External link to Question : 26) On February 1, 2011, Delta Distribution Company purchased a : 1253296

Question : 26) On February 1, 2011, Delta Distribution Company purchased a : 1253296

  26) On February 1, 2011, Delta Distribution Company purchased a delivery truck that cost $30,000. The truck has an estimated useful life of 150,000 miles and an estimated salvage value of $3,000. The truck is driven 10,000; 34,000; and 28,000 miles for the years 2011, 2012, and 2013, respectively.   Required: 1. Calculate the depreciation expense per mile using the activity (units-of-production) method.   […]

External link to Question : 111. The method of computing inventory that uses records of the : 1239791

Question : 111. The method of computing inventory that uses records of the : 1239791

    111. The method of computing inventory that uses records of the selling prices of the merchandise is called  A. retail methodB. last-in, first-outC. first-in, first-outD. average cost   112. On the basis of the following data, what is the estimated cost of the merchandise inventory on May 31 using the retail method?      Cost Retail May 1 Merchandise Inventory $125,000 $166,667 May 1-31 Purchases (net) 235,000 313,333 May […]

External link to Question : Use the information below to answer the following question(s). Canadian Oil : 1196129

Question : Use the information below to answer the following question(s). Canadian Oil : 1196129

  Use the information below to answer the following question(s).   Canadian Oil Company manufactures cooking oils. All direct materials are added at the beginning of the production process. The company currently uses the FIFO method. Data for the month of July is listed below.   Production data:   Beginning work-in-process100,000 units   Units started during the period200,000 units   Completed and transferred out270,000 units […]

External link to Question : 81. A company’s flexible budget for 48,000 units of production showed : 1225662

Question : 81. A company’s flexible budget for 48,000 units of production showed : 1225662

  81. A company’s flexible budget for 48,000 units of production showed variable overhead costs of $72,000 and fixed overhead costs of $64,000. The company incurred overhead costs of $122,800 while operating at a volume of 40,000 units. The total controllable cost variance is:  A. $1,200 favorable. B. $1,200 unfavorable. C. $13,200 favorable. D. $13,200 unfavorable. E. $15,200 favorable. 82. Adams Co. uses the following standard to produce a single unit of […]

External link to Question : 51. Which of the following best describes income from operations? A. It includes : 1228512

Question : 51. Which of the following best describes income from operations? A. It includes : 1228512

  51. Which of the following best describes income from operations?  A. It includes the results of discontinued operations. B. It includes extraordinary items. C. It is sales minus cost of goods sold and income tax expense. D. It is net sales minus cost of goods sold and operating expenses. 52. The Callie Company has provided the following information: ? Operating expenses were $231,000; ? Cost of goods sold was $376,000; […]

External link to Question : 1) A loss sale of an asset occurs when the : 1212458

Question : 1) A loss sale of an asset occurs when the : 1212458

    1) A loss on sale of an asset occurs when the book value is greater than the cash received. 2) When there is an exchange of assets, and no cash is paid, there will always be a gain or loss on disposal of property, plant, and equipment recorded.   3) When similar assets are exchanged and no cash is received or given up, […]

External link to Question : 76. On November 1, Alan Company signed a 120-day, 8% note : 1258084

Question : 76. On November 1, Alan Company signed a 120-day, 8% note : 1258084

    76. On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. What is the maturity value of the note on March 1?  A. $9,000 B. $720 C. $9,120 D. $9,720 E. $9,240         77. On November 1, Alan Company signed a 120-day, 8% note payable, with a face value of $9,000. Alan made the appropriate year-end accrual. What is the […]

External link to Question : 1) The entry to record the employer’s contribution for Employment : 1212489

Question : 1) The entry to record the employer’s contribution for Employment : 1212489

    1) The entry to record the employer’s contribution for Employment Insurance (EI) and Canada Pension Plan (CPP) includes a debit to Employee Benefits Expense.   2) The entry to record the salary owed to employees and corresponding deductions includes a debit to salary payable.   3) All of the following are payroll costs that are expenses of the employer except: A) Workers’ Compensation […]

External link to Question : 51.At the time a $400 petty cash fund being replenished, : 1236152

Question : 51.At the time a $400 petty cash fund being replenished, : 1236152

  51.At the time a $400 petty cash fund is being replenished, the company’s accountant finds vouchers totaling $350 and petty cash of $50. The vouchers include: postage, $100; business lunches, $150; delivery fees, $75; and office supplies, $25. Which of the following is not recorded when recognizing expenditures from the petty cash fund? A.Debit Postage Expense, $100. B.Debit Supplies, $25. C.Credit Petty Cash, $350. […]

External link to Question : 71. An investor purchased at par value $75,000 of Cort’s 8% : 1225354

Question : 71. An investor purchased at par value $75,000 of Cort’s 8% : 1225354

  71. An investor purchased at par value $75,000 of Cort’s 8% bonds, that mature in three-years. The bonds pay interest semiannually on June 1 and December 1. The investor plans to hold the bonds until they mature. When the bonds mature, the investor should prepare the following journal entry:  A. debit Long-Term Investments-HTM, $75,000; credit Cash, $75,000. B. debit Cash, $6,000; credit, Unrealized Gain-Equity, $6,000. C. debit Cash, […]

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