Financial Accounting

11. Ex.10-35 eBook Materials and Labor Variances Deporte Company produces single

11. Ex.10-35 eBook Materials and Labor Variances Deporte Company produces single­colored t­shirts. Materials for the shirts are dyed in large vats. After dying the materials for a…

11. Explain briefly the following statement referring to the model of perfect co

11. Explain briefly the following statement referring to the model of perfect competition That free entry dissipates economic profit is one of the most powerful insights in econom…

11. George and James are forming the GJ Partnership. George contributes $600.000

11. George and James are forming the GJ Partnership. George contributes $600.000 cash and James contributes land with an adjusted basis of $400,000 and a fair market value of S Th…

11. Gilbert Corporation\'s board of directors approved a 2-for-1 common stock sp

11. Gilbert Corporation's board of directors approved a 2-for-1 common stock split. $10 par value before the split. At what amount shouldretained eamings be reduced for the additi…

11. Gonyo Inc., which produces and sells a single product, has provided the foll

11. Gonyo Inc., which produces and sells a single product, has provided the following contribution format income statement for December appears below: 12. The contribution margin …

11. Goods in transit are included in a purchaser\'s inventory A. At any time dur

11. Goods in transit are included in a purchaser's inventory A. At any time during transit B. When the purchaser is responsible for paying freight charges. C. When the supplier is…

11. Here is a list of transactions for the month of March 19xx: old merchandise

11. Here is a list of transactions for the month of March 19xx: old merchandise on credit to M. Gaberman, terms 2/10, n/60, FOB shipping point, $2,200. 3 Purchased merchandise on …

11. Home Mortgage Interest. (Obj. 4) Jeff and Tina Hemphill own three homes. The

11. Home Mortgage Interest. (Obj. 4) Jeff and Tina Hemphill own three homes. Their principal residence is located in Pittsburg. They also own condos in Las Vegas and Tampa. The am…

11. How many pounds of raw material are needed to make one unit of each of the t

11. How many pounds of raw material are needed to make one unit of each of the two products? 12. What contribution margin per pound of raw material is earned by each of the two pr…

11. If ending inventory is overstated, net income and assets will be Net Income

11. If ending inventory is overstated, net income and assets will be Net Income Assets a. Understated Understated b. Overstated Understated c. Understated Overstated d. Overstated…

11. If the CEO of Kentucky Fried Panda was filling out a fitness report on a div

11. If the CEO of Kentucky Fried Panda was filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to c…

11. In its unadjusted trial balance at December 31, 2017, Ninatori Fashion Suppl

11. In its unadjusted trial balance at December 31, 2017, Ninatori Fashion Supply Corp. reported a total of $1,300,000 as Short-Term Notes Payable that included: $800,000 from a t…

11. In the United States, financial statement audits of non-public companies are

11. In the United States, financial statement audits of non-public companies are generally governed by rules of the a. PCAOB b. ASB c. FASB d. SEC 12. Throughout the planning and …

11. In the problems for this chapter, you will need to calculate the total numbe

11. In the problems for this chapter, you will need to calculate the total number of equivalent units produced in a department. Smith Company completed and transferred 24,000 unit…

11. Klein\'s Tools is considering offering a cash discount to speed up the colle

11. Klein's Tools is considering offering a cash discount to speed up the collection of accounts receivable. Currently the firm has an average collection period of 63 days, annual…

11. LO.1 (Management control systems) A few years after graduation, Oram and fou

11. LO.1 (Management control systems) A few years after graduation, Oram and four of his friends from college organized an engineering consulting business called 5Q. All five indi…

11. Lantagne Clinic uses client-visits as its measure of activity. During May, t

11. Lantagne Clinic uses client-visits as its measure of activity. During May, the clinic budgeted for 3,800 client-visits, but its actual level of activity was 3,820 client-visit…

