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16.6-51A company used $35,000 of direct materials, incurred $73,000 in direct labor cost, and $114,000 in                                           manufacturing overhead costs during the period. If beginning and ending work in process inventories                                           were $28,000 and $21,000 respectively. What is the cost of goods manufactured?  A) $250,000 .
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15.1-25Perform a horizontal analysis of the following company's balance sheet. Include both the amount and the                                           percentage of change for each account. Account 2011 2010 Change Amount Change Percent Current assets $121,000 $100,000 Accounts receivable 117,000 125,000 Merchandise inventory 70,000 85,000 Current liabilities 63,500 50,000 Long-term liabilities 100,000 100,000 Common stock 50,000 50,000 Retained earnings 94,500 110,000   15.1-26Perform a horizontal analysis of the following company's income statement. Include both the amount and              .
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16.6-41Wright Company reports production costs for 2012 as follows: Direct materials used $375,000 Direct labor incurred $250,000 Manufacturing overhead incurred $400,000 Operating expenses $145,000 How much are Wright Company's inventoriable product costs for 2009?  A) $  925,000  B) $  605,000  C) $  975,000  D) $1,025,000  16.6-42Which of the following describes the cost of goods manufactured?  A) The cost.
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16.3-11Which of the following events would NOT be considered unethical under IMA standards? A)  A bank hired a bookkeeper to review foreclosure documents who had no training or experience in the area. B)   An accountant was supposed to take continuing education courses but fell behind and was not current on important new.
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14.5-51Partridge Company provides the following information for the year 2014: Net income:$31,200 Market price of common stock: $12.00/share Dividends paid:$0.80/share Common stock outstanding at January 1, 2014:  110,000 shares Common stock outstanding at December 31, 2014: 150,000 shares (No preferred stock issued) How much was the earnings per share for 2014? A)  $0.21 B)  $0.28 C)  $0.24 D)  $4.05 14.5-52Partridge Company provides.
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16.6-88South State Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during                                           2012. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating                                           costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; repairs of.
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16.3-1The IMA standards of ethical practice provide that accountants should continually develop their                                           knowledge and skills. 16.3-2Maintaining confidentiality of company information is a key element of ethical professional practice. 16.3-3The accountant for Spiral Supplies deliberately post-dated a check to pay for business expenses in order                                           to.
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15.3-19Arlington Company wishes to compare itself to a key competitor, but that company is much larger in size                                           than Arlington.  Please refer to the following income statement information: Arlington Co. Bardo Co. Revenues $8,000 $46,000 Cost of revenues 3,370 22,000 Gross Profit 4,630 24,000 Operating expenses:    Sales and marketing expense 2,100 3,950    General.
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15.2-1If an analyst wishes to see how a company’s net income as a percentage of net sales has changed from                                           one year to the next, a vertical analysis would be the most appropriate approach. 15.2-2If an analyst wishes to see a company’s current assets as a percentage.
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16.6-91Arturo Manufacturing Company provided the following information for the year 2012: Beginning balance–work in process inventory$  12,000 Ending balance–work in process inventory$  28,000 Beginning balance–direct materials inventory$  42,000 Ending balance–direct materials inventory$  30,000 Purchases–direct materials $180,000 Direct labor$235,000 Indirect materials$  23,500 Indirect labor $    9,500 Depreciation on factory plant & equipment$  12,000 Plant utilities & insurance$135,000 How much is the cost.
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15.4-61What does the debt-to-equity ratio show? A)  The proportion of a company’s total financing that is accomplished by borrowing B)  The amount of profit earned by one share of common stock C)  The ability of a company to pay off its current liabilities D)  The potential for growth in the price of a share.
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15.2-28Please complete a vertical analysis on the balance sheet data shown in the format below: (Dollar amounts in millions) 2014 Amount % of total Assets Current assets: Cash $  10,000 Accounts receivable, net 15,600 Inventory 38,000    Total current assets 63,600 Property, plant and equipment, net 195,000 Other long-term assets 15,000 Total assets $273,600 Liabilities Current liabilities: Accounts payable $   8,500 Other current liabilities 1,400    Total.
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14.7-8Avatar Company uses the indirect method to prepare its statement of cash flows.  Please refer to the                                           partially completed worksheet below.  Please complete the worksheet, including the data showing the net                                           change in cash, plus all control totals. Balance Transaction Analysis Balance Panel A - Balance Sheet Dec 31, 2013 Dec.
