External link to Question : 61) If Pope, Inc. uses standard costing, the overhead allocated : 1196280

Question : 61) If Pope, Inc. uses standard costing, the overhead allocated : 1196280

  61) If Pope, Inc. uses standard costing, the overhead allocated to work in process 61) ______ A) decreases Manufacturing Overhead Allocated and decreases Work in Process B) increases Work in Process and increases Manufacturing Overhead Allocated. C) increases Manufacturing Overhead Allocated and decreases Manufacturing Overhead Control. D) increases Manufacturing Overhead Control and increases Manufacturing Overhead Allocated. E) increases Manufacturing Overhead Allocated and decreases Work […]

External link to Question : 91. Which of the following limitations of ratio analysis? A. use of acquisition : 1230587

Question : 91. Which of the following limitations of ratio analysis? A. use of acquisition : 1230587

    91. Which of the following are limitations of ratio analysis?  A. use of acquisition cost for assets rather than current replacement cost or net realizable value B. latitude firms have in selecting from among various generally accepted accounting principles C. changes in many ratios correlate with each other D. must recognize conditions that have changed between the periods being compared when comparing the size of a ratio between […]

External link to Question : 91. The Footwear Department of Lee’s Department Store had sales : 1256724

Question : 91. The Footwear Department of Lee’s Department Store had sales : 1256724

    91. The Footwear Department of Lee’s Department Store had sales of $188,000, cost of goods sold of $132,500, indirect expenses of $13,250, and direct expenses of $27,500 for the current period. The Footwear Department’s contribution to overhead as a percent of sales is:A.  7.8%B.  14.9%C.  29.5%D.  66.7%E.  85.4%     Reference: 22_06 Mach Co. operates three manufacturing departments as profit centers. The following […]

External link to Question : 41) On December 31, IOU Corporation issued $100,000 of 10-year, : 1253327

Question : 41) On December 31, IOU Corporation issued $100,000 of 10-year, : 1253327

    41) On December 31, IOU Corporation issued $100,000 of 10-year, 8% bonds at 98. The bonds pay interest annually on December 31. These bonds sold at ________. A) a premium B) a discount C) par D) The answer cannot be determined from the information given.   42) On December 31, IOU Corporation issued $100,000 of 10-year, 8% bonds at 98. The bonds pay […]

External link to Question : 91.At the beginning of the current year, Elite Corporation had : 1237475

Question : 91.At the beginning of the current year, Elite Corporation had : 1237475

    91.At the beginning of the current year, Elite Corporation had 200,000 shares of $1 par common stock outstanding and had retained earnings of $4,800,000. During the year, the company earned $1,675,000, declared a 10% stock dividend when the price of stock was $28 per share, and paid a year-end cash dividend of $3 per share. (The cash dividend was paid after the stock […]

External link to Question : 31) The Income Summary account shows debits of $29,000 and : 1171310

Question : 31) The Income Summary account shows debits of $29,000 and : 1171310

  31) The Income Summary account shows debits of $29,000 and credits of $20,000. This results in a: A) net income of $49,000. B) net loss of $49,000. C) net income of $9,000. D) net loss of $9,000. 32) After closing the revenue, expense, and withdrawal accounts, the capital increased by $2,000. Which of the following situations could have occurred? A) The company had a […]

External link to Question : 97) Identify the effects of each of the following items : 1253170

Question : 97) Identify the effects of each of the following items : 1253170

  97) Identify the effects of each of the following items on the accounting equation. Show the correct dollar amount. Account titles are not required. The first entry has been done for you. a.Prepaid rent used up, $400 b.Only $500 remains unearned of the $3,500 recognized as unearned revenue at the beginning of the period c.Of the $700 in office supplies on hand at the […]

External link to Question : 51. The compensation program that least requires a participatory management style : 1250917

Question : 51. The compensation program that least requires a participatory management style : 1250917

    51. The compensation program that least requires a participatory management style is  A. gainsharing plan. B. incentive pay. C. ESOPs. D. profit sharing. Under incentive pay programs, the management must exercise greater control over the employee.     52. Which one of the following pay programs has the greatest frequency of payout?  A. Merit pay B. Profit sharing C. Incentive pay D. Gainsharing Incentives have a weekly payout. Merit pay and profit sharing […]

External link to Question : 88.On September 1, Shawn Dahl established Whitewater Rentals, a canoe : 1169072

Question : 88.On September 1, Shawn Dahl established Whitewater Rentals, a canoe : 1169072

  88.On September 1, Shawn Dahl established Whitewater Rentals, a canoe and kayak rental business. The following transactions occurred in the month of September and affected the following accounts: Transactions 1. Shawn Dahl invested $45,000 in cash to open the business 2. Paid $12,700 in cash for the purchase of kayak and canoe equipment 3. Paid $1,050 in cash for rent expense 4. Purchased additional […]

External link to Question : 51.Sunrise Designs maintains a credit line with Ohio River Bank : 1253551

Question : 51.Sunrise Designs maintains a credit line with Ohio River Bank : 1253551

  51.Sunrise Designs maintains a credit line with Ohio River Bank that allows the company to borrow up to $1 million.  A covenant associated with the loan contract limits the company’s dividends in any one year.  The 2010 income statement data for the company is as follows:   Net sales $840,000 Less: Cost of goods sold 500,000 Gross profit $340,000 Selling and administrative expenses 120,000 […]

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