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Study Resources (Accounting)

Ex. 35 The following payroll liability accounts are included in the ledger of Ferguson Company on January 1, 2012: FICA Taxes Payable$1,800 Federal Income Taxes Payable4,100 State Income Taxes Payable726 Federal Unemployment Taxes Payable498 State Unemployment Taxes Payable1,200 Union Dues Payable500 Health Insurance Premium Payable6,000 Christmas Club Savings Payable800 In January, the following transactions occurred: Jan.9Sent a check for $6,000 to.
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AT8- 1 Achievement Test 8 PART II — TRUE/FALSE (10 points) Instructions: Designate whether each of the following statements is true or false by circling the T or F. TF              1.The flow of costs is essentially the same in a job order and a process cost system. TF              2.The method of assigning costs is essentially.
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AT7- 1 Achievement Test 7 PART IV — JOB ORDER COST ACCOUNTING ENTRIES (28 points) The ledger accounts of Larken Company are presented below, with an identification number for each. Instructions: Prepare appropriate job order cost system entries to record the data/events given below. Place the appropriate identification number(s) in the debit and credit.
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H-1 Accounting for Partnerships               31.Leon and Betty are forming a partnership. Leon will invest a truck with a book value of $9,000 and a fair market value of $14,000. Betty will invest a building with a book value of $30,000 and a fair market value of $90,000 with a mortgage of.
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H-1 Accounting for Partnerships               11.When a loss is closed into the partners’ capital accounts, Income Summary is credited.               12.When salary and interest allocations exceed net income, a net loss has occurred.               13.It is possible for a partner’s capital account to increase as a result of the allocation of a net loss.              .
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G - 1 Subsidiary Ledgers and Special Journals Ex. 75 Lighthouse Ltd. uses a single-column purchases journal, a cash payments journal, and a general journal to record transactions with its suppliers and others. Record the following transactions in the appropriate journals. Transactions Oct.5Purchased merchandise on account for $30,000 from O’Connor Company. Terms: 2/10, n/30; FOB.
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G - 1 Subsidiary Ledgers and Special Journals               51.Wiggins Inc. uses a sales journal. An entry in this journal represents a a.debit to Cash; credit to Sales. b.debit to Accounts Receivable; credit to Sales. c.debit to Sales Discounts; credit to Cash. d.debit to Accounts Payable; credit to Sales Returns and Allowances. Ans: B, SO: 3, Bloom:.
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COMPLETION STATEMENTS               36.Two federal taxes which are levied against employees' wages that must be deducted in arriving at net pay are (1) ________________ taxes and (2) _______________ taxes.               37.The employer incurs a payroll tax expense equal to the amount contributed by each employee for ______________ taxes.               38.A payroll tax expense.
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G - 1 Subsidiary Ledgers and Special Journals Ex. 78 Sirius LLC uses four special journals, (cash receipts, cash payments, sales, and purchases journal) in addition to a general journal. On November 1, 2011, the control accounts in the general ledger had the following balances: Cash $12,000, Accounts Receivable $200,000 and Accounts Payable.
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AT8- 1 Achievement Test 8 PART V — ABC COST DRIVERS (15 points) Stacy Corporation manufactures all-terrain vehicles (ATV) in its Columbia, SC plant. Instructions Identify an appropriate cost driver that may be used to assign each of the following costs to each line of ATVs. Cost drivers may be used more than once. Cost.
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H-1 Accounting for Partnerships MULTIPLE CHOICE QUESTIONS               21.The ability of a partner to act on behalf of the partnership when engaging in business is called: a.voluntary association. b.mutual agency. c.the partnership agreement. d.unlimited liability.               22.Claim to the partners’ personal assets by creditors if the partnership cannot pay its debts refers to: a.mutual agency. b.dissolution. c.liquidation. d.unlimited liability.               23.Which of the.
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G - 1 Subsidiary Ledgers and Special Journals               41.If a company purchases merchandise for cash, the transaction should be recorded in the a.purchases journal. b.general journal. c.cash payments journal. d.sales journal. Ans: C, SO: 2, Bloom: C, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Measurement, AICPA PC: None, IMA: Business Applications              .
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H-1 Accounting for Partnerships BRIEF Exercises Be. 46 Randy and John decide to organize a partnership.  Randy invests $15,000 cash, and John contributes $8,000 and equipment having a book value of $3,500 and a fair market value of $7,000 Instructions Prepare the entry to record each partner’s investment. Be. 47 Poncho and Chico decide to merge their proprietorships.