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16.6-61The following information has been provided by LeMaire Company: Direct labor: $50,000 Direct materials used: $20,000 Materials purchased: $27,000 Cost of goods manufactured: $100,000 Ending work in process: $16,000 Corporate headquarters’ property taxes: $6,000 Manufacturing overhead: $39,000                 The beginning work in process was:                      A) $23,000.                      B) $  7,000.                      C) $  9,000.                      D) $  1,000.    16.6-62The following.
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16.6-21Advertising and marketing costs are product costs. 16.6-22Advertising and marketing costs are included in manufacturing overhead. 16.6-23Accounting, legal and administrative costs are product costs. 16.6-24Accounting, legal and administrative costs are included in manufacturing overhead. 16.6-25Repair and maintenance costs for factory equipment are product costs. 16.6-26Repair and maintenance costs for factory equipment are.
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15.4-81The asset turnover ratio is used for which kind of evaluation? A)    The ability of a company to pay its current liabilities B)     The ability of a company to pay its long-term liabilities C)     The overall profitability of a company D)    Evaluating stock in a company from an investor’s perspective 15.4-82The rate of return on.
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14.7-3Avatar Company uses the indirect method to prepare its statement of cash flows.  During 2014, plant                                           assets with book value of $10,000 were sold for $14,000.  Using the worksheet shown below, please enter                             the adjustments needed to record gain on sale of plant assets of.
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16.4-8Bainbridge Services reported the following information for the year 2012: Service revenue$20,000 Operating expenses$15,750 Net income$  4,250 Number of service calls for the year  21,000 How much was the unit cost per service call? A)  $0.95 B)  $2.20 C)  $0.75 D)  $0.20 16.5-1Merchandising businesses resell goods which they purchase from a producer. 16.5-2Which of the following applies to goods that.
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14.7-2Avatar Company uses the indirect method to prepare its statement of cash flows.  Using the worksheet                                           shown below, please enter the adjustments needed to record depreciation expense for the year of 2014 of                                           $12,000. Balance Transaction Analysis Balance Panel A - Balance Sheet Dec 31, 2013 Dec 31, 2014 Cash $  18,000 $ .
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15.1-23Portofino Company provides the following comparative income statement data.  Please complete a                                           horizontal analysis using the format shown here: (Dollar amounts in millions) 2014 2013 Amount of Increase (Decrease) Percentage Revenues $6,355 $4,920 Cost of revenues 3,370 2,200 Gross Profit 2,985 2,720 Operating expenses:    Sales and marketing expense 675 580    General and administrative expense 410 425.
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15.4-21When preparing an annual report, the earnings per share amount is generally shown on a company’s                                           income statement. 15.4-22The price/earnings ratio is a measure that is valuable to investors when making investment decisions. 15.4-23The dividend yield will tell a shareholder how much of his investment will be returned in.
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16.5-18Excellent Company sells accounting textbooks. The following information summarizes                                           Excellent's operating activities for 2012: Merchandise inventory, January 1, 2012 $  10,000 Merchandise inventory, December 31, 2012 $    7,000 Purchases $  95,000 Selling and Administrative Expenses $  65,000 Sales Revenue $180,000 Required: Prepare an income statement for the year ended December 31, 2012. Please use the format              .
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14.7-7Avatar Company uses the indirect method to prepare its statement of cash flows. Using the worksheet                                           shown below, please enter the adjustments needed to record the following transactions: Purchased treasury stock for $3,000. Paid dividends of $10,000. Balance Transaction Analysis Balance Panel A - Balance Sheet Dec 31, 2013 Dec 31, /2014 Cash $   18,000 $   21,000 Accounts.
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16.6-81For a manufacturing business, which of the following would be considered an inventoriable product cost? A)  Research and development B)  Factory janitorial services C)  Advertising D)  Delivery costs 16.6-82For a manufacturing business, which of the following would be considered an inventoriable product cost? A)  Salaries of salesmen B)  Salary of the CEO C)  Salaries of the accounting staff D) .
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16.6-31Which of the following is an example of a period cost?  A) Advertising expense  B) Depreciation on factory equipment  C) Indirect materials  D) Property taxes for the factory 16.6-32Which of the following costs would appear on the income statements for both a merchandiser and a                                           manufacturer?  A) Direct.
