41) What amount of conversion costs are assigned to ending work-in-process for June? 41) ______ A) $188,148.00 B) $141,111.00 C) $126,450.50 D) $215,940.00 E) $101,956.64 42) Carnival Furniture had 60,000 foam cushions in process at May 1 (70% converted) and 40,000 cushions in process at May 31 (50% converted). All direct materials are added at the beginning of the production process. During the month, […]

    111. Use the following information to answer the Questions 61 & 62.The following totals for the month of April were taken from the payroll register of Magnum Company. Salaries $12,000 FICA taxes withheld 550 Income taxes withheld 2,500 Medical insurance deductions 450 Federal Unemployment Taxes 32 State Unemployment Taxes 216     The journal entry to record the monthly payroll on April 30 would […]

    31. A “leading indicator” is:  A. an objective measure that accurately predicts future labor demand. B. a subjective measure that accurately predicts future labor supply. C. an objective measure used to evaluate whether or not the organization successfully avoided a pending labor shortage or surplus. D. a subjective measure used to evaluate whether or not the organization successfully avoided a pending labor shortage or surplus. At the most […]

    81. Newton Company uses the allowance method of accounting for uncollectible accounts. On May 3, the Newton Company wrote off the $3,000 uncollectible account of its customer, P. Best. On July 10, Newton received a check for the full amount of $3,000 from Best. On July 10, the entry or entries Newton makes to record the recovery of the bad debt is:  A.    […]

  50.Which of the following is an example of a special-purpose government? A)Village government B)Park district C)Township government D)City government 51.Which of the following is not an example of a special-purpose government? A)Village government B)Tollway authority C)Library district D)Fire protection districts 52.Which of the following would not be considered a special-purpose government for financial reporting purposes? A)A public school system. B)An art museum. C)A public […]

  31) Which of the following sequences of events is in the correct order for a voucher system? A) Recording, preparing, posting, and paying the voucher B) Posting, preparing, paying, and recording the voucher C) Preparing, paying, posting, and recording the voucher D) None of the above is the correct order. 32) Important control features provided by a voucher system: A) assure only approved invoices […]

  11) Partner A invested furniture that was recorded at a value above the fair market value. This error would cause: A) the period’s net income to be overstated. B) the period end capital to be understated. C) the period end assets to be overstated. D) the period end assets to be understated. 12) In comparison with the proprietorship form of business organization, forming a […]

    101. A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each. On November 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?  A. $395 B. $410 […]

  Learning Objective B-3   1) The adjusting entry to accrue interest owed on a note payable will include a ________. A) credit to Interest revenue B) credit to Interest receivable C) credit to Interest expense D) credit to Interest payable   2) The adjusting entry to record the prepaid rent used during the month will include a ________. A) credit to Cash B) debit […]

  39) Selected data from BabCo.’s accounting system are provided below. All account balances are BEFORE year-end adjustments and all data relate to the year ended December 31, 2011. Determine the amount that will be reported for each of the items in the table below, after the appropriate adjustments have been made using the information below. The table does NOT include all of the accounts […]