Question #1) X Company's 2015 budgeted cost function for variable overhead was C=$9.00X and its budgeted cost function for fixed overhead was C=$192,800.The following information is also available for 2015:

	Master	Actual
	Budget	Results
Production	10,700 units	11,500 units
Total variable costs	$96,300	$132,427
Total fixed costs	$192,800	$197,124

1. What was the total overhead flexible budget variance for 2015 [submit a favorable variance as a positive number and an unfavorable variance as a negative number]?

2. What was the total overhead static budget for 2015?

QUESTION #2) The following balance sheet is for X Company:

Balance Sheet

January 1, 2015

Assets		Equities
Cash	$52,205	Accounts Payable	$235,851
Accounts Receivable	10,939	Wages Payable	1,171
Inventory	159,750	Notes Payable	31,575
Prepaid Rent	5,521	Paid-In Capital	235,901
Equipment	342,218	Retained Earnings	66,135
Total Assets	$570,633	Total Equities	$570,633

The following summary transactions occurred during 2015:

-borrowed $4,108 from the bank

-paid $88,583 to suppliers for merchandise purchased on account

-paid for $57,400 of advertising

-purchased $257,156 of merchandise on account and $228,044 for cash

-sold merchandise for $554,343 on account and $147,357 for cash; the merchandise cost $364,884

-signed a five-year rental lease for $8,000; paid for one year in advance

-paid $5,596 for land and equipment

-received $230,293 from customers for merchandise sold on account

-received $8,866 in cash contributions from new owners

Note: Ignore adjusting entries. What was the cash balance on December 31, 2015?

What were total assets on December 31, 2015?

What were total liabilities on December 31, 2015?

What was net income in 2015?

QUESTION #3) X Company prepares monthly financial statements. In March, its accountant recorded entries as follows:

-made an adjusting entry for $2,898 of unpaid interest on a bank loan

-recorded $3,500 for wages paid

-made an adjusting entry for $500 of wages that were earned by employees but not paid

-made an adjusting entry for $1,210 of insurance that had expired

-recorded $1,710 that was received from a customer for merchandise that X Company special ordered and agreed to deliver in April.

As a result of these entries, total equities decreased by?

QUESTION #4) X Company is a merchandiser and prepares monthly financial statements. On September 6, its accountant made an entry that resulted in a $60,000 increase in the Cash account and a $60,000 decrease in the Accounts Receivable account. Which of the following transactions is consistent with this entry? X Company...

A)borrowed $60,000 from a bank and signed a note. B)received $60,000 from a customer who bought merchandise with cash. C)paid $60,000 to a supplier from whom the firm had previously bought merchandise on account. D)received $60,000 from a customer who had previously bought merchandise on account. E)received $60,000 from a new investor. F)sold merchandise to customers on account for $60,000.