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managerial accounting
Questions and Answers of
Managerial Accounting
A business issued a $5,000, 60-day, 12% note to the bank. The amount due at maturity is:a. $4,900b. $5,000c. $5,100d. $5,600
Wildcat Company had gross wages of $180,000 for the week ended March 20. All $180,000 of wages are subject to social security and Medicare taxes, while $30,000 of wages are subject to federal and
A business issued a $5,000, 60-day note to a supplier, which discounted the note at 12%.The proceeds are:a. $4,400b. $4,900c. $5,000d. $5,100
A petty cash fund is:a. used to pay relatively small amounts.b. established by estimating the amount of cash needed for disbursements of relatively small amounts during a specified period.c.
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned,
During the month, Gates Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have(a) debit entries only,(b)
Identify each of the following accounts of Liken Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a
Three years ago, T. Roderick organized Harbor Realty. At July 31, 20Y2, the end of the current year, the unadjusted trial balance of Harbor Realty follows:The data needed to determine year-end
On February 11, 20Y9, Quick Fix Company purchased $2,250 of supplies on account. In Quick Fix’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.a.
Drive Time Delivery is a local delivery service operating in Cleveland, Ohio. On February 1, Drive Time has the following balances: Cash, $32,500; Accounts Receivable, $5,000; Accounts Payable,
Levart Travel Service's assets and liabilities at December 31, 20Y6, and its revenue and expenses for the year follow.The retained earnings were $30,000 on January 1, 20Y6, the beginning of the year.
Which of the following items represents a deferral?a. Prepaid insuranceb. Wages payablec. Fees earnedd. Accumulated depreciation
The balance in the unearned rent account for Jones Co. as of December 31 is $1,200. If Jones Co. failed to record the adjusting entry for $600 of rent earned during December, the effect on the
At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued fees.b. If the cash basis rather than the
David Simmons, M.D., organized Simmons Urgent Care Inc. by investing cash in exchange for common stock. In addition, the clinic purchased medical supplies and office equipment on account.Identify the
If the supplies account, before adjustment on May 31, indicated a balance of $2,250, and supplies on hand at May 31 totaled $950, the adjusting entry would be:a. debit Supplies, $950; credit Supplies
Selected transactions from Simmons Urgent Care Inc.'s first month of operations are as follows:Prepare journal entries to record these transactions, and illustrate their impact on the accounting
The adjusting entry for accrued wages was omitted at July 31, the end of the current year.Indicate which items will be in error, because of the omission, on(a) the income statement for the current
If the estimated amount of depreciation on equipment for a period is $2,000, the adjusting entry to record depreciation would be:a. debit Depreciation Expense, $2,000; credit Equipment, $2,000.b.
Paradise Realty Co. pays weekly salaries of $25,500 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that
The accounts of Simmons Urgent Care Inc. as of December 31, 20Y7, are listed in alphabetical order as follows.All accounts have normal balances.Prepare an unadjusted trial balance, listing the
The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts:Determine the
If the adjusting entry for accrued wages of $7,500 was omitted, the adjusted trial balance totals would be:a. unequal, the debit total would exceed the credit total by $7,500.b. unequal, the debit
The following data were accumulated for preparing the adjusting entries for the Atlanta Rhythm Company:▪ At the end of the year, $13,680 of fees have been earned, but have not been billed to
Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. Indicate which items will be erroneously stated,
Selected unadjusted account balances for Atlanta Rhythm Company on December 31 are as follows:The following adjustment data were accumulated on December 31:▪ Supplies on hand at December 31,
Selected account balances for Atlanta Rhythm Company on December 31 are as follows:Depreciation on equipment during the year is $4,000.a. Journalize the adjusting entry necessary for depreciation on
The balance in the unearned fees account, before adjustment at the end of the year, is $18,000.Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $3,600.
Which of the following accounts would not be included in a post-closing trial balance?a. Cashb. Fees Earnedc. Accumulated Depreciationd. Retained Earnings
After the accounts have been adjusted at December 31, the end of the year, the following balances are taken from the ledger of Wyatt Services Co.: Retained Earnings Dividends Fees Earned Wages
The following account balances were taken from the adjusted trial balance for Laser Corrective Vision Company, a health care company, for the fiscal year ended December 31, 20Y2:On January 1, 20Y2,
Three years ago, T. Roderick organized Harbor Realty. At July 31, 20Y6, the end of the fiscal year, the following end-of-period spreadsheet was prepared:Instructions 1. Prepare an income statement, a
Which of the following accounts in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet) would be reported on the statement of stockholders’ equity?a. Utilities Expenseb.
