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True/False and Multiple Choice Accounting Problems

True/False 1. The vice presidents of production and sales and the controller hold line positions in most large organization. 2. Managerial accounting information includes both historical and estimated data. 3. As product costs are incurred in the manufacturing process, they

Accounting Principles

See attached file for full problem description. Complete questions 1 through 11. The questions deal with the following: Sales transactions, Net sales and gross profit, Periodic inventory system, Income summary account, Credit memorandum, Purchase merchandise

Financial Questions

What piece of information flows from the income statement to the statement of owner's equity? What information flows from the statement of owner's equity to the blaance sheet? What balance sheet item is explained by the statement of cash flows? How does the over-the-counter exchange operate? How does it differ from the

Cost Accounting: special order and job costing

Burke offers to pay Ryan $10.75 per unit for an order of 8,000 units. Ryan has the capacity to fill the order and accepting the order will not affect any other orders. Should Ryan accept this special order? Show your analysis. Job FWS consists of 40 units and will require 15 setups, 200 machine hours, and 60 inspections. U

Overhead Costing High-Low Method

Managers in the Stamping Department have been studying overhead cost and its relationship with machine hours. Data from the most recent 12 months follows. Month Overhead Machine Hours January $5,030 2,730 February 1,600 600 March 7,210 3,403 April

Prepare journal entries for the following transactions

From the given data, calculate the following ratios for the Logan Corporation for 20X6. a) current ratio b) quick ratio c) debt ratio d) rate of return on net sales Prepare journal entries for the following transactions for Lamplighter Company Prepare summary journal entries for the use of direct materials, direct labo

Can this be called an surplus or deficit? how to book a grant, etc....

A board member has raised a question. We are showing surpus of $11,900...but that's due mostly to a grant for an event next yer. there is no legal agreement that we must even the event. If the grant is excluded, there would be a deficit in 2001....meaning the board has eaten into reserves and may make it more difficult to oe

Boeing's 10k filing and standard industrial code (SIC) code

Please locate The Boeing Company on the SEC's web site at Then use the EDGAR database on the SEC web site to view Boeing's 10k filing. Also, search for Boeing's standard inustrial classification (SIC) code. How do you retrieve the different financial statements in the 10k filing? What is the importance

Small company taxes and turn on capital

10.A shopkeeper employs several assistants. For the year ended 30 April 2000 her gross profit ratio was 40% and gross profit was $80,000. For the year ended 30April 2001 her gross profit ratio was 35% Even though her gross profit had increased to $90,000. State five possible reasons for the decrease in her

Accounting problems: (A)Provision for Doubtful Debts Accounts. (B)Bad Debts Account (C) Bad Debts Recovered Accounts (D) State the effects on Lin Yews Net Profit of the change in the Provision for Doubtful Debts.

(1) On 1 November 1999, Lin Yew's Provision for Doubtful Debts account had a balance of 3500 This was made up of a general provision of $2000, which was 2% of all his debtors, and a further expected loss of $1500, the total amount owed by one of his customers, Lau Chuen, who had been declared bankrupt. On 3

Accounting Break Even Questions

1. What is the breakeven point for the KDJ Inn? 2. If the fixed cost lease is traded for a variable lease of 20 percent of total sales, what is the revised breakeven point for the KDJ Inn? 3. If (independent of #2) the variable costs increase by 10 percent, by what percentage must sales increase in order for the KDJ Inn to ear

Journalize entries for accounting homework

Journalize entries for the transaction using excel or word or any processing programs. The program is at this website (you might need to enlarge it):

Small business cash control; understanding the difference between cash and profit

This mini-essay discusses one of the top five reasons why small businesses fail: running out of money. How can this business be out of cash? We've been turning a profit for months and sales are growing. Do not confuse cash and profits. The business owner cannot spend profits--only cash. Moreover cash must be available, whe

A) For the year ended 31 March 2003 calculate, for each type of lock, (I) the contribution per unit; (ii) the contribution as a percentage of sales. (b) Calculate the break-even point for each type of lock in both units and dollars (c ) Advise whether Angelicus should cease production of domestic and commercial locks.

Angelicus and Co. manufactures three different qualities of lock, Domestic, Commercial and Industrial. The company's results for the year ended 31 March 2003 were as follows. Domestic Commercial Industrial Total Sales (units) 120000 45000 56250 221 250 $0 $0 $0 $0 Sales (total value) 240 180 450 870 Total co

Costing Question

My lecture notes assert that not all expected future revenues and costs are relevant. It says that "expected revenues and costs that do not differ accross alternatives are irrelevant and hence can be eliminated from the analysis". In saying this, we can eliminate the opportunity cost of the revenue forgone from the medical-surgi

Managment accounting - number of beds in a hospital

Hi there I think I discovered something in the wording of the question.... It states in the question that "one registered nurse earning $25,000 annually, and two licensed practical nurses, each earning $17,000 annually, will staff the 8-bed unit" So does this mean that each unit has 8 beds or not?? Because this will make the

Overview of problem set

I have been working through this problem and one of the online tutors already looked at this and has helped me work through the answer. Attached is their methodology, the actual question and a thorough solution to the problem on excel. It is a relevant costing question regarding an investment at the hospital. I would like som

Demographic data: growth rate of population

If the English population continues to increase at the same rate as it has between 1984 and 1994, what would you estimate the English population would be in 2004? Please present the answer in 3 significant figures 1984 = 47 million people 1994 = 48.7 million people

Text Book Foundation of Financial Management 10 ed by Stanley B Block: Chapter 17 Comprehensive problem Text Book Foundation of Financial Management. Electro Cardio Systems, Inc.

Dr. Robert Grossman founded Electro Cardio Systems, Inc, in 1972. The prinsipal purpose of the firm was to engage in research and development of heart pump devices... The attorney also found that Dr. Grossman and "friendly" members of the board of directors currently owned 175,000 shares of ECS. (The complete case is in the att

Risk and Return

A winner of the Texas Lotto has decided to invest $50,000 per year in the stock market. Under consideration are stocks for a petrochemical firm and a public utility. Although a long-range goal is to get the highest possible return, some consideration is given to the risk involved with the stocks. A risk index on a scale of 1

Risky Portfolio: price, expected return, risk premium

1. You are thinking about investing in a risky portfolio. In one year, you expect the portfolio to be worth either $120,000 or $160,000, with equal probability, and you expect to receive $4,000 in dividends. The interest rate on one-year T-bills is 3%. a. If you require a risk premium of 7%, how much would you be willing to

Managerial Accounting - Instant Memories Film Company

Problem 5-3A Budgeted income statement And supporting budgets Objective 4 Total direct labor cost in Slitting Dept., $205,120 The budget director of Instant Memories Film company, with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in develo

Wells Inc., a manufacturer of construction equipment

Problem 6-4A p. 250 Standard factory overhead Variance report Wells Inc., a manufacturer of construction equipment, prepared the following factory overhead cost budget for the Welding Department for May 2003. The company expected to operate the department at 100% of normal capacity of 3,000 hours. Variable costs: I

Accounting for employee bonuses

For the year ended 12/31/02, ABC companny has implemented an employee bonus program equal to 3% of ABC's net income before bonus expenses, which employees will share equally. ABC's net income before bonus expenses is expected to be $500,000 and the bonus expense is computed off of that. Compute the amount of bonus payable to