ACCT 221 Final Exam
Part I: 20 Multiple choice questions @ 2.5 points each = 50 points
1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $75 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2013. The board of directors declares and pays a $60,000 dividend in 2014. What is the amount of dividends received by the common stockholders in 2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value of the bond was $590,000. The entry to record the retirement would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the current year was $220,000. Depreciation recorded on plant assets was $35,000. Accounts receivable and inventories increased by $2,000 and $8,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $12,000 respectively. How much cash was provided by operating activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory of $220,000 and total manufacturing costs of $900,000. If ending work in process is $210,000 what is the cost of goods manufacture.
Part I 20 Multiple choice questions @ 2.5 points each = 50 points.docxbridgelandying
Part I: 20 Multiple choice questions @ 2.5 points each = 50 points
1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $75 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2013. The board of directors declares and pays a $60,000 dividend in 2014. What is the amount of dividends received by the common stockholders in 2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value of the bond was $590,000. The entry to record the retirement would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the current year was $220,000. Depreciation recorded on plant assets was $35,000. Accounts receivable and inventories increased by $2,000 and $8,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $12,000 respectively. How much cash was provided by operating activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory of $220,000 and total manufacturing costs of $900,000. If ending work in process is $210,000 what is the cost of goods manufactured?
A) $700,000.
B) $9.
Part I. Comprehensive problems. Place answers below each questio.docxherbertwilson5999
Part I. Comprehensive problems. Place answers below each question.
1. Points = 4
Instructions
Determine the incremental income or loss that Hayes Enterprises would realize by accepting the special order.
2. Points = 4
Instructions
Prepare an incremental analysis, which shows the effect of the make-or-buy decision.
3. Points = 12
Instructions
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2014, using the indirect method.
4. Points = 10
Instructions
Mimi Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. (Indent credit accounts)
Date:
Account
Debit
Credit
5. Points = 12
Instructions
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below.
Equivalent Units
QUANTITIES
Physical Units
Materials
Conversion Costs
Work in process, May 1
7,000
Started into production
28,000
Total units
35,000
Units accounted for:
Transferred out
30,000
Work in process, May 31
5,000
Total units
35,000
COSTS
Unit costs
Materials
Conversion Costs
Total
Costs in May
$140,000
$160,000
$300,000
Equivalent units
Units costs
Costs to be accounted for
Work in process, May 1
$60,000
Started into production
240,000
$300,000
Cost Reconciliation Schedule
Costs accounted for:
Transferred out
Work in process, May 31:
….Materials
….Conversion costs
Total costs
$300,000
6. Points = 8
Instructions
(a)
Prepare the responsibility reports for the Mixing Department for each month.
June
July
Controllable Cost
Budget
Actual
Delta
F or U
Budget
Actual
Delta
F or U
Indirect materials
Indirect labor
Factory supplies
Supervision
Total costs
· F = Favorable variance
· U = Unfavorable variance
(b) Comment on the manager's performance in controlling costs during the two-month period.
Part II: 25 Multiple Choice Questions @ 2 points each = 50 points.
Place answers in the table below:
1.
6.
11.
16.
21.
2.
7.
12.
17.
22.
3.
8.
13.
18.
23.
4.
9.
14.
19.
24.
5.
10.
15.
20.
25.
FinalSUMNIll9287jhd72g
Part I. 6 Comprehensive problems worth 50 points total
1. Points = 4
Hayes Enterprises produces miniature parasols. Each parasol consists of $1.20 of variable costs and $.90 of fixed costs and sells for $4.50. A French wholesaler offers to buy 9,000 units at $1.40 each, of which Pederson has the capacity to produce. Hayes will incur extra shipping costs of $.12 per parasol.
Instructions
Determine the .
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docxjuliennehar
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$
340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question
2: 10 points:
January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000.
Instructions:
a.
Assuming that the 35,000 shares represent a 10% interest in Flop Corporation:
1.
Prepare the journal entry to record the investment in Flop stock.
2.
Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year.
3.
What is the balance of the Stock Investments account on Flip Company's books at the end of the year?
b.
Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation.
Question
3: 15 points:
The following information is available for Flip Corporation for the year ended December 31, 2014:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014:
2014
2013
Cash
$
66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$
30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$
33,000
$27,000
Instruction.
Lecturer: Xiaosong Zheng Sample exam paper
Course: Management Accounting Autumn 2013
Course code: TAK2830 Open book exam
Please answer all questions! Please clearly write down your name and student number on
the following line:
NAME: __________________________ STUDENT NUMBER: __________________
Part 1. Multiple choice questions (select one correct answer, 3 marks each, 60 marks total)
Please record answers to multiple choice questions in the following table:
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10
Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20
1. Managerial accounting includes the planning function. Which of the following items
would be part of the planning function of a business's managerial accounting?
A) Comparing actual performance to previously budgeted amounts
B) Creating detailed budgets
C) Implementing operational plans
D) Evaluating results of operations
2. The journal entry to issue $500 of direct materials and $30 of indirect materials to
production includes which of the following?
A) Debit to Work in process for $500 and debit to Finished goods for $30
B) Debit to Manufacturing overhead for $530
C) Debit to Work in process for $500 and debit to Manufacturing overhead for $30
D) Debit to Work in process inventory for $530
3. Arabica Manufacturing Company uses a predetermined manufacturing overhead rate
based on a percentage of direct labor cost. At the beginning of 2012, they estimated total
manufacturing overhead costs at $1,050,000, and they estimated total direct labor costs at
$840,000. What was the predetermined manufacturing overhead rate?
A) 80% of direct labor cost
B) $1.25 per direct labor hour
C) 125% of direct labor cost
D) $35.00 per direct labor hour
4. LDR Manufacturing produces a pesticide chemical and uses process costing. There
are three processing departments-Mixing, Refining, and Packaging. On January 1, 2012,
the first department, Mixing, had a zero beginning balance. During January, 40,000 liters
of chemicals were started into production. During the month, 32,000 liters were
completed, and 8,000 remained in process, partially completed. In the Mixing
Department, all raw materials are added at the beginning of the production process, and
conversion costs are applied evenly through the process.
During January, the Mixing Department incurred $48,000 in direct materials costs and
$211,600 in conversion costs. At the end of the month, the ending inventory in the
Mixing Department was 60% complete with respect to conversion costs. First, calculate
the equivalent units, then calculate the cost per equivalent unit, and then calculate the
total cost of the product that was completed and transferred out during January.
The total cost of product transferred out was:
A) $211,600.
B) $48,00 ...
Part I 20 Multiple choice questions @ 2.5 points each = 50 points.docxbridgelandying
Part I: 20 Multiple choice questions @ 2.5 points each = 50 points
1. Jackson Company is a publicly held corporation whose $1 par value stock is actively traded at $75 per share. The company issued 3,000 shares of stock to acquire land recently advertised at $200,000. When recording this transaction, Barton Company will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for $45 per share. The cost for the shares was $35. The entry to record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2014. There were no dividends declared in 2013. The board of directors declares and pays a $60,000 dividend in 2014. What is the amount of dividends received by the common stockholders in 2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value of the bond was $590,000. The entry to record the retirement would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the current year was $220,000. Depreciation recorded on plant assets was $35,000. Accounts receivable and inventories increased by $2,000 and $8,000, respectively. Prepaid expenses and accounts payable decreased by $2,000 and $12,000 respectively. How much cash was provided by operating activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory of $220,000 and total manufacturing costs of $900,000. If ending work in process is $210,000 what is the cost of goods manufactured?
A) $700,000.
B) $9.
Part I. Comprehensive problems. Place answers below each questio.docxherbertwilson5999
Part I. Comprehensive problems. Place answers below each question.
1. Points = 4
Instructions
Determine the incremental income or loss that Hayes Enterprises would realize by accepting the special order.
2. Points = 4
Instructions
Prepare an incremental analysis, which shows the effect of the make-or-buy decision.
3. Points = 12
Instructions
Prepare the net cash provided by operating activities section of the company's statement of cash flows for the year ended December 31, 2014, using the indirect method.
4. Points = 10
Instructions
Mimi Manufacturing Company uses a job order cost accounting system and keeps perpetual inventory records. Prepare journal entries to record the following transactions during the month of June. (Indent credit accounts)
Date:
Account
Debit
Credit
5. Points = 12
Instructions
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below.
Equivalent Units
QUANTITIES
Physical Units
Materials
Conversion Costs
Work in process, May 1
7,000
Started into production
28,000
Total units
35,000
Units accounted for:
Transferred out
30,000
Work in process, May 31
5,000
Total units
35,000
COSTS
Unit costs
Materials
Conversion Costs
Total
Costs in May
$140,000
$160,000
$300,000
Equivalent units
Units costs
Costs to be accounted for
Work in process, May 1
$60,000
Started into production
240,000
$300,000
Cost Reconciliation Schedule
Costs accounted for:
Transferred out
Work in process, May 31:
….Materials
….Conversion costs
Total costs
$300,000
6. Points = 8
Instructions
(a)
Prepare the responsibility reports for the Mixing Department for each month.
June
July
Controllable Cost
Budget
Actual
Delta
F or U
Budget
Actual
Delta
F or U
Indirect materials
Indirect labor
Factory supplies
Supervision
Total costs
· F = Favorable variance
· U = Unfavorable variance
(b) Comment on the manager's performance in controlling costs during the two-month period.
Part II: 25 Multiple Choice Questions @ 2 points each = 50 points.
Place answers in the table below:
1.
6.
11.
16.
21.
2.
7.
12.
17.
22.
3.
8.
13.
18.
23.
4.
9.
14.
19.
24.
5.
10.
15.
20.
25.
FinalSUMNIll9287jhd72g
Part I. 6 Comprehensive problems worth 50 points total
1. Points = 4
Hayes Enterprises produces miniature parasols. Each parasol consists of $1.20 of variable costs and $.90 of fixed costs and sells for $4.50. A French wholesaler offers to buy 9,000 units at $1.40 each, of which Pederson has the capacity to produce. Hayes will incur extra shipping costs of $.12 per parasol.
Instructions
Determine the .
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par .docxjuliennehar
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$
340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question
2: 10 points:
January 1, 2014 Flip Company purchased 35,000 shares of common stock of Flop Corporation as a long-term investment for $900,000. December 31, 2014, Flop Corporation reported net income of $300,000 and paid dividends of $100,000.
Instructions:
a.
Assuming that the 35,000 shares represent a 10% interest in Flop Corporation:
1.
Prepare the journal entry to record the investment in Flop stock.