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G - 1 Subsidiary Ledgers and Special Journals               31.A company which uses special journals should record a transaction involving the purchase of merchandise for cash in a a.single-column purchases journal. b.multiple-column purchases journal. c.cash payments journal. d.general journal. Ans: C, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN:.
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AT8- 1 Achievement Test 8 Achievement Test 8: Chapters 16-17 PART I — MULTIPLE CHOICE (30 points) Instructions:  Designate the best answer for each of the following questions. ____              1.Given the following data, compute equivalent units of production for conversion costs:                             Beginning Work in Process—8,000 units, 40% complete                             Units Completed and Transferred Out—60,000.
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MULTIPLE CHOICE QUESTIONS               19.The basic accounting equation for a sole proprietorship is: a.Assets = Liabilities plus Stockholder’s equity. b.Assets = Liabilities plus Common Stock. c.Assets = Liabilities plus Owner’s Equity. d.Assets = Liabilities plus Retained Earnings.               20.As compared to a corporation, the accounting for a sole proprietorship is similar except for: a.equity transactions. b.the recognition of.
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G - 1 Subsidiary Ledgers and Special Journals Ex. 76 Below are some typical transactions incurred by Kuo Company. ____              1.Purchase of merchandise on account. ____              2.Collection on account from customers. ____              3.Payment of employee's wages. ____              4.Sales of merchandise for cash. ____              5.Close Income Summary to Retained Earnings. ____              6.Adjusting entry for depreciation on machinery. ____              7.Payment of creditors.
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AT7- 1 Achievement Test 7 PART III—DETERMINE WORK IN PROCESS AND FINISHED GOODS BALANCES (22 points) Bryan Manufacturing begins operations on March 1. Information from job cost sheets shows the following: Manufacturing Costs Assigned (non-cumulative) Job  March   April   May A$23,000 B$10,400$9,300 C$  4,800              $5,800                 $  4,200 D$7,100  $12,000 E$  6,800 Job A was completed in March. Job B was completed in.
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G - 1 Subsidiary Ledgers and Special Journals Ex. 74 Sadat Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost of all merchandise sold was 70% of the sales price. July2Sold merchandise for $18,000.
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G - 1 Subsidiary Ledgers and Special Journals SHORT-ANSWER ESSAY S-A E 89 At the end of the month, the accountant for Golden Company prepared a schedule of accounts receivable from the accounts receivable subsidiary ledger. Its total did not agree with the balance in the Accounts Receivable control account in the general ledger..
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AT8- 1 Achievement Test 8 PART IV — ACTIVITY-BASED COSTING (20 points) Sparkling Window Company designs and builds custom windows for luxury homes. Most of the windows are custom made but occasionally the company does mass production on order.  Its budgeted manufacturing overhead costs for the year 2012 are as follows:      Overhead Cost Pools        .
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AT7- 1 Achievement Test 7 Achievement Test 7: Chapters 14-15 PART I — MULTIPLE CHOICE (30 points) Instructions:  Designate the best answer for each of the following questions. ____              1.One cost which is part of both manufacturing overhead and total manufacturing costs is                             a.direct labor.                             b.direct materials.                             c.selling and administrative costs.                            .
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G - 1 Subsidiary Ledgers and Special Journals Ex. 79 Wood Furnishings Inc. began business on April 1. The sales journal, as it appeared at the end of the month, follows: SALES JOURNALPage 1 ——————————————————————————————————————————— InvoicePost. DateAccount DebitedNumberRef.Amount ——————————————————————————————————————————— Apr.5Jack Sago10001475 11Leo Lauer10002535 16Jack Sago10003818 19Christy Sage10004447 26Irene Walz100051,184 3,459 1.Open general ledger T-accounts for Accounts Receivable (No. 112) and Sales (No. 401) and an.
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AT9- 1 Achievement Test 9 PART V — COST-VOLUME-PROFIT (24 points) Bender Company manufactures a product that sells for $50 per unit. Bender incurs a variable cost per unit of $30 and $3,000,000 in total fixed costs to produce this product. It is currently selling 200,000 units. Instructions: Complete each of the following requirements,.
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AT9- 1 Achievement Test 9 Achievement Test 9: Chapters 18-19 PART I — MULTIPLE CHOICE (28 points) Instructions:  Designate the best answer for each of the following questions. ____              1.Brooke Company desires net income of $720,000 when it has $4,000,000 of fixed costs and variable costs of 60% of sales. Required sales equals                             a.$3,200,000.              .
