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Questions and Answers of
College Accounting
The following are examples of types of companies.a. Interior design firm.b. Sporting goods store.c. Pharmacy.d. Chemical plant.e. Computer repair business.f. Furniture
This information is for Paulo Company for the year ended December 31, 2022. InstructionsPrepare the 2022 statement of cash flows for Paulo Company. Cash received from revenues from customers Cash
Sandi Alcon, the bookkeeper for New York Company, has been trying to determine the correct balance sheet for the company. The company?s balance sheet is shown below. InstructionsExplain to Sandi
The following information relates to Armanda Co. for the year 2022. After analyzing the data, prepare an income statement and an owner?s equity statement for the year ending December 31, 2022.
Presented below is selected information related to Kirby Company at December 31. Kirby reports financial information monthly. a. Determine the total assets of Kirby Company at December 31. b.
Indicate where in the financial statements you would find the following items—income statement (IS), owner’s equity statement (OE), or balance sheet (BS).a. Drawings. b. Rent
From the following list of services, identify the four services performed by a private accountant: auditing, budgeting, cost accounting, management consulting, tax planning, and tax preparation.
Compute the net change in cash on the statement of cash flows given the following data.Cash flows from operating activities .............................. $ 5,890Cash flows from
Loren Satina is the only owner of Clear View Park, a public camping ground near the Lake Mead National Recreation Area. Loren has compiled the following financial information as of December 31,
Presented below is financial information related to the 2022 operations of Sea Legs Cruise Company.Rent expense ..................................................... $ 95,000Utilities expense
Trenton Travel Agency purchased land for $90,000 cash on December 10, 2022. At December 31, 2022, the land’s value has increased to $93,000. What amount should be reported for land on Trenton’s
Presented below is information related to the proprietorship of Alice Henning, attorney. InstructionsPrepare the 2022 owner?s equity statement for Alice Henning?s legal practice. Service
Presented below is financial information for Skyline Company. InstructionsPrepare a statement of cash flows for the month ended December 31, 2022. Cash received from revenues from customers Cash
In February, Maria Osgood invested an additional $10,000 in her business, Osgood’s Pharmacy, which is organized as a proprietorship. Osgood’s accountant, Carl, recorded this as revenue on the
Summarized operations for Bayles Co. for the month of July are as follows.Revenues ...................... $70,000.Expenses ...................... $40,000.Indicate for
List three job opportunities in public accounting.
What is the relationship between the revenue and expense accounts and the owner’s equity account?
Prepare general journal entries for the following transactions:Sept. 15 Borrowed $7,000 cash from the bank, giving a 60-day noninterest-bearing note. The note is discounted 8% by the bank. Nov. 14
At the end of the year, the following interest is earned, but not yet received. Record the adjusting entry in a general journal.Interest on $4,000, 90-day, 7% note (for 15 days) $11.67Interest on
What is impairment?
What is goodwill? When is it recognized?
What is a franchise? Name a franchise you have visited.
Who is the payee of a note?
Explain the function of each of the four closing entries made by Sunflower Cycle.
What are the differences between a cost center, a profit center and an investment center?
As a rule of thumb, what is the minimum desired current ratio?
What is the basic test for determining whether impairment does, in fact, exist?
What is the manufacturing margin?
Suggest some nonmeasurable data that might be considered in deciding to replace existing equipment with new equipment.
Suppose that a company is considering the purchase of new equipment. The old equipment will be sold when the new equipment is acquired. How should the proceeds from the sale of the old equipment be
Why might management be reluctant to accept a special order for its products at less than the normal price even though such an order would be legal and profitable?
Why might employee morale be a factor in deciding whether to replace existing equipment with new equipment?
Why do the analyses presented in this chapter focus on future costs rather than on past costs? Explain.
Hope Company is considering replacing its existing wrapping system with new equipment. The existing system has a book value of $125,000 and a remaining useful life of two years. The new wrapping
It is in the best interest of the Internal Revenue Service for companies to succeed. More taxes are paid if more companies make a higher profit. Go to the IRS website at IRS.gov. At the IRS home
Innovative Automation Corporation is currently manufacturing a part that goes into its main product. Each year 4,900 of these parts are used. Cost data for the past year that relates to the 4,900
Explain the meaning of marginal income on sales.