2.
Prepare any entries that Flip Company should make in accounting for its investment in Flop stock during the year.
3.
What is the balance of the Stock Investments account on Flip Company's books at the end of the year?
b.
Repeat requirement (a) above except assume that the 35,000 shares represent a 20% interest in Flop Corporation.
Question
3: 15 points:
The following information is available for Flip Corporation for the year ended December 31, 2014:
Collection of principal on long-term loan to a supplier
$15,000
Acquisition of equipment for cash
10,000
Proceeds from the sale of long-term investment at book value
20,000
Issuance of common stock for cash
27,000
Depreciation expense
28,000
Redemption of bonds payable at carrying (book) value
35,000
Payment of cash dividends
15,000
Net income
25,000
Purchase of land by issuing bonds payable
45,000
In addition, the following information is available from the comparative balance sheet for Flip at the end of 2013 and 2014:
2014
2013
Cash
$
66,000
$14,000
Accounts receivable (net)
20,000
16,000
Prepaid insurance
18,000
13,000
Total current assets
$104,000
$43,000
Accounts payable
$
30,000
$20,000
Salaries payable
3,000
7,000
Total current liabilities
$
33,000
$27,000
Instruction.
Lecturer: Xiaosong Zheng Sample exam paper
Course: Management Accounting Autumn 2013
Course code: TAK2830 Open book exam
Please answer all questions! Please clearly write down your name and student number on
the following line:
NAME: __________________________ STUDENT NUMBER: __________________
Part 1. Multiple choice questions (select one correct answer, 3 marks each, 60 marks total)
Please record answers to multiple choice questions in the following table:
Q1 Q2 Q3 Q4 Q5 Q6 Q7 Q8 Q9 Q10
Q11 Q12 Q13 Q14 Q15 Q16 Q17 Q18 Q19 Q20
1. Managerial accounting includes the planning function. Which of the following items
would be part of the planning function of a business's managerial accounting?
A) Comparing actual performance to previously budgeted amounts
B) Creating detailed budgets
C) Implementing operational plans
D) Evaluating results of operations
2. The journal entry to issue $500 of direct materials and $30 of indirect materials to
production includes which of the following?
A) Debit to Work in process for $500 and debit to Finished goods for $30
B) Debit to Manufacturing overhead for $530
C) Debit to Work in process for $500 and debit to Manufacturing overhead for $30
D) Debit to Work in process inventory for $530
3. Arabica Manufacturing Company uses a predetermined manufacturing overhead rate
based on a percentage of direct labor cost. At the beginning of 2012, they estimated total
manufacturing overhead costs at $1,050,000, and they estimated total direct labor costs at
$840,000. What was the predetermined manufacturing overhead rate?
A) 80% of direct labor cost
B) $1.25 per direct labor hour
C) 125% of direct labor cost
D) $35.00 per direct labor hour
4. LDR Manufacturing produces a pesticide chemical and uses process costing. There
are three processing departments-Mixing, Refining, and Packaging. On January 1, 2012,
the first department, Mixing, had a zero beginning balance. During January, 40,000 liters
of chemicals were started into production. During the month, 32,000 liters were
completed, and 8,000 remained in process, partially completed. In the Mixing
Department, all raw materials are added at the beginning of the production process, and
conversion costs are applied evenly through the process.
During January, the Mixing Department incurred $48,000 in direct materials costs and
$211,600 in conversion costs. At the end of the month, the ending inventory in the
Mixing Department was 60% complete with respect to conversion costs. First, calculate
the equivalent units, then calculate the cost per equivalent unit, and then calculate the
total cost of the product that was completed and transferred out during January.
The total cost of product transferred out was:
A) $211,600.
B) $48,00 ...
Acct 221.Fa.14
Question 1: 20 points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer Sheet Page 1 of 10 .Fa.14
Final Exam
Answer Sheet Page 2 of 10 .Fa.14
Final Exam
b. Income Statement:
Retained Earnings Statement:
.14
Final Exam
Question 2. 10 points
a1 & a2: General Journal Entries:
(Cost Method):
Date
Account
Debit
Credit
a3. Stock Investments Accounts Balance
b1 & b2: : General Journal Entries: (Equity Method):
Date
Account
Debit
Credit
b3. Stock Investments Accounts Balance
Final Exam
Question 3. 15 points:
Fa.14
Final Exam
Question 4. 10 points
Question 5. 7 points:
Flip Inc.
Cash Disbursements Budget
For the Month of May
Question 6. 6 points:
Flip Enterprises
Incremental Analysis
Special Order
a.14
Final Exam
Question 7. 6 points:
Flip Inc.
Incremental Analysis
To Make
Incremental Analysis
Incremental Effect
Question 8. 6 points:
Flip Company
Incremental Analysis
Retain or Replace
Incremental Analysis
Incremental Effect
.Fa.14
Final Exam
Multiple choice questions allocated 1 point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$ 340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question .
CENTENNIAL BREWERY PRODUCED REVENUES OF $1,145,227 IN 2008. IT HAS EXPENSES (...JanuMorandy
CENTENNIAL BREWERY PRODUCED REVENUES OF $1,145,227 IN 2008. IT HAS EXPENSES (EXCLUDING DEPRECIATION) OF $812,640, DEPRECIATION OF $131,335, AND INTEREST EXPENSE OF $81,112. IT PAYS A MARGINAL TAX RATE OF 34 PERCENT
Question 8The contract interest rate for bondsA.must.docxteofilapeerless
Question
8:
The contract interest rate for bonds:
A.
must equal the effective interest rate.
B.
is greater than the effective interest rate when bonds are issued at a premium.
C.
has no relation to the cash flow associated with a particular bond.
D.
will fluctuate over the life of a bond.
E.
None of these.
Question
9:
Frick Corporation issued $100,000 of 7%, 15-year bonds on June 1, 2014 (dated April 1 2014) at 101 plus accrued interest, which is paid on April 1 and October 1.
The proper entry to record issuance of the bonds includes a debit to Cash for:
a.
$100,000.
b.
$101,000.
c.
$101,167.
d.
$102,167.
e.
None of these.
Question
10:
Which of the following statements about treasury stock is true?
a.
Excess of the sales price over cost should be credited to retained earnings.
b.
Gains are not recorded on treasury stock transactions but losses are.
c.
Losses on treasury stock transactions are recorded in income.
d.
Reacquiring treasury stock causes stockholders equity to decrease.
e.
None of these.
Question
11:
Frick Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4.
The dividend was distributed on May 15.
The proper journal entry for Frick Company on May 15 does not include:
a.
a credit to Dividends Payable for $30,000.
b.
a debit to Dividends for $30,000.
c.
a credit to Cash for $30,000.
d.
Both A and B, above.
e.
None of these.
Acct221
Page 4 of 8
Question
12:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold its family pizza restaurant segment.
The disposal constitutes:
a.
an extraodinary item.
b.
a discontinued operation which should be treated as a prior period adjustment.
c.
a discontinued operation which should be disclosed net-of-tax effects.
d.
a portion of income from continuing operations.
e.
None of these.
Question
13:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding.
The stock is callable at 102, but was originally issued at 99.
The current dividend has been fully paid.
Total stockholders' equity is $20,000,000.
The residual common equity is:
a.
$20,000,000
b.
$10,100,000
c.
$10,000,000
d.
$9,800,000
e.
None of these.
Question
14:
Frick Company's balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000).
These are the only current items.
a.
The quick ratio is 2:1.
b.
The quick ratio is 1.25:1.
c.
The current ratio is 1.875:1.
d.
Both A and C.
e.
None of these.
Question
15:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000.
Assuming a 360-day year, what was the inventory turnover ratio for 2014?
a.
333
b.
3
c.
7.5
d.
20
e.
1) A cost management system provides ________.A) measures of i.docxdorishigh
1) A cost management system provides ________.
A) measures of inventory value and cost of goods sold for financial reporting
B) cost information for strategic management decisions
C) cost information for operational control
D) all of the above
2) Cost accounting is that part of the cost management system that measures costs for the sole purpose of financial reporting. True or False
3) Which of the following costs is a direct cost to a manufactured product?
A) depreciation expense on factory equipment used for the product
B) the wages of an assembly worker who works specifically on the product
C) accountants who accumulate the costs of the product
D) a factory supervisor who oversees the production of several different types of products
4) Physically tracing ________ costs is usually straightforward, but allocating ________ costs is usually more complex.
A) indirect; direct
B) direct; product
C) direct; indirect
D) unallocated; indirect
5) Unallocated costs ________.
A) have an identifiable relationship to a cost pool
B) lack an identifiable relationship to a cost pool
C) have an identifiable relationship to a cost object
D) lack an identifiable relationship to a cost object
6) Unallocated costs ________.
A) are not recorded in the cost accounting system
B) are not allocated to cost objects
C) are direct costs for service firms
D) are indirect costs for merchandising firms
7) The manufacturing division of an electronics company uses activity-based costing. The company has identified three activities and the related cost drivers for indirect production costs.
Activity
Cost Driver
Activity 1
Direct materials cost
Activity 2
Direct labor cost
Activity 3
Kilowatt hours
Three types of products are produced. Direct costs and cost-driver activity for each product for a month are as follows:
Product A
Product B
Product C
Direct materials cost
$75,000
$50,000
$125,000
Direct labor cost
$6,000
$1,000
$3,000
Direct labor hours
1,000
500
1,500
Kilowatt hours
150,000
200,000
150,000
Indirect production costs for the month are as follows:
Activity 1
$12,000
Activity 2
20,000
Activity 3
16,000
Total
$48,000
Required:
A) Compute the indirect production costs allocated to each product using the ABC system.
B) Compute the indirect production costs allocated to each product using a traditional costing system. Assume indirect production costs are allocated to each product using the cost driver: direct labor hours.
8) Historical or past information can have an indirect bearing on a decision because ________.
A) the past can be changed
B) it can help predict the future
C) past decisions are always good decisions
D) none of the above
9) ________ is the predicted future costs and revenues that will differ among alternative courses of action.
A) Relevant information
B) Sunk costs
C) Predictable information
D) Target pricing
10) Information is relevant in business decisions if it is a(n) ________.
A) expected future cost or it diffe ...
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docxrenatas0nie
Accounting Help Needed by 10/10
Displaying messages 1 - 3 of 3
Participants:
YourBusinessT...
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2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Quiz –PART I — MULTIPLE CHOICE Instructions De.docxcatheryncouper
Quiz –
PART I — MULTIPLE CHOICE
Instructions: Designate the best answer for each of the following questions.
