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survey of accounting

Questions and Answers of Survey of Accounting

=+3. Describe the behavior of(a) total fixed costs and (b) unit fixed costs as the level of activity increases.
=+2. How would each ofthe following costs be classified if units produced is the activity base?a. Direct labor costsb. Direct materials costc. Electricity costs of $0.20 per kilowatt-hour
=+5. Based on the following operating data, what is the operating leverage?Sales $600,000 Variable costs 240,000 Contribution margin $360,000 Fixed costs 1 60,000 Income from operations $200,000 A.
=+4. Based on the data presented in Question 3, how many units ofsales would be required to realize income from operations of $20,000?A. 11,250 units C. 40,000 units B. 35,000 units D. 45,000 units
=+3. Ifthe unit selling price is $16, the unit variable cost is$12, and fixed costs are $160,000, what are the break¬even sales (units)?A. 5,714 units C. 13,333 units B. 10,000 units D. 40,000 units
=+2. Ifsales are $500,000, variable costs are $200,000, and fixed costs are $240,000, what is the contribution mar¬gin ratio?A. 40% C. 52%B. 48% D. 60%
=+1. Which ofthe following statements describes variable costs?A. Costs that vary on a per-unit basis as the level of activity changes.B. Costs that vary in total in direct proportion to changes in
=+/ Transferred to Packag¬ing Dept., $865,060 Work in Process—Sifting Department (1 5,000 units, 75% completed) $42,000 The following costs were charged to Work in Process—Sifting Department
=+P2 Equivalent units and related costs; cost ofproduction report SPREADSHEET Blue Ribbon Flour Company manufactures flour by a series ofthree processes, beginning in the Milling Department. From the
=+Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department.
=+ACCOUNT Work in Process—Roasting Department Date Item July 1 Bal., 18,000 units, 25% completed 18,450 31 Direct materials, 345,000 units 968,750 31 Direct labor 229,000 31 Factory overhead
=+Cost ofproduction report SPREADSHEET y Cost per equivalent unit, $4.00 Robusta Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting
=+Prepare a memo to the production manager analyzing this comparative cost information.In your memo, provide recommendations for further action, along with supporting schedules showing the total cost
=+Beginning and ending work in process inventories are negligible, so are omitted from the cost of production report. The flavor changeover cost represents the cost of cleaning the bottling machines
=+vOrange Cola Lemon-Lime Root Beer Concentrate $ 5,400 $110,000 $ 63,000 $1,800 Water 1,800 30,000 18,000 600 Sugar 3,000 50,000 30,000 1,000 Bottles 6,600 110,000 66,000 2,200 Flavor changeover
=+Ell Decision making SPREADSHEET Oasis Bottling Company bottles popular beverages in the Bottling Department. The beverages are produced by blending concentrate with water and sugar. The concentrate
=+Prepare a cost of production report for the Cutting Department ofNorth Georgia Carpet Com¬pany for May 2008. Use the average cost method with the following data:Work in process, May 1, 13,000
=+E10 Cost ofproduction report:average cost method SPREADSHEET/ Cost per equivalent unit, $5.98
=+Prepare a cost ofproduction report, using the average cost method.
=+E9 Cost ofproduction reportaverage cost method SPREADSHEET y Cost per equivalent unit, $2.15 The increases to Work in Process—Cooking Department for Boston Beans Company for Janu¬ary 2008 as
=+b. Determine the cost ofthe units transferred to Finished Goods.
=+E8 Cost per equivalent unit:average cost method/a. $20.00 The following information concerns production in the Forging Department for April. The Forg¬ing Department uses the average cost
=+e. The cost of ending Work in Process.
=+d. The cost ofthe units transferred to Finished Goods.
=+c. The cost per equivalent unit.
=+b. The number of equivalent units of production.
=+a. The number ofwhole units to be accounted for and to be assigned costs.
=+Determine the following:
=+E 7 Equivalent units of production and related costs SPREADSHEET Vb. 82,720 units The charges to Work in Process—Baking Department for a period as well as information con¬cerning production are
=+b. Determine the number ofwhole units to be accounted for and to be assigned costs and the equivalent units of production for March.
=+E6 Equivalent units of production: average cost method/a. 9,000 The following information concerns production in the Finishing Department for March. The Finishing Department uses the average cost
=+b. Determine the number ofwhole units to be accounted for and to be assigned costs and the equivalent units ofproduction for the Winding Department.
