Financial Accounting

23. A change in estimate should a. result in restatement of prior period stateme

23. A change in estimate should a. result in restatement of prior period statements b. be handled in current and future periods. c. be handled in future periods only d. be handled…

23. A company has an overh ead application rate of 125% of direct labor costs. H

23. A company has an overh ead application rate of 125% of direct labor costs. Hove much overhead would be allocated to a job if it required total labor costing $20,000? A. $5,000…

23. A manufacturer of tiling grout has supplied the following data: Kilograms pr

23. A manufacturer of tiling grout has supplied the following data: Kilograms produced and sold Sales revenue 00,000 $1,950,000 960,000 $266,000 Variable manufacturing expense Fix…

23. A manufacturing plant of a company would be considered as a. A revenue cente

23. A manufacturing plant of a company would be considered as a. A revenue center b. A profit center. c. An investment center. d. A cost center 24. Which of the following is NOT t…

23. A manufacturing plant of a company would be considered as: a. A cost center

23. A manufacturing plant of a company would be considered as: a. A cost center b. A profit center. c. An investment center. d. A revenue center 24. Which of the following is NOT …

23. A poration\'s distribution of additional shares of its own stock to its stoc

23. A poration's distribution of additional shares of its own stock to its stockholders without the receipt of any payment in return is called a: A) Stock dividend. B) Stock subsc…

23. All of the following, except one, are reasons why some economists favour fix

23. All of the following, except one, are reasons why some economists favour fixing the Canadian exchange rate to the U.S. dollar. Which is the exception? A) Monetary independence…

23. All of the following, except one, are reasons why some economists favour fix

23. All of the following, except one, are reasons why some economists favour fixing the Canadian exchange rate to the U.S. dollar. Which is the exception? A) Monetary independence…

23. Andy had AGI of $80,000 for 2011. He was injured in a rock-climbing accident

23. Andy had AGI of $80,000 for 2011. He was injured in a rock-climbing accident and paid $5,200 for hospital expenses and $2,800 for doctor bills. Andy also incurred medical expe…

23. Aqua Company produces aquariums. During the year 150,000 aquariums were prod

23. Aqua Company produces aquariums. During the year 150,000 aquariums were produced. Materials and labor standards for producing the aquariums are as follows: Direct Materials (2…

23. Award: 0 out of 2.00 points MC Qu. 105 Hadley, Inc. makes a line of ... Hadl

23. Award: 0 out of 2.00 points MC Qu. 105 Hadley, Inc. makes a line of ... Hadley, Inc. makes a line of bathroom accessories. Because of a decline in sales, the company has 10,00…

23. Below are typical transactions for a company. Indicate whether each transact

23. Below are typical transactions for a company. Indicate whether each transaction is classified as an operating, investing or financing activity. a. Sell common stock to investo…

23. Center Company currently produces three products from a joint process. The j

23. Center Company currently produces three products from a joint process. The joint process has total costs of $512,000 per month. All three products, A, B & C, are immediate…

23. Crestview Estates purchased a tractor on January 1, 2018, for $65,000. The t

23. Crestview Estates purchased a tractor on January 1, 2018, for $65,000. The tractors usef to be 10 years and has a residual value of $5,000. If Crestview uses the double-declin…

23. Debits A) B) C) D) increase both assets and liabilities. decrease both asset

23. Debits A) B) C) D) increase both assets and liabilities. decrease both assets and liabilities. increase assets and decrease liabilities. decrease assets and increase liabiliti…

23. Determining charges for private pay residents. Shady Grove Nursing Home has

23. Determining charges for private pay residents. Shady Grove Nursing Home has 250 residents. The administrator is concerned about balancing the ratio of its private pay to non-p…

23. Dicer uses the cost method to determine its ending inventory at cost. Assume

23. Dicer uses the cost method to determine its ending inventory at cost. Assume the beginning inventory at cost was $260,000 and at retail was $396,000, purchases during the curr…

23. Dicer uses the cost method to determine its ending inventory at cost. Assume

23. Dicer uses the cost method to determine its ending inventory at cost. Assume the beginning inventory at cost was $260,000 and at retail was $396,000, purchases during the curr…

23. Fabio Corporation is considering eliminating a department that has a contrib

23. Fabio Corporation is considering eliminating a department that has a contribution margin of $32,000 and $64,000 in fixed costs. Of the fixed costs, $16,000 cannot be avoided. …

23. Fabio Corporation is considering eliminating a department that has a contrib

23. Fabio Corporation is considering eliminating a department that has a contribution margin of $29,000 and $71,000 in fixed costs. Of the fixed costs, $13,500 cannot be avoided. …

23. Finding a successful promotional mix can be a challenge for marketers who mu

23. Finding a successful promotional mix can be a challenge for marketers who must balance the variables that comprise the mix. Which of the following does not influence the effec…

23. For each of the following situations, indicate the nature and amount of the

23. For each of the following situations, indicate the nature and amount of the penalty that could be imposed. (The penalties include both tax practitioner penalties and taxpayer …

23. Hejl Catering uses two measures of activity, jobs and meals, in the cost for

23. Hejl Catering uses two measures of activity, jobs and meals, in the cost formulas in its budgets and performance reports. The cost formula for catering supplies is $405 per mo…

23. If activity is higher than expected, total variable costs should be higher t

23. If activity is higher than expected, total variable costs should be higher than expected. If activity is lower than expected, total variable costs should be lower than expecte…

23. If bonds are issued at a premium, the stated interest rateis A) higher than

23. If bonds are issued at a premium, the stated interest rateis A) higher than the market rate of interest. B) lower than the market rate of interest. C) too low to attract inves…