Is absorption costing or direct costing more useful in making decisions? Why?
What is the fundamental difference between direct costing and absorption costing?
Briefly describe absorption costing.
Which of the following items are subtracted from net sales to arrive at contribution margin?a. Fixed administrative expensesb. Variable administrative expensesc. Fixed manufacturing costsd. Variable
The following data pertains to Efficient Market Investment software packages in the inventory of the Investment Software division of Efficient Market Investment Outlets:Inventory, January 1
The following excerpt was taken from The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016).The Balance Sheet to the Consolidated Financial Statements contained the
Pitt Corporation began operations in 2019 to manufacture a single product. Relevant data for the year follow. There are no work-in-process inventories.OPERATING DATA FOR 2019Quantities:Beginning
Queens Corporation makes a single product that it sells to retail stores. The firm’s finishing department uses hand labor to perform its work on all products. A proposal has been made by the
San Jose Microelectronics is considering the purchase of a new factory machine at a cost of $140,000. The machine would perform a function that is now being performed by hand. The new machine would
Minnesota Manufacturing has an opportunity to export 2,000 units of its product to a foreign country. The current selling price is $166, but the special order will be sold at a unit price of $120.
Wood Decorative Manufacturing makes architectural wood products, such as crown molding, onlays, and panels, which it sells to commercial builders. The firm’s finishing department is not mechanized.
NorCal Computer Company is currently manufacturing a part that goes into its main product. Each year, 1,500 of these parts are used. Cost data for the past year that relate to the 1,500 parts are
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A.Locate the Five-Year Summary of Financial and Operating Results. Review the information
1. Compute the March equivalent production for materials for Shoe Maker, LLC.2. Compute the cost per equivalent unit for materials for March.3. Compute the cost of materials in the work transferred
Refer to the 2015 Form 10-K (for the fiscal year ended January 31, 2016) for The Home Depot, Inc.1. Locate the consolidated statements of cash flows for the year ended January 31, 2016. What net cash
Below you will find the condensed financial statements for Best Inc. and Good Inc. for 2019.INSTRUCTIONS1. Compute the following ratios for each company:a. Rate of return on net salesb. Rate of
The condensed income statement and comparative balance sheet of Donald Corporation as of December 31, 2019 and 2018, are provided below. Other financial data is also given.INSTRUCTIONSPrepare a
The comparative balance sheet for Long Company as of December 31, 2019 and 2018, is shown below, followed by the condensed income statement.INSTRUCTIONSPrepare a statement of cash flows for 2019.
A comparative balance sheet for CKCH Corporation as of December 31, 2019 and 2018, is given below.INSTRUCTIONSUse these data to prepare a statement of cash flows for 2019. Additional information for
Postclosing trial balance data and other financial data for Bass, Inc., as of December 31, 2019 and 2018, follow.INSTRUCTIONSPrepare a statement of cash flows for 2019. Additional information for the
Atlantic Corporation€™s comparative balance sheet as of December 31, 2019 and 2018, and 2019 condensed income statement appear below.INSTRUCTIONSPrepare a statement of cash flows for 2019.
The comparative balance sheet for EProducts, Inc., as of December 31, 2019 and 2018, is shown below, followed by the condensed income statement for 2019.INSTRUCTIONSPrepare a statement of cash flows
Cole Allen, the bookkeeper for Brentwood Company, asks for your help in identifying whether the following transactions should be reported on the corporation’s statement of cash flows. Prepare a
Avenue Company was formed and began business on January 1, 2019, when R. B. Street transferred merchandise inventory with a value of $60,000, cash of $55,000, accounts receivable of $60,000, and
What is a perpetual inventory?
What entry is made for indirect materials issued from the storeroom?
What is idle time? How is the cost of idle time usually accounted for?
Name the sources of postings to the job order cost sheet.