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G - 1 Subsidiary Ledgers and Special Journals Exercises Ex. 72 After Crown Candy Company had completed all posting for the month of December, the sum of the balances in the following accounts payable subsidiary ledger did not agree with the balance of the control account in the general ledger. NameLawton Address286 Buck Avenue —————————————————————————————————————————— DateItemPost. Ref.DebitCreditBalance —————————————————————————————————————————— Dec.2P252,4002,400 NameLeno’s Company Address818.
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G - 1 Subsidiary Ledgers and Special Journals Be 68 Landrum Electronics uses both special journals and a general journal. The company accountant made the following errors during July. 1.Incorrectly added the credit entries in a customer's account in the accounts receivable subsidiary ledger. The total was listed as $3,600; it should have been.
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G - 1 Subsidiary Ledgers and Special Journals Ex. 77 Listed below are various column headings that may appear in special journals. Using the following code letters, identify for each column heading (1) the special journal where the column heading would appear, and (2) whether the amounts entered under the column heading would.
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              29.For a sole proprietorship a withdrawal by an owner: a.increases assets and owner’s equity. b.increases assets and decreases owner’s equity. c.decreases assets and decreases owner’s equity. d.Increases assets and increases owner’s equity.               30.Which of the following items has no effect on owner’s equity? a.Revenue b.Purchase of land c.Owner’s withdrawal d.Expense               31.Payments to owners are called: a.expenses. b.liabilities. c.dividends. d.withdrawals.               32.Withdrawals.
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AT9- 1 Achievement Test 9 PART IV — HIGH-LOW METHOD (14 points) Edenton Company incurred the following high and low maintenance costs totals during 2012: $370,000 at 20,000 units of activity during March and $274,000 at 14,000 units during August. Instructions: Answer parts (a) through (c) below, presenting carefully labeled supporting calculations in all.
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AT8- 1 Achievement Test 8 PART III — PROCESS COSTING (25 points) Instructions: Using the following data, complete the requirements given below. When you are given amounts to assume as the answers to previous requirements, be careful to use such assumed amounts rather than your answers (in order to minimize carry-through errors). The Finishing.
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G - 1 Subsidiary Ledgers and Special Journals BRIEF Exercises Be. 66 Presented below is information related to Walnut Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable balance that appears in the general ledger at the end of January. _____________Credit Sales_______________Cash.
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H-1 Accounting for Partnerships COMPLETION STATEMENTS               52.An association of two or more person to carry on as co-owners of a business for profit is called a ______________.               53.A change in partners due to withdrawal or admission, which does not necessarily terminate the business is called a _____________.               54.A  _______________  _______________ is a.
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TRUE-FALSE STATEMENTS               1.The primary differences between accounting and reporting for a sole proprietorship and a corporation involves accounting for revenues and expenses.               2.In a sole proprietorship there is no need to separate owner’s investments from net income retained for dividends as a sole proprietorship does not declare dividends.               3.The ownership.
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G - 1 Subsidiary Ledgers and Special Journals Ex. 73 On October 1, the accounts receivable control account balance in the general ledger of Helms Company was $9,000. The accounts receivable subsidiary ledger contained the following detailed customer balances: Able $2,000, Bravo $1,600, Charlie $3,600, and Gamma $1,800. The following information is available.
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G - 1 Subsidiary Ledgers and Special Journals Be. 70 Circle the correct answer to each situation. (a)A sales journal will be used for: Credit SalesCash SalesSales Discounts YesNoYesNoYesNo (b)A single-column purchases journal will be used for: Purchase Returns Cash PurchasesPurchases on Accountand Allowances YesNoYesNoYesNo (c)A multiple-column purchases journal will be used for: Supplies PurchasedEquipment Purchases Cash Purchaseson Accounton Account YesNoYesNoYesNo .
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G - 1 Subsidiary Ledgers and Special Journals COMPLETION STATEMENTS               82.The accounts receivable _____________ provides detailed information about customer accounts which is summarized in one ______________ account in the general ledger. Ans: N/A, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Reporting, AICPA PC: None,.
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AT9- 1 Achievement Test 9 PART III — SCARCE RESOURCE ALLOCATION (12 points) Flame Company manufactures and sells two products. Relevant per unit data concerning each product are given below:         Product         SVTXLE Selling price$84$125 Variable costs$40$50 Machine hours45 Instructions (a)Compute the contribution margin per unit of limited resource for each product. (b)Which product should be manufactured if 1,000 additional machine.
