51) What is the budgeted direct-cost rate per hour for professional partner labour? 51) ______ A) $38.00 per hour B) $46.00 per hour C) $50.00 per hour D) $57.63 per hour E) $44.50 per hour 52) What is the budgeted direct-cost rate for dental assistant labour? 52) ______ A) $11.250 per hour B) $9.125 per hour C) $16.125 per hour D) $17.875 per hour […]

  78.Schrank Company is trying to decide how many units of merchandise to order each month. The company’s policy is to have 20% of the next month’s sales in inventory at the end of each month. Projected sales for August, September, and October are 30,000 units, 20,000 units, and 40,000 units, respectively. How many units must be purchased in September?    A.14,000. B.20,000. C.22,000. D.24,000. E.28,000. […]

  151. If title to merchandise purchases passes to the buyer when the goods are delivered to the buyer, the terms are   A. consigned B. n/30 C. FOB shipping point D. FOB destination 152. If title to merchandise purchases passes to the buyer when the goods are shipped from the seller, the terms are   A. n/30 B. FOB shipping point C. FOB destination D. consigned 153. If the merchandise costs $4,000, insurance in transit […]

  66.The appropriate section in the statement of cash flows for reporting the issuance of common stock for cash is:    A.Operating activities. B.Financing activities. C.Investing activities. D.Schedule of noncash investing or financing activity. E.This is not reported on the statement of cash flows. 67.A company’s transactions with its creditors to borrow money and/or to repay the principal amounts of both short- and long-term debt are […]

  69.If the original expected life remained the same (i.e., 5-years), but at the beginning of 2016, the salvage value was revised to $4,000, the annual depreciation expense for each of the remaining years would be:    A. $2,720. B. $13,600. C. $7,400. D. $6,800. 41,000 cost – $2,000 salvage value)/5 years = $7,800 original annual depreciation; $41,000 – ($7,800 x 3 years) = $17,600 book value at the time […]

    81. The production budgets are used to prepare which of the following budgets. A. Operating expensesB. Direct materials purchases, direct labor cost, factory overhead costC. Sales in dollarsD. Sales in units   82. Principal components of a master budget include which of the following? A. Production budgetB. Sales budgetC. Capital expenditures budgetD. All of the above   83. The first budget customarily prepared as part of an entity’s master budget is the: A. production budgetB. cash budgetC. sales budgetD. direct materials […]

  178. A company has 90 employees and a weekly payroll of $117,000. The FICA—social security tax withheld totals $7,254 and the FICA—Medicare tax withheld totals $1,696.50. The total withholding for federal income tax is $16,500. Prepare the journal entry to accrue this week’s salaries expense and withholdings.    179. Santa Barbara Express has 4 sales employees, each of whom earns $5,000 per month and is paid […]

  Multiple Choice       41. Which of the following is not a reason why a company might prefer to report a liability as long-term rather than current? a.It may cause the firm to appear less risky to investors and creditors. b.It may increase interest rates on borrowing. c.It may cause the company to appear more stable commanding a higher stock price for new […]

    121. The standard factory overhead rate is $7.50 per machine hour ($6.20 for variable factory overhead and $1.30 for fixed factory overhead) based on 100% capacity of 80,000 machine hours. The standard cost and the actual cost of factory overhead for the production of 15,000 units during August were as follows:  Actual: Variable factory overhead $360,000   Fixed factory overhead 104,000 Standard hours allowed […]

  131. Bean Corporation purchased 17% of the outstanding shares of common stock of Williams Corporation as a long-term investment. Subsequently, Williams Corporation reported net income and declared and paid cash dividends. What journal entry would Bean Corporation use to record dividends from Williams Corporation?  A. debit Investment in Williams Corporation; credit Cash B. debit Cash; credit Dividend Revenue C. debit Investment in Williams Corporation; credit Income of Williams […]