• Q : What was the cost of supplies the cal farms purchased....
    Accounting Basics :

    Cal Farms reported supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies the Cal Farms

  • Q : Pats accrual basis net income....
    Accounting Basics :

    Pat's Custom Tuxedo Shop maintains its records on the cash basis. During this past year Pat's collected $42,000 in tailoring fees, and paid $14,000 in expenses. Depreciation expense totaled $2,000.

  • Q : Concept related to early extinguishment of debt....
    Accounting Basics :

    On January 1, 2006 Goll Corp issued 1000 bonds for 1040000. These bonds were to mature on January 1, 2016 but were callable at 101 any time after December 31, 2009. Interest was payable semiannually

  • Q : Responsibility accounting system....
    Accounting Basics :

    In Golub's responsibility accounting system, how much advertising expense should be charged to the department responsible for marketing Product A?

  • Q : Equivalent units of production problem....
    Accounting Basics :

    If the costs for direct materials, direct labor, and factory overhead were $522,200, $82,700, and $45,300, respectively, for 16,000 equivalent units of production, the conversion cost per equivalent

  • Q : What is the return of investment that year....
    Accounting Basics :

    Cannon Company is considering a capital project that will return $100,000 each year for five years. At the company's hurdle rate of 10%, the present value of the annuity is $379,100. If the return o

  • Q : Division at the break-even point....
    Accounting Basics :

    Fields Corporation has two divisions; Sporting Goods and Sports Gear. The sales mix is 65% for Sporting Goods and 35% for Sports Gear. Fields incurs $2,220,000 in fixed costs. The contribution margi

  • Q : Concept of contribution margin ratio....
    Accounting Basics :

    If a company had a contribution margin of $500,000 and a contribution margin ratio of 40%, total variable costs must have been:

  • Q : What is the consolidated amount of cash collected....
    Accounting Basics :

    Using the direct approach, what is the consolidated amount of cash collected by the business combination from its customers?

  • Q : How much is the contribution margin ratio problem....
    Accounting Basics :

    Clark Company produces flash drives for computers, which it sells for $20 each. Each flash drive costs $12 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were

  • Q : Prepare the sales revenues section of the income....
    Accounting Basics :

    zhou company provides the following information for the month ended october 31,2011.Sales on credit $280.000,cash sales $100.000,sales discounts $13.000,sales return and allowances $11.000.Prepare t

  • Q : Machining costs assigned to each product....
    Accounting Basics :

    The company produces two products, Gert and Mill. Gert requires 60,000 machine hours and 20,000 direct labor hours, while Mill requires 40,000 machine hours and 30,000 direct labor hours. Using acti

  • Q : Prepare journal entries to record the transactions....
    Accounting Basics :

    Prepare journal entries to record the transactions above on the books of TV Land Company. Closing en- tries should not be made.

  • Q : Overhead applied to standard using traditional costing....
    Accounting Basics :

    Overhead applied to Standard using traditional costing using direct labor hours is:

  • Q : Traditional costing based on direct labor hours....
    Accounting Basics :

    If overhead is applied using traditional costing based on direct labor hours, the overhead application rate is

  • Q : What is the highest price the county division....
    Accounting Basics :

    MuniCorp is a decentralized company that rewards division managers based on ROI. The City Division produces a component that is used by the County Division. City's unit cost of manufacturing 5,000 c

  • Q : Determine lears earnings after taxes under financing plan....
    Accounting Basics :

    Lear Co. wishes to finance all fixed assets and half of its permanent current assets with long-term financing. Lear's earnings before interest and taxes are $250,000. Determine Lear's earnings after

  • Q : Firms marginal federal-plus-state tax rate....
    Accounting Basics :

    The spectrometer would have no effect on revenues, but it is expected to save the firm $25,000 per year in before-tax operating costs, mainly labor. The firm's marginal federal-plus-state tax rate i

  • Q : Prepare an incremental analysis....
    Accounting Basics :

    One employee earning $200 per month can be terminated if product B production is dropped. Clinton's other fixed costs are allocated and will continue regardless of the decision made. A condensed, bu

  • Q : What are the tax consequences to the corporation....
    Accounting Basics :

    Susan Sweets is a 40 percent shareholder in Acclaim Inc., a theatrical supplies company. She transfers a fully depreciated car with a value of $2,000hat are the tax consequences to the corporation?

  • Q : What is the consolidated amount of cash collected....
    Accounting Basics :

    Using the direct approach, what is the consolidated amount of cash collected by the business combination from its customers?

  • Q : Compute the cost of goods destroyed....
    Accounting Basics :

    King Co. requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $76,000. Purchases since January 1 were $144,000;

  • Q : What amount of loss harry recognize on redemption of bond....
    Accounting Basics :

    On January 1, 2004, Harry Co. redeemed its 15-year bonds of $1,500,000 par value for 102. They were originally issued on January 1, 1992 at 98 with a maturity date of January 1, 2007. The bond issue

  • Q : What type of transfer is being described....
    Accounting Basics :

    the date of transfer currently carried as a separate component of stockholders' equity be amortized over the remaining life of the security. What type of transfer is being described?

  • Q : Iterest expense and depreciation....
    Accounting Basics :

    With respect to this capitalized lease, for 2008 calculate how much Carley should record for both interest expense and depreciation expense

©TutorsGlobe All rights reserved 2022-2023.