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Managerial accounting: 13 multiple choice questions

See attached file for data and tables. 01. Which of the following statements is true with regard to product costs versus general, selling, and administrative costs? A) Product costs associated with unsold units appear on the income statement as general expenses. B) General, selling, and administrative costs appear on t

Managerial accounting 15 multiple choice questions

See attached file for data and tables. 1. Lazlo's Company provides the following standard cost data for one of its products: The fixed overhead spending variance is A. $2,500 unfavorable. B. $500 unfavorable. C. $2,500 favorable. D. $2,000 unfavorable. 2. The Rising Company provides the following standard cost i

Managerial accounting: 30 multiple choice problems

1. The Old Van Rental Company has 6 vans available for rent late on Wednesday night when the office gets a call from a small group of tourists wishing to rent 3 vans for the next day (one day rental). The daily rate that the rental company charges is $40 per van. However, the group is willing to pay just $30 per van. The compan

Deferred tax assets, post-retirement benefit obligation

1. (TCO 1) How are deferred tax assets arising from net operating loss carryforwards classified under SFAS 109? 2. (TC0 2/3) What is different about the expected postretirement benefit obligation and the accumulated postretirement benefit obligation? 3. (TCO 4) What is comprehensive income and how does it differ from net

Account for alternative methods of reporting early extinguishment of debt

Gains or losses from the early extinguishment of debt that is refunded can theoretically be accounted for in three ways: 1. Amortized over the life of old debt. 2. Amortized over the life of the new debt issue. 3. Recognized in the period of extinguishment. Discuss the supporting arguments for each of the three theo

Accounting: Throughput accounting.

Marshall, Inc., produces three products but weekly demand for the three products exceed the available amount of machine time. Following is information about each product: A B C Contribution margin per unit $300

Accounting Assignment - checking account journal (Sara Sahara)

Create journal and ledger entries. Use the reference numbers provided in your entries to cross-reference 13% HST applies. 1. On December 1, 2010 you start up a new paralegal practice by opening a general practice bank account and a trust bank account at your local bank. You deposit $25,000 of your own money in the general ban

gift tax

What is the annual amount that a donor can give to a recipient each year and not have to file a gift tax return? If the donor gives more than this amount, is the donor required to pay a gift tax? Recommend a tax strategy, other than giving only the annual exclusion amount, to minimize the gift tax.

Gifts /income tax

Are gifts subject to an income tax? Why or why not? What constitutes a gift?

GASB Criteria in Governments

5. How should governments report permanent fund and fiduciary fund balances and income in their government-wide statements? Explain. 10. How should an employer determine its annual pension cost? What minimum GASB criteria must it satisfy? response is 473 words

FASB Statement Classification Assets

What are the three classifications of net assets established by FASB Statement 117? How are these net assets affected by the existence or absence of donor-imposed restrictions? How are releases of these net assets accomplished? response is 401 words

Earnings Multiplier Model

You are provided the following information about Javier Corporation. Sales for the year 2004 were $500,000: the Net Profit Margin (NPM) was 15%. Analysts project sales to grow by 12% next year (that is 2005).However because of more competition, the NPM is expected to decline by 10% for the year 2004. The expected P/E multiple fo

Calculate EPS for MacLog Company

Consider the following information that you propose to use to obtain an estimate of year 2004 EPS for the MacLog Company: Year 2003 Estimated yr 2004 GDP 11,000 billion GDP growth

Mott Manufacturing: In a one-cost pool, which product will be undercosted

Mott Manufacturing allocates factory overhead using one cost pool with direct labor hours as the allocation base.Mott has two production departments, P1 and P2.The new accountant at Mott estimates that next year, the total factory overhead costs will be $5,000,000, and approximately 500,000 direct labor hours will be worked.The

Balance Sheets Accumulated Depreciation

Maverick Corp. Balance sheet at December 31 2008 2007 2008 2007 Cash $64,000 $58,000 Accounts payable $44,000 $41,000 Accounts receivable $46,000 $48,000 Wages payable $19,000 $13,000 Inventory $56,000 $59,000 Taxes payable $15,000 $10,000 Property, Plant & Equipment $265,000 $183,000 Long-term debt $150,

Zero-balance account

14.16 Zero-balance account Union Company is considering establishment of a zerobalance account. The firm currently maintains an average balance of $420,000 in its disbursement account. As compensation to the bank for maintaining the zerobalance account, the firm will have to pay a monthly fee of $1,000 and maintain a $300,000

Contingencies

Discuss contingencies and how they are reported on financial statements. What conditions must be met before a contingency can be charged against income? 163 word response

Practice Problems

Problem 6 - 5A Internal Control Abbott Inc. is expanding and needs to hire more personnel in the accounting office. Barbara Barker, the chief accounting clerk, knew that her cousin Cheryl was looking for a job. Barbara and Cheryl are also roommates. Barbara offered Cheryl a job as her assistant. Barbara will be responsible for

Ch 17: traditional versus abc costing methods

Colt Inc. has two types of handbags, standard and custom. The controller has decided to use a plantwide overhead rate (DL costs). The president wants to see what activity-based costing results might be. Estimated overhead costs are $270,000. Machine pool is $170,000 and Setup pool is $100,000. Compute overhead rates under b

Why does a person add fictitious employees to payroll?

The auditors of Annaly mortgage discovered that a lot of fictitious employees were on the payroll system and were being paid salaries. Neither the CFO nor the payroll manager was aware of the fraud. What could be the possible reasons for the fictitious employees being added on the payroll system? Suggest one reason.

Cashflows

Upon studying its statement of cash flows, you note that over the last three years a firm has consistently reported negative cash flow from operating activities, positive cash flow from investing activities, and negative cash flow from financing activities. What does this combination of cash flows suggest to you about the firm?

Special Order Accounting Decisions

Rust Inc. manufactures a variety of desks for retail sale. The desks are normally distributed through several wholesalers. Energen Inc., a mid-size retailer, has offered to purchase 60,000 custom desks over the next three months, to be sold under the retailer's house brand. Energen offers to pay $190/unit, which is much less

Calculate the earnings per share of common stock

Snow Cleaners, Inc., had net income of $494,592 for its fiscal year ended November 30, 2009. During the year, the company had outstanding 64,000 shares of 12 percent $40 par value preferred stock, and 37,280 shares of common stock. Calculate the earnings per share of common stock for the 2009 fiscal year.

Accounting

Unless otherwise indicated, each of the following parts is independent. In all cases, show computations to support your answer. A. Andrews Home Center has two departments, Bath and Kitchen. The most recent income statement for the company follows: Department Total Bath Kitchen