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5.4-41Peartree Company provides the following data: BALANCE SHEET Dec 31, 2014 Dec 31, 2013 Cash $ 21,000 $ 18,000 Accounts receivable, net 31,000 35,000 Inventory 53,000 25,000 PP&E, net 120,000 90,000     Total assets $225,000 $168,000 Accounts payable $4,000 $  6,000 Accrued liabilities 2,000 1,000 Long-term notes payable 84,000 90,000     Total liabilities $ 90,000 $ 97,000 Common stock $ 30,000 $ .
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14.7-6Avatar Company uses the indirect method to prepare its statement of cash flows. Using the worksheet                                           shown below, please enter the adjustments needed to record the following transactions: Issued common stock for $28,000. Issued new long-term notes payable for $34,000. Repaid long-term notes payable for $40,000. Balance Transaction Analysis Balance Panel A - Balance Sheet Dec.
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14.7-1Avatar Company uses the indirect method to prepare its statement of cash flows.  Using the worksheet                                           shown below, please enter the adjustments needed to record net income for the year of 2014 of $49,000. Balance Transaction Analysis Balance Panel A - Balance Sheet Dec 31, 2013 Dec 31, 2014 Cash $  18,000 $  21,000 Accounts receivable 35,000.
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16.6-1GAAP requires companies to treat product costs such as factory overhead as an asset until the product is                                           sold. 16.6-2Cost of goods manufactured includes direct materials, direct labor, and manufacturing overhead.  16.6-3Manufacturing overhead includes all manufacturing costs, such as direct labor and direct materials. 16.6-4Manufacturing overhead includes indirect.
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16.6-89South State Company used $71,000 of direct materials and incurred $37,000 of direct labor costs during                                           2012. Indirect labor amounted to $2,700 while indirect materials used totaled $1,600. Other operating                                           costs pertaining to the factory included utilities of $3,100; maintenance of $4,500; repairs of.
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15.4-1The current ratio is widely used to measure a company's ability to pay current liabilities.  15.4-2The inventory turnover ratio is a measure of the company's ability to pay all of its current liabilities if they                             come due immediately.  15.4-3The inventory turnover ratio indicates how rapidly inventory is sold. .
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15.3-11Which of the following is the definition of benchmarking?  A) Benchmarking is the study of percentage changes in financial statement line items year to year.  B) Benchmarking is the analysis of a financial statement that shows each item as a percentage of net sales or total assets. C) Benchmarking is the.
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15.1-11A company reported the following amounts of net income: 2011 $18,000 2012 $24,000 2013 $26,000 Which of the following is the percentage change in net income from 2011 to 2012?  A) 33.33%  B)   8.33%  C) 10.00%  D) 30.00%  15.1-12The following is a summary of information presented on the financial statements of The Cake Company                                          .
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15.4-71Which of the following factors might suggest that a company is having difficulty selling its inventory? A)  An increase in receivables B)  A buildup of inventory balances C)  An increase in total debt D)  An increase in interest expense 15.4-72Which of the following is a “red flag” suggesting that a company may be in trouble? A) .
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14.7-4Avatar Company uses the indirect method to prepare its statement of cash flows. Using the worksheet                                           shown below, please enter the adjustments needed to record the increases and decreases in current assets                                           (other than cash) and current liabilities. Balance Transaction Analysis Balance Panel A - Balance Sheet Dec 31, 2013 Dec.
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16.2-1During the past century, many developed economies have shifted their focus from a service economy to a                                           manufacturing economy. 16.2-2Increased global competition has resulted in many companies moving their operations to other countries                                           to be closer to new markets.     16.2-3Which of the following is.
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16.6-11The wages and benefits of the factory manager are product costs. 16.6-12The wages and benefits of the factory manager are included in manufacturing overhead. 16.6-13The wages and benefits of the sales staff are product costs. 16.6-14The wages and benefits of the factory janitors are included in manufacturing overhead. 16.6-15Indirect materials.
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16.1-1Managerial accounting’s focus is to provide information for internal planning and control.  16.1-2Management accounting often requires forward-looking data because of the futuristic nature of many                                           business decisions.  16.1-3Management accounting is influenced significantly by rules of GAAP and guidelines of the Securities                                           Exchange.
