Financial Accounting

1) Find the mistakes made in the table: Table 22-3 Calculating Machinery Costs f

1) Find the mistakes made in the table: Table 22-3 Calculating Machinery Costs for a new Combine Step 1: Basic data New Combine, 24 foot header, 240-hp desel List price purchase c…

1) Five Seasons is a merchandiser of packed foods. The company provides the foll

1) Five Seasons is a merchandiser of packed foods. The company provides the following information for the year 2015: Sales Revenue $140,000 Cost of Goods Sold $63,000 Operating Ex…

1) Fixed overhead costs include ________. A. indirect materials B. energy costs

1) Fixed overhead costs include ________. A. indirect materials B. energy costs C. the cost of sales commissions D. leasing of machinery used in a factory 2) The actual informatio…

1) Fletcher Supplies Company has a sales office which sells concrete culvert pip

1) Fletcher Supplies Company has a sales office which sells concrete culvert pipe to property developers. The sales office is a revenue center and must prepare a monthly performan…

1) For June, Wynn Manufacturing estimated sales revenue at $400,000. It pays sal

1) For June, Wynn Manufacturing estimated sales revenue at $400,000. It pays sales commissions that are 4% of sales. The sales manager's salary is $190,000, estimated shipping exp…

1) For a non-current asset to be classified as held-for-sale the asset must be:

1) For a non-current asset to be classified as held-for-sale the asset must be: In saleable condition Converted to cash through use Highly possible to be sold Planned …

1) For a recent year, McDonald\'s Company-owned restaurants had the following sa

1) For a recent year, McDonald's Company-owned restaurants had the following sales and expenses (in millions): Assume that the variable costs consist of food and packaging, payrol…

1) For each of the following actions or changes, decide whether, ceteris paribus

1) For each of the following actions or changes, decide whether, ceteris paribus, there would be an(6pts) increase, a decrease, or no change in the monetary base The Kansas City F…

1) For each of the following independent situations relating to the audit of int

1) For each of the following independent situations relating to the audit of internal controls, indicate the reason for and the type of audit report you would issue. …

1) For the following situation, develop a prior-year\'s reconstructed operating

1) For the following situation, develop a prior-year's reconstructed operating statement, assuming typically competent, professional management. Based on the reconstructed net ope…

1) For the following situation, develop a seven-year forecast of net operating i

1) For the following situation, develop a seven-year forecast of net operating income for the St. George Apartments, incporating the following assumptions: a) Potential gross rent…

1) Ford is focusing on building a world car to sell golbally; therefore reducing

1) Ford is focusing on building a world car to sell golbally; therefore reducing developmental costs and adapting the vehicle for local markets, it should tend to use a : a) Mulid…

1) Formulas shall be used for all calculations including the linking of data fro

1) Formulas shall be used for all calculations including the linking of data from the schedules to the financial statements 2) Appropriate formatting including titles, borders, nu…

1) Fred purchases and places in service in 2015 personal property costing $221,0

1) Fred purchases and places in service in 2015 personal property costing $221,000. What is the maximum Sec. 179 deduction that Fred can deduct, ignoring any taxable income limita…

1) From Adobe System Incorporation 10K form, Locate the company\'s balance sheet

1) From Adobe System Incorporation 10K form, Locate the company's balance sheet. Give the company's accounting equation at the end of the most recent year and at the end of the pr…

1) Gerdie Company has the following information: Month Budgeted Sales March $50,

1) Gerdie Company has the following information: Month Budgeted Sales March $50,000 April 53,000 May 51,000 June 54,500 July 52,500 In addition, the gross profit rate is 40% and t…

1) Giga-Stuff, Inc. has a number of divisions. One division, Sophistosand, makes

1) Giga-Stuff, Inc. has a number of divisions. One division, Sophistosand, makes a component, component X, that is used in the manufacture of DVD players. Another division, Videos…

1) Given the following scenario, indicate when the firm should recognize revenue

1) Given the following scenario, indicate when the firm should recognize revenue and why. Tomson Telecom maintains an inventory of telecommunications equipment. One …

1) Given the following: Sales = $100,000, COGS = $60,000, SGA Expenses = $20,000

1) Given the following: Sales = $100,000, COGS = $60,000, SGA Expenses = $20,000, variable expense = $50,000, Fixed expense = $30,000. What is the net income? What is the breakeve…

1) Givenchy Company sells 100,000 wrenches for $12.00 per unit. Fixed costs are

1) Givenchy Company sells 100,000 wrenches for $12.00 per unit. Fixed costs are $350,000 and net income is $250,000. What should be reported as variable expenses in the CVP income…

1) Givenchy Company sells 100,000 wrenches for $12.00 per unit. Fixed costs are

1) Givenchy Company sells 100,000 wrenches for $12.00 per unit. Fixed costs are $350,000 and net income is $250,000. What should be reported as variable expenses in the CVP income…

1) Goodwill is: A) Amortized over the greater of its estimated life or 40 years.

