Financial Accounting

21. D purchased all of the stock in SB, Inc., in 2013 for $76,000. On December 3

21. D purchased all of the stock in SB, Inc., in 2013 for $76,000. On December 31 of the current year, SB, Inc., made a cash distribution of $135,000 to D. Assuming SB, Inc., has …

21. D&F reports annual sales of $20 million, cost of goods sold of $10 million,

21. D&F reports annual sales of $20 million, cost of goods sold of $10 million, inventory of $5 million, and net income of $1 million. What is D&F’s monthly inventory turn…

21. Decreasing a company\'s fixed expenses will reduce the break-even point. A.

21. Decreasing a company's fixed expenses will reduce the break-even point. A. True B. False 22. Increasing a company's sales will reduce the break-even point. A. True B. False 23…

21. Degregorio Corporation makes a product that uses a material with the followi

21. Degregorio Corporation makes a product that uses a material with the following direct material standards: The company produced 6,300 units in November using 23,780 kilos of th…

21. During February, the Web Company used a denominator activity of 80,000 machi

21. During February, the Web Company used a denominator activity of 80,000 machine hours in computing its predetermined overhead rate. However, only 75,000 standard machine hours …

21. ERM Consulting Services had the following transactions for the month of Nove

21. ERM Consulting Services had the following transactions for the month of November. Journalize the transactions and include an explanation with each entry. (Record debits first,…

21. Excessive earnings management typically begins as a result of a. a downturn

21. Excessive earnings management typically begins as a result of a. a downturn in business. b. a regulatory investigation. a violation of generally accepted accounting principles…

21. For a partnership, in what areas on a partnership return would one find gros

21. For a partnership, in what areas on a partnership return would one find gross income? a. Page 1 Form 1065 b. Schedule K Form 1065 c. Schedule L Form 1065 d. A and B above e. A…

21. From the following details, calculate gross profit for Sydney’s Sales Co. Ne

21. From the following details, calculate gross profit for Sydney’s Sales Co. Net Sales Revenue $440,000 Cost of Goods Sold 250,000 Operating Expenses 75,000 Interest Revenue 7,00…

21. Hagos Corporation is working on its direct labor budget for the next two mon

21. Hagos Corporation is working on its direct labor budget for the next two months. Each unit of output requires 0.84 direct labor-hours. The direct labor rate is $9.40 per direc…

21. Harry and Sue are married and have one child, Amy. Harry and Sue each earned

21. Harry and Sue are married and have one child, Amy. Harry and Sue each earned $60,000 in wages in 2017. The couple decided to separated and lived apart as of May 1st, 2017. Har…

21. Hayworth Corporation has just segmented last year\'s income statement into i

21. Hayworth Corporation has just segmented last year's income statement into its ten product lines. The chief executive officer (CEO) is curious as to what effect dropping one of…

21. In addition to exchange revenues, GASB standards discuss four categories of

21. In addition to exchange revenues, GASB standards discuss four categories of nonexchange revenues. For each of the following revenues recognized by a city indicate the category…

21. Indicate what the effect is on the accounting equation - increase (I), decre

21. Indicate what the effect is on the accounting equation - increase (I), decrease (D), or no effect (NE) of the following total assets/ total liabilities/total SE Issue common S…

21. Kumar Inc produces a special kind of metal ingots that are unique, which all

21. Kumar Inc produces a special kind of metal ingots that are unique, which allows Kumar to follow a cost plus pricing strategy. Kumar has $11,000,000 of assets and shareholders …

21. LHU Corporation makes and sells a product called Product WZ. Each unit of Pr

21. LHU Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 2.3 hours of direct labor at the rate of $19.00 per direct labor-hour. Management…

21. Larken Company\'s records show the following for the month of January: Total

21. Larken Company's records show the following for the month of January: Total Retained Earnings at January 1 $400,000 Total Retained Earnings at January 31 500,000 Total Revenue…

21. Li is in J-1 student immigration status from the People’s Republic of China.

21. Li is in J-1 student immigration status from the People’s Republic of China. She earned $4,995 in wages in 2017. Her wages are reported to her on Form 1042-S (box 1, Income Co…

21. Lynch Company manufactures and sells a single product. The following costs w

21. Lynch Company manufactures and sells a single product. The following costs were incurred company's first year of operations Variable costs per unit Manufacturing Direct materi…

21. Lynch Company manufactures and sells a single product. The following costs w

21. Lynch Company manufactures and sells a single product. The following costs were incurred during the company's first year of operations Variable costs per unit Manufacturing: D…

21. MC Qu. 123 Given the equations for demand and supply: Qd = 48... 32. 22. MC

21. MC Qu. 123 Given the equations for demand and supply: Qd = 48... 32. 22. MC Qu. 130 Suppose that the free market labor supply and labo... 0 19. MC Qu. 119 Which of the followi…

21. O n January 1, 2006, Princess Corporation leased equipment to King Company.

21. O n January 1, 2006, Princess Corporation leased equipment to King Company. The lease is for 8 years. The first payment of $675,000 was made on January 1, 2006. The equipment …

21. On December 31, 2016, Parent Company purchased 80% of the common stock of Su

21. On December 31, 2016, Parent Company purchased 80% of the common stock of Subsidiary Company for $280,000. On this date, Subsidiary had total owners' equity of $250,000 (commo…

21. On February 12, 2015, Jon purchased stock in Pik Corporation (the stock is n

21. On February 12, 2015, Jon purchased stock in Pik Corporation (the stock is not small business stock) for $2,000. On May 12, 2016, the stock became worthless. During 2016, John…