=+March ofthe current fiscal year are as follows:Drawing Department Work in process, March 1 1,700 units, 50% completed Completed and transferred to next processing department during March 92,000
=+E5 Equivalent units of production: average cost method ya. 94,500 units to be accounted for Units ofproduction data for the two departments of Frontier Cable and Wire Company for _
=+b. Determine the number of equivalent units of production for the period.
=+b. Determine the number of equivalent units ofproduction for the period.
=+a. Determine the number ofwhole units to be accounted for and to be assigned costs for the period.
=+E3 The Converting Department of Stay-Soft Napkin Company had 760 units in work in process at Equivalent units the beginning ofthe period, which were 75% complete. During the period, 15,400 units
=+Prepare a chart ofthe flow of costs from the processing department accounts into the finished goods accounts and then into the cost of goods sold account. The relevant accounts are as follows:Cost
=+Alcoa Inc. is the worlds largest producer of aluminum products. One product that Alcoa manu¬factures is aluminum sheet products for the aerospace industry. The entire output ofthe Smelt¬ing
=+Indicate the accounts increased and decreased for each of the following business events:a. Materials used by the Blending Department.b. Transfer ofblended product to the Molding Department.c.
=+The Hershey Company manufactures chocolate confectionery products. The three largest raw materials are cocoa beans, sugar, and dehydrated milk. These raw materials first go into the Blending
=+4. Prepare a trial balance ofthe ledger as ofNovember 30, 2008.
=+3. Post the journal entries to the T accounts, placing the date to the left of each amount to iden¬tify the transaction. Determine the balances for all accounts with more than one posting.
=+2. Journalize the transactions for November in a two-column journal.
=+1. Record the November 1, 2008, balance of each account in the appropriate balance column of a T account, and write Balance to identify the opening amounts.
=+parking lot in December and January, during a street rebuilding program; received advance payment of $2,500.Instructions
=+29. Paid miscellaneous expenses, $450.30. Recorded revenue earned and billed to clients during the month, $48,400.30. Paid salaries and commissions for the month, $25,000.30. Paid dividends of
=+Nov. 20. Returned a portion ofthe office supplies purchased on November 2, receiving full credit for their cost, $250.23. Paid advertising expense, $2,100.27. Discovered an error in computing a
=+17. Paid creditors on account, $7,750.Passport Realty Trial Balance October 31, 2008 Debit Credit Balances Balances 26,300 67,500 3,000 1,800 13,020 5,000 27,980 2,000 260,000 148,200 30,000 17,800
=+15. Purchased land for a future building site for $90,000, paying $10,000 in cash and giving a note payable for the remainder.
=+The following business transactions were completed by Passport Realty during November 2008:Nov. 1. Paid rent on office for month, $5,000.2. Purchased office supplies on account, $1,750.5. Paid
=+3. Prepare a trial balance as ofMarch 31, 2008.Passport Realty acts as an agent in buying, selling, renting, and managing real estate. The trial balance on October 31, 2008, is shown on the
=+2. Prepare T accounts, using the account titles in (1). Post the journal entries to these accounts, placing the appropriate letter to the left of each amount to identify the transactions.
=+1. Journalize entries for transactions (a) through (i), using the following account titles: Cash;Supplies; Accounts Payable; Capital Stock; Dividends; Sales Commissions; Office Salaries Expense;
=+i. Paid dividends of $ 1,000.Instructions
=+f. Paid automobile expenses (including rental charge) for month, $2,400, and miscellaneous expenses, $600.g. Paid office salaries, $3,250.h. Determined that the cost ofsupplies used was $575.
=+a. Kara Frantz transferred cash from a personal bank account to an account to be used for the business in exchange for capital stock, $15,000.b. Paid rent on office and equipment for the month,
=+On March 1, 2008, Kara Frantz established Mudcat Realty, which completed the following trans¬actions during the month:
=+Prepare a trial balance, listing the accounts in their proper order and inserting the missing figure for cash.
=+The accounts in the ledger ofMatice Co. as ofJuly 31,2008, are listed in alphabetical order as follows.All accounts have normal balances. The balance ofthe cash account has been intentionally
=+b.Post the entries prepared in (a) to the following T accounts: Cash, Supplies, Accounts Re¬ceivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, place the
=+identify the transactions. Journal entry explanations may be omitted.Double-Entry Accounting Systems 619
=+The following selected transactions were completed during August ofthe current year:1. Billed customers for fees earned, $ 13,750.2. Purchased supplies on account, $1,325.3. Received cash from
=+d. Post the July 27, 2008, transaction to the accounts.
=+c. Prepare a T account for Accounts Payable. Enter a credit balance of $11,380 as ofJuly 1, 2008.
