Financial Accounting

13-34 Airline pricing, considerations other than cost in pricing. Costal Airways

13-34 Airline pricing, considerations other than cost in pricing. Costal Airways is about to introduce a daily round-trip flight from New York to Los Angeles and is determining ho…

13-34. Prepare Budgeted FinancialStatements Cameron Parts has the following data

13-34. Prepare Budgeted FinancialStatements Cameron Parts has the following datafrom year 1 operations, which are to be used for developingyear 2 budget estimates: Revenues (25,00…

13-35 (Objectives 13-3, 13-4) McClain Plastics has been an audit client of Belco

13-35 (Objectives 13-3, 13-4) McClain Plastics has been an audit client of Belcor, Rich, Smith & Barnes, CPAs (BRS&B), for several years. McClain Plastics was started by E…

13-35. Budgeting in a Service Organization ( LO 13-7 ) BK Consulting is a manage

13-35. Budgeting in a Service Organization (LO 13-7) BK Consulting is a management consulting firm. Other than the senior leadership (who manage the firm, but do not actively cons…

13-36 Review of Chapter 13. (CPA, adapted) The Blazon Manufacturing Company\'s c

13-36 Review of Chapter 13. (CPA, adapted) The Blazon Manufacturing Company's costing ystem has two direct-cost categories: direct materials and direct manufacturing labor. Manufa…

13-45 Variable and Absorption Costing Chan Manufacturing Company data for 20X7 f

13-45 Variable and Absorption Costing Chan Manufacturing Company data for 20X7 follow: Sales: 12,000 units at $17 each Actual production 15,000 units Expected volume of production…

13-49 Variances Consider the following data regarding factory overhead: Variable

13-49 Variances Consider the following data regarding factory overhead: Variable Fixed Budget for actual hours of input $45,000 $70,000 Applied 41,000 64,800 Budget for standard h…

13-5 The stockholders’ equity of Sayers Company at January 1, 2011, is as follow

13-5 The stockholders’ equity of Sayers Company at January 1, 2011, is as follows: Common stock—no-par value, stated value of $20; 100,000 shares authorized, 60,000 shares issued …

13-58 (CPA adapted) 13-58. Comprehensive Budget Plan Panther Corporation appeare

13-58 (CPA adapted) 13-58. Comprehensive Budget Plan Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and…

13-58 Comprehensive Budget Plan Panther Corporation appeared to be experiencing

13-58 Comprehensive Budget Plan Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department…

13-6 Presented below are financial statements (except cash flows) for two not-fo

13-6 Presented below are financial statements (except cash flows) for two not-for-profit organizations Neither organization has any permanently restricted net assets Statement of …

13-7 On January 1, 2017, the stockholders\' equity section of Newlin Corporation

13-7 On January 1, 2017, the stockholders' equity section of Newlin Corporation shows Journalize t common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1.000,…

13-8 Workplace Products Inc., a wholesaler of office products, was organized on

13-8 Workplace Products Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $40 par a…

13-9 13-9 13-9 teo, except that C Corporation owns 20% of D Corporation Form of

13-9 13-9 13-9 teo, except that C Corporation owns 20% of D Corporation Form of Organization. AC Corporation intends to sell some of its products to severa rather than 60 percent.…

13-B3 Comparison of Variable Costing and Absorption Costing Consider the followi

13-B3 Comparison of Variable Costing and Absorption Costing Consider the following information pertaining to a year’s operations of Youngstown Manufacturing: Units sold 1,400 Unit…

13-B3 Comparison of Variable Costing and Absorption Costing Consider the followi

13-B3 Comparison of Variable Costing and Absorption Costing Consider the following information pertaining to a year’s operations of Youngstown Manufacturing: Units sold 1,400 Unit…

13-B3 Comparison of Variable Costing and Absorption Costing Consider the followi

13-B3 Comparison of Variable Costing and Absorption Costing Consider the following information pertaining to a year’s operations of Youngstown Manufacturing: Units sold 1,400 Unit…

