Financial Accounting

6. Garcia\'s inventory increased during the year. On the basis of this informati

6. Garcia's inventory increased during the year. On the basis of this information, income reported under absorption costing: a. will be the same as that reported under variable co…

6. Given the following data for 2017: Administrative costs $35,000 Current liabi

6. Given the following data for 2017: Administrative costs $35,000 Current liabilities 18,000 Building depreciation (80% for plant) 25,000 Indirect materials and supplies 4,000 Sa…

6. Given the following gures, compute the adjusted discharges for Hospital XYZ.

6. Given the following gures, compute the adjusted discharges for Hospital XYZ. • Total inpatient discharges: 11,250 • Gross outpatient revenue: $1,000,000 • Inpatient gross reven…

6. Gold Nest Company of Guandong, China, is a family-owned enterprise that makes

6. Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market The company sells its birdcages through an extensive network …

6. Goods available for sale can: A) be sold and then become cost of goods sold o

6. Goods available for sale can: A) be sold and then become cost of goods sold on the income statement B) not be sold and thus are not reported as Cost of Goods Sold on the balanc…

6. Great Coast Construction (GCC) exchanged a three-year-old excavator for a new

6. Great Coast Construction (GCC) exchanged a three-year-old excavator for a new excavator that had a list price of $160,000. The old excavator originally cost $175,000 and had ac…

6. Haddows, Inc. completed Job GH6 last month. The cost details of GH6 are shown

6.         Haddows, Inc. completed Job GH6 last month. The cost details of GH6 are shown below. Direct labor cost $2200 Direct materials cost $81 Direct labor hours 7 hours Predet…

6. Halley Company produces 1,400 parts each year that are used in one of its pro

6. Halley Company produces 1,400 parts each year that are used in one of its products. The unit product cost of this part is: Variable manufacturing cost Fixed manufacturing cost …

6. Harris Fabrics computes its predetermined overhead rate i annually on the bas

6. Harris Fabrics computes its predetermined overhead rate i annually on the basis of direct labor hours. At the overhead would be $599,000 and the total beginning of the year it …

6. If the benefits and risks of ownership have been transferred in a lease agree

6. If the benefits and risks of ownership have been transferred in a lease agreement, a capital lease should be recognized. Besides this, another conceptual consideration for reco…

6. If the materials price variance is $3,600 F and the materials quantity and la

6. If the materials price variance is $3,600 F and the materials quantity and labor variances are each $2,800 U, what is the total materials variance? (Answer: $800 favorable) 7. …

6. Imagine you are a member of a student organization and you have decided to do

6. Imagine you are a member of a student organization and you have decided to do a fundraiser for a trip you will take later this year. You have decided to sell T-shirts and Sweat…

6. In a disparate impact employment discrimination case a.a plaintiff must initi

6. In a disparate impact employment discrimination case a.a plaintiff must initially prove discrimination based on employment statistics. b.a plaintiff must initially prove prior …

6. In the month of June, a department had 20000 units in beginning work in proce

6. In the month of June, a department had 20000 units in beginning work in process that were 70% complete. During June, 90000 units were started into production. At the end of Jun…

6. Inherited Property. (Obj. 1) Terry purchased 5,000 shares of Ferrero Corporat

6. Inherited Property. (Obj. 1) Terry purchased 5,000 shares of Ferrero Corporation stock in 200 for various dates follow for $60,000. Terry died on December 11, 2016, leaving the…

6. Inventory Concepts. Answer the questions. a. Which inventory cost flow assump

6. Inventory Concepts. Answer the questions. a. Which inventory cost flow assumption uses the most current costs for the ending inventory (and Balance Sheet)? b. Which inventory c…

6. Investor owns 1,000,000 shares of stock of Corp. XYZ with a zero basis and a

6. Investor owns 1,000,000 shares of stock of Corp. XYZ with a zero basis and a FMV of 100,000,000 that the investor has held for 20 years. The investor sells 1,000,000 shares of …