During 2019, Cole Manufacturing Company began and completed Job 1203. Costs entered on the job cost sheet for this job were $50,000 for materials and $10,000 for direct labor:1. Assuming that
For the year 2019, Tour Inc. had actual overhead costs of $85,000, and its applied overhead was $82,500:1. Did the firm have overapplied or underapplied overhead for the year?2. What was the amount
The records of Atlantic Inc. for 2019 show that it completed goods costing $160,000 and that it sold goods costing $209,000 for the year. Give the entries in general journal form on December 31,
In April 2019, Metal Trailers Co. had the following cost data:COST DATAa. Raw materials costing $93,000 were purchased.b. Raw materials costing $90,000 were used: direct materials, $85,000; indirect
The Modern Company builds kitchen cabinets. On January 1, 2019, one job (D42) was in progress. The order is from Dallas Apartment Corporation and was begun on December 21, 2018. Costs accumulated to
In June 2019, Metal Fab, Inc., had the following cost data:COST DATAa. Raw materials costing $100,000 were purchased.b. Raw materials costing $80,000 were used: direct materials, $75,000; indirect
Oak Cabinet Company builds kitchen cabinets. On November 1, 2019, two jobs, Job 045 and Job 048, were in progress. The order is from Grace Apartments and was begun on October 5, 2019. The accumulated
BBS Manufacturing Company manufactures one product that has several model styles. All materials are added at the beginning of production. Manufacturing overhead is applied as a percentage of direct
The job order cost sheets for LA Inc. show the following information about special orders for June and July of the current year:The company prices its jobs to make a 50 percent gross profit on sales.
The costs for a supervisor are included in indirect costs. The supervisor’s travel is included in the indirect costs. Susie is a supervisor for a sewing department at a clothing manufacturing
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A.Under the paragraph Revenues, from Notes to Consolidated Financial Statements, read how
Do a search for articles on just-in-time manufacturing. Be sure to include the word “manufacturing” to find the most relevant information. What is the definition of just in time? Notice all the
Why are job order cost sheets not used in the process cost accounting system?
In a cost of production report, what items are found in the Costs to Be Accounted For section?
Will the same equivalent units always be used for materials, labor, and overhead? Explain.
Will the amount shown as a department’s ending inventory of work in process on the cost of production report agree with the work in process for the department in the general ledger after adjusting
Why is it not necessary to use an overhead application rate when the process cost accounting system is employed?
Why might the process cost accounting system be unsatisfactory when several different products are being manufactured in the same department?
How does accounting for the raw materials inventory and the finished goods inventory differ under the process cost accounting system and the job order cost accounting system?
Compute the equivalent units of production for the prior department costs for the month.Information about production in the fabricating department of the Char & Son Company for March 2019
Compute the equivalent units of production for materials for the month.Information about production in the fabricating department of the Char & Son Company for March 2019 follows:Beginning
Compute the equivalent units of production for labor and overhead for the month.Information about production in the fabricating department of the Char & Son Company for March 2019
On April 1, 2019, the assembly department of AC Inc. had no beginning work in process. During the month, production was started on 10,000 units. The total cost of materials was $60,000. All materials
OutFlow, Inc., manufactures a single type of garden cart. The monthly production report for July 2019 follows:INSTRUCTIONSPrepare the equivalent production computations for each department.Analyze:
LEB Games Inc. has two producing departments€”fabricating and assembly. The following data is from the firm€™s records for the month of June 2019. There were no beginning
Brainerd Corporation adds all materials at the beginning of production. On August 1, 2019, 1,500 gallons of its product were in production in the first department. During the month of August, 12,000
CharlesAllen Company manufactures plastic hats. The monthly production report for August 2019 follows:INSTRUCTIONSPrepare the equivalent production computations for each department.Analyze: What
WaterMakers Inc. has two producing departmentsfabricating and assembly. The data below is from the firms records for the month of May 2019. There were no beginning
LA Chemical Company manufactures a pharmaceutical chemical. All materials are put into process at the beginning of production. On April 1, 2019, 2,000 pounds of the product were in process in the
Selected data about the operations of the mixing department, the first department of Blue Manufacturing, Inc., for April 2019 follows.At the beginning of the month, there were 1,000 units in process
Refer to The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016) in Appendix A.Look over the Consolidated Balance Sheets and the Consolidated Statements of Cash Flows
The Internet has a great deal of help with inventory for businesses. Enter as a search phrase “inventory management.” Why are barcodes being used by so many industries?
Define the term fixed cost.
What are semi-variable costs?
Explain how variable costs per unit change as the level of activity changes.
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