External link to Question : 50.Frederick Co. thinking about having one of its products manufactured : 1258729

Question : 50.Frederick Co. thinking about having one of its products manufactured : 1258729

  50.Frederick Co. is thinking about having one of its products manufactured by a subcontractor. Currently, the cost of manufacturing 5,000 units follows:  Direct material$62,000 Direct labor47,000 Variable factory overhead38,000 Factory overhead52,000 If Frederick can buy 5,000 units from a subcontractor for $130,000, it should:     A. Make the product because current factory overhead is less than $130,000. B. Make the product because the cost of direct […]

External link to Question : 81. Fox Co., Inc.On January 1, Year 1, Fox Co., Inc., : 1245672

Question : 81. Fox Co., Inc.On January 1, Year 1, Fox Co., Inc., : 1245672

    81. Fox Co., Inc. On January 1, Year 1, Fox Co., Inc., issues $100,000 par value, 10% bonds maturing in 10 years to yield 12% per year, compounded semiannually on January 1 and July 1. Use the present value tables. Refer to the Fox Co. Inc. example. What is the bonds payable account (net of any bond discount or premium) at the end of […]

External link to Question : 71. Of the three cost-flow assumptions, when prices fall FIFO results : 1230668

Question : 71. Of the three cost-flow assumptions, when prices fall FIFO results : 1230668

    71. Of the three cost-flow assumptions, when prices fall FIFO results in balance sheet figures that are _____, cost of goods sold will _____, and _____ reported net income  A. closest to current cost, be out of date, highest B. out of date, closest to current cost, highest C. closest to current cost, be out of date, lowest D. out of date, closest to current cost, lowest E. closest […]

External link to Question : 67.A budget that can be easily adjusted to show budgeted : 1259692

Question : 67.A budget that can be easily adjusted to show budgeted : 1259692

    67.A budget that can be easily adjusted to show budgeted revenues, costs, and cash flows at different levels of activity is known as:    A. A flexible budget.   B. A master budget.   C. A production budget.   D. A multi-level budget.         68.If the volume of output of a factory for the month of June is 50,000 units, while the budgeted output was […]

External link to Question : 46.The balance in the PrepaidRent account before adjustment at the : 1220555

Question : 46.The balance in the PrepaidRent account before adjustment at the : 1220555

  46.The balance in the PrepaidRent account before adjustment at the end of the year is $12,000, which represents six months rent paid on November 1. The adjusting entry required on December 31 to show the amount of rent that had expired is:   A. B. C. D. 47.The adjusting entry to account for the use of supplies consists of   A.a debit to Supplies Expense and […]

External link to Question : 8) On May 1, Garcia Corporation bought $6,000 of merchandise : 1177316

Question : 8) On May 1, Garcia Corporation bought $6,000 of merchandise : 1177316

  8) On May 1, Garcia Corporation bought $6,000 of merchandise from Morris Corporation, terms 2/10, n/30. Garcia paid the invoice on May 6. The journal entry to record the payment under the net approach method would be to: A) debit Vouchers Payable $6,000; credit Cash $6,000. B) debit Vouchers Payable $6,000; credit Discounts Lost $120; credit Cash $5,880. C) debit Vouchers Payable $5,880; credit […]

External link to Question : Multiple Choice Questions 28.Which of the following statements NOT correct? A. The description : 1169347

Question : Multiple Choice Questions 28.Which of the following statements NOT correct? A. The description : 1169347

  Multiple Choice Questions  28.Which of the following statements is NOT correct?    A. The description of a journal entry should include a reference to the source of the information contained in the entry. B. If goods are purchased on credit, the supplier’s invoice number is used as the source document for the transaction. C. The credit portion of a general journal entry is always recorded first. D. A firm […]

External link to Question : 156.Riu Corporation has a Parts Division that does work for : 1258706

Question : 156.Riu Corporation has a Parts Division that does work for : 1258706

  156.Riu Corporation has a Parts Division that does work for other Divisions in the company as well as for outside customers. The company’s Repair Division has asked the Parts Division to provide it with 2,000 special parts each year. The special parts would require $17.00 per unit in variable production costs. The Repair Division has a bid from an outside supplier for the special […]

External link to Question : 111. Ethical issues may arise when management dips into LIFO layers A. when : 1230648

Question : 111. Ethical issues may arise when management dips into LIFO layers A. when : 1230648

    111. Ethical issues may arise when management dips into LIFO layers A. when some LIFO liquidations are unavoidable due to shortages of raw materialsB. due to improved inventory control systems that reduce the amount of inventory neededC. in order to manage earnings in a particular year rather than replenish inventoriesD. all of the aboveE. none of the above   112. Thomas Engine CompanyThomas Engine Company is a wholesaler of marine engine […]

External link to Question : 136.Mercury Company reports depreciation expense of $40,000 for Year 2. : 1258392

Question : 136.Mercury Company reports depreciation expense of $40,000 for Year 2. : 1258392

  136.Mercury Company reports depreciation expense of $40,000 for Year 2. Also, equipment costing $150,000 was sold for its book value in Year 2. The following selected information is available for Mercury Company from its comparative balance sheet. Compute the cash received from the sale of the equipment.  At December 31Year 2Year 1 Equipment$610,000$750,000 Accumulated Depreciation-Equipment428,000500,000    A. $32,000. B. $68,000. C. $38,000. D. $40,000. E. $36,000. 137.Jamison Company reports […]

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