6. Iron Inn is a resort located in Canada. Wave Inn collects cash when guests ma

6. Iron Inn is a resort located in Canada. Wave Inn collects cash when guests make a reservation. During December 2016, Iron Inn collected 150,000 of cash and recorded the receipt…

6. Jackson Company produces plastic that is used for injection-molding applicati

6. Jackson Company produces plastic that is used for injection-molding applications, such as gears for small motors Variable Costs Per Ton: Direct materials Direct labor Variable …

6. Jim\'s 5-year-old Geo Prizm requires repairs estimated at $3,000 to make it r

6. Jim's 5-year-old Geo Prizm requires repairs estimated at $3,000 to make it roadworthy again. His friend, Julie, suggested that he should buy $3,000 cash. Julie estimated the fo…

6. Joel and Desmond are forming the JD Partnership. Joel contributes $300,000 ca

6. Joel and Desmond are forming the JD Partnership. Joel contributes $300,000 cash and Desmond contributes nondepreciable property with an adjusted basis of $80,000 and a fair mar…

6. Justin Manufacturing is considering purchasing two machines. Each machine cos

6. Justin Manufacturing is considering purchasing two machines. Each machine costs $9,000 and will produce cash flows as follows: Machine A Machine B End of Year $5,000 $4,000 $3,…

6. KTA Enterprises - has the following information regarding inventory as of 12/

6. KTA Enterprises - has the following information regarding inventory as of 12/31/2017 Historical cost $1,000,000 Replacement cost $950,000 Net realizable value $960,000 Normal p…

6. Kerwin Company uses standard costing. Tim Sesnie, the new president of Kerwin

6. Kerwin Company uses standard costing. Tim Sesnie, the new president of Kerwin Company, is presented with the following data for 2017; (Click the icon to view the data.) Read th…

6. Khiem is a CPA practicing in Alexandria, Virginia. Kristen is a new client wh

6. Khiem is a CPA practicing in Alexandria, Virginia. Kristen is a new client who left her prior years’ returns and documentation for Khiem to review. Khiem has been engaged to pr…

6. Larkins issues a ten-year $2,000,000 bond that has an 8 percent face interest

6. Larkins issues a ten-year $2,000,000 bond that has an 8 percent face interest rate that is paid semi-annually. If the market rate of interest is 10 percent, how much money will…

6. Lawson sells luxury pens to customers with an unconditional sales return if t

6.         Lawson sells luxury pens to customers with an unconditional sales return if they are not satisfied. The sales returns extend 60 days. On February 10, 2018, a customer p…

6. Lester Corp. manufactures three products (A, B, and C) from three raw materia

6. Lester Corp. manufactures three products (A, B, and C) from three raw materials (X, Y, and Z). The following table indicates the number of pounds of each material that is requi…

6. Long term capital gain can be taxed at a maximum rate of: a. 15 percent b. 25

6. Long term capital gain can be taxed at a maximum rate of: a. 15 percent b. 25 percent c. 28 percent d. A and C e. Depending on the asset sold, the maximum rate could be 15, 25,…

6. Long term capital gain can be taxed at a maximum rate of: a. 15 percent b. 25

6. Long term capital gain can be taxed at a maximum rate of: a. 15 percent b. 25 percent c. 28 percent d. A and C e. Depending on the asset sold, the maximum rate could be 15, 25,…

6. Loretta contributes property to a partnership in exchange for a 25% partnersh

6. Loretta contributes property to a partnership in exchange for a 25% partnership interest. The property contributed has a fair market value of $45,000 and a basis of $35,000 on …

6. Luna’s Curio Shop, Inc. has the following information for December 2017: Cash

6.       Luna’s Curio Shop, Inc. has the following information for December 2017: Cash balance per books                                                                        $14…

6. Mama\'s Mexican Meals, Inc., had the following activity for an inventory item

6.   Mama's Mexican Meals, Inc., had the following activity for an inventory item during June: Units Unit Cost Beginning inventory 50 $10 Purchase (June 5). 10 16 Purchase (June 1…