_____ 1. Hinton Corporation desires to earn target net income of $90,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $360,000, the number of units that the company must sell to earn its target net income is
a. 30,000.
b. 75,000.
c. 45,000.
d. 60,000.
_____ 2. The following data has been collected for use in analyzing the behavior of main-tenance costs of Steiner Corporation:
Month Maintenance Costs Machine Hours
January $121,000 20,000
February 125,000 23,000
March 128,000 24,000
April 159,000 34,000
May 168,000 36,000
June 178,000 38,000
July 181,000 40,000
Using the high-low method to separate the maintenance costs into their variable and fixed cost components, these components are
a. $5 per hour plus $20,000.
b. $5 per hour plus $30,000.
c. $4 per hour plus $41,000.
d. $3 per hour plus $61,000.
_____ 3. Given the following data for Farwell Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:
Direct materials used $120,000 Beginning work in process $20,000
Direct labor 50,000 Ending work in process 10,000
Manufacturing overhead 150,000 Beginning finished goods 25,000
Operating expenses 175,000 Ending finished goods 15,000
(A) (B)
a. $310,000 $330,000
b. $320,000 $310,000
c. $320,000 $330,000
d. $330,000 $340,000
_____ 4. The cost classification scheme most relevant to responsibility accounting is
a. controllable vs. uncontrollable.
b. fixed vs. variable.
c. semivariable vs. mixed.
d. direct vs. indirect.
_____ 5. Which of the following would not be included in the operating activities section of a statement of cash flows?
a. Cash inflows from returns on loans (i.e., interest)
b. Cash inflows from returns on equity securities (i.e., dividends)
c. Cash outflows to governments for taxes
d. Cash outflows to reacquire treasury stock
_____ 6. Which of the following combinations presents correct examples of liquidity, profitability, and solvency ratios, respectively?
Liquidity Profitability Solvency
a. Inventory turnover Inventory turnover Times interest earned
b. Current ratio Inventory turnover Debt to total assets
c. Receivables turnover Return on assets Times interest earned
d. Quick ratio Payout ratio Return on assets
_____ 7. Which of the following pairs of terms in the area of financial statement analysis are synonymous?
a. Ratio — Trend
b. Horizontal — Trend
c. Vertical — Ratio
d. Horizontal — Ratio
_____ 8. Shinn Corporation has the following stock outstanding:
6% Preferred, $100 Par $1,000,000
Common Stock, $50 Par 2,000,000
No dividends were paid the previous 2 years. If Shinn declares $300,000 of dividends in the current year, how much will common stockholders receive if the preferred stock is cumulative? ...
FAC 2122Assignment Due Date April 24, 2019Instructions An.docxmecklenburgstrelitzh
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
PAGE 2Accounting Midterm ExamBe sure to show your w.docxalfred4lewis58146
PAGE
2
Accounting
Midterm Exam
Be sure to show your work clearly for partial credit.
The point breakdown is as follows:
Multiple choice (30 @ 2 points)
60.0 points
Problem 1
15.0 points
Problem 2
10.0 points
Problem 3
15.0 points
Total
100.0 points
Name:_____________________________
I have complied with the University’s honor code, which requires that I do my own work and not give or receive assistance on this examination. Revealing information to (or soliciting from) students is a violation of the honor code.
Signed: _____________________________
MULTIPLE CHOICE
Select the best answer to each question by circling your answer.
1. Midwest Motors manufactures automobiles. Which of the following would not be considered direct materials by the company?
A)
Sheet metal used in automobile’s body.
B)
Tires.
C)
Interior leather.
D)
CD Player.
E)
Wheel lubricant.
2.
Which of the following is a product cost?
A)
Glass in an automobile
B)
Advertising
C)
The salary of the vice president
D)
Insurance for factory building.
3.
The corporate controller's salary would be considered a(n):
A)
manufacturing cost.
B)
product cost.
C)
administrative cost.
D)
selling expense.
4.
Manufacturing overhead:
A)
can be either a variable cost or a fixed cost.
B)
includes the costs of advertising.
C)
includes all factory labor costs.
D)
includes all fixed costs.
5.
Which one of the following costs should NOT be considered an indirect cost of serving a particular customer at a Dairy Queen fast food outlet?
A)
the cost of the hamburger patty in the burger they ordered.
B)
the wages of the employee who takes the customer's order.
C)
the cost of heating and lighting the kitchen.
D)
the salary of the outlet's manager.
6.
Which of the following statements represents a similarity between financial and managerial accounting?
A)
Both are useful in providing information for external users.
B)
Both are governed by GAAP.
C)
Both draw upon an organization’s accounting system.
D)
Both rely heavily on published financial statements.
7.
The accounting records of Hill Corporation revealed the following selected costs: Sales commissions, $40,000; plant supervision, $94,000; and administrative expenses, $185,000. Hill's period costs total:
A)
$40,000.
B)
$94,000.
C)
$185,000.
D)
$225,000.
E)
$319,000.
8.
An employee accidentally overstated the year's advertising expense by $50,000. Which of the following correctly depicts the effect of this error?
A)
Cost of goods manufactured will be overstated by $50,000.
B)
Cost of goods sold will be overstated by $50,000.
C)
Both cost of goods manufactured and cost of goods sold will be overstated by $50,000.
D)
None of the above.
9.
If there is a change in the level of the number of units produced:
A)
fixed costs per unit will be the same and variable costs per unit will change.
B)
fixed and variable costs per unit will change.
C)
fixed and va.
Week 5 – Term 5 Homework60 PointsDue June 10, 20121.(6 poi.docxmelbruce90096
Week 5 – Term 5 Homework
60 Points
Due June 10, 2012
1.(6 points)
At the beginning of 2010, Zuir Company's accounting department calculated the following estimates for the coming year's production:
Estimated overhead
$441,600
Direct labor hours
9,200 hr
During the year, Zuir Company experienced $440,000 in actual overhead costs and actually worked 9,100 direct labor hours. Zuir applies overhead to production using a predetermined overhead rate based on direct labor hours.
a. Calculate the predetermined overhead rate Zuir uses to apply overhead. (Show your computations.)
b. By what amount was overhead over- or underapplied for 2010? (Show your computations.)
c. Assuming the amount of over- or underapplied overhead is not significant, will the Cost of Goods Sold account be increased or decreased to correct the application of overhead?
2.(10 points)
Yamishi Production had the following inventories for the first quarter of 20xx:
Beginning
Ending
Materials
$606,600
$522,100
Work in process
312,100
280,800
Finished goods
416,100
540,200
Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent.
Prepare a statement of cost of goods manufactured for the first quarter of 20xx.
3.(6 points)
The following information has been made available to you. Assume that overhead is applied on the basis of direct labor hours.
Estimated overhead
$1,638,000
Estimated direct labor hours
390,000
Actual direct labor hours
442,000
Actual overhead
$1,862,000
a. Compute the predetermined overhead rate.
b. Compute the amount of applied overhead for the year.
c. Compute the amount of underapplied or overapplied overhead.
4.(6 points)
Job 29 consists of 300 units and has total manufacturing costs of direct materials, $4,500; direct labor, $7,500; and overhead, $3,600.
a. What is the unit product cost?
b. What are the prime costs per unit?
c. What are the conversion costs per unit?
5.(10 points)
Cancun Company uses a FIFO process costing system.
Cancun Company
Equivalent Production
November
Physical Units
Beginning inventory
2,350
Equivalent Units
Units started this period
10,120
Direct Materials
%
Conversion Costs
%
Units to be accounted for
12,470
Beginning inventory
2,350
Units started and completed
9,120
Ending inventory
1,000
Units accounted for
12,470
The following costs relate to work in process during November:
Beginning inventory
Direct materials
$7,200
Direct labor
380
Overhead
630
Current month's costs
Direct materials
$51,612
Direct labor
21,562.
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Writea minimum 300 word reflection in which you compare and.docxannetnash8266
Write
a minimum 300 word reflection in which you compare and
contrast the Chinese Spiritual Worldview with the Indian Spiritual
Worldview based on the textbook readings.
Describe the early Daoist teachers.
Explain basic Daoist teachings.
Characterize the ideal society according to Confucius.
Illustrate the influence of the natural world on Shinto belief and practice
.
More Related Content
Similar to ACCT 221 Final ExamPart I 20 Multiple choice questions @ 2.5 .docx
Acct 221.Fa.14
Question 1: 20 points
a. General Journal Entries:
Date
Account
Debit
Credit
Answer Sheet Page 1 of 10 .Fa.14
Final Exam
Answer Sheet Page 2 of 10 .Fa.14
Final Exam
b. Income Statement:
Retained Earnings Statement:
.14
Final Exam
Question 2. 10 points
a1 & a2: General Journal Entries:
(Cost Method):
Date
Account
Debit
Credit
a3. Stock Investments Accounts Balance
b1 & b2: : General Journal Entries: (Equity Method):
Date
Account
Debit
Credit
b3. Stock Investments Accounts Balance
Final Exam
Question 3. 15 points:
Fa.14
Final Exam
Question 4. 10 points
Question 5. 7 points:
Flip Inc.
Cash Disbursements Budget
For the Month of May
Question 6. 6 points:
Flip Enterprises
Incremental Analysis
Special Order
a.14
Final Exam
Question 7. 6 points:
Flip Inc.
Incremental Analysis
To Make
Incremental Analysis
Incremental Effect
Question 8. 6 points:
Flip Company
Incremental Analysis
Retain or Replace
Incremental Analysis
Incremental Effect
.Fa.14
Final Exam
Multiple choice questions allocated 1 point each: Make your selection by indicating the letter corresponding to your answer.
Question Number
Answer
Question Number
Answer
9:
19:
10:
20:
11:
21:
12:
22:
13:
23:
14:
24:
15:
25:
16:
26:
17:
27:
18:
28:
On January 1, 2014, Flip Corporation had 560,000 shares of $1 par value common stock issued and outstanding. There was a $3,000,000 balance in the Retained Earnings account at the beginning of the year. During the first quarter of the year, the following transactions occurred:
Jan. 8
Issued 40,000 shares of its own common stock for $400,000.
Jan. 18
Declared a cash dividend of $1 per share to stockholders of record on Jan. 10.
Jan. 31
Paid the $1 cash dividend declared on Jan. 18.
Feb. 2
Purchased 3,000 shares of its own common stock for the treasury at $11 per share.
Feb. 14
Sold 2,000 shares of the treasury stock purchased on Feb. 2 for $12 per share.
