Financial Accounting

A company sells a product which has a unit sales price of $5, unit variable cost

A company sells a product which has a unit sales price of $5, unit variable cost of $3 and total fixed costs of $150,000. The number of units the company must sell to break even i…

A company sells cereal in boxes, each of which has a coupon on it. A customer ca

A company sells cereal in boxes, each of which has a coupon on it. A customer can mail in for coupons and receive a check for two dollars. During year one, the company sell 600,00…

A company sells clocks for $20 each. Its variable cost per unit is $14, and its

A company sells clocks for $20 each. Its variable cost per unit is $14, and its fixed cost per year is $9,000. 1. If it sells 2,000 clocks this year, what is its contribution marg…

A company sells clocks for $40 each. Its variable cost per unit is $32, and its

A company sells clocks for $40 each. Its variable cost per unit is $32, and its fixed cost per year is $20,000. 1. If it sells 12,500 clocks this year, what is its contribution ma…

A company sells computers at a selling price of $1,400 each. Each computer has a

A company sells computers at a selling price of $1,400 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all compute…

A company sells computers at a selling price of $1,800 each. Each computer has a

A company sells computers at a selling price of $1,800 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 6% of all compute…

A company sells computers at a selling price of $1,800 each. Each computer has a

A company sells computers at a selling price of $1,800 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 7% of all compute…

A company sells equipment with a cost of $18800 and a net book value of $8000 fo

A company sells equipment with a cost of $18800 and a net book value of $8000 for $7800. The entry to record the sale would include a __________ to the cash account for $______? (…

A company sells flower bulbs to local nurseries. Each bag of bulbs sells for $2.

A company sells flower bulbs to local nurseries. Each bag of bulbs sells for $2. The company's accountant has prepared the following sales forecast (in bags) for the fourth quarte…

A company sells garden hoses and uses the perpetual inventory system to account

A company sells garden hoses and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during September w…

A company sells garden hoses and uses the perpetual inventory system to account

A company sells garden hoses and uses the perpetual inventory system to account for its merchandise. The beginning balance of the inventory and its transactions during September w…

A company sells goods for $150,000 that cost $60,000 to manufacture. Which state

A company sells goods for $150,000 that cost $60,000 to manufacture. Which statement(s) are true? Select one: a. The company will recognize sales on the balance sheet of $150,000.…

A company sells it\'s product for 50 cents per 16 ounces. Net sales $1,800,000 d

A company sells it's product for 50 cents per 16 ounces. Net sales $1,800,000 direct materials 430,000 direct labor 352,000 manufacturing overhead- variable 316,000 manufacturing …

A company sells its product subject to a warranty that covers the cost of parts

A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the date of sale. Warranty costs are estimated to be 5% of …

A company sells its product subject to a warranty that covers the cost of parts

A company sells its product subject to a warranty that covers the cost of parts for repairs during the six months after the date of sale. Warranty costs are estimated to be 5% of …

A company sells merchandise for $1,000 on account with terms of 2/10, n/30. Defe

A company sells merchandise for $1,000 on account with terms of 2/10, n/30. Defective merchandise of $200 is returned 2 days later. Which of the following ent?es would be made to …

A company sells personal computers for $2,300 each. The price includes a two-yea

A company sells personal computers for $2,300 each. The price includes a two-year warranty. During the current year, the company sells 400 computers. On the basis of the past expe…

A company sells two products with information as follows $11.00 $20.00 Sales pri

A company sells two products with information as follows $11.00 $20.00 Sales price per unit Variable cost per unit $1000 $10 00 The products are machine made. Four units of produc…

A company sells two products with information as follows: A B Sales price per un

A company sells two products with information as follows: A B Sales price per unit $11 $20 Variable cost per unit $10 $10 The products are machine made. Four units of product A ca…

A company sells two products with information as follows: The products are machi

A company sells two products with information as follows: The products are machine made. Four units of product A can be made with one machine hour and two units of product B can b…

A company sets up a petty cash fiund and initially funds it with $300.00. The en

A company sets up a petty cash fiund and initially funds it with $300.00. The entry is: 07/12/18 Petty cash $300 $300 Cash of the The components of a journal include the date of t…

A company should determine cost for inventory purposes by the inventory cost flo

A company should determine cost for inventory purposes by the inventory cost flow method most clearly reflecting its periodic income. Required: (1) Explain the fundamental cost fl…

A company should use process costing, rather than job order costing, if: product

A company should use process costing, rather than job order costing, if: production is only partially completed during the accounting period. the product is manufactured in batche…

A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Bala

A company shows a $600 balance in Prepaid Insurance in the Unadjusted Trial Balance columns of the work sheet. The Adjustments columns show expired insurance of $200. This adjusti…

A company signed a contract on April 1, 2004 to build a satellite for $28,000,00

A company signed a contract on April 1, 2004 to build a satellite for $28,000,000. Estimated costs for the contract are: year 2004 $ 5,600,000 year 2005 $11,2000,000, and year 200…

A company signs a note payable for $3,500 at 9% for 45 days. How much interest (

A company signs a note payable for $3,500 at 9% for 45 days. How much interest (to the nearest cent) will the company owe using a 360 - day year? L & L Construction had sales …

