• Q : What is the labor efficiency (quantity) variance....
    Accounting Basics :

    clark company manufactures a product with a standard direct labor cost of two hours at $18.00 per hour. During July 2,000 units were produced using 4,200 hours at $18.30 per hour what is the labor e

  • Q : coupons were redeemed problem....
    Accounting Basics :

    Bonita places a coupon in each box of its product. Customers may send in five coupons and $3, and the company will send them a recipe book. Sufficient books were purchased at a cost of $5 each.

  • Q : Payment was refunded and added back to the note....
    Accounting Basics :

    On January 8, 2011, a refinancing was completed. The $2,000 payment was refunded and added back to the note balance, and the note was extended for another two years. On the December 31, 2010 balance

  • Q : What is the budgeted change in inventory levels....
    Accounting Basics :

    The Willsey Merchandise Company has budgeted $42,000 in sales for the month of December. The company's cost of goods sold is 20% of sales. If the company has budgeted to purchase $14,500 in merchand

  • Q : Acid test ratio and the current ratio....
    Accounting Basics :

    Analysts use the quick ratio (also known as the acid test ratio) and the current ratio. The use of both ratios has become common because

  • Q : What her qualified moving expenses are....
    Accounting Basics :

    During the year, Jean is transferred by her employer from Hartford to Savannah. Her expenses are not reimbursed and are as follows:

  • Q : Coupons were redeemed....
    Accounting Basics :

    A total of 400,000 boxes of product were sold in 2010. It was estimated that 6% of the coupons would be redeemed. During 2010, 8,000 coupons were redeemed. Which entry should be made at December 31,

  • Q : What is the carrying value of the outstanding 5 years bonds....
    Accounting Basics :

    A discussion of the economic factors that you believe should be considered for her repurchase proposal. Comment on the relative increase/decrease in interest expense for Carlin Corporation if a new

  • Q : Cash to pay off part of the note....
    Accounting Basics :

    Blocker, Inc. had $10,000 of notes coming due on January 10, 2011. On January 5, 2011, the company used $2,000 of excess cash to pay off part of the note.

  • Q : Identify the transaction-related audit objectives....
    Accounting Basics :

    a. For each misstatement, identify one or more types of controls that were absent. b. For each misstatement, identify the transaction-related audit objectives that have not been met. c. For each misst

  • Q : What is the cost of abnormal spoilage....
    Accounting Basics :

    Beginning work in process consists of 7,000 units, 55% complete. 50,000 units were started and ending work in process is 5,000 units, 25% complete

  • Q : Determine underapplied or overapplied overhead for month....
    Accounting Basics :

    $84,000 in raw materials were requisitioned for use in production. Of this amount, $72,000 was for direct materials and the remainder was for indirect materials.

  • Q : Make a production cost report....
    Accounting Basics :

    The Sanding Department of Richards Furniture Company has the following production and manufacturing cost data for March 2014, the first month of operation.Prepare a production cost report.

  • Q : Recognized gain loss on the transaction....
    Accounting Basics :

    Alvin built a new building at a cost of $400,000. What is Alvin's realized gain (loss) on this transaction? What is Alvin's recognized gain (loss) on this transaction?

  • Q : What is the total depreciation expense for the current year....
    Accounting Basics :

    Cardco Inc. has an annual accounting period which ends on December 31. During the current year a depreciable asset which cost $42,000 was purchased on September 2. The asset has a $4,000 estimated s

  • Q : Prepare the required note disclosure for the long-term debt....
    Accounting Basics :

    At December 31, 2012, Redmond Company has outstanding three long-term debt issues. The first is a $2,032,000 note payable which matures June 30, 2015.

  • Q : Accelerated depreciation in computing taxable income....
    Accounting Basics :

    Many companies use accelerated depreciation in computing taxable income because:

  • Q : Fundamentals of straight-line method of depreciation....
    Accounting Basics :

    Stable uses the straight-line method of depreciation. What is the gain/loss on the sale of equipment that Stable will recognize if the equipment was sold for $230,000?

  • Q : Process of estimating bad debts expense....
    Accounting Basics :

    A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:

  • Q : What adjusting entry required on december....
    Accounting Basics :

    on december 31, 2010, the manager of Jordan Creek Apartments notice that four tenants had not paid the december rent amounting to 500 each. what adjusting entry required on december 31,2010

  • Q : What was the variable overhead efficiency....
    Accounting Basics :

    The standard hours allowed for the actual output of the month totaled 7,070 machine-hours. What was the variable overhead efficiency variance for the month?

  • Q : Company break-even point basics....
    Accounting Basics :

    Tarrah Company's variable expenses are 72% of sales. The company's break-even point in sales is $2,450,000. If sales are $60,000 below the break-even point, the company would report a:

  • Q : What is the change in operating income....
    Accounting Basics :

    The company policy is that all transfer prices are negotiated by the divisions involved. Suppose that the two divisions agree on a transfer price of $38.

  • Q : Product in the beginning inventory....
    Accounting Basics :

    The company's net income for the year was $9,600 higher under variable costing than it was under absorption costing. Given these facts, the number of units of product in the beginning inventory last

  • Q : Income under variable costing problem....
    Accounting Basics :

    During the last year, Bush Company had net income under absorption costing that was $5,500 lower than its income under variable costing. The company sold 9,000 units during the year, and its variabl

©TutorsGlobe All rights reserved 2022-2023.