March 25
Declared a 2 for 1 stock split on outstanding shares.
Instructions
Prepare journal entries to record the above transactions.
Part B.
The following information is available for Flip Corporation for the year ended December 31, 2014:
Beginning retained earnings
$ 340,000
Cost of goods sold
620,000
Declared cash dividends
50,000
Operating expenses
170,000
Other expenses and losses
40,000
Other revenues and gains
60,000
Sales
1,000,000
Tax rate
30%
Instructions:
1.
Prepare a corporate income statement in good form.
2.
Prepare a retained earnings statement for the year.
Question .
CENTENNIAL BREWERY PRODUCED REVENUES OF $1,145,227 IN 2008. IT HAS EXPENSES (...JanuMorandy
CENTENNIAL BREWERY PRODUCED REVENUES OF $1,145,227 IN 2008. IT HAS EXPENSES (EXCLUDING DEPRECIATION) OF $812,640, DEPRECIATION OF $131,335, AND INTEREST EXPENSE OF $81,112. IT PAYS A MARGINAL TAX RATE OF 34 PERCENT
Question 8The contract interest rate for bondsA.must.docxteofilapeerless
Question
8:
The contract interest rate for bonds:
A.
must equal the effective interest rate.
B.
is greater than the effective interest rate when bonds are issued at a premium.
C.
has no relation to the cash flow associated with a particular bond.
D.
will fluctuate over the life of a bond.
E.
None of these.
Question
9:
Frick Corporation issued $100,000 of 7%, 15-year bonds on June 1, 2014 (dated April 1 2014) at 101 plus accrued interest, which is paid on April 1 and October 1.
The proper entry to record issuance of the bonds includes a debit to Cash for:
a.
$100,000.
b.
$101,000.
c.
$101,167.
d.
$102,167.
e.
None of these.
Question
10:
Which of the following statements about treasury stock is true?
a.
Excess of the sales price over cost should be credited to retained earnings.
b.
Gains are not recorded on treasury stock transactions but losses are.
c.
Losses on treasury stock transactions are recorded in income.
d.
Reacquiring treasury stock causes stockholders equity to decrease.
e.
None of these.
Question
11:
Frick Company has 100,000 shares of common stock outstanding. On April 15, the board declared a $.30 dividend to be paid to stockholders of record on May 4.
The dividend was distributed on May 15.
The proper journal entry for Frick Company on May 15 does not include:
a.
a credit to Dividends Payable for $30,000.
b.
a debit to Dividends for $30,000.
c.
a credit to Cash for $30,000.
d.
Both A and B, above.
e.
None of these.
Acct221
Page 4 of 8
Question
12:
In an effort to concentrate its resources in more profitable areas, Frick Corporation recently sold its family pizza restaurant segment.
The disposal constitutes:
a.
an extraodinary item.
b.
a discontinued operation which should be treated as a prior period adjustment.
c.
a discontinued operation which should be disclosed net-of-tax effects.
d.
a portion of income from continuing operations.
e.
None of these.
Question
13:
Frick Corporation has 100,000, 5%, $100 par preferred shares outstanding.
The stock is callable at 102, but was originally issued at 99.
The current dividend has been fully paid.
Total stockholders' equity is $20,000,000.
The residual common equity is:
a.
$20,000,000
b.
$10,100,000
c.
$10,000,000
d.
$9,800,000
e.
None of these.
Question
14:
Frick Company's balance sheet included cash ($4,000,000), accounts receivable ($16,000,000), inventories ($10,000,000), prepaid expenses ($2,000,000), accounts payable ($9,000,000), and accrued expenses ($7,000,000).
These are the only current items.
a.
The quick ratio is 2:1.
b.
The quick ratio is 1.25:1.
c.
The current ratio is 1.875:1.
d.
Both A and C.
e.
None of these.
Question
15:
Selected information for 2014 is: cost of goods sold, $5,400,000; average inventory, $1,800,000; net sales, $7,200,000; average receivables, $960,000; and net income, $720,000.
Assuming a 360-day year, what was the inventory turnover ratio for 2014?
a.
333
b.
3
c.
7.5
d.
20
e.
1) A cost management system provides ________.A) measures of i.docxdorishigh
1) A cost management system provides ________.
A) measures of inventory value and cost of goods sold for financial reporting
B) cost information for strategic management decisions
C) cost information for operational control
D) all of the above
2) Cost accounting is that part of the cost management system that measures costs for the sole purpose of financial reporting. True or False
3) Which of the following costs is a direct cost to a manufactured product?
A) depreciation expense on factory equipment used for the product
B) the wages of an assembly worker who works specifically on the product
C) accountants who accumulate the costs of the product
D) a factory supervisor who oversees the production of several different types of products
4) Physically tracing ________ costs is usually straightforward, but allocating ________ costs is usually more complex.
A) indirect; direct
B) direct; product
C) direct; indirect
D) unallocated; indirect
5) Unallocated costs ________.
A) have an identifiable relationship to a cost pool
B) lack an identifiable relationship to a cost pool
C) have an identifiable relationship to a cost object
D) lack an identifiable relationship to a cost object
6) Unallocated costs ________.
A) are not recorded in the cost accounting system
B) are not allocated to cost objects
C) are direct costs for service firms
D) are indirect costs for merchandising firms
7) The manufacturing division of an electronics company uses activity-based costing. The company has identified three activities and the related cost drivers for indirect production costs.
Activity
Cost Driver
Activity 1
Direct materials cost
Activity 2
Direct labor cost
Activity 3
Kilowatt hours
Three types of products are produced. Direct costs and cost-driver activity for each product for a month are as follows:
Product A
Product B
Product C
Direct materials cost
$75,000
$50,000
$125,000
Direct labor cost
$6,000
$1,000
$3,000
Direct labor hours
1,000
500
1,500
Kilowatt hours
150,000
200,000
150,000
Indirect production costs for the month are as follows:
Activity 1
$12,000
Activity 2
20,000
Activity 3
16,000
Total
$48,000
Required:
A) Compute the indirect production costs allocated to each product using the ABC system.
B) Compute the indirect production costs allocated to each product using a traditional costing system. Assume indirect production costs are allocated to each product using the cost driver: direct labor hours.
8) Historical or past information can have an indirect bearing on a decision because ________.
A) the past can be changed
B) it can help predict the future
C) past decisions are always good decisions
D) none of the above
9) ________ is the predicted future costs and revenues that will differ among alternative courses of action.
A) Relevant information
B) Sunk costs
C) Predictable information
D) Target pricing
10) Information is relevant in business decisions if it is a(n) ________.
A) expected future cost or it diffe ...
Accounting Help Needed by 1010Displaying messages 1 - 3 of 3P.docxrenatas0nie
Accounting Help Needed by 10/10
Displaying messages 1 - 3 of 3
Participants:
YourBusinessT...
and
Zmoves
Zmoves
2015-10-09 17:20
Hi Can you do this? $40.
Floppy Company's December 31, 2014 trial balance is as follows:
Floppy Corporation
Trial Balance
December 31, 2014
Account
Debit
Credit
Cash
$43,500
Accounts Receivable
53,500
Allowance for Doubtful Accounts
1,500
Notes Receivable
30,000
Merchandise Inventory
55,000
Land
20,000
Building
150,000
Accumulated Depreciation, Building
$15,000
Equipment
50,000
Accumulated Depreciation, Equipment
21,000
Goodwill
26,000
Accounts Payable
25,000
Long Term Notes Payable
75,000
Common Stock, $10 par, 2,000 shares authorized & outstanding
20,000
Retained Earnings
147,000
Sales Revenue
700,000
Salaries Expense
150,000
Utilities Expense
3,500
Cost of Goods Sold
350,000
Administrative Expenses
55,000
Sales Expenses
15,000
_______
Totals
$1,003,000
$1,003,000
Floppy is a small company and records adjusting entries & closing entries only at fiscal (calendar) year end. Correcting and adjusting entries have not been recorded.
Additional Information:
a. Notes Receivable is a 3-months, 6% note accepted on November 1, 2014.
b. Long Term Notes Payable is a 5-year, 5% note, that was signed on July 1, 2014. Interest is payable annually.
c. Building is depreciated at 3% per year. There is no salvage value.
d. Equipment is depreciated at 15% year. There is no salvage value.
e. Floppy discovered, on December 30
th
, that the inexperienced bookkeeper recorded in the general journal and general ledger that day's $1,500 cash sales as a debit to Accounts Receivable and a credit to Sales Revenue.
f. The year-end physical count for Merchandise Inventory reflected a value of $51,500. Any difference in value will not be considered theft or loss.
g. Salaries for the last half of December, payable in January, amount to $5,500.
h. Floppy estimates that of the Accounts Receivable 5% will not be collectable.
Required:
a. Prepare in journal form, any required correcting entries
b. Prepare in journal form, all end-of-the period adjusting entries
c. Prepare a December adjusted trial balance
d. Prepare a classified balance sheet for the year ended December 31, 2014
e. Prepare in journal form, the closing entries for the year ended December 31, 2014
Floppy uses the period method and had the following inventory events during January:
Date
Units Purchased
Unit Cost
Date
Units Sold
Unit Sales Price
Jan. 1
150
$7.00
Jan. 2
100
$10.00
Jan. 5
225
7.20
Jan. 7
125
10.00
Jan. 10
100
7.50
Jan. 12
75
12.00
Jan. 15
150
7.80
Jan. 17
200
12.50
Jan. 20
200
7.95
Jan. 24
150
15.00
Jan. 25
150
8.00
Jan. 30
75
8.20
Note:
January 1 amount was the beginning inventory and unit value.
(Round all total dollar values to the nearest dollar. Round all unit values to the nearest penny.)
Required:
a. Calculate cost of goods available for sale.
b. Calculate the dollar v.
Quiz –PART I — MULTIPLE CHOICE Instructions De.docxcatheryncouper
Quiz –
PART I — MULTIPLE CHOICE
Instructions: Designate the best answer for each of the following questions.
_____ 1. Hinton Corporation desires to earn target net income of $90,000. If the selling price per unit is $30, unit variable cost is $24, and total fixed costs are $360,000, the number of units that the company must sell to earn its target net income is
a. 30,000.
b. 75,000.
c. 45,000.
d. 60,000.