11. Logan Company manufactures campers. On March 1 they purchase 200 ovens to in

11. Logan Company manufactures campers. On March 1 they purchase 200 ovens to inside the campers and they cost $200 each. On April 1 they take 100 of the out of the warehouse. Twe…

11. Lynn, CPA, is auditing the financial statements of Exchange Corporation unde

11. Lynn, CPA, is auditing the financial statements of Exchange Corporation under the Federal Securities Exchange Act of 1934. She detects what she believes are probable material …

11. Medallion Cooling Systems, Inc., has total assets of $11,000,000, EBIT of In

11. Medallion Cooling Systems, Inc., has total assets of $11,000,000, EBIT of Integrative-Optimal capital structure $1,950,000, and preferred dividends of $200,000 and is taxed at…

11. Mercedes, Inc. recorded the following journal entry on July 2. Cash 3,665 Un

11. Mercedes, Inc. recorded the following journal entry on July 2. Cash 3,665 Unearned Revenue 3,665 From the journal entry, identify the transaction on July 2: A) Mercedes, Inc. …

11. Mike and Laurie expressed interest in changing the year-end inventory count

11. Mike and Laurie expressed interest in changing the year-end inventory count date from December 31. Discuss the conditions that are necessary to change the year-end count date,…

11. Nichols Corporation purchased $200,000 of Holly Inc. 6.0% bonds at par with

11. Nichols Corporation purchased $200,000 of Holly Inc. 6.0% bonds at par with the intent and ability to hold the bonds until they matured in 2022, so Nichols classifies its inve…

11. Okafor Company manufactures skis. The management accountant wants to calcula

11. Okafor Company manufactures skis. The management accountant wants to calculate the fixed and variable costs associated with the leasing of machinery. Data for the past four mo…

11. On December 31, 2012, Flint Corporation sold for $100,000 an old machine hav

11. On December 31, 2012, Flint Corporation sold for $100,000 an old machine having an original cost of $180,000 and a book value of $80,000. The terms of the sale were as follows…

11. On December 31, 2017, Kohl\'s sold store equipme nt for $50,000 cash. The st

11. On December 31, 2017, Kohl's sold store equipme nt for $50,000 cash. The store equipment originally cost $600,000 and had Accumulated Depreciation of $540,000. The journal ent…

11. Paid the sales tax collected on $105,000 of the alarm sales. 12. Collected $

11. Paid the sales tax collected on $105,000 of the alarm sales. 12. Collected $198,000 of accounts receivable during the year. 13. Paid installers and other employees a total of …

11. Part A42 is used by Elgin Corporation to make one of its products. A total o

11. Part A42 is used by Elgin Corporation to make one of its products. A total of 16,000 units of this part are produced and used every year, The company's Accounting Department r…

11. Paul\'s Auto Repair uses time and material pricing. The body shop, which ant

11. Paul's Auto Repair uses time and material pricing. The body shop, which anticipates 10,000 direct labor hours of activity, has the following data: rev: 10_29_2012 The time cha…

11. Phoenix Company can invest in each of three cheese-making projects: C1, C2,

11. Phoenix Company can invest in each of three cheese-making projects: C1, C2, and C3. Each project requires an initial investment of $282,000 and would yield the following annua…

11. Ping Inc. purchased a depreciable asset for $400,000 on Jan 1, 2012. The est

11. Ping Inc. purchased a depreciable asset for $400,000 on Jan 1, 2012. The estimated salvage value is $40,000, and the estimated useful life is 9 years. The straight-line method…

11. Powell worked for 13 years for CAIRE and then became its CEO and president.

11. Powell worked for 13 years for CAIRE and then became its CEO and president. Later, the parent company of CAIRE became controlled by a group of investors The president of the p…

11. Problem 20-15 Correction of errors; six errors [LO20-6] Conrad Playground Su

11. Problem 20-15 Correction of errors; six errors [LO20-6] Conrad Playground Supply underwent a restructuring in 2013. The company conducted a thorough internal audit, during whi…