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16.5-20Best Company sells office supplies. The following information summarizes Best's operating activities for                                           2012: Utilities for store $    6,000 Rent for store $    8,000 Sales commissions $    4,500 Purchases of merchandise $  54,000 Inventory on January 1, 2012 $  30,000 Inventory on December 31, 2012 $  20,500 Sales revenue $108,000 Required: Prepare an income statement for Best Company, a merchandiser, for.
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15.1-1Investors and creditors generally evaluate a company by using one year's data.  15.1-2Horizontal analysis compares each item in the income statement to the net sales amount.  15.1-3Benchmarking is the comparison of a company's current year results with an earlier year's performance.  15.1-4If an analyst wishes to see how gross profit.
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15.4-11The excess of a company’s current assets over current liabilities is called working capital. 15.4-12Days in inventory is a ratio measure that shows how quickly a company can collect its receivables. 15.4-13The gross profit percentage is an indicator of how well a company is positioned to pay off its short-term              .
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16.1-11Management is accountable to its suppliers and vendors in which of the following ways? A)    Providing products to customers that are safe and free of defects B)     Repaying loans in a timely manner C)     Providing a return on the owner’s shareholders’ investment D)    Making timely payments and complying with contract terms 16.1-12Management is accountable to.
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15.2-21Olivera Company provides the following data for the year 2013: Net sales revenue$398,000 Cost of goods sold$255,000 Operating expenses$  95,000 Income tax expense$    9,000 On a vertical analysis, what percentage would be shown for operating expenses? A)   22.9% B)   66.4% C)   23.9% D)   24.5% 15.2-22Olivera Company provides the following data for the year 2013: Net sales revenue$398,000 Cost of goods sold$255,000 Operating expenses$ .
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15.3-1Benchmarking is often done by comparing a company against either a key competitor or against the                                           industry average. 15.3-2A common-size statement reports only percentages–no dollar amounts.  15.3-3The common-size statement percentages are the same percentages that appear in horizontal analysis.  15.3-4Common-size statements allow the comparison of two or more.
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16.6-71Arturo Manufacturing Company provided the following information for the year 2012: Purchases–direct materials $180,000 Direct materials used in production$192,000 Direct labor$235,000 Indirect materials$  23,500 Indirect labor $   9,500 Depreciation on factory plant & equipment$  12,000 Plant utilities & insurance$135,000 Cost of goods manufactured$591,000 Please refer to the T-accounts below which show the beginning balances for the year.  Direct materials Work.
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15.2-11Please refer to the vertical analysis of income statement data shown below: (Dollar amounts in millions) 2014 2013 Amount % of Total Amount % of Total Revenues $6,355 100.0% $4,920 100.0% Cost of revenues 3,370 53.0% 2,200 44.7% Gross Profit $2,985 47.0% $2,720 55.3% Operating expenses:    Sales and marketing expense $   675 10.6% $   580 11.8%    General and administrative expense 410 6.5% 425 8.6%    Research and development expense 470 7.4% 390 7.9%    Other.
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14.7-5Avatar Company uses the indirect method to prepare its statement of cash flows. Using the worksheet                                           shown below, please enter the adjustments needed to record the acquisition of plant assets for $52,000. Balance Transaction Analysis Balance Panel A - Balance Sheet Dec 31, 2013 Dec 31, 2014 Cash $  18,000 $  21,000 Accounts receivable 35,000 (d) 4,000 31,000.
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15.2-29Please complete the vertical analysis on the income statement data in the format below: (Dollar amounts in millions) 2014 2013 Amount % of Total Amount % of Total Revenues $6,355 $4,920 Cost of revenues 3,370 2,200 Gross Profit $2,985 $2,720 Operating expenses:    Sales and marketing expense 675 580    General and administrative expense 410 425    Research and development expense 470 390    Other.
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16.5-16Excellent Company sells accounting textbooks. The following information summarizes Excellent's                                           operating activities for 2012: Merchandise inventory, January 1, 2012 $  10,000 Merchandise inventory, December 31, 2012 $    7,000 Purchases $  95,000 Selling and Administrative Expenses $  65,000 Sales Revenue $180,000 Required: Prepare an income statement for the year ended December 31, 2012. Please use the format              .
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