_____ 2. The following data has been collected for use in analyzing the behavior of main-tenance costs of Steiner Corporation:
Month Maintenance Costs Machine Hours
January $121,000 20,000
February 125,000 23,000
March 128,000 24,000
April 159,000 34,000
May 168,000 36,000
June 178,000 38,000
July 181,000 40,000
Using the high-low method to separate the maintenance costs into their variable and fixed cost components, these components are
a. $5 per hour plus $20,000.
b. $5 per hour plus $30,000.
c. $4 per hour plus $41,000.
d. $3 per hour plus $61,000.
_____ 3. Given the following data for Farwell Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:
Direct materials used $120,000 Beginning work in process $20,000
Direct labor 50,000 Ending work in process 10,000
Manufacturing overhead 150,000 Beginning finished goods 25,000
Operating expenses 175,000 Ending finished goods 15,000
(A) (B)
a. $310,000 $330,000
b. $320,000 $310,000
c. $320,000 $330,000
d. $330,000 $340,000
_____ 4. The cost classification scheme most relevant to responsibility accounting is
a. controllable vs. uncontrollable.
b. fixed vs. variable.
c. semivariable vs. mixed.
d. direct vs. indirect.
_____ 5. Which of the following would not be included in the operating activities section of a statement of cash flows?
a. Cash inflows from returns on loans (i.e., interest)
b. Cash inflows from returns on equity securities (i.e., dividends)
c. Cash outflows to governments for taxes
d. Cash outflows to reacquire treasury stock
_____ 6. Which of the following combinations presents correct examples of liquidity, profitability, and solvency ratios, respectively?
Liquidity Profitability Solvency
a. Inventory turnover Inventory turnover Times interest earned
b. Current ratio Inventory turnover Debt to total assets
c. Receivables turnover Return on assets Times interest earned
d. Quick ratio Payout ratio Return on assets
_____ 7. Which of the following pairs of terms in the area of financial statement analysis are synonymous?
a. Ratio — Trend
b. Horizontal — Trend
c. Vertical — Ratio
d. Horizontal — Ratio
_____ 8. Shinn Corporation has the following stock outstanding:
6% Preferred, $100 Par $1,000,000
Common Stock, $50 Par 2,000,000
No dividends were paid the previous 2 years. If Shinn declares $300,000 of dividends in the current year, how much will common stockholders receive if the preferred stock is cumulative? ...
FAC 2122Assignment Due Date April 24, 2019Instructions An.docxmecklenburgstrelitzh
FAC 2122
Assignment
Due Date: April 24, 2019
Instructions : Answer all questions
Question 1
Arcade Corporation's balance sheet and income statement appear below:
Income Statement
Sales
$723
Cost of goods sold
453
Gross margin
270
Selling and administrative expenses
163
Income before income taxes
107
Income tax expense
32
Net income
$75
Balance Sheet
Ending Balance
Beginning Balance
Cash
$42
$36
Debtors
77
80
Inventories
54
58
Plant and equipment
581
480
less: accumulated depreciation
(318)
(294)
Total Assets
$436
$360
creditors
$23
$28
Bonds payable
293
270
Common stock
61
60
Retained earnings
59
2
Total liabilities and equity
$436
$360
The company did not dispose of any property, plant, and equipment, retire any bonds payable, or repurchase any of its own common stock during the year. The company declared and paid a cash dividend of $18.
Required: Prepare a statement of cash flow . (10 marks)
Question 2
Comparative Balance Sheet
Shiner Corporation
Assets
Dec 31, 1996
Dec 31, 1995
Cash
$37,000
$49,000
Accounts Receivable
$26,000
$36,000
Prepaid Expenses
$6,000
$0
Land
$70,000
$0
Building
$200,000
$0
Accumulated Depreciation
$11,000
$189,000
$0
Equipment
$68,000
$0
Accumulated Depreciation
$10,000
$58,000
$0
Total Assets
$386,000
$85,000
Liabilities and Stockholder Equity
Accounts Payable
$40,000
$5,000
Bonds Payable
$150,000
$0
Common Stock
$60,000
$0
Retained Earnings
$136,000
$20,000
Total Liabilities and Stockholder Equity
$386,000
$85,000
Income Statement
Shiner Corporation
Revenue
$492,000
Operating Expenses
$269,000
Depreciation
$21,000
$290,000
Income before Income Taxes
$202,000
Income Tax Expense
$68,000
Net Income
$134,000
Additional information:
1. During the year Shiner Corporation paid dividends of $18,000.
2. Shiner also issued $150,000 in bonds.
Copy and complete the statement below: (15 marks)
Statement of Cash Flows
Cash Flow from Operating Activities
Net Income
Adjustments to reconcile net income to net cash
Depreciation
Accts Receivable decrease
Prepaid Expense increase
Accts Payable Increase
Net cash provided from Operating Activities
Investing Activities
Land Purchase
Building Purchase
Equipment Purchase
Financing Activities
Dividend payment to shareholders
Issuance of Bonds Payable
Net Decrease in Cash
Cash Jan 1, 1996
Cash Dec 31, 1996
Question 3
Caribbean Distributors
Balance Sheet for
Assets20102009
Cash 191 000 159 000
Debtors/Accounts Receivables 12 000 15 000
Stock/Inventory 170 000 160 000
Prepaid expenses 6 000 8 000
Land 140 000 80 000
Equipment 160 000 0
Accumulated depreciation – equipment (16 000) 0
Total 663 000 422 000
Liabilities and Shareholders Equity
Trade creditors/Accounts Payable 52 000 60 000
Accrued expenses payable/owing 15 000 20 000
Income tax .
PAGE 2Accounting Midterm ExamBe sure to show your w.docxalfred4lewis58146
PAGE
2
Accounting
Midterm Exam
Be sure to show your work clearly for partial credit.
The point breakdown is as follows:
Multiple choice (30 @ 2 points)
60.0 points
Problem 1
15.0 points
Problem 2
10.0 points
Problem 3
15.0 points
Total
100.0 points
Name:_____________________________
I have complied with the University’s honor code, which requires that I do my own work and not give or receive assistance on this examination. Revealing information to (or soliciting from) students is a violation of the honor code.
Signed: _____________________________
MULTIPLE CHOICE
Select the best answer to each question by circling your answer.
1. Midwest Motors manufactures automobiles. Which of the following would not be considered direct materials by the company?
A)
Sheet metal used in automobile’s body.
B)
Tires.
C)
Interior leather.
D)
CD Player.
E)
Wheel lubricant.
2.
Which of the following is a product cost?
A)
Glass in an automobile
B)
Advertising
C)
The salary of the vice president
D)
Insurance for factory building.
3.
The corporate controller's salary would be considered a(n):
A)
manufacturing cost.
B)
product cost.
C)
administrative cost.
D)
selling expense.
4.
Manufacturing overhead:
A)
can be either a variable cost or a fixed cost.
B)
includes the costs of advertising.
C)
includes all factory labor costs.
D)
includes all fixed costs.
5.
Which one of the following costs should NOT be considered an indirect cost of serving a particular customer at a Dairy Queen fast food outlet?
A)
the cost of the hamburger patty in the burger they ordered.
B)
the wages of the employee who takes the customer's order.
C)
the cost of heating and lighting the kitchen.
D)
the salary of the outlet's manager.
6.
Which of the following statements represents a similarity between financial and managerial accounting?
A)
Both are useful in providing information for external users.
B)
Both are governed by GAAP.
C)
Both draw upon an organization’s accounting system.
D)
Both rely heavily on published financial statements.
7.
The accounting records of Hill Corporation revealed the following selected costs: Sales commissions, $40,000; plant supervision, $94,000; and administrative expenses, $185,000. Hill's period costs total:
A)
$40,000.
B)
$94,000.
C)
$185,000.
D)
$225,000.
E)
$319,000.
8.
An employee accidentally overstated the year's advertising expense by $50,000. Which of the following correctly depicts the effect of this error?
A)
Cost of goods manufactured will be overstated by $50,000.
B)
Cost of goods sold will be overstated by $50,000.
C)
Both cost of goods manufactured and cost of goods sold will be overstated by $50,000.
D)
None of the above.
9.
If there is a change in the level of the number of units produced:
A)
fixed costs per unit will be the same and variable costs per unit will change.
B)
fixed and variable costs per unit will change.
C)
fixed and va.
Week 5 – Term 5 Homework60 PointsDue June 10, 20121.(6 poi.docxmelbruce90096
Week 5 – Term 5 Homework
60 Points
Due June 10, 2012
1.(6 points)
At the beginning of 2010, Zuir Company's accounting department calculated the following estimates for the coming year's production:
Estimated overhead
$441,600
Direct labor hours
9,200 hr
During the year, Zuir Company experienced $440,000 in actual overhead costs and actually worked 9,100 direct labor hours. Zuir applies overhead to production using a predetermined overhead rate based on direct labor hours.
a. Calculate the predetermined overhead rate Zuir uses to apply overhead. (Show your computations.)
b. By what amount was overhead over- or underapplied for 2010? (Show your computations.)
c. Assuming the amount of over- or underapplied overhead is not significant, will the Cost of Goods Sold account be increased or decreased to correct the application of overhead?
2.(10 points)
Yamishi Production had the following inventories for the first quarter of 20xx:
Beginning
Ending
Materials
$606,600
$522,100
Work in process
312,100
280,800
Finished goods
416,100
540,200
Purchases of materials during the quarter were $427,800. Total direct labor costs were incurred in the amount of $1,482,000. Actual overhead costs were incurred as follows: operating supplies used, $17,100; janitorial and maintenance, $87,300; employee benefits, $26,400; utilities, $162,000; depreciation of factory, $43,200; property taxes, $24,000; factory insurance, $29,000. Net sales for the quarter were $3,562,200. Selling and administrative expenses were $508,000. Income taxes should be computed at 40 percent.
Prepare a statement of cost of goods manufactured for the first quarter of 20xx.
3.(6 points)
The following information has been made available to you. Assume that overhead is applied on the basis of direct labor hours.
Estimated overhead
$1,638,000
Estimated direct labor hours
390,000
Actual direct labor hours
442,000
Actual overhead
$1,862,000
a. Compute the predetermined overhead rate.
b. Compute the amount of applied overhead for the year.
c. Compute the amount of underapplied or overapplied overhead.
4.(6 points)
Job 29 consists of 300 units and has total manufacturing costs of direct materials, $4,500; direct labor, $7,500; and overhead, $3,600.
a. What is the unit product cost?
b. What are the prime costs per unit?
c. What are the conversion costs per unit?
5.(10 points)
Cancun Company uses a FIFO process costing system.
Cancun Company
Equivalent Production
November
Physical Units
Beginning inventory
2,350
Equivalent Units
Units started this period
10,120
Direct Materials
%
Conversion Costs
%
Units to be accounted for
12,470
Beginning inventory
2,350
Units started and completed
9,120
Ending inventory
1,000
Units accounted for
12,470
The following costs relate to work in process during November:
Beginning inventory
Direct materials
$7,200
Direct labor
380
Overhead
630
Current month's costs
Direct materials
$51,612
Direct labor
21,562.
w
r
i
t
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Write
a minimum 300 word reflection in which you compare and
contrast the Chinese Spiritual Worldview with the Indian Spiritual
Worldview based on the textbook readings.
Describe the early Daoist teachers.
Explain basic Daoist teachings.
Characterize the ideal society according to Confucius.
Illustrate the influence of the natural world on Shinto belief and practice
.
Writea draft of the paper on case tools and include the followin.docxannetnash8266
Write
a draft of the paper on case tools and include the following:
·
Define the term
case tools
and provide at least three examples.
·
Describe how case tools are used in the design of a database.
·
Explain how three different case tools are used in database design, including their advantages and disadvantages.
Format
your paper consistent with APA guidelines.
.
Write To complete the assignment, open the OUTLINE ATTACHMENT fi.docxannetnash8266
Write:
To complete the assignment, open the OUTLINE ATTACHMENT fill it out entirely. Within the worksheet, you will state your thesis statement, provide an outline of your paper, and integrate the four sources (below),
and FIND two more sources being a (webpage and online magazine ONLY) on the topic “The Affordable Care Act 2010”, into your outline to showcase how these resources support your ideas. Provide a full APA references list with a minimum of six sources. Please be sure to utilize outline format and to support all statements with scholarly research. All references should be listed in full APA format and cited appropriately.
Source 1-
Burkhauser, R. V., Larrimore, J., & Simon, K. (2013). Measuring the impact of valuing health insurance on levels and trends in inequality and how the Affordable Care Act of 2010 could affect them.
Contemporary Economic Policy
,
31
(4), 779-794.
Source 2-
Cooper, R. W., & Gardner, L. A. (2016). Extensive Changes and Major Challenges Encountered in Health Insurance Markets under the Affordable Care Act.
Journal of Financial Service Professionals
,
70
(5).
Source 3-
Hester, R. D. (2017). The successful innovations of the affordable care act of 2010.
Journal of Innovation and Entrepreneurship
,
6
(1), 18
Source 4-
Martin, E. J. (2015). Healthcare policy legislation and administration: Patient Protection and Affordable Care Act of 2010.
Journal of health and human services administration
, 407-411.
Source 5-
Sparer, M. S. (2011). Federalism and the Patient Protection and Affordable Care Act of 2010: The founding fathers would not be surprised.
Journal of health politics, policy and law
,
36
(3), 461-468.
.
Write your proposal based on the criterias listed below Pr.docxannetnash8266
Write your proposal based on the criteria's listed below
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Write a 350- to no more than 700-word paper using APA format.D.docxannetnash8266
Write
a 350- to no more than 700-word paper using APA format.
Describe
the flow of information in your company, or in a company at which you have been employed. In your paper, discuss the following:
The intrapersonal, interpersonal, group, organizational, and intercultural levels of communication within your company
How information travels up, down, and across your organization, and how it relates to the basic communications model
The functions of the Y hierarchy of managerial communications. Does it apply to your organization's communication hierarchy?
A comparison of at least three managerial communication approaches you have observed in your organization
At least three potential barriers to effective communications that exist in your company
A minimum of one reference and one in-text citation is required.
First person is acceptable.
.
Write a 350- to 700-word paper in which you investigate the interr.docxannetnash8266
Write
a 350- to 700-word paper in which you investigate the interrelationship between culture and visual entertainment media, such as television and film. Include answers to the following questions:
·
In what ways have various forms of visual entertainment media shaped American culture and its values?
·
Are the social influences of visual entertainment media mostly positive or negative? Explain.
Illustrate
your answers with specific examples.
Conclude
your paper by summarizing how visual media either reflect or influence social behavior and attitudes.
Format
your paper consistent with APA guidelines.
.
Write a 350 word analysis about juvenile attitudes toward poli.docxannetnash8266
Write
a 350 word analysis about juvenile attitudes toward police. Consider recent cases in the media regarding juvenile interactions with police departments. Analyze the attitudes today's youth have toward police. Address the following:
Summary of current media piece you are analyzing
Evaluation of attitudes and factors influencing attitudes
Is remediation of these attitudes necessary?
.
Write a 350- to 700-word paper in which you do the followingExp.docxannetnash8266
Write
a 350- to 700-word paper in which you do the following:
Explain what database systems are and how they are used.
Define database architecture. Consider Microsoft
®
Access
®
, Microsoft
®
SQL Server
®
, Oracle
®
, and IBM DB2
®
software as possible examples.
Summarize your paper by describing the database systems in your workplace, identifying which database systems and architecture they fall under.
Include
2 to 4 references.
Format
your paper consistent with APA guidelines.
.
Write a 350- to 700- word response to the following questionsHo.docxannetnash8266
Write
a 350- to 700- word response to the following questions:
How did psychology evolve into a science?
What are some psychological perspectives that explain human behavior?
A long-standing debate in the field of psychology is the degree to which nature and nurture shape human behaviors and traits. How would you describe the interaction between genetic potential, environmental influences, and personal choice?
Format
your response consistent with APA guidelines.
Click
the Assignment Files tab to submit your assignment.
AND
Write
a 500- to 1000-word essay contrasting the roles of the temporal and frontal lobes on behavior. Include the types of behaviors for which each lobe is responsible, as well as the effects of heredity on the development of these behaviors. Additionally, include what may happen if there is damage to these lobes, including Broca's and Wernicke's aphasias.
Format
your essay consistent with APA guidelines.
Click
the Assignment Files tab to submit your assignment.
.
Write a 1,400- to 1,750 word APA format paper regarding a so.docxannetnash8266
Write
a 1,400- to 1,750 word
APA format paper
regarding a social networking interview.
Identify
whom you interviewed, their title, and years of working experience in the area of Operations Management.
Provide
insights into your subject's role and why Operations Management is vital to his/her organization.
Provide
the reason for selecting the individual you chose to interview.
List
the questions you asked.
Include
a summary of the organization.
Give
a summary of what you learned as a result of this interview.
Provide
a reflection of what is important about this assignment.
Discuss
any follow-up activities the person you interviewed suggested.
Provide
at least two peer reviewed academic references. Make sure that the in-text citations matched the reference list.
Format
your paper consistent with APA guidelines.
IMPORTANT:
Make sure to review your assignment submission for content similarity on Safe Assign before submission. Assignment is preferred to have no more than 10% content similarity.
.
Write a 350- to 500-word summary in which you answer the following.docxannetnash8266
Write
a 350- to 500-word summary in which you answer the following questions:
What were the major developments in the evolution of mass media during the last century?
How did each development influence American culture?
What is meant by the term
media convergence
, and how has it affected everyday life?
700 word max.
.
Write a 300- to 350-word response to the followingWhen thinki.docxannetnash8266
Write
a 300- to 350-word response to the following:
When thinking about all the types of diversity that can exist within a group, what is the most important thing for group members to keep in mind when interacting with each other? Explain.
APA format
Include 2 references
.
WRITE A 2-page paper on the following questions. Your answers must.docxannetnash8266
WRITE
A 2-page paper on the following questions. Your answers must be written in paragraph style after each question.
1. What personal interests do you have in regard to the field of social work?
2. What are your personal values? List three or more
3. How do your identified values influence what you believe about how people should be served?
4. What do you think you will be doing in 7 years?
5. What are the values/interests/beliefs of your selected state representative or state senator (name them and cite their website) and how are they reflected in the policies of your state? Give concrete examples of your state policy.
.
Write a 1- to 2-page report for the Director of IT describing .docxannetnash8266
Write
a 1- to 2-page report for the Director of IT describing the requirements you are considering as your team implements the wireless network. Include the following:
Design requirements that must be addressed
Justification to use different frequencies, channels, and antennae in the installation
Regulatory requirements to consider in implementation
Security requirements
Create
a 1/2- to 1-page table for your team. In the table, summarize possible frequency choices, including an explanation of the strength and weakness of each.
No plagiarism please use attached files for the scenario!!!!
.
Write a 1,400- to 2,100-word paper in which you assess criminal ju.docxannetnash8266
Write
a 1,400- to 2,100-word paper in which you assess criminal justice from a global perspective. In your paper be sure to analyze the following:
Assess the impact of globalization on the U.S. criminal justice system.
Compare and contrast international criminal justice systems (Civil Law, Common law, and Islamic Law and Socialist Law traditions).
Discuss the impact that cyber crime and technology have had on worldwide justice systems.
Differentiate the policing systems on a worldwide scale.
Identify major crimes and criminal issues that have a global impact on justice systems and processes (e.g., Somalia, Rwanda, Bosnia, Darfur, Congo, etc.).
Include
at least four peer reviewed references.
Format
your paper according to APA guidelines.
Submit
your assignment.
.
Write a 1,750-word paper that includes the following(UNITED.docxannetnash8266
Write
a 1,750-word paper that includes the following:
(UNITED STATES COAST GUARD)
The organizational overview.
Prioritized assessment of the strengths, weaknesses, threats and vulnerabilities of your selected organization's security system(s), including facilities, people, information systems, and other appropriate assets.
The influence of crime and criminology in your assessment, as well as applicable national and global issues.
Format
your assignment consistent with APA guidelines.
ATTACH TURN IT IN REPORT
.
Write a 1.400 to 1,700 word essay that summarizes your Week 4 .docxannetnash8266
Write
a 1.400 to 1,700 word essay that summarizes your Week 4 presentation and additionally includes the following:
Summary of each of the following from your Week 4 presentation:
What are cultural groups?
How can you work toward more effective intercultural communication?
How is globalization challenging traditional hierarchies of culture?
What are co-cultural groups?
What are the five belief domains and how do they influence intercultural communication? (Refer to Ch. 9)
Summary of the following Week 5 concepts:
Positive and negative examples of how the media acts as a cultural socialization agent
Discussion of one media theory as it relates to how you interact with mass media
How to develop media literacy
How technology has fostered global intercultural communication
The challenges and opportunities within intercultural communication for women and minority success in the future
.
Write a 1,400- to 1,750-word paper highlighting considerations for.docxannetnash8266
Write
a 1,400- to 1,750-word paper highlighting considerations for creating a security budget.
Include
the following:
Identify the key player involved in creating the budget.
Discuss liabilities a budget can create for an organization.
Consider how these liabilities can be addressed.
Determine the need for executive protection using a cost-benefit analysis.
Also Include
a
Created Tree Graph outlining the steps that make up the budgeting process.
Format
your assignment consistent with APA guidelines.
.
Write a 1,050-word minimum strategic implementation plan in wh.docxannetnash8266
Write
a 1,050-word minimum strategic implementation plan in which you include the following:
Create an implementation plan including:
Objectives
Functional tactics
Action items
Milestones and deadlines
Tasks and task ownership
Resource allocation
Recommend any organizational change management strategies that may enhance successful implementation.
Develop key success factors, budget, and forecasted financials, including a break-even chart.
Create a risk management plan including contingency plans for the identified risks.
Format
your paper according to APA guidelines.
.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Introduction to AI for Nonprofits with Tapp Network
ACCT 221 Final ExamPart I 20 Multiple choice questions @ 2.5 .docx
1. ACCT 221 Final Exam
Part I: 20 Multiple choice questions @ 2.5 points each = 50
points
1. Jackson Company is a publicly held corporation whose $1
par value stock is actively traded at $75 per share. The company
issued 3,000 shares of stock to acquire land recently advertised
at $200,000. When recording this transaction, Barton Company
will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for
$45 per share. The cost for the shares was $35. The entry to
record the sale will include a
A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock
split and a stock dividend?
2. 4. Dabney, Inc., has 5,000 shares of 5%, $100 par value,
noncumulative preferred stock and 40,000 shares of $1 par
value common stock outstanding at December 31, 2014. There
were no dividends declared in 2013. The board of directors
declares and pays a $60,000 dividend in 2014. What is the
amount of dividends received by the common stockholders in
2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value
of the bond was $590,000. The entry to record the retirement
would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
3. A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the
current year was $220,000. Depreciation recorded on plant
assets was $35,000. Accounts receivable and inventories
increased by $2,000 and $8,000, respectively. Prepaid expenses
and accounts payable decreased by $2,000 and $12,000
respectively. How much cash was provided by operating
activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of
the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory
of $220,000 and total manufacturing costs of $900,000. If
4. ending work in process is $210,000 what is the cost of goods
manufactured?
A) $700,000.
B) $950,000.
C) $910,000.
D) $940,000.
11. The principal difference between a merchandising and a
manufacturing income statement is the
A) extraordinary item section.
B) cost of goods sold section.
C) operating expense section.
D) revenue section.
12. Given the following data for Good man Company, compute
(A) total manufacturing costs and (B) costs of goods
manufactured:
Direct materials used
$345,000
Beginning work in process
$15,000
Direct labor
305,000
Ending work in process
60,000
Manufacturing overhead
450,000
Beginning finished goods
75,000
Operating expenses
525,000
5. Ending finished goods
45,000
Total Manufacturing Costs
Costs of Goods Manufactured
A
$1,055,000
$1,100,000
B
$1,070,000
$1,130,000
C
$1,100,000
$1,055,000
D
$1,130,000
$1,055,000
13. For Cevu Company, the predetermined overhead rate is
80% of direct labor cost. During the month, $800,000 of factory
labor costs are incurred of which $200,000 is indirect labor. The
amount of overhead debited to Work in Process Inventory
should be:
A) $600,000
B) $412,500
C) $480,000
D) $450,000
6. 14. Hunten Manufacturing assigns overhead based on machine
hours. The Milling Department logs 1,400 machine hours and
Cutting Department shows 4,000 machine hours for the period.
If the overhead rate is $6 per machine hour, the entry to assign
overhead will show a
A) debit to Manufacturing Overhead for $22,000.
B) credit to Manufacturing Overhead for $27,000.
.C) credit to Manufacturing Overhead for $32,400.
D) debit to Work in Process for $24,000.
15. The Molding Department of Bidwell Company has the
following production data: beginning work process 40,000 units
(60% complete), started into production 680,000 units,
completed and transferred out 640,000 units, and ending work
in process 80,000 units (50% complete). Assuming 100% of
materials are added, equivalent units for conversion costs are:
A) 720,000.
B) 640,000.
C) 760,000.
D) 680,000.
16. ThoAon, Inc. collected the following production data for
the past month:
Units Produced
Total Cost
1,600
$22,000
7. 1,300
19,000
1,500
21,500
1,100
16,500
If the high-low method is used, what is the monthly total cost
equation?
A) Total cost = $5,500 + $10/unit
B) Total cost = $0 + $15/unit
C) Total cost = $4,400 + $11/unit
D) Total cost = $3,300 + $12/unit
17. At the break-even point of 2,000 units, variable costs are
$120,000, and fixed costs are $64,000. How much is the selling
price per unit?
A) $32
B) $92
C) $28
D) Not enough information
18. The following information is taken from the production
budget for the first quarter:
Beginning inventory in units
1,800
Sales budgeted for the quarter
678,000
Capacity in units of production facility
708,000
How many finished goods units should be produced during the
8. quarter if the company desires 5,000 units available to start the
next quarter?
A) 675,000
B) 681,000
C) 711,000
D) 681,200
19. Sales results that are evaluated by a static budget might
show
1.
favorable differences that are not justified.
2.
unfavorable differences that are not justified.
A) 1
B) 2
C) neither 1 nor 2.
D) both 1 and 2.
20. It costs Maker Company $22 of variable and $15 of fixed
costs to produce one Panini press which normally sells for $57.
A foreign wholesaler offers to purchase 1,000 Panini presses at
$40 each. Maker would incur special shipping costs of $5 per
press if the order were accepted. Maker has sufficient unused
capacity to produce the 1,000 Panini presses. If the special
order is accepted, what will be the effect on net income?
A) $13,000 decrease
B) $22,000 decrease
9. C) $7,000 increase
D) $13,000 increase
Part II. 6 Comprehensive problems worth 50 points total
21. Points = 4
Brigg Enterprises produces miniature parasols. Each parasol
consists of $1.40 of variable costs and $.90 of fixed costs and
sells for $4.50. A French wholesaler offers to buy 7,000 units at
$$2 each, of which Pederson has the capacity to produce. Brigg
will incur extra shipping costs of $.12 per parasol.
Instructions show format to say reject, accept
Determine the incremental income or loss that the company
would realize by accepting the special order.
22. Points = 4
R&R Inc. produces several models of clocks. An outside
supplier has offered to produce the commercial clocks for R&R
for $300 each. R&R needs 1,500 clocks annually. R&R has
10. provided the following unit costs for its commercial clocks:
Direct materials
$100
Direct labor
110
Variable overhead
35
Fixed overhead(60% avoidable if
buy) 150
Instructions
Prepare an incremental analysis, which shows the effect of the
make-or-buy decision.
11. 23. Points = 12
The current sections of Donny Inc.'s balance sheets at December
31, 2013 and 2014, are presented here.
Donny's net income for 2014 was $103,000. Depreciation
expense was $15,000.
2014
2013
Current assets
Cash
$115,000
12. $99,000
Accounts receivable
110,000
90,000
Inventory
160,000
172,000
Prepaid expense
27,000
21,000
Total current assets
$412,000
$382,000
Current liabilities
Accrued expenses payable
$ 15,000
$ 5,000
Accounts payable
85,000
93,000
Total current liabilities
$100,000
$ 98,000
Instructions
Prepare the net cash provided by operating activities section of
the company's statement of cash flows for the year ended
December 31, 2014, using the indirect method.
13.
14. 24. Points = 10
Nona Manufacturing Company uses a job order cost accounting
system and keeps perpetual inventory records. Prepare journal
entries to record the following transactions during the month of
June.
June
1
Purchased raw materials for $30,000 on account.
8
Raw materials requisitioned by production:
Direct materials
$8,500
Indirect materials
1,500
15. 15
Paid factory utilities, $3,000 and repairs for factory equipment,
$7,500.
25
Incurred $98,000 of factory labor.
25
Time tickets indicated the following:
Direct Labor
(6,000 hrs @ $13 per hr)
=
$78,000
Indirect Labor
(2,500 hrs @ $8 per hr)
=
20,000
16. $98,000
25
Applied manufacturing overhead to production based on a
predetermined overhead rate of $8 per direct labor hour worked.
28
Goods costing $25,000 were completed in the factory and were
transferred to finished goods.
30
Goods costing $22,000 were sold for $30,000 on account
Instructions
Prepare an incremental analysis, which shows the effect of the
make-or-buy decision.
17. 25. Points = 12
Meyer Manufacturing Company uses a process cost system. The
Molding Department adds materials at the beginning of the
process and conversion costs are incurred uniformly throughout
the process. Work in process on May 1 was 75% complete and
work in process on May 31 was 40% complete as to conversion
18. cost and 100% complete as to materials.
Instructions
Complete the Production Cost Report for the Molding
Department for the month of May using the above information
and the information below.
Instructions: Complete the Production Cost Report below for the
Molding Department for the month of May.
Equivalent Units
QUANTITIES
Physical Units
Materials
Conversion Costs
Work in process, May 1
7,000
Started into production
28,000
Total units
21. Work in process, May 1
$60,000
Started into production
240,000
$300,000
Cost Reconciliation Schedule
Costs accounted for:
Transferred out
22. Work in process, May 31:
….Materials
….Conversion costs
Total costs
$300,000
26. Points = 8
Data concerning manufacturing overhead for Analina Industries
are presented below. The Mixing Department is a cost center.
An analysis of the overhead costs reveals that all variable costs
are controllable by the manager of the Mixing Department and
that 50% of supervisory costs are controllable at the department
level. Depreciation and Property Taxes are not controllable by
the manager.
23. The flexible budget formula and the cost and activity for the
months of June and July are as follows:
Instructions
(a)
Prepare the responsibility reports for the Mixing Department for
each month.
June
July
Controllable Cost
Budget
Actual
Delta
F or U
Budget
Actual
Delta
F or U
Indirect materials
Indirect labor
25. · F = Favorable variance
· U = Unfavorable variance
(b) Comment on the manager's performance in controlling costs
during the two-month period.
FinalS14V1Q58yT93hNIll
ACCT 221 Final Exam
Part I: 20 Multiple choice questions @ 2.5 points each = 50
points
1. Jackson Company is a publicly held corporation whose $1
par value stock is actively traded at $75 per share. The company
issued 3,000 shares of stock to acquire land recently advertised
at $200,000. When recording this transaction, Barton Company
will –
A) debit Land for $200,000.
B) debit Land for $225,000.
C) credit Common Stock for $195,000.