13-S&C Roofing had sales on account of $28,500 which were subject to state sales

13-S&C Roofing had sales on account of $28,500 which were subject to state sales tax of 77?%. The entry to record the sales would be? to: A. debit Accounts? Receivable, $28,50…

13. (Ignore income taxes in this problem.) Gillaspie, Inc., is considering the p

13. (Ignore income taxes in this problem.) Gillaspie, Inc., is considering the purchase of a machine that would cost $300,000 and would last for 5 years. At the end of 5 years, th…

13. (TCO 7) A company budgeted unit sales of 102,000 units for January, 2008 and

13. (TCO 7) A company budgeted unit sales of 102,000 units for January, 2008 and 120,000 units for February, 2008. The company has a policy of having an inventory of units on hand…

13. 10.00 points The YTM on a bond is the interest rate you earn on your investm

13. 10.00 points The YTM on a bond is the interest rate you earn on your investment if interest rates don't change. If you actually sell the bond before it matures, your realized …

13. 13.Nexis Corp. issues 930 shares of $8 par value common stock at $18 per sha

13. 13.Nexis Corp. issues 930 shares of $8 par value common stock at $18 per share. When the transaction is recorded, credits are made to a.Common Stock, $9,300 and Paid-In Capita…

13. 3 pnts 12. 5 pnts On September 1, Brownsville Supply had an inventory of 20b

13. 3 pnts 12. 5 pnts On September 1, Brownsville Supply had an inventory of 20backpacks at a cost of $25 each. The company uses a perpetualinventory system. During September, the…

13. A bond problem. A bond is a financial device that is very interesting, in th

13. A bond problem. A bond is a financial device that is very interesting, in that it has two types of cash flows--the interest payments and the face value at maturity. For exampl…

13. A company borrows 530,000 from a bank on September 1, 2017. The six-month lo

13. A company borrows 530,000 from a bank on September 1, 2017. The six-month loan has an effective rate of 3% (annually). Assume that al interest and principal are paid at mafuri…

13. A company is planning to purchase a machine that will cost $29,400, have a s

13. A company is planning to purchase a machine that will cost $29,400, have a stx-year life, and be depreclated over a three-year period with no salvage value. The company expect…

13. A company is preparing a common-size balance sheet and wishes the base amoun

13. A company is preparing a common-size balance sheet and wishes the base amount to be the total amount of assets. What are the 2013 and 2014 common-size percents for cash? 2013 …

13. A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1,

13. A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% on January 1, 2010. Interest is paid on June 30 and December 31. The proceeds from the bonds are $19,604,145. Usi…

13. A company received a $24,000 payment for services to be performed over the n

13. A company received a $24,000 payment for services to be performed over the next few months. What would the effect of this transaction on the current year’s accounting equation…

13. A cumulative dividends preference means that: A. preferred stockholders are

13. A cumulative dividends preference means that: A. preferred stockholders are paid dividends before common stockholders are paid dividends for the current year only. B. unpaid d…

13. A word, slogan, or symbol that distinctively identifies a conspany, product,

13. A word, slogan, or symbol that distinctively identifies a conspany, product, or service a. Patent b. Copyright Trademark Franchise 14. Which of the following are sor incladed …

13. Alex promises to pay $100 to anyone who finds his lost watch. Kate finds and

13. Alex promises to pay $100 to anyone who finds his lost watch. Kate finds and returns the watch to Alex after hearing of the reward money. Alex and Kate have an enforceable uni…

13. Alice owns an apartment complex with an adjusted basis of $305,000. A flood

13. Alice owns an apartment complex with an adjusted basis of $305,000. A flood occurs on a property, and the insurance policy reimburses Alice $500,000 for the loss. The transact…

13. All of the following are common features of cities in the developing world e

13. All of the following are common features of cities in the developing world except a. few of the large cities have modern centers of commerce b. all have experienced massive in…

