Financial Accounting

1.For each type of cost below, provide a specific cost example, given the contex

1.For each type of cost below, provide a specific cost example, given the context described. Also, provide a brief explanation of why your specific example fits the definition of …

1.For the coming year, River Co. estimates fixed costs @ $109,000, the unit vari

1.For the coming year, River Co. estimates fixed costs @ $109,000, the unit variable cost @ $21, & the unit selling price @$85. Determine (a) the break-even point in units of …

1.Franklin Templeton has just invested $9,460 for his son (age one). This money

1.Franklin Templeton has just invested $9,460 for his son (age one). This money will be used for his son’s education 20 years from now. He calculates that he will need $44,000 by …

1.Future Value Computations Using the future values tables, solve the following:

1.Future Value Computations Using the future values tables, solve the following: (Click here to access the time value of money tables to use with this problem.) Round your answers…

1.Gerstein Corporation uses a job-order costing system with a single plantwide p

1.Gerstein Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on direct labor-hours. The company based its predetermined overhea…

1.Given the acquisition cost of product Z is $36, the net realizable value for p

1.Given the acquisition cost of product Z is $36, the net realizable value for product Z is $32, the normal profit for product Z is $5, and the market value (replacement cost) for…

1.Given the following account information for XYZ Corporation, prepare a balance

1.Given the following account information for XYZ Corporation, prepare a balance sheet in report form for the company as of December 31, 2014. All accounts have normal balances. E…

1.Given the following information, answer questions using the Stock to Sales Rat

1.Given the following information, answer questions using the Stock to Sales Ratio Method. (6 Points) Seasonal Sales Forecast of $100,000 (April-June) April = 30% May = 30% June =…

1.Grandmother (65 y/o and not blind) lives with her 30 y/o granddaughter “Red.”

1.Grandmother (65 y/o and not blind) lives with her 30 y/o granddaughter “Red.” Red is not going to school, but instead works as a full-time waitress at Grandmother’s diner. Grand…

1.Home Products, Inc., is planning the introduction of a new food dryer. To comp

1.Home Products, Inc., is planning the introduction of a new food dryer. To compete effectively, the dryer would have to be priced at no more than $40 per unit. An investment of $…

1.How strong are the competitive forces confronting lululemon in the market for

1.How strong are the competitive forces confronting lululemon in the market for performance-based yoga and fitness apparel? Do a five-forces analysis to support your answer. 2. Wh…

1.How will an expansionary monetary policy most likely change aggregate demand,

1.How will an expansionary monetary policy most likely change aggregate demand, output, and price level? Aggregate Demand / Output / Price Level Increase / Increase / Decrease Inc…

1.How would the following items be classified in the statement of cash flows for

1.How would the following items be classified in the statement of cash flows for an events management business? (i) Payment of $800 for custom printed invitations. (ii) Takings of…

1.If Tucker, Inc.\'s net sales decreased from $90,000 in year 1 to $45,000 in ye

1.If Tucker, Inc.'s net sales decreased from $90,000 in year 1 to $45,000 in year 2 and its cost of goods sold decreased from $30,000 in year 1 to $20,000 in year 2, the vertical …

1.If a stock is purchased for $100 per share and held one year, during which tim

1.If a stock is purchased for $100 per share and held one year, during which time a quarterly dividend of $1.5 is paid, each quarter, and the price climbs to $130 per share. What …

1.If asset produces more revenue in its early years , the depreciation method be

1.If asset produces more revenue in its early years , the depreciation method best suited for this asset would be the: A. Units – of –production method B. Straight –line method C.…

1.If manufacturing overhead has been under-applied, which of the following is tr

1.If manufacturing overhead has been under-applied, which of the following is true: Select one: a. Revenue is understated b. Gross Profit is understated c. Cost of Goods Sold is o…

1.Imagine that the Walt Disney Company incurs $12,000 million of fixed costs to

1.Imagine that the Walt Disney Company incurs $12,000 million of fixed costs to operate its theme parks. Also assume that the average ticket price is $91 and that the marginal cos…

1.In 20X3, The city of puget Sound singned a contract in the amount of $5,000,00

1.In 20X3, The city of puget Sound singned a contract in the amount of $5,000,000 for the construction of a new city jail. Expenditures were $3,000,000 in 20X3 and $2,015,000 in 2…

1.In October of 2017 Bruce, a cash basis CPA, contracted to perform an audit for

1.In October of 2017 Bruce, a cash basis CPA, contracted to perform an audit for $2,000 and to prepare the corporate tax return for $1,000. The contract called for payment January…

1.In a statement of cash flows, increases or decreases in noncurrent assets are

1.In a statement of cash flows, increases or decreases in noncurrent assets are most closely associated with ? a.investing or financing activities b.financing activities c.investi…

1.In variable costing, when does fixed manufacturing overhead become an expense?

1.In variable costing, when does fixed manufacturing overhead become an expense? Select one: a. Never b. In the period when the product is sold c. In the period when the expense i…

1.In what ways could Dippin\' Dots be hurt by its patent being invalidated? To w

1.In what ways could Dippin' Dots be hurt by its patent being invalidated? To what degree was Dippin' Dots' patent an important part of its competitive advantage? 2.How can an ent…

1.Indicate the effect of each transaction and the balances after each transactio

1.Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: On September 1 of the current year, Maria Edsall establish…

1.Issuers should account for an instrument with both liability and equity charac

1.Issuers should account for an instrument with both liability and equity characteristics entirely as a liability or entirely as an equity instrument depending on which characteri…

1.James Company has a margin of safety percentage of 20%. The break-even point i

1.James Company has a margin of safety percentage of 20%. The break-even point is $200,000 and the variable expenses are 45% of sales. Given this information, what is the net oper…