D) credit Paid-In Capital in Excess of Par for $196,000
.
2. Victory Corporation sold 400 shares of treasury stock for
$45 per share. The cost for the shares was $35. The entry to
record the sale will include a
26. A) credit to Gain on Sale of Treasury Stock for $14,000.
B) debit to Paid-in Capital in Excess of Par for $4,000.
C) credit to Treasury Stock for $18,000.
D) credit to Paid-in Capital from Treasury Stock for $4,000.
3. Which of the following show the proper effect of a stock
split and a stock dividend?
4. Dabney, Inc., has 5,000 shares of 5%, $100 par value,
noncumulative preferred stock and 40,000 shares of $1 par
value common stock outstanding at December 31, 2014. There
were no dividends declared in 2013. The board of directors
declares and pays a $60,000 dividend in 2014. What is the
amount of dividends received by the common stockholders in
2014?
A) $0
B) $25,000
C) $10,000
D) $35,000
5. A $600,000 bond was retired at 97 when the carrying value
of the bond was $590,000. The entry to record the retirement
would include a
A) gain on bond redemption of $10,000.
B) gain on bond redemption of $8,000.
C) loss on bond redemption of $10,000.
D) loss on bond redemption of $8,000.
27. 6. The following data are available for Two-off Company.
Increase in accounts payable
$120,000
Increase in bonds payable
300,000
Sale of investments
150,000
Issuance of common stock
160,000
Payment of cash dividends
90,000
Net cash provided by financing activities is:
A) $180,000.
B) $360,000.
C) $370,000.
D) $420,000.
7. The net income reported on the income statement for the
current year was $220,000. Depreciation recorded on plant
assets was $35,000. Accounts receivable and inventories
increased by $2,000 and $8,000, respectively. Prepaid expenses
and accounts payable decreased by $2,000 and $12,000
respectively. How much cash was provided by operating
activities?
A) $200,000
B) $235,000
C) $220,000
D) $255,000
8. If a company reports a net loss, it
A) will not be able to pay cash dividends.
B) will not be able to get a loan.
28. C) may still have a net increase in cash.
D) will not be able to make capital expenditures.
9. A creditor would be most interested in evaluating which of
the following ratios?
A) Asset turnover
B) Earnings per share
C) Times interest earned
D) Payout ratio
10. Lionel Company has beginning work in process inventory
of $220,000 and total manufacturing costs of $900,000. If
ending work in process is $210,000 what is the cost of goods
manufactured?
A) $700,000.
B) $950,000.
C) $910,000.
D) $940,000.
11. The principal difference between a merchandising and a
manufacturing income statement is the
A) extraordinary item section.
B) cost of goods sold section.
C) operating expense section.
D) revenue section.
12. Given the following data for Good man Company, compute
(A) total manufacturing costs and (B) costs of goods
manufactured:
Direct materials used
$345,000
29. Beginning work in process
$15,000
Direct labor
305,000
Ending work in process
60,000
Manufacturing overhead
450,000
Beginning finished goods
75,000
Operating expenses
525,000
Ending finished goods
45,000
Total Manufacturing Costs
Costs of Goods Manufactured
A
$1,055,000
$1,100,000
B
$1,070,000
$1,130,000
C
$1,100,000
$1,055,000
D
30. $1,130,000
$1,055,000
13. For Cevu Company, the predetermined overhead rate is
80% of direct labor cost. During the month, $800,000 of factory
labor costs are incurred of which $200,000 is indirect labor. The
amount of overhead debited to Work in Process Inventory
should be:
A) $600,000
B) $412,500
C) $480,000
D) $450,000
14. Hunten Manufacturing assigns overhead based on machine
hours. The Milling Department logs 1,400 machine hours and
Cutting Department shows 4,000 machine hours for the period.
If the overhead rate is $6 per machine hour, the entry to assign
overhead will show a
A) debit to Manufacturing Overhead for $22,000.
B) credit to Manufacturing Overhead for $27,000.
.C) credit to Manufacturing Overhead for $32,400.
D) debit to Work in Process for $24,000.
15. The Molding Department of Bidwell Company has the
following production data: beginning work process 40,000 units
(60% complete), started into production 680,000 units,
completed and transferred out 640,000 units, and ending work
in process 80,000 units (50% complete). Assuming 100% of
materials are added, equivalent units for conversion costs are:
A) 720,000.
B) 640,000.
C) 760,000.
D) 680,000.
31. 16. ThoAon, Inc. collected the following production data for
the past month:
Units Produced
Total Cost
1,600
$22,000
1,300
19,000
1,500
21,500
1,100
16,500
If the high-low method is used, what is the monthly total cost
equation?
A) Total cost = $5,500 + $10/unit
B) Total cost = $0 + $15/unit
C) Total cost = $4,400 + $11/unit
D) Total cost = $3,300 + $12/unit
17. At the break-even point of 2,000 units, variable costs are
$120,000, and fixed costs are $64,000. How much is the selling
price per unit?
A) $32
32. B) $92
C) $28
D) Not enough information
18. The following information is taken from the production
budget for the first quarter:
Beginning inventory in units
1,800
Sales budgeted for the quarter
678,000
Capacity in units of production facility
708,000
How many finished goods units should be produced during the
quarter if the company desires 5,000 units available to start the
next quarter?
A) 675,000
B) 681,000
C) 711,000
D) 681,200
19. Sales results that are evaluated by a static budget might
show
1.
favorable differences that are not justified.
2.
unfavorable differences that are not justified.
A) 1
B) 2
C) neither 1 nor 2.
D) both 1 and 2.
33. 20. It costs Maker Company $22 of variable and $15 of fixed
costs to produce one Panini press which normally sells for $57.
A foreign wholesaler offers to purchase 1,000 Panini presses at
$40 each. Maker would incur special shipping costs of $5 per
press if the order were accepted. Maker has sufficient unused
capacity to produce the 1,000 Panini presses. If the special
order is accepted, what will be the effect on net income?
A) $13,000 decrease
B) $22,000 decrease
C) $7,000 increase
D) $13,000 increase
Part II. 6 Comprehensive problems worth 50 points total
21. Points = 4
Brigg Enterprises produces miniature parasols. Each parasol
consists of $1.40 of variable costs and $.90 of fixed costs and
sells for $4.50. A French wholesaler offers to buy 7,000 units at
$$2 each, of which Pederson has the capacity to produce. Brigg
will incur extra shipping costs of $.12 per parasol.
Instructions show format to say reject, accept
Determine the incremental income or loss that the company
would realize by accepting the special order.
34. 22. Points = 4
R&R Inc. produces several models of clocks. An outside
supplier has offered to produce the commercial clocks for R&R
for $300 each. R&R needs 1,500 clocks annually. R&R has
provided the following unit costs for its commercial clocks:
Direct materials
$100
Direct labor
110
Variable overhead
35
Fixed overhead(60% avoidable if
buy) 150
Instructions
Prepare an incremental analysis, which shows the effect of the
make-or-buy decision.
35.
36. 23. Points = 12
The current sections of Donny Inc.'s balance sheets at December
31, 2013 and 2014, are presented here.
Donny's net income for 2014 was $103,000. Depreciation
expense was $15,000.
2014
2013
Current assets
Cash
$115,000
$99,000
Accounts receivable
110,000
90,000
Inventory
160,000
172,000
Prepaid expense
27,000
21,000
Total current assets
$412,000
$382,000
Current liabilities
Accrued expenses payable
$ 15,000
$ 5,000
Accounts payable
85,000
93,000
Total current liabilities
$100,000
37. $ 98,000
Instructions
Prepare the net cash provided by operating activities section of
the company's statement of cash flows for the year ended
December 31, 2014, using the indirect method.
38. 24. Points = 10
Nona Manufacturing Company uses a job order cost accounting
system and keeps perpetual inventory records. Prepare journal
entries to record the following transactions during the month of
June.
June
1
Purchased raw materials for $30,000 on account.
8
39. Raw materials requisitioned by production:
Direct materials
$8,500
Indirect materials
1,500
15
Paid factory utilities, $3,000 and repairs for factory equipment,
$7,500.
25
Incurred $98,000 of factory labor.
25
Time tickets indicated the following:
40. Direct Labor
(6,000 hrs @ $13 per hr)
=
$78,000
Indirect Labor
(2,500 hrs @ $8 per hr)
=
20,000
$98,000
25
Applied manufacturing overhead to production based on a
predetermined overhead rate of $8 per direct labor hour worked.
28
Goods costing $25,000 were completed in the factory and were
41. transferred to finished goods.
30
Goods costing $22,000 were sold for $30,000 on account
Instructions
Prepare an incremental analysis, which shows the effect of the
make-or-buy decision.
42. 25. Points = 12
Meyer Manufacturing Company uses a process cost system. The
Molding Department adds materials at the beginning of the
process and conversion costs are incurred uniformly throughout
the process. Work in process on May 1 was 75% complete and
work in process on May 31 was 40% complete as to conversion
cost and 100% complete as to materials.
Instructions
Complete the Production Cost Report for the Molding
Department for the month of May using the above information
and the information below.
Instructions: Complete the Production Cost Report below for the
Molding Department for the month of May.
Equivalent Units
QUANTITIES
Physical Units
43. Materials
Conversion Costs
Work in process, May 1
7,000
Started into production
28,000
Total units
35,000
Units accounted for:
Transferred out
30,000
Work in process, May 31
5,000
45. Units costs
Costs to be accounted for
Work in process, May 1
$60,000
Started into production
240,000
$300,000
46. Cost Reconciliation Schedule
Costs accounted for:
Transferred out
Work in process, May 31:
….Materials
….Conversion costs
Total costs
$300,000
47. 26. Points = 8
Data concerning manufacturing overhead for Analina Industries
are presented below. The Mixing Department is a cost center.
An analysis of the overhead costs reveals that all variable costs
are controllable by the manager of the Mixing Department and
that 50% of supervisory costs are controllable at the department
level. Depreciation and Property Taxes are not controllable by
the manager.
The flexible budget formula and the cost and activity for the
months of June and July are as follows:
Instructions
(a)
Prepare the responsibility reports for the Mixing Department for
each month.
June
July
Controllable Cost
Budget
Actual
Delta
F or U
Budget
Actual
Delta
48. F or U
Indirect materials
Indirect labor
Factory supplies
Supervision
49. Total costs
· F = Favorable variance
· U = Unfavorable variance
(b) Comment on the manager's performance in controlling costs
during the two-month period.
FinalS14V1Q58yT93hNIll