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H-1 Accounting for Partnerships TRUE-FALSE STATEMENTS               1.A partnership has a limited life, because any change in the relationship of the partners dissolves the partnership.               2.Each partner is personally liable for all debts of the partnership.               3.A partnership agreement must be in writing.               4.An advantage of the partnership form of business is that.
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G - 1 Subsidiary Ledgers and Special Journals Ex. 80 CASH PAYMENTS JOURNALPage 45 ——————————————————————————————————————————— OtherAccountsMerchandise Ck.AccountPost.AccountsPayableInventoryCash DateNo.DebitedRef.Dr.Dr.Cr.Cr. ——————————————————————————————————————————— 2011 Jan.4659N & R Inc,(a)4,000403,960 11660Prepaid Rent(b)2,0002,000 13661Merch. Inv.(c)565565 14662Dividends(d)1,0001,000 18663Keene(e)2,3002,300 20664Merch. Inv.(f)450450 29665Equipment(g)2,400      2,400 6,4156,3004012,675 (h)(i)(j)(k) Using the cash payments journal above, identify each of the posting references indicated by a letter, as representing: (1)a posting to a general ledger account. (2)a posting to a subsidiary ledger account. (3)that no posting is required. Ans:.
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              11.In the closing process for a sole proprietor, the revenue and expense accounts are closed, in the same manner as for a corporation, to another temporary account, Income Summary.               12.Income Summary is closed with a debit to Income Summary and a credit to Owner’s Drawing account.               13.Closing entries result.
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G - 1 Subsidiary Ledgers and Special Journals APPENDIX G subsidiary ledgers and special journals TRUE-FALSE STATEMENTS               1.A subsidiary ledger is a group of control accounts which provides information to the managers for controlling the operation of the company. Ans: F, SO: 1, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective,.
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AT7- 1 Achievement Test 7 PART II — CLASSIFICATION OF COSTS AND EXPENSES (20 points) Instructions: Classify the following manufacturing costs and expenses by using the following code letters:               A.              Direct materials cost               B.              Direct labor cost               C.              Manufacturing overhead cost               D.              Period cost Abel Manufacturing Company incurs the following costs and expenses in.
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G - 1 Subsidiary Ledgers and Special Journals               11.The cash payments journal only has one column because all entries recorded in this journal require a credit to the Cash account. Ans: F, SO: 2, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Industry/Sector Perspective, AICPA FN: Reporting, AICPA PC: None,.
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AT9- 1 Achievement Test 9 PART II — TRUE/FALSE (10 points) Instructions: Designate whether each of the following statements is true or false by circling the T or F. TF              1.Contribution margin is the amount of revenue left over to cover selling and administrative costs after manufacturing costs have been deducted. TF              2.The margin of.
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G - 1 Subsidiary Ledgers and Special Journals MULTIPLE CHOICE QUESTIONS               21.The balance of a control account in the general ledger a.must always be zero. b.must equal the amount of total assets. c.is always greater than the composite balance of individual accounts in a related subsidiary ledger. d.must equal the composite balance of individual accounts in.
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AT9- 1 Achievement Test 9 PART VI — OPERATING LEVERAGE (12 points) The following CVP income statements are available for Heedy Company and Gilbert Company. Heedy CompanyGilbert Company Sales revenue$1,050,000$1,050,000 Variable costs  525,000420,000 Contribution margin525,000630,000 Fixed costs     275,000380,000 Net income$   250,000$   250,000 Instructions (a)Compute the degree of operating leverage for each company. (b)Prepare a CVP income statement for each company, assuming.
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BRIEF Exercises Be. 46 Presented here are five economic events. For each item, indicate whether the event increased (+), decreased (-), or had no effect (NE) on assets, liabilities, and owners’ equity.     Owner’s Assets=Liabilities+      Equity                 1.Owner invested cash in the business.____                                                                      2.Purchased supplies on account.______                                                        3.Paid.
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              39.The closing entry process consists of closing: a.all asset and liability accounts. b.out the owner’s capital account. c.all permanent accounts. d.all temporary accounts.               40.A post-closing trial balance will show: a.only balance sheet accounts. b.zero balances for balance sheet accounts. c.zero balances for all accounts. d.only income statement accounts.               41.The purpose of the post-closing trial balance is to: a.prove.
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H-1 Accounting for Partnerships Be. 50 The Fran & Mary Co. reports net income of $28,000.  Interest allowances are Fran $3,000 and Mary $5,000; partner salary allowances are Fran $18,000 and Mary $10,000 and the remainder is shared equally. Instructions Indicate the division of net income to each partner, and prepare the entry to distribute.
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