Norton Inc. could improve its current ratio of 2 by: Multiple Choice purchasing inventory on credit. selling
Question:
Norton Inc. could improve its current ratio of 2 by:
Multiple Choice
purchasing inventory on credit.
selling merchandise on credit at a profit.
writing off an uncollectible receivable.
paying a previously declared stock dividend.
The following accounts are from last year’s books at Sharp Manufacturing:
Raw Materials | |||
Bal | 0 | (b) | 156,600 |
(a) | 170,500 | ||
13,900 |
Work In Process | |||
Bal | 0 | (f) | 520,400 |
(b) | 133,300 | ||
(c) | 170,600 | ||
(e) | 216,500 | ||
0 |
Finished Goods | |||
Bal | 0 | (g) | 473,000 |
(f) | 520,400 | ||
47,400 |
Manufacturing Overhead | |||
(b) | 23,300 | (e) | 216,500 |
(c) | 27,300 | ||
(d) | 158,600 | ||
7,300 |
Cost of Goods Sold | |||
(g) | 473,000 | ||
Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?
Multiple Choice
$520,400
$465,700
$473,000
$256,550
The Tolar Corporation has 400 obsolete desk calculators that are carried in inventory at a total cost of $576,000. If these calculators are upgraded at a total cost of $120,000, they can be sold for a total of $180,000. As an alternative, the calculators can be sold in their present condition for $40,000.
What is the financial advantage (disadvantage) to the company from upgrading the calculators?
Garrison 16e Rechecks 2017-12-15
Multiple Choice
$20,000
($60,000)
$140,000
($580,000)
When using a flexible budget, a decrease in activity within the relevant range:
Multiple Choice
increases variable cost per unit.
increases total costs.
decreases variable cost per unit.
decreases total costs.
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen