On January 1, 2010, the stockholders equity section of Lopez Corporation shows: Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred. Mar. 1 Purchased 30,000 shares for cash at $15 per sh
Managerial Accounting. Cost Accounting. Practice Exam (41 Questions) on costing methods, work in process, fixed costs, variable costs, more
1. Calculate the conversion costs from the following information: A. $3,000 B. $4,000 C. $4,500 D. $5,000 E. $7,000 Mukwonago Industries has developed two new products but has only enough plant capacity to introduce one product during the current year. The following data will assist management in deciding whi
List what you consider to be three of the most important control procedures that should be implemented for microcomputers. Give a reason for each.
Discuss some of the unique control risks associated with the use of PCs and laptop computers compared to using mainframes. List what you consider to be three of the most important control procedures that should be implemented for microcomputers. For each control procedures, give your reason for including this procedure as an imp
Please help with this problem. Assume a builder is constructing three houses simultaneously. The direct materials and direct labor costs for each house are shown below: House 1 House 2 House 3 Direct Materials $ 140,000 $ 70,000 $ 90,000 Direct Labor 210,000 130,000 60,000 Overhead Indirect cos
Using the column headings provided below, show the effect, if any, of the transaction on each financial statement category by indicating whether it is an addition (+) or subtraction (-) and showing the amount in the appropriate column. Do not show items that affect net income in the retained earnings column. You should assume th
Redbird Corporation, a calendar year taxpayer, receives dividend income of $250,000 from a corporation in which it holds 10% interest. Redbird also received interest income of $35,000 from municipal bonds. (The municipality used the proceeds from the bond issue to construct a library). Redbird borrowed funds to purchase the muni
Can you help me get started on this assignment? Acquatic Manufacturing uses a job order cost system in each of its three manufacturing departments. Manufacturing overhead is applied to jobs on the basis of direct labor cost in Department A, direct labor hours in Department B, and machine hours in Department C. In establish
Utility costs at one of Hambley Corporation's factories are listed below: Machine-Hours Utility Cost February 4,221 $39,308 March 4,268 $39,573 April
E 8.6 Common stock-calculate issue price and dividend amount The balance sheet for common stock is the following: Common stock without par value, 2,000,000 shares authorized, 400,000 shares issued, and 360,000 shares outstanding - $2,600,000 Required: a. Calculate the average price at which the shares were issued.
Determine the total amount of (a) delivery service (product) costs and (b) period costs. An incomplete cost of goods manufactured schedule is presented below. Madlock Manufacturing Company Cost of Goods Manufactured Schedule For the Year Ended December 31, 2005 Work in process (1/1) $210,000 Direct materials Raw mate
Sample question to help me with my homework; I am having a hard time figuring out the steps. Thanks! Thomas Kratzer is the purchasing manager for the headquarters of a large insurance company chain with a central inventory operation. Thomas' fastest moving inventory item has a demand of 6000 units per year. The cost of each u
Total Company G Division R Division Sales 850,000 250,000 600,000 Less variable expenses 505,000 145,000 360,000 Contribution margin 345,000 105,000 240,000 Less traceable fixed costs 145,000 45,000 100,000 Division segment margin 200,000 60,000 140,000 Less common fixed cost 130,000 Net income 70,000 a.
See attached file. Please show all steps and reasoning behind selected answers for problems 11 thru 14. 1. Wages paid to a timekeeper in a factory are a: Prime Cost YES.....Conversion Cost NO Prime Cost YES.....Conversion Cost YES Prime Cost NO....Conversion Cost NO Prime Cost NO.....C
Before entering graduate school, a student estimated the value of earning an MBA at $300,000. Based on that analysis, the student decided to go back to school. After completing the first year, the student ran the NPV calculations again. How would you expect the NPV to look after the student has completed one year of the program?
Stickley Furniture 1. Which type of production processing-job shop, batch, repetitive, or continuous --- is the primary mode of operation at Stickley Furniture? Why? What other type of processing is used to a lesser extent? Explain. 2. How does management keep track of job status and location during production? 3. Su
54. Adler Industries is a vertically integrated firm with several divisions that operate as decentralized profit centers. Adler's Systems Division manufactures scientific instruments and uses the products of two other Adler divisions. The Board Division manufactures printed circuit boards (PCBs). One PCB model is made exclusivel
Lowwater Sailmakers manufactures sails for sailboats. The company has the capacity to produce 25,000 sails per year, and is currently producing and selling 20,000 sails per year. The following information relates to current production: Sale price per unit $150 Variable costs per unit: Manuf
"A Look at Each Side of the Ongoing Debate on Whether Fair Value Accounting Rules should have been Modified?" -
"A Look at Each Side of the Ongoing Debate on Whether Fair Value Accounting Rules should have been Modified?" - Arguments in favor & against of the changes - What is your opinion? Do you believe the FABS should have made the changes on 4/2/09 resulting in a probable decrease in asset write-downs? - What d
47. Simon Hinson Company operates two divisions: Gordon and Ronin. A segmented income statement for the company's most recent year is as follows: Total Company Gordon Division Ronin Division Sales $850,000 $250,000 $600,000 Less variable expenses 505,000 145,000 360,000
55. Corinne's Country Rockers uses flexible budgeting. The company's budget for variable overhead is $24,000 and for fixed overhead is $15,000. When Corinne's analyzes this overhead using activity-based costing, the budgeted overhead of $39,000 is traced to six activities: materials handling, machinery setup, assembly, finishing
1) CPA Manufacturing produces electronic storage devices, and uses the following three-part classification for its manufacturing costs: direct materials, direct manufacturing labor, and indirect manufacturing costs. Total indirect manufacturing costs for January were $300 million, and were allocated to each product on the basi
Problem 16-3 Mike Solid started a pizzeria in 1999. For this purpose he rented a building for $1,800 per month. Two persons were hired to work full time at the restaurant and six college students were hired at work 30 hours per week delivering pizza. An outside accountant was hired for tax and bookkeeping purposes at a cost
Scenario: Northwest Hospital is a full service hospital that provides everything from major surgery and emergency room care to outpatient clinics. The hospital's Radiology Department is considering replacing an old inefficient X-ray machine with a state of the art digital X-ray machine. The new machine would provide higher quali
Quill Corporation acquired 70 percent of North Company's stock on January 1, 20X9, for $105,000. At that date, the fair value of the non-controlling interest was equal to 30 percent of the book value of North Company. The companies reported the following stockholders' equity balances immediately after the acquisition:
Scenario A You're applying for a new job as a database administrator. You're currently a software engineer, but due to layoffs, you've been performing most of your department's database-related projects for almost a year now. You want your resume to be taken seriously for the database administrator position. What Do You Do
See attached file. Problem P20-9 Prepare worksheet and journal entries for pension plans. Problem P22-2 How to create a comparative income statement. P20-9 (Comprehensive 2 year Worksheet) Mount Co. has the following defined benefit pension plan balances on January 1, 2006 Project benefit obligati
Accounting what the numbers mean 9th edition. Chapter 6 Exercise 6.12 Goodwill- effect on ROI and operating income Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair market value. Suppose that Target Co. had operating income of $90,000 and net a
1. Over the past few decades, the cost structure of manufacturing companies has shifted. In the early 1900s, direct material costs were substantial while fixed costs represented a small fraction of total manufacturing costs. However, the cost structure has reversed and now fixed costs make up the majority of total manufacturing
What differentiates a parent company from a subsidiary company? What are the relationships between the two? How does that affect reporting?
(Two Temporary Differences, One Rate, Beginning Deferred Taxes) The following facts related to Krung The Corporation. 1) Deferred tax liability, January 1, 2007, $40,000 2) Deferred tax asset, January 1, 2007, $0 3) Taxable income for 2007, $95,000 4) Pretax financial income for 2007, $200,000 5) Cumulative tempor