135. Blackwell Industries received a 120-day, 9% note for $150,000, dated August 13 from a customer on account. OKRequired: 1. Determine the due date of the note. 2. Determine the maturity value of the note. 3. Journalize the entry to record the receipt of the payment of the note at maturity. 136. Based on the following data and […]
172.The Linens Department of the Krafton Department Store had sales of $282,000, cost of goods sold of $173,500, indirect expenses of $19,875, and direct expenses of $41,250 for the current period. What is the Linens Department’s contribution to overhead as a percent of sales? 173.Marsha Hansen, the manager of the Flint Plant of the Michigan Company is responsible for all of the plant’s […]
Multiple Choice Questions 24.In order to ensure that they are meaningful and useful, financial statements should be prepared A. in accordance with section 108 of the Sarbanes-Oxley Act. B. on a daily basis. C. on a timely basis. D. using generally accepting accounting principles (GAAP). 25.Identify the statement below that is notcorrect regarding generally accepted accounting principles (GAAP). A. GAAP is used […]
Question Guitar Universe, Inc., is a popular source of musical instruments for professional and amateur musicians. The company’s accountants make necessary adjusting entries monthly, and they make all closing entries annually. Guitar Universe is growing rapidly and prides itself on having no long-term liabilities. The company has provided the following trial balance dated December 31, 2009: Cash……………………………………$45,000 Marketable Securities………………25,000 Accounts receivable………………125,000 Allowance for Doubtful Accts………………………………..$5,000 […]
11) A statement of cash flows: A) may be combined with the income statement at the option of management. B) is typically prepared at the request of major creditors. C) is a basic financial statement required for publicly-held companies. D) may be combined with the balance sheet. 12) The statement of cash flows: A) can be prepared instead of an income statement. B) must […]
218. Gadget Palace is a retailer selling unique hardware. Gadget Palace uses perpetual inventory. Use a General Journal to journalize the following four transactions during the month of August: (a) On July 5th, Gadget Palace purchases inventory for sale from Turbo Tools for $11,400.00 with terms 2/10, n/30. (b) On July 6th, Gadget Palace pays Fast Truck Transport $75 for freight-in on the July 5th […]
128. The schedule that follows shows trial balances for Twain Company at the end of Year 1 and Year 2. Note that the two trial balances shown for Year 1 are the Adjusted, Preclosing Trial Balance (after making all adjusting entries) and the final Post-Closing Trial Balance, from which the firm constructs the balance sheet. The trial balance shown for the end of Year 2 […]
Objective 5.7 Answer the following questions using the information below: Velshi Printers has contracts to complete weekly supplements required by forty-six customers. For the year 2010, manufacturing overhead cost estimates total $840,000 for an annual production capacity of 12 million pages. For 2010 Velshi Printers has decided to evaluate the use of additional cost pools. After analyzing manufacturing overhead costs, it […]
Answer the following questions using the information below: Velshi Printers has contracts to complete weekly supplements required by forty-six customers. For the year 2010, manufacturing overhead cost estimates total $840,000 for an annual production capacity of 12 million pages. For 2010 Velshi Printers has decided to evaluate the use of additional cost pools. After analyzing manufacturing overhead costs, it was determined that […]
31) Which of the following is NOT a feature of a good balanced scorecard? 31) ______ A) It provides cause-and-effect linkages that are precise. B) The scorecard limits the number of measures used by identifying only the most critical ones. C) In for-profit companies, the balanced scorecard places strong emphasis on financial objectives and measures. D) It tells the story of a company’s strategy […]
51. Speedy Couriers documented the miles driven and total vehicle costs for the past five months as follows:
Number of miles
Total vehicle costs
January -------------
800
$1,095
February -----------
1,000
1,440
March --------------
750
1,200
April ----------------
900
1,380
May -----------------
1,100
1,410
Refer to the Speedy Couriers information above. Using the high/low method, what is the cost equation to predict total vehicle costs? A. Y = $52.50 + $1.67xB. Y = $255 + $1.05xC. Y = $285 + $1.725xD. Y = $750 + $.60x
52. Speedy Couriers documented the miles driven and total vehicle costs for the past five months as follows:
Number of miles
Total vehicle costs
January -------------
800
$1,095
February -----------
1,000
1,440
March --------------
750
1,200
April ----------------
900
1,380
May -----------------
1,100
1,410
Refer to the Speedy Couriers information above. Using the high/low method, if Speedy expects to drive 1,200 miles in June, what will be expected total vehicle costs? A. $1,470.00B. $1,515.00C. $2,056.50D. $1,720.88
53. Denver Manufacturing would like to do a better job budgeting for maintenance costs and, consequently, they have prepared a schedule showing maintenance costs and units produced for the past five months as follows:
Number of
units produced
Total maintenance costs
January -------------
5,400
$4,800
February -----------
6,600
5,180
March --------------
4,900
4,500
April ----------------
5,600
4,900
May -----------------
6,000
5,490
Refer to the Denver Manufacturing information above. Using the high/low method, what is the cost equation to predict total maintenance costs? A. Y = $90 + $.90xB. Y = $2,540 + $.40xC. Y = $1,646 + $.5824xD. Y = $2.50x - $11,320
54. Denver Manufacturing would like to do a better job budgeting for maintenance costs and, consequently, they have prepared a schedule showing maintenance costs and units produced for the past five months as follows:
Number of
units produced
Total maintenance costs
January -------------
5,400
$4,800
February -----------
6,600
5,180
March --------------
4,900
4,500
April ----------------
5,600
4,900
May -----------------
6,000
5,490
Refer to the Denver Manufacturing information above. Using the high/low method, if Denver expects to produce 5,000 units in June, what will be budgeted total maintenance costs? A. $4,590B. $4,558C. $4,540D. $4,363
55. In decision-making, which of the following kinds of costs should always be taken into account? A. Fixed costsB. Variable costsC. Relevant costsD. Sunk costs
56. In decision-making, which of the following statements is true? A. Variable costs can always be viewed as relevant.B. Fixed costs can always be viewed as not relevant.C. Variable costs may or may not be relevant.D. Fixed costs can always be viewed as relevant.
57. In general, when are variable costs not relevant to a decision? A. When they are avoidable.B. When they do not differ among alternatives.C. When they are part of a mixed cost.D. When they are less than fixed costs.
58. In general, when are fixed costs relevant to a decision? A. When they are part of a mixed cost.B. When the fixed cost per unit changes as production changes.C. When they are avoidable.D. When they have already occurred in the past.
59. Another word for a relevant cost is a(n) ____ cost. A. fixedB. unavoidableC. incrementalD. variable
60. University Memorabilia Inc. is a locally run retail shop. The store usually closes at 5:00 pm, but the owners have inquired about the extra costs involved by letting the store stay open until 9:00 pm. The store manager has listed the following monthly expenditures and their related costs:
Item:
1.
Manager salary
$40,000 per year
2.
Store rent
$5,000 per month
3.
Sales’ associates wages
$9 per hour
4.
Store utilities
$4 per hour
Which of the above cost items would be relevant to the decision about staying open extra hours? A. 1, 2, 3, and 4B. 2, 3, and 4C. 2 and 3D. 3 and 4
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more