=+b. Prepare a T account for Supplies. Enter a debit balance of $735 as ofJuly 1, 2008.
=+a. Journalize the July 27, 2008, transaction.
=+Oct. 1. Paid rent for the month, $2,500.3. Paid advertising expense, $1,100.4. Paid cash for supplies, $725.6. Purchased office equipment on account, $7,500.10. Received cash from customers on
=+c. During December, $60,500 was paid to creditors on account, and purchases on account were $77,700. Assuming the December 31 balance ofAccounts Payable was $22,300, deter¬mine the account balance
=+b. On July 1, the accounts receivable account balance was $25,500. During July, $115,000 was collected from customers on account. Assuming the July 31 balance was $27,500, determine the fees billed
=+a. On June 1, the cash account balance was $11,150. During June, cash receipts totaled $72,300 and the June 30 balance was $15,750. Determine the cash payments made during June.
=+b. Ifthe balance ofthe cash account is $241,925 at the end ofthe month, what was the Cash balance at the beginning ofthe month?
=+a. Do the data indicate that Harpoon Co. earned $166,870 during the month? Explain.
=+During the month, Harpoon Co. received $479,250 in cash and paid out $312,380 in cash.
=+Identify each ofthe following accounts ofSydney Services Co. as asset, liability, stockholders equity, revenue, or expense, and state in each case whether the normal balance is a debit or a
=+£3 Based upon the T accounts in Exercise 2, prepare the nine journal entries from which the post-, , ings were made. Journal entry explanations may be omitted.Journal entries & ' r
=+Account Debited Account Credited Transaction_Type_Effect_Type_Effect(1) asset + capital stock +
=+(2)Supplies 1,800 (9) 1,050 Capital Stock_ Operating Expenses(1) 30,000 (4) 3,050 T(9) 1,050 Indicate for each debit and each credit: (a) whether an asset, liability, capital stock, dividends,
=+E2 Identifying transactions Eos Co. is a travel agency. The nine transactions recorded by Eos during March 2008, its first month of operations, are indicated in the following T accounts:Cash
=+Liability (c) (d) Credit Stockholders’ Equity:Capital Stock Credit (e) Credit Retained Earnings Credit Debit (0 Dividends (g) (h) Debit Income statement accounts:Revenue (i) 0) (k)Expense Debit
=+El Rules ofdebit and credit The following table summarizes the rules of debit and credit. For each ofthe items (a) through(1), indicate whether the proper answer is a debit or a credit.Increase
=+Does your analysis support the student purchasing the computer?
=+A15-6 In one group, find a local business, such as a copy shop, that rents time on desktop comput¬ers for an hourly rate. Determine the hourly rate. In the other group, determine the price of a
=+2. Why is the timing of cash flows important in evaluating capital investments? Calculate the net present value ofthe two projects at a minimum rate ofreturn of 12% to demonstrate the importance of
=+1. Determine the average rate of return for both projects.
=+Although the average rate ofreturn exceeded 12% on both projects, you have tentatively decided to invest in Project B because the rate was higher for Project B. You noted that the total cash flow
=+A15-5 You are considering an investment of $300,000 in either Project A or Project B for West Coast Analyze cash flows Studios Inc. In discussing the two projects with an advisor, you decided that,
=+Explain the role of capital investment analysis for these companies.
=+what’s going to happen to a product once it gets out.”
=+ChiefFinancial Officer ofMerck &Co., Inc. (a pharmaceutical company): “... at the individual product level—the development ofa successful new product requires on the order of$230 million in
=+A15-4 The following are some selected quotes from senior executives:Qualitative issues m CEO, Worthington Industries (a high technology steel company): “We try tofind investment analysis , , . ,
=+3. What else should the manager consider in the analysis?
=+2. What is the net present value, assuming a 15% rate ofreturn?
=+1. What is the payback period on this project?
=+A15-3 Investment analysis and qualitative considerations The plant manager ofMisson Creek Equipment Company is considering the purchase of a new robotic assembly plant. The new robotic line will
=+3. What is the net advantage or disadvantage ofpursuing a graduate degree under these assumptions?
=+2. Determine the net present value of cash flows from a Masters ofAccountancy degree, as¬suming no salary is earned during the graduate year ofschooling.
=+1. Determine the net present value of cash flows from an undergraduate degree. Use the pres¬ent value tables provided in this chapter.
=+of $57,000 per year (assumed to be paid at the end ofthe year) for nine years after graduation.Assume a minimum rate ofreturn of 10%.

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