Which of the following accounts would be classified as a current asset on the balance sheet?a. Office Equipmentb. Landc. Accumulated Depreciationd. Accounts Receivable
Which of the following accounts would not be closed to the retained earnings account at the end of a period?a. Fees Earnedb. Wages Expensec. Rent Expensed. Accumulated Depreciation
Current assets and current liabilities for HQ Properties Company follow:a. Determine the working capital and current ratio for 20Y2 and 20Y1.b. Does the change in the current ratio from 20Y1 to 20Y2
Which of the following steps of the accounting cycle precedes the journalizing and posting of adjusting entries?a. A post-closing trial balance is prepared.b. An unadjusted trial balance is
On August 10, Knopfler Company purchased inventory on account from Fray Co. for $11,500, terms 2/10, n/30. Knopfler returned inventory with an invoice amount of $2,500 on August 14 and received full
If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing a(n):a. debit memo.b. credit memo.c. invoice.d. bill.
On December 30, Burrows Inc. sold $12,000 of merchandise to Wall Company on account, with terms 2/10, n/30. The merchandise cost Burrows $8,000. On January 3, Wall determines that a portion of the
If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount of the discount for early payment would
The following account balances were taken from the adjusted trial balance for Laser-Tek Company for the fiscal year ended December 31, 20Y2:Prepare a multiple-step income statement for Laser-Tek
The income statement in which the total of all expenses is deducted from the total of all revenues is termed the:a. multiple-step form.b. single-step form.c. account form.d. report form.
On a multiple-step income statement, the excess of sales over the cost of goods sold is called:a. operating income.b. income from operations.c. gross profit.d. net income.
Which of the following expenses would normally be classified as other expense on a multiple-step income statement?a. Depreciation expense—office equipmentb. Sales salaries expensec. Insurance
Stewart Co.’s beginning inventory and purchases during the year ended December 31, 20Y2, were as follows:Instructions 1. Determine the cost of inventory on December 31, 20Y2, using the perpetual
The beginning inventory, purchases, and sales of Item QX3 for the month of January are as follows:The company uses the perpetual inventory system. Determine (1) the cost of goods sold for January
The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is:a. FIFO.b. LIFO.c. weighted average cost.d.
The beginning inventory, purchases, and sales of Item QX3 for the month of January are as follows:The company uses the perpetual inventory system. Determine (1) the cost of goods sold for January
A profit-making business operating as a separate legal entity and in which ownership is divided into shares of stock is known as a:a. proprietorship.b. service business.c. partnership.d. corporation.
The resources owned by a business are called:a. assets.b. liabilities.c. retained earnings.d. common stock.
A listing of a business entity’s assets, liabilities, and stockholders’ equity as of a specific date is a(n):a. balance sheet.b. income statement.c. statement of stockholders’ equity.d.
If total assets increased $20,000 during a period and total liabilities increased $12,000 during the same period, the amount and direction (increase or decrease) of the change in stockholders’
If revenue was $45,000, expenses were $37,500, and dividends were $10,000, the amount of net income or net loss would be:a. $45,000 net income.b. $7,500 net income.c. $37,500 net loss.d. $2,500 net
Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery during August:Indicate the effect of each transaction on the
The revenues and expenses of Ousel Travel Service for the year ended November 30, 20Y8, follow:Prepare an income statement for the year ended November 30, 20Y8. Fees earned Office expense
Using the income statement for Ousel Travel Service from Exercise 4, prepare a statement of stockholders’ equity for the year ended November 30, 20Y8. Shane Ousel invested an additional$50,000 in
Using the following data for Ousel Travel Service as well as the statement of stockholders’ equity from Exercise 5, prepare a balance sheet as of November 30, 20Y8: Accounts payable Accounts
A summary of cash flows for Ousel Travel Service for the year ended November 30, 20Y8, follows:The cash balance as of December 1, 20Y7, was $203,000.Prepare a statement of cash flows for Ousel Travel
The following data were taken from Mesa Company’s balance sheet:a. Compute the ratio of liabilities to stockholders’ equity.b. Has the creditor’s risk increased or decreased from December 31,
Cecil Jameson, Attorney-at-Law, is organized as a corporation and operated by Cecil Jameson.On July 1, 20Y4, the company has the following assets, liabilities, and common stock: cash, $1,000;
On January 1, 20Y5, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a corporation. The following conversation occurred the following August between Dr. Cousins and
A debit may signify a(n):a. increase in an asset account.b. decrease in an asset account.c. increase in a liability account.d. increase in the stockholders’ equity (common stock) account.
The type of account with a normal credit balance is:a. an asset.b. stockholders’ equity (dividend).c. a revenue.d. an expense.
A debit balance in which of the following accounts would indicate a likely error?a. Accounts Receivableb. Cashc. Fees Earnedd. Miscellaneous Expense
The receipt of cash from customers in payment of their accounts would be recorded by:a. a debit to Cash and a credit to Accounts Receivable.b. a debit to Accounts Receivable and a credit to Cash.c. a
The form listing the titles and balances of the accounts in the ledger on a given date is the:a. income statement.b. balance sheet.c. statement of stockholders’ equity.d. trial balance.