23. If the proceeds of sale of collateral are not sufficient to satisty the debt

23. If the proceeds of sale of collateral are not sufficient to satisty the debt then the credlbor is of usually entitied to a: A. future advance. C. fuxture filing. D. 24. To be …

23. Jackson Industries uses a standard cost system in which direct materials inv

23. Jackson Industries uses a standard cost system in which direct materials inventory is carried at standard cost. Jackson has established the following standards for one unit of…

23. Mayer company sells two products with information as follows: Sales price pe

23. Mayer company sells two products with information as follows: Sales price per unit Variable cost per unit $10 $30 S7$10 The products are machine made. Four units of product A …

23. Mr. Smith has a utility function CiC2, where Ci is his consumption in period

23. Mr. Smith has a utility function CiC2, where Ci is his consumption in period 1 and C2 is his consumption in period 2. The sticker price of all goods in all periods is one. He …

23. Never Company develo ped the following information about its inventories in

23. Never Company develo ped the following information about its inventories in applying the lower-of. cost-or-market (LCM) basis in valuing inventories Market $120,000 Product Co…

23. Nichols Enterprises has an Investment in 34,000 shares of Ellit Electronics

23. Nichols Enterprises has an Investment in 34,000 shares of Ellit Electronics that Nichols accounts for as a security available for sale. Ellott shares are publidy traded on the…

23. Outdoor Living Company has just received a special order for 500 hammocks. O

23. Outdoor Living Company has just received a special order for 500 hammocks. Outdoor Living has sufficient idle capacity to accept the order. Accepting the order will increase O…

23. Oxford Company had a beginning inventory of 700 units that cost $9.00 each.

23. Oxford Company had a beginning inventory of 700 units that cost $9.00 each. Purchases were madein June (3,600 units) and October (5,800 units) at costs of S9.50 and$9.80, resp…

23. Passive Investment Income Includes gross recelpts derlved from royaltles, re

23. Passive Investment Income Includes gross recelpts derlved from royaltles, rents, dividends, Interest, and annultles does not Include Interest on any obligation acquired In the…

23. Prior to beginning the fieldwork on a new audit engagement in which the audi

23. Prior to beginning the fieldwork on a new audit engagement in which the audit team does not possess expertise in the industry in which the client operates, the audit team shou…

23. Resources a company owns or controls that are expected to yield future benef

23. Resources a company owns or controls that are expected to yield future benefits are: A) Assets. B) Revenucs. C) Liabilities. D) Owner's Equity E) Expenses. 24. On December 15 …

23. Rushia Company has an available-for-sale investment in the 10%, 10-year bond

23. Rushia Company has an available-for-sale investment in the 10%, 10-year bonds of Pear Co. The investment's carrying value is $3,200,000 at December 31, 2010. On January 9, 201…

23. Rushia Company has an available-for-sale investment in the 10%, 10-year bond

23. Rushia Company has an available-for-sale investment in the 10%, 10-year bonds of Pear Co. The investment's carrying value is $3,200,000 at December 31, 2010. On January 9, 201…

23. Saria Supply Printing Company, a calendar-year corporation, purchased a new

23. Saria Supply Printing Company, a calendar-year corporation, purchased a new printing press for S16 April 1,20kI Additional costs of the press included sales tax of S percent (…

23. Sizemore, Inc. has 10,000 shares o and 100,000 shares of If the board of dir

23. Sizemore, Inc. has 10,000 shares o and 100,000 shares of If the board of directors declares a $40,000 dividend, the A) preferred stockholders will receive 1/10th of what te-no…

23. Small Company, a producer of auto components, has the following information:

23. Small Company, a producer of auto components, has the following information: Income tax rate 20% Selling price per unit $9.00 Variable cost per unit $4.00 Total fixed costs $1…

23. Spendlove Corporation has provided the following data from its activity-base

23. Spendlove Corporation has provided the following data from its activity-based costing system: Total Cost $1,372,578 $63,234.60 Activity Cost Pool Total Activity Assembly 61,80…

23. Starling Co. is considering disposing of a machine with a book value of $23,

23. Starling Co. is considering disposing of a machine with a book value of $23,300 and estimated remaining life of five years. The old machine can be sold for $5,600. A new high-…

23. The decedent\'s will reads in part \"I give, devise and bequeath to Mary a s

23. The decedent's will reads in part "I give, devise and bequeath to Mary a sum of money equal to the value of one-third of my residuary estate as finally determined." a. this is…

23. The difference between sales price per unit and variable cost per unit is th

23. The difference between sales price per unit and variable cost per unit is the: A. Gross profit from sales. B. Gross margin per unit. C. Fixed cost per unit. D. Margin of safet…

23. The following information was abstracted from the records of the Martez Corp

23. The following information was abstracted from the records of the Martez Corporation: Accounts receivable, December 31, 2017 $  700,000         Allowance for bad debt before ad…

23. The following standards for variable manufacturing overhead have been establ

23. The following standards for variable manufacturing overhead have been established for a company tha makes only one product: Standard hours per unit of output 3.5 hours Standar…

23. The management of Zigby Manufacturing prepared the following estimated balan

23. The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: To prepare a master budget for April, May, and June of 2017, management ga…

23. The measurement and reporting of stock options as an expense was one of the

23. The measurement and reporting of stock options as an expense was one of the most politically debated topics since the inception of the CAP, APB, and FASB. The end result is th…

23. The monetary criteria for a nation to join the European Union includes all o

23. The monetary criteria for a nation to join the European Union includes all of these EXCEPT: a. maintaining annual deficits of less than 3% of GDP. b. having no major currency …