21. On February 15, Jewel Company buys 7,600 shares of Marcelo Corp. common stoc

21. On February 15, Jewel Company buys 7,600 shares of Marcelo Corp. common stock at $28.59 per share plus a brokerage fee of $400. The stock is classified as available-for-sale s…

21. One element which is both a prime cost and a conversion a. direct labor b. d

21. One element which is both a prime cost and a conversion a. direct labor b. direct materials. c. indirect manufacturing costs d. selling and administrative costs 22. Manufactur…

21. One of the advantages of a sole proprietorship is that a sole proprietorship

21. One of the advantages of a sole proprietorship is that a sole proprietorship enjoys perpetual existence, that is, a sole proprietorship survives the death of the owner. 22. Cl…

21. Partial balance sheet data and additional information for Deloitte Industrie

21.   Partial balance sheet data and additional information for Deloitte Industries are given below: Deloitte Industries Comparative Balance Sheet December 31, 2012 and 2011 Asset…

21. Partial balance sheet data and additional information for Deloitte Industrie

21.   Partial balance sheet data and additional information for Deloitte Industries are given below: Deloitte Industries Comparative Balance Sheet December 31, 2012 and 2011 Asset…

21. Prester Corporation has budgeted production for next year as follows Quarter

21. Prester Corporation has budgeted production for next year as follows Quarter Firet Second Thirdl Fourth 0,000 70,000 80,000 90,000 Production in units Two pounds of material A…

21. Ronald and Roy formed an equal partnership, R&R Partnership, a general partn

21.        Ronald and Roy formed an equal partnership, R&R Partnership, a general partnership, on January 1, 2011. Ronald contributed $100,000 in exchange for his one-half int…

21. Should the written request for confirmation be from the auditors or the clie

21. Should the written request for confirmation be from the auditors or the client? Should the return envelope be addressed to the auditors, to the client or to the auditors in ca…

21. Stockton Corporation is estimating the following sales for the first four mo

21. Stockton Corporation is estimating the following sales for the first four months of next year: January February March $260,000 S230,000 $270,000 $320,000 April Sales are norma…

21. Suppose the rate of return on short-term government securities (perceived to

21. Suppose the rate of return on short-term government securities (perceived to be risk-free) is about 5%. Suppose also that the expected rate of return required by the market fo…

21. T.F. When managers plan, they use budget information to review variances tha

21. T.F. When managers plan, they use budget information to review variances that suggest waste in operating activities T.F. During the year, managers use budget information to co…

21. The Fabricating Department started the current month with a beginning Work i

21. The Fabricating Department started the current month with a beginning Work in Process inventory of $11,400. During the month, it was assigned the following costs: direct mater…

21. The Stevens Co. has suffered losses in its film developing division for the

21. The Stevens Co. has suffered losses in its film developing division for the last two years. On 12/31/10, the controller decided that he would need to apply the impairment test…

21. The financial statement that shows the beginning balance of Retained Earning

21. The financial statement that shows the beginning balance of Retained Earnings; the changes in equity that resulted from, net income (or net loss); dividends; and the ending ba…

21. The following data pertain to the Oklahoma River Manufacturing Compnay for t

21. The following data pertain to the Oklahoma River Manufacturing Compnay for te year ended December 31, 2016: Beginning direct material inventory $8,000 Factory supplies $128,50…

21. The following materials standards have been established for a particular pro

21. The following materials standards have been established for a particular product: Standard quantity per unit of output 5.2 meters Standard price $15.60 The following data pert…

21. The net cash flow is equalto: (a) Income after taxes minus depreciation. (b)

21.      The net cash flow is equalto: (a)               Income after taxes minus depreciation. (b)              Income after taxes minus dividends. (c)               Cash receipt…

21. The steps of the accounting cycle are presented below. Identify the correct

21. The steps of the accounting cycle are presented below. Identify the correct order of the steps. (Click the icon to view the steps) Order 1. More Info 2. 3. Journalize and post…

21. Under variable costing, product costs consist of direct materials, direct la

21. Under variable costing, product costs consist of direct materials, direct labor, and variable manufacturing overhead. True False 22. Under absorption costing, fixed manufactur…

21. Using the following information, what is the amount of income from operation

21. Using the following information, what is the amount of income from operations? ? Purchases $32,000 ? Selling expense $ 960 Merchandise inventory, September 1 5,700 ? Merchandi…

21. When Alex Rodriguez moved to the Texas Rangers in 2001, he received a lot of

21. When Alex Rodriguez moved to the Texas Rangers in 2001, he received a lot of atten. tion for his "$252 million" contract (the total of the payments promised was $252 million).…

21. When a plant asset is acquired by issuance of common stock, the cost of the

21.       When a plant asset is acquired by issuance of common stock, the cost of the plant asset is properly measured by the a.   par value of the stock. b.   stated value of the…

21. Which is the first step in the management decision-making process? A) Determ

21. Which is the first step in the management decision-making process? A) Determine and evaluate possible courses of action. B) Review results of the decision. C) Identify the pro…

21. Which of the following is NOT included in three variables used in the determ

21. Which of the following is NOT included in three variables used in the determination of taxes? a. the tax base b. the tax assessment c. the tax rate d. the tax yield 22. There …

21. Which of the following is generally not a deductible business expense on Sch

21. Which of the following is generally not a deductible business expense on Schedule C? a. Office supplies b. Depreciation c. Rent d. Charitable contributions e. All of the above…

21. Which of the following is true regarding taxation of losses of a C corporati

21. Which of the following is true regarding taxation of losses of a C corporation? a. The operating loss is passed on to shareholders, but the corporation itself does not realize…