Anders Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process 800 Stage of completion with respect to materials 70% Stage of completion with respect to conv
What risks do you think accrue to using a new software package that has just been released?
(See attached file for full problem description) (TCO E) The Hadfield Company was organized on January 1, 2001, to manufacture and sell a unique electronic part. The company's plant is highly automated with low variable and high fixed manufacturing costs. Operating results for the first three years of activity were as follow
4. (TCO D) Mr. Earl Pearl, Accountant for Margie Knall, Inc. has prepared the following product-line income data: PRODUCT Total A B
3. (TCO D) Bulan Inc. makes a range of products. The company's predetermined overhead rate is $20 per direct labor-hour, which was calculated using the following budgeted data: Variable manufacturing overhead................. $140,000 Fixed manufacturing overhead..................... $560,000 Direct labor-hours......
Main Company uses a standard cost system in which it applies manufacturing overhead to its product on the basis of standard direct labor-hours (DLHs). Below is the standard cost card for the product: Direct materials, 5 feet at $4.00 per foot......................... $20.00 Direct labor, 2.0 DLHs at $10.00 per
(TCO B) Evergreen Corp. has provided the following data: Sales per period 1,000 units Selling price $40 per unit Variable manufacturing cost $12 per unit Selling expenses $5,100 plus 5% of selling price Administrative expenses $3,000 plus 20% of selling price The number of units needed to achieve
1. Wages paid to the factory manager are considered an example of; A. Direct labor-ye, Period cost yes B. Direct labor yes Period cost yes C. Direct labor no, period cost-yes D. Direct labor- no, period cost no 2. Property taxes on a manufacturing plant are an element of A. Conversion cost- yes, period cost no
Production and purchases budgets. Ozark Inc. has actual sales for August and September and forecasted sales for October, November, December, and January as follows: Actual: August 8,300 units September 8,700 units Forecasted: October 8,400 units November 9,500 units December 7,800 units January 7,400 units R
What is the tax equivalent yield of a municipal bond paying 4% for someone in the 30% tax bracket (assume this investor resides in the same state as the municipal bond).
Calculation of Ratios The financial information below was taken from the annual financial statements of 2006 2005 Current assets $240,000 $212,000 Current liabilities 80,000 90,000 Total liabilities 182,000 160,000 Total assets 520,000 480,000 Sales 400,000 370,000 Cost of goods sold 240,000 220,000 Inven
I have these multiple choice problems that I need to work on and I am on sure on the answer, please help
7. Keifert Company had a balance in the Merchandise Inventory account of $260,000 at the beginning of the year and a balance of $340,000 at the end of the year. The inventory turnover ratio for 2006 was 4 times. If gross profit as a percentage of sales was 40%, the amount of sales for 2006 was a. $2,000,000. b. $1,200,000.
Cost of goods manufactured, cost of goods sold, and income statement. Miller & Co. incurred the following costs during June: Raw materials purchased $66,150 Direct Labor ($15 per hour) $82,500 Manufacturing Overhead (Actual) $135,450 Selling Expenses $44,700 Administrative Expenses $22,050 Interest Expense $7,660
Activity-based costing versus traditional overhead allocation methods.. Summerset Industries manufacturers and sells custom-made windows. Its job costing system was designed using an activity-based costing approach. Direct materials and direct labor costs are accumulated separately, along with information concerning three manufa
If a company made a credit sales of $500,000 during 2008. Experience indicates that uncollectible -account expense is 1/2 of 1% of credit sales. At December 31s,2008, Company's account Receivable balance is $130,000 and Allowance for Uncollectibles stands at $1,600 before the year end adjustment. How would I go about recor
At December 31st, 2007, The Accounts Receivable balance of "Bogus Company" is $300,000. The Allowance for Doubtful Accounts has a $3,900 credit balance. "Bogus Company" prepares the following aging schedule for its accounts receivable. Age of Accounts: total balance 1-30 days
Answer the following multiple-choice questions: a) Which of the following could lead to cash flow problems? 1. Tightening of credit by suppliers 2. Easing of credit by suppliers 3. Reduction of inventory 4. Improved quality of accounts receivable 5. Selling of bonds b) Which of the following would not contribute to bankru
1. Barrick Company has established a flexible budget for manufacturing overhead based on direct labor-hours. Total budgeted costs at 200,000 direct labor-hours are as follows: Variable costs (total): Packing supplies $120,000 Indirect labor $180,000 Fixed costs (total): Utilities $100,000 Rent $
For the following problems, please see attached for full formatting of tables, etc. 1. The Cook Company has two divisions--Eastern and Western. The divisions have the following revenues and expenses: - Sales - Variable costs - Direct fixed costs - Allocated corporate costs Net income (loss) Eastern
Arrow Industries employs a standard cost system in which direct materials inventory is carried at standard cost. Arrow has established the following standards for the prime costs of one unit of product. (see chart in attached file) During May, Arrow purchased 160,000 pounds of direct material at a total cost of $304,000. T
I'm having problems in identifying the risk factors for Chemeq Ltd. --- Problem: You are the Senior Audit Partner of Cassidy and Sundance, Chartered Accountants. Your firm is one of the Big 4 accounting and audit firms in Australia and has significant experience in the audit of ASX listed companies and all industries. I
Prepare the operating activities section?indirect method. (SO 3) E14-3 The current sections of Blues Traveler Co. balance sheets at December 31, 2005 and 2006, are presented below. BLUES TRAVELER CO. Comparative Balance Sheets (partial) December 31, 2006
Net income of the organization is the standard by which many investors and lenders use to gage the success of the organization. Discuss the reasons why this figure can be deceiving and how the accounting profession has tried to structure the income statement to make this decision process more accurate. Is net income a standard f
Milwaukee Metallurgy Corporation (MMC) has two divisions. The Fabrication Division transfers partially completed components to the Assembly Division at a predetermined transfer price. /The Fabrication Division's standard variable production cost per unit is $450. The division has no excess capacity, and it could sell all of its
Zen Company reports net income of $140,000 each year and pays an annual cash dividend of $50,000. The company holds net assets of $1,200,000 on January 1, 2001. On that date, Werry Co. purchases 40 percent of the outstanding stock for $600,000, which gives Werry the ability to significantly influence Zen. At the purchase date
Hi need assistance with this practice problem Eban Wares is a division of a major corporation. The following data are for the latest year of operations: Sales................................................................................ $10,890,000 Net operating income.....................................
Question: Bailey, Inc., buys 60 percent of the outstanding stock of Luebs, Inc., in a purchase that resulted in the recognition of goodwill. Luebs owns a piece of land that cost $200,000, but was worth $500,000 at the date of purchase. What value would be attributed to this land in a consolidated balance sheet at the date of tak
21. Jefferson, Inc., purchases Hamilton Corporation on January 1, 2004. Immediately after the acquisition, the two companies have the following account balances. Hamilton's equipment (with a five year life) is actually worth $450,000. Any goodwill is considered to have an indefinite life. Jefferson Hamilton Current assets .
Why do we assign account numbers to accounts and in what format or listing we assign them? Example: a) inventory (d) Withdrawals b) Accounts Payable (e) Service Revenue c) Capital (f) Depreciation Expense Here are the list of numbers t
Do you think it is necessary to have two different regulatory boards, FASB and GASB, for accounting and financial reporting? Why? What would the benefits be of having one regulatory board and do you think the benefits outweigh the drawbacks?