Juice is a combination gas station and convenience store located at a busy intersection. Recently, a national chain opened a similar store only a block away; consequently, sales have...
- Q Wilson Company is considering replacing equipment which originally cost P500,000 and which has P460,000 accumulated depreciation to date. A new machine will cost P790,000. What is the sunk cost in...
- Q Calculate CCA on the following rental property examples: Ms. Gold has been investing in real estate for almost half a century. On January 1, 2018, she owned...
- Q Structuring a Make-or-Buy Problem Fresh Foods, a large restaurant chain, needs to determine if it would be cheaper to produce 5,000 units of its main food ingredient for use...
- Q This case illustrates a new expansion project of an IT company (IT-Tech) where the company intend to invest to increase it sales and market share. Assume IT-Tech's research and development...
- Q Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors...
- Q Northern Washington Lumber Company grows, harvests, and processes timber for use as building lumber. The following data pertain to the company's sawmill: Work-in-process inventory, January 1 (direct materials: 60%,...
- Q Product-Mix Decision with a scarce resource (LO4, Loosely adapted from HBS case 198-085, LeHigh Steel). Sylvester's Steel Works is a mini mill that recycles shredded scrap steel into usable products...
- Q Tango Company produces joint products M, N, and T from a joint process. This information concerns a batch produced in April at a joint cost of $135,000: ...
- Q 15-33 Joint-cost allocation. SW Flour Company buys 1 input of standard flour and refines it using a special sifting process to 3 cups of baking flour and 9 cups of...
- Q The Fellowes Company has developed standards for direct labor. During June, 75 units were scheduled and 100 were produced. Data related to direct labor are: Standard hours allowed 3...
- Q wain Services offers leadership training for local companies. It employs three levels of seminar leaders, based on experience, education, and management level being targeted: guru, mentor, and helper. When Twain...
- Q Torid Company processes 17,500 gallons of direct materials to produce two products, Product X and Product Y. Product X sells for $5 per gallon and Product Y, the main product,...
- Q Your grandparents have been left a substantial amount of money and want to invest in a company. Your grandfather trusts you to make a recommendation, but he also wants to...
- Q Seth Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.26 direct labor-hours. The direct labor rate is $8.70 per direct...
- Q Question: 4. Provide a succinct description of DimLok's competitive strategy. Problem 11-40 Profitability Analysis; Pro Forma Income Statement [LO 11-5, 11-7] Skip to question [The following...
- Q As an employee of Wells Fargo, you have been asked by your supervisor to "cross-sell". You are initially excited that there is an opportunity to receive more money, but...
- Q Habesha cement factory plc has set highly stretched plan for maximizing profit of the company and market coverage for 2015 to sell 500,000 quintal cement at unit cost of 200birr...
- Q Anne Sugar makes large ceramic pots for use in outdoor landscaping. She currently has two models, one square and the other round. Because of the size of Anne's creations, only...
- Q Smart Price Company, a producer of black forest cakes, has budgeted sales and production (in units) for the last quarter in 2019 to be as follows: October November...
- Q Anand Limited manufactures drones for industrial use. Most of their costs are either true variable costs or fixed costs. However, an account analysis shows the following items are mixed costs....
- Q Expresso Corporation uses weighted average method process costing and has just completed the production for the month of April. Relevant data for its two departments follow: April 2020...
- Q 1.The following information was taken from the records of the Slidell Corporation for the month of July. (There were no inventories of work in process or finished goods on July...
- Q 15-30 Methods of joint-cost allocation, ending inventory. Garden Labs produces a drug used for the treatment of arthritis. The drug is produced in batches. Chemicals costing $50,000 are mixed and...
- Q Problem 2.33: Akawasi Sudawa is a production manager for HAL, a firm that specializes in manufacturing high-precision aircraft components. For a new product, Akawasi is trying to decide whether his...
- Q In autumn 2008, the management of the Terminus Hotel negotiates with international tour operators' rates and occupancy levels for 2009. As a consequence of the economic crisis, the Marketing Department...
- Q Dr. Sweet is a dentist with a well-established practice in Smith Falls, Ontario. She has sought your advice regarding the deductibility of the following expenditures made during the current taxation...
- Q Lucas Hunter, president of Simmons Industries Inc., believes that reporting operating cash flow per share on the income statement would be a useful addition to the company's just completed financial...
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