J. F. Outz, M.D., organized Hearts Inc. three years ago to practice cardiology. During April 20Y7, Hearts Inc. completed the following transactions:Hearts Inc.’s account titles, numbers, and
A company that manufactures recreational pedal boats has approached Mike Cichanowski to ask if he would be interested in using Current Designs’ rotomould expertise and equipment to produce some of
Impro Company operates in a province where corporate taxes and workers’ compensation insurance rates have recently doubled. Impro’s president has just assigned you the task of preparing an
Information for Sierra Company is given in D13-10. In addition, the company’s required rate of return is 12%.Instructions(a) Calculate the net present value on this project and discuss whether it
The executive team at Current Designs has gathered to evaluate the company’s operations for the last month. One of the topics on the agenda is a special order to produce a batch of 20 kayaks for a
Using the data in BE12-6, calculate the fixed overhead production volume variance.Data From BE12-6:H&X Co. uses a standard job cost system with a normal capacity of 25,000 direct labour hours. H&X
Using the data in BE12-6, calculate the fixed overhead spending (budget) variance.Data From BE12-6:H&X Co. uses a standard job cost system with a normal capacity of 25,000 direct labour hours. H&X
Doggone Groomers is in the dog-grooming business. Its operating costs are described by these formulas:Puli, the owner, has determined that direct labour is the cost driver for all three categories of
Presented below is selected financial information for two divisions of Yono Brewing.InstructionsSupply the missing information for the lettered items. Fill in information related to ROI and residual
Using the data in BE9-4, calculate the markup percentage using variable-cost pricing.Data From BE9-4:Schuman Corporation produces microwave units. The following per-unit cost information is
Swayze Small Engine Repair charges $42 per hour of labour. It has a material loading percentage of 40%. On a recent job to replace the engine of a riding lawnmower, Swayze worked 10.5 hours and used
Schuman Corporation produces microwave units. The following per-unit cost information is available: direct materials $36; direct labour $24; variable manufacturing overhead $18; fixed manufacturing
Travis Corporation produces high-performance rotors. It expects to produce 50,000 rotors in the coming year. It has invested $10 million to produce the rotors. The company has a required return on
Information for Large Orange Company is given in BE8-4. What is the total product cost for the company under throughput costing?Data From BE8-4:Large Orange Company produces basketballs. It incurred
For nearly 20 years, Custom Coatings has provided painting and galvanizing services for manufacturers in its region. Manufacturers of various metal products have relied on the quality and quick
ComfortCraft manufactures swivel seats for customized vans. It currently manufactures 10,000 seats per year, which it sells for $480 per seat. It incurs variable costs of $180 per seat and fixed
Richard Casper owns the Fredonia Barber Shop. He employs five barbers and pays each a base rate of $1,000 per month. One of the barbers serves as the manager and receives an extra $500 per month. In
The following CVP income statements are available for Old Company and New Company:Instructions(a) Calculate the break-even point in dollars and the margin of safety ratio for each company.(b)
Kosinksi Manufacturing carries no inventories. Its product is manufactured only when a customer's order is received. It is then shipped immediately after it is made. For its fiscal year ended October
Rapid Auto has over 200 auto-maintenance service outlets nationwide. It provides two main lines of service: oil changes and brake repair. Oil changes and related services represent 70% of its sales
Bergen Hospital is contemplating an investment in an automated surgical system. Its current process relies on the number of skilled physicians. The new equipment would employ a computer robotic
FireOut, Inc. manufactures steel cylinders and nozzles for two models of fire extinguishers: (1) a home fire extinguisher and (2) a commercial fire extinguisher. The home model is a high-volume
Quik Prints Company is a small printing and copying firm with three high-speed offset printing presses, five copiers (two colour and three black and white), one collator, one cutting and folding
Perdon Corporation manufactures safe—large mobile safes and large walk-in stationary bank safes. As part of its annual budgeting process, Perdon is analyzing the profitability of its two products.
Ready Ride is a trucking company. It provides local, short-haul, and long-haul services. It has developed the following three cost pools:Instructions(a) Calculate the activity-based overhead rates
Building a kayak using the composite method is a very labour-intensive process. In the fabrication department, the kayaks go through several steps as employees carefully place layers of Kevlar® in a
Building a kayak using the composite method is a very labour-intensive process. In the fabrication department, the kayaks go through several steps as employees carefully place layers of Kevlar® in a
Fernando Company manufactures pizza sauce through two production departments: cooking and canning. In each process, materials and conversion costs are incurred evenly throughout the process. For the
Production costs chargeable to the Finishing Department in May at Kim Company are materials $8,000, labour $20,000, overhead $18,000, and transferred-in costs $67,000. Equivalent units of production
Huegel Hollow Resort has ordered 20 rotomoulded kayaks from Current Designs. Each kayak will be formed in the rotomoulded oven, cooled, and then the excess plastic trimmed away. Then, the hatches,
Agassi Company uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labour cost in Department D, direct labour
Easy Decorating uses a job-order costing system to collect the costs of its interior decorating business. Each client’s consultation is treated as a separate job. Overhead is applied to each job
In March, Stinson Company completes Jobs 10 and 11. Job 10 cost $20,000 and Job 11 cost $30,000. On March 31, Job 10 is sold to the customer for $35,000 in cash. Journalize the entries for the
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