11. Project 1 requires an original investment of $99,200. The project will yield

11. Project 1 requires an original investment of $99,200. The project will yield cash flows of $14,000 per year for 10 years. Project 2 has a calculated net present value of $27,0…

11. Provide the tax that would be applied for each of the following: 1. Withhold

11. Provide the tax that would be applied for each of the following: 1. Withholding tax on passive-type income (interest, dividends, etc..) for non-US investors with respect to US…

11. Regarding ASC Topic 606 guidance for revenue recognition, which of the follo

11. Regarding ASC Topic 606 guidance for revenue recognition, which of the following statements is not true? a. Prior to ASC Topic 606, U.S. GAAP related to revenue recognition wa…

11. Revenue Recognition You work for Tiger’s Door, a publicly traded movie produ

11. Revenue Recognition You work for Tiger’s Door, a publicly traded movie production company. Tiger’s Door plans to release ‘‘Star Fight,’’ a children’s action movie, toward the …

11. Roman Company leased equipment from Koenig Company on January 1, 2018, for a

11. Roman Company leased equipment from Koenig Company on January 1, 2018, for an eight-year period. Equal annual payments under the lease are $300,000 and are due on January 1 of…

11. Sludge Inc., an Alabama corporation has a web site in Alabama in which it ad

11. Sludge Inc., an Alabama corporation has a web site in Alabama in which it advertises its wares. The web site is accessible in every state. Can a Mississippi company that belie…

11. Solitaire Company’s fixed budget performance report for June follows. The $3

11. Solitaire Company’s fixed budget performance report for June follows. The $303,750 budgeted expenses include $275,400 variable expenses and $28,350 fixed expenses. Actual expe…

11. Suppose your company has one employee that earns a salary of $5,000 per mont

11. Suppose your company has one employee that earns a salary of $5,000 per month and another employee that earned hourly wages that totaled $5,000 for this month. Assume the fede…

11. Ten years ago, Lisa acquired a one-third interest in Dee Associates, a gener

11. Ten years ago, Lisa acquired a one-third interest in Dee Associates, a general partnership. In the current taxable year, when Lisa’s entire interest in the partnership was liq…

11. The Thompson Company uses standard costing and has established the following

11. The Thompson Company uses standard costing and has established the following direct material and direct labor standards for each unit of Lept. Direct materials: 2 gallons at $…

11. The amount of interest paid when buying a bond as an investment should be cr

11. The amount of interest paid when buying a bond as an investment should be credited to Interest Revenue. 12. Investments in bonds that management intends to hold to maturity ar…

11. The characteristic shared by all liabilities is that they: A. obligate the c

11. The characteristic shared by all liabilities is that they: A. obligate the company to do something in the future. B. result in an inflow of resources to the company. C. provid…

11. The document that the purchasing department-a-tothe vendor to place an order

11. The document that the purchasing department-a-tothe vendor to place an order is called the A. Invoice approval B. Receiving report C Purchase requisition D. Invoice. E. Purcha…

11. The following condensed income statement of Scoop Corporation is presented f

11.       The following condensed income statement of Scoop Corporation is presented for the two years ended December 31, 2007 and 2006: 2007 2006 Net sales $10,000,000 $9,000,000…

11. The following forecasted sales pertain to Micah Company: Month Sales April $

11. The following forecasted sales pertain to Micah Company: Month Sales April $200,000 May 250,000 June 150,000 July 100,000 Collection pattern: 60% in month of sale 40% in month…

11. The following information relates to Minimart\'s 2012 accounting period: Raw

11. The following information relates to Minimart's 2012 accounting period: Raw materials used 17,000 Direct labor wages and salaries 33,000 Sales salaries 25,000 Depreciation on …

11. The following transactions occurred during 2018 for Misty Movers. The compan

11. The following transactions occurred during 2018 for Misty Movers. The company ends its accounting year on December 31. May 15 Performed services on account for Derek’s Rentals…