104. Refer to the information above. Assume that all remaining treasury stock is reissued at a price of $14 per share in January of 2010. What amount should be credited to the account Additional Paid-In Capital: Treasury Stock Transactions in the journal entry to record this transaction?  A. $14,000. B. $30,000. C. $40,000. D. $70,000.     105. A company had 240,000 shares of common stock outstanding on January […]

    99. Heather Company is considering the acquisition of a machine that costs $360,000. The machine is expected to have a useful life of 6 years, a negligible residual value, an annual cash flow of $120,000, and annual operating income of $83,721. What is the estimated cash payback period for the machine? A. 3 yearsB. 4.3 yearsC. 2.5 yearsD. 5 years   100. The expected average rate of return for a […]

    41.Due to a series of resignations from the organization, Zylon Inc., a large software firm is facing an acute labor shortage. During which of the following human resource planning steps would the firm contemplate several options to address the labor issue?    A. Goal setting and strategic planning   B. Program evaluation   C. Forecasting   D. Program implementation   E. Data collection     42.Which of the following […]

  21) The due date of a 120 day, 10% note for $30,000, dated April 12 is: A) August 9. B) August 10. C) August 11. D) August 12. 22) If the interest on a note is 12.5% and the principal was $100,000, what is the maturity value of the note, if the note is outstanding for 7 months? (Round to the nearest dollar.) A) […]

    81. The following data relate to direct labor costs for the current period:  Standard costs   36,000 hours at $22.00 Actual costs   35,000 hours at $23.00     What is the direct labor time variance? A. $36,000 unfavorableB. $35,000 unfavorableC. $23,000 favorableD. $22,000 favorable   82. The standard costs and actual costs for direct labor for the manufacture of 2,500 actual units of product are as follows:                     Standard […]

84.Royer Corporation engaged in this transaction:   Converted loans payable to stock.   Indicate which section, if any, each transaction would appear in, or relate to, on a statement of cash flows.   a. Operating activities section b. Investing activities section c. Schedule of noncash investing and financing transactions d. Financing activities section       85.Royer Corporation engaged in this transaction:   Acquired long-term […]

  13) Which of the following is regarded as a purpose of cost allocation? A) It helps in identifying the potential customers for a product. B) It provides the profit margin earned. C) It helps in maintaining decorum among managers. D) It provides information for economic decisions.   14) A price-bidding decision for a one-time-only special order includes an analysis of all ________. A) manufacturing […]

  31) The main objective of accounting for processes with equivalent units is to 31) ______ A) compute the equivalent units for the period. B) account for all units in ending inventory at the end of the period. C) account for all units placed in process during the period. D) compute the amount of debits to work-in-process. E) compute the amount of credits to work-in-process. […]

  87. On January 1, Year 1, Plano Co. purchased for $180,000, 90% of Santa Fe Co. at a time when Santa Fe had a book value of $200,000. There were no intercompany transactions during year 4.  CONDENSED BALANCE SHEETSAs of December 31, Year 4       Accounts receivable $     50,000 $  40,000 Investment in Santa Fe (equity) 270,000 – Other assets     Total assets   […]

  166.Superior Products Manufacturing identified the following data in its two production departments:  AssemblyFinishing Manufacturing overhead costs$225,000$420,000 Direct labor hours worked6,600 DLH10,000 DLH Machine hours used2,400 MH5,200 MH Compute departmental overhead rates assuming the Assembly rate is based on machine hours and the Finishing rate is based on direct labor hours.     167.Fischer Company identified the following activities, costs, and activity drivers:  ActivityExpected CostsExpected Activity […]