1) Goodwill is: A) Amortized over the greater of its estimated life or 40 years. B) Only recorded by the seller of a business. C) The excess of the fair value of a business over t…

1) Groh and Jackson are partners. Groh\'s capital balance in the partnership is

1) Groh and Jackson are partners. Groh's capital balance in the partnership is $56,500, and Jackson's capital balance is $53,500. Groh and Jackson have agreed to share equally in …

1) HBC Corporation makes three products that use compound W, the current constra

1) HBC Corporation makes three products that use compound W, the current constrained resource. Data concerning those products appear below: Product................................…

1) Haley Company estimates its sales at 100,000 units in the first quarter and t

1) Haley Company estimates its sales at 100,000 units in the first quarter and that sales will increase by 10,000 units each quarter over the year. They have, and desire, a 25% en…

1) Harter Inv bought 2,000 shares of Lee Co. common stock on Jan 1, Yr 4 for $10

1) Harter Inv bought 2,000 shares of Lee Co. common stock on Jan 1, Yr 4 for $10,000 and 2,000 shares Olivia CO. common stock on Jul 1, Yr 4 for $12,000. At end of yr 4, the marke…

1) Henry swaps his shopping center for Sarah’s office building, and the exchange

1) Henry swaps his shopping center for Sarah’s office building, and the exchange qualifies as a like-kind exchange. Henry’s adjusted basis for the shopping center is $600,000 and …

1) Hey Chegg, I apologize for asking you the same question, but I need help with

1) Hey Chegg, I apologize for asking you the same question, but I need help with only part C and the 2nd question of part D, dealing with the choices increase and decrease. For pa…

1) How are leasehold improvements classified in a classified balance sheet. Choo

1) How are leasehold improvements classified in a classified balance sheet. Choose one. A) Long terms assets. B) They are not classified. C) Current assets. 2) Which of the follow…

1) How long is a financing statement effective? How can it be extended? 2) What

1) How long is a financing statement effective? How can it be extended? 2) What is the creditor's obligation realted to a filed financing statement once the debt is paid off by th…

1) How would a purely competitive industry adjust and restore allocative efficie

1) How would a purely competitive industry adjust and restore allocative efficiency when there is a change in the supply of a resource such as Android software to produce Android …

1) Huise corporation retires its $800,000 face value bonds at 105 on January 1,

1) Huise corporation retires its $800,000 face value bonds at 105 on January 1, following the payment of annual interest. The carrying value of bonds at the redemption date is $82…

1) Identify the three internal control techniques for safeguarding cash. 2) With

1) Identify the three internal control techniques for safeguarding cash. 2) With regard to the following information, a) Prepare general journal entries for each of the following …

1) If 129,200 pounds of raw materials are needed to meet production in August, h

1) If 129,200 pounds of raw materials are needed to meet production in August, how many pounds of raw materials should be purchased in July? 2) What is the estimated cost of raw …

1) If Capitol accepts the order, what effect will the order have on the company’

1) If Capitol accepts the order, what effect will the order have on the company’s short-term profit? Will it increase or decrease? By how much? 2) What minimum price should Capito…

1) If Hixson uses the direct write-off method to account for uncollectible accou

1) If Hixson uses the direct write-off method to account for uncollectible accounts, journalize the adjusting entry at December 31, assuming Hixson determines that Fell's $2,300 b…

1) If Preble had purchased 182,000 pounds of materials at $7.40 per pound and us

1) If Preble had purchased 182,000 pounds of materials at $7.40 per pound and used 160,000 pounds in production, what would be the materials price variance for March? (Indicate th…

1) If fixed costs are $4,000 and variable cost per unit is $8.00. The sales pric

1) If fixed costs are $4,000 and variable cost per unit is $8.00. The sales price is $16.00 What is the breakeven point in units? 400 500 600 800 none of these 2) The cash flow st…

1) If income from operations for a division is $12,000, invested assets are $50,

1) If income from operations for a division is $12,000, invested assets are $50,000, and sales are $60,000, the profit margin is 24% a. true b. false 2) If income from operations …

1) If pension expense recognized in a period exceeds the current amount funded b

1) If pension expense recognized in a period exceeds the current amount funded by the employer, what kind of account arises, and how should it be reported in the financial stateme…