• Q : Problem on earnings per share and cash dividends for fiscal....
    Accounting Basics :

    For the fiscal year ended March 31, 2007, a company reported earnings per share of $3.25 and cash dividends per share of $0.50. During fiscal 2008, the company had a 3 for 2 stock split. In the annu

  • Q : What are the standard hours allowed....
    Accounting Basics :

    The Clark Company makes a single product and uses standard costing. Some data concerning this product for the month of May follow:

  • Q : Reported in the firms annual report....
    Accounting Basics :

    A firm's cash dividends were $3.96 per share of common stock for calendar 2006. In 2007 the stock was split 3 for 1, and in 2008 a 10% stock dividend was issued. Dividends per share for 2006, to be

  • Q : Falcons accounts receivable turnover rate....
    Accounting Basics :

    Falcon Corp. reported net sales (all on credit) of $1,600,000 and cost of goods sold of $1,100,000 for 2010. Its beginning balance of Accounts Receivable was $150,000. The accounts receivable balanc

  • Q : What is the materials price variance....
    Accounting Basics :

    The Alpha Company produces toys for national distribution. Standards for a particular toy are: what is the materials price variance ?  

  • Q : Federal income tax on time....
    Accounting Basics :

    Rita forgot to pay her Federal income tax on time. When she actually filed (without a valid extension), she reported a balance due. Compute Rita's failure to file penalty in each of the following ca

  • Q : What would be the total amount of overhead applied to work....
    Accounting Basics :

    Union Company uses a standard cost accounting system. The following overhead costs and production data are available for August:

  • Q : Incremental cost or savings....
    Accounting Basics :

    The manufacturing overhead consists of $16,000 of costs that will be eliminated if the components are no longer produced by Chapman. From Chapman's point of view, how much is the incremental cost or

  • Q : What was the amount of overhead cost....
    Accounting Basics :

    The Adlake Company makes and sells a single product and uses a standard cost system. During October, the company budgeted $300,000 in manufacturing overhead cost at a denominator activity of 20,000

  • Q : First-stage cost allocations....
    Accounting Basics :

    The basic difference between a first-stage cost allocation and a second-stage cost allocation is that cost pools are not used in first-stage cost allocations

  • Q : Beginning and ending inventory levels....
    Accounting Basics :

    Sartain Corporation is in the process of preparing its annual budget. The following beginning and ending inventory levels are planned for the year.

  • Q : What would be the standard hours allowed....
    Accounting Basics :

    Hart Company's labor standards call for 500 direct labor hours to produce 250 units of product. During October the company worked 625 direct labor hours and produced 300 units. what would be the sta

  • Q : Fraud and negligence penalties incurred....
    Accounting Basics :

    A court found that a portion of that deficiency constituted civil fraud ($80,000). Compute the total fraud and negligence penalties incurred. Explain your answer as necessary.

  • Q : What amount of total overhead cost would applied....
    Accounting Basics :

    What amount of total overhead cost would have been applied to production for the month of April

  • Q : Cash flow compare to the rate of change in net income....
    Accounting Basics :

    How much cash did "Lawson Software inc,." provide from operating activities for the current year and prior year? What was the rate of change from 2009 to 2010? How does this rate of change in operat

  • Q : Present value of the principal problem....
    Accounting Basics :

    On January 1, 2007, Bleeker Co. issued eight-year bonds with a face value of $1,000,000 and a stated interest rate of 6%, payable semiannually on June 30 and December 31. The bonds were sold to yie

  • Q : What is the variable overhead spending variance....
    Accounting Basics :

    The following standards for variable manufacturing overhead have been established for a company that makes only one product:

  • Q : What is the variable overhead efficiency variance for month....
    Accounting Basics :

    The following standards for variable manufacturing overhead have been established for a company that makes only one product:

  • Q : What are the proceeds from the bond issue....
    Accounting Basics :

    Limeway Company issues $5,000,000, 6%, 5-year bonds dated January 1, 2007 on January 1, 2007. The bonds pay interest semiannually on June 30 and December 31. The bonds are issued to yield 5%. What a

  • Q : What was the thorp''s standard direct labor rate....
    Accounting Basics :

    For the month of April, actual direct labor hours amounted to 2,000. In April, what was the Thorp's standard direct labor rate per hour ?  

  • Q : What is the actual direct labor rate for november....
    Accounting Basics :

    The Reedy Company uses a standard costing system. The following data are available for November:what is the actual direct labor rate for November ?

  • Q : Tax issues regarding the exchanges....
    Accounting Basics :

    At the same time, Peter contributes $15,000 in cash for 15 newly issued Trenton shares. What tax issues regarding the exchanges should Mary and Peter consider?

  • Q : What are the actual hours worked....
    Accounting Basics :

    Lab Corp. uses a standard cost system. Direct labor information for Product CER for the month of October follows:

  • Q : Problem related to inventory valuation....
    Accounting Basics :

    When auditing Vandalay Jewelry, CPA was not familiar with the quality and cut of the company's precious jewel inventory. To address this shortcoming, Costanza hired Benes, an expert in jewel valuati

  • Q : What is the labor efficiency variance for the month....
    Accounting Basics :

    The following labor standards have been established for a particular product:What is the labor efficiency variance for the month?

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