13. All other things equal, which of the followving would inscreas a division\'s

13. All other things equal, which of the followving would inscreas a division's residual income? Increase in expenses b. a. Decreases in average operating assets c. Increase in mi…

13. An asset was acquired on October 1, 2018, for $78.000 with an estimated S-ye

13. An asset was acquired on October 1, 2018, for $78.000 with an estimated S-year life and $13,000 residual value. The company uses units-of asset to produce 20,000 units.Calcula…

13. An auditor prepares a four-column proof fof cash for the month of June. This

13. An auditor prepares a four-column proof fof cash for the month of June. This four-column proof of cash is not useful for detecting (Hint: Think of the recording format) a. all…

13. Assume that Cane’s customers would buy a maximum of 82,000 units of Alpha an

13. Assume that Cane’s customers would buy a maximum of 82,000 units of Alpha and 62,000 units of Beta. Also assume that the company’s raw material available for production is lim…

13. At year end Kroger\'s perpetual inventory records showed an inventory balanc

13. At year end Kroger's perpetual inventory records showed an inventory balance of $100. A physical count of the grocery inventory at year end determined the actual inventory bal…

13. Atlanta, Inc, which uses the high-low method to analyze cost behavior, has d

13. Atlanta, Inc, which uses the high-low method to analyze cost behavior, has determined that machine hours best explain the company's utilities cost. The company's relevant rang…

13. Average Rate of Return, Cash Payback Period, Net Present Value Method for a

13. Average Rate of Return, Cash Payback Period, Net Present Value Method for a Service Company Spanish Peaks Railroad Inc. is considering acquiring equipment at a cost of $1,250,…

13. Avocado Company has an operating income of $80,000 on revenues ot $1,000,000

13. Avocado Company has an operating income of $80,000 on revenues ot $1,000,000. Average invested assets are S500.000, and Avocado Company has an 8% cost of capital. What is the …

13. Ayer Furniture Co. purchased land, paying $95,000 cash plus a $270,000 note

13. Ayer Furniture Co. purchased land, paying $95,000 cash plus a $270,000 note payable. In addition, Ayer paid delinquent property tax of $2,000, title insurance costing $2,500, …

13. Bark Mode, Incorporated produces and distributes two types of security syste

13. Bark Mode, Incorporated produces and distributes two types of security systems, Standard and Deluxe. Budgeted cost and activity for each of its three activity cost pools are s…

13. Based on the cash flow statement, which of the following answer is correct?

13. Based on the cash flow statement, which of the following answer is correct? A. Decrease in short-term notes payable need to be added 37,800 to cash flow from B. Decrease in sh…

13. Bean Manufacturing reported the following information for 2012: October Nove

13. Bean Manufacturing reported the following information for 2012: October November December Budgeted purchases $180,000 $192,000 $216,000 Operating expenses are: Salaries $75,00…

13. Buerhrle\'s CVP income statement included sales of 3,000 units, a selling pr

13. Buerhrle's CVP income statement included sales of 3,000 units, a selling price of $100, variable expenses of $60 per unit, and fixed expenses of $66,000. Contribution margin i…

13. Calculate Company C’s weighted average cost of preferred stock, given the fo

13. Calculate Company C’s weighted average cost of preferred stock, given the following information: (a) Dividend on Preferred Stock: $4.25, (b) Price of Preferred Stock: $53.20, …

13. Carter reported $152,000 of income for the year by using variable costing. T

13. Carter reported $152,000 of income for the year by using variable costing. The company had no beginning inventory, planned and actual production of 50,000 units, and sales of …

13. Clarissa Explains-lt-All, Inc. produces instructional videos. Products X, Y

13. Clarissa Explains-lt-All, Inc. produces instructional videos. Products X, Y and Z stem from a joint process. Joint product costs were $60,000. Additional information for Produ…