6. Manufacturing overhead is allocated to products based on the number of machin

6. Manufacturing overhead is allocated to products based on the number of machine hours required. In a year when 20,000 machine hours were anticipated, costs were budgeted at $125…

6. Mark the following statements as true or false and select the appropriate ans

6. Mark the following statements as true or false and select the appropriate answer below Stock dividends reduce total stockholders' equity When treasury stock is subsequently res…

6. Marrell is employed on the assembly line of a manufacturing company where she

6. Marrell is employed on the assembly line of a manufacturing company where she assembles a component part for one of the company's products. She is paid S16 per hour for regular…

6. Meyers Corporation had the following inventory balances at the beginning and

6. Meyers Corporation had the following inventory balances at the beginning and end of November: November 1 November 30   Raw Materials $ 80,000 $ 28,000   Finished Goods $ 220,00…

6. Milatin Corp. reported the following amounts on its balance sheet at December

6. Milatin Corp. reported the following amounts on its balance sheet at December 31, 2018 and 2017: EEB (Click the icon to view the amounts.) Prepare a vertical analysis of Milati…

6. Minist Corporation sells a single product for $15 per unit. Last year, the co

6. Minist Corporation sells a single product for $15 per unit. Last year, the company's sales revenue was $225,000 and its net operating income was $18,000. If fixed expenses tota…

6. Minist Corporation sells a single produet for $15 per unit. Last year, the co

6. Minist Corporation sells a single produet for $15 per unit. Last year, the company's sales revenue was $225,000 and its net operating income was $18,000. If fixed expenses tota…

6. Moody Corporation uses a job- order costing system with a plantwide overhead

6.       Moody Corporation uses a job- order costing system with a plantwide overhead rate based on machine- hours. At the beginning of the year, the company made the following es…

6. Moon Corporation (E&P of $700,000) has 4,000 shares of common stock outstandi

6. Moon Corporation (E&P of $700,000) has 4,000 shares of common stock outstanding. The shares are owned as follows: Andy 2,000 shares Darlene (Andy’s daughter) 1,500 shares W…

6. Mr. Incredible and Frozone are partners who share profits and losses in a rat

6. Mr. Incredible and Frozone are partners who share profits and losses in a ratio of 3:2, respectively, and have the following capital balances on September 30, 2004: Mr. Incredi…

6. Mukriz Motors is a small motor supply outlet that sells motors to companies t

6. Mukriz Motors is a small motor supply outlet that sells motors to companies that make various small motorized appliances. The fixed operating costs of the company are RM300,000…

6. NPV Your division is considering two projects with the following cash flows (

6. NPV Your division is considering two projects with the following cash flows (in millions): 0 1 2 3 Project A -$11 $4 $7 $1 Project B -$20 $12 $5 $9 a.What are the projects' NPV…

6. Ofarrell Corporation, a company that produces and sells a single product, has

6. Ofarrell Corporation, a company that produces and sells a single product, has provided its contribution format income statement for March.   Sales (7,700 units) $400,400   Vari…

6. On 1/1/2018, Rolly Co leased a warehouse to Ahvi Co under an operating lease

6. On 1/1/2018, Rolly Co leased a warehouse to Ahvi Co under an operating lease for ten years at $80,000 per year, payable the first day of each lease year. During 2018, the follo…

6. On April 1, 20X2, a company purchased for s270,000 a tract of land on which w

6. On April 1, 20X2, a company purchased for s270,000 a tract of land on which were located a warehouse and office building. The following data were collected concerning the prope…

6. On April 1, 20x2, a company purchased for $270,000 a tract of land on which w

6. On April 1, 20x2, a company purchased for $270,000 a tract of land on which were located a warehouse and office building. The following data were collected concerning the prope…

6. On December 31, 2013, Cutoff Corporation reported total liabilities of s215,0

6. On December 31, 2013, Cutoff Corporation reported total liabilities of s215,000 prior to the following adjusting entries Accrued expenses totaled $20,000 Expired insurance whic…