External link to Question : Question I AM OFFERING ALOT OF POINTS SO PLEASE ANSWER THEM : 1165513

Question : Question I AM OFFERING ALOT OF POINTS SO PLEASE ANSWER THEM : 1165513

Question I AM OFFERING ALOT OF POINTS SO PLEASE ANSWER THEM CORRECTLY WITHEXPLANATIONS Shown here is an income statement in the traditional format for afirm with a sales volume of 16,500 units:             Revenues $ 181,500     Cost of goods sold ($10,500 + $2.85/unit)   57,525       Gross profit $ 123,975     Operating expenses:     […]

External link to Question : 26) Isabelle, Inc., uses a budgeted factory overhead rate to : 1217183

Question : 26) Isabelle, Inc., uses a budgeted factory overhead rate to : 1217183

  26) Isabelle, Inc., uses a budgeted factory overhead rate to apply overhead to production. The following data are available for the year ended December 31, 20X5.   BudgetedActual Factory overhead              $675,000              $716,000 Direct labor costs              $450,000              $432,000 Direct labor-hours              12,500dlh              13,325dlh   Required: a.Determine the budgeted factory overhead rate based on direct labor-hours. b.What is the applied overhead based on direct labor-hours? c.Is overhead […]

External link to Question : 51.Which of the following a valid reason for using variable : 1257043

Question : 51.Which of the following a valid reason for using variable : 1257043

    51.Which of the following is a valid reason for using variable costing?    A. Fixed production cost should be ignored when costing units of inventory since it is not essential to the production process.   B. Absorption costing recognizes fixed costs as expense regardless of volume of production.   C. Absorption costing may motivate managers to overproduce in order to increase profits.   D. Under variable costing managers […]

External link to Question : 137. Granite Company purchased a machine costing $120,000, terms 1/10, n/30. : 1258019

Question : 137. Granite Company purchased a machine costing $120,000, terms 1/10, n/30. : 1258019

    137. Granite Company purchased a machine costing $120,000, terms 1/10, n/30. The machine was shipped FOB shipping point and freight charges were $2,000. The machine requires special mounting and wiring connections costing $10,000. When installing the machine, $1,300 in damages occurred. Compute the cost recorded for this machine assuming Granite paid within the discount period. A. $129,800. B. $132,100. C. $130,800. D. $118,800. E. $120,100.     138. Wickland Company […]

External link to Question : 51. When done properly, how many journal entries involved in the : 1197849

Question : 51. When done properly, how many journal entries involved in the : 1197849

    51. When done properly, how many journal entries are involved in the closing process?  A. 2 B. 3 C. 4 D. 5   52. Which of the following statements is not correct?  A. After closing entries are posted, the revenue, expense, and drawing accounts will have zero balances. B. At the end of each accounting period, asset and liability account balances are reduced to zero. C. A postclosing trial balance will not […]

External link to Question : 61. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect : 1256827

Question : 61. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect : 1256827

    61. Adjusting entries:  A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts. D. Affect only cash flow statement accounts. E. Affect only equity accounts.     62. The main purpose of adjusting entries is to:  A. Record external transactions and events. B. Record internal transactions and events. C. Recognize assets purchased during the period. D. Recognize debts paid during the period. E. Correct […]

External link to Question : Multiple Choice Questions 41.When bonds mature, a corporation will pay the : 1169138

Question : Multiple Choice Questions 41.When bonds mature, a corporation will pay the : 1169138

  Multiple Choice Questions  41.When bonds mature, a corporation will pay the bondholders    A. the current market value of the bonds.   B. the face amount plus the original premium or minus the original discount.   C. the face amount plus the interest accrued since the date the bonds were issued.   D. the face amount of the bonds.         42.Unsecured Bonds:    A. represent a safer investment […]

External link to Question : 123. On the next page the unadjusted trial balance of Bogo : 1245882

Question : 123. On the next page the unadjusted trial balance of Bogo : 1245882

  123. On the next page is the unadjusted trial balance of Bogo Department Store on December 31, Year 6. The company closes its books annually. You are asked to indicate the adjusting entries required on December 31, Year 6 to conform the books to accrual accounting principles.  1.Bogo neglected to record unpaid charges for telephone services for December in the amount of $13,700. 2.The balance […]

External link to Question : 61. Which of the following is/are not true? A. Securities available-for-sale that a : 1230367

Question : 61. Which of the following is/are not true? A. Securities available-for-sale that a : 1230367

    61. Which of the following is/are not true?  A. Securities available-for-sale that a firm intends to sell within one year appear in marketable securities in the current assets section of the balance sheet. B. Securities not available-for-sale appear in investments in securities in noncurrent assets. C. Acquisition and disposition of securities available-for-sale are usually investing activities on the statement of cash flows. D. U.S. GAAP and IFRS require […]

External link to Question : 44.Selected information from Cooke Inc. provided below for the years : 1253567

Question : 44.Selected information from Cooke Inc. provided below for the years : 1253567

  44.Selected information from Cooke Inc. is provided below for the years ending December 31, 2009 and 2008.     2009 2008 Accumulated depreciation $32,000 $29,000 Equipment 60,000 55,000   During 2009, depreciation expense was recorded. New equipment was acquired for cash. Old equipment which was 70% depreciated with an original cost of $26,000 was sold for a gain of $4,000. What is the cost […]

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