1.Janice Knowles (JK) and Mary Norman (MN) are partners who share income and los

1.Janice Knowles (JK) and Mary Norman (MN) are partners who share income and losses in the ratio of 3:2, respectively. On May 31, their capital balances were: JK $220,000 and MN $…

1.Jason, a single taxpayer, earns $70,000 in taxable income and $7,500 in intere

1.Jason, a single taxpayer, earns $70,000 in taxable income and $7,500 in interest from an investment in Dallas county bonds. Using the U.S. tax rate schedule for 2015, how much f…

1.Jerry has two transactions involving the sale of capital assets during the yea

1.Jerry has two transactions involving the sale of capital assets during the year resulting in a STCL of $5,200 and LTCL of $2,400. As a result, Stella can offset A) $5,200 of ord…

1.Jerry has two transactions involving the sale of capital assets during the yea

1.Jerry has two transactions involving the sale of capital assets during the year resulting in a STCL of $5,200 and LTCL of $2,400. As a result, Stella can offset A) $5,200 of ord…

1.Job Order Cost Sheet Remnant Carpet Company sells and installs commercial carp

1.Job Order Cost Sheet Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When a prospective…

1.John wants to make a deposit on 1/1/2016 to be able to withdraw $1,000 at the

1.John wants to make a deposit on 1/1/2016 to be able to withdraw $1,000 at the beginning of each year starting 1/1/2020 for four years. The interest rate is 6 percent. 2.Timken C…

1.Jones Co. uses the retail inventory method. Given the following data, what is

1.Jones Co. uses the retail inventory method. Given the following data, what is the ending inventory at cost? Sales at retail $80,000, net purchases at cost $41,200, net purchases…

1.Journalize the adjusting entries on May 31. 2.Prepare a ledger using T-account

1.Journalize the adjusting entries on May 31. 2.Prepare a ledger using T-accounts. Enter the trial balance amounts and post the adjusting entries. 3.Prepare an adjusted trial bala…

1.Jupiter Co. reported the following information at January 1, 2016: Commen Stec

1.Jupiter Co. reported the following information at January 1, 2016: Commen Steck, S1 par, 108,000 shares authorined S8 000 shares inseed and eutstanding During 2016, the followin…

1.Known liabilities of uncertain amounts should be : a) Reported on the income s

1.Known liabilities of uncertain amounts should be : a) Reported on the income statement b) Described in the notes to the financial statements c) Ignored ; record them when paid d…

1.Kruger Corporation has the following long-term investments: (1) Common stock o

1.Kruger Corporation has the following long-term investments: (1) Common stock of Eidman Co. (10% ownership) held as available-for-sale securities, cost $112,800, fair value $121,…

1.Laudermilk produces dairy equipment. Most of its jobs have a number of units p

1.Laudermilk produces dairy equipment. Most of its jobs have a number of units per job. The company has two different departments through which all jobs pass. Overhead is applied …

1.Lee Company manufactures and sells widgets for $2.7 per unit. Its variable cos

1.Lee Company manufactures and sells widgets for $2.7 per unit. Its variable cost per unit is $1.82. Lee's total fixed costs are $12,100. How many widgets must Lee Company sell to…

1.Leslie manufacturing company purchased land adjacent to its factory for the in

1.Leslie manufacturing company purchased land adjacent to its factory for the installation of a holding area for equipment. Expenditures by the company were as follows: purchase p…

1.Liquidity reflects the ability of the firm to meet its obligations as they com

1.Liquidity reflects the ability of the firm to meet its obligations as they come due in the short term while solvency reflects the ability of the firm to meet its obligations as …

1.Long-term investments ( assets) of a corporation are: a. amortized B. depleted

1.Long-term investments ( assets) of a corporation are: a. amortized B. depleted C. depreciated d. not treated as fixed assets bit vehicle, credit gain on 2.Which of the following…

1.Managerial Accounting: Define and discuss in detail managerial accounting. Wha

1.Managerial Accounting: Define and discuss in detail managerial accounting. What is its purpose? How is it used? What are the primary responsibilities of a management accountant?…

1.Manufacturing costs are typically classified as Select one: a. direct material

1.Manufacturing costs are typically classified as Select one: a. direct materials or direct labor b. product costs or period costs c. direct materials, direct labor, or manufactur…

1.Markson Company had the following results of operations for the past year: Sal

1.Markson Company had the following results of operations for the past year: Sales (8,000 units at $20) $160,000 Variable manufacturing costs $86,000 Fixed manufacturing costs 15,…

1.Materials used by Square Yard Products Inc. in producing Division 3\'s product

1.Materials used by Square Yard Products Inc. in producing Division 3's product are currently purchased from outside suppliers at a cost of $5 per unit. However, the same material…

1.Max purchases a new auto in 2017 at a cost of $56,000. He uses the car 80% for

1.Max purchases a new auto in 2017 at a cost of $56,000. He uses the car 80% for business. Assuming a half-year convention, bonus depreciation but no immediate expensing, what is …

1.Melbourne Chemical Company reported a 6% operating margin on sales, a 12% pret

1.Melbourne Chemical Company reported a 6% operating margin on sales, a 12% pretax operating return on total assets, and $500 million of average total assets. Compute the (a) oper…

1.Meyers Corporation had the following inventory balances at the beginning and e

1.Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30 Raw Materials $ 40,000 $ 16,000 Finished Goods $ 118,000 $ 1…

1.Michelle purchased her home for $150,000, and subsequently added a garage cost

1.Michelle purchased her home for $150,000, and subsequently added a garage costing $25,000 and a new porch costing $5,000. Repairs to the home's plumbing cost $1,000. What is the…