111. The following adjusting journal entry was found on page 4 of the journal. Select the best explanation for the entry. Supplies Expense 360 Supplies 360 ???????????????? A. Adjust supplies inventory to actualB. Record purchase of suppliesC. Adjust supplies expenseD. Record sale of supplies 112. The following adjusting journal entry was found on page 4 of the journal. […]
81. Accounting is an information and measurement system that does all of the following except: A. Identifies business activities. B. Records business activities. C. Communicates business activities. D. Does not use technology to improve accuracy in reporting. E. Helps people make better decisions. 82. Technology A. Has replaced accounting. B. Has not changed the work that accountants do. C. Has closely linked accounting with consulting, planning, and other financial services. D. In accounting has replaced […]
82. Fargo ManufacturingCondensed data from the financial statements of Fargo Manufacturing for 2012 and 2011 are presented below. The figures are expressed in thousands. Statement A 2012 2011 Total current assets $219,560 $180,080 Property, plant & equipment (net of accumulated depreciation) 18,320 12,724 Investments 3,370 1,061 Other assets 12,220 10,606 Total assets $253,470 $204,471 Total current liabilities 92,990 86,600 Long-term debt 15,160 […]
Question eVade Pays Up (Deloitte Trueblood Case 14-7) eVade, an online retailer, fulfills its online orders by shipping its products directly to customers in all 50 states. eVade does not have a brick-and-mortar store presence in any state, but does operate distribution centers in various states across the country, including State X. Consistent with its practice in all 50 states, eVade does not collect or […]
7) Product costs used for external reporting generally include: A) manufacturing costs only B) design costs plus manufacturing costs C) all costs incurred along the value chain D) All of these answers are correct. 8) Inventoriable costs for external reporting purposes are also called: A) product costs B) period costs C) variable costs D) direct manufacturing costs 9) For external reporting: A) costs are […]
37. In the area of cost-volume-profit analysis, the contribution margin ratio shows how much each dollar of sales contributes to: A. Covering the fixed costs of the business and providing operating income. B. Fixed expenses and variable expenses. C. Variable expenses and interest charges. D. Variable expenses when production is at normal capacity. 38. The margin of safety is calculated by: A. Dividing fixed costs plus target income […]
25) At the end of its first year of business, Payless, Inc. had Sales of $800,000 and Cost of goods sold of $500,000 prior to a lower-of-cost-or-market write down. Payless reported its inventory at the lower market value of $90,000 instead of the cost of $100,000. The adjusting entry to record the write down included a decrease to Inventory and Cost of goods sold. […]
8) Stewart Company’s actual manufacturing overhead is $2,800,000. Overhead is allocated on the basis of direct labor hours. The direct labor hours were 50,000 for the period. What is the manufacturing overhead rate? A) $47.00 B) $56.00 C) $75.00 D) None of the above are correct. 9) O’Reilly Enterprises manufactures digital video equipment. For each unit $2,950 of direct material is used and […]
ESSAY. Write your answer in the space provided or on a separate sheet of paper. 91) The manager of the manufacturing division of Winnipeg Windows does not understand why income went down when sales went up. Some of the information he has selected for evaluation include: January February Units produced40,00030,000 Units sold 30,00040,000 Sales$600,000 $ 800,000 Beginning inventory0150,000 Cost of production600,00050,000 Ending inventory150,000 […]
31) Stan’s Shoe Repairs recorded $2,000 of unearned service revenue being earned and the collection of $4,000 cash for service revenue previously accrued. The impact of these two entries on total service revenue is: A) a decrease of $2,000. B) an increase of $4,000. C) an increase of $6,000. D) an increase of $2,000. 32) Nuyen Services Company records the payment of $500 cash for […]
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Kramer, M., Schmalenberg, C., Maguire, P., Brewer, B., Burke, R., Chmielewski, L., … Meeks-Sjostrom, D. (2009). Walk the talk: Promoting control of nursing practice and a patient-centered culture. Critical Care Nurse, 29(3), 77–93. https://chamberlainuniversity.idm.oclc.org/login?url=http://search.ebscohost.com/login.aspx?direct=true&db=edswsc&AN=000266533800011&site=eds-live&scope=site (Links to an external site.)
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