A company sold $12,000 worth of trampolines with an extended warranty. It estima

A company sold $12,000 worth of trampolines with an extended warranty. It estimates that 2% of these sales will result in warranty work. The company should: A. Consider the warran…

A company sold $4,000,000 of 5%, 10-year bonds on January 1, 2018 when the yield

A company sold $4,000,000 of 5%, 10-year bonds on January 1, 2018 when the yield (market) rate of interest was 6%. The bonds were sold for $3,702,450. The bonds pay interest on Ju…

A company sold $4,000,000 of 5%, 10-year bonds on January 1, 2018 when the yield

A company sold $4,000,000 of 5%, 10-year bonds on January 1, 2018 when the yield (market) rate of interest was 6%. The bonds were sold for $3,702,450. The bonds pay interest on Ju…

A company sold $80,000 of product to a customer on July 1, terms 2/10, n/30. The

A company sold $80,000 of product to a customer on July 1, terms 2/10, n/30. The company uses a perpetual inventory system and the cost of the inventory sold was $20,000. Assume t…

A company sold an investment in trading securities originally costing $30,000, f

A company sold an investment in trading securities originally costing $30,000, for $28,000. At the beginning of the year, the investment had a valuation allowance of $3,000, debit…

A company sold merchandise for $20,000 on account with terms of 3/10, n/30. The

A company sold merchandise for $20,000 on account with terms of 3/10, n/30. The company uses a perpetual inventory system. After two days, it received defective merchandise worth …

A company sold merchandise for $23,000 on account with terms of 4/15, n/30. The

A company sold merchandise for $23,000 on account with terms of 4/15, n/30. The company uses a perpetual inventory system. After two days, it received defective merchandise worth …

A company starred the year with $1,500 of supplies on hand. During the year the

A company starred the year with $1,500 of supplies on hand. During the year the company purchased additional supplies of $800 and recorded them as increase to the supplies asset. …

A company started the year with accounts receivable of $15,000 and an allowance

A company started the year with accounts receivable of $15,000 and an allowance for uncollectible accounts of ($1,500). During this year, sales (on all account) were $110,000 and …

A company started the year with accounts receivable of $15,000 and an allowance

A company started the year with accounts receivable of $15,000 and an allowance for uncollectible accounts of $(1,500). During the year, sales (all on account) were $110,000 and c…

A company switched from the cash basis to the accrual basis for recognizing warr

A company switched from the cash basis to the accrual basis for recognizing warranty expense. The unrecorded liability for warranties was $1.5 million at the beginning of the year…

A company takes out a four-year, $740,000 mortgage on May 1. The interest rate o

A company takes out a four-year, $740,000 mortgage on May 1. The interest rate on the loan is 5% per year, and blended payments of $17,042 (including both interest and principal) …

A company takes out a four-year, $760.000 mortgage on May 1. The interest ate on

A company takes out a four-year, $760.000 mortgage on May 1. The interest ate on the loan is 8% per year, and blended payments o S 18.554 including both interest and principal are…

A company takes out a four-year, $810,000 mortgage on May 1. The interest rate o

A company takes out a four-year, $810,000 mortgage on May 1. The interest rate on the loan is 5% per year, and blended payments of $18,654 (including both interest and principal) …

A company takes out a four-year, $860,000 mortgage on May 1. The interest rate o

A company takes out a four-year, $860,000 mortgage on May 1. The interest rate on the loan is 5% per year, and blended payments of $19,805 (including both interest and principal) …

A company that makes baseball gloves produces them using 2 production department

A company that makes baseball gloves produces them using 2 production departments. When the gloves are produced they first go through the Fabrication Department, which produces th…

A company that makes baseball gloves produces them using 2 production department

A company that makes baseball gloves produces them using 2 production departments. When the gloves are produced they first go through the Fabrication Department, which produces th…

A company that makes organic fertilizer has applied the following data: Bags pro

A company that makes organic fertilizer has applied the following data: Bags produce and sold 200,000 Sales Revenue $1,560,000 Variables manufacturing expense $660,000 Fixed manuf…

A company that manufactures pitot tubes for commercial jet aircraft uses the str

A company that manufactures pitot tubes for commercial jet aircraft uses the straight line method to track depreciation on their books. Newly acquired lathes cost $310,000, and ha…

A company that manufactures recreational pedal boats has approached Mike Cichano

A company that manufactures recreational pedal boats has approached Mike Cichanowski to ask if he would be interested in using Current Designs’ rotomold expertise and equipment to…

A company that produces a single product had a net operating income of $79,000 u

A company that produces a single product had a net operating income of $79,000 using variable costing and a net operating income of $102,760 using absorption costing. Total fixed …

A company that produces a single product had a net operating income of $80,000 u

A company that produces a single product had a net operating income of $80,000 using variable costing and a net operating income of $104,750 using absorption costing. Total fixed …

A company that produces a single product had a net operating income of $82,000 u

A company that produces a single product had a net operating income of $82,000 using variable costing and a net operating income of $108,790 using absorption costing. Total fixed …

A company that produces a single product had a net operating income of $85,000 u

A company that produces a single product had a net operating income of $85,000 using variable costing and a net operating income of $115,